With the collapse of talks between the government and the PTI, Imran Khan has reiterated his call for overseas Pakistanis to boycott the transfer of remittances through official channels.
In doing so, the former prime minister is not only seeking to harm the national economy, but also deliver devastating consequences for millions of Pakistanis reliant on the salaries of family members employed abroad.
Foreign remittances constitute a vital pillar of Pakistan’s economy, contributing significantly to foreign exchange reserves. In fiscal year 2023-24, Pakistan received over $30 billion in remittances, primarily from workers in the Middle East, Europe, and North America. Thus far this year, the country has received $17.6 billion, overtaking $16.5 billion in exports.
These inflows help stabilize the rupee, finance essential imports, and sustain millions of families who rely on funds sent by loved ones abroad. A decline in official remittance channels would exacerbate Pakistan’s already precarious economic situation, leading to increased inflation, a weakened currency, and reduced foreign exchange reserves.
The specific call to boycott formal remittance channels also indicates a willingness to embrace the informal, unregulated black market. This shift would reduce the State Bank of Pakistan’s ability to manage monetary policy effectively, increasing risks of money laundering, terror financing, and other illicit activities. This threatens Pakistan falling into the crosshairs of the Financial Action Task Force once more after years of efforts—much of it under Khan’s tenure in government—to escape the dreaded grey-list.
While Khan has projected the boycott call as a means to “punish” the incumbent government for “stealing” the public’s mandate, those most affected by it would be ordinary Pakistanis. Families dependent on foreign earnings for daily expenses, healthcare, and education would face financial distress. A weakening currency would drive up the cost of essential goods, making life even more difficult for those already struggling with inflation. The business community, too, would suffer, as a shortage of dollars would make imports more expensive, further increasing the cost of living.
Protest is the PTI’s fundamental right, but economic sabotage pushes it into dangerous territory. By inviting economic collapse, the party merely validates critics that deride it as “anti-state,” rather than proving its actions are in support of a national interest bound by democratic principles.
As a national political force, the PTI must prioritize stability over political maneuvering. Self-inflicted financial turmoil will hurt not only the incumbent government, but also the entire state. Pakistan needs leaders who back a stable future for the country and its people, regardless of political considerations. Inviting economic sabotage serves no one, least of all the people.