ISLAMABAD, Oct 09 (APP): The Adviser to Finance Minister Khurram Schehzad Friday said that the workers remittances during the first quarter of current financial year grew by 14 percent as compared to the corresponding period of the last year.
During the period from July-September remittances reached US$10.9 billion, which were recorded at US$9.5 billion n in the same period last year., he posted on X.
Encouragingly, Pakistan’s two major non-debt foreign-exchange earning channels have both started FY27 with double-digit growth, he said adding that goods exports grew by11% YoY in first quarter of FY27 and remittances increased 14%.
The IT & tech exports: data awaited, with momentum expected to remain strong, he added.
The remittances growth remained broad-based, rather than dependent on one market, he said adding that Saudi Arabia remains the largest source at US$899 million as against the inflows of US$749 million, which was up by 11% on YoY basis, he added.
The United Kingdom contributed US$515 million as compared to $448 million, growing 6% YoY and other ther GCC countries contributed US$342 million, with a strong 14% YoY increase, he added.
The Adviser said that sustained growth in exports and remittances can provide greater room for economic growth while supporting reserve accumulation, improving import cover and continued improvement in Pakistan’s external resilience.
A stronger and sustained external position, alongside fiscal discipline and reforms, should also reinforce Pakistan’s case for further sovereign investment rerating, he remarked.
Source: APP (Associated Press of Pakistan)
