Pakistanis living abroad have sent $2.5 billion home in March, responding to the cash-strapped government's appeal for more hard currency remittances, the country's central bank said Monday.
Pakistanis living abroad have sent US $2.5 billion home in March, responding to the cash-strapped government's appeal for more hard currency remittances, the country's central bank said Monday.
Pakistan is grappling with one of its worst economic crises, exacerbated by last summer's devastating floods that killed 1,739 people, destroyed 2 million homes and caused $30 billion in damages. Pakistan is in the final phase of talks with the International Monetary Fund to secure a crucial instalment of $1.1 billion loan from a $6 billion bailout package. The tranche has been on hold since December over Pakistan's failure to meet the terms of a previous deal, signed in 2019 by then-Prime Minister Imran Khan.
Sharif has also asked his finance minister, Ishaq Dar, to sit out a trip to Washington on Monday for the annual meeting of the Word Bank and the IMF because of the country's dire economic crisis. Dar will instead join the gathering virtually.
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