ISLAMABAD: Pakistan has seen a “significant increase” in workers remittances at the beginning of the current fiscal year from July-August, state-run media reported on Monday, crediting the surge to the Special Investment Facilitation Council’s (SIFC) policies and the government’s crackdown on the smuggling of foreign currency. 

Workers remittances form a cornerstone of Pakistan’s economy, significantly contributing to the country’s foreign exchange reserves and reducing the current account deficit. Remittances also play a major role in supporting Pakistan’s external account, especially at a time when the country is recording small gains after a prolonged economic crisis that diminished its foreign reserves and weakened its national currency. 

“There has been a significant increase of forty-four percent in remittances at the beginning of the current fiscal year due to the support of the SIFC,” state broadcaster Radio Pakistan reported. 

“According to the statistics released by the State Bank of Pakistan, remittances have reached 5.94 billion dollars with an increase of 1.81 billion dollars compared to 4.12 billion dollars in July-August last year.”

The SIFC was set up in July last year to serve as a “one window operation” to address any concerns of foreign investors, with a special focus on attracting funds from Gulf nations. The government has recently actively promoted the employment of Pakistanis abroad, especially in the Middle East, to ensure a steady increase in investments, crucial for the country’s economic growth.

The state broadcaster said that the government’s crackdown against illegal money transfer systems such as Hundi and the smuggling of dollars led to a stable exchange rate and increase in foreign reserves. 

Pakistan’s government last year launched a crackdown against currency smugglers and hoarders when the cost of the US dollar soared, as people preferred informal banking channels to remit money to relatives in Pakistan. 

ISLAMABAD: An anti-terror court in Pakistan’s capital on Monday granted bail to 10 lawmakers and members of jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, after they were arrested last week on charges of violating a new law to regulate public gatherings, their lawyer confirmed. 

Pakistani police arrested several PTI MPs Sher Afzal Khan, Malik Muhammad Aamir Dogar, Muhammad Ahmad Chattha, Makhdoom Zain Hussain Qureshi, Waqas Akram, Zubair Khan Wazir, Awais Haider Jakhar, Syed Shah Ahad Ali Shah, Nasim Ali Shah, and Yousaf Khan on late Monday night and Tuesday. The legislators were charged with violating the Peaceful Assembly and Public Order Act by holding a rally in Islamabad on Sept. 8. The PTI said a number of the lawmakers were arrested while they were inside the parliament, triggering protests and condemnation from the party. 

The party had held the rally to demand the release of Khan, who has been in prison since August last year, facing a slew of cases. The Islamabad administration had allowed the PTI to hold the rally from 4pm till 7pm, but it went on until around 11pm. Though the gathering was mostly peaceful, a policeman was injured in clashes between police and PTI supporters en route to the rally.

On Friday, the Islamabad High Court (IHC) suspended the physical remand of the lawmakers that had been issued by the anti-terror court. 

“By the grace of god, all our MNAs have been granted bail,” Naeem Haider Panjutha, a PTI lawyer, wrote on social media platform X. “The court has ordered their immediate release.”

According to international news agency Agence France-Presse (AFP), the lawmakers were granted bail upon the submission of surety bonds worth Rs30,000 [$100]. 

Following the arrests, the National Assembly speaker opened an inquiry into the incident on Tuesday, citing that under Pakistani law, legislators cannot be detained from within the precincts of the parliament without the speaker’s permission.

Khan’s party alleges it has faced an over a year-long crackdown since protesters allegedly linked to the party attacked and damaged government and military installations on May 9, 2023 after Khan’s brief arrest that day in a land graft case.

Hundreds of PTI followers and leaders were arrested following the riots and many remain behind bars as they await trial. The military, which says Khan and his party were behind the attacks, has also initiated army court trials of at least 103 people accused of involvement in the violence.

Khan, who is in jail since last August, was ousted from the PM’s office in 2022 in a parliamentary vote of no confidence after what is widely believed to be a falling out with Pakistan’s powerful military, which denies being involved in politics.

Since his removal, Khan and his party have waged an unprecedented campaign of defiance against the military and now the PTI is aiming to mobilize the public through rallies to call for their leader’s release from jail in “politically motivated” cases.

The party’s next rally is planned for Sept. 22 in the eastern city of Lahore.