ISLAMABAD, Oct 26 (INP-WealthPK): Pakistan’s removal from the grey list of the Financial Action Task Force (FATF) will pave the way for foreign direct investment (FDI) and give a much-needed boost to the fragile economy, said Coordinator to Federal Tax Ombudsman Meher Kashif Younis.
Due to the huge potential and numerous investment opportunities available to all worldwide tycoons, it will completely restore the faith of both local and foreign investors, he said in a press release received by WealthPK. It is now time for the country’s exports to boom, he added.
Meher Kashif said that getting off the FATF grey list was a highly technical process, but the international community recognised Pakistan for the genuine steps it took. The FATF’s decision will send a green signal to all investors for investment in Pakistan, he reiterated. Prime Minister Shehbaz Sharif, he said, has already offered a basket of unprecedented incentives to attract foreign direct investment and joint ventures in the energy sector, and other areas of mutual interest. He hoped this offer would yield positive dividends and bring prosperity and development across the country. Pakistan has successfully completed all the 27 prescribed actions to get off the grey list, he said. According to Meher Kashif, the prime minister, the armed forces, law enforcement agencies, and result-oriented diplomatic efforts deserve credit for the achievement. Pakistan first entered the grey list in 2008 and exited in 2010, he recalled. The country was placed again on the grey list from 2012 to 2015, and it has been back on the list since 2018.
