PM Imran Khan thanks overseas Pakistanis after record rise in remittances

ISLAMABAD: Prime Minister Imran Khan has thanked overseas Pakistanis after witnessing a record rise in remittances up to $2.27 billion in January 2021, ARY News reported on Monday.

PM Imran Khan said in his Twitter messages, ‘Good news from the industrial sector also, showing sustained growth.’

He said that the large scale manufacturing saw another double-digit growth month in December 2020 up to 11.4 per cent as compared to December 2019, whereas, July-December cumulative growth was recorded above 8 per cent.

Read: Overseas Pakistanis taking part in stabilising national economy: PM

The premier thanked overseas Pakistan after a record high remittances in the current fiscal year up to 24 per cent as compared to the last year. He said that remittances from overseas Pakistanis were $2.27 billion in January, up 19 per cent over January 2020, the eighth consecutive month of remittances above $2 billion.

Good news from industrial sector also, showing sustained growth. Large scale manufacturing saw another double digit growth month in December 2020 – 11.4% growth vs Dec 2019. Cumulative July to Dec growth above 8% now.

— Imran Khan (@ImranKhanPTI) February 15, 2021

The data released by the State Bank of Pakistan (SBP) earlier in the day showed that workers’ remittances exceeded $2 billion for a record eighth consecutive month in January 2021.

Pakistan received $2.3 billion worth of remittances last month, up by 19 per cent as compared to January 2020. However, remittances slightly decreased as compared to $2.4 billion in December 2020.

On a cumulative basis, workers’ remittances reached $16.5 billion during Jul-Jan FY21, registering a 24 per cent increase over the corresponding year of last year.

Read: PM Imran directs to provide all-out facilities to overseas Pakistanis

A large part of workers’ remittances during Jul-Jan FY21 was sourced from Saudi Arabia ($4.5 billion), United Arab Emirates ($3.4 billion), United Kingdom ($2.2 billion) and United States ($1.4 billion).

“This sustained increase in workers’ remittances largely reflects the growing use of banking channel that is attributed to continuous efforts by Government and SBP to attract inflows through the official channel, limited cross border travel amid the second wave of COVID-19 and flexible exchange rate regime,” the SBP said.