KARACHI: The International Monetary Fund (IMF) has applauded Pakistan’s commitment to conducting external governance and corruption evaluation to strengthen its systems, according to a statement this week, adding its assessment team, which recently concluded its visit to the country, will return later this year.
A three-member IMF mission carried out the Governance and Corruption Diagnostic Assessment (GCD) in Pakistan from February 6 to 14 under the $7 billion loan program secured in September 2024.
According to Pakistan’s finance ministry, it will prepare a report recommending actions to address corruption vulnerabilities and strengthen integrity and governance, adding that its findings will help shape structural reforms.
The IMF said the team had done the “groundwork” for the assessment at the request of Pakistani authorities, surveying several critical areas.
“The IMF appreciates the commitment of the Government of Pakistan to this exercise and looks forward to continuing our collaboration,” the international lending agency said on its website in a statement prepared on February 18.
“The IMF team for the GCD assessment will return to Pakistan later this year to continue gathering information and exploring opportunities to strengthen governance, integrity, and economic outcomes in preparation for the eventual assessment,” it added.
The statement said the visiting team’s focus was to preliminarily assess governance and corruption vulnerabilities across six core state functions, including fiscal and central bank governance and operations, financial sector oversight, market regulation, rule of law and anti-money laundering and countering the financing of terrorism (AML-CFT).
During its mission, the IMF team engaged with the Finance Division, Federal Board of Revenue, State Bank of Pakistan, Auditor General of Pakistan, Securities and Exchange Commission, Ministry of Law and Justice and the Supreme Court of Pakistan.
Additionally, its members met with a range of other stakeholders, including business associations, civil society organizations and international development partners.
Former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf also wrote to the team, raising grievances related to the last general elections, which it claims were rigged, and concerns about the judiciary.
IMF commends Pakistan’s governance and anti-corruption reform efforts, plans follow-up visit
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IMF commends Pakistan’s governance and anti-corruption reform efforts, plans follow-up visit
- A three-member IMF mission performed initial assessment during a visit to Pakistan from Feb. 6 to 14
- The team evaluated six critical areas, including fiscal and central bank governance, rule of law in Pakistan
Pakistan, Japan discuss boosting trade, investment and cooperation in key sectors
- The Pakistani side highlighted various opportunities in sectors minerals and mining, agricultural and agri-food products, and IT sectors
- The development comes as Pakistan steps up economic diplomacy to expand trade, investment ties after emerging from a financial crisis
ISLAMABAD: Pakistan and Japan have held talks on improving bilateral trade and investment and expanding cooperation in key sectors, Pakistan’s Press Information Department said on Saturday.
Both countries held the 8th Pakistan–Japan Government–Business Joint Dialogue and the Pakistan Business Forum in Tokyo on Friday, marking the first convening of the dialogue in the Japanese capital since Dec. 2018.
The dialogue was co-chaired by Prime Minister Shehbaz Sharif’s aide on commerce Rana Ihsaan Afzal Khan and Takuo Komori, Japan’s parliamentary vice-minister of economy, trade and industry, according to the PID.
The two sides exchanged views on strengthening bilateral economic relations, with a focus on improving the trade and investment environment and advancing practical cooperation.
“The Pakistani side outlined Pakistan’s economic priorities and highlighted opportunities for collaboration in sectors such as minerals and mining, agricultural and agri-food products, and information technology,” the PID said in a statement.
“The Japanese side shared perspectives on the operating environment for Japanese companies in Pakistan and discussed areas where continued engagement and follow-up could further facilitate business activity.”
Pakistan steps up economic diplomacy to expand trade ties and attract foreign capital after emerging from a prolonged financial crisis that nearly pushed it into default in mid-2023. Islamabad has since set up the Special Investment Facilitation Council (SIFC), a civil-military body designed to cut red tape and provide a one-window operation for businesses, as it navigates a long path to economic recovery under a $7 billion International Monetary Fund (IMF) program.
Pakistan and Japan established diplomatic and economic relations in 1952. Since then, Japan has been a major development partner, financing infrastructure such as roads, power plants and water systems, while extending technical assistance and yen loans.
The Pakistan–Japan Government–Business Joint Dialogue brought together senior officials and private-sector representatives from both countries, including members of the Pakistan–Japan Business Forum (PJBF) and the Japan–Pakistan Business Co-operation Committee (JPBCC).
Participants reaffirmed the importance of sustained government-to-government engagement, supported by close coordination with the private sector, to advance mutually beneficial economic cooperation between Pakistan and Japan, according to the statement.
Following the Joint Dialogue, the Pakistan Business Forum, co-organized by the Embassy of Pakistan in Tokyo and the Japan External Trade Organization (JETRO), was held in Tokyo that was attended by Japanese and Pakistani business leaders.
The Forum featured selected sectoral presentations highlighting practical cooperation between Japanese and Pakistani partners. It included a presentation by the Trade and Investment Counsellor of the Embassy of Pakistan in Tokyo on “From Trade to Investment: Building Japan–Pakistan Joint Value Chains.”
“The Forum concluded with closing remarks by Mr. Abdul Hameed, Ambassador of Pakistan to Japan, who highlighted the importance of sustained engagement, trust-building, and long-term partnership in advancing Pakistan–Japan economic cooperation,” the PID added.
