Pakistan Sets New Remittance Record: Surpasses $2 Billion in One Year, World Bank Reports”

In one year, Pakistan’s remittance record was over $2 billion, according to the World Bank.

“Islamabad: The World Bank has issued Pakistan’s remittance record amount of $2.25 billion during the fiscal year 2023–24, including $350 million as policy loans.

Pakistan’s remittance record:

Country Director for the World Bank in Pakistan, Najy Benhassine, sent a government message to Federal Minister for Economic Affairs Ahad Cheema and other senior officials, praising their personal support and leadership, as well as acknowledging Federal Secretary Kazim Niaz and his team’s efforts.

He highlighted significant improvements and the achievement of record figures in projects supported by the World Bank during FY24.

The message further emphasized the need to celebrate strong collaboration between federal and provincial ministries, departments, and provincial governments for achieving these outcomes.”

The bank has released an extraordinary $2.25 billion in Pakistan, including $350 million from the Second Resilient Institutions for Sustainable Economy (RISE-II) policy financing. This marks the highest-ever disbursement and underscores significant and crucial achievements on the ground.

The RISE-II budget, excluding emergency cash transfers issued after the 2022 flood, exceeds FY23’s standard IPF and P4R portfolio implementation, which was already a record year.