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.
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