Warns remittances not sustainable, urges focus on exports as solar capacity hits 8,000MW
ISLAMABAD:
Federal Minister for Finance Senator Muhammad Aurangzeb has described Pakistan’s recent Eurobond repayment as a ‘non-event’, reflecting growing international confidence in the country’s ability to meet its external obligations.
Addressing a panel discussion on Pakistan’s economy at Harvard University, the finance minister said the Eurobond payment turned out to be routine and uneventful, which signals trust in Pakistan’s external payments framework. He noted that record transit traffic was seen at Karachi Port, and remittances through Roshan Digital Accounts reached an all-time high in March.
However, Aurangzeb cautioned that remittances alone are not a sustainable solution for improving the economy. “Pakistan must focus on exports,” he emphasised.
The minister said the Middle East conflict was a major supply shock for the global economy. But during this period, Pakistan maintained continuity in energy supply. After initial subsidies, the full pass-through of energy prices is now under way, while targeted subsidies continue. Pakistan managed the situation well despite the crisis, he added. Aurangzeb also revealed that solar energy capacity in the country has reached 8,000 megawatts, and further increasing the share of renewable energy remains a key target. He said agricultural income tax legislation has been completed in all four provinces, and 28 state-owned enterprises have been sent to the Privatisation Commission for privatisation.
