According to the minister, Pakistan is expected to leave the IMF in 18 months.

At a foundation-laying ceremony for a high-rise building near Wah Cantt on Thursday, Federal Minister for the Board of Investment Qaiser Ahmed Sheikh stated that the current government is taking proactive measures to guide the country’s economy towards stability.

He added that the previous PTI government had “severely damaged the country’s financial stability,” and he compared the current administration’s efforts to those of that past.

Sheikh emphasised that just 150 carefully chosen people received Rs 900 billion in zero-interest loans over a ten-year period from the previous government, diverting funds from medium-sized industrialists.

He called the practice an unprecedented national looting and pointed out that members of the finance committee would not reveal the names of the recipients.

The minister said that the three-year economic stabilisation program is now halfway done and expressed optimism that Pakistan will be able to lift IMF limitations in the next 18 months.

He reaffirmed his personal commitment to economic policy-making and emphasised that maintaining a balance between revenue and expenditure is crucial for a sustained recovery. He also mentioned that he does not receive a salary as a federal minister.

Sheikh also cautioned about regional difficulties, pointing out that China’s rise—lifting 700 million out of poverty and generating $5 trillion in exports—stands in sharp contrast to Pakistan’s $32 billion export figure, and that Pakistan’s $9 billion military budget pales in comparison to India’s $85 billion.

He bemoaned the fact that despite Pakistan’s contribution to strengthening connections between the United States and China, the nation has not benefited economically, with substantial amounts of black money still going overseas.

The minister concluded by reaffirming the government’s commitment to promoting investment, addressing industry-related concerns, and bolstering the economy in order to enable Pakistan to overcome outside limitations and attain sustainable growth.