ISLAMABAD: Pakistan Finance Minister Shaukat Tarin has assured Senate (Upper Houser of the parliament) that the Financial Action Task Force (FATF) will remove Pakistan from its grey list of sanctions during it next review meeting.
The finance minister on Friday briefed the Senate about Saudi loan and the financial position of the country.
The minister also said that Pakistan needs to repay the $3 billion loan from Saudi Arabia within a year.
He said the country will start using the Saudi oil facility on deferred payment from next month.
“The government has tried not to put the burden of the global petroleum products price hike on end consumers,” he said. “We have reduced the sales tax and levy on petroleum products to ensure relief.”
The foreign exchange reserves of the State Bank of Pakistan have increased over the last year and it will reduce the pressure on the rupee.
Pakistan, he said, has received $3 billion from Saudi Arabia in the month of December 2021 for a period of one year at a four per cent interest rate.
He said the country’s exports and remittances are increasing while the trade deficit went down by $1.5 billion last month.
Responding to a supplementary question, the finance minister said that the government has fulfilled targets and the country will come out of the grey list at the next review meeting of the Financial Action Task Force (FATF).
Pakistan has met 27 out of 28 conditions of the FATF, he said.
The next FATF plenary and working group meetings are scheduled to be held in Paris from February 21 to March 4.
The Upper House condemned the international human rights violation in India. Leader of the House in the Senate Shahzad Waseem regretted the silence of the international community over the rising religious hatred and extremism in India.