The United States Financial Action Task Force (FATF) has now formally removed Pakistan from its list of “high-risk third-world countries,” in recognition of the country’s successful actions against money laundering and terrorist financing.

Statement of Bilawal Bhutto

The good news was announced on Twitter by Foreign Minister, Bilawal Bhutto Zardari, who posted a photo of official documents. The FM said that a decision has been taken regarding the expeditious completion of the anti-terrorist watchdog work plan by Islamabad.

According to an official document released by Mr. Bhutto, “on November 14th, 2022, the United States Treasury issued an amendment to the UK’s list of ‘high-risk third world countries’ through a statutory instrument.” In line with the (FATF) decision of 21st October 2022, the amendment removes Pakistan from the list.

It further states that the Foreign, Commonwealth, and Development Office (FCDO) recognizes the improvements made by South Asian nations in their efforts to tighten controls on money laundering and terrorist financing.

Pakistan Has Been Removed From the International Terrorist Financing List

The FATF removed Pakistan from its “grey list” earlier in October as a result of Pakistan’s effective implementation of an action plan to strengthen its anti-money laundering and anti-terrorist financing legislation, stated RAJA KUMAR. Pakistan has been on the grey list since 2018, said FATF President Raja Kumar, who announced this during his press conference after the end of the organization’s plenary session.

There are two parallel action plans. The Government of Pakistan has made great efforts to resolve all the issues of the action plan. According to Kumar, a Financial Action Task Force (FATF) task force visited the site in late August. He went on to say that “the team on the ground has verified that the Pakistani leadership has a high degree of commitment, sustainability of chang and determination to make improvements in the future.”

Result of Action Plan

As a result of these action plans, Pakistan has strengthened the effectiveness of this system to prevent the financing of terrorism. As a consequence of this decision, Pakistan is no longer subject to FATF’s enhanced monitoring procedure. To further improve its AML/CFT system, it will continue to work with the Asia or Pacific Group (APG) on money laundering.

Since being added to the grey list, the country has taken various actions for non-compliance with the FATF’s 34-point action plan.

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According to a news report from October 24th, the Pakistan Association of Large Steel Producers (PALSP) has urged the government to provide Public Sector Development Program (PSDP) money without any delay, in an effort to rebuild the industry and economy, following the extensive damage brought on by the recent rains.

The PALSP informed the Ministry of Planning and Development on Tuesday, that it will support economic growth, generate much needed job opportunities, and give the nation’s whole industry a respite.

Distribution of Federal Budget

According to the specifics, the government has allocated an 800 billion Pakistani rupee federal budget for the fiscal year 2022–2023, under Public Sector Development Program (PSDP). According to the news source, the government reduced development expenditures during the first quarter of the current fiscal year by changing the method for releasing cash. It was revealed that the government significantly reduced the amount of money released from 20 to 10%. Additionally, it was told that no money was disbursed in the final quarter of the fiscal year 2021–2022.

Government Halts Funding Distribution to Projects

Due to the lack of finances in the national coffers and the government’s decision to halt funding distribution to development projects in order to cover a significant budget deficit, this occurred for the first time in the last 75 years.

Impact on Economy

As a result, the economy slowed down, and practically all government initiatives are now halted. Due to its close relationship to PSDP spending, the steel industry has been under pressure for the past few years as a result of low PSDP expenditures. Concerns in the sector have grown since the disbursement of PSDP money has been drastically and further reduced.

Long Steel Industry Experiencing Significant Problems

Due to poor economy and high business costs, the long steel industry has been experiencing significant problems. As a result of the terrible floods that hit Sindh, Punjab, Balochistan, and KP and severely destroyed the roads and railway system, the situation has now gotten worse. Moreover, it knocked down the supply chain and negatively impacted demand. Additionally, the production of the off-take steel units has been halted as a result of the heavy rains.

Government contracts, which include those for motorways, dams, airports, and many other projects, provide for the majority of the company’s revenue. The issue has gotten worse due to the disastrous floods that have hit the nation.

Package With Low Interest and Mark Up Rate

The PALSP has urged the government to take the required actions to resurrect the steel sector. A special package with lower interest or mark up rates, as well as lower gas and power prices, was suggested to be introduced for the industry’s rebirth. The Federal Board of Revenue (FBR) is said to have developed a reward program for steel long items.

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A power transmission fault brought about a prime strength break-down in various areas of Sindh and Punjab on Thursday, 6^th October. Following a significant power outage that affected many areas of Pakistan, however, now country’s electrical transmission system has been repaired.

RESULT OF POWER BREAK-DOWN

More than 35 grids were broken down as a result of the trip of an additional high-tension wire, according to a report in the local media. At least six units were reportedly tripped. According to WAPDA, it is due to a Guddu Thermal Power Station technical issue.

The 832 megawatts of electricity that these six units were producing, has been reduced to zero as a result of their trip.

TARBELA DAM ELECTRICITY

After the problem of break-down in the southern transmission system of the national grid was discovered, electricity was lost in the southern sections of the country, primarily in Sindh, Punjab, and Balochistan. Despite the ministry’s claim, power had not entirely returned since, according to reports, the Tarbela Dam’s electricity supply has been cut off.

IMPACT ON KARACHI

Karachi, the largest city in the country, continued to be the worst-affected area by the break-down, as power outrages were reported in a number of locations including Gulshan-e-Maymar, FB Area, Liaquatabad, SITE, Superhighway, North Karachi, North Nazimabad, Surjani Town, Gulshan, Shah Faisal Malirm, Orangi Town, Baldia, Saddar, Safora Chowrangi,and  Scheme 33.

The Ministry of Energy referred to the transmission system malfunction as an accidental fault. As it stated in a tweet “Due to an unintentional problem in the country’s southern transmission system, some power plants in the south are tripping intermittently. As a result, there have been interruptions in the country’s southern electricity supply .”

ENERGY MINISTER, KHURRAM DASTAGIR

Energy Minister, Khurram Dastagir Khan gave people the assurance that the electrical transmission system would be fully restored following a significant break-down that significantly affected huge portions of the country.

“Power supply to Faisalabad and Multan regions has been fully restored,”  the Sukkur Electric Supply Company had largely restored power according to Sepco.

The tripped plants will need to be restored in a few hours, according to Khan, who expressed optimism that Karachi’s power plants would also be repaired. Khan stated that Quetta and Karachi, both need to have their electricity restored because the break-down was caused by a tripping that originated in the port city and extended over the rest of the state.

ACCORDING TO KE

According to a press release from KE, the network securely disengaged from the national grid, landed in island mode, and within an hour and a half, KE began power restoration using its own generation facilities.

The KWSB pumping stations, airport, and hospitals received top consideration as KE personnel started their phased restoration efforts. Then, residential areas including but not limited to PECHS, Orangi, Lyari, Ibrahim Hyderi, Nazimabad, and DHA, received a gradual diversion of power.

KARACHI WATER AND SEWERAGE BOARD

The Karachi Water and Sewerage Board (KWSB) reported that all of its pumping stations were fully closed as a result of all of their power feeders tripping, following the power outage. The city’s water supply was also cut off.

According to a press release from the KWSB, the power company was informed about the water situation. Thus, the water board urged people to utilize water wisely.

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