Remittances in Pakistan Increase by 24 Percent Following SIFC Initiatives

Islamabad: Remittances to Pakistan have surged by 24 percent, attributed to the Special Investment Facilitation Council’s (SIFC) initiatives. The increase promises to support the country’s current account deficit and bolster foreign exchange reserves.

According to Ministry of Information and Broadcasting, the annual remittances reached three billion dollars by last month. The data highlights that over 766 million dollars were received from Saudi Arabia, 620.9 million dollars from the UAE, and 429.5 million dollars from the United Kingdom during the last month.

The consistent rise in remittances is projected to contribute to economic stability and expedite development projects. The growth in remittances has been linked to the digitization of data and an increase in the number of overseas Pakistanis, offering a potential path to economic improvement.

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