A high-level delegation from the International Monetary Fund (IMF) recently visited Pakistan to review the country’s governance reforms and transparency measures. The visit is part of the IMF Governance and Corruption Diagnostic Assessment (GCDA), aimed at evaluating the effectiveness of Pakistan’s anti-corruption mechanisms and public sector accountability.
Engagement with the Auditor General of Pakistan (AGP)
The IMF delegation began its meetings with the Auditor General of Pakistan (AGP), focusing on audit procedures and government transparency. The discussions emphasized the pivotal role of the Parliament in ensuring public sector accountability, with the opposition traditionally tasked with overseeing government audits. The Leader of the Opposition or their nominee typically heads the Public Accounts Committee (PAC), a key body for monitoring financial transparency.
Digital Taxation and Revenue Reforms
The delegation also met with officials from the Federal Board of Revenue (FBR), where the focus was on the digitalization of tax administration. FBR officials highlighted that the ongoing tax reforms are enhancing transparency in the revenue collection process, curbing tax evasion, and promoting greater compliance among businesses and taxpayers.
Strengthening Corporate Regulations with SECP
Further discussions took place with the Securities and Exchange Commission of Pakistan (SECP), where the IMF reviewed the regulatory framework governing the corporate sector and stock market. SECP officials shared updates on their efforts to improve business practices and ensure stricter regulatory compliance, which helps create a transparent financial environment in Pakistan.
Enhancing Transparency in Property Transactions
In addition to these meetings, the IMF delegation visited the Ministry of Climate Change and the Ministry of Housing and Works. One of the key areas of discussion was the digitalization of land records, which aims to reduce corruption in property transactions and promote transparency in land management.
IMF Recommendations for Strengthening Governance
The IMF’s assessment is expected to provide valuable recommendations for strengthening Pakistan’s governance framework. These suggestions will focus on improving fiscal discipline, enhancing regulatory transparency, and addressing corruption in various sectors, ultimately contributing to a more transparent and efficient economy.
