
Big surge in remittances
Moreover, on a year-on-year basis, the workers' remittances soared by 7.9 percent to US$3.406 billion in June 2025, compared US$3.158 billion during the same month of last year.
The overseas Pakistanis, in my view, deserve a lot of commendation and praise for remitting to their motherland s foreign exchange that helps the government meet its external debt and import bill obligations.
In other words, workers' remittances have been playing a crucial role in stabilizing the external sector, contributing to foreign exchange reserves, and supporting economic development.
In my view, therefore, the prime minister, Shehbaz Sharif, is spot on when he attributes the current surge in workers' remittances as a strong reflection of expatriate Pakistanis' valuable contributions and their confidence in the national economy.
Sidra Husain (Karachi)
Copyright Business Recorder, 2025
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Express Tribune
26 minutes ago
- Express Tribune
FBR exceeds target, collects Rs755b
Listen to article The Federal Board of Revenue (FBR) has made a steady start to the fiscal year by achieving its first-month target, collecting Rs755 billion in revenues on the back of improved performance in indirect taxes, as both the tax machinery and traders await clarity on several unresolved issues. The provisional collection exceeded the monthly target of Rs748 billion by around Rs7 billion, according to figures compiled by FBR headquarters on Thursday evening. Compared to last year, the collection was Rs96 billion, or nearly 15%, higher, which was a decent growth rate but still falling short of the pace required to meet the annual target. The government has set a Rs14.13 trillion revenue target for the current fiscal year, requiring a 20% increase over the previous year. The FBR is relying on improved enforcement measures and the recovery of taxes tied up in litigation. The business community has agitated against new legal powers allowing arrests on suspicion of sales tax fraud. It has also opposed legal provisions permitting the addition of half of all cash expenses over Rs200,000 back into taxable income. Another contentious issue is the deployment of tax inspectors at business premises, which contradicts the government's claim of digitally tracking sales and production. Last week, the business community strongly criticised the government's attitude, objecting to being labelled as "thieves" and "mafias." To resolve issues with the business community, the government formed a committee that recommended reconciliatory measures to Prime Minister Shehbaz Sharif. These included raising the cash expense threshold to Rs2.5 million and establishing a grievance committee to address complaints of excessive surveillance of business premises. The FBR had pledged to issue an explanatory note by July 24 to address the business community's concerns, but it failed to meet the deadline. FBR Chairman Rashid Langrial did not attend office this week due to "health reasons." However, he continued to hold meetings virtually and attended one session at the finance ministry with foreign diplomats. Dr Hamid Ateeq Sarwar, FBR's Member Inland Revenue Operations, officially retired from service last week but is still attending office as the government moves to reappoint him on a contractual basis. It is expected that Dr Sarwar will continue overseeing the operations wing regardless of his formal title. However, there is uncertainty in this regard, as the acting charge of Member Operations has been given to the Member Administration, who is reportedly not handling the operational duties. Pakistan's economy continues to experience sluggish growth due to stabilisation policies implemented on the instructions of the International Monetary Fund (IMF). Despite this, the FBR has managed to extract revenue from the system. Details show the FBR met its collection targets for sales tax and customs duties but missed the goals for income tax and federal excise duty. Tax authorities collected approximately Rs300 billion in income tax, Rs15 billion short of the target. However, the collection was still Rs16 billion, or 5.6%, higher than last year. One reason for missing the target was the large advance payments collected in June to help meet the revised annual goal. The government has also slightly reduced income tax rates for salaried individuals. Sales tax collections reached Rs302 billion, which were Rs12 billion higher than the target, and were Rs46 billion, or 18%, higher than the previous year. Federal excise duty collections stood at Rs46 billion, Rs5 billion below the target. The shortfall was attributed to high duty rates on various products, including beverages, which adversely affected company sales. Nonetheless, excise duty receipts were Rs9 billion, or one-fourth higher than the previous year. Customs duty collections surged to Rs106 billion, exceeding the target by Rs14 billion. The increase was partly due to the clearance of cargoes previously withheld by importers in anticipation of reduced duties. The collection was also Rs25 billion or nearly one-third more than the last fiscal year. Customs duty revenues are directly tied to import volumes, which in turn depend on foreign currency availability. Imports are expected to accelerate as the government gradually opens the economy to foreign competition by lowering import tariffs.


Express Tribune
an hour ago
- Express Tribune
Pakistan launches new satellite from China
China on Thursday successfully launched Pakistan's Remote Sensing Satellite-1 (PRSS-1) aboard a Kuaizhou-1A (KZ-1A) carrier rocket from the Xichang Satellite Launch Center, located in Sichuan Province. The satellite was launched at 10:00am (Beijing Time) on Thursday. It entered its preset orbit successfully. The mission marked the 29th flight of the Kuaizhou-1A model, China Economic Net reported. PRSS-1, China's first optical remote sensing satellite sold to Pakistan, will be used for land and resources surveying and monitoring of natural disasters. The launch marks a major milestone in the country's space journey and strengthens its position in Earth observation capabilities. The project is the result of a strategic collaboration between the Pakistan Space and Upper Atmosphere Research Commission (SUPARCO), China Electronics Technology Group Corporation (CETC), and MICROSAT China, said a news release on Thursday. Prime Minister Prime Minister Shehbaz Sharif on Thursday congratulated SUPARCO and the entire team of scientists and engineers on the successful launch of Pakistan's advanced remote sensing satellite, terming it a landmark achievement for the country and a shining example of Pak-China cooperation in the space domain. In a message posted on his official X account, the Prime Minister wrote: "Heartfelt congratulations to SUPARCO & the entire team on the successful launch of Pakistan's advanced remote sensing satellite. This achievement showcases the soaring heights of Pakistan-China cooperation, extending beyond borders and into outer space, driven by a shared vision to harness space technology for the betterment of humanity." The prime minister noted that it would play a pivotal role in enhancing the capabilities of CPEC and offer wide-ranging applications in agriculture, urban planning, disaster management, mapping of transportation networks, and data acquisition across diverse environments. "This is not just a technological advancement but a step forward in ensuring sustainable development and improved planning mechanisms across various sectors in Pakistan," he said. Foreign Office Pakistan said that the successful launch of its Remote Sensing Satellite has reaffirmed its position among the community of space-faring nations, leveraging innovation to pursue a more secure, sustainable, and prosperous future. Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar commended the dedication of the engineers, scientists, and technical teams from SUPARCO Pakistan and CETC & MICROSAT China for their exemplary cooperation and unwavering commitment to the mission.


Express Tribune
an hour ago
- Express Tribune
Utility stores wind up operations nationwide
The Utility Stores Corporation (USC) officially shut down its operations on Thursday, following the July 31 deadline that had been issued earlier this month for winding up the state-owned enterprise (SOE). A USC notification issued by the Ministry of Industries and Production stated that the decision followed directives from Prime Minister Shehbaz Sharif on June 28, as well as a board of directors meeting held earlier this month. "All the sales and purchases at utility stores have been closed with effect from July 31, except shifting of stock from stores to warehouses and returned to vendors and handing-taking of stores' inventories," the notification read, directing strict compliance with the order. Additionally, sales through the business-management suite Odoo have been permanently discontinued as of today, a second USC notification read. "All point of sale systems connected with Odoo will be rendered inactive across all stores effective July 31," the notice read.