ISLAMABAD: Pakistan has agreed to another major condition set by the International Monetary Fund (IMF), moving closer to progress in the ongoing economic review talks.
According to official sources, the government has accepted the IMF’s demand to make the assets of public officials available to the public. To implement this, the Federal Board of Revenue (FBR) has released a draft amendment to the Civil Servants’ Assets Rules.
Under the proposed changes, all officers from Grade 17 to Grade 22 will be required to declare their assets. The term “public servant” will now include federal and provincial officers, as well as officials from autonomous bodies and state-owned companies. However, the National Accountability Ordinance 1999 exempts certain individuals from this requirement.
The FBR has given relevant stakeholders seven days to submit feedback and warned that it will reject any comments received after the deadline.
Officials stated that these changes, prepared under Section 237 of the Income Tax Ordinance, 2001, aim to promote transparency and enhance the system for managing and sharing asset declarations.
This step marks a key move by Pakistan to meet the IMF’s governance and transparency goals, which are essential for completing the ongoing review.
Meanwhile, talks between Islamabad and the IMF are in their final phase, with both sides reportedly agreeing on most issues, including import policy measures.
Earlier today, the IMF urged Pakistan to completely ban car imports under personal capacity, while allowing limited imports of commercial vehicles up to five years old.
Both sides agreed to tighten the rules for vehicle imports and align them with safety and regulatory standards.
Sources added that both sides have decided to ban car imports under personal baggage and transfer of residence schemes. Additionally, Pakistan will abolish the gift and baggage import schemes and has until October 15 to revise and strengthen the Transfer of Residence policy.
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