Overseas Pakistanis Send Record $14.76 Billion in Remittances in Five Months
Overseas Pakistanis have achieved a new milestone by remitting a record-breaking $14.76 billion to Pakistan within just five months (July to November 2024). This amount is more than double the $7 billion loan agreement Pakistan secured from the IMF under stringent conditions for a three-year period.
According to data released by the State Bank of Pakistan on Friday, remittances in November 2024 alone amounted to $2.91 billion. The cumulative remittances for the first five months of the current fiscal year are the highest ever recorded.
Saudi Arabia led the way, with expatriates sending $730 million in November, followed by the UAE ($620 million), the UK ($410 million), and the US ($290 million).
Despite a 5% month-on-month decline in remittances, the year-on-year increase was a significant 29%. Economists believe this surge will support Pakistan in achieving a current account surplus and stabilizing the rupee.
PM Shehbaz Sharif Commends Overseas Pakistanis
Prime Minister Shehbaz Sharif extended heartfelt gratitude to overseas Pakistanis for their remarkable contribution of $2.91 billion in November 2024.
Calling them the “pride and ambassadors” of the nation, the Prime Minister remarked, “The rise in remittances reflects the trust of overseas Pakistanis in the government.” He assured expatriates that addressing their issues remains a top priority.
Shehbaz attributed this achievement to the government’s sound economic policies and the efforts of its economic team. “By the grace of Allah, our economic policies are yielding positive results,” he said, underlining the importance of these contributions to the national economy.
Highlighting the diaspora’s critical role, he added, “Overseas Pakistanis are elevating Pakistan’s image globally.” He reaffirmed his commitment to ensuring they feel valued and supported as they continue to play a pivotal role in strengthening the country.
