Major part of remittances into Pak illegal, admits financial Advisor

Islamabad, May 20 (ANI): The Financial Advisor to Pakistan Prime Minister Yousuf Raza Gilani, Shaukat Tarin, has admitted that illegal channels majorly contribute to the inflow of remittances into the country.

Talking to media persons at the launch of the World Bank's (WB) report on 'Bringing finance to Pakistan's poor', Tarin said that a large part of the transfer of funds which takes place in the country is illegal.

Acknowledging the WB report, Tarin said the informal supply occurs through the organized hawala sector and through committees, shopkeepers, moneylenders and transfers through friends and family.

According to the WB report, unofficial estimates of remittances to Pakistan are around 16 billion dollars.

Tarin also informed that the federal budget for the 2009-10 would be tabled in the first half of June. (ANI)