Former federal finance minister Shaukat Tarin Thursday shared that the IMF has asked the government to strengthen the anti-graft institutions, especially the National Accountability Bureau (NAB). Speaking to a private Tv news channel, the former finance minister said that under the IMF agreement, a committee would be formed that would oversee changes in NAB laws and their implementation. A statement issued by the IMF for the release of US$1.17 billion to Pakistan stated: “To improve governance and mitigate corruption, the authorities are establishing a robust electronic asset declaration system and plan to undertake a comprehensive review of the anticorruption institutions (including the National Accountability Bureau) to enhance their effectiveness in investigating and prosecuting corruption cases.

” Shaukat Tarin said that the incumbent government was not able to either swallow the bitter pills from the Fund or it could get rid of them.He lamented low tax collection from the incumbent government and said thatit should be upto Rs8 trillion in order to distribute the additional income among the underprivileged segments of the society through targeted subsidies. Pakistan, IMF reach staff-level agreement The International Monetary Fund (IMF) and Pakistan have reached a staff- level agreement for the release of US$1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).

A statement issued by the Fund said that the agreement is subject to approval by the IMF’s Executive Board. “Additionally, in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion.”

Credit:
Independent News Pakistan-INP