Saudi Arabia top contributor as Pakistan worker remittances grow 47.6 percent year-on-year

A Pakistani dealer counts US dollars at a currency exchange shop in Karachi on November 30, 2018. (AFP/File)
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Updated 11 August 2024
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Saudi Arabia top contributor as Pakistan worker remittances grow 47.6 percent year-on-year

  • Remittances from Saudi Arabia and United Arab Emirates were clocked in at $761.1 million and $611.1 million, respectively 
  • Remittances bolster Pakistan’s foreign exchange reserves, stabilize balance of payments and support national currency

ISLAMABAD: Overseas workers’ remittances to Pakistan increased by 47.6 percent on a year-on-year basis in July 2024, the State Bank of Pakistan reported this week, with Saudi Arabia remaining the top contributor for the South Asian country. 

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. 

“In terms of growth, during July 2024, remittances increased by 47.6 percent on y/y basis,” the SBP said in a press release on Saturday. 

The central bank disclosed that Saudi Arabia remained the top contributor with $761.1 million in remittances during July 2024, followed by the United Arab Emirates (UAE) from where remittances amounting to $611.1 million were received. 

Workers’ remittances amounting to $443.5 million from the UK were received while from the United States, Pakistan received workers’ remittances of $300.1 million. 

Pakistan and Saudi Arabia have deep cultural, defense and economic ties. The kingdom is home to over two million Pakistanis and for years has remained the largest contributor to remittance inflows.

Remittances play a major role in supporting Pakistan’s external account, especially at a time when the country is recording small gains after a prolonged economic crisis that diminished its foreign exchange reserves and weakened its national currency. 


Pakistan says durable South Asia peace 'impossible' until Kashmir dispute is resolved

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Pakistan says durable South Asia peace 'impossible' until Kashmir dispute is resolved

  • Pakistan marks Feb. 5 as Kashmir Solidarity Day to support right of self-determination for people of disputed Kashmir 
  • Himalayan territory remains disputed between India and Pakistan, with both claiming it in full but administering only parts 

ISLAMABAD: President Asif Ali Zardari said on Thursday that durable peace in South Asia will be impossible to achieve unless the Kashmir dispute between India and Pakistan is resolved, urging the international community to stop India from its alleged human rights violations in the territory. 

Pakistan marks Feb. 5 every year as Kashmir Solidarity Day to support the right of self-determination for the people of Kashmir. The Himalayan territory has remained contested between nuclear-armed neighbors India and Pakistan, with both claiming it in full but administering only parts of it. Various groups across Pakistan mark the day with rallies and hold seminars on Feb. 5, which is a public holiday, to express their solidarity with the people of Kashmir. 

The two countries have fought two out of three wars since 1947 over the disputed territory. On Aug. 5, 2019, India unilaterally revoked the special constitutional status of Jammu and Kashmir that it administers, stripping it of the limited autonomy it enjoyed. The development was followed by Pakistan’s decision to downgrade its diplomatic ties with New Delhi.

"The dangerous military escalation initiated by India in May 2025 serves as a stark reminder that true and durable peace in South Asia remains impossible unless the core dispute of Jammu and Kashmir is resolved," Zardari was quoted as saying by his office. 

Tensions between Islamabad and New Delhi persist after both countries engaged in the worst fighting between them in decades in May 2025. The conflict stemmed from India's accusations that Pakistan had supported an attack in Indian-administered Kashmir that left several tourists dead. Islamabad denied the allegations and called for a credible probe into the matter. 

Zardari urged the international community to persuade India to stop its alleged rights violations in Kashmir and allow "unfettered access" to rights observers in the territory. 

Pakistan accuses India of jailing Kashmiri leaders, subjecting the media to restrictions in the Himalayan territory and oppressing the people of Kashmir. India has always denied these allegations and accused Islamabad of stoking militancy in the region. 

Meanwhile, Prime Minister Shehbaz Sharif in his message on Kashmir Day, said India's actions on Aug. 5, 2019, were in violation of the UN Charter and also constitute a "blatant disregard" of relevant UN Security Council resolutions. 

"Today, on Kashmir Solidarity Day, I assure my Kashmiri brothers and sisters that Pakistan will continue to extend its full moral, diplomatic, and political support to the Kashmiri people’s struggle for freedom until they realize their right to self-determination through the promised free and impartial plebiscite under the auspices of the United Nations," Sharif said.