KARACHI – Finance Minister Muhammad Aurangzeb expressed optimism about Pakistan’s economic outlook, projecting that remittances will exceed $35 billion in the current fiscal year 2024-25. He attributed this positive forecast to the government’s prudent economic policies.
Speaking at the Overseas Chamber of Commerce and Industry (OICCI), Aurangzeb highlighted the gradual decrease in inflation due to effective government strategies. He emphasized the crucial role of the private sector in strengthening the economy and assured that issues faced by private enterprises would be addressed.
Aurangzeb 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 and urged them to increase exports. Additionally, he noted the closure of over 900 fake petrol pumps as part of government reforms.
The finance minister stressed the importance of promoting “Made in Pakistan” products globally and underscored the necessity of measures to boost trade and investment. He mentioned the encouraging results of the OICCI’s business confidence survey, indicating improving economic conditions.
Aurangzeb clarified that there are no ongoing discussions with the International Monetary Fund (IMF) regarding the imposition of sales tax on petroleum products. He concluded by emphasizing that Pakistan’s economic growth should be driven by exports rather than relying on imports.