Overseas Pakistanis have sent a record-breaking $14.76 billion to Pakistan in the first five months of the current fiscal year (July-November), exceeding the amount received under the recent International Monetary Fund (IMF) bailout package.

The State Bank of Pakistan (SBP) announced the figures, revealing a significant surge in remittances.

November alone saw $2.91 billion in remittances, further highlighting the substantial contribution of the Pakistani diaspora. Remittances from Saudi Arabia led the way in November with $730 million, followed by the United Arab Emirates ($620 million) and the United Kingdom ($410 million).

The SBP attributed the record inflow to the unwavering support of overseas Pakistanis. Analysts believe this substantial increase in remittances will contribute to a current account surplus and strengthen the Pakistani Rupee.

The remittances received in the first five months are double the amount received under the IMF agreement. This influx of foreign currency is seen as a crucial boost to Pakistan’s struggling economy.