IMF shows reservations over govt officers' assets declaration mechanism

ISLAMABAD: The IMF has expressed its concern over the government officers’ assets declaration mechanism, the sources at the Ministry of Finance here said on Tuesday.

The International Monetary Fund has demanded formation of a mechanism in federal government as well as in provinces for the government officials’ declaration of their assets, ministry’s sources said.

The lender has refused to accept a proposal of the economic team of only sharing the information of accounts, sources said.

According to sources, the minister of finance in a meeting with the MD IMF will request for signing the staff level agreement and will seek new timelines for the mechanism of assets declaration.

It is to be mentioned here that the IMF Mission has said that making public or sharing bank accounts information has been insufficient, sources said.

“The bank accounts information has not been sufficient as assets or bank accounts could also be on other names,” sources said.

Federal Minister for Finance Muhammad Aurangzeb met with Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, during his six-day visit to the United States for the IMF and World Bank Annual Meetings.

According to the Finance Division, Aurangzeb had a busy first day of meetings with key international officials, including discussions with IMF representatives on Pakistan’s reform agenda and the progress under the Second Review of the Extended Fund Facility (EFF). Both sides emphasized the importance of continuing reforms and maintaining macroeconomic discipline.