Prime Minister Shehbaz Sharif on Friday felicitated the nation on record surge in foreign remittances in December 2024, saying the claims of those who had been chanting to halt the country’s economy had proven to be baseless, reported 24NewsHD TV channel.
The foreign remittances during December 2024 increased to US$3.1 billion against November 2024, posting month-on-month growth of 5.6%.
In a press statement issued in Islamabad, Shehbaz Sharif said the remittances witnessed a record growth of 29.3% in December 2024 against the same month (December 2023) of last year. “Record increase in the foreign remittances reflects the strong commitment of the overseas Pakistanis for playing their role in development of the country,” he added.
After achieving economic stability, Pakistan is now on the path of economic growth, the prime minister said adding the government was determined to ensure national development and public welfare.
Earlier in the day, the State Bank of Pakistan (SBP) reported 29% increase in remittances in December 2024 compared to December 2023, with inflows reaching $3.10 billion.
According to SBP, the remittances in December also showed a 6% growth compared to November 2024.
The report further highlighted that during the first six months of the fiscal year (July-December 2024), remittances sent by overseas Pakistanis totalled $17.80 billion, reflecting a 33% year-on-year increase.
The SBP on December 10, reported that the workers’ remittances increased by 33.6 percent during the first five months of the current fiscal year as compared to the corresponding period last year.
The remittances reached $14.8 billion during July-November 2024-25 as against the remittances of $11.1 billion received during July-November 2023-24.
On year-on-year basis, workers’ remittances during November 2024 recorded an inflow of $2.9 billion, posting an increase of 29.1 percent as compared to same month last year.
Remittances inflows during November 2024 were mainly sourced from Saudi Arabia ($729.2 million), United Arab Emirates ($619.4 million), United Kingdom ($409.9 million) and United States ($288.2 million).
Reporters Awais Kiyani and Ashraf Khan