Islamabad, March 11, 2025 – Finance Minister Muhammad Aurangzeb on Tuesday projected that Pakistan’s workers’ remittances are expected to reach a historic high of $36 billion in the ongoing fiscal year 2024-25.
He provided a detailed update on the country’s economic progress, emphasizing the role of remittances in strengthening the economy, boosting investor confidence, and supporting government-led institutional reforms.
“The record-breaking remittance inflows for February 2025 stood at an impressive $3.1 billion. Based on current trends, we estimate that total remittances will hit an all-time high of $36 billion by the end of the fiscal year,” Aurangzeb stated during a news conference alongside Minister for Information, Broadcasting, National Heritage, and Culture Attaullah Tarar.
Expressing deep appreciation for overseas Pakistanis, Aurangzeb acknowledged their significant role in sustaining the national economy through their remittances. “The Pakistani diaspora is the backbone of our economy. On behalf of the Prime Minister, the government, and the cabinet, we extend our heartfelt gratitude to our brothers and sisters abroad who continue to send remittances to Pakistan,” he said.
Aurangzeb also discussed multiple independent surveys conducted over the past quarter by Gallup, ICC, Overseas Shapers, Ipsos, PricewaterhouseCoopers, and the State Bank of Pakistan (SBP), all of which indicated rising business and consumer confidence. “This optimism is reflected in growing business activity and increased remittances, reinforcing economic stability,” he noted.
Despite stock market fluctuations, Aurangzeb remained optimistic about its long-term direction. He highlighted that over 52,000 new investors had entered the market in recent months, signaling growing interest in Pakistan’s financial sector. Furthermore, he pointed out that the country saw seven initial public offerings (IPOs) in the past year—significantly higher than the average of four IPOs annually over the last decade.
Turning to economic reforms, Aurangzeb detailed the Federal Board of Revenue’s (FBR) new production monitoring system for sugar mills, incorporating track-and-trace stamps, automated counters, and video surveillance. The enhanced measures have improved transparency and curbed profiteering, ensuring that sugar reaches genuine distributors. “These initiatives have led to a 54% increase in sugar sales tax revenue, rising from Rs15 billion in early 2024 to Rs24 billion in the first two months of 2025,” he stated.
Aurangzeb further underscored the importance of better resource management, particularly in balancing the country’s trade deficit. He noted that for the first time, sugar was legally exported to Afghanistan instead of being smuggled, reinforcing the government’s commitment to economic discipline. “Every dollar counts, and such improvements are crucial to managing Pakistan’s current account,” he emphasized.
As the sugarcane crushing season progresses, Aurangzeb assured that Pakistan has an ample supply of 5.7 million tons of sugar, along with carryover stocks from the previous season. With these reserves, he expressed confidence that the country’s sugar needs will be met efficiently, further stabilizing market dynamics and reinforcing economic growth.