KARACHI (Web Desk) – Interior Minister Mohsin Naqvi revealed that around $100 billion had been transferred abroad over the past three to four years, stressing that even partial repatriation could provide significant economic relief, as he urged businessmen to bring back at least 30 per cent of their overseas wealth.
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Addressing the business community at Federation House in Karachi, Naqvi said that if investors act promptly, up to $10 billion could return to Pakistan before the upcoming federal budget.
His remarks come at a critical time as the country prepares to repay $3.5 billion to the United Arab Emirates this month, after failing to secure a debt rollover for the first time in seven years.
The repayment is expected to put pressure on foreign exchange reserves, currently estimated at around $16 billion—barely enough to cover three months of imports.
Pakistan is also engaged in discussions with Saudi Arabia and China to secure financial support, while the International Monetary Fund has recently reached a staff-level agreement for the release of a $1.2 billion tranche under a $7 billion programme.
Naqvi emphasised that authorities are not focused on investigating how the funds were moved abroad but warned that such transactions could be traced if necessary.
He reassured the business community of improved investment conditions, stating that Pakistan offers competitive returns and a more conducive business environment is being developed.
He also announced plans to make the Federal Investigation Agency more business-friendly, ensuring that legitimate businesses are not penalised due to the actions of a small minority.
The minister added that proposals to ease visa policies for traders would soon be presented to Prime Minister Shehbaz Sharif.
Naqvi also raised concerns over the role of money changers, suggesting they are often used to manage private funds rather than facilitate genuine transactions.
He revealed that large financial movements by certain groups in Karachi had been identified and warned of strict action without leniency.
He further expressed optimism about improving Pakistan’s global standing, including efforts to enhance the ranking of the national passport.
Summary: Mohsin Naqvi says $100bn moved abroad in recent years and urges businessmen to repatriate 30% of wealth, potentially bringing $10bn back before the budget.
Tags: Mohsin Naqvi, Pakistan Economy, Foreign Reserves, Business Community, UAE Debt, IMF, FIA, Investment, Karachi
