Pakistan, Malaysia Can ‘Bid Farewell to IMF Together’, Says PM Shehbaz

KUALA LUMPUR: Prime Minister Shehbaz Sharif on Monday said Pakistan and Malaysia could permanently end their reliance on the International Monetary Fund (IMF) if businesses from both countries forged strong partnerships and joint ventures.

Addressing the Pakistan–Malaysia Business and Investment Conference in Kuala Lumpur — also attended by Malaysian Prime Minister Anwar Ibrahim — Shehbaz said Pakistan had been compelled to seek IMF assistance repeatedly, but meaningful economic collaboration could change that path.

“If entrepreneurs from Pakistan and Malaysia join hands and establish joint ventures, we can say goodbye to the IMF forever,” he remarked.

The premier praised Anwar Ibrahim’s leadership, calling Malaysia’s recent economic progress “nothing short of a miracle”. He said both sides had agreed to enhance business cooperation in sectors including tourism, manpower export, information technology, mining and energy.

Highlighting Pakistan’s investment potential, Shehbaz invited Malaysian investors to explore tourism destinations such as Gilgit-Baltistan and Skardu, saying the country offered some of the world’s most scenic views, including Nanga Parbat and K2.

He noted that inflation, which had once surged to 36 per cent, had now fallen to single digits, while the interest rate had been reduced to 11 per cent — helping stabilise the economy.

Anwar Ibrahim said Malaysia was keen to deepen trade relations with Pakistan, adding that regional economic independence was only possible through stronger business ties. “The doors of trade and investment are open for Pakistani companies,” he said.

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Recalling longstanding ties between the two nations, Anwar added in Urdu: “Dosti ka haath kabhi khaali nahi hota” (The hand of friendship is never empty).

Earlier, both countries finalised a defence cooperation agreement along with accords covering halal meat, rice exports and other sectors.

Shehbaz thanked the Malaysian leadership for the warm welcome, describing Malaysia as his “second home” and saying the hospitality received felt like “a family reunion.”