Pakistan Finance Minister Miftah Ismail expects the economy to grow more than 3.5% for the fiscal year that started in July, Bloomberg News reported on Saturday.

Ismail predicted inflation, running at the highest in 47 years and the second-highest in Asia, was close to its peak and would average 15% for the year, the report said.

Curbs on luxury items may remain in place for longer than currently anticipated, Ismail was quoted as saying.

Certain imports including those for automobiles and automotive parts have been restricted that seen Toyota Motor Corp. and Suzuki Motor Corp.’s local units temporarily halt production. The finance minister said that the measures might last for an initial three months but, he added, the impact of the floods may see them extended.

Ismail reiterated the need for “living within your means” as he planned to break the boom and bust cycle, which has been Pakistan’s economic trend over the years.

“Nothing can happen in one year, but we can start,” he told Bloomberg News.

“I want to see a Pakistan that lives within its means. That’s it,” the finance czar said.

After months-long hectic efforts, the International Monetary Fund (IMF) gave Pakistan a $1.16 billion lifeline to avoid imminent default. Pakistan also secured pledges for a total of $9 billion in investments and loans from Qatar, Saudi Arabia, and the UAE.