PM Imran Khan praises overseas Pakistanis for ‘record increase’ in remittances

Prime Minister Imran Khan has been full of praise for overseas Pakistanis as workers’ remittances exceeded $2 billion for the eighth consecutive month and amounted to $2.3 billion in January 2021. This represents a record increase as compared to the same period last year.

The premier took to Twitter to share the news and laud overseas Pakistanis for their contribution.

“Remittances from overseas Pakistanis were $2.27 bn in Jan, up 19% over Jan 2020 – 8th consecutive month of remittances above $2b,” he said.

“To date in this fiscal year they are up 24% compared to last yr. This is a record for our country and I thank our overseas Pakistanis,” the PM added.

On cumulative basis, workers’ remittances reached $16.5 billion during Jul-Jan FY21, registering 24 percent increase over same period last year.

As per details, a major chunk of workers’ remittances during Jul-Jan FY21 was sourced from Saudi Arabia ($4.5 billion), United Arab Emirates ($3.4 billion), United Kingdom ($2.2 billion) and United States ($1.4 billion).

The central bank was of the view that this sustained increase in workers’ remittances largely reflects growing use of banking channel that is attributed to continuous efforts by the government and the State Bank of Pakistan (SBP) to attract inflows through official channel, limited cross border travel amid second wave of COVID-19 and flexible exchange rate regime.

Information Minister Shibli Faraz has said that an increase in remittances is a clear indication that overseas Pakistanis trust the transparent leadership of Prime Minister Imran Khan.

Earlier today, in another tweet, the premier also said that the industrial sector is witnessing significant growth.

“Good news from industrial sector also, showing sustained growth,” PM Imran Khan tweeted. “Large scale manufacturing saw another double digit growth month in December 2020 –  11.4% growth vs Dec 2019. Cumulative July to Dec growth above 8% now.”