IMF 'seeks' special audit of supplementary grants in Pakistan

ISLAMABAD: The International Monetary Fund (IMF) has demanded a special audit of supplementary grants issued by Pakistan over the past ten years, ARY News reported, citing sources.

An IMF technical mission has arrived in Pakistan to review progress on targets related to the budget process and public finance management reforms.

The mission will assess implementation of goals set for improving the budgetary framework and modernizing public finance management (PFM).

According to sources, the IMF has also proposed limiting the federal government’s powers to issue supplementary grants without parliamentary oversight.

Sources further said that a high-powered committee will be established to oversee the digitized Public Finance Management Master Plan.

The International Monetary Fund delegation is expected to stay in Pakistan for over a week to provide technical assistance to relevant ministries.

As part of the reforms, the Finance and Planning Ministries of Pakistan will jointly issue the Budget Call Circular before the upcoming fiscal year’s budget preparations.

In addition, the Auditor General of Pakistan will conduct an audit of the supplementary grant mechanism to ensure greater transparency and efficiency.

According to the Finance Ministry sources, the Public Finance Management Act may also undergo certain amendments as part of the ongoing reform process.