ISLAMABAD: Saudi Arabia remained the largest source of workers’ remittances to Pakistan that rose by 25.2% in January, Pakistan’s central bank said on Monday, with Riyadh contributing $728.3 million in inflows to the South Asian nation.
The Kingdom is a key destination for Pakistani workers, whose remittances are vital to Pakistan’s economy amid an ongoing economic crisis that has seen its foreign exchange reserves plummet to low levels and its currency weaken against the US dollar, forcing it to seek financial assistance from global lenders and friendly countries.
Workers’ remittances recorded an inflow of $3 billion in the month of January, according to the Pakistani central bank.
“Remittances inflows during January 2025 were mainly sourced from Saudi Arabia ($728.3 million), United Arab Emirates ($621.7 million), United Kingdom ($443.6 million) and United States of America ($298.5 million),” the State Bank of Pakistan said in a statement.
Cumulatively, the SBP said, workers’ remittances recorded an inflow of $20.8 billion from July 2024 till January 2025, compared to $15.8 billion during the same period in the previous year, depicting a growth of 31.7%.
In December 2024, Pakistan’s remittances clocked in at $3.1 billion, marking a 29.3% year-on-year growth.
The South Asian country, which secured a $7 billion International Monetary Fund (IMF) facility last September, is navigating a tricky path to economic recovery and this surge in remittances is considered vital to stabilizing the country’s foreign exchange reserves.
Saudi Arabia remains top contributor as Pakistan remittances increase 25.2% year-on-year
https://arab.news/v9gu2
Saudi Arabia remains top contributor as Pakistan remittances increase 25.2% year-on-year
- Kingdom contributed $728.3 million to total inflows of $3 billion to the South Asian nation last month
- Remittances are vital to Pakistan, which has seen its foreign exchange reserves plummet to low levels
Pakistan to promote mineral sector at Saudi forum this month with 13 companies
- Delegation will take part in the Future Minerals Forum in Riyadh from Jan. 13-15
- Petroleum minister will lead Pakistan, participate in a 90-minute country session
ISLAMABAD: Around 13 Pakistani state-owned and private companies will attend the Future Minerals Forum (FMF) in Saudi Arabia from Jan. 13 to 15, an official statement said on Friday, as the country seeks to ramp up global engagement to develop its mineral resources.
The FMF is an international conference and investment platform for the mining sector, hosted by mineral-rich countries to attract global investors, companies and governments.
Petroleum Minister Ali Pervaiz Malik confirmed Pakistan’s participation in a meeting with the Saudi envoy, Nawaf bin Said Al-Malki.
Pakistan hosts one of the world’s largest copper-gold zones. The Reko Diq mine in southwestern Balochistan, with an estimated 5.9 billion tons of ore, is partly owned by Barrick Gold, which calls it one of the world’s largest underdeveloped copper-gold deposits. Its development is expected to boost Pakistan’s struggling economy.
“Upon an invitation of the Government of the Kingdom of Saudi Arabia, the Federal Minister informed the Ambassador that Pakistan will fully participate in the upcoming Future Minerals Forum (FMF), scheduled to be held in Riyadh later this month,” Pakistan’s Press Information Department (PID) said in an official statement.
The Pakistani minister will lead his country’s delegation at the FMF and take part in a 90-minute country showcase session titled “Unleashing Potential: Accelerating Pakistan’s Mineral Revolution” along with local and foreign investors.
Pakistan will also establish a dedicated pavilion to highlight the vast potential of its rich geological landscape to the global mineral community.
The Saudi envoy welcomed Pakistan’s decision to participate in the forum and discussed enhancing bilateral cooperation in the minerals and energy sectors during the meeting.
According to the statement, he highlighted the potential for cooperation between Saudi Arabia and Pakistan in the minerals and energy sectors, expressing confidence that the FMF would provide a platform to expand collaboration.
Pakistan’s mineral sector, despite its rich reserves of salt, copper, gold and coal, contributes only 3.2 percent to the country’s GDP and just 0.1 percent to global mineral exports.
However, many countries, including the United States, have shown interest in Pakistan’s underdeveloped mineral sector, particularly in copper, gold and other critical resources.
In October, Pakistan dispatched its first-ever shipment of rare earth and critical minerals to the United States, according to a Chicago-based US public relations firm’s report.
