Global Bodies Made Pakistan’s Economy Documented
IMF and FATF have forced Pakistan to bring various sectors of the economy under government's vigilance to bring more transparency
Pakistan’s economy has become more documented than even in pursuit of the goals set by the global bodies to retrieve benefits.
International Monetary Fund (IMF) has released a tranche of some $500 million to Pakistan after a gap of a year.
The government had agreed on demands of IMF to get its next installment of the $6 billion package.
It agreed to increasing electricity prices, imposition of Rs 140 billion taxes, and making the State Bank of Pakistan (SBP) an autonomous body.
Previously, IMF had released two installments of $1.45 billion.
Further, fulfilling conditions set by Financial Action Task Force (FATF) to get exclusion from grey list, the government has directed tax-return-filing property dealers to provide details of clients and transactions.
More than 20,000 property dealers, who are tax filers, have been declared as Designated Non-Financial Business and Professions (DNFBPs).
A four-page questionnaire made up of 68 questions has been given to the property dealers which they will have to submit online within a week.
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The real estate brokers have been instructed to identify clients who make ‘heavy transactions to high-risk countries or border areas of Pakistan including KP, Balochistan, and South Punjab.
One of the goals of FATF is to halt funding to banned outfits through money generated from sale and purchase of properties to prevent safe-havens.
Earlier, the entire process was undocumented as in most cases, there was no track of transactions in property dealings and huge sums were paid in cash.
The task force had demanded documentation properties to stop such doubtful practices.
Conclusively, Pakistan’s economy has enhanced as more documented than past owing to pressure exerted by global bodies that is expected to benefit the country in the long run.
