Pakistan to come out of the FATF Greylist

Pakistan to come out of the FATF Greylist

ISLAMABAD: Federal Minister for Industries & Production Hammad Azhar said tough decisions to stabilize economic growth have heralded good news for the country, ARY News reported on Saturday.

The federal minister said that the government when it came to power, had to make tough decisions in order to get the economy in to the right direction. He added that fortunately, the decision has brought good news for the economy.

Of the Financial Action Task Force (FATF) grey list, which the country has been struggling to crawl out link of, Azhar hoped that Pakistan will soon come out of the grey list and earn economic growth.

READ: Hammad Azhar commends passage of FATF-related legislation link

He said that the government’s prime focus, other than to get Pakistan out of FATF grey list, was tax revenues which run the country. The tax income recorded a loss of Rs1 trillion in the preceding year.

“The year before COVID-19 outbreak, we received Rs1 trillion less than the tax target.”

He also said that in order to handle the wheat crisis and meet the demand for the essential commodity, the government is looking forward to importing 1 million tonnes of wheat.

Earlier, commending the government’s development, Azhar termed the passage of FATF-related legislation in the joint parliamentary session today a victory for the country.

Taking to his twitter account in the wake of bill passage today, the federal minister asserted that the government has made “valuable progress in our fight against money laundering and terror financing”.