KARACHI: Saudi Arabia and the United Arab Emirates (UAE) remained top contributors to Pakistan’s remittance inflows that increased by 3.4 percent on an annual basis in December 2021, the central bank data revealed on Friday.
The South Asian nation received $2.5 billion in workers’ remittances last month which was 2.5 percent higher than the month of November.
The country has consistently received over $2 billion in remittances every month since June 2020.
“Proactive policy measures by the government and SBP [State Bank of Pakistan] to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed toward the sustained inflows of remittances since last year,” the central bank said in an official statement on Friday.
Pakistan has received its highest inflows from Saudi Arabia to the tune of $626.6 million followed by the UAE that contributed $453.2 million. The remittances received from the United Kingdom and the United States amounted to $340.8 million and $248.5 million, respectively.
The country received $15.8 billion in remittances from overseas workers during the first half of the current fiscal year (FY22). The half yearly growth in inflows is 11.3 percent more than the corresponding period last year.
Pakistan secured its top remittance inflows of $4 billion from Saudi Arabia followed by $3 billion from the UAE during the first half of FY22, registering a two percent annual increase from both countries.
Analysts expect the country would receive more than $30 billion during the current fiscal year in workers’ remittances.
“We expect that the remittance inflows during FY22 will be around $31 billion,” Tahir Abbas, head of research at Arif Habib Limited, told Arab News.
Pakistan also received $31 billion in 2021, its highest ever remittance inflow which was 19 percent higher than 2020.
Saudi Arabia, UAE remain top contributors to Pakistan’s remittance inflows
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Saudi Arabia, UAE remain top contributors to Pakistan’s remittance inflows
- Pakistani workers remitted $15.8 billion, mainly from Gulf countries, during the first half of the current fiscal year
- The central bank says Pakistan’s monthly inflows have remained over $2 billion since June 2020 due to the government’s proactive policies
Pakistan, China to sign multiple MoUs at major agriculture investment conference today
- Hundreds of Chinese and Pakistani firms to attend Islamabad event
- Conference seen as part of expanding CPEC ties into agriculture, trade
KARACHI: Islamabad and Beijing are set to sign multiple memorandums of understanding (MoUs) to boost agricultural investment and cooperation at a major conference taking place in the capital today, Monday, with hundreds of Chinese and Pakistani companies expected to participate.
The conference is being billed by Pakistan’s Ministry of National Food Security and Research as a platform for deepening bilateral agricultural ties and supporting broader economic engagement between the two countries.
“Multiple memorandums of understanding will be signed at the Pakistan–China Agricultural Conference,” the Ministry of National Food Security said in a statement. “115 Chinese and 165 Pakistani companies will participate.”
The conference reflects a growing emphasis on expanding Pakistan-China economic cooperation beyond the transport and energy foundations of the flagship China-Pakistan Economic Corridor (CPEC) into agriculture, industry and technology.
Under its first phase launched in 2015, CPEC, a core component of China’s Belt and Road Initiative, focused primarily on transportation infrastructure, energy generation and connectivity projects linking western China to the Arabian Sea via Pakistan. That phase included motorways, power plants and the development of the Gwadar Port in the country's southwest, aimed at helping Pakistan address chronic power shortages and enhance transport connectivity.
In recent years, both governments have formally moved toward a “CPEC 2.0” phase aimed at diversifying the corridor’s impact into areas such as special economic zones, innovation, digital cooperation and agriculture. Second-phase discussions have highlighted Pakistan’s goal of modernizing its agricultural sector, attracting Chinese technology and investment, and boosting export potential, with high-level talks taking place between planning officials and investors in Beijing.
Agri-sector cooperation has also seen practical collaboration, with joint initiatives examining technology transfer, export protocols and value-chain development, including partnerships in livestock, mechanization and horticulture.
Organizers say the Islamabad conference will bring together government policymakers, private sector investors, industry associations and multinational agribusiness firms from both nations. Discussions will center on investment opportunities, technology adoption, export expansion and building linkages with global buyers within the framework of Pakistan-China economic cooperation.
