Finman Aurangzeb expects remittances to exceed $35bn this year.

KARACHI: Finance Minister Muhammad Aurangzeb on Saturday expressed optimism about the improvement in the country’s economic situation, expecting remittances to cross $35 billion in the fiscal year 2024-25.

The finance minister credited the economic policies of the government for this positive development.

Addressing the media at the Overseas Chamber of Commerce and Industry (OICCI), he said that due to the effective strategies of the government, inflation is gradually decreasing.

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

The Finance Minister also spoke about the economic losses of 6 trillion rupees in the last six years. He revealed that multinational companies shifted $2.2 billion in profits overseas in an effort to increase exports.

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

Aurangzeb stressed the importance of promoting “Made in Pakistan” products globally and stressed the need for measures to promote trade and investment.

The Finance Minister mentioned the encouraging results of OICCI’s business confidence survey which indicated improvement in economic conditions.

He also clarified that there is no discussion with the International Monetary Fund (IMF) regarding the implementation of sales tax on petroleum products.

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