Key Points
- Pakistan’s IMF programme benchmarks focus on medium-term reforms
- To improve governance, revenues, energy, privatisation, and market structures
- Target improved accountability, investment climate, and fiscal stability
ISLAMABAD: Pakistan is implementing a series of structural reforms under the International Monetary Fund’s Extended Fund Facility (EFF) programme, aimed at modernising governance, boosting revenues, and improving market efficiency, according to the Finance Ministry.
The ministry stated on Sunday to highlight that the reforms are part of a phased, multi-year agenda that builds on earlier initiatives rather than imposing abrupt conditions. Each step under the programme is designed to reinforce previous actions and ensure sustainable progress toward fiscal stability and economic transparency.
Civil servants’ asset declarations are now being made public following legislative amendments, and it is not a new condition. The National Accountability Bureau and provincial anti-corruption agencies are enhancing operational capacity and information sharing to strengthen accountability, it added.
Federal Board of Revenue
The Federal Board of Revenue (FBR) is implementing a comprehensive reform roadmap. On top of it, it is establishing a Tax Policy Office and strengthening compliance management. A medium-term tax reform strategy is also being developed, with contingency measures such as targeted excise duties planned to safeguard against potential shortfalls.
Privatisation, in phases, of power distribution companies is underway, with preparatory work for Hyderabad Electricity Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO).
The sugar sector is being deregulated, and regulatory reforms for unlisted companies and special economic zones are being advanced to create a more efficient business environment, the Ministry added.
The development of the local currency bond market is planned to expand the investor base. Moreover, measures to streamline remittance channels have already led to a 26 per cent increase in inflows, year-on-year, with further growth projected.
The Finance Ministry emphasised that these reforms are domestically driven initiatives integrated into the IMF programme to ensure continuity, transparency, and sustainable economic progress.
