Islamabad: International Monetary Fund (IMF) has identified corruption, bureaucratic red tape and weak business environment as primary challenges hindering Pakistan’s development.

In response, government has assured IMF of taking firm steps to address these issues, including greater transparency and accountability in public sector. Government has also assured IMF of curbing corruption and abuse of power.

According to recent report presented to global lender, government plans to disclose assets of senior bureaucrats to combat corruption. Much like politicians, public officials in grades 17 to 22 will now be required to reveal their domestic and foreign assets, including those held by their families.

This change, to be implemented through amendments to Civil Service Act, is expected to be completed by February 2025. Once these amendments are made, Federal Board of Revenue will digitise asset declaration system.

Government has also committed to strengthening National Accountability Bureau (to ensure more effective oversight and investigation of corruption cases. Public officials will be held accountable and prevented from building illegitimate assets, IMF has been assured.

Following Supreme Court’s decision to grant NAB greater independence, government has vowed to improve its investigative capabilities and address political accusations that often hinder conviction of corrupt officials. It has also committed to tackle lack of convictions on corruption, political accusations and weak investigative capabilities.

IMF welcomed these commitments, emphasising that strong governance and robust anti-corruption institutions are critical to Pakistan’s economic reforms and development. However, Fund also warned that vested interests had great influence in government affairs and could impede or even reverse these reforms.

IMF’s report has outlined that ability to meet debt repayment obligations hinges on effective policy implementation and timely external funding.

Published in The Daily National Courier, October, 14 2024

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