ISLAMABAD: Pakistan witnessed an inflow of $30.3 billion in remittances in the last fiscal year, the country’s central bank announced on Tuesday, marking a 10.7 percent increase compared to $27.3 billion in the previous financial year, much of which was sourced from the Middle East.
Workers’ remittances form a cornerstone of Pakistan’s economy, significantly contributing to the country’s foreign exchange reserves and reducing the current account deficit.
The government has actively promoted the employment of Pakistanis abroad, especially in the Middle East, to ensure a steady increase in them, which are deemed crucial for the economic growth of the country.
“Workers’ remittances recorded an inflow of $3.2 billion during June 2024,” the State Bank of Pakistan (SBP) said while sharing the data for the previous month that marked the end of the last fiscal year. “In terms of growth, during June 2024, remittances increased by 44.4 percent on [year-on-year] basis.”
“Cumulatively, with inflow of $30.3 billion workers’ remittances increased by 10.7 percent during FY24 compared to inflow of $ 27.3 billion recorded in FY23,” it added.
The SBP said the remittance inflows last month were mainly sourced from Saudi Arabia ($808.6 million), the United Arab Emirates ($654.3 million), the United Kingdom ($487.4 million) and the United States ($322.1 million).
Pakistan records 10.7 percent surge in remittances during last fiscal year, much of it from Mideast
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Pakistan records 10.7 percent surge in remittances during last fiscal year, much of it from Mideast
- The central bank says cumulative remittance inflow went up to $30.3 billion in the country
- Government has promoted employment of Pakistanis abroad, especially in the Gulf states
Pakistan Navy seizes $3 million of narcotics in Arabian Sea under regional security patrol
- Official statement says the haul was made during an anti-narcotics operation conducted by PNS Yamama
- Seizure comes after a record haul of nearly $972 million was reported in the North Arabian Sea in October
KARACHI: Pakistan Navy said on Sunday a patrol vessel operating in the Arabian Sea had seized 1,500 kg of narcotics, the latest interdiction under a regional maritime security deployment aimed at curbing illicit activity along key shipping routes.
The operation took place under the Regional Maritime Security Patrol (RMSP), a Pakistan-led initiative that deploys naval assets across the Arabian Sea and adjoining waters to deter smuggling, piracy and other non-traditional security threats.
The framework combines independent patrols with coordination involving regional and international partners.
“Pakistan Navy Ship Yamama, while deployed on Regional Maritime Security Patrol in the Arabian Sea, successfully conducted an anti-narcotics operation, leading to the seizure of 1,500 kilograms of hashish valued at approximately 3 million US dollars,” the Navy said.
The interdiction, it added, underscored the force’s “unwavering commitment to combating illicit activities and ensuring security in the maritime domain.”
Pakistan Navy said it routinely undertakes RMSP missions to safeguard national maritime interests through “robust vigilance and effective presence at sea,” and continues to play a proactive role in collaborative maritime-security efforts with other regional navies.
The seizure comes amid heightened counter-narcotics activity at sea.
In October, a Pakistani vessel seized a haul worth nearly $972 million in what authorities described as one of the largest drug seizures ever reported in the North Arabian Sea.
Last month, Pakistan Navy units operating under a Saudi Arabia-led multinational task force seized about 2,000 kg of methamphetamine, valued at roughly $130 million, highlighting the role of regional cooperation in disrupting trafficking networks.
