Pakistani workers home remittances in May 2024 showed appreciable increase

Report by Engineering Post

Large number of Pakistanis are  living and working in foreign countries around the globe  and  they are making appreciable contributions towards the  national economy by sending  their families back home through the proper system every month.

According to the latest figures available in this regard, Overseas Pakistanis home r remittances of $ 3.24 billion in May 2024 was the highest monthly contribution showing  a substantial 54.2 percent year-on-year  increase and a 15.3 percent  compared to the previous month i.e. April 2024.

For the first eleven months of the  just ended  financial year 2023-24m, increased home remittances in varying ratios  were received from Pakistani workers in good numbers in the  United Arab Emirates (UAE), United Kingdom (UK), Saudi Arabia and EU countries contrary to all expectations  of the quarters concerned and are likely to show further improvement for the entire year.

The appreciable surge in home remittances from Overseas Pakistanis  was not  only owing to Eid ul Fitr but also due to the fact that during the last two years or so, a significant number of Pakistanis have been emigrating abroad to different countries in search of better livelihood  opportunities.

According to  the available figures, between 2022 and 2023, an average of  850000 Pakistanis  were reported to have moved abroad  annually compared to an average  of 323000 per year between 2017  to 2021.