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China and other allies working to get Pakistan off ‘grey list’
China and other allies are working to get Pakistan off of the Financial Action Task Force’s (FATF) grey list, reported Pakistan-based daily Dawn. It said that the “quiet lobbying” is being led by China and could result in Islamabad being moved out of the list in the next plenary session. Pakistan has remained on the ‘grey list’ since 2008.
The plenary session will be held between June 14 and 17 in Berlin, Germany. The official decision is expected to be announced at the end of the session on June 17.
Pak Army says defence budget for 2022-23 decreased
The Pakistan army on Tuesday said contrary to public perception, the defence budget for the 2022-23 has decreased from 2.8 per cent of the GDP to 2.2 per cent. In an interview to Dunya News TV, army spokesperson Major General Babar Iftikhar said people often talk about the defence budget but “within the limited resources we are fulfilling all the responsibilities while India has always increased the defence budget”.
He said in real terms, the budget allocation for the fiscal year 2022-23 has decreased after factors such as inflation and rupee depreciation. “When you look at inflation and rupee depreciation, it (defence budget) was actually reduced. It was 2.8 per cent of GDP last year and now we are at 2.2 per cent. So the budget is continuously going down in GDP terms,” he said.
Finance Minister warns of default if fuel subsidies not abolished
Pakistan will default if the government does not abolish the subsidies on petroleum products, Finance Minister Miftah Ismail has said, warning that the cash-strapped country’s economy could be in a similar position as that of Sri Lanka if tough decisions were not taken.
Ismail claimed that the government was still giving Rs 19 subsidy on petrol and Rs 53 subsidy on diesel, adding that Sri Lanka also gave subsidies to its public and it, eventually, defaulted. Speaking during Geo News‘ programme “Capital Talk” on Monday night, Finance Minister Ismail said the International Monetary Fund (IMF) has insisted on abolishing the subsidies on petroleum products.
(Compiled from Press Trust of India and Dawn reports)
