ZULFIQAR AHMAD

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday announced the continuation of the government’s facilitation scheme aimed at encouraging overseas Pakistanis to remit money through formal banking channels.

The initiative, titled the Workers’ Remittances Incentive Scheme, seeks to support the country’s economy by bolstering foreign exchange reserves and maintaining external account stability.

In a directive issued to the Ministry of Finance, the prime minister ordered the immediate release of funds on a priority basis to sustain the scheme.

The move comes in the wake of a record-high $38.3 billion in remittances received during the financial year 2025 - a historic milestone that played a pivotal role in helping the country achieve a current account surplus for the first time in 14 years.

“Overseas Pakistanis are our strength and a valuable national asset,” PM Sharif said, adding that the hard-earned remittances sent by Pakistanis living abroad are deeply valued and contribute significantly to national development.

He also noted that these inflows had not only helped manage the country’s swelling import bill but also strengthened its foreign exchange reserves. “From migrant labourers to expatriate businessmen, all have played an integral role in supporting Pakistan’s economy through remittances.”

PM Sharif affirmed his government’s commitment to removing hurdles in the remittance process and making the system more efficient and accessible. The continuation of the incentive scheme is seen as part of broader efforts to formalise remittance channels and stabilise the national economy.