IMF delivers a major setback to Pakistan
The International Monetary Fund (IMF) has dealt a major blow to Pakistan by rejecting its request for exemptions and extensions in asset declarations of government officials. Now, the federal government is reviewing the amended Civil Servants Act, which it plans to present before the IMF this month.
According to The Nation, IMF’s technical team has met with key institutions, including the Cabinet Division, Prime Minister’s Office, Finance Ministry, and Law Ministry. The team is pressuring Pakistan to meet financial conditions by ensuring transparency in asset declarations.
With IMF’s objections, Pakistani government officials must now disclose their assets, including income sources and power of attorney for their spouses and children. The IMF insists on making these details public, including information about assets held abroad.
Pakistan sought a waiver, but the IMF refused and demanded an authority to monitor and publish asset declarations. The IMF team, in Pakistan since February 6, will complete its visit on February 14. This visit is part of Pakistan’s $7 billion bailout package negotiations.
