Daily Times

Reports that certain “friends” might be lobbying behind-the-scenes to finally get Pakistan out of the Financial Action Task Force’s grey list, where it has languished for four long years, could provide the country with the shot in the arm it needs right now if they are true. It turns out that there is enough chatter to suggest that the Chinese have been talking to a few other countries about the need to get Pakistan off the list for economic reasons more than anything else.

And since it had already met 26 out of 27 conditions at the time of the last snub, and since then an anti-terrorism court has sent Lashkar-e-Tayyaba chief Hafiz Saeed to jail for 33 years on terror charges, there’s enough on the table now to take care of lingering political irritants, most likely pushed by states that create trouble for Pakistan just about everywhere (read Indian lobby).

Such a development would not just clear the country of the terror-financing label that has so unfairly dogged it for more than two decades, but it would also clean its profile for easier borrowing in the international money market.

And at a time when the economy is quite literally on the brink of a collapse, and failure to revive the IMF bailout program is sure to push it over the edge, anything that improves Pakistan’s profile for foreign investors and lenders is more than welcome.

These reports must be confirmed at once. The last thing anybody wants is for markets to take a positive signal from them, triggering euphoria, only to have the rug pulled out from under them.

Businesses suffered to no end when they expanded and made forward bookings after they were showered with incentives in last year’s budget, but found out later that everything had to be withdrawn through a mini-budget. Such mistakes should never be repeated.

FATF meets in Berlin in mid-July for the verdict, which makes this the right time for the government to feel the temperature and plan accordingly. Once we’re clear off the list, it shouldn’t be long before carefully planned proposals are ready for international investors to get them to consider parking their money in our vaults and investment vehicles. *