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KARACHI: Prime Minister Shehbaz Sharif on Saturday directed the finance ministry to release funds on a priority basis for the Workers’ Remittances Incentive Scheme, reaffirming his administration’s commitment to facilitating formal remittance flows after overseas Pakistanis sent a record $38.3 billion in the last fiscal year.

The scheme, introduced in 2023, aims to encourage Pakistanis living abroad to use official banking channels instead of informal networks such as hawala or hundi. It offers benefits including simplified digital transfers, priority processing, fee waivers and reward points for frequent or high-volume senders.

The program is also integrated with Roshan Digital Accounts (RDAs), which allow non-resident Pakistanis to invest in domestic stocks, real estate and government securities.

“Overseas Pakistanis are our strength and a national asset,” Sharif said in a statement issued by the Prime Minister’s Office. “Their hard-earned remittances play a vital role in Pakistan’s development, and the entire nation, including myself, holds them in the highest regard.”

The prime minister noted that remittances have not only helped meet Pakistan’s rising import bill but have also contributed to strengthening foreign exchange reserves.

“From laborers to entrepreneurs, every overseas Pakistani is playing a part in the country’s progress,” he added.

Sharif said the surge in remittances during FY2025 was key to achieving Pakistan’s first current account surplus in 14 years.

He also pledged to remove administrative and procedural bottlenecks in the remittance system, calling for it to be made “simpler, more transparent and more efficient.”

Remittances form the backbone of Pakistan’s economy, providing a vital source of foreign exchange that eases pressure on the current account and supports millions of households through spending on education, health care and daily needs.

In times of crisis, they have served as a financial lifeline, helping stabilize reserves and maintain macroeconomic balance.

ISLAMABAD: Asian Cricket Council (ACC) President Mohsin Naqvi confirmed on Saturday the 2025 Men’s Asia Cup will be staged in the United Arab Emirates in September following a contentious venue dispute that threatened to derail the event.

India was due to host the T20 tournament, but rising tensions with Pakistan, exacerbated by a military standoff in May, and disagreements over the ACC’s Annual General Meeting in Dhaka led to weeks of uncertainty.

New Delhi initially refused to attend the meeting and questioned the neutrality of Naqvi, who also heads the Pakistan Cricket Board and serves as the country’s interior minister. However, Indian authorities later joined the gathering via video link.

“I am delighted to confirm the dates for the ACC Men’s Asia Cup 2025 in UAE,” Naqvi announced in a social media post on X. “The prestigious tournament will take place from September 9th to 28th.”

“We look forward to a spectacular display of cricket,” he added. “Detailed schedule will be out soon.”

India and Pakistan have not hosted each other for a bilateral series in over a decade, with political and security concerns consistently spilling over into cricketing ties.

Last year’s Asia Cup in 2023 was marred by similar discord, as Pakistan was the official host and India refused to travel.

The ACC then implemented a hybrid model, splitting matches between Pakistan and Sri Lanka.

All India fixtures— including the final— were held in Sri Lanka, while Pakistan hosted only non-India group games.

The workaround preserved Pakistan’s hosting rights while accommodating India’s participation.

The ACC has reached a similar compromise this year, with the UAE, an established neutral venue, stepping in to host all matches.

The tournament in September will feature eight teams, including India, Pakistan, Sri Lanka, Bangladesh, Afghanistan, UAE, Oman and Hong Kong.

A group-stage clash between India and Pakistan is likely, with the event also serving as a key warm-up for the ICC T20 World Cup in early 2026.