A Digital Portal to Be Launched for Asset Declaration; Draft for Government Officials’ Asset Declaration Submitted to IMF
Islamabad (Web News)
A deadline until September has been set for government officials to declare their assets. According to sources, at the request of the International Monetary Fund (IMF), a digital portal will be launched for asset declaration. The Ministry of Finance and the Cabinet Division have submitted a draft regarding the declaration of government officials’ assets to the IMF.
Sources indicate that an agreement has been reached with the IMF not to introduce a mini-budget to address the revenue shortfall. Instead, 157 billion rupees can be generated through a super tax. Additionally, pending tax cases in courts will be expedited to cover the shortfall, with the Prime Minister’s Office assisting in the swift resolution of these cases.
According to sources in the Ministry of Finance, discussions are ongoing regarding external financing and the operationalization of the tax policy unit. Negotiations are also taking place on inflation, comparison with regional economies, and national accounts. Reports on the Labor Force Survey, Family Budget Survey, and Living Standards have been reviewed as part of these discussions. Additionally, important negotiations on electricity and gas tariffs and circular debt have been held with the IMF delegation.
A meeting is scheduled today to discuss the draft for government officials’ asset declaration, which has been submitted to the IMF.
The IMF has demanded the prompt resolution of audit paras (audit objections) pending in ministries and institutions, expressing concern over approximately 600,000 unresolved audit paras.
Furthermore, the IMF has called for timely implementation of rightsizing measures to reduce expenditures. Discussions have taken place with the Cabinet Division, the Ministry of Finance, and the Cabinet Secretary regarding rightsizing. The IMF has also requested a plan to cover the revenue shortfall in the upcoming quarter.
The IMF has stressed that there is no room for revenue shortfall, emphasizing the need to recover 300 billion rupees in the next quarter. The FBR (Federal Board of Revenue) has been instructed to take measures under its Compliance Risk Management and Risk Improvement Plan.
According to documents, the IMF delegation has been briefed on large retailers outside the tax net in major cities, including Islamabad, Karachi, and Lahore. The IMF has instructed the government to ensure tax recovery from these high-risk cases.
During negotiations with the Ministry of Energy and Petroleum, the performance of the power and petroleum sectors was reviewed. Discussions were also held with the IMF delegation on Islamic banking initiatives and frameworks.
Additionally, talks were conducted with the State Bank of Pakistan on refinance scheme transition and development finance. The IMF also discussed the operationalization of the bank resolution framework in the banking sector.