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
Sharif departs for Austria on first official visit by Pakistani PM in over 30 years
- Shehbaz Sharif leads high-level delegation to Austria on two-day visit, says Pakistan’s foreign office
- Sharif to meet Austrian counterpart, chair Pakistan–Austria Business Forum meeting during visit
ISLAMABAD: Prime Minister Shehbaz Sharif departed for Vienna on Sunday for a two-day visit to review bilateral ties, his office said in a statement, marking the first official visit by a Pakistani premier to the country in over three decades.
Pakistan’s foreign ministry spokesperson said that Sharif is undertaking the visit at Austrian Chancellor Christian Stocker’s invitation. Sharif will lead a high-level delegation comprising the deputy premier and information minister from the Feb. 15-16 visit.
The foreign office said Sharif’s visit marks 70 years since diplomatic relations between Pakistan and Austria were established.
“This visit by Prime Minister Shehbaz Sharif to Vienna marks the first visit by a Pakistani Prime Minister to Austria in over three decades, the last having been undertaken by the then Prime Minister Nawaz Sharif in 1992,” the statement said.
Sharif will hold bilateral talks with his Austrian counterpart, during which the two leaders will take stock of the entire gamut of bilateral relations.
“The prime minister will also chair a meeting of the Pakistan–Austria Business Forum, which is being organized by the Austrian Economic Chamber (WKO),” the foreign office said. “He will also visit multilateral organizations.”
According to Pakistan’s foreign ministry, Islamabad and Vienna enjoy cooperation in the domains of trade, economy, culture and education.
It said Sharif’s visit to Vienna will establish new dimensions to the Pakistan-Austria relations.
