In a significant stride towards bolstering financial stability and economic growth, Pakistan’s major political parties, including the Pakistan Muslim League – Nawaz (PML-N), Pakistan Peoples Party (PPP), and Pakistan Tehreek-e-Insaf (PTI), have joined forces by giving lender written assurance to support the smooth implementation of a critical $3 billion bailout.
The lending institution expressed its satisfaction after receiving these significant assurances from all major political parties ahead of the upcoming general elections
The written assurances submitted by the political parties underscore their determination to adhere to the IMF loan agreement, highlighting a consensus among the non-league, PTI, and People’s Party to uphold the program’s objectives and policies.
Meanwhile, the IMF, recognising the importance of the loan agreement, lauded the support provided by the major political parties.
It emphasised that the infusion of $3 billion will help secure external financing in the coming months, providing Pakistan with the necessary resources to address its economic challenges effectively.
On the other hand, Pakistan has also provided reassurances to the lending institution that it will refrain from implementing new tax exemptions or amnesty measures.
According to a document Pakistan has pledged to implement various measures to combat corruption and enhance financial transparency.
One of the key initiatives is the establishment of an electronic asset declaration system, aimed at preventing corruption and documenting financial activities. This system will ensure that officers in grades 17 to 22 cannot conceal their foreign assets.
Furthermore, the document highlights that law enforcement agencies, including banks, will have access to this information, bolstering efforts to curb illicit financial activities.
The Federal Board of Revenue (FBR) will enforce a mandatory requirement for all banks to provide information, strengthening the government’s oversight on financial matters.
In a bid to promote accountability, the annual assets of elected and unelected public representatives will be made public, promoting transparency in governance.
Additionally, the Performance Report of Government Institutions will be issued by the Central Monitoring Unit, ensuring that institutions are held accountable for their actions.
The commitment to providing inflation-adjusted relief to the poorest sections of society is another noteworthy aspect of Pakistan’s engagement with the IMF. This move reflects the government’s focus on addressing socioeconomic disparities and supporting those in need.
