Islamabad, Dec 3: The Pakistani government has initiated mandatory asset disclosures for civil servants and their families to fulfill the conditions required for the release of the second $1.1 billion tranche under the International Monetary Fund (IMF)’s Extended Fund Facility (EFF). This move is part of a broader set of 39 conditions outlined by the IMF, including eliminating tax amnesties and exemptions, issuing a governance and corruption assessment report, and meeting fiscal and monetary targets.
Key IMF Conditions:
- Civil Servants’ Asset Disclosures: Civil servants must disclose their assets by February 2025.
- Foreign Exchange Reserves: Maintain reserves covering three months of imports.
- Exchange Rate Gap: The open market/interbank exchange rate gap must be kept within 1.25%.
- Central Bank Reserves: Increase to $8.65 billion by June 2025.
- Public Sector Liabilities: Capped at Rs. 5.6 trillion.
- Power Sector Arrears: Limited to Rs. 417 billion.
- Tax Refund Backlogs: Must be kept below Rs. 24 billion.
- Prohibition on Off-Budget Funding: The government is restricted from granting funds outside the approved budget.
These measures are intended to address key fiscal and monetary concerns and support Pakistan’s financial stability.
