According to sources, Pakistan’s request for an extension on government personnel’ asset declarations was denied by the International Monetary Fund (IMF).
Consultations on a revised Civil Servants Act have started in response to the IMF’s rejection, and it will be submitted to the IMF by February. However, government sources say it is doubtful that asset declaration legislation will be passed before then.
Pakistan has been urged to finish benchmarking in accordance with financial conditions by the IMF’s technical team, which has met with important organizations such as the Cabinet Division, PM Office, Ministry of Finance, and Ministry of Law.
Government officials will have to reveal their assets, including those of their spouses and children, as well as their sources of income and power of attorney information under the new structure. Additionally, the IMF has demanded that these assets—including any held abroad—be made publicly available.
Authorities in Pakistan have, in the meanwhile, asked that the regulations controlling public access to this data be loosened.
The IMF has also called for the creation of a body to monitor and disseminate asset disclosures made by public officials. As the IMF delegation travels to Pakistan from February 6 to 14 to evaluate anti-corruption and anti-money laundering measures—two crucial requirements linked to the $7 billion bailout package—this demand is a component of larger governance reforms that are being discussed.
The IMF delegation will also receive a briefing from the Ministry of Law on legal frameworks aimed at combating corruption. The discussions will also include the enforcement of targets set by the Financial Action Task Force (FATF). To assess the status of governance reforms, the IMF delegation is anticipated to meet with representatives from the court, NAB, and other institutions.
