The International Monetary Fund (IMF) has declined Pakistan’s request to extend the deadline for government officials’ asset declarations, according to sources.
Following the IMF’s decision, Pakistan has initiated consultations to draft a revised Civil Servants Act, which will be submitted to the IMF by February. However, government officials indicate that formal legislative action regarding asset disclosures is unlikely before then.
The IMF’s technical team has engaged in discussions with key institutions, including the Cabinet Division, Prime Minister’s Office, Ministry of Finance, and Ministry of Law, urging Pakistan to meet financial compliance benchmarks.
As part of the proposed framework, government officials, along with their spouses and children, will be required to declare their assets, income sources, and power of attorney details. The IMF has also emphasized the need for public disclosure of these assets, including those held overseas.
However, Pakistani authorities have sought relaxation in regulations concerning public access to this financial information.
The IMF has further recommended the establishment of an independent authority to oversee and publish asset declarations, aligning with broader governance reforms. These measures are part of the ongoing IMF mission to Pakistan from February 6 to 14, where discussions focus on anti-corruption and anti-money laundering efforts—critical conditions linked to the $7 billion bailout package.
Additionally, the Ministry of Law is set to brief the IMF team on legal mechanisms to combat corruption, while discussions will also include enforcement of Financial Action Task Force (FATF) regulations. The IMF delegation is expected to hold meetings with the National Accountability Bureau (NAB), judiciary, and other relevant institutions to evaluate progress on governance reforms.
