Forex Firms ‘Offer’ to Give Govt $1 Billion a Month to Ditch IMF

Forex Association of Pakistan President Malik Bostan on Wednesday offered to give the government $1 billion a month for the next 24 months to ‘ditch’ the International Monetary Fund (IMF).

According to a news published in Daily Jang, while briefing the Senate Standing Committee on Finance and Revenue, Bostan said that exchange companies can provide the government $24 billion over the next 24 months and Pakistan will not need IMF anymore.

Asking for some concessions like doing away with the requirement of producing CNIC for transactions of $15,000, he claimed that exchange companies provided the government $10 billion after the 1998 nuclear explosions.

Bostan also claimed that exchange companies are giving $400 million a month to the government in addition to providing $4 billion annually to citizens for travel and education-related expenses. He added that so far forex firms have provided the current government $4 billion.

He also told the committee that Pakistanis currently have around $4 billion in cash and relaxing certain conditions can bring that money into the market.

    • Bro this is Pakistan and government will never go for any relief to public, creating the panic in market and after that bit relax is enough for this sleeping nation.

      We should promote this news if true spread more for this nation is our duty.

  • Sounds good. Questions
    1. Where will that money come from?
    2. Why do they need no CNIC for over $15k?

    This is an offer only the ‘establishment’ which has 0 economic sense will agree with. Kaan idher say pakro ya udher say, nuqsan qom ka hona ha, aur faida in logon ko.

    • Only the establishment will agree???? It’s tailor made for the launderers who are the government today.

  • Money laundering by the big Anacondas is detrimental to the Pakistan and its poor population. If this offer is also ML at least it is beneficial to the country. You have my “go ahead” Malik Bostan!!!

  • The offer is lucrative but means legalising money laundering and would surely lead to black listing by FATF. Means more problems

  • Pakistanis are keeping their money abroad because of too many restrictions to open dollar account

  • On what terms & contains. The GoP will see either condition are acceptable or not, then it’s decided.

    • The present GoP will agree to any proposal which helps getting their money out of the country.

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