Ramifications of an FATF downgrade
Madam,
Pakistan’s print and electronic media has, for more than a week, been rife with speculations pertaining to Pakistan being placed on the ‘grey list’ of the Financial Action Task Force (FATF). Denials and assertions from relevant quarters, vis-à-vis this grave issue have been equally potent.
Placing Pakistan in the grey list of the Financial Action Task Force (FATF) is, as reported, being forcefully backed by none other than Pakistan’s not-so-dependable ally, the United States of America (USA). The aggressive posture that the US has recently taken against Pakistan, particularly due to the War on Terror, is known to the entire world. The charges levelled against Pakistan by the US and its allies are indeed very serious and excruciatingly agonising. Regardless of whatever America’s alleged charges against Pakistan are, it would be in the interest of Pakistan to deal with this serious matter on war footing. Pakistan cannot afford to show any laxity in addressing this critical matter.
The US, as always, is ever ready to tighten the noose against Pakistan’s neck because of obvious reasons - establishing India’s hegemony in the region is the topmost. The latest option the US has found to contain Pakistan and make it bend on its knees is to use the good offices of the FATF. It is being reported that FATF will place Pakistan on its grey list in June this year. This drastic measure on the part of the FATF is bound to have a serious impact on Pakistan’s economy. Some experts on Pakistan’s economy are expressing the fear that the country may suffer a risk of downgrade by multilateral lenders such as International Monetary Fund (IMF), World Bank, the Asian Development Bank (ADB) and also a reduction in risk-rating by Moody’s, S&P and Fitch. As a consequence, the Pakistani stock market is expected to fall significantly. They are of the opinion that being in the “grey list” means that accessing funds from international markets, for instance, would become tougher for Pakistan.
Undeniably, the matter is of immense significance and concern. Burying our heads in the sand like an ostrich will certainly not make the predator (FATF) refrain from doing what it is contemplating to do against Pakistan. If this ostensibly critical issue is not addressed quickly and effectively, it could potentially move Pakistan from grey to the black list. If that happens, the ramifications could be devastating for Pakistan. Those at the helm in the country must act promptly and prudently to steer the country out of this mess before things go out of hand and irreparable damage is caused to the country’s economy and image.
Mohammad Fazal Elahi,
Islamabad.
Water in Gwadar
Madam,
Gwadar is one of the most famous cities of Balochistan and it is developing much faster than other any city. However, this city also has many problems and people who came here earlier are now moving away. Recently, the chief of army staff inaugurated a water filtration plant. I believe it is inadequate for the water needs of the residents of the city. Those with access to powerful people can easily get water, but poor people do not have this option and have been compelled to migrate from the city. If this city is going to be the backbone of Pakistan, then we must also think about those who are building it and their needs.
Sassi Saki,
Makran.
Ambassador designate to USA
Madam,
Give a man power and watch how he abuses it. How treats power will give you an insight into his mind, instead of the facade he may have created for himself. At a time when Pakistan’s relations with United States of America (USA) are strained, the situation demanded that a seasoned diplomat, with skills and experience and no baggage or controversies, be sent to USA to represent our country so that he or she could manoeuvre their way through congress members and help soften their stance.
Pakistan has been accused of being unable to eliminate foreign funding to private militias and groups engaged in promoting terrorism across our borders. The Pakistani state is charged with facilitating money laundering through regular and irregular channels. These loopholes are being exploited by groups declared as terrorists by United Nations. A cursory review of expensive properties owned by serving or retired, elected and paid, both civil or uniformed, public office holders in Dubai and the United Kingdom is proof if needed.
On top of all this, the prime minister, in his wisdom, considers it appropriate to display conflict of interest and appoint a young man with a controversial background as our ambassador to USA. This behaviour gives credence to numerous allegations levelled against the person during his tenure as the chairman of Pakistan International Airlines and recent LNG deals. What could be more blatant than choosing a novice, who has been your business partner, whose family’s business ventures and financial investments have been under probe?
Gull Zaman,
Peshawar.
Population size
Madam,
It is clear that our country’s population is rising rapidly. As our population expands, so do our needs. Unemployment is rising as a consequence and it will become harder to maintain law and order. We must raise awareness about these problems. People must be educated on the benefits of low populations and efficient utilisation of resources. Pakistan will prosper if such initiatives are taken. The state should mobilise all sections of the society for this purpose – governments, teachers and politicians should lead the initiative.
Iqra Abdul Rehman,
Delta.