Foreign remittances expected to cross $35 billion this fiscal year: Finance Minister
Finance Minister Muhammad Aurangzeb announced that foreign remittances are likely to surpass $35 billion in the current fiscal year, highlighting the government’s efforts to stabilize the economy and reduce inflation. Speaking to the media at the Overseas Chambers of Commerce in Karachi, the minister emphasized the importance of effective policies in addressing economic challenges.
Aurangzeb stressed the critical role of the private sector in driving economic growth, urging multinational companies to increase exports. He noted that all multinational firms operating in Pakistan are generating significant profits, with $2.2 billion in earnings sent abroad. “The private sector must lead the economy, and we, as the government, are responsible for providing them with the necessary facilities,” he added.
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The minister underscored the need to promote “Made in Pakistan” products globally and emphasized the indispensability of steps to enhance trade and investment. “Introducing Pakistani products to international markets is crucial for economic growth,” he remarked.
Addressing concerns about taxation, Aurangzeb clarified that there are no ongoing discussions with the IMF regarding the imposition of sales tax on petroleum products. He highlighted significant financial challenges, stating, “Rs2.2 billion is lost daily to underperforming institutions, and over Rs6 trillion in losses have been incurred over the last six years.” He warned that no business model could sustain itself with persistent sales tax evasion.
On tackling the smuggling of petroleum products, the minister revealed decisive actions, including the closure of over 900 fake petrol pumps. These measures aim to curb illicit activities and ensure fair business practices.
The finance minister expressed optimism about economic recovery, pointing out that the current account deficit is being managed effectively. He concluded by reaffirming the government’s commitment to stabilizing the economy and creating a conducive environment for trade and investment.
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