Minister of State for Finance Ali Pervez Malik Tuesday emphasized the urgent need for fundamental economic reforms in Pakistan.

Speaking at an event, he criticized the pervasive influence of politics in all aspects of governance, attributing it to the country's prolonged dependence on the International Monetary Fund (IMF) for the past 70 years.

Malik highlighted the cyclical nature of Pakistan's economic troubles, noting that even after periods of improvement, the country repeatedly finds itself seeking IMF assistance. He stressed the importance of making the economy inclusive and sustainable, calling for equal opportunities for all classes.

Reflecting on the previous administration, Malik claimed that during the PTI era, petrol prices had fallen below those in Saudi Arabia, which he described as a hazardous policy that jeopardized the state's stability and its relationship with the IMF.

He praised Shehbaz Sharif's efforts, crediting him with saving Pakistan from default through diligent work, thereby averting a potentially disastrous situation.

Malik announced plans to cut unnecessary government expenditures and shift the tax burden to those capable of bearing it, aiming to create a more equitable economic landscape for Pakistan.