LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) Chairman Faheemur Rehman Saigol, who is also President of the Lahore Chamber of Commerce and Industry (LCCI), has urged the government and the State Bank of Pakistan to continue the incentive schemes that encourage overseas Pakistanis to send their earnings through formal channels.
He said that sustained remittance growth is vital for economic stability, foreign exchange reserves and long-term national development.
In a joint statement with PIAF Senior Vice Chairman Nasrullah Mughal and Vice Chairman Tahir Manzoor Chaudhry, Faheemur Rehman Saigol said that overseas Pakistanis have been playing an extraordinary role in supporting the country’s economy by sending record remittances despite global economic uncertainty and regional challenges. He said their contribution has helped Pakistan strengthen its external account, improve foreign exchange liquidity and reduce pressure on the balance of payments.
The PIAF Chairman said 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 the momentum by ensuring that overseas Pakistanis continue to find formal remittance channels attractive, convenient and competitive. He said consistency in policy is essential to sustain the confidence of expatriate Pakistanis who contribute significantly to the country’s economic well-being.
Faheemur Rehman Saigol said remittances have become one of Pakistan’s most dependable sources of foreign exchange, providing timely support during periods of economic stress. He observed that 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.
The PIAF leaders said 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.
They said 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.
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.
Faheemur Rehman Saigol, Nasrullah Mughal and Tahir Manzoor 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.
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.
