ISLAMABAD: (Web Desk) – At an event held at Federation House in Karachi, Interior Minister Mohsin Naqvi urged the business community to repatriate at least 30% of their overseas wealth ahead of the upcoming federal budget for 2026–27.
He stressed that if business leaders act collectively, billions of dollars could return to Pakistan in a short time, easing financial pressures. His remarks come as the country prepares to repay $3.5 billion to the United Arab Emirates, after failing to secure a debt rollover agreement for the first time in several years. This repayment is expected to strain Pakistan’s foreign exchange reserves, currently hovering around $16 billion—barely enough to cover three months of imports.
The minister noted that Pakistan is simultaneously engaging with Saudi Arabia and China to arrange additional financial support. He also referenced a recent staff-level agreement with the International Monetary Fund for the release of approximately $1.2 billion under a broader $7 billion programme.
Naqvi Briefs US Envoy on Beefed-Up Security for Foreign Dignitaries
Addressing concerns around offshore wealth, Naqvi warned that authorities have the capability to trace financial flows if necessary, while adding that the government is not focused on past actions but on future compliance. He assured that efforts are being made to create a more business-friendly environment, including reforms within the Federal Investigation Agency (FIA), so that legitimate businesses are not burdened due to the actions of a few.
The minister also revealed that discussions are ongoing regarding improved visa facilitation for traders, with proposals to be presented to Prime Minister Shehbaz Sharif.
Raising concerns about financial practices, Naqvi highlighted irregularities in the operations of money changers and disclosed that certain large transactions by business groups in Karachi have already been identified. He warned that strict action would be taken where necessary.
Despite the challenges, he expressed optimism about Pakistan’s investment potential, stating that the country offers competitive returns and is working to improve its global image, including efforts to enhance the ranking of the Pakistani passport.
Comments are closed, but trackbacks and pingbacks are open.