ISLAMABAD: Pakistan witnessed a significant boost in workers’ remittances, with inflows reaching $3.0 billion in July 2024. This marks a substantial 47.6% increase compared to the same month last year, signaling strong support from Pakistanis abroad for the country’s economy.
The remittances were primarily driven by contributions from key countries with large Pakistani expatriate populations. Saudi Arabia topped the list, contributing $761.1 million, followed by the United Arab Emirates with $611.1 million. The United Kingdom and the United States also played significant roles, sending $443.5 million and $300.1 million, respectively.
The sharp rise in remittances is a positive indicator for Pakistan’s economic stability, as these funds are a critical source of foreign exchange, supporting both the country’s balance of payments and the welfare of millions of families reliant on these transfers.
This surge in remittances comes amid ongoing efforts by the government to facilitate the flow of remittances through official channels, ensuring that expatriates can send money back home safely and efficiently. The government has also been working on various initiatives to incentivize remittances, which have proven effective in boosting the inflow.
With remittances forming a significant part of the country’s foreign exchange reserves, this robust growth is expected to help alleviate some of the economic pressures facing Pakistan, particularly in terms of managing its external debt and sustaining import levels.
The July figures set a promising tone for the fiscal year ahead, with expectations that remittance inflows will continue to grow as more Pakistanis abroad choose official channels to send money home. The government remains committed to providing better services and incentives to ensure that this vital lifeline for the economy continues to thrive.
