Pakistan received $6.9 billion in remittances from UK last fiscal year: Finance Minister

Federal Minister for Finance Senator Muhammad Aurangzeb has said Pakistan received $6.9 billion in remittances from the United Kingdom during the last financial year, while total remittances stood at $41.6 billion.

Speaking to the media in London, the finance minister estimated that Pakistan’s total remittances would reach approximately $44 billion during the current financial year.

He said more than $300 million had been received monthly through the Roshan Digital Account since April, adding that Pakistan’s focus was shifting from aid towards trade and investment.

Aurangzeb said the government was working to further increase trade and investment flows between Pakistan and the United Kingdom. He added that remittances from Gulf countries had increased rather than declined despite the ongoing regional conflict.

Petroleum Supplies and Inflation

The finance minister said Pakistan’s petroleum requirements were covered until September, while the situation for October also appeared favourable.

He said planning for petroleum requirements in November was being undertaken by the Ministry of Petroleum and the National Crisis Management Cell (NCMC).

“Current circumstances are certainly difficult, but the situation regarding petroleum requirements has been managed,” he said.

Aurangzeb attributed inflation to global trends, saying international factors, including petroleum prices, were having an impact. He added that the government would work with district and provincial administrations to curb profiteering.

IT Exports and Youth Opportunities

The finance minister said Pakistan’s IT services exports amounted to $4.6 billion last year, of which $1.6 billion came from freelancers.

He said the government’s objective was not simply to provide young people with government jobs, but to create an ecosystem offering opportunities for growth.

“This requires providing young people with connectivity, upskilling, reskilling and education facilities,” he said, adding that the auction of 5G spectrum would create better connectivity opportunities for the youth.

GSP Plus and Export-Led Growth

Aurangzeb described the renewal of the European Union’s GSP Plus status as extremely important for Pakistan.

He said Pakistan would comply with the new rules and regulations under GSP Plus, adding that the entire government would need to work together on the matter.

The minister said Pakistan was moving towards export-led growth, with trade and investment being prioritised over aid.

IMF Review and International Financing

The finance minister said negotiations for the fourth review of the IMF programme would take place towards the end of the current month.

He said Pakistan had sought $3 billion but received an order book worth $6 billion, involving European and American blue-chip investors.

“Global investors are looking at Pakistan beyond the IMF programme,” Aurangzeb said.

He added that investors had provided financing for five-and-a-half-year and ten-year periods, at highly competitive rates.

US Tariffs and UK Trade Relations

The finance minister said discussions were continuing with the United States on tariff-related matters, including negotiations for a better framework agreement.

He said Pakistan was also seeking cooperation from US institutions to promote trade and investment.

Aurangzeb said he had discussed trade and investment with the United Kingdom’s new Trade Minister, Anas Sarwar, including ways to further expand trade in goods and services between the two countries.

He added that the UK trade minister had been invited to visit Pakistan.