In March, Pakistani expatriates sent home a record-breaking $2.8 billion in remittances. At a rupee-to-dollar conversion rate of Rs185, that translates to Rs518 billion.
Economy
Miftah said that the tax amnesty scheme for the industrial sector may have to be done away with and an increase in petroleum prices is inevitable as the economy cannot sustain this burden.
The Ministry of Economic Affairs noted the country relied on foreign commercial borrowing as it was recorded at $2.62 billion that included a $1.14 billion from Dubai Bank, $591.25mn loan from Emirates NBD, $61mn from Ajman Bank, $487.26mn loan from Standard Chartered Bank London while Suisse AG, UBL & ABL provided $343.50 million during July-March FY22.
Russia’s invasion of Ukraine has sparked fears of a global economic fragmentation, which Malpass attributed to an over-reliance on Russian energy and Chinese supply lines.
Miftah Ismail’s one of the important meetings would be at the US Treasury Department, as Pakistan wants to improver ties with the world’s largest economy, damaged by immature public statements by former prime minister Imran Khan.
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