Islamabad, July 17, 2025: The International Monetary Fund (IMF) has asked the Ministry of Finance and the State Bank of Pakistan (SBP) to work together on making a long-term funding plan for the Pakistan Remittances Initiative (PRI).
This was shared by the finance secretary during a briefing with the National Assembly Standing Committee on Finance on Wednesday. He mentioned that no money was set aside for the PRI in the current financial year, while last year Rs. 89 billion was allocated, which later went over Rs. 100 billion in actual payments.
The committee showed concern that the reward money given under the PRI is turning into a new type of circular debt. Under the new changes, the reward has been reduced to a fixed 20 riyals per transaction, no matter the amount, and the smallest remittance to qualify has been increased from $100 to $200.
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In another matter, the committee looked at the “Parliamentary Budget Office Bill 2025” which aims to set up a special office to better check government spending. The finance secretary stated that there is no need for a new law for this and suggested that the office should be small. A subcommittee has been made to study the bill and report back in 30 days.
The discussion on the new electric vehicle policy was delayed by the committee.
