IMF Asks Pakistan to Submit Progress Report on Money Laundering

The widely recognized financial institution International Monetary Fund (IMF) has urged Pakistan to submit a thorough progress report on anti-money laundering measures as talks resume in the Finance Ministry awaiting the release of the next installment of the $7 billion program.

The officials in this regard said that the IMF has asked for updates on several fronts, and the governance and corruption risk assessment are also included. The foreign financer also requires details on the foundation of provincial enforcement organizations to combat money laundering and corruption.

Moreover, the delegation will additionally be updated on legislative measures concerning the government officers’ asset declaration from 17 to 22 and better access to the provincial officers’ asset disclosures.

However, the Finance Department will additionally highlight breakthroughs in the National Fiscal Package, capital market developments, and the plan of the government to increase transparency in the development initiatives. Officials indicated that the IMF ought to be notified of any delays in completing the Governance and Corruption Risk Assessment Report.

Furthermore, the Fund further requested to assess Pakistan’s growth during the first quarter of the current fiscal year.

The Fund has also asked to review Pakistan’s performance in the first quarter of the current fiscal year as technical interactions take place prior to policy negotiations.

On the other hand, the government believes that with a favorable outcome of talks, Pakistan would get the next payment of $1 billion, according to the IMF board approval. Pakistan has so far collected $2.1 billion as part of the September 2024 deal.