ISLAMABAD: Pakistan recorded an increase of 29.1%聽year on year in workers remittances in the month of November, the Pakistani central bank said on Monday, with Prime Minister Shehbaz Sharif expressing his gratitude to overseas Pakistanis for sending a record $2.9 billion.
Remittances bring billions of dollars annually from overseas Pakistanis and are vital to Pakistan鈥檚 economy. These inflows bolster foreign exchange reserves, stabilize the balance of payments, and support the Pakistani currency.
Remittance inflows in November were mainly sourced from 海角直播 ($729.2 million), United Arab Emirates ($619.4 million), United Kingdom ($409.9 million) and the United States ($288.2 million), according to the State Bank of Pakistan (SBP).
鈥淥verseas Pakistanis are our precious asset, who are highlighting Pakistan鈥檚 name in the entire world through their talent and potential,鈥 Sharif said in a statement issued from his office.
Cumulatively, with an inflow of $14.8 billion, workers鈥 remittances increased by 33.6% from July till November, compared to $11.1 billion received during the same period last year, the SBP said.
Sharif said the surge in remittances was welcoming and would yield 鈥減romising results鈥 for the economy.
The South Asian country narrowly avoided a sovereign default last year by clinching a last-gasp $3 billion loan program from the International Monetary Fund (IMF).
Pakistan has made some economic gains since then, most notably slowing the annual consumer inflation to 4.9%聽in November, lower than the government鈥檚 forecast and the lowest in nearly six years. This was down from 38% in May last year.
Data released by the Pakistan Bureau of Statistics also supported positive investor sentiment as the trade deficit narrowed by 7.39% during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.
Exports rose by 12.57%聽to hit $13.69 billion, while imports increased by 3.90% to $22.342 billion during this period. November鈥檚 trade deficit narrowed even further, dropping by 18.60% year-on-year to $1.589 billion compared to $1.952 billion in November 2023.
Pakistan鈥檚 government has vowed to undertake economic reforms mandated by the IMF which include tightening fiscal policies, privatizing loss-making state-owned enterprises and enhancing tax revenues.
海角直播 remains top contributor as Pakistan workers remittances increase 29% year on year
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Updated 10 December 2024
海角直播 remains top contributor as Pakistan workers remittances increase 29% year on year
- Pakistan received $2.9 billion in remittances during November, with $729 million sourced from 海角直播
- Cumulatively, Workers鈥 remittances increased by 33.6% from July till November, with an inflow of $14.8 billion
