The International Monetary Fund (IMF) has warned Pakistan to take stern action against corruption and political interference in anti-corruption efforts, following the approval of a $7 billion Extended Fund Facility (EFF) for the country.
On September 25, the IMF Executive Board approved a 37-month EFF arrangement for Pakistan, aimed at supporting the country’s economic stability and growth.
The key goals of the arrangement include sustainable public finances, reducing inflation, and strengthening external financial buffers. However, the IMF has stressed that tackling corruption is crucial for the success of these reforms.
The IMF’s latest recommendations emphasize the need for an effective and independent investigation system to combat corruption.
Specifically, the IMF called for the National Accountability Bureau (NAB) to be made more independent and efficient, in line with a recent Supreme Court decision.
It also urged the government to develop a comprehensive action plan to tackle corruption by June 2025.
In addition, the IMF highlighted the importance of digitizing the Federal Board of Revenue (FBR) to enhance transparency.
This includes making public the asset declarations of all government officials, including parliamentarians, to improve accountability.
The global financial institution also expressed concern that corruption is hindering Pakistan’s reform efforts, pointing out that NAB has not been provided with accurate data for investigations.
The IMF emphasized that the government must ensure NAB has access to reliable information to effectively pursue corruption cases.
As Pakistan works to implement the terms of its IMF-backed economic plan, addressing corruption and strengthening institutional accountability will be key to achieving the desired reforms and economic stability.
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