Islamabad (Kubha News) – Pakistan joyfully announced that in just one-month, Pakistani worker abroad have sent $3 billion from foreign countries to their families in Pakistan.
The Central Bank of Pakistan says this is a new record in the country’s economic history. The State Bank of Pakistan has stated that remittances have increased by over 30% each month, with an annual increase of over 16%.
The State Bank of Pakistan in its latest report has stated that Pakistani workers have remitted $21 billion to Pakistan in the past nine months, which will help improve the poor economic situation of the country.
The largest portion of the $3 billion sent to Pakistan in March has come from Saudi Arabia to families of Pakistani workers, totaling over $700 million. The second-largest amount comes from Pakistani workers who sent nearly $550 million from the UAE, $461 million from the UK, and $372 million from the United States.
This comes as the Prime Minister of Pakistan, during his visit to Saudi Arabia, demanded more loans and more visas from Riyadh for Pakistani workers. According to figures, more than two million Pakistanis are working in Saudi Arabia.
Currently, the poverty rate in Pakistan has increased to 40%, and in the past five years, the Pakistani currency has lost 96% of its value, resulting in the country’s economy being on the brink of collapse.
Reports indicate that the inflation rate in this country has reached nearly 30%, which is good news for remittances and spending families. Pakistan’s external debt has reached $87 billion, and it must repay eight billion dollars within the next two months.
Economic analysts say that Pakistan, drowning in debt and inflation, now in its nearly 80-year-old age, is in a very bad situation that no country can save it from.