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- Overseas workers remittances stood at $3.1 billion in the month of December
- The inflows rose by 29.3 percent in 2024 as compared to the previous year
ISLAMABAD: Pakistan recorded a 5.6 percent increase in remittances in December on a month-on-month basis, Prime Minister Shehbaz Sharif said on Friday, congratulating the nation on the record inflows.
Remittances bring billions of dollars annually from overseas Pakistanis and are vital to Pakistan’s economy. These inflows bolster foreign exchange reserves, stabilize the balance of payments, and support the Pakistani currency.
Overseas workers remittances stood at $3.1 billion in the month of December, according to a statement issued from Sharif’s office. The inflows rose by 29.3 percent in 2024 as compared to the previous year.
Sharif said the record increase in remittances was a testament to the determination of overseas Pakistanis to play their role in the development of the South Asian country.
“After economic stability, Pakistan has embarked on the path of economic development,” he said.
Pakistan narrowly avoided a sovereign default in 2023 by clinching a last-gasp $3 billion loan program from the International Monetary Fund (IMF).
The South Asian country has since made some economic gains, most notably slowing the annual consumer inflation to 4.1 percent in December. This was down from 38 percent in May 2023.
Pakistan’s government has vowed to undertake economic reforms mandated by the IMF which include tightening fiscal policies, privatizing loss-making state-owned enterprises and enhancing tax revenues.
“The government of Pakistan is committed to the country’s development and public welfare,” Sharif reassured in his statement.