The International Monetary Fund (IMF) is seeking 174 legal amendments from Pakistan as part of efforts to improve governance, reform subsidies and meet commitments under the ongoing IMF program, sources told ProPakistani.
Finance Secretary Imdadullah Bosal briefed the National Assembly Standing Committee on Finance on the program’s targets and conditions, saying Pakistan had completed three reviews and received $4.1 billion under the program so far.
Bosal said the government had implemented several IMF linked measures, including the removal of tax exemptions and a ban on supplementary grants. However, progress remains limited on some targets, particularly those involving energy sector circular debt and spending on education.
Bosal said the Federal Board of Revenue would provide certain asset details of officials to the Establishment Division, which would initiate disciplinary proceedings where officials are found to have disproportionate assets.
Former foreign minister Hina Rabbani Khar and lawmaker Naveed Qamar raised concerns over the partial public disclosure of officials’ assets. They questioned why parliamentarians are required to disclose all their assets while some information about government officials remains undisclosed.
The lawmakers also asked the government to explain the security concerns being mentioned for limiting the disclosure of officials’ assets.
Bosal separately briefed the committee on proposed changes to the Sovereign Wealth Fund Act. He said the amendment would allow joint investments, while the Sovereign Wealth Fund has also been aligned with the State Owned Enterprises Act as part of ongoing discussions with the IMF.
The finance secretary said subsidies across various sectors were also being gradually phased out under the government’s reform program.
The government plans to present the proposed legal amendments before Parliament as it continues work on the remaining commitments under the IMF program.
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