Aurangzeb sees all-time-high $36b remittances by FY end

ISLAMABAD Minister for Finance and Revenue Senator Muhammad Aurangzeb provided a comprehensive update on the country’s economic progress, highlighting increased remittance inflows, improved confidence among investors and businessmen in government policies, and better outcomes following institutional reforms.

“The record-breaking remittance inflow for February 2025 reached an impressive $3.1 billion. We estimate an all-time high remittance inflow of $36 billion by the end of the fiscal year,” he said addressing a news conference along with Minister for Information, Broadcasting, National Heritage and Culture Attaullah Tarar.

Expressing gratitude to the Pakistani diaspora, whom he described as “the lifeline of our country,” Aurangzeb acknowledged their invaluable contribution to the nation’s economy.

“On behalf of the Prime Minister, the government, and the cabinet, we extend our heartfelt thanks to all our Pakistani brethren and sisters working abroad and sending remittances back home,” he said.

The finance minister also shared the results of several independent surveys conducted in the past quarter, including those by Gallup, ICC, Overseas Shapers, Ipsos, PricewaterhouseCoopers and a recent one by the State Bank of Pakistan, all of which showed a noticeable uptick in business and consumer confidence.

“This confidence is reflected in increased business activity, and it is promising to see these positive trends taking root across various sectors,” he noted.

Despite daily fluctuations in the stock market index, Aurangzeb expressed optimism about the market’s overall direction.

Notably, he pointed out that 52,000 new investors entered the market in recent months, signaling a growing interest in Pakistan’s financial sector.

Furthermore, Aurangzeb highlighted a major milestone in the capital markets, with seven initial public offerings (IPOs) taking 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.

“These are very encouraging signs of progress, both in terms of economic recovery and in fostering a more vibrant, investor-friendly market environment,” he said, adding that such developments suggest long-term improvements to come.