ISLAMABAD, October 26, (INP-WealthPK): Pakistan has achieved a crucial milestone in successfully coming out of the grey list of Financial Action Task Force (FATF). This will open-up a world of avenues for Pakistan to benefit from. Pakistan’s economic activities will get a boost and foreign direct investments in the country will also increase.
Business community of the country has expressed hope and satisfaction over the successful exit of Pakistan from the FATF grey list. International businesses will be more willing to invest in Pakistan. International financial institutions will also see Pakistan in a positive outlook. More investments will come into the country. Trade restrictions will be lifted and Pakistan will get a boost of exports. Credit ratings of the country will also improve.
In a statement issued to media, Irfan Iqbal Shaikh, President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), expressed satisfaction over this development. He praised the efforts of the civil-military leadership in successfully carrying out the required tasks under the FATF program. “Pakistan will now be able to compete with its international peers on an even ground,” he said. “Pakistan will now have easy access to the resources of the multilateral lending bodies like the IMF, ADB, Paris Club and the World Bank. Confidence of investors in Pakistan’s economy will increase. This will bring a lot of new business into the country. This is a huge achievement in the last 5 to 6 years,” he said.
President of the Islamabad Chamber of Commerce and Industry Ahsan Zafar Bakhtawari appreciated the government for carrying out the program so successfully. He said that the “decision of removing Pakistan from FATF grey list will help in promoting a soft image of the country on all international forums. Credit ratings of Pakistan will get a boost, which will be another good signal for the economy of the country. Pakistan has lost a total of USD40 billion over the past few years because of its placement in the grey-list. We will be able to make up for these losses by getting more export orders and reducing the current account deficit.”
“Besides, our exchange rate will get some much-needed prop. It will stabilize and our position to negotiate with IMF and other donors will improve. We will then have to negotiate for rescheduling of our debt payables to ease our liquidity crunch,” he continued.
