- Naqvi claims that $100 billion has been moved abroad in recent years.
- The FIA will be pro-business: Minister of the Interior.
- Pakistan is preparing to pay off $3.5 billion of UAE debt this month.
Home Minister Mohsin Naqvi has urged businessmen to return at least 30% of their wealth to Pakistan ahead of the 2026-27 federal budget.
“The business community is requested to bring at least 30% of their money from abroad,” Naqvi said during a speech at the Federation House in Karachi on Tuesday.
The minister’s statement comes at a crucial time as Islamabad prepares to return $3.5 billion to the United Arab Emirates (UAE) this month and faces pressure on its foreign exchange reserves.
Pakistan failed to reach a deal with the United Arab Emirates to refinance debt for the first time in seven years. Islamabad will now repay the amount later this month, putting significant pressure on its foreign exchange reserves, which stand at about $16 billion, enough to cover just three months of imports. The news reported.
Pakistan is holding talks with Saudi Arabia and China to secure financial support, according to people familiar with the matter, The News reported citing a Bloomberg report.
The International Monetary Fund (IMF) also reached an initial agreement with Pakistan last month for the disbursement of a loan installment of around $1.2 billion out of a $7 billion financing program. Pakistan has received about two dozen bailouts from the global lender since the 1960s.
Addressing the business community today, the Home Secretary revealed that around $100 billion went overseas in the last three to four years, and emphasized that even a partial repatriation could provide significant economic relief.
“If businessmen decide today, $10 billion can return before the budget,” the security czar added.
“We did not discuss how the money went abroad,” Naqvi said, warning that authorities could trace those flows if necessary.
“If someone believes that it cannot be traced, it would be enough to locate one or two people in Karachi to find everything,” he warned.
Naqvi also assured the business community of better conditions and said Pakistan offers strong returns on investment. “The profits that Pakistan offers cannot be found anywhere else in the world,” he said and assured them that they would provide a conducive business environment.”
He further said that proposals regarding visas for traders would be presented to Prime Minister Shehbaz Sharif soon.
The security chief said efforts were being made to make the Federal Investigation Agency (FIA) more business-friendly. “We will make FIA affairs business-friendly,” he said, adding that the entire business community should not be penalized for the actions of a few.
“We can’t punish the entire business community because of one or two percent of the people,” he added.
Naqvi also expressed concern about money changers, saying they were often used to manage private funds. “The money changers only serve to manage one’s own money. No tourist comes to exchange money through them,” he said.
“We have also held a meeting with the Finance Minister to ask them what these money changers are doing,” he said.
The Home Minister further revealed that large transactions by major groups had been detected in Karachi and warned that there would be no leniency.
He also expressed his hope of improving Pakistan’s global standing, stating, “We are trying to take the Pakistani passport ranking from 99th to 50th.”
