Sunday, September 25, 2022

Pakistan sails between FATF and IMF smoothly


Muzammil Aslam
Muzzammil Aslam has over 15 years of experience in the fields of Economics, Equity Research, Business Development and Financial / Capital markets. Worked as Ex- Chief Executive Officer, EFG Hermes Pakistan Limited. Heading brokerage and inter-bank business and company affairs. He was engaged with KASB Securities Ltd. as Head of Business Development from 2004 to 2009 and with JS Global Capital Ltd. as Head of Business Development and Head of Research from 2009 to 2012. Thereafter, he has been managing his own economic research consultancy firm "Emerging Economics Research". Further, his work on economics has been actively pursued by key government institutions. By qualification, Mr. Aslam holds Bachelor of Commerce and Master of Public Administration Degrees from the University of Karachi, MAS Degree in Economics from Applied Economics Research Centre, University of Karachi and Master of Science Degree in Economics from the University of Bath, United Kingdom. Contact: [email protected]

While we are busy discussing UAE visit, Pakistan delegation is already meeting FATF reps at Sydney last Saturday.

As per our understanding, the meetings will last for three days. Crackdown on money laundering, recent aggressive raids by FIA on illegal exchange companies, strengthening of KYC, identification of fake accounts and Judicial proceedings on fake accounts and comprehensive Joint Investigation Team (JIT) report on money laundering are all the positives can be shared with FATF delegates. Any positive news will be additional sentiment booster for market.

Similarly, IMF Board are expected to meet on Jan 15th. Our sources indicating that both IMF & MoF are closely working to find workable middle ground. Although, the Financing gap is filled, but any development on IMF program will help mitigate concerns of skeptical investors (mainly foreign portfolio investors).

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