ISLAMABAD: After Pakistan’s exit from the Financial Action Task Force (FATF) gray list, the business community on Sunday said that exiting the watchdog’s increased monitoring process would boost economic activity and make the ailing economy sustainable. It will help in the path of development.
The business community said the decision would restore the confidence of international financial institutions, help attract foreign direct investment and boost exports from the country besides improving the country’s credit rating.
Commenting on the mega development, President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Irfan Iqbal Shaikh appreciated the efforts of the civil and military leadership and said that it would boost the government’s efforts to achieve sustainable economic development. There will be more reinforcement.
It will also address liquidity issues as disbursements from multilateral and other donor agencies such as the IMF, ADB, WB and the Paris Club will further increase, he said, adding that it would “reinvigorate” the local economy. Reputation and ranking will be further boosted which will attract foreign direct investment”.
Meanwhile, Islamabad Chamber of Commerce and Industry President Ahsan Zafar Bakhtawari said that the removal from FATF’s gray list would help international lenders and donor agencies including the International Monetary Fund (IMF), Asian Development Bank (ADB) The confidence of ADB), World Bank and other development institutions will increase. Agencies
He said that this decision will also help in promoting the country’s soft image at all international forums, adding that Pakistan’s credit rating will also improve which will be another sign of growth for the country’s economy. will
He said that Pakistan suffered a total financial loss of $40 billion during the last three years because it was placed on the FATF gray list, adding that the removal would fetch more export orders from abroad. and will help reduce the widening trade deficit. .
“Also, it will help reduce the rupee-dollar parity as well as facilitate dialogue with the IMF and other multilateral donors and lenders,” he said, adding It said it would also provide positive input for rescheduling of all payables and create sufficient liquidity for the same. Country.
Pakistan Hi-Tech Hybrid Seed Association (PHHSA) Shahzad Ali Malik said that it is a good sign that after more than four years, FATF has made Pakistan a global terrorist financing and money laundering watchdog. Removed from the watchdog’s gray list, a major blow to India. Always tried to keep Pakistan in the list.
He said that as a result of FATF’s decision, economic activities will accelerate and will help a lot in restoring the confidence of investors around the world.
The Financial Action Task Force (FATF) has announced the removal of Pakistan from the gray list, appreciating the country’s efforts in anti-money laundering and anti-terrorist financing.
The Financial Action Task Force has unanimously decided that Pakistan has met all the substantive, technical and procedural requirements of both the 2018 and 2021 Action Plans. As a result, Pakistan has been removed from the list of jurisdictions under increased surveillance, immediately.
