ISLAMABAD - Prime Minister Imran Khan said on Monday that despite Covid-19, there is a good news for our economy as remittances sent by overseas Pakistanis continued to remain above the $2 billion mark for the fourth consecutive month.

“Despite COVID, more good news for our economy,” he wrote in a tweet saying this marks the fourth consecutive month that remittances have remained above two billion dollars. The Prime Minister said that remittances from our hardworking overseas Pakistanis rose to 2.3 billion dollars in September this year, which is 31 percent higher than that in last September and nine percent higher than in August this year.

The country-wise breakup of the remittances showed that the highest amount - $821.55 million - in July came from Saudi Arabia, followed by $538.19 million from the United Arab Emirates (UAE). In June 2020, the remittances from Saudi Arabia and the UAE were $619.43 million and $431.68, respectively.

Meanwhile, the State Bank of Pakistan (SBP) said that “cumulatively, workers’ remittances rose to a record $7.1 billion” in the first quarter of the ongoing fiscal year. It added that in the last fiscal year, the remittances for the first quarter were $5.5 billion.

The SBP credited the “sustained growth” in remittances to the efforts of the government made under the Pakistan Remittances Initiative.

According to the State Bank of Pakistan’s (SBP) statistics, overseas Pakistanis remitted $443.13 million from Dubai, $393.91 million from the United Kingdom, $250.6 million from the US, $88.29 million from Abu Dhabi and $4.69 million from Sharjah in July.

The remittances from other Gulf countries were recorded at $296.95 million, including $42,62 million from Bahrain, $69.83 million from Kuwait, $82.49 million from Qatar and $102 million from Oman. The SBP data however, showed a major decline in the remittances from US to $250.6 million in July from $451 million in June.

The remittances received from the European countries last month were $227.57 million. They included Germany $35.34 million, France $32.99 million, the Netherlands $4.5 million, Spain $38.9 million, Italy $49.46 million, Greece $20.01 million, Sweden $4.85 million, Denmark $6 million, Ireland $12.25 million and Belgium $23, 27 million.

Pakistan received $22.25 million from Malaysia, $10.91 million from Norway, $2.83 million from Switzerland, $52.11 million from Australia, $43.13 million from Canada and $9.31 million from Japan. The SBP stated that $98.82m were received from other countries, making it to a total of $2,768.13 million in July 2020. In June 2020, the total remittances received from these countries were $2,466.28 million.