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NEW DELHI: India will make a strong case to put Pakistan back on the Financial Action Task Force ‘grey list’ at its next meeting in June and highlight Islamabad’s failure to comply with anti-money laundering and terror financing rules, a govt source told TOI on Friday.India will also oppose a World Bank funding plan for Pakistan, which is also scheduled for discussion in June, the source said, adding Islamabad had used funds from multilateral agencies to buy arms.The source said India will present a dossier to the watchdog detailing how Pakistan had failed to comply with the rules.World Bank expected to review $20bn funding for Pakistan Against the backdrop of escalating tensions between India and Pakistan post Pahalgam massacre, New Delhi has mounted a global offensive against Pakistan, which it has accused of backing terrorists.After Pakistan was placed in FATF ‘grey list’ in 2018, it had promised to submit an action plan to curb money laundering and terror financing. It had also talked about enacting a law, which it has failed to do so far. In Oct 2022, FATF had announced that Pakistan had been removed from its ‘grey list’ as it had largely completed its action plans.Removal from the ‘grey list’ enables a country to have greater access to foreign loans and aid. When FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring and this is referred to as the ‘grey list’.World Bank is expected to review a $20 billion funding for Pakistan under the 10-year country partnership framework that was announced in Jan this year.Earlier this month, India had strongly objected to IMF, which approved a $2.3 billion loan to Pakistan under the extended fund facility lending programme ($1 billion) and a fresh resilience and sustainability facility lending plan of $1.3 billion.India abstained from voting as IMF rules do not permit a formal ‘no’ vote. India had conveyed its strong dissent within the constraints of the IMF’s voting system and used the opportunity to formally record its objections. Source said finance minister Nirmala Sitharaman had spoken to IMF chief Kristalina Georgieva and several European finance ministers expressing India’s strong objection.“India is not averse to any country receiving money for development. But IMF funding was not the right thing to do at a time when there were border tensions between India and Pakistan and a situation of war. Also, Pakistan has a history of spending not for people, but for buying arms,” the source said.After India’s sustained objection, IMF has imposed 11 strict conditions on Pakistan on several parameters linked to fiscal, governance, social, monetary and financial parameters along with metrics to be met in energy sector and trade, investment policy and deregulation.Sources citing public data said Pakistan spends on average around 18% of its general budget on “defence affairs and services”, while even conflict-affected countries spend on average far less (10-14% of their general budget expenditure). Sources pointed out that Pakistan’s arms imports increased from 1980 to 2023 by over 20% on average in the years when it received IMF disbursements compared to years when it did not receive such funds.
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