IMF Demands Pakistan to Disclose Assets of Public Officials

ISLAMABAD: The International Monetary Fund (IMF) on Saturday demanded Pakistan to public office holders, government officials, ministers, and parliamentarians.
According to sources, the IMF has proposed strict anti-corruption measures in the upcoming budget 2024. The monetary fund directed the government to establish a portal to disclose the assets of public officials, but the government has failed to do so, sources said.
Pakistan’s authorities are bound to create a portal and disclose asset details under the agreement with the IMF, sources added. The government had prepared a Performa for officials to disclose their assets, but it was not made public, sources revealed.
Furthermore, banks will now be required to obtain asset information from government officials when opening new accounts, sources said.
Earlier, reports revealed that in order to meet the International Monetary Fund (IMF) target, the development budget of Pakistan is reportedly being affected. The development budget of Rs 950 billion only Rs 379 billion have been utilized to meet IMF targets this year.
These budget reductions have damaging the various sectors including health, higher education and infrastructure projects in Pakistan.
Prior to this, IMF released an official statement following discussions with Pakistan. The statement confirmed that Islamabad has formally requested a new loan program from the IMF.
The IMF delegation, led by Mission Chief Nathan Porter, visited Pakistan and held extensive negotiations from May 13 to May 23 to discuss the country’s economic improvements.
The statement highlights that the Pakistani government is making serious efforts to increase revenue and emphasizes the need for fair tax collection from privileged sectors.
The International Monetary Fund (IMF) mission assured Pakistan of its commitment to working together for sustainable economic growth. The statement noted that Pakistan’s economy would stabilize with the support of the Extended Fund Facility (EFF) program.
Pakistan has successfully met the targets set under the Standby Arrangement Agreement, which will support the forthcoming new loan program. The statement underscores the necessity of expanding the tax net to ensure economic growth and stability. The IMF calls for appropriate policy and exchange rate measures to control inflation and stresses the critical need for energy sector reforms in Pakistan.
Reducing the cost of energy production is essential, and a stringent monetary policy is required until inflation is under control, the statement said.
The IMF also highlighted the need to improve the performance of state-owned enterprises and indicated that privatization of these corporations is essential for better efficiency.