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Thursday, February 15, 2024

Pakistan’s foreign remittances reach all time high: $29.1 bln

Another achievement registered during PM Imran Khan government regime that Pakistan Stock Exchange (PSE) has crossed level of 48,000 points in 54 months.

Special Assistant to the Prime Minister on Political Communication Dr Shahbaz Gill on Thursday appreciated the foreign expatriates who sent foreign remittances to the country which have now reached $29.1 billion from $21.7 billion last year, exhibiting 34 per cent increase.

In a statement issued here, he said besides tremendous increase in foreign remittances, it is for the first time in country history that Federal Bureau of Revenue (FBR) had amassed record Rs 4,100 billion as tax revenue.

Moreover, he said because of tremendous financial policies of the government, the Gross Domestic Product (GDP) has also registered 3.94 per cent growth during current financial year and added in case foreign remittances are included the Gross National Product (GNP) can register 6.5 per cent mark.

“Another achievement registered during present government regime that Pakistan Stock Exchange (PSE) has crossed level of 48,000 points in 54 months,” he added.

He said these were the major achievements on part of government which were not being digested by the corrupt opposition elements.

Read more: Remittances and industry backed rupee hits back at dollar

“Now, the shop of the corrupt elements was closed,” he concluded.

PM thanks overseas Pakistanis

The Prime Minister of Pakistan Imran Khan took to Twitter to thank the Overseas Pakistani community for their love and support as the remittances again see an increase according to the State Bank of Pakistan figures.

According to the State Bank of Pakistan’s statement today, the remittances rose to $2.7 billion in March 2021. It is an increase of 20 percent than February 2021, and 43 percent higher than March 2020.

The statement said that the cumulative increase in the remittances sent is 26 percent for the 9MFY21 compared to the same period of 9MFY20. The remittances during the current fiscal year till date are recorded to be $21.5 billion.

The statement also showed the contribution of different countries in sending remittances for the 9MFY21, with Non-Resident Pakistanis in Saudi Arabia sending the greatest proportion of $5.7 billion, making it 26.7 percent of the $21.5 billion sent to the country this year.

Read more: Foreign investment in government securities increases

It was followed by the United Arab Emirates with $4.5 billion, the United Kingdom with $2.9 billion, and the United States with $1.9 billion according to the statement.

Among the EU countries, the highest remittances were received from Italy, of value $428.9 million. While in GCC countries, the UAE and Saudi Arabia were followed by Oman with $803.7 million worth of remittances.

APP with additional input by GVS News Desk