Overseas Pakistanis send record remittances in 5 months

Pakistanis living in Saudi Arabia contribute maximum, sending $730m in Nov

By: Rizwan Alam

December 9, 2024December 9, 2024

Overseas Pakistanis have sent record-breaking remittances home, amounting to $14.76 billion in just five months (July to November 2024).

This amount more than doubles Pakistan's $7 billion IMF deal secured under strict conditions for three years.

According to the State Bank of Pakistan's monthly and five-month data released on Friday, remittances in November 2024 alone totalled $2.91 billion. The first five months of the current fiscal year have seen the highest remittance figures ever recorded, with overseas Pakistanis sending home $14.76 billion from July to November.

Pakistanis living in Saudi Arabia contributed the maximum, sending $730 million in November. They were followed by expatriates in the UAE ($620 million), the UK ($410 million), and the US ($290 million).

While workers' remittances declined by 5% on a month-on-month basis, they surged by a remarkable 29% compared to the same period last year. Experts suggest this increase will help achieve a current account surplus and stabilise the Pakistani rupee.

PM thanks overseas Pakistanis

Prime Minister Shehbaz Sharif has expressed his gratitude to overseas Pakistanis for their record-breaking contribution of $2.91 billion in remittances during November 2024.

Acknowledging their role as the country's "pride and ambassadors," Shehbaz said. "The increase in remittances reflects the confidence of overseas Pakistanis in the government." He assured expatriates that resolving their issues remains a top priority.

He credited the government’s economic policies and team for the positive development. "By the grace of Allah, the efforts of the government's economic team are bearing fruit," he stated, emphasizing the significance of this growth for the national economy.

Highlighting the vital role played by the diaspora, the PM remarked, "Overseas Pakistanis are making Pakistan famous abroad." He reiterated his government’s commitment to addressing their concerns and ensuring they continue to feel valued for their contributions.