Pakistan Remittances Rise to $7.3bn as PM Shehbaz Hails Economic Progress
ISLAMABAD, PAKISTAN — WEB DESK: Pakistan’s workers’ remittances increased to $7.3 billion during July and August, up from $6.3 billion in the corresponding period, as Prime Minister Shehbaz Sharif welcomed improving economic indicators and pledged to accelerate reforms aimed at sustainable growth.
Shehbaz said the significant increase in remittance inflows reflected the confidence of overseas Pakistanis in the national economy and acknowledged their contribution to the country’s foreign exchange position.
Remittances recorded 16.5% year-on-year growth in August, while inflows during the first two months of the current fiscal year reached $7.3 billion, compared with $6.4 billion during the corresponding period a year earlier.
The prime minister also highlighted growth in Pakistan’s exports, saying a 4% increase was an encouraging development for the economy. He said the government would continue supporting export-oriented sectors as well as small and medium-sized enterprises.
Pakistan’s external sector has shown signs of improvement, with a narrower current account deficit and stronger foreign investment. Net foreign direct investment reached $494 million during July-August, representing a 24% increase from $399 million in the corresponding period last year.
Shehbaz said total foreign investment increased 80.2% during July and August, describing the rise as an indication of stronger investor confidence.
Pakistan’s overall foreign exchange reserves have also reached $26.8 billion, strengthening the country’s external financial position.
Industrial activity showed further improvement, with large-scale manufacturing output expanding 3.03% in July. The prime minister said stronger industrial production was an encouraging sign for broader economic activity.
Business registrations also increased sharply. A total of 10,199 companies were registered in July, representing growth of 38.8%, while higher agricultural lending was highlighted as another positive development for the economy.
Shehbaz said economic reforms and effective policies would continue, with the government seeking to strengthen investment and growth across different sectors.
He added that the reform process would be accelerated to build a stronger, more stable and sustainable economy while creating additional employment and business opportunities and ensuring that the benefits of economic stability reach the public.
