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
Pakistani president arrives in Iraq to deepen trade, energy cooperation
- Visit follows recent high-level contacts as Islamabad seeks to expand limited commercial ties with Baghdad
- Talks are expected to cover investment, manpower and facilitation of Pakistani pilgrims visiting holy sites in Iraq
ISLAMABAD: President Asif Ali Zardari arrived in Iraq on Saturday on an official visit aimed at expanding cooperation in trade, energy and investment, as Pakistan seeks to deepen ties with Baghdad after years of limited engagement.
Pakistan and Iraq established diplomatic relations in 1947 and have traditionally maintained cordial ties, though commercial links remain modest, with officials and business groups identifying scope for cooperation in construction services, pharmaceuticals, manpower and agricultural exports.
“President Asif Ali Zardari arrived in Baghdad on a four-day official visit to Iraq,” his office said in a post on X. “He was received by Culture Minister Dr. Ahmed Fakkak Al-Badrani. During the visit, meetings with senior Iraqi leadership are expected to advance cooperation and further strengthen Pakistan-Iraq relations.”
Zardari’s visit follows a series of recent high-level contacts between the two countries, reflecting efforts to broaden bilateral engagement beyond traditional diplomatic ties and explore collaboration across economic, political and people-to-people domains.
According to Pakistan’s foreign office, the president is expected to hold meetings with Iraq’s senior leadership to discuss cooperation in various areas such as trade and investment, energy, technology, education and manpower.
He is also expected to discuss regional and international issues with Iraqi officials.
Earlier this month, Pakistan’s Interior Minister Mohsin Naqvi met his Iraqi counterpart, Abdul Ameer Al-Shammari, on the sidelines of meetings in Brussels, where both sides agreed to enhance cooperation on security and facilitate travel for Pakistani Shia pilgrims to Najaf and Karbala.
The two officials discussed measures to ensure the smoother movement of these pilgrims and their compliance with visa regulations.
