Workers’ remittances to reach $35 billion this fiscal: Aurangzeb

Pakistan’s Finance Minister Muhammad Aurangzeb said that the money sent home by overseas workers might reach $35 billion this year. He mentioned this after meeting with members of the Overseas Investors Chamber of Commerce & Industry (OICCI).

With $11.8 billion coming in, workers’ remittances increased by 34.7% from July to October FY25, compared to $8.8 billion during the same period in FY24.

Aurangzeb also said that the economy is getting better, with inflation going down, which might lead to lower interest rates. However, he clarified that the central bank decides on interest rates.

The minister stressed that multinational companies should focus on exporting goods from Pakistan and producing them locally. He also noted that these companies are sending their profits back home without any delays.

Regarding the economy’s documentation, Aurangzeb said the federal government is working with provincial authorities on agricultural taxes. All provinces agree, and discussions are ongoing with the Sindh government.

He added that the government is expanding the tax net to include retailers and wholesalers. Additionally, the government has taken strict measures to stop smuggling, which has led to an increase in fuel consumption.

The provincial price control system should work effectively so that people can benefit from lower commodity prices.

The minister pointed out that loss-making state-owned enterprises are a big challenge for the government, as they are losing PKR 2 billion daily.

He acknowledged the tax burden on salaried individuals and said the government is working to expand the tax net to include more sectors, aiming to reduce the burden on salaried people.