RECENTLY, while speaking at a gathering in Karachi, a federal minister urged members of the business community to bring back at least 30 per cent of their wealth to Pakistan ahead of the federal budget 2026-27. He also stated that about Rs100 billion has been funnelled out of the country illegally in the last few years, and that the government knows how the culprits involved in money laundering can be traced. He expressed the confidence that if one or two individuals are caught and interrogated, it would bring the truth to light. However, everyone knows why such efforts have failed in the past: big names are involved who can make or break our entire political system.

There is no doubt that we are riding high in terms of global diplomacy, but internally we are growing weaker due to our poor financial position. Our industrial growth is almost nil; only memorandums of understanding (MoUs) are being signed and portrayed as markers of success. Everyone knows that most such MoUs are merely gestures of goodwill.

Surprisingly, the minister did not offer any assurance to the businessmen that if they bring their money back to the country, no questions would be asked about the source of income, or how the money had been transferred abroad. Promises alone cannot satisfy the business community, and no amnesty scheme can be announced owing to the pressure being exerted by the International Monetary Fund (IMF).

Malik ul Quddoos
Karachi

Published in Dawn, May 7th, 2026