ISLAMABAD – Pakistan Foreign Minister Asad Umar has informed the Senatethat the government has decided in principle to launch Diaspora and Sukukbonds. He said some other initiatives will also be taken to improve theflow of remittances to the country.

Replying to a question, the Finance Minister said that the loan will betaken after taking the Parliament on board. He said a plan to this effectwill be finalized in next one or two weeks and then it will be presentedbefore the Parliament for discussion. He pointed out that exports sawdecline and imports surged over the last five years, and the government hadto obtain loans to fill the gaps. He said our effort is to address the rootcauses of the loans.

While responding to a calling attention notice, Asad Umar expressed theconfidence and said Pakistan will come out of the FATF grey list by meetingits obligations.

He said that Pakistan has fifteen months to overcome its deficienciesrelating to currency smuggling, hawala/hundi and terror financing. He toldthe House that a national executive committee has been established underthe chairmanship of the Finance Minister to address these issues. He saidthat addressing these deficiencies is also in the greater interest of thecountry. He, however, said that Pakistan had serious reservations on itsplacement on the grey list.