In a remarkable achievement, Pakistan’s remittances surged to a record $3.1 billion in December, marking a 29.3% rise compared to the same month last year. Prime Minister Shehbaz Sharif celebrated the milestone, calling it a “record increase,” which highlighted the unwavering support of overseas Pakistanis for the nation’s progress.
The State Bank of Pakistan (SBP) reported that this surge in remittances was not just a December anomaly but part of a larger upward trend. Over the first half of the fiscal year 2024-25, remittances reached $17.8 billion, a 32.8% jump from the previous year’s figure of $13.4 billion. The growth was driven by substantial contributions from countries like Saudi Arabia, the UAE, the UK, and the US, with the Gulf region being a key source of funds.
The prime minister lauded the contribution of overseas Pakistanis, dismissing those who had doubted the nation’s economic recovery. He emphasized that this surge in remittances is a clear indication of Pakistan’s returning stability and the growing confidence in its economic future.
State Bank Governor Jameel Ahmed also expressed optimism, believing that the rise in remittances, coupled with a decline in inflation, would fortify the economy in the coming year. He projected remittances for the fiscal year 2024-25 to reach around $35 billion, strengthening Pakistan’s path toward sustained economic growth. This momentum is a promising sign of how the efforts of Pakistanis abroad are contributing to the nation’s revival.
NEWS DESK
PRESS UPDATE