Islamabad, Feb 11: The International Monetary Fund (IMF) has turned down the federal government’s plea for an extension on the deadline for asset declarations by bureaucrats and government officials. Following this rejection, discussions have commenced on revising the Civil Servants Act, with proposed amendments expected to be shared with the IMF before the end of February 2025.
According to government sources, the finalization of legislation enforcing mandatory asset declarations might now be pushed beyond February. The revised law will make it compulsory for public servants in BS-17 to BS-22 to declare their assets, including those beneficially owned by their family members.
IMF Pushes for Transparency in Asset Disclosures
An IMF technical delegation has recently engaged in discussions with key institutions, including the Prime Minister’s Office, Ministry of Finance, Ministry of Law, and Cabinet Division. The Fund has emphasized the importance of meeting the required structural benchmarks, urging the Finance Ministry to ensure full compliance.
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The proposed amendments aim to enhance financial transparency by requiring government officials to disclose:
- Assets registered under their names and their family members
- Details of their children’s educational institutions
- Power of attorney records
Additionally, Pakistani authorities have requested the IMF to ease conditions related to public access to these asset declarations, citing concerns over privacy and potential misuse of information. However, it remains uncertain whether the IMF will accommodate this request.
As negotiations continue, the federal government is expected to expedite legislative efforts to align with the IMF’s transparency framework, a key condition for securing further financial assistance.
