Pakistan has shared an action plan with the International Monetary Fund (IMF) to review the appointment process of the chairman of the National Accountability Bureau (NAB), publish asset declarations of senior federal civil servants in 2026 and introduce a risk-based verification system for assets.
Under the plan, the procedure for appointing the NAB chairman will be formally reviewed and presented before the federal cabinet for consideration. If required, further measures will be taken to enhance the credibility of the anti-corruption watchdog by June 27.
An IMF review mission is scheduled to visit Pakistan from February 25 to March 11, 2026, to assess performance under the $7 billion Extended Fund Facility (EFF) and the $1.4 billion Resilience and Sustainability Facility. Governance reforms, corruption diagnostics and the appointment processes of heads of key regulatory bodies will form a central part of the discussions.
Pakistan has agreed with the IMF to review and strengthen the legal framework governing appointments in major oversight institutions, including the Competition Commission of Pakistan (CCP), the Securities and Exchange Commission of Pakistan (SECP) and NAB, to promote merit-based selections.
In the case of the SECP, the direct appointment process of its chairman has been incorporated into the proposed SECP Amendment Bill, which envisages the formation of a selection committee to identify and recommend candidates. The federal government will notify rules formalizing the procedure.
The SECP rules will outline a comprehensive mechanism for appointing the chairman, commissioners and policy board members, including initiating the appointment process at least three months prior to the expiry of a term. Publication of an annual governance and transparency report, approved by the SECP Policy Board, along with measures to strengthen oversight and reduce leadership gaps, is expected to be completed by June 27 to enhance regulatory stability and investor confidence.
Amendments to the Competition Act 2010 will also be required to enable an independent and separate appointment of the CCP chairperson. The CCP rules will similarly provide a detailed procedure for appointments, ensure initiation of the process three months before term completion and mandate publication of an annual governance and transparency report approved by the commission.
These steps are aimed at improving the effectiveness of competition enforcement in markets, including commodity markets, by the June 27 deadline.
During the upcoming visit, the IMF delegation will also review Pakistan’s progress on the Governance and Corruption Diagnostics (GCD) assessment report, with particular focus on implementation measures related to transparency, institutional independence and anti-corruption reforms.
