NFC meeting scheduled for December 4 to discuss IMF conditions, new award

ISLAMABAD: A meeting of the National Finance Commission (NFC) has been ‘scheduled’ for December 4 to discuss the implementation of IMF conditions and new financial award, ARY News reported on Friday.

As per sources, IMF proposals for the changes to the NFC Award will be discussed.  To consult on this matter, the federal government has invited the provinces to the upcoming meeting on December 4.

Federal Finance Minister Muhammad Aurangzeb, along with the finance ministers of all four provinces, will attend the session, according to the official notification.

The IMF is expected to be on board regarding the proposals for the new National Finance Award. Sources noted that if multiple sessions are required to finalize the new award, the process could take approximately six to eight months.

Previously, the first scheduled meeting had been postponed at the request of the provinces due to floods.

On Thursday, the International Monetary Fund (IMF) stated that corruption remains a persistent challenge in Pakistan, urging the Special Investment Facilitation Council (SIFC) to publish its first annual report.

IMF, in its Governance and Corruption Diagnostic Assessment (GCDA), stated that corruption poses serious risks to economic development and public trust. The Fund urged the government to enhance transparency, strengthen governance structures, and immediately begin implementing a comprehensive reform agenda.

According to the report, the IMF has called on the SIFC to develop clear protocols for its operations and significantly improve transparency to ensure effective oversight and accountability.

It further recommended that the SIFC must publish its first annual report, detailing all investment deals it has facilitated, including any tax, policy, regulatory, or legislative concessions granted—along with the full rationale and the monetary value of each concession.