Qudsia Bano

Pakistan witnessed a remarkable surge in workers' remittances in April 2024, with an inflow of US$2.8 billion. This substantial influx marks a significant increase of 27.9 percent compared to the same period last year, reflecting the resilience and strength of the country's overseas remittance network, reports WealthPK. According to the recent release by the State Bank of Pakistan, cumulative remittances during the first 10 months of the fiscal year 2024 amounted to US$23.8 billion. This indicates a commendable growth rate of 3.5 percent when compared to the corresponding period in the previous fiscal year. Saudi Arabia emerged as the leading source of remittances, with an inflow of US$712.0 million. Following closely behind, the United Arab Emirates contributed US$542.3 million, and the United Kingdom and the United States of America US$403.2 million and US$329.2 million, respectively. The surge in remittances comes at a crucial time for Pakistan's economy, offering stability and support amidst global economic challenges.

Remittances play a vital role in bolstering foreign exchange reserves, easing pressure on the balance of payments, and sustaining the livelihoods of countless families across the nation. Despite the uncertainties posed by the global economic landscape, continued growth in remittance inflows reflects the trust and confidence of overseas Pakistanis in the country's economic prospects and stability and their resilience and strength. The government, along with the State Bank of Pakistan, acknowledges the significant contribution of overseas Pakistanis and remains committed to facilitating the remittance inflows through supportive policies and initiatives. Efforts to streamline the remittance channels, reduce transaction costs, and enhance financial inclusion continue to be prioritized to ensure a conducive environment for remitters and recipients alike.

Credit: INP-WealthPk