PM felicitates nation over record increase in remittances

Prime Minister (PM) Shehbaz Sharif says twenty-nine per cent increase in the foreign remittances in November 2024 as compared to the same period during the last year is a testament to overseas Pakistanis’ confidence in the government policies.

Facilitating the nation over the record surge in the foreign remittances, in a statement, he also expressed gratitude to overseas Pakistanis for sending record 2.9 billion dollar remittances in November this year.

PM Shehbaz Sharif said during the first five months of the current fiscal year, remittances reached 14.8 billion dollars, showing a surge of 33.6 percent, which is welcoming and will yield promising results for the economy.

Shehbaz Sharif said overseas Pakistanis are Pakistan’s ambassadors and our pride and resolution of their problems is the foremost priority of the government.

He said bringing foreign investment into the country, record reduction in the inflation and economic stability is the result of the hard work of entire government team.

The premier said the overseas Pakistanis are our precious asset, who are highlighting Pakistan’s name in the entire world through their talent and potential.

The workers’ remittances increased by 33.6 per cent during the first five months of the current fiscal year as compared to the corresponding period of last year, according to latest data of State Bank of Pakistan (SBP) released on Monday.

The remittances reached to US$ 14.8 billion during July-November 2024-25 as against the remittances of US$ 11.1 billion received during July-November 2023-24.

On year-on-year basis, workers’ remittances during November 2024 recorded an inflow of US$ 2.9 billion, posting an increase of 29.1 percent as compared to same month of last year.

Remittances inflows during November, 2024 were mainly sourced from Saudi Arabia ($729.2 million), United Arab Emirates ($619.4 million), United Kingdom ($409.9 million) and United States tof America ($288.2 million).