Business

In January, Pakistan’s remittances rose by 25%.

Published

7 hours ago

Farwa

In January 2025, Pakistan had a notable 25% growth in domestic remittances, with inflows hitting a record $3 billion for the month.

In a post on X, Khurram Shahzad, advisor to the Federal Finance Minister, revealed the most recent data, showing a sharp increase in remittances. The overall amount of remittance inflows from July 2024 to January 2025 was $20.8 billion, which is a 32% increase from the previous year.

According to official documents, the federal government’s non-tax revenue increased by Rs1,623 billion during the first half of the current fiscal year, from July to December, to Rs3,602 billion, up from Rs1,979 billion during the same period last fiscal year. The petroleum levy accounted for a significant portion of the increase, collecting an additional Rs76.64 billion, bringing the total petroleum levy revenue to Rs549 billion, up from Rs472.77 billion during the same period last year. Shahzad described the increase in remittances as a positive development for Pakistan’s economy and external accounts, and he projected that if this trend continues, annual remittances could surpass $35 billion by the end of the fiscal year.

Significant non-tax revenue was also generated by the State Bank of Pakistan (SBP), which reported a profit of Rs2,500 billion from July to December, a substantial increase from Rs972 billion during the same period the previous year.

Business

Remittances Increase 25.2% in January 2025: $3.0 Billion Inflow

Published

6 hours ago

Farwa

Remittances from Pakistani workers totalled US$3.0 billion in January 2025, representing a 25.2% increase from the previous year.

The cumulative remittances for July through January of FY25 were 20.8 billion dollars, up 31.7 percent from 15.8 billion dollars during the same period in FY24.

In January 2025, the United States of America contributed 298.5 million dollars, the United Kingdom contributed 443.6 million dollars, the United Arab Emirates contributed 621.7 million dollars, and Saudi Arabia contributed 728.3 million dollars.

Business

It is anticipated that the cost of electricity will drop by Rs2 per unit.

Published

7 hours ago

Farwa

In an effort to help consumers, the government is attempting to lower electricity costs nationwide.

A task team has started negotiating with 45 more power facilities to reduce electricity rates, according to Ministry of Energy sources.

According to the plan, the profit margin of about 25 state-owned power plants will be cut from 19% to 13%, which will result in an electricity tariff drop of 50 paisa per unit. Moreover, rather than total production capacity, these power plants will now get compensation based on actual electricity generation.

It is anticipated that these actions will result in a Rs2 per unit drop in the overall electricity bill. The task force’s suggestions will probably be brought up for approval in the upcoming cabinet meeting.

Business

The IMF denies government officials an extension to declare their holdings.

Published

7 hours ago

Farwa

The request for an extension in government officials’ asset declarations was denied by the International Monetary Fund (IMF).

Important talks were held between representatives of the Cabinet Division, Prime Minister’s Office, Ministry of Finance, and Ministry of Law and an IMF technical delegation.

Sources said consultations have begun on the draft for asset declarations as the amended draft of the Civil Servants Act will be shared with the global lender in February.

They added that legislation related to asset declarations could only take place after February while IMF has demanded the Ministry of Finance to meet the benchmarks as per the set conditions.

The Act’s modifications will require disclosure of the spouse’s assets, the educational institutions attended by children, and the sources of household income.

According to sources, the legislation will also require government personnel to exchange information about power of attorney.

Additionally, the IMF delegation has been asked by pertinent Ministry of Finance authorities to make this information more widely available to the public.