Pakistan Takes Bold Step Towards Financial Transparency, Senior Officials Must Declare Assets

In a groundbreaking move to increase transparency, Pakistan’s federal cabinet has given the green light to a crucial amendment to the Civil Servants Act of 1973. This new legislation mandates that senior government officials, ranging from BPS 17 to 22, disclose not only their own assets but also those held by their family members, in a significant step to meet a key demand from the International Monetary Fund (IMF).

The cabinet, under the leadership of Prime Minister Shehbaz Sharif, approved the recommendations from its legislative committee, which include this asset declaration requirement. The amendment to Section 15 of the Civil Servants Act is designed to ensure that both domestic and foreign assets of top officials are disclosed, further aligning with the government’s push for enhanced financial transparency and accountability.

The proposed law, set to be fully enacted by February 2025, will ensure digital filing of these declarations, with public access provided while maintaining strict safeguards to protect privacy and data security. As part of the broader reforms, once the Federal Board of Revenue (FBR) completes its digitalization, officials and taxpayers will be required to disclose foreign investments and properties held abroad.

During the meeting, Prime Minister Sharif reaffirmed his administration’s dedication to driving sustainable economic growth, with a focus on improving industrial productivity. He highlighted the positive feedback from IMF Managing Director Kristalina Georgieva during their recent meeting in Dubai, praising Pakistan’s economic progress and its efforts in fulfilling the IMF’s conditions.

In a bid to ease the burden on citizens, the prime minister also instructed authorities to implement strategies to ensure the affordability of essential food items, especially in the upcoming month of Ramazan. Ensuring that basic goods remain accessible to the public continues to be a top priority.

In additional decisions, the cabinet approved the appointment of Dr. Hassan Al-Amin as Director of the National Institute of Pakistan Studies at Quaid-e-Azam University, Islamabad, and Tahira Raza as a non-executive member of the State Bank of Pakistan for a five-year term. Moreover, the cabinet endorsed an initial draft agreement with Iraq aimed at eliminating double taxation on income and capital, alongside measures to tackle tax evasion, strengthening international tax cooperation