KARACHI: Citibank Pakistan has expressed its confidence that the country would not be further downgraded by the Financial Action Task Force (FATF) on the back of progress it has shown.
“Blacklisting (of Pakistan) is not probability now or any other time,” Nadeem Lodhi, CEO of Citibank Pakistan told journalists at Pakistan Media Roundtable held in Karachi on Monday.
“Pakistan is making tremendous strides on the list provided by FATF and our regulator is very strong and they have made whatever they have to implement in the financial industry,” he added.
Citibank, which operates in 98 countries and acts as a correspondent bank in Pakistan offering services to corporate and public sector clients – making payments around $4 trillion per day to other banks – says its operations have not been impacted by the greylisting of the country.
“We as a correspondent bank operate on the same alert level (as before greylisting) and it is unchanged for us and business is not impacted or that the business of our client including financial institutions is not impacted,” said Moiz Hussain Ali, Citibank Pakistan country treasury and markets head, explaining that the greylisting of Pakistan is “more of a geopolitical issue.”
“When Afghanistan is on the white list how can Pakistan be on the grey or black list?” Ali added.
In October, the Paris-based FATF expressed concerns with regard to “overall lack of progress” by Pakistan in addressing its terror financing risks, and gave Islamabad time until February 2020 to complete its full action plan or risk further downgrading.
“Should significant and sustainable progress not be made across the full range of its action plan by the next plenary, the FATF will take action, which could include the FATF calling on its members and urging all jurisdictions to advise their FIs (financial institutions) to give special attention to business relations and transactions with Pakistan,” the FATF warned.
Citibank officials say Pakistan may remain on the greylist till the end of the upcoming year.
“The list given to Pakistan is quite long and it is not that you can do it overnight,” Ali said.
He expressed satisfaction with the government’s current economic policies and called for their continuation.
According to the Citibank officials, if the current political regime, where the army and political leadership look united, continues for the next two years, things should improve.
They said a number of multinational companies are planning to invest at least $500 million each in various sectors of the economy, ranging from consumer goods to energy.
FATF blacklisting unlikely for Pakistan making tremendous strides - Citibank CEO
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FATF blacklisting unlikely for Pakistan making tremendous strides - Citibank CEO
- Blacklisting is not likely, Pakistan has made great strides, says Nadeem Lodhi
- Greylisting of Pakistan is a geopolitical issue, according to Citibank
Pakistan president calls for facilitating trade, business interactions with Iraq
- President Asif Ali Zardari meets Caretaker Iraqi PM Mohammed Shia Al-Sudani in Baghdad
- Zardari calls for closer cooperation between chambers of commerce of both nations, private sector
ISLAMABAD: President Asif Ali Zardari recently called for facilitating trade and business interactions between Pakistan and Iraq to facilitate cooperation in key sectors of the economy between the two countries, Pakistani state media reported.
Zardari arrived in Iraq on Saturday for a four-day visit to the country aimed to deepen Pakistan’s bilateral ties with Baghdad. The Pakistani president met Iraqi Caretaker Prime Minister Mohammed Shia Al-Sudani to discuss practical measures to enhance bilateral cooperation, state broadcaster Radio Pakistan reported on Sunday.
According to the Press Information Department, Pakistan’s exports to Iraq totaled $54.29 million in 2024 while imports from Iraq, primarily petroleum products, amounted to $145.46 million the same year. Analysts have noted that these figures are modest, considering the market sizes and mutual interests of both nations.
“He [Zardari] highlighted priority sectors including information technology, agriculture and food security, construction, pharmaceuticals and medicines,” Radio Pakistan said.
“The president also stressed the importance of direct banking channels to facilitate trade, business interaction and the movement of pilgrims.”
Every year, thousands of Pakistani pilgrims travel to Iraq to visit some of the most revered shrines in Shia Islam, including the mausoleums of Ali in Najaf and Hussain in Karbala.
The scale of travel, often involving long stays and cross-border movements, has long posed logistical, security and migration-management challenges for Pakistani authorities and host governments alike.
The president called for improved facilitation for Pakistani pilgrims at immigration points, greater flexibility in emergency travel cases and measures to ease difficulties faced by pilgrims.
Zardari and Al-Sudani agreed on the importance of maintaining regular high-level exchanges to carry forward bilateral engagement. The Pakistani president spoke of Islamabad’s participation in major trade and health exhibitions in Baghdad, noting these engagements as a step toward sustained business-to-business connectivity.
“He encouraged closer coordination between chambers of commerce and the private sector of both countries through regular exchanges and virtual engagement,” Radio Pakistan said.
Zardari expressed satisfaction over the steady progress in bilateral defense ties with Iraq, including ongoing training programs and completed defense deliveries.
“He reaffirmed Pakistan’s willingness to further strengthen defense collaboration in line with Iraq’s requirements and evolving security needs,” the state media outlet reported.
