Finance Minister Dr. Shamshad Akhtar has introduced a plan called the Home Remittance Incentives Scheme, valued at 80 billion rupees, to encourage overseas Pakistanis to send money back home.
During a press conference in Islamabad, she stated that 20 billion rupees have already been allocated for this initiative.
Explaining the program, the Minister mentioned that the government will cover all fees for telegraphic transfers of $100 or more sent by overseas Pakistanis, making it free for them to send money.
Additionally, the government will provide 20 Saudi Riyals to participating banks as an incentive for offering this service to remitters.
Dr. Shamshad Akhtar also revealed that remitters can earn points under the “Sohni Dharti” category, which they can redeem for extra benefits.
The government aims to promote marketing for home remittances and will conduct lucky draws for those who use legal channels to send money home.
The Minister emphasized the support of banking channels for home remittances and encouraged overseas Pakistanis to take advantage of this scheme by using legal channels to send money to their families.
In August 2023, Pakistan’s foreign worker remittances reached $2.1 billion, showing a 3.1% increase compared to July’s $2.03 billion.
However, on a yearly basis, the monthly inflow of remittances from overseas workers to Pakistan decreased by 24%, with $2.7 billion in the same month of the previous year, according to data from the central bank.
