The True Post (Web News) The Ministry of Finance has clarified that under the IMF’s Extended Fund Facility (EFF) program,
The ongoing reforms are not a new or suddenly imposed condition, but rather a continuation of the previously agreed reform agenda. According to the Ministry of Finance, the Government of Pakistan had presented its reform policies to the IMF at the beginning of the program, which are being gradually incorporated into the Memo on Economic and Fiscal Policies. These reforms are essential for the country’s economic stability and sustainable development. The statement said that the EFF program includes a defined reform strategy for the medium term, and the current measures are a logical progression of the already ongoing reforms. For example, the issue of asset declarations of government employees has been included in the program since May 2024, while the current target was introduced after the amendment of the Civil Services Act, 1973.
Similarly, earlier reviews agreed to improve the performance and independence of the National Accountability Bureau (NAB), and strengthen cooperation with other investigative agencies. Providing access to financial information to provincial anti-corruption agencies is also part of the EFF program under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures. According to the Ministry of Finance, the government’s efforts resulted in a reduction in informal channels and financial remittances increased by 26 percent in fiscal year 2025, while a further 9.3 percent increase is expected in fiscal year 2026. It was further stated that the development of the domestic currency bond market, reforms in the sugar sector, tax reforms in the FBR, privatization of power utilities, and regulatory reforms are also the government’s own reform initiatives that are in line with the goals of the EFF program. A task force has been formed under the chairmanship of the Minister of Energy for sugar sector reforms, which is preparing recommendations after consultation with the provinces. The statement clarified that all the measures included in the recent memo are a continuation of the previously agreed reform agenda, and calling them sudden or unexpected conditions is tantamount to ignorance of the facts.
