Khawaja Asif said that the US, which is putting pressure on Pakistan to tackle terrorist groups operating from its soil, once used to treat them as "darlings" just 20 to 30 years back.
US President Donald Trump had last month criticised Pakistan for its support to terror groups, saying it receives billions in US aid but continues to harbour militants.
"Don't blame us for the Haqqanis (the Haqqani terror network) and don't blame us for the Hafiz Saeeds (chief of Jamaat-ud-Dawa terror group)," Khawaja Asif said at the Asia Society forum here yesterday.
It is very easy to say Pakistan is floating the Haqqanis and Hafiz Saeed and Lashkar-e-Taiba. They are liabilities, Asif said.
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"I accept that they are liabilities, but give us time to get rid of them because we don't have the assets to match these liabilities and you are increasing them (our liabilities) further," the minister said.
Speaking at the forum, Asif said that there was no military solution to the festering conflict in Afghanistan.
"Scapegoating Pakistan for all the Afghan ills is neither fair nor accurate. This will only help forces that we are trying to fight collectively," he said.
Asif also talked about Pakistan's relations with India, the Kashmir dispute, counter-terrorism measures and the country's economic progress.
"We cannot take responsibility for Afghanistan's peace and security and be asked to achieve what the combined strength of some of the most powerful and richest countries could not accomplish," he said.
He said that the need to discuss all issues, including the decades-old Kashmir dispute the main source of tension between the two countries.
"Peace in the neighbourhood is impossible to achieve unless relations with India improve. Pakistan reached out to India to seek normalisation of relations and resolution of all disputes through dialogue and engagement, but India did not reciprocate," Asif claimed.
Pakistan is ready to work with India to seek peaceful resolution of all disputes and to create an environment of peace and stability allowing the people of the two countries to realise their aspirations of prosperity and development, the minister added.