Pakistan 'targets' $60 billion remittances by 2034

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif has unveiled an ambitious plan to boost remittances from overseas Pakistanis to $60 billion by 2034, ARY News reported citing sources.

According to sources within Finance Ministry, the foreign remittances currently, stands at $32 billion and the government aims to increase it by 10% annually.

To achieve this target, 26 Community Welfare Attachés will be appointed in Gulf countries and Europe next month. These attachés will facilitate overseas Pakistanis in investing in technology zones and provide them with blue passports, Sources added.

Sources said that the government is also taking steps to increase remittances from Saudi Arabia, Dubai, Qatar, England, New York, and other countries. Technical programs and training will be started to enhance skilled labor.

READ: Workers’ remittances record US$3bn inflow during July

Additionally, 50 new skilled centers are being established across the country to provide training. Community Welfare Attachés will explore new job opportunities, businesses, markets, and destinations for overseas Pakistanis.

It important to note here that remittances sent by overseas Pakistanis recorded an inflow of US$ 3 billion during July 2024, the first month of the current fiscal year.

The central bank said that in terms of growth during July 2024, remittances increased by 47.6 percent on a year-on-year basis

“Remittances inflows during July 2024 were mainly sourced from Saudi Arabia (US$761.1 million), United Arab Emirates (US$611.1 million), United Kingdom (US$ 443.5 million), and, the United States of America (US$300.1 million),” the SBP’s statement read.