Dar reviews achievement of targets set under IMF program

ISLAMABAD, Jul 25 (APP): Federal Minister for Finance Senator Muhammad Ishaq Dar held a meeting with the Governor, State Bank of Pakistan (SBP) in Karachi on Monday and reviewed the performance and achievement of the targets set under the International Monetary Fund
(IMF) program.

Deputy Governors of SBP and other senior officials attended the meeting, said a press release.

During the meeting the performance and achievement of the
targets set under the IMF program were discussed in detail in
connection with the forthcoming 12th IMF Review Meeting.

The Governor SBP briefed the Minister about various targets
related to the SBP such as Net International Reserves, and Net Domestic Assets.

Governor SBP also updated the Minister on the role of banks in implementation of AML laws and reporting mechanism.

The role of Financial Monitoring Unit, in this regard was also
discussed in detail.

The Finance Minister emphasized that SBP, Securities and
Exchange Commission of Pakistan (SECP), and Federal Board of Revenue (FBR) should adhere to internationally recognized monitoring and enforcement standards and practices to apprehend malpractices in the country.

He emphasized upon updating laws, if required, to eradicate
undesirable practices.

He said that best possible coordination among all the relevant authorities should be ensured to effectively combat financing of terrorism activities.

“We must all ensure compliance with FATF rules, so as to
maintain our position as a responsible nation in the international community”, he added.