Islamabad, Feb 22: An International Monetary Fund (IMF) mission after visiting Pakistan to evaluate the country’s governance appreciated the government’s commitment to such assessments.
A technical mission of the IMF was in Pakistan earlier this month to scrutinise the judicial and regulatory system as part of the ongoing USD 7 billion Extended Fund Facility (EFF) to address governance and corruption vulnerabilities, Dawn News reported.
During the visit, a delegation led by Joel Turkewitz met with the Chief Justice of Pakistan, Yahya Afridi, to discuss judicial performance, governance, and reforms.
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In a recent statement on its website, the IMF recalled that its scoping mission visited Islamabad from February 6 to 14 “to lay the groundwork for a Governance and Corruption Diagnostic Assessment (GCD) at the government’s request.”
“The IMF appreciates the Pakistan government’s commitment to this exercise and looks forward to continuing our collaboration,” it said.
The IMF further announced that its scoping team for the GCD assessment will “return to Pakistan later this year to continue gathering information and exploring opportunities to strengthen governance, integrity, and economic outcomes in preparation for the eventual assessment.”
The IMF noted the mission’s focus was to assess governance and corruption vulnerabilities across six core state functions.
“These include fiscal governance, central bank governance and operations, financial sector oversight, market regulation, rule of law, and anti-money laundering and countering the financing of terrorism (AML-CFT).”
During its visit, the team engaged with the Finance Division, the Federal Board of Revenue, the State Bank of Pakistan, the Auditor General of Pakistan, the Securities and Exchange Commission of Pakistan, the Ministry of Law and Justice, and the Supreme Court, the IMF said.
“In addition, the IMF team met with a range of other stakeholders, including business associations, civil society organisations, and international development partners.”
Pakistan is expecting two more policy-level IMF staff missions on talks for more than USD 1 billion in additional financing for climate resilience and a review of the ongoing USD 7 billion loan programme.
Pakistan in October last year formally requested around USD 1 billion in funding from the IMF under the Resilience and Sustainability Trust (RSF) to address the nation’s vulnerability to climate change.
In a statement, Mahir Binici, IMF’s resident representative in Islamabad, confirmed that a staff team was “scheduled to visit Pakistan in early to mid-March for discussions around the first review under Pakistan’s Extended Fund Facility-supported programme and the authorities’ request for assistance” under an RSF arrangement.
Finance Minister Muhammad Aurangzeb said that Binci, referring to the mission scheduled for February 24 to 28, stressed: “In this regard, a technical team will be in Pakistan starting in late February to discuss technical issues related to a possible RSF arrangement.”
The funding under RSF is made available to nations who commit to high-quality reforms to build resilience against climate catastrophes through adaptation.
It is repayable over 30 years, including a 10-year grace, and is normally cheaper than terms for an EFF, such as the USD 7 billion loan programme which was signed with Pakistan last year, Dawn reported. (PTI)
Kash Patel takes oath as FBI director on Bhagwat Gita
Washington, Feb 22: Kash Patel took oath as the ninth director of the FBI on the Bhagavad Gita and spoke about how a first-generation Indian kid is living the American dream, reflecting on his heritage.
The US Senate voted 51 to 49 to confirm Patel on Thursday.
Patel’s family members and girlfriend were present during the oath ceremony on Friday.
The oath ceremony was administered by US Attorney General Pam Bondi in the Indian Treaty Room in the Eisenhower Executive Office Building (EEOB) on the White House campus.
She asked Patel to place his hand on the Gita and raise his right hand to take the oath.
“I am living the American dream. Anyone who thinks the American dream is dead, just look right here. You’re talking to a first-generation Indian kid who’s about to lead the law enforcement community, the greatest nation on God’s green earth. That can’t happen anywhere else,” Patel, 44, said.
New York-born Patel has his roots in Gujarat. However, his parents are from East Africa – his mother is from Tanzania and his father is from Uganda. They came to the US from Canada in 1970.
The family moved to Queens in New York – often called Little India — in the late 70s. Patel was born and grew up there.
Patel’s parents are retired now and spend their time in both the US and Gujarat.
During his swearing-in ceremony, Patel expressed gratitude to President Donald Trump, his family and the senators who voted for his confirmation, saying they’d put an “enormous leap of faith” in him.
“Look, I know the media’s in here, and if you have a target, the target’s right here,” Patel said as he pointed to himself. “It is not the men and women at the FBI.”
Patel also addressed his critics who believe there will be a “two-tiered system of justice.”
“Not with Attorney General Bondi,” he assured the sceptics. “There’s a singular system of justice for all Americans, and there will be accountability.”
“We will uphold the Constitution. We will uphold ourselves to the Constitution. The men and women at the FBI I have your back because you have the backs of the American people,” he said. “You will be held to the same high standard. Any deviation from that standard will not be tolerated at this Federal Bureau of Investigation.”
Before the swearing-in ceremony, Trump praised Patel, saying he would go down as the best FBI director.
“One of the reasons I loved Kash and wanted to put him in was the respect the agents had for him. I think he’ll go down as the best ever at that position.” (PTI)
