Karachi: Finance Minister Muhammad Aurangzeb stated on Saturday that workers’ remittances are expected to hit a record USD 35 billion in FY25, up from USD 30.25 billion in FY24, according to a news article on December 8.
At a session hosted by the Overseas Investors Chamber of Commerce and Industry (OICCI), it was shared that state-owned enterprises (SOEs) have experienced daily financial losses amounting to PKR 2.2 billion, accumulating to PKR 6 trillion over the past decade. This figure represents approximately 50% of the PKR 12.9 trillion revenue target for FY25. Privatisation, liberalisation, and deregulation were suggested as potential measures to address these losses. It was also noted that foreign companies successfully repatriated USD 2.2 billion in profits and dividends during May-June 2024, clearing the existing backlog. Further, there are currently no restrictions on such transactions from the Ministry of Finance or the State Bank of Pakistan. Commercial banks were encouraged to facilitate smooth repatriations.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
