Govt officers directed to declare assets by September under IMF conditions: report

Government officials in Pakistan have been instructed to declare their assets by September 2025, in line with International Monetary Fund (IMF) requirements, ARY News reported this, citing sources. 

As per reports, Pakistani authorities will submit a draft framework for asset declarations to the IMF, while also planning to launch a digital portal to facilitate compliance. 

The measure aligns with broader discussions on economic reforms, including external financing, the operationalisation of the Tax Policy Unit, inflation comparisons with regional countries, and national accounts, according to the Finance Ministry.

The IMF review mission, currently in Islamabad, is assessing Pakistan’s economic performance from July to December 2024 to determine eligibility for the second loan tranche under a $7 billion Extended Fund Facility (EFF). 

The draft framework for asset declarations is expected to be finalised in ongoing talks and shared with the IMF.

Meanwhile, the IMF has urged Pakistan to meet its revenue targets for the next fiscal quarter, with sources indicating that the lender has ruled out any room for a revenue shortfall. 

However, The Express Tribune reported that the IMF is considering lowering Pakistan’s tax collection target to below Rs12.5 trillion due to slowing economic activity and a revenue shortfall in the first eight months of the fiscal year.

According to the report, during Wednesday’s discussions on budget performance, revenue collection, and external financing, the IMF and Pakistani authorities explored revising the FBR’s target to between Rs12.3 trillion and Rs12.5 trillion. The FBR proposed a Rs579 billion cut, but the IMF is inclined towards a Rs435 billion reduction.

On Wednesday, it also emerged in local media that the government was considering additional fiscal measures, including spending cuts and stricter revenue enforcement, to address a Rs600 billion budget shortfall before securing the next $1.1 billion disbursement.

Meanwhile, Auditor General of Pakistan (AGP) Ajmal Gondal informed the Public Accounts Committee (PAC) that the IMF has raised serious concerns over delays in the audit process of state institutions, with nearly 600,000 audit paras related to various ministries and institutions still pending.