Remittances surge by 24% due to SIFC’s efforts

Islamabad: Pakistan’s remittances have seen a remarkable increase of 24 percent, thanks to the efforts of the Special Investment Facilitation Council (SIFC).

According to the latest data, annual remittances reached three billion dollars by last month. During the same period, Pakistan received over 766 million dollars from Saudi Arabia, 620.9 million dollars from the UAE, and 429.5 million dollars from the United Kingdom.IT exports surges to US$ 876 million in Ist quarter of FY 2024-25

The steady rise in remittances is expected to help reduce the current account deficit, boost foreign exchange reserves, and contribute to overall economic stability. Additionally, it will aid in accelerating the progress of development projects.

This growth in remittances is attributed to the digitization of data and an increase in the number of overseas Pakistanis.