ISLAMABAD: Finance and Revenue Minister Senator Muhammad Aurangzeb provided a detailed update on Pakistan’s economic progress on Tuesday, emphasizing a surge in remittance inflows, rising investor confidence, and the positive outcomes of institutional reforms.
Speaking at a press conference alongside Information, Broadcasting, National Heritage, and Culture Minister Attaullah Tarar, Aurangzeb announced that remittance inflows for February 2025 had reached a record-breaking $3.1 billion. He projected that remittances for the fiscal year would hit an all-time high of $36 billion.
Aurangzeb expressed gratitude to the Pakistani diaspora, referring to them as “the lifeline of our country” and acknowledging their critical role in bolstering the economy. “On behalf of the prime minister, the government, and the cabinet, we extend our heartfelt thanks to all our Pakistani brothers and sisters working abroad and sending remittances back home,” he said.
The minister also highlighted recent surveys conducted by organizations such as Gallup, ICC, Overseas Shapers, Ipsos, PricewaterhouseCoopers, and the State Bank of Pakistan (SBP), which indicated a significant rise in business and consumer confidence. “This growing confidence is reflected in increased business activity, and it is encouraging to see these positive trends taking hold across various sectors,” he stated.
Despite daily fluctuations in the stock market, Aurangzeb remained optimistic about its overall trajectory. He noted that 52,000 new investors had entered the market in recent months, signaling growing interest in Pakistan’s financial sector. Additionally, he pointed to a major milestone in the capital markets, with seven initial public offerings (IPOs) launched on the stock exchange in the past year—the highest number in recent years and a significant increase from the previous average of four IPOs annually over the last decade.
“These developments are very encouraging, both in terms of economic recovery and in creating a more dynamic, investor-friendly market environment,” he remarked.
Aurangzeb also discussed reforms in the sugar industry, particularly as the 2024-2025 sugarcane crushing season commenced. He explained that the Federal Board of Revenue (FBR) had introduced an enhanced production monitoring system for sugar mills, incorporating five oversight mechanisms such as track-and-trace stamps, automated counters, and video recording to improve transparency.
To ensure accountability, FBR personnel, along with officers from the Federal Investigation Agency (FIA) and the Intelligence Bureau, were stationed at sugar mills nationwide. “These measures have ensured that sugar is now being sold to genuine distributors, significantly reducing profiteering and corruption within the supply chain,” Aurangzeb said.
The reforms have had a tangible impact on government revenue, with sales tax on sugar in the first two months of 2025 rising sharply to Rs24 billion, up from Rs15 billion during the same period in 2024—a 54% increase. For the first time, sugar was legally exported to Afghanistan instead of being smuggled. “This is a very positive outcome. We need every single dollar to balance our current account,” he added.
Aurangzeb expressed confidence that, with 5.7 million tonnes of sugar available and stocks from the previous season, the country would have an adequate supply through improved management. He concluded by reiterating the government’s commitment to sustaining economic growth and ensuring transparency across key sectors.
