International Day of Family Remittance: Pakistan receives $34 billion in fiscal year

Dubai: Pakistan is marking a new record-breaking International Day of Family Remittance. During the fiscal year 2024-25, overseas Pakistanis remitted $34.9 billion to the country - a 28.8% increase compared to the previous year. As these remittances play a major role in Pakistan’s economy, this landmark total represents the country’s evolving landscape.

Here’s what you need to know.

What is International Day of Family Remittance?

Adopted by the United Nations General Assembly in 2018, this day is dedicated to recognising the efforts of overseas migrant workers who send finances back to their home countries. The universally-recognised day is celebrated annually on June 16.

Pakistan’s current situation

The Pakistani population is among the most widespread globally, with an estimated 9 million overseas Pakistanis. Some of the larger communities exist in Saudi Arabia, the UAE, the United States, and the United Kingdom. In fact, as of December 2024, these four countries are also the nations where the highest rates of remittances come from, according to the State Bank of Pakistan.

Why do Pakistanis move overseas?

Factors like political instability have made the country a big victim of brain drain - a phenomenon where the best educated and qualified individuals migrate in search of better opportunities.

Deeper analysis

Latest reports from the Prime Minister’s Office also noted an increase when compared to individual months. For instance, $3.7 billion in remittance was sent in May 2025. That was a 13.7% increase when contrasted with May 2024.

Pakistan Prime Minister Shehbaz Sharif has shared optimistic remarks about this growing financial activity. “These historic figures testify to their growing confidence in the government’s economic policies. This trust reinforces our resolve to redouble efforts for the revival and growth of our economy,” a statement from the Prime Minister’s Office stated.

While remittance has remained steadfast for the nation, there have been occasional dips in the amount of money coming in. Most recently, this occurred in 2022, where political unrest led to a significant economic crises.

However, things are looking up. For instance, alongside remittance growth, inflation also fell to 0.3% in April 2025, according to the Pakistan Economic Survey 2024-25. This is the lowest inflation rates in 60 years.

Mariam Khan is a trainee journalist at Gulf News