India lobbying to blacklist Pakistan in FATF: Asad Umar
He said the government has been focusing to improve governance in public sector enterprises.
ISLAMABAD (Dunya News) - Finance Minister Asad Umer has urged the regulators including the Securities and Exchange Commission of Pakistan and Pakistan Stock Market to fully facilitate the corporate sector in order to enhance its productivity and contribution to the economy.
Addressing a ceremony pertaining to the corporate sector in Islamabad today, he said corporate laws are also being amended to improve business environment in the country.
He said the fundamental operating procedures for the corporate sector will also be changed to achieve the desired goals.
Asad Umer said the government has been also focusing to improve governance in public sector enterprises.
Drawing a comparison between private and government entities, the finance minister said the procedures for procurement are quite complex in the public sector. "We have now got the cabinet approval to change the multilateral procurement rules," he said.
"The performance of institutions was affected owing to bad governance," he further said.
He asserted that Pakistan has taken a decisive action against proscribed organizations, under implementation of the National Action Plan (NAP), in the light of Financial Action Task Force (FATF) recommendations.
He spoke to the media and said, “Pakistan s reservations on presence of India in the review body of the FATF are real and genuine. India has been lobbying to blacklist Pakistan. This is the reason we have asked exclusion of India from the FATF.”
Pakistan will have to demonstrate its compliance on 15 major conditions of the FATF till May 2019 in order to avoid falling into blacklist.
