The Pakistan Economy Watch (PEW) on Wednesday said the decision of the Financial Action Task Force (FATF) to keep Pakistan on the grey list is a move based on political motives which is condemnable.
The Paris-based watchdog is no more a gatekeeper of the global financial system; it has proved to be a tool in the hands of western powers and it has nothing to do with the merit, it said.
FATF is involved in a conspiracy to stop the development of the poor countries and keep them under western control, said Dr. Murtaza Mughal, President of PEW.
He said that western powers do not like Pakistan’s close relations with China and Russia, therefore every effort is being made to weaken its economy.
The affairs of many other countries are very bad, but the FATF remains silent about them as they are aligned to the western block, he noted.
He said that the Pakistani Parliament has not only approved necessary amendments in various laws but also passed the bills and it is following the recommendations of FATF at the federal level while actions have also been taken by the provincial assemblies.
He said that repeatedly putting Pakistan on the grey list has inflicted damage of more than $70 billion to the country; it is reducing investment, hitting exports, trade and government spending.
That is why many multinational corporations and international investors are reluctant to do business with Pakistan and the country does not get cheap loans.
If Pakistan manages to get out of the grey list, then the country’s economic direction will improve and it would also encourage investment which is not acceptable to some influential countries, he said.
