ISLAMABAD: In compliance with the IMF’s structural benchmarks, the government plans to amend the Civil Servants Act to make it mandatory for senior public office holders (BS-17 to 22) to declare their assets.
The move aligns with the IMF’s conditions, requiring digital filing and public accessibility of asset declarations, including foreign and domestic assets beneficially owned by officials and their family members. The Federal Board of Revenue (FBR) will oversee the process with a risk-based verification system to ensure transparency.
IMF’s Technical Mission on Governance & Corruption
The IMF’s technical mission on Governance and Corruption Diagnostic (GCD) Assessment held virtual discussions with the FBR on:
- Human resource policies
- Integrity management
- Recruitment process
- Remuneration structures
The mission will visit Pakistan in April and publish its findings by July 2025, forming part of the IMF’s structural benchmarks.
Key Commitments Made by Pakistan
- Governance & Corruption Assessment
- Pakistan, with IMF support, will conduct a detailed diagnostic assessment to identify governance weaknesses.
- The full report will be published by July 2025.
- UN Convention Against Corruption (UNCAC) Review
- A federal regulation will be issued by September 2024 to ensure publication of Pakistan’s UNCAC compliance review.
- The April 2024 Task Force Review Report will be made public.
- Strengthening the NAB & Provincial Anti-Corruption Units
- The National Accountability Bureau (NAB) may undergo legislative amendments to strengthen its independence and effectiveness, depending on a Supreme Court ruling.
- Provincial Anti-Corruption Establishments will be given legal authority to investigate corruption-related money laundering and access financial intelligence.
- Asset Declarations of Senior Public Officials
- The Civil Servants Act (1973) will be amended to enforce mandatory public asset declarations for BS-17 to BS-22 officers.
- These declarations will be:
- Digitally filed through the FBR.
- Publicly accessible, with privacy safeguards (excluding sensitive personal data).
- Subject to verification by the Establishment Division.
- Banking Sector Access for AML/CFT Compliance
- The State Bank of Pakistan (SBP), FBR, and Financial Monitoring Unit (FMU) will continue to allow banks access to asset declarations for anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance.
- A new digital portal will be launched by September 2024 to streamline access to asset data.
IMF’s Stance on Pakistan’s Governance Challenges
The IMF has identified corruption, bureaucratic inefficiencies, and weak business regulations as major hurdles to Pakistan’s economic progress. The influence of vested interests has previously blocked or reversed reforms, requiring stronger anti-corruption measures.
The government has assured the IMF that it will:
- Strengthen anti-corruption institutions.
- Enhance transparency in public office.
- Ensure accountability of public officials to deter illicit wealth accumulation.
These measures are part of Pakistan’s broader strategy to secure economic stability and improve governance under the IMF program.
