FinMin Aurangzeb anticipates remittances surpassing $35bn this year

KARACHI: Finance Minister Muhammad Aurangzeb on Saturday expressed optimism about the improvement in the country's economic situation, anticipating that the remittances are expected to surpass $35 billion in the fiscal year 2024-25. 

The finance minister credited this positive projection to the economic policies of the government. 

He addressed the media at the Overseas Chamber of Commerce and Industry (OICCI) and said due to government's effective strategies, the inflation is gradually decreasing. 

Highlighting the importance of the private sector, he emphasised its role in strengthening the economy and assured that the issues faced by private enterprises would be resolved.

The finance minister also discussed the economic losses incurred over the past six years, amounting to Rs6 trillion. He revealed that multinational companies repatriated $2.2 billion in profits abroad, urging them to increase exports.

Additionally, he noted the closure of over 900 fake petrol pumps as part of government reforms.

Aurangzeb stressed the significance of promoting "Made in Pakistan" products globally and underscored the necessity of measures to boost trade and investment.

The finance minister mentioned the encouraging results of the OICCI’s business confidence survey, indicating improving economic conditions.

He also clarified that there are no discussions underway with the International Monetary Fund (IMF) regarding the imposition of sales tax on petroleum products.

Aurangzeb concluded by emphasising that Pakistan's economic growth should be driven by exports rather than relying on imports.