Govt shares action plan with IMF ahead of team visit

Pakistan has shared an action plan with the International Monetary Fund (IMF) to review the process for appointing the chairperson of National Accountability Bureau (NAB), introduce the publication of asset declarations for high-level federal civil servants in 2026, and implement risk-based verification of these declarations. The process for appointing the NAB chairperson will be reviewed and a summary will be placed before the federal cabinet for consideration.

The IMF review mission is scheduled to visit Pakistan from February 25 to March 11, 2026 to assess performance under the $7 billion Extended Fund Facility (EFF) and $1.4 billion Resilience and Sustainability Facility (RSF). A key area of scrutiny during the upcoming mission will be Pakistan’s response to the Governance and Corruption Diagnostics (GCD) Assessment Report.

Pakistan has agreed with the IMF to review and enhance the legal framework governing the appointment of heads for key oversight bodies, such as the Competition Commission of Pakistan (CCP), Securities and Exchange Commission of Pakistan (SECP) and NAB, to promote merit-based selection processes.

The direct appointment process for the SECP chairperson has been codified in the draft SECP Amendment Bill, which includes a selection committee responsible for identifying and recommending potential candidates. The federal government will issue rules to codify these processes. By June 27, the government plans to notify the SECP rules that codify the entire appointment process for the chairperson, commissioners and Policy Board members and ensure the timely initiation of these processes (at least three months before a tenure ends).

It will also publish an annual governance and transparency report approved by the SECP Policy Board, aiming for improved oversight and reduced leadership gaps, leading to enhanced regulatory stability, consistent decision-making and greater investor confidence.

An amendment to the Competition Act 2010 will be required to establish a separate and independent process for appointing the CCP chairperson. The plan includes notifying CCP rules that codify the full appointment process for the chairperson and members, ensuring timely initiation of appointments (minimum three months before tenure completion), and publishing an annual governance and transparency report approved by the commission. These measures, aimed at enhancing the CCP’s effectiveness in ensuring competitive markets (including for commodities), are targeted for completion by June 27.

The appointment process for the NAB chairperson will be reviewed upon the conclusion of the formal review process, with action to be taken if required. The goal is to increase the public credibility of NAB as an anti-corruption agency by June 27.