Pakistan to launch plastic currency to prevent fake notes

Islamabad: The negotiations between Pakistan and the International Monetary Fund (IMF) mission for the next installment of the loan will continue today (Friday).

According to the media reports, the IMF officials will be briefed on Federal Bureau of Revenue (FBR) reforms, tax collection and other issues, also on more urgent measures to reduce tax collection this fiscal year.

It is also reported that State Bank of Pakistan (SBP) officials will brief the IMF delegation on the plan to issue new plastic notes to prevent fake currency.

Such currency notes are being used in Far Eastern countries and Switzerland.

Apart from this, the IMF will also be briefed on issuing country reports under the United Nations Anti-Corruption Convention.

The IMF had made a condition for Pakistan to prepare a report from experts on the efficiency of anti-corruption institutions.

According to the reports, this condition of IMF has to be implemented by Ministry of Interior and Ministry of Law.

The IMF will also be briefed on improving the efficiency of government institutions and privatization, reportedly.

It is pertinent to note that the IMF had reached Islamabad yesterday for talks with the Pakistani authorities. They also met the Finance Minister Muhammad Aurangzeb.