The State Bank of Pakistan has announced a new loan program for Pakistani citizens aged 21 to 45 who wish to work abroad. Applicants must provide a verified job offer letter from an overseas employer to qualify for the loan.

According to the central bank, individuals seeking this loan must detail in their application how they plan to utilize the government-funded loan abroad. The loan will be available for a five-year term, with borrowers required to pay an interest rate three percent higher than the current market rate.

A family member residing in Pakistan must also act as a guarantor for the loan, meaning that the loan will be issued jointly to both the individual going abroad and their family member in Pakistan. However, the State Bank has yet to specify which banks will offer this loan.

Minhas Naveed Ahmed Qureshi from Khalique Recruitment Agency in Rawalpindi expressed optimism about the program, stating that it will greatly assist individuals facing financial challenges when moving abroad. He noted that even after receiving job offer letters, many incur substantial expenses related to visa fees, travel costs, and initial living expenses. Some individuals resort to taking loans or selling their livestock to cover these costs.

Qureshi remarked, “In such circumstances, this loan will surely ease people’s lives.”

Popular Destinations for Overseas Employment

Data from the Bureau of Immigration and Overseas Employment reveals that last year, the majority of Pakistanis seeking jobs opted for Gulf countries. In 2024, over 450,000 individuals traveled to Saudi Arabia for employment, while 64,130 headed to the United Arab Emirates.

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More than 81,000 individuals found jobs in Oman, over 40,000 in Qatar, and 25,000 in Bahrain. Overall, the total number of Pakistanis who went abroad for work last year reached 727,381.

The State Bank of Pakistan also reported that from July to December 2024, remittances to the country amounted to $17.8 billion, with Saudi Arabia being the leading source, followed by the United Arab Emirates, the United Kingdom, and the United States.