IMF stresses Pakistan to show Ministers’ assets, reduce prize bonds

ISLAMABAD, February 6: International Monitory Fund (IMF) has released some more details of its agreement with Pakistan acknowledging of implemented 26 out of 27 points of the Financial Action Task Force (FATF) on Sunday.
The IMF stressed Pakistan to complete the implementation of the FATF action plan and establish a system of disclosure of assets on a priority basis.
The IMF urged Pakistan that the assets of top government officials including ministers should be disclosed. It also said that the use of prize bonds should be reduced as they are being used for tax evasion and illegal activities.
Pakistan should investigate and punish the leaders of terrorist groups, The IMF advised adding that the ‘Financial Intelligence Unit’ should also be made effective and corrected the flaws in the financial system.
The IMF urged Pakistan to privatize its two public banks and LNG Power plants. It also stressed reducing the rate of issuance of bank loans and controlling the amnesty scheme of the financial institutions for the construction sector.
It further stated that the Pakistani authorities should develop a working group strategy consisting of stakeholders of the matter of mortgaged property by the end of this month (February 2022) and also develop a legal, regulatory and policy framework for state-owned institutes. Ownership of state-owned institutes and commercial operations should also be approved by the Pakistani parliament by amending the Ownership Policy Act till June 2022, the IMF stressed adding that the procedure of foreign investment and process of import and export at borders should be eased. The IMF advised Pakistan to hold a timely audit of important state institutions including utility stores and review the performance of Pakistan’s anti-corruption agencies with the help of independent experts. -NNI