‘$300m programme loan moderately unsatisfactory’
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March 17, 2021
ISLAMABAD: The Independent Evaluation Group (IEG) of the World Bank has declared $300 million programme loan for Pakistan under Finance for Growth as moderately unsatisfactory mainly because of political risks and macroeconomic instability.
The WB’s IEG report states that the programme development objective of Pakistan Finance for Growth Development Policy Credit was to support the government’s efforts “to promote an inclusive and transparent financial sector that was able to better intermediate resources including for long-term finance.”
The IEG in its detailed evaluation report stated that the outcome of the programme is assessed as “moderately unsatisfactory”.
‘$300m loan moderately unsatisfactory’
March 17, 2021
ISLAMABAD: The Independent Evaluation Group (IEG) of the World Bank has declared $300 million programme loan for Pakistan under Finance for Growth as moderately unsatisfactory mainly because of political risks and macroeconomic instability.
The WB s IEG report states that the programme development objective of Pakistan Finance for Growth Development Policy Credit was to support the government s efforts to promote an inclusive and transparent financial sector that was able to better intermediate resources including for long-term finance. The IEG in its detailed evaluation report stated that the outcome of the programme is assessed as “moderately unsatisfactory”.
The programme objective was highly relevant to the development priorities of Pakistan and highly aligned with the country partnership strategy of the Bank Group: part of a larger set of macroeconomic reforms, the operation was directed at addressing low savi
SEC Memorandum Circular No. 1, issued on January 27, 2021, provides the Guidelines in Preventing the Misuse of Corporations for Illicit Activities through Measures designed to Promote Transparency of Beneficial Ownership (BO Transparency Guidelines).
The measure includes the disclosure of the identity of the beneficial owner or the person or persons who ultimately owns or has ultimate effective control of the corporation.
“There are arrangements that allow individuals to assume a management or ownership position in behalf of their principals and in turn hide the identity of the beneficial owner. We can see that this is not ideal because it exposes the corporations to the risk of being misused for illegal activities,” SEC-Cebu Extension Office Counsel I Lawyer Giness Marie R. Teves said Tuesday, March 10.
FATF: looking into the crystal ball
Pakistan has shown progress on the FATF action plan in the last 18 months and is now very close to the finish line
The writer is a public policy expert and an honorary Fellow of Consortium for Development Policy Research. He tweets @hasaankhawar
On February 22, as Pakistani officials joined the FATF’s virtual plenary session, they probably knew in their hearts that Pakistan was still away from an exit from the grey list, yet they took comfort in knowing that Pakistan has successfully dodged the threat of blacklisting, which could have been catastrophic for the country. Only a few months ago, the concluding statement of the FATF’s October plenary session had already indicated a change of heart in the global watchdog, as it confirmed that Pakistan had successfully completed 21 out of 27 actions. It was the first time since Pakistan’s blacklisting in 2018 that the official FATF statement did not carry an ultimatum. The run-up to the February