Exports must double to $60b in four years to avoid IMF: Ahsan Iqbal

KARACHI (Web Desk) - Pakistan must double its exports to $60 billion within four years or risk returning to the International Monetary Fund, Planning Minister Ahsan Iqbal said on Thursday, underscoring the scale of the challenge facing the country as it seeks to break its long-standing dependence on external bailouts.

“The only way Pakistan could avoid IMF bailouts is to raise exports to $60 billion in four years and to $100 billion over the next decade,” Iqbal told Arab News, warning that failure to sharply expand overseas sales would leave Islamabad with few alternatives.

“The plan includes a proposal to declare an export emergency to double export earnings to $60 billion,” he added on the mandate of the newly established economic panel, saying faster tax refunds for export-oriented sectors and the removal of structural bottlenecks would be central to the effort.

“If exports are not increased, we will have to go to our friendly countries for help or go back to the IMF,” Iqbal warned, referring to Pakistan’s long history with the IMF, which has approved 25 loan arrangements for the country since 1950.

Pakistan last secured a $7 billion IMF programme in 2024 to stabilize its economy.

Iqbal said his ministry had briefed Pakistan’s civil and military leadership last month on strategies to reduce dependence on IMF support, adding that the Dar-led committee is expected to submit its recommendations to the prime minister next week.

“Pakistan possesses the potential to achieve these targets,” he said.