The State Bank of Pakistan (SBP) has reported a remarkable surge in workers’ remittances during March 2024, marking a significant uptick in Pakistan’s financial inflows. The influx soared to an impressive $3 billion, indicating a notable increase of 31.3% compared to the previous month and a substantial 16.4% surge year-on-year.
Recent data released by the SBP reveals that the cumulative remittances for the first nine months of FY24 amounted to $21 billion. This figure demonstrates a noteworthy rise of 0.9% compared to the corresponding period of FY23, which recorded remittances at $20.8 billion.
The majority of remittances during March 2024 originated from key countries, with Saudi Arabia leading the pack, contributing $703.1 million, closely followed by the United Arab Emirates with $548.5 million. Significant contributions also came from the United Kingdom and the United States of America, amounting to $461.5 million and $372.5 million, respectively, towards Pakistan’s remittance inflow.
This surge in remittances underscores the resilience of overseas Pakistanis, whose contributions serve as a vital economic lifeline for the nation. The steady increase reflects their trust and confidence in Pakistan’s economic stability, as well as their unwavering support during global economic challenges.
The substantial rise in remittances is expected to yield positive implications for Pakistan’s economy, contributing to foreign exchange reserves and bolstering the country’s financial outlook amid global economic uncertainties. This influx of funds enhances Pakistan’s economic resilience and strengthens its position in the international financial landscape.
Meanwhile, Prime Minister Shehbaz Sharif and Crown Prince Mohammed Bin Salman have reiterated their commitment to accelerating the first wave of Saudi Arabia’s investment worth $5 billion in Pakistan.
In a joint statement issued following their meeting during the Crown Prince’s visit to Saudi Arabia, which marked his first foreign trip since assuming office, both parties emphasized the kingdom’s supportive role in Pakistan’s economy and their mutual desire to strengthen trade and investment ties. They affirmed their dedication to expediting the initial phase of the $5 billion investment package previously discussed.
Discussions also revolved around strengthening the fraternal ties between the two nations and exploring opportunities for enhanced collaboration across various sectors. Both leaders exchanged views on regional and global developments of mutual interest, particularly expressing concern over the situation in Gaza and urging international efforts to halt Israeli military operations and alleviate humanitarian suffering.
