Prime Minister Mian Muhammad Shahbaz Sharif expressed his gratitude and gratitude for crossing the $ 4 billion threshold in any one month in the history of remittances by Pakistanis abroad, saying that the increase in previous remittances is a reflection of the government’s government policies.
Undoubtedly, the results of the current government’s economic stability have begun to emerge, all economic ashes are forming positively due to government policies. The current account is in surplus, the inflation rate has also come down. Government policies and positive ratings of international agencies are testifying to improve Pakistan’s economy, the stock market is performing stable, foreign exchange reserves have increased from $ 3 billion to $ 12 billion. Due to all these policies, foreign investors are increasing their confidence in Pakistan.
Overseas Pakistani remittances are the strongest pillars of the country’s economy, poverty alleviation and Pakistan’s global credibility. According to the UN Department of Economic and Social Affairs, Pakistan is the seventh largest country in the world, a large number of overseas living in the world, with a large number of overseas employment, education or business.
The services and sacrifices of these Pakistanis are important in the country’s economic development. These remittances not only supported the domestic economy but also became a means of meeting the financial needs of millions of families. A large portion of remittances is being used in the form of investment in the country. Government schemes like “Bright Digital Accounts” have made it easy for Overseas Pakistanis to invest in Pakistan’s stock market, government bonds and real estate sector.
As a result of this investment, economic activities in Pakistan have increased, created employment opportunities and has strengthened sectors like infrastructure, education, and health. Overseas Pakistanis are representing Pakistan not only in the economic but also diplomatic field. According to the Pew Research Center, 53 % of Pakistanis overseas believe that their presence in the host countries improves Pakistan’s image. The US -based Pakistani community contacted the US Congress on various occasions, including Pak -US relations, Kashmir and human rights issues.
In the UK, the Pakistani community also took several steps that promoted bilateral relations. Pakistanis based in Australia launched effective campaigns to provide more opportunities for Pakistani students by showing activity in the field of education. A large number of Pakistanis living in Saudi Arabia, the United Arab Emirates, Qatar and other Gulf countries are playing an important role in strengthening trade, economic, and social relations between the two countries.
This community not only represents Pakistani culture and dignity in the host countries but also is involved in improving bilateral relations. One of the immediate and major benefits of remittances comes in the form of poverty reduction in the country. These financial resources are like blood flowing in the country’s economy, which supports the backward class. According to experts, if the government provides more facilities, a transparent system and safe investment opportunities to Pakistanis abroad, this community can lead Pakistan on the path of economic self -reliance.
The country’s exports are seeing a steady increase and exports have recorded an 11 % increase in the last six months. Economists say Pakistan’s exports are welcome and it has raised hope that the country’s economy will be slightly stable in the coming years. Institutional statistics show that the country’s total exports have reached US $ 16 billion 63 million in six months. On the other hand, the increase in exports is still being considered less than other countries in the region. But analysts say it must show a ray of hope for the stability of the economy.
This fiscal year, a major increase of about $ 4 billion in Pakistani exports to European countries is very welcome. North and Eastern Europe, including the UK, the Netherlands, France, Germany and Belgium, have become a major market for Pakistani products. Thanks to better economic policies, the journey of restoration and economic development can be continued and for this the government should activate trade officers stationed at Pakistani embassies abroad and assign targets to increase exports.
The first half of this fiscal offers a favorable economic image. The main reason for this is the declining inflation, the reduction in inflation and the positive balance of payments. The increase in domestic exports is mainly possible due to the improved performance of the food and textile sectors. Ready costumes, cloth and rice have been a major export of Pakistan, followed by sugar, towels, pharmaceuticals and other items.
The main sector of Pakistan’s exports is the IT sector, which is constantly developing despite internet challenges in the country. The main reason for the increase in exports of IT companies is the stability of the Pakistani rupee. Due to this, Pakistani IT companies now seem willing to move a large part of their profits to Pakistan. Similarly, the positive role of the SIFC has paved the way for exports and economic growth. Significant progress has been made for Pakistan’s auto industry.
The Recodic Plan will be active by 2028 in collaboration with SIFC, the project will invest $ 5.5 billion, while exports of $ 2.8 billion are expected annually, the UAE is under consideration to offer five major mineral projects to the United Arab Emirates, Chaghi, Waziristan, Gwadar and ‘Balochistan, and Balochistan’s Mineral Resources. Plan to connect Gwadar and Chagai to the rail network with FC support, mineral transport is expected to improve, Madi Petroleum and the government of Balochistan are in consultation with international investment in the mineral sector, the SIFC is for the sake of promoting investment in the mineral sector.
Whenever Pakistan goes to the IMF, our economic goals improve and some stability comes. But immediately afterwards the economy begins to imbalance, especially with the balance of payments. The reason for this is that Pakistan’s export industry relies on imports and whenever progress is made, Pakistan’s imports increase compared to exports and payments are balanced. Undoubtedly, the present government is utilizing all available resources to restore the confidence of industrialists and promote economic activities.
The government believes in continuity in economic policies because this stability provides confidence to the investors. The continuation of government policies is essential for economic stability and the problems of the business community are being resolved on a priority basis. Local and foreign investors are taking interest in Pakistan today thanks to the government’s positive and investor -friendly policies. The economy is back on its correct track. Similarly, Pakistan is a hope but we need strategy and the basis for improving our economy is the supply of cheap energy.
The problems of the region can be solved in the same way, that instead of the war industry, the trade, transport and connectivity should move towards energy. When this happens, the ongoing militancy, separatism and terrorism in the region will decrease itself.
