Islamabad: Pakistan has panicked, ever since the Financial Action Task Force (FATF), the watchdog for terrorist funding, took it to the task. A FATF delegation recently visited Pakistan. The delegation remarked that Pakistan has not taken any credible action against the funding channels of the terrorists. Following this, Pakistan, who is currently featuring in the Grey List, is likely to be shifted to the Black List of FATF. Pakistan Foreign Minister accused India of using its influence, to manoeuvre this. Pakistan Foreign Minister Shah, Mahmood Qureshi expressed a concern that even if India succeeded in keeping Pakistan in the Grey List, for another year, Pakistan would incur losses of nearly $10 billion, annually.
Only a few days ago, Pakistani Finance Minister Asad Umar demanded exclusion of India from the FATF. Umar had warned that India hates Pakistan and it is using its clout in the FATF for political purposes. Following this the Pakistani Ambassador to the United Nations, Maliha Lodhi also had demanded that the international organisations like FATF should not be used for political purposes. Now, the Pakistan Foreign Minister has expressed a concern that Pakistan will be shifted to the Black List at the behest of India. Foreign Minister Qureshi said that even if Pakistan is not shifted to the Blacklist, and is retained in the Grey List for a year, Pakistan will incur losses to the tune of $10 billion, annually.
Foreign Minister Qureshi seems to have taken steps to mentally prepare the Pakistani population, saying that India may get Pakistan Blacklisted using its influence. If Pakistan is Blacklisted, all the financial assistance received from the International Monetary Fund and World Bank, at reduced interest rates, will be stopped entirely. At the same time, this can prevent the financial transactions of Pakistan with other countries. This could become a major crisis for the Pakistan economy, already in deep trouble. The Pakistan Rupee has slid to 140 Rupees to a USD. It is being claimed that the Rupee will decline up to 180 to a USD.
Because of this slide, economic instability is rising in Pakistan and inflation is flaring up. The economists have warned of still dire circumstances for the future. Imran Khan was expected to pull Pakistan out of these crises. However, the Imran Khan government has failed on all the political, economic and foreign policy fronts. By assuring to take stern action against terrorists, the Imran Khan government seems to be putting Pakistan’s future to the stake, by instead covering up for the terrorists.
Taking serious cognisance of this, FATF has severely criticised Pakistan. The Imran Khan government has ignored the warnings issued by the analysts that Pakistan will face destructive after-effects. The Pakistan government is making allegations against India and accusing that India is behind the FATF action against it to cover up its incompetence.
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