ISLAMABAD: The cabinet has approved a draft which includes a new Section 15-A in the Civil Servants Act 1973, by which all government employees from Grade 17 to Grade 22 will be required to declare their assets. The cabinet meeting was chaired by Prime Minister on Wednesday.
Under this new amendment, government employees must declare both local and foreign assets of themselves alongside their families. These asset details would have to be submitted online to the Federal Board of Revenue (FBR). The foreign assets include but are not limited to bank accounts, property, and business investments. Once the digital filing system is introduced, declaring foreign properties and investments will be mandatory for the public servants.
IMF delegation meets PM; govt commits to reform continuation
This move will allow public access to government employees’ asset details, but their ID, addresses and bond numbers will be kept private in the FBR record. The amendment includes recommendations from the FBR, Ministry of Finance and Ministry of Law. Earlier this week, the International Monetary Fund (IMF)rejected the Ministry of Finance’s request for ease on asset declaration.
The amended draft will be presented to Parliament for approval, and once approved, it would also be presented to the IMF delegation.
Pakistan on track to meet IMF targets
In a separate engagement in Dubai, PM Sharif assured IMF of government’s commitment to continue the reform agenda. He held a meeting with the IMF Managing Director Kristalina Georgieva on wherein both sides discussed Pakistan’s ongoing IMF program and the macroeconomic stability achieved through the government’s comprehensive reform agenda.
The meeting, held on the sidelines of the World Governments Summit (WGS) 2025 in Dubai, highlighted Pakistan’s commitment to implementing structural reforms and maintaining fiscal discipline, which had been instrumental in restoring economic stability and would be critical in driving sustainable growth, according to a PM Office press release issued Wednesday.
PM Sharif lauded the progress made under the IMF’s Extended Fund Facility (EFF), which has played a key role in stabilizing Pakistan’s economy; setting it on the path of long-term recovery.
Speaking about the set targets achieved by Pakistan, advisor to the Finance Minister, Khurram Schehzad said Pakistan is on track to meet the key conditions of the IMF programme to secure the next USD one billion tranche. While speaking to Nukta.com, he highlighted that significant targets have been achieved, including a primary balance surplus, provincial surpluses, and increased provincial revenue collection.
An IMF delegation is expected to arrive in the first week of March to assess the economic situation, including the operations of power and distribution companies, the privatisation of state-owned enterprises, the social protection plan, central bank policies, and revenue collection goals.