- FinMin attributes a positive projection to the government’s economic policies.
- Aurangzeb emphasizes the role of the private sector in the economy.
- The minister discusses the economic losses of the last 6 years amounting to Rs6 tr.
KARACHI: Finance Minister Muhammad Aurangzeb on Saturday expressed optimism over the country’s economic situation, saying remittances are expected to cross $35 billion in the current financial year 2024-25.
He attributed the positive projection to the government’s prudent economic policies.
Speaking to the media at the Overseas Chamber of Commerce and Industry (OICCI), the minister highlighted that inflation was gradually decreasing thanks to the government’s effective strategies.
Highlighting the importance of the private sector, he highlighted its role in strengthening the economy and assured that the problems faced by private businesses would be resolved.
The Finance Minister also spoke about the economic losses suffered over the last six years, amounting to Rs6,000 billion. It found that multinational companies had repatriated $2.2 billion in profits overseas, prompting them to increase exports.
Furthermore, he highlighted the closure of more than 900 fake petrol pumps as part of government reforms.
Aurangzeb highlighted the importance of promoting ‘Made in Pakistan’ products globally and stressed the need for measures to boost trade and investment.
The Finance Minister mentioned the encouraging results of the OICCI business confidence survey, indicating an improvement in economic conditions.
He also clarified that no discussions were underway with the International Monetary Fund (IMF) regarding the imposition of a tax on sales of petroleum products.
Aurangzeb concluded by emphasizing that Pakistan’s economic growth should be driven by exports rather than imports.