Remittances and exports rise in first seven months of fiscal year
Pakistan recorded an increase in remittances, exports, and imports during the first seven months of the current fiscal year, according to the Ministry of Finance's monthly economic outlook report, Express News reported on Thursday.
The report said remittances rose by 25.2% from July to January, while exports climbed by 9.7% and imports by 16.8%.
The current account showed a surplus of over $680 million during the period.
Foreign exchange reserves held by the State Bank of Pakistan increased from $8 billion to over $11.2 billion, while the rupee remained stable.
The Federal Board of Revenue's (FBR) tax collection grew by 26.2% in the first six months, with non-tax revenue rising by 82%. The fiscal deficit fell by 36.1% during the same period.
Inflation dropped from 28.7% to 6.5% over seven months, the report added, while more than 63,000 Pakistanis went abroad for employment in January.
IT sector eyes $25m in exports to Qatar
Moreover, Pakistan's IT exporters plan to increase the export of IT and IT-enabled services to Qatar, a key potential market, to $25 million in the next few years.
In collaboration with the Ministry of IT and Telecommunication (MoITT), the Pakistan Software Export Board (PSEB), and the Special Investment Facilitation Council (SIFC), IT exporters are working on aggressive strategic expansion plans in both traditional and emerging markets with cutting-edge products and services.
As part of this initiative, a delegation of 10 IT companies with over 30 delegates is attending Web Summit Qatar 2025, one of the world's leading technology conferences. The delegation is showcasing Pakistan's dynamic IT and tech innovation landscape at a dedicated Pakistan Pavilion.
Pakistan Software Houses Association (P@SHA) Senior Vice Chairman Umair Nizam said that Qatar's significant market is now opening up for Pakistani IT companies in a meaningful way due to the strides of Pakistan's IT industry, backed by the SIFC, PSEB, and MoITT.
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