Pakistan Industrial and Traders Associations Front (PIAF) Chairman Faheemur Rehman Saigol, who also serves as president of the Lahore Chamber of Commerce and Industry (LCCI), has called on the government and the State Bank of Pakistan to maintain incentive schemes that encourage overseas Pakistanis to send their earnings through formal channels. He stressed that sustained remittance growth is crucial for economic stability, foreign exchange reserves, and long-term national development.
Record Remittances Despite Global Uncertainty
In a joint statement with PIAF Senior Vice Chairman Nasrullah Mughal and Vice Chairman Tahir Manzoor Chaudhry, Saigol noted that overseas Pakistanis have played an extraordinary role in supporting the economy by sending record remittances despite global economic uncertainty and regional challenges. Their contributions have helped Pakistan strengthen its external account, improve foreign exchange liquidity, and reduce pressure on the balance of payments.
Policy Consistency Key to Sustaining Confidence
The PIAF chairman emphasized that policies designed to facilitate and encourage remittance inflows have produced encouraging results over the past several years. Therefore, every possible effort should be made to maintain this momentum by ensuring that overseas Pakistanis continue to find formal remittance channels attractive, convenient, and competitive. Consistency in policy is essential to sustain the confidence of expatriate Pakistanis who contribute significantly to the country’s economic well-being.
Saigol observed that remittances have become one of Pakistan’s most dependable sources of foreign exchange, providing timely support during periods of economic stress. The steady increase in remittance inflows has helped stabilize the exchange rate, strengthen external reserves, and create greater confidence among investors and international financial institutions. Preserving this positive trend should remain a key objective of economic policymaking.
Coordinated Efforts Driving Progress
The PIAF leaders highlighted that Pakistan has made remarkable progress in increasing remittance inflows due to coordinated efforts by the government, the State Bank of Pakistan, financial institutions, and overseas Pakistanis. These achievements should not be allowed to weaken, particularly at a time when the country is striving to achieve sustainable economic growth, expand exports, and improve macroeconomic stability. Overseas Pakistanis deserve every possible facilitation for their invaluable contribution to the national economy.
Continued support through an effective and stable remittance framework would not only encourage higher inflows but also discourage the use of informal channels. Every additional dollar received through documented channels strengthens Pakistan’s foreign exchange position and enhances the country’s ability to meet its external financing requirements.
Remittances Boost Households and Broader Economy
The PIAF office-bearers emphasized that remittances directly support millions of households across Pakistan by improving living standards, increasing purchasing power, and contributing to economic activity in both urban and rural areas. A healthy flow of remittances also creates positive spillover effects for trade, industry, and investment, ultimately benefiting the broader economy.
Saigol, Mughal, and Chaudhry urged policymakers to adopt a long-term approach towards remittance promotion and to continue measures that have successfully encouraged overseas Pakistanis to use official channels. They said all stakeholders should work together to preserve Pakistan’s strong remittance performance and explore additional initiatives that further simplify remittance procedures, improve digital payment infrastructure, and strengthen engagement with the Pakistani diaspora.
Confidence in Future Growth
The PIAF leaders expressed confidence that with policy continuity, investor-friendly reforms, and sustained support for overseas Pakistanis, the country can achieve even higher remittance inflows in the coming years. They said stronger remittance growth would reinforce economic stability, improve foreign exchange reserves, and provide much-needed support for Pakistan’s journey towards sustainable and inclusive economic growth.
