- Sustainable stability requires export diversification, industrial modernisation, technological innovation and domestic capital formation
Interview with Senator Saleem Mandviwalla — Chairman of the Senate Standing Committee on Finance and Revenue
PAGE: Tell me something about yourself, please:
Saleem Mandviwalla: I have had the privilege of serving Pakistan in various capacities including as Federal Minister for Finance, Deputy Chairman Senate and Chairman of the Senate Standing Committee on Finance and Revenue. My public service journey has always been guided by a commitment to institutional strengthening, economic stability, and inclusive development. I firmly believe in synergy through collaboration whether between public institutions, the private sector, or international partners. My approach remains consultative, evidence-based, and forward-looking. I have closely observed global best practices, particularly China’s remarkable infrastructure and technological transformation, and I am committed to advancing modern technology, digital governance, and innovation-driven growth in Pakistan. Above all, I value humility, teamwork, and national interest as the cornerstones of leadership.
PAGE: Remittances play a vital role in easing financial pressures on the economy and in supporting household income. What has the incumbent government done to further remittances?
Saleem Mandviwalla: Remittances are indeed a lifeline for Pakistan’s external account stability and household resilience. The incumbent government has undertaken measures to facilitate formal remittance channels, promote digital banking systems, incentivize the use of regulated financial platforms, and strengthen engagement with the Pakistani diaspora.
However, as Chairman of the Senate Standing Committee on Finance and Revenue, I have repeatedly taken up a critical issue as a formal agenda item of the Committee. While the initiative was designed to facilitate and support overseas Pakistanis, credible concerns indicate that a significant portion of the financial benefit is being retained by banks and money transfer operators instead of reaching the remitters and their families. This undermines the very objective of the policy. I have consistently emphasized the need to rationalise transaction costs, enhance transparency, and strengthen regulatory oversight to ensure that the maximum possible value of every dollar remitted reaches the intended beneficiaries in Pakistan. Protecting the interests of overseas Pakistanis is not optional it is a national responsibility. In essence, the PPPP’s approach, rooted in the ideologies of Zulfikar Ali Bhutto and Mohtarma Benazir Bhutto, aims to treat overseas Pakistanis as equal citizens with active stakes in Pakistan’s democratic and economic future.
PAGE: There is a debate that overseas Pakistanis cannot be a dependable pillar of long-term economic stability. Some alternative must be explored. What is your perspective?
Saleem Mandviwalla: Overseas Pakistanis are an invaluable national asset whose contributions extend beyond remittances to entrepreneurship, global networks, and international goodwill. However, it would not be prudent to rely exclusively on remittances as a structural pillar of long-term economic stability. Remittances provide critical support and macroeconomic breathing space, but sustainable stability must emerge from diversified exports, industrial productivity, technological innovation, and domestic capital formation. Therefore, while we must continue to facilitate and honor our diaspora’s contribution, parallel structural reforms remain indispensable.
PAGE: There is little disagreement that remittances provide timely relief whereas exports bring sustainable growth. Do you concur?
Saleem Mandviwalla: I concur with this assessment. Remittances provide timely relief by strengthening foreign exchange reserves and stabilizing the balance of payments. However, sustainable and durable growth is driven by competitive exports, value addition, and integration into global supply chains. A balanced strategy is therefore essential. Remittances can complement exports by supporting domestic consumption and investment, but long-term prosperity requires export diversification, industrial modernization, and technology-driven productivity enhancement.
PAGE: Lasting economic stability can emerge only from internal economic measures such as productive investment, export-led growth, agricultural modernisation, skills aligned with domestic industry and sound governance. What is your standpoint in this regard?
Saleem Mandviwalla: I strongly agree that lasting economic stability must be rooted in internal structural reforms. Productive investment in manufacturing, information technology, infrastructure, and energy is essential to enhance competitiveness and generate employment. In Sindh, under the leadership of President Asif Ali Zardari and Chairman Bilawal Bhutto Zardari and the Pakistan Peoples Party’s governance vision, significant emphasis has been placed on social protection, infrastructure development, public health expansion such as the NICVD network, Thar coal energy development, and industrial zone facilitation. These initiatives reflect the broader principle that economic strength must be built through institutional continuity, inclusive growth, and targeted public investment. Export-led growth, supported by policy consistency and trade facilitation, agricultural modernization through mechanization and water reforms, and alignment of vocational training with domestic industry needs particularly in emerging technologies such as artificial intelligence and digital services remain critical pillars. Sound governance, transparency, fiscal discipline, and collaborative policymaking form the bedrock of investor confidence and sustainable economic resilience.