Finance Minister Aurangzeb Forecasts Increase in Remittances

Pakistan's Finance Minister, Muhammad Aurangzeb, anticipates a rise in remittances from overseas citizens to $29 billion this fiscal year. Remittances from overseas Pakistanis play a crucial role in the country's economy, contributing billions of dollars annually. These inflows help boost foreign exchange reserves, stabilize the balance of payments, and support the Pakistani currency.

Aurangzeb, currently in Washington for meetings with the IMF and World Bank, highlighted the significance of these remittances. He dismissed concerns raised by the World Bank about a global drop in remittances, stating that Pakistan's remittances are expected to increase from $28 billion last year to $29 billion this year.

Furthermore, Pakistan is in discussions with the IMF for a larger and longer loan program, following the completion of the current $3 billion loan program. Aurangzeb expressed optimism about the constructive discussions with the IMF officials.

Regarding the China-Pakistan Economic Corridor (CPEC), Aurangzeb acknowledged delays in monetizing projects under the initiative. He emphasized the need to expedite Phase Two of CPEC to focus on revenue-generating activities.

In conclusion, Pakistan's outlook on remittances is positive, with expectations of a significant increase this fiscal year. The government's engagement with international financial institutions and the focus on accelerating CPEC projects signal efforts to strengthen the country's economic position.