Overseas Pakistanis have achieved a historic milestone by sending home $14.76 billion in remittances during the first five months of the fiscal year (July-November 2024), according to the State Bank of Pakistan.
In November alone, remittances reached $2.91 billion, contributing to the record-breaking total.
This amount surpasses Pakistan’s $7 billion IMF loan deal, highlighting the critical role of expatriates in supporting the nation’s economy.
The largest contributions came from Pakistanis in Saudi Arabia, who sent $730 million in November, followed by the UAE ($620 million), the UK ($410 million), and the US ($290 million).
Despite a 5% decline in remittances compared to the previous month, the figure marks a 29% increase from the same period last year, strengthening hopes for a current account surplus and currency stability.
Prime Minister Shehbaz Sharif extended heartfelt thanks to expatriates for their contributions, particularly the $2.91 billion received in November.
Calling them the “pride of the nation,” the PM emphasized that this surge in remittances reflects the diaspora’s trust in the government.
Shehbaz assured overseas Pakistanis that their concerns remain a priority and credited the economic policies of his administration for fostering confidence.
“By Allah’s grace, our economic strategies are delivering results,” he said, highlighting the vital role of the diaspora in bolstering Pakistan’s reputation globally.
