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Pakistan’s premier also hails ‘sustained growth’ in industrial sector after it reports 11.4 percent year-on-year growth in December 2020
Prime Minister Imran Khan on Monday once again thanked overseas Pakistanis for remitting $2.27 billion in January 2021, the eighth consecutive month that remittances over $2 billion have been recorded in the country.
“Remittances from overseas Pakistanis were $2.27 billion in January, up 19 percent over January 2020—8th consecutive month of remittances above $2 billion,” he said in a posting on Twitter. “To date in this fiscal year, they are up 24 percent compared to last year. This is a record for our country and I thank our overseas Pakistanis,” he added.
The prime minister also hailed “sustained growth” in Pakistan’s industrial sector. “Large-scale manufacturing saw another double-digit growth month in December 2020,” he said, noting 11.4 percent year-on-year growth. “Cumulative July to December growth above 8 percent now,” he added.
Khan’s statement followed the State Bank of Pakistan releasing its data for remittances to Pakistan last month. “In January 2021, remittances remained above $2 billion for 8th straight month,” it said in a posting on Twitter. “At $2.3 billion, they are 19 percent higher than in January 2020, and marginally lower than in December 2020,” it said. “During fiscal year 2020-21, remittances at an unprecedented $16.5 billion are 24 percent higher than same period in fiscal year 2019-20,” it added.
According to the data provided by the central bank, workers in Saudi Arabia remitted the highest proportion of January 2020, $553.6 million. This was followed by the U.A.E. at $492.5 million; the U.K. at $303 million; GCC states at $271.2 million; E.U. states at $228.8 million; and the U.S. at $203.2 million.
The State Bank data shows that in the current fiscal, the country received its highest remittances in July 2020 at $2,476 million. It’s lowest of $2,095.2 million was recorded just a month later.