SBP to Introduce Plastic Banknotes to Curb Counterfeiting

Today, the ongoing discussions between Pakistan and the International Monetary Fund (IMF) regarding the upcoming loan installment are set to continue. The IMF representatives will be briefed on various issues, including reforms in the Federal Bureau of Revenue (FBR), tax collection, and immediate measures to reduce tax collection for the current fiscal year.

Furthermore, officials from the State Bank of Pakistan (SBP) will present their plan to introduce new plastic currency notes to tackle counterfeit money, a strategy already implemented in Far Eastern countries and Switzerland.

In addition, the IMF will be updated on the progress of country reports under the United Nations Anti-Corruption Convention. As per the IMF’s requirements, Pakistan is obligated to prepare an expert report on the effectiveness of its anti-corruption institutions. This responsibility is overseen by the Ministry of Interior and the Ministry of Law.

The IMF will also be apprised of the steps taken to improve the performance of government institutions and the progress of privatization.

It’s important to mention that the IMF delegation arrived in Islamabad yesterday for talks with Pakistani officials, including a meeting with Finance Minister Muhammad Aurangzeb.

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