'Pakistan cannot survive without IMF'

Federal Minister for Investment, Qaiser Ahmed Sheikh, has said that Pakistan's economy cannot function without the International Monetary Fund (IMF), stressing that the country's survival and recovery are not possible without IMF support.

Speaking at a post-budget seminar at Isra University, Sheikh said Pakistan is currently serving as a "gateway to global economic affairs" in the aftermath of the Pakistan-India conflict. He maintained that Pakistan offers some of the best investment opportunities in the region.

"Seventeen months ago, Pakistan was heading toward default, and the currency was rapidly depreciating. Now, there are signs of improvement. But the fact remains, without the IMF our economy cannot progress. The IMF is instilling financial discipline that previous governments failed to maintain," Sheikh said.

He acknowledged that over 50 percent of Pakistan's population still lives below the poverty line and that citizens are struggling. "People's living conditions are not improving, but with IMF support, expenditures are reducing and revenues increasing," he added.

Commenting on regional dynamics, Sheikh said that India's economy is also slowing, while Pakistan has resources and opportunities to lead in the region, provided political and governance challenges are addressed.

The minister admitted that insecurity in parts of Khyber Pakhtunkhwa and Balochistan has hampered investment in coal mining and other sectors but said that the government, with support from security institutions, is working to improve the situation. He emphasized that the government is committed to attracting foreign investment, reducing the trade deficit, supporting SMEs, and enhancing entrepreneurial capacity among youth.

Isra University Vice Chancellor Dr. Ahmed Waliullah Qazi, in his welcome address, highlighted the role of universities in linking policy, industry, and society. Dr. Hameedullah Qazi, President and CEO of Isra Islamic Foundation, said academic institutions play a vital role in raising awareness about fiscal policies and economic challenges.

The seminar also featured senior economist Dr. Shahida Wizarat from IoBM Karachi, followed by a panel discussion moderated by Dr. Mirza Aqeel Baig, Associate Professor and Head of Economics at IoBM.

Panelists included MPA Engineer Sabir Qaimkhani, Syed Aftab Mehmood Zaidi, who discussed the corporate sector's role in job creation; State Bank Assistant Director Israr Ahmed, who spoke on financial inclusion; Dr. Ismail Nami, former Vice President of Hyderabad Chamber of Small Traders, who raised SME concerns.