KARACHI – In an effort to comply with a requirement established by the international lender, the government of Pakistan has notified asset declarations of state officials and their families. This action comes as the nation’s top authorities desperately try to win over the IMF for a stalled rescue package.
In the midst of the worst economic crisis in recent memory, the fifth-most populated nation teeters on the verge of defaulting on its debt as the Sharif-led administration makes efforts to placate the International Monetary Fund (IMF).
The Federal Board of Revenue recently published “Sharing of Declaration of Assets of Civil Officials Rules, 2023” for disclosing the assets of civil servants.
Public office holders in grades 17 through 22 were instructed to submit their assets and family members to the top tax collecting agency on January 31 and July 31. It should be highlighted that in the first phase, commercial institutions will have access to asset information about federal employees; in the second phase, provincial employees will also have this access.
In order to ensure transparency, a US-based lender has urged that Pakistan amend its rules governing government servant asset disclosure as well as establish an authority and an electronic assets declaration system.
The IMF mission visited the cash-strapped country to speak with the coalition government as Islamabad sought to reach a staff-level agreement with the international lender to secure a delayed loan tranche.