Pakistani migrants sent a record $38.3bn in remittances back home during the 2024-25 fiscal year, boosting the annual transfers by $8 billion from the previous year.
Last year, Pakistani expatriates sent home $30.3bn in remittances during the FY2023-24 period, the State Bank of Pakistan statistics show.
The 26.6 % jump is being seen as good news for the South Asian country, struggling to consolidate its economy.
The remittances make up for the country’s exports that totaled $30.645 billion, inadequate for a country of 230 million with established economic and agrarian sectors.
During FY25, workers’ remittances were recorded at US$38.3 billion, showing an increase of US$8.0 billion (i.e. 26.6 percent) over US$30.3 billion received in FY24.https://t.co/rPOvn9CTjf#SBPRemittances pic.twitter.com/DBXFN8FS4w
— SBP (@StateBank_Pak) July 9, 2025
In comparison, Pakistan’s imports last year were $63.3 billion.
The remittances fill in the financial gap and help shore up Pakistan’s foreign exchange that dwindled in recent years. Islamabad meets the bare minimum level of foreign exchange reserves by borrowing money from international lenders.
Pakistan’s annual budget for this year is $ 62.2 billion.
Islamabad has been borrowing money from the International Monetary Fund to stabilize
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the economy, wracked by domestic political unrest, high energy costs, and the Government’s inability to introduce reforms and attract foreign investment.
“The record surge in remittances reflects expatriate Pakistanis’ valuable contributions and their confidence in the national economy,” Prime Minister Shehbaz Sharif said.
He claimed that the recent positive economic indicators were a “manifestation of the government’s policies moving in the right direction”.
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Asim Tanveer is a seasoned journalist working for TV and electronic and print media outlets. He has been working for some of the world’s leading news organizations including Associated Press (AP), Reuters, BBC, CNN, CNBC, Star TV, Voice of America and The New York Times for more than 20 years. He has won several awards for his live coverage of events that include a Reuters News Agency World Award and the Pride of Performance award in 2010.
