Islamabad: The International Monetary Fund (IMF) has launched a governance and corruption diagnostic assessment in Pakistan, set to conclude on February 14, 2025. The mission, the first of its kind, is evaluating Pakistan’s governance structures, anti-corruption measures, and financial oversight. A key recommendation from the IMF team is the urgent need to digitalize land records to curb corruption and enhance transparency.
The mission organised meetings with key government organisations such as the Federal Board of Revenue (FBR), the Federal Land Commission, the State Bank of Pakistan (SBP), and the National Anti-Money Laundering and Counter-Terrorism Authority. The negotiations attempted to combat tax evasion, smuggling, and money laundering while developing improved governance mechanisms.
The review procedure broadens its scope to include judicial independence as well as the maintenance of ethical norms. The IMF members will consult with both the Pakistan judge Commission and the Supreme Court to assess judge selection protocols in light of the political changes brought about by the 26th Constitutional Amendment.
The IMF examines both the National Accountability Bureau’s operations and Pakistan’s anti-corruption framework. The examination evaluates police competence in investigating corruption and money laundering. The Financial Monitoring Unit’s operations will be assessed to establish their procedures for reporting and dealing with suspicious financial actions.
The financial sector of Pakistan requires dual attention. The IMF undertakes an examination of the regulatory framework of the SBP, encompassing the governance standards of the banking sector as well as the intervention strategies employed for state-owned institutions. The review examines prior allegations against the financial sector, specifically pertaining to currency exchange manipulation and money laundering associated with import schemes.
The evaluation encompasses both the oversight of public investment and the management of debt, in addition to the systems of fiscal regulation. The execution of the budget, treasury operations, and public-private partnerships will be meticulously scrutinised during discussions between representatives of the International Monetary Fund and officials from the Ministry of Finance, the Ministry of Planning, and the Privatisation Commission.
In accordance with the $7 billion agreement established between the IMF and Pakistan, the conclusive assessment report is anticipated to be released in July 2025. The report will provide recommendations for structural reforms to improve governance, reduce corruption, and strengthen institutional accountability. The findings will play a crucial role in shaping Pakistan’s economic policies and regulatory framework moving forward.