Pakistan Strengthens Anti Corruption Measures with Digital Asset Declarations

The government is poised to amend the Civil Servants Act by February's end to fulfill a crucial structural benchmark set by the International Monetary Fund (IMF). This change will require senior government officials (BS-17 to BS-22) to declare their assets, with the filings to be submitted digitally and made publicly accessible via the Federal Board of Revenue (FBR). A risk-based verification system will be managed by a single authority to oversee the process.

In response to IMF requirements, the government has pledged to digitize the asset declaration system and enforce it through new legislation. This step is part of a broader effort to tackle corruption and enhance transparency, with the IMF having identified these issues as significant barriers to Pakistan's economic progress. To address this, Pakistani authorities have requested IMF support for a governance and corruption diagnostic, committing to releasing a detailed report and action plan by July 2025.

Additionally, the government aims to strengthen the National Accountability Bureau (NAB) to improve its independence and effectiveness, dependent on a Supreme Court ruling on its operational framework. Legislative reforms may follow to bolster NAB’s investigative capabilities and improve coordination with provincial anti-corruption bodies.

To enhance financial monitoring, the State Bank of Pakistan (SBP), FBR, and the Financial Monitoring Unit (FMU) will assist banks in accessing asset declarations of senior public officials, ensuring compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. A new digital portal will be introduced by September 2025 to streamline these requests.

These reforms are pivotal for Pakistan's adherence to the IMF program and will be closely reviewed during the March talks. The government remains optimistic that meeting these conditions will unlock further disbursements under the $7 billion IMF loan agreement