Islamabad: After Pakistan left the Financial Action Task Force (FATF) gray list on Sunday, the business community said coming out of the watchdog’s increased monitoring process would boost economic activity and help a weak economy.
The business community said the decision would help restore the confidence of international financial institutions. Help attract foreign direct investment. and promote exports from the country in addition to improving the country’s credit rating. Business community Pakistan out of FATF gray list.
Irfan Iqbal Shaikh, Chairman of the Pakistan Chamber of Commerce and Industry (FPCCI), commented on the massive development. Honoring the efforts of civilian and military leaders and said it would further coordinate the government’s efforts to achieve sustainable economic development.
It will also address liquidity issues when disclosure from multilateral and other donor bodies such as the IMF, ADB, WB and Paris Club will improve even further. He added that it would increase “The credibility and rank of the local economy that will attract foreign direct investment”
meanwhile Islamabad Chamber of Commerce and Industry Chairman Ahsan Zafar Bakhtawari said removing it from the FATF gray list would boost confidence among creditors and international donor bodies. including the International Monetary Fund (IMF), Asian Development Bank (ADB), World Bank and other development agencies.
He said the decision would help boost the country’s image in the entire international arena. He added that Pakistan’s credit rating would also improve. This will be another signal of development for the country’s economy.
Pakistan has suffered $40 billion in cumulative financial losses over the past three years because it is placed on the FATF’s gray list, he added. Withdrawals will attract more export orders from overseas. and help alleviate the growing trade deficit .
“It also reduces the parity of the rupee against the dollar. as well as easier negotiations with the IMF and other multilateral donors and creditors,” he said, adding that It provides positive information for all payable scheduling. and create sufficient liquidity boundaries for the country.
Pakistan Hi-Tech Hybrid Seed Association (PHHSA) Shahzad Ali Malik said it bodes well that the FATF excludes Pakistan from the gray list of global terrorism and money laundering financial watchdogs. After four years in the midst of a major defeat against India, which Always try to keep Pakistan on the list.
He said that as a result of the FATF’s decision, economic activity would accelerate and significantly restore investor confidence worldwide.
The Task Force on Finance has decided by consensus that Pakistan has implemented all the key technical and procedural requirements of the 2018 and 2021 Action Plan. As a result, Pakistan was removed from the list of jurisdictions under review at increase with immediate effect.