ISLAMABAD  -  Finance Minister Muhammad Aurangzeb on Tuesday said that inflow of foreign remittances is expected at an all-time high annual inflow of $36 billion during the current fiscal year.

Talking to the media alongside Minister for Information and Broadcasting Attaullah Tarar, finance minister said that the country received a record high inflow of remittances, amounting to $3.1 billion dollars in February 2025. He conveyed his gratitude to the Pakistanis living abroad for sending remittances to the country. He said overseas Pakistanis are the ambassadors of the nation and a lifeline of our country.

He said that country has sufficient sugar stock to meet the domestic needs. In the current season, the country would have 5.7 million tons of sugar in addition to the stock available from the previous season, which is enough to meet the demand. He rejected the speculation that sugar is smuggled to Afghanistan. For the first time, no sugar has been smuggled to Afghanistan due to strict border surveillance under Prime Minister Shehbaz Sharif’s directives. Instead, he said that sugar is exported to Afghanistan.

He said that the FBR has introduced an advanced monitoring system to track sugar mills and transportation. Under this system, authorities have sealed six sugar mills for violations. He said on the directives of the Prime Minister, Federal Board of Revenue has initiated an improved and automated sugar production monitoring system, featuring five oversight mechanisms to streamline the production at the sugar mills. He said that the sales tax on sugar has increased by 54 percent in first two months of 2025 due to government’s enhanced monitoring systems as it enhanced to Rs24 billion from Rs15 billion.

Finance minister said all the independent surveys, carried out in the last quarter, indicate rise in business and consumer confidence, which is a testament of increased activity on the industrial side. He said fifty-two thousand new investors have entered the stock market. He said seven initial public offerings have taken place on the stock exchange during the last one year, which is significantly higher compared to the past. Muhammad Aurangzeb informed that seven initial public offerings (IPOs) took place on the stock exchange in the past year.

“This is the highest number of IPOs in recent years, significantly surpassing the average of four IPOs annually over the past decade,” he said and added that these are signs of progress in terms of economic recovery and in fostering a more vibrant, investor-friendly market environment. Talking to media, Federal Minister for Information and Broadcasting Attaullah Tarar Tuesday said all the key economic indicators such as foreign exchange reserves, remittances, policy rate and revenue receipts are showing positive trend under the leadership of Prime Minister Shehbaz Sharif. Tarar said PM Shehbaz Sharif has not only saved the country from default but also stabilized the economy and set it on the path of growth during the last one year.

He said the economic indicators are truly positive today under the leadership of Prime Minister Shehbaz Sharif. Inflation has come down to 1.5 percent, the interest rate has been reduced to 12 percent, and the Pakistan Stock Exchange has been breaking records every other day. The minister lauded the role of overseas Pakistanis for massively contributing to the foreign exchange reserves by sending remittances in huge size. He said the friendly countries are also acknowledging the national economy’s growth, citing acknowledgment from Turkish President Recep Tayyip Erdogan in this regard.

Similarly, the Uzbekistan President during a joint press conference with PM Shehbaz Sharif appreciated Pakistan’s economic turnaround, he added. The minister said that during past one year unprecedented steps were taken for the welfare of the masses and the nation building process would continue in future as well. He said that strict measures were taken under price control mechanism to ensure supply of daily use items to consumers during the holy month of Ramazan. The minister said that monitoring teams comprising the federal ministers have been constituted who will visit bazaars and check price lists of the shopkeepers.

He said that strict action against hoarders and those fleecing the customers has been started and many arrests were made in the federal capital. For providing relief to deserving people this year, he said an amount of Rs 20 billion have been earmarked for Ramazan package as compared to Rs 7 billion last year. He said that the amount was being sent to deserving people through digital wallets. Tarar said the PM had taken several steps for sugar industry. Sales tax collection has reached Rs 24 billion from Rs 15 billion in one year which was 54 per cent increase. He said this was outcome of great efforts by Federal Bureau of Revenue, Federal Investigation Agency and others which conducted scrutiny and monitoring of sugar mills.

Meanwhile, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held an important meeting at the Finance Division with Mohammed Yahya, the United Nations Resident Coordinator, who was accompanied by Abdullah Fadil, UNICEF Representative.

The meeting provided a platform for discussions on key issues including debt management, debt restructuring, climate financing, sustainable development goals (SDGs), and Pakistan’s transition to green energy.

Ms Afke Bootsman, Head of UN Resident Coordinator Office and Dr Luay Shabaneh, UNFPA Representative, were also present along with senior officers from the Finance Division. During the meeting, the minister emphasized that Pakistan faces two major existential challenges: climate change and population growth.

He stated that no amount of economic stability and growth could be sustained without addressing these two critical issues. The minister highlighted the importance of the technical support from development partners in designing and implementing bankable and investable projects that would be properly monitored and reported according to international standards. The minister also outlined Pakistan’s ongoing commitment to its partnership with the World Bank, particularly focusing on the two key areas of population management and learning poverty, which are part of the 10-year Country Partnership Framework signed between Pakistan and the World Bank. He reiterated Pakistan’s determination to address these issues effectively with the necessary technical and financial support. Furthermore, Senator Aurangzeb provided an update on the country’s economic outlook, pointing to stability and improvements in several key economic indicators. He reaffirmed the government’s focus on an export- and productivity-led growth model, carefully managed to avoid the boom-and-bust cycles of the past. The minister stressed that the private sector must play a central role in driving inclusive, durable, and sustainable growth in the long term.

The meeting also explored avenues for enhanced climate financing and the scaling up of green energy initiatives to help Pakistan transition to a more sustainable energy future. Additionally, discussions were held on how to equip Pakistan’s youth with the necessary entrepreneurial skills to contribute to the economy’s long-term growth. Senator Aurangzeb concluded by highlighting the importance of technical and financial assistance from the international community to help Pakistan overcome its challenges. The minister reaffirmed Pakistan’s commitment to working with its development partners, including the United Nations, to achieve the SDGs and build a resilient, sustainable future for the country.