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Minister of State for Foreign Affairs Hina Rabbani Khar has said FATF has unanimously decided to remove Pakistan from the “list of jurisdictions under increased monitoring and now it has been whitelisted by FATF.

In a news conference in Paris on Friday, she said FATF has welcomed Pakistan’s significant progress in improving our Anti-Money Laundering and Countering Financing of Terrorism regime. She said it has been recognized that Pakistan has strengthened the effectiveness of its AML and CFT regime and addressed technical deficiencies and commitments of its Action Plans comprising of total 34 action items.

The Minister of State said this truly is a result of a whole-of-country efforts and demonstration of our resolve to improve our domestic systems to counter money laundering and financing of terrorism and bring them at par with the international standards. She said this would not have been possible without complete national consensus across political spectrum.

Hina Rabbani Khar thanked the national leadership for providing strategic direction, confidence and support to all institutions throughout the process to achieve this key national objective. She said the success we have achieved today is indicator of what we can achieve when we work together with sense of purpose and commitment.

The Minister of State said Pakistan is now in a position where we can not only sustain the trajectory of reforms without any international monitoring or pressure but can also share our expertise and resources with our countries in our region and beyond.

Hina Rabbani Khar said Pakistan will continue to enhance its cooperation and partnership with FATF and the wider international community, especially on the issue of Anti Money Laundering and Countering Financing of Terrorism. She said Pakistan has come a long way in improving our domestic AML and CFT framework and bringing it at par with the global standards.

The Minister of State expressed the confidence that Pakistan’s exit from the FATF’s Grey List would give a much-needed boost to our economy and increase our economic and financial engagement with the outside world.

Source: Radio Pakistan

Minister for Law, Azam Nazeer Tarar has said that Imran Khan and his followers should accept the lawful decision of the Election Commission of Pakistan.

Addressing a news conference in Islamabad on Friday, he said the Election Commission, after due process, disqualified Imran Khan for five years.

Azam Nazeer Tarar said Imran Khan found involved in corrupt practices. He said the former Prime Minister concealed several things from the Election Commission in his tax returns.

The Law Minister, however, warned Imran Khan and his workers to refrain from attacking cities and state institutions.

Speaking on the occasion, PML-N leader Mohsin Shahnawaz Ranjha said today’s verdict proved that Imran Khan was neither honest nor righteous. 

Source: Radio Pakistan

Election Commission of Pakistan has disqualified PTI Chairman Imran Khan in Toshakhana Reference case.

A five-member Bench of the Commission headed by Chief Election Commissioner Sikander Sultan Raja took the unanimous verdict announced in Islamabad on Friday.

The verdict stated that Imran Khan has been disqualified under Article 63 (1) (P) of the Constitution of Pakistan and sections 137 and 173 of the Elections Act, 2017.    

The verdict said Imran Khan deliberately violated sections 137, 167 and 173 of the Elections Act, 2017 by making false statement and incorrect declaration before the Election Commission.  It added that by doing so, the PTI Chairman also committed corrupt practices under sections 167 and 173 of Elections Act, 2017.                         

Accordingly, he ceases to be member of the National Assembly and legal  proceedings will be initiated against him under section 190 (2) of Elections Act 2017.

It is pertinent to mention that the reference was filed against Imran Khan by the coalition government in August this year for not sharing details of Toshakhana gifts and proceeds from their alleged sale.

Minister for Information and Broadcasting Marriyum Aurangzeb has said the Election Commission of Pakistan (ECP) has disqualified Imran Khan as he had failed to provide receipts.

In a statement on Friday, she said Imran Khan will have to face imprisonment as well. She said the powerful foreign funded maniac at last came under law and now the country will become prosperous. She said today the foreign funded maniac proved guilty.

Reacting to attack of PTI workers on the Election Commission of Pakistan, the Minister said any assault on ECP will not remove Imran Khan’s disqualification.

She said Imran Khan has not mentioned any gift in the Toshakhana since 2019 and ECP had no option, except to disqualify the PTI Chief.

Source: Radio Pakistan

After weeks of continuous decline, the foreign exchange reserves held by the central bank remained largely unchanged on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On October 14, the foreign currency reserves held by the SBP were recorded at $7.597 billion, compared to $7.596 billion on October 7. The minor change means that reserves remain at their lowest level since July 2019.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.25 billion. Net reserves held by banks stood at $5.653 billion, registering an increase of $4 million.

According to Arif Habib Limited, the current level of reserves is enough for an import cover of just 1.1 months.

Pakistan has been struggling with its finances and the massive cost of relief and rehabilitation has raised fears that the country could default. This has led to Finance Minister Ishaq Dar repeatedly assuring that the country would not default, with the latest coming on Wednesday when the finance chief said that “there was no question of Pakistan going into default, as the risk has been averted.”

Pakistan is currently in an International Monetary Fund (IMF) programme and is set to receive around $4 billion in post-flood aid and loans from institutions such as the World Bank, Asian Development Bank, and United Nations.

On Wednesday, JPMorgan’s analysts wrote in a note that “Pakistan’s debt and fiscal dynamics flag rising solvency concerns.”

“Political/fiscal, flood-related external risks, and the possibility of a debt moratorium – and their implications on the IMF programme as well as FX liquidity – likely justify current sovereign bond prices,” the note said addressing the slump in Pakistan’s bonds.

Source: Pro Pakistan

Minister for Communications and Postal Services Maulana Asad Mahmood has said the government attaches top priority to improve the road infrastructures of the tribal districts.

He was talking to a delegation, which called on him under the leadership of Federal Minister Mufti Abdul Shakoor in Islamabad.

The Minister for Communication said work on Peshawar Landi Kotal Bypass would be started after consultation with the people.

He said the government will develop tribal districts and do the utmost for their welfare.

On the occasion, he directed the concerned department to consult with tribal districts so that work could be started on the project.

Source: Radio Pakistan

Minister for Power Division Khurram Dastgir reiterated that the government was committed to honoring the agreements and speed up China Pakistan Economic Corridor (CPEC) projects. He said that Pakistan’s future energy landscape would revolve around indigenous and renewable sources. The minister expressed these views in a meeting with Chinese ambassador Mr Nong Rong who called on him in Islamabad. The minister appreciated the continuous engagement of China in energy sector with Pakistan.

ISLAMABAD: Minister for Power Division Khurram Dastgir on Wednesday reiterated that the government was committed to honoring the agreements and speed up China Pakistan Economic Corridor (CPEC) projects.

He said that Pakistan’s future energy landscape would revolve around indigenous and renewable sources. The minister expressed these views in a meeting with Chinese ambassador Mr Nong Rong who called on him here, said a press release.

The minister appreciated the continuous engagement of China in energy sector with Pakistan. Chinese projects under CPEC had given the much needed boast to power sector back in 2014 and also now when Pakistan’s energy needs have been very high.

Khurram said Thar coal project is of tremendous importance for Pakistan’s future energy needs. In this regard, Pakistan is thankful to Chinese friends.

The ambassador appreciated the present government for their commitment towards CPEC and said that the upcoming visit of Prime Minister Shehbaz Sharif to China would be a great success. Source: China-Pakistan Economic Corridor