Overseas Remittances Boost Pakistan's Economic Outlook

Foreign remittances by Pakistanis abroad reached nearly USD 7 billion over three months, equivalent to an IMF bailout. Remittances from Saudi Arabia led with USD 68 million last month. This financial inflow bolstered the Pakistan Stock Exchange as the government stabilizes the economy.

In a remarkable financial development, overseas remittances sent by Pakistanis have reached nearly USD 7 billion in the past three months, matching the government's bailout package from the International Monetary Fund (IMF).

According to data from the State Bank of Pakistan, September alone saw a massive inflow of USD 2.8 billion, with remittances averaging USD 2.92 billion monthly in the same period. This surge is contributing to an optimistic economic outlook, as evidenced by the rising numbers on the Pakistan Stock Exchange's KSE-100 index.

Notably, the majority of these funds have come from Pakistanis working in Saudi Arabia, who remitted USD 68 million last month and USD 2.15 billion over three months, significantly impacting the Pakistani economy positively.

(With inputs from agencies.)