ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb on Tuesday said that sugar sent to Afghanistan was not smuggled but exported with the oversight of law enforcement authorities deployed at the border.
The Finance Minister was addressing a press conference along with Federal Information Minister Attaullah Tarar to provide updates on the country’s economic progress.
The minister said the remittance inflow for Feb 2025 had reached an impressive $3.1 billion adding that an all-time high remittance inflow of $36bn is expected to reach by the end of the fiscal year.
While expressing gratitude to the Pakistani diaspora, 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. Aurangzeb expressed optimism about the market’s overall direction.
He notably highlighted those 52,000 new investors had entered the market in recent months, indicating a growing interest in Pakistan’s financial sector.
Additionally, the finance minister emphasised a significant achievement in the capital markets, with seven initial public offerings (IPOs) being launched on the stock exchange over 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,” the finance minister said.
“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 suggested long-term improvements to come.
In his comments on the ongoing reforms in the sugar industry, he mentioned that with the start of the 2024-2025 sugarcane crushing season, the Federal Board of Revenue (FBR) had introduced a new and improved production monitoring system for sugar mills.
“This system includes five oversight mechanisms, such as track-and-trace stamps, automated counters, and video recording to increase transparency,” the finance minister said.
The finance minister also highlighted the positive impact of these reforms on government revenue, noting that the sales tax on sugar in the first two months of 2025 had risen sharply compared to the same period in the previous year, reaching Rs24bn, up from Rs15bn the previous year.
He said that for the first time, this year, sugar was not smuggled but rather was exported to Afghanistan.
“This is a very beneficial result. We need every single dollar coming in to balance our current account,” he said, terming the development as a very positive outcome.
During this sugar season, the minister informed that the country would have 5.7 million tons of sugar in addition to the stock available from the previous season.
