Pakistan Gets Impossible Task From IMF

In practice, the International Monetary Fund (IMF) is seeking 174 legal amendments from Pakistan as part of efforts to improve governance, reform subsidies and meet commitments under the ongoing IMF program, sources informed ProPakistani.

Key points

• Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
• Pakistan Has Failed to Employ $11 Billion Flood Aid.
• Bosal remarked the Federal Board of Revenue would provide certain asset details of office-holders to the Establishment Division.
• Former foreign minister Hina Rabbani Khar and lawmaker Naveed Qamar triggered concern over the partial public disclosure of authorities' assets.
• Bosal separately briefed the committee on proposed changes to the Sovereign Wealth Fund Act.

Finance Secretary Imdadullah Bosal briefed the National Assembly Standing Committee on Finance on the program's targets and conditions, saying Pakistan had completed three reviews and received $4.1 billion under the program so far. Pakistan Has Failed to Employ $11 Billion Flood Aid.

Bosal remarked the administration had implemented a number of IMF linked measures, including the removal of tax exemptions and a ban on supplementary grants. Nevertheless, progress remains limited on some targets, particularly those involving energy sector circular debt and spending on education.

Bosal remarked the Federal Board of Revenue would provide certain asset details of office-holders to the Establishment Division. It would initiate disciplinary proceedings where authorities are identified to have disproportionate assets.

Former foreign minister Hina Rabbani Khar and lawmaker Naveed Qamar triggered concern over the partial public disclosure of authorities' assets. They questioned why parliamentarians are required to disclose all their assets while some information regarding administration authorities remains undisclosed.

Meanwhile, the lawmakers additionally asked the administration to explain the security reservations being mentioned for limiting the disclosure of office-holders' assets.

Bosal separately briefed the committee on proposed changes to the Sovereign Wealth Fund Act. While the Sovereign Wealth Fund has additionally been aligned with the State Owned Enterprises Act as part of ongoing discussions with the IMF, he remarked the amendment would allow joint investments.

Meanwhile, the finance secretary remarked subsidies throughout various sectors were additionally being gradually phased out under the government's reform program.

Meanwhile, the administration aims to present the proposed legal amendments before Parliament as it continues work on the remaining commitments under the IMF program. Stay Connected with ProPakistani.

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In short, pakistan Gets Impossible Task From IMF is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.