IMF Scans Pakistan's Judicial, Regulatory System

2025-02-10 02:15:22

(MENAFN- IANS) Islamabad, Feb 10 (IANS) The International Monetary Fund (IMF) was scrutinising the judicial and regulatory system of Pakistan as part of the ongoing $7 billion Extended Fund Facility (EFF) to address governance and corruption vulnerabilities, according to the Ministry of Finance.

According to the government of Pakistan, the IMF team will engage with financial, revenue, and election bodies in the country.

An assessment must be published in July sharing measures to address corruption and governance vulnerabilities, reports Dwan, quoting the Ministry of Finance.

Under the United Nations framework, Pakistan is required to publish the corruption report immediately after a review.

A technical mission of the IMF is in Pakistan for a week-long examination of six key governance-related sectors and institutions, the ministry stated.

In October, Pakistan committed to the IMF to strengthen institutional capacities to fight corruption, support inclusive growth, and provide a level playing field for businesses and investments.

As a result, a structural benchmark had been set to publish by July 2025 a report on the Governance and Corruption Diagnostic Assessment (GCDA) to analyse critical governance and corruption vulnerabilities and identify priority structural reforms moving forward, the ministry said.

According to the media report, the mission would also be engaging with leading members of the superior judiciary besides the leadership of the financial, revenue, and election bodies to review their process.

The mission will examine six core state functions, including fiscal governance, central bank governance and operations, financial sector oversight, market regulation, rule of law, and anti-money laundering and counter-financing terror.

In 2024, The IMF approved $7 billion to Pakistan under a 37-month loan program, with $1 billion earmarked for immediate disbursement.

Pakistan has been dependent on IMF funds to meet its needs for decades and has struggled after years of financial mismanagement. It is currently its fifth-largest debtor and has taken 24 loans from the IMF since 1958.

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