Pakistan’s foreign worker remittances are on track to reach $36 billion during the current fiscal year, driven by significant growth in inflows from key markets. In the first four months of the fiscal year 2024-25 (4MFY24), remittances have surged by 35 percent year-on-year, totaling $11.8 billion, according to data reported by ProPakistani and sourced from the central bank.

Topline Securities attributes this growth to robust contributions from the United Arab Emirates (UAE), Saudi Arabia, and the United Kingdom (UK), which saw increases of 56 percent, 37 percent, and 39 percent, respectively. This strong momentum is supported by the stability of the Pakistani Rupee (PKR) and an increase in manpower exports over the past two to three years. Remittances are expected to reach between $35 billion and $36 billion for the fiscal year 2025, marking a 16 percent year-on-year increase.

A detailed breakdown of the remittance inflows reveals that Saudi Arabia leads with $766.7 million, followed by the UAE with $620.9 million, the UK with $429.5 million, European Union (EU) countries with $359.1 million, and the United States (US) with $299.3 million.