Islamabad – July 1, 2025: Prime Minister Shehbaz Sharif on Monday expressed satisfaction over Pakistan receiving a record-high $38.3 billion in remittances during fiscal year 2024–25, marking a 26.6% increase from the previous year and signaling renewed confidence of overseas Pakistanis in the economy.
The State Bank of Pakistan (SBP) reported the figures in its annual update, calling the surge “unprecedented in the last five years” and attributing it to policy stability, streamlined remittance channels, and improved sentiment among expatriates.
Breakdown of Remittance Surge
According to SBP:
- FY24 remittances stood at $30.2 billion
- FY25 jumped to $38.3 billion, a $8.1 billion increase
- Major sources included:
- Saudi Arabia – $10.7B
- UAE – $8.4B
- UK – $5.9B
- USA – $4.2B
The report noted a significant increase in use of formal banking and digital channels, a key factor in reducing hawala/hundi-based flows.
Prime Minister’s Statement
PM Shehbaz Sharif shared his appreciation in a post on X (formerly Twitter):
“Overseas Pakistanis are our true asset. Their trust in Pakistan’s future is reflected in this historic remittance figure. Every dollar they send strengthens our economy.”
The Prime Minister also directed the Ministry of Finance and SBP to facilitate faster, more secure digital remittance solutions and ensure incentive packages for overseas workers are implemented.
Impact on Economy
The increase in remittances is expected to:
- Ease pressure on foreign exchange reserves
- Reduce current account deficit
- Strengthen the Pakistani rupee
- Help fund import payments and boost domestic consumption
Economists view this as a positive signal to international lenders and investors, especially in the context of upcoming negotiations with the IMF for a new bailout package.
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