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
Pakistani, Bangladeshi officials discuss trade, investment and aviation as ties thaw
- Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war
- Ties between Pakistan, Bangladesh have warmed up since last year and both nations have resumed sea trade
ISLAMABAD: Pakistan's High Commissioner to Bangladesh Imran Haider on Sunday met Chief Adviser Muhammad Yunus in Dhaka, the latter's office said on, with the two figures discussing trade, investment and aviation.
Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war, which saw the part previously referred to as East Pakistan seceding to form the independent nation of Bangladesh.
Ties between Pakistan and Bangladesh have warmed up since former prime minister Sheikh Hasina’s ouster as a result of a student-led uprising in August 2024. Relations remain frosty between Dhaka and New Delhi over India’s decision to grant asylum to Hasina.
Pakistan has attempted to forge closer ties with Bangladesh in recent months and both South Asian nations last year began sea trade, followed by efforts to expand government-to-government commerce.
"During the meeting, both sides discussed ways to expand cooperation in trade, investment, and aviation as well as scaling up cultural, educational and medical exchanges to further strengthen bilateral relations between the two South Asian nations," Yunus's office said in a statement on X.
In 2023-24 Pakistan exported goods worth $661 million to Bangladesh, while its imports were only $57 million, according to the Trade Development Authority of Pakistan. In Aug. this year, the Pakistani and Bangladeshi commerce ministries signed a memorandum of understanding to establish a Joint Working Group on Trade, aiming to raise their bilateral trade volume to $1 billion in the financial year that began in July.
The Pakistani high commissioner noted that bilateral trade has recorded a 20 percent growth compared to last year, with business communities from both countries actively exploring new investment opportunities, according to the statement.
He highlighted a significant increase in cultural exchanges, adding that Bangladeshi students have shown strong interest in higher education opportunities in Pakistan, particularly in medical sciences, nanotechnology, and artificial intelligence. Haider also said that Dhaka-Karachi direct flights are expected to start in January.
"Chief Adviser Professor Muhammad Yunus welcomed the growing interactions between the two countries and emphasized the importance of increased visits as well as cultural, educational and people-to-people exchanges among SAARC (South Asian Association for Regional Cooperation) member states," the statement read.
"Professor Yunus also underscored the need to further boost Bangladesh–Pakistan trade and expressed hope that during Mr. Haider’s tenure, both countries would explore new avenues for investment and joint venture businesses."
