Advisor Finance briefs US delegation on measures for FATF and Economic Reform

August 06, 2019: A US delegation led by Ambassador Alice G. Wells, Acting Assistant Secretary of State for the Bureau of South and Central Asian Affairs, along with the US Treasury officials held a meeting with Mr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance & Revenue today at Finance Division, Islamabad.

The Adviser briefed the visiting delegation on measures pertaining to economic reforms being undertaken by the Government of Pakistan to ensure economic discipline, efforts being made towards implementation of FATF Action Plan and the key challenges being faced. He emphasized the importance of bilateral engagement with the US and the need to encourage entrepreneurs from private sector of both the countries which will lead to enhanced trade.

The Adviser informed that over the past three months, the Government has taken significant steps to bring financial discipline that include reduction in Current Account deficit, focus on increasing revenue generation, measures to reduce fiscal expenditures, reduce fiscal borrowings, efforts to enhance foreign exchange reserves through bilateral and multilateral support, arrangement of petroleum credit facility with KSA and IDB and IMF Program.

Further, as part of its institutional development initiative, SBP and FBR are being resourced and empowered. At the same time to support economic growth and facilitate the people below the poverty line, various Programs to support our export oriented industries and health insurance schemes have been introduced for the poor.

Regarding, implementation of FATF Action Plan, the Adviser briefed that the government is putting in all-out efforts to complete the Action Plan, involving all relevant authorities at the federal and provincial levels, supported by capacity building through international partners.

The Adviser expressed Government of Pakistan’s commitment to enhance the effectiveness of its AML/CFT Framework being undertaken by the government of Pakistan, with the objective to ensure that all the actions that are being taken to curb Terror Financing are irreversible and sustainable.

The Adviser urged for continued support of the international community for strengthening of the AML/CFT Framework over a longer period of time.

Ms. Alice G. Wells appreciated the briefings and expressed that the US would continue to remain engaged with Pakistan in its economic reforms efforts and help build an environment that facilitates business development between the two countries.