Business Community appreciates Pakistan’s exclusion from FATAF grey list

Islamabad, The Gulf Observer: Appreciating the Financial Action Task Force’sdecision of Pakistan’s removal from grey list, the business community has said that coming out of the watchdog’s monitoring would boost economic activities and help put the ailing economy back on sustainable growth path.

The decision would restore the confidence of international financial institutions, help attract foreign direct investment, and promote exports from the country besides improving credit ratings for the country.

Commenting on the mega development, President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Irfan Iqbal Shaikh lauded the efforts of civil and military leadership for achieving the landmark for the country and said that it would further cement the government’s endeavours to attain sustainable economic development.

President Islamabad Chamber of Commerce and Industry Ahsan Zafar Bakhtawari said that the development would boost the confidence of international creditors and donors agencies including International Monetary Fund (IMF), Asian Development Bank (ADB), World Bank and other development agencies.

He said that the decision would also help in promoting soft image of the country in all international forums, adding that the credit rating of Pakistan would improve as well, which will be another development signal for the economy of the country.

Pakistan Hi-Tech Hybrid Seed Association (PHHSA) Shahzad Ali Malik said that it was a good omen that FATF excluded Pakistan from the grey list of global watchdog on terror financing and money laundering after over four years, in a major setback to India which had always tried to keep Pakistan on the list.

He said as a result of FATF’s decision, economic activities would accelerate and greatly help to restore the confidence of investors across the globe.