Pakistan’s remittances rose to a record in March, signaling an economic recovery on the back of a loan program with the International Monetary Fund.
The cash sent home by those living overseas increased 37% to $4.1 billion, the State Bank of Pakistan, the central bank, said in a statement on Monday. This surpassed the previous record of $3.16 billion posted in June.
The State Bank’s released data shows that $987.3 million in remittances were received from Saudi Arabia, $842.1 million from the United Arab Emirates, while $683.9 million was received from the United Kingdom and $419.5 million from the United States.
Meanwhile, Prime Minister Shehbaz Sharif on Monday expressed his pleasure as foreign remittances sent by overseas Pakistanis in a month crossed the $4 billion mark for the first time in the country’s history, terming it a reflection of their trust in the government’s policies.
The prime minister, in a statement, also thanked the Pakistani expatriates for sending a record $4.1 billion during March this year, taking the current fiscal year’s foreign remittance volume to $28 billion.
He said that a surge of 37.4% in foreign remittances was recorded compared to March last year.
He said that the announcement of a record increase in remittances during the ongoing Overseas Pakistanis Convention in Islamabad reflected the dedication, passion, and trust of overseas Pakistanis in the country’s economy and the government’s policies.
Calling them a valuable asset, Prime Minister Shehbaz said that overseas Pakistanis working tirelessly abroad not only made the nation proud but also strengthened the national economy through remittances.
He said that the entire nation was proud of hardworking overseas Pakistanis and the incumbent government was fully committed to providing them with all necessary facilities.
