An official statement says the Cabinet reposes full confidence in his leadership and endorses his firm decision not to step down.

Despite calls for resignation from the Opposition and the media, Pakistan Prime Minister Nawaz Sharif on Thursday said he would not step down in the wake of a Joint Investigation Team (JIT) report, which concluded that him and his family not only concealed assets from tax authorities, but also committed perjury by submitting fake documents to conceal information.

At a Cabinet meeting in Islamabad to discuss the current political crisis, Mr. Sharif said his party, PML(N), bagged more votes in general elections than the aggregate of those demanding his resignation. “I will not resign on the demand of a group of conspirators. The journey of progress will not be allowed to derail as the country has already paid a huge price due to political crises in the past,” he was quoted as saying by state-run media.

An official statement said the Cabinet reposed full confidence in his leadership and endorsed his firm decision not to step down.

But Opposition parties have persisted with the resignation demand. Opposition leaders Imran Khan of the Pakistan Tehrik-i-Insaf (PTI) and Bilawal Bhutto of the Pakistan People's Party (PPP) have warned that “democracy could be in danger” if Mr. Sharif did not agree to step down.

The Supreme Court is expected to decide the fate of Mr. Sharif when it takes up the JIT report on Monday. Two judges of the court have already declared the Prime Minister as not being truthful. If three judges agree on the findings of the JIT, Mr. Sharif could face disqualification from politics.

Earlier this week, the JIT submitted its findings and declared that Mr. Sharif remained chairman of FZE Capital Company in Dubai, contrary to his statement in Parliament that he was not part of any business since 1998. The JIT also declared that Mr. Sharif’s children submitted forged documents and lied before the investigators. They have vehemently denied allegations and termed the report of the JIT conjecture.

The assets were revealed in the findings published by the Panama Papers in April last year.