ISLAMABAD: Pakistan recorded a 5.6 percent increase in remittances in December on a month-on-month basis, Prime Minister Shehbaz Sharif said on Friday, congratulating the nation on the record inflows.
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.
Overseas workers remittances stood at $3.1 billion in the month of December, according to a statement issued from Sharif’s office. The inflows rose by 29.3 percent in 2024 as compared to the previous year.
Sharif said the record increase in remittances was a testament to the determination of overseas Pakistanis to play their role in the development of the South Asian country.
“After economic stability, Pakistan has embarked on the path of economic development,” he said.
Pakistan narrowly avoided a sovereign default in 2023 by clinching a last-gasp $3 billion loan program from the International Monetary Fund (IMF).
The South Asian country has since made some economic gains, most notably slowing the annual consumer inflation to 4.1 percent in December. This was down from 38 percent in May 2023.
Pakistan’s government has vowed to undertake economic reforms mandated by the IMF which include tightening fiscal policies, privatizing loss-making state-owned enterprises and enhancing tax revenues.
“The government of Pakistan is committed to the country’s development and public welfare,” Sharif reassured in his statement.
Pakistan records 5.6% increase in remittances month on month
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Pakistan records 5.6% increase in remittances month on month
- Overseas workers remittances stood at $3.1 billion in the month of December
- The inflows rose by 29.3 percent in 2024 as compared to the previous year
Pakistan says it seized 32 square kilometers inside Afghanistan as border clashes escalate
- Security official describes ‘limited tactical action’ in Gudwana after Afghan assaults
- Islamabad accuses Kabul of sheltering militants as UN, China and Russia urge restraint
ISLAMABAD: Pakistan has seized a 32-square-kilometer area inside Afghanistan following overnight fighting, a security official said on Saturday, as cross-border clashes between the two countries escalated sharply.
A Pakistani security official, speaking on condition of anonymity, said troops carried out a “limited tactical action” in the Gudwana area opposite the Zhob sector along the frontier, capturing Afghan territory after responding to attacks on Pakistani positions.
“On the night of Feb. 26/27, posts opposite the Zhob sector launched anticipated physical attacks on multiple Pakistani positions,” the official said, referring to fighters linked to Afghanistan’s Taliban authorities, whom Islamabad identifies as Tehreek-e-Taliban Afghanistan (TTA).
“In response to aggressive unprovoked fire and physical attacks, Pakistan security forces launched a limited tactical action on the night of Feb. 27/28 in the general area of Gudwana with a view to capture TTA Tahir Post,” he continued, adding that 32 square kilometers of Afghan territory were seized.
The official said special combat teams crossed the border after preparatory bombardment, supported by intelligence, surveillance and reconnaissance assets providing “real-time battlefield awareness.”
He said 24 Afghan Taliban fighters were killed and 37 wounded, with no Pakistani casualties reported.
The claims could not be independently verified, and there was no immediate confirmation from Taliban authorities in Kabul of any territorial loss in the Gudwana area.
The latest clashes erupted after Pakistani airstrikes targeted what Islamabad described as militant hideouts inside Afghanistan over the weekend, triggering retaliatory fire along the frontier and sharply escalating long-running tensions. Islamabad accuses Kabul of sheltering Pakistani Taliban militants responsible for attacks inside Pakistan, an allegation that Afghanistan denies.
Pakistan’s Information Minister Attaullah Tarar said on Saturday evening that 352 Afghan Taliban fighters had been killed and more than 535 wounded since the latest phase of hostilities began.
Tarar said Pakistani strikes had destroyed 130 check posts, 171 tanks and armored vehicles and targeted 41 locations across Afghanistan by air. Those figures could not be independently verified.
The United Nations, as well as China and Russia, have called for restraint.
The United States said Pakistan has the right to defend itself against cross-border militancy.
