Workers’ remittances record US$3.1bn inflow during October 

KARACHI: Remittances sent by overseas Pakistanis recorded an inflow of US$ 3.1 billion during October 2024, ARY News reported citing the State Bank of Pakistan (SBP).

In a statement issued here, the central bank said that in terms of growth during September 2024, remittances increased by 24 percent on a year-on-year basis

The SBP stated that the remittances inflows during October 2023 were recorded at $2.5, whereas in October 2024 it increased by 7 percent from September 2024.

Earlier, Prime Minister (PM) Shehbaz Sharif unveiled an ambitious plan to boost remittances from overseas Pakistanis to $60 billion by 2034.

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

READ: Pakistan ‘targets’ $60 billion remittances by 2034

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.

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.