Pakistan received $6.9 billion in remittances from the United Kingdom during the last financial year, contributing to total remittance inflows of $41.6 billion, Finance Minister Muhammad Aurangzeb announced on Thursday. He emphasized the government’s efforts to transition the economy from reliance on aid towards trade and investment.

Speaking at a Pakistan Investment Roundtable in London, Aurangzeb projected that remittance inflows would rise to approximately $44 billion in the current financial year. Despite regional conflicts, remittances have remained robust, with inflows from Gulf countries showing an upward trend rather than a decline.

Notably, the use of the Roshan Digital Account has expanded significantly, with monthly inflows surpassing $300 million since April. This digital facility is playing a key role in attracting foreign exchange.

Pakistan is actively working to strengthen its external economic position through increased remittances, growth in services exports, and enhanced foreign investment. The government’s broader economic strategy focuses on macroeconomic stability, structural reforms, private-sector-led growth, and shifting from aid dependency to trade and investment.

In a significant development, Aurangzeb highlighted the government’s priority to deepen trade and investment ties with the UK, moving away from traditional aid reliance. Efforts are underway to boost economic cooperation in sectors such as trade, investment, banking, remittances, capital markets, and financial services.

The government is also aiming to attract more private capital and integrate Pakistan more closely with global markets. Aurangzeb noted Pakistan’s recent return to international capital markets after a four-year hiatus through a $3 billion bond issuance, which attracted investor orders nearly double the amount offered. The diverse investor base, especially strong participation from Asian investors, signals growing international confidence.

Regarding energy security, Aurangzeb stated that Pakistan’s petroleum needs are secured through September, with a positive outlook for October. The Petroleum Division and the National Coordination and Monitoring Committee (NCCMC) are actively planning to ensure supply continuity amid global oil market uncertainties linked to Middle East geopolitical tensions. Monitoring of international oil prices and supply conditions remains a priority due to their impact on domestic inflation and the external account.

The finance minister acknowledged that inflation is a global issue, driven in part by international factors such as petroleum prices, which contribute to price pressures in Pakistan.

Highlighting the technology sector’s growing role, Aurangzeb revealed that Pakistan’s IT services exports reached $4.6 billion in the last financial year, with freelancers contributing $1.6 billion. This underscores the increasing importance of digitally delivered services in earning foreign exchange. Official figures have also cited freelancer earnings around $1.7 billion, depending on the period and classification.

Aurangzeb emphasized the government’s goal to create an ecosystem that empowers young Pakistanis to engage in the economy beyond traditional government employment. He has previously identified the technology sector as a key area for export expansion through improved digital connectivity and skill development in emerging fields.

The government’s overarching economic strategy aims to transition from stabilization to sustainable growth driven by investment, productivity, and exports, while continuing structural reforms. Efforts are also focused on enhancing the business environment to enable the private sector to contribute more significantly to economic growth.

Fiscal consolidation measures are already yielding results, including a primary surplus, reduced deficits, increased revenue mobilization, and institutional reforms, the Finance Ministry.