Pakistan Targets $50Bn in Annual Remittances by 2030

Pakistan is working to boost its annual remittance inflows to $50 billion by 2030, aiming to strengthen its economy through contributions from overseas Pakistanis. Recent efforts focus on encouraging expatriates to use official channels for sending money, with initiatives designed to simplify and secure the process.

In the fiscal year 2024-25, remittances reached $35 billion by May, with expectations to surpass the revised target of $38 billion by June. This marks a significant 31% increase from the previous year, driven by improved digital platforms and incentives for overseas workers. A new feature on mobile remittance platforms now allows Pakistanis in the USA, UK, and Europe to contribute directly to charitable causes, further promoting formal channels.

The government is also addressing challenges such as informal transfer systems, which divert funds from the economy. By enhancing transparency and offering competitive exchange rates, authorities aim to build trust among expatriates. These measures align with broader economic goals, including reducing reliance on external borrowing and stabilizing foreign exchange reserves.

With a compound annual remittance growth rate of 6.1% from 2013 to 2023, Pakistan’s per expatriate remittance remains lower than regional peers, highlighting the need for sustained efforts. The focus on digital payments and financial inclusion is expected to drive progress toward the $50 billion target, supporting trade and current account balance.

Published in SouthAsianDesk, June 29th, 2025

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