ISLAMABAD: An International Monetary Fund (IMF) team is currently visiting Pakistan to conduct a Governance and Corruption Diagnostic Assessment (GCDA), a finance ministry official said on Monday, adding the visit has nothing to do with the country’s judicial system or a review of Pakistan’s ongoing $7 billion IMF program.
The statement came a day after the finance ministry said the three-member IMF mission would conduct the governance and corruption assessment to recommend reforms for transparency, institutional strengthening and sustainable growth in the South Asian country.
Pakistan, currently bolstered by the $7 billion IMF facility that was granted in September, is navigating an economic recovery path. IMF bailouts are critical for Pakistan, which narrowly avoided a sovereign default in June 2023 by clinching a last-gasp, $3 billion IMF loan.
The global lender is set to review Pakistan’s progress on the current $7 billion program by March, with the government and central bank expressing confidence about meeting the targets.
“All rumors suggesting that the IMF team is here to evaluate the judicial process or other related matters are baseless and nothing of that sort is happening during this visit,” Khurram Shehzad, an adviser to Finance Minister Muhammad Aurangzeb, told Arab News.
“The purpose of the IMF team’s visit is to assess the governance structure, which falls under the global lender’s mandate for countries under its program.”
Arab News approached the IMF mission currently visiting Pakistan but did not get a reply by the filing of this story.
Shehzad refuted reports suggesting that the IMF team would meet members of the Judicial Commission of Pakistan next week to discuss the process of judges’ appointment.
The reports emerged amid calls from lawyer bodies and opposition to repeal the 26th constitutional amendment, which empowered parliament to pick the country’s top judge and introduced fundamental changes in the appointment of judges in the superior judiciary.
Shehzad said the IMF team’s visit was not sudden, it was rather planned in July 2024 as part of Pakistan’s previous $3 billion Stand-By Arrangement (SBA).
“This visit is unrelated to the six-month review of the current IMF program, which will be conducted by a separate team,” he said. “That team has not yet arrived in Pakistan and is expected [to arrive] by the end of February or the first week of March.”
He said this was not a new development neither exclusive to Pakistan as similar assessments had been conducted in many other countries.
“They are in Pakistan to conduct a Governance and Corruption Diagnostic Assessment (GCDA), focusing on evaluating corruption vulnerabilities across six core state functions, including fiscal governance, central bank governance and operations, financial sector oversight, market regulation, rule of law, and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT),” the finance adviser said.
The IMF has been offering guidance and technical support for a long time, which has contributed to improved governance by enhancing public sector transparency and accountability, according to the official.
“They followed a process in which they assess a country’s governance structure by meeting regulators and institutions to explore ways to improve it in line with global best practices,” he shared.
Following the analysis, Shehzad said, the IMF team will provide GCDAs with recommendations to systematically address the vulnerabilities.
“They will provide a comprehensive overview of the governance structure, highlighting areas for improvement and suggesting methods to bring that improvement and the report on the IMF team’s assessment will be published by the government in July this year,” he added.
The IMF mission will mainly engage with the Finance Division, Federal Board of Revenue, State Bank of Pakistan, Auditor General of Pakistan, Securities & Exchange Commission of Pakistan, Election Commission of Pakistan, and Ministry of Law & Justice, according to Pakistan’s finance ministry.
Traditionally, the IMF’s main focus has been to encourage countries to correct macroeconomic imbalances, reduce inflation, and undertake key trade, exchange and other market reforms needed to improve efficiency and support sustained economic growth.
“While these remain its main focus in all its member countries, however, the IMF has found that a much broader range of institutional reforms is needed if countries are to establish and maintain private sector confidence and thereby lay the basis for sustained growth,” the ministry said in a statement, adding that the IMF identified that promoting good governance in all its aspects, including ensuring the rule of law, improving the efficiency and accountability of the public sector and tackling corruption, are essential elements of a framework within which economies can prosper.
In 1997, the IMF adopted a policy on how to address economic governance, embodied in the Guidance Note “The Role of the IMF in Governance Issues.” To further strengthen the implementation of this policy, the IMF adopted in 2018 a new Framework for Enhanced Engagement on Governance (Governance Policy) that aims to promote more systematic, effective, candid, and evenhanded engagement with member countries regarding governance vulnerabilities, including corruption, that are critical to macroeconomic performance, according to the finance ministry.
Under this policy and framework, the IMF offers to undertake GCDA with member countries to analyze and recommend actions for addressing corruption vulnerabilities and strengthening integrity and governance in IMF member countries. Since 2018, 20 GCDA reports have been finalized, including those for Sri Lanka, Mauritania, Cameroon, Zambia, and Benin and ten diagnostics are ongoing, with several more under IMF consideration.
Islamabad says IMF team in Pakistan for governance review, not judicial oversight
https://arab.news/5km3e
Islamabad says IMF team in Pakistan for governance review, not judicial oversight
- Finance adviser says IMF mission is evaluating corruption vulnerabilities across six core state functions
- IMF team will engage with law ministry, finance division, financial institutions, and election commission
Pakistan PM to meet Saudi crown prince during official visit to the kingdom starting tomorrow
- The two leaders will discuss ways to boost trade and enhance partnership in key economic sectors
- Pakistan’s foreign office says they will also deliberate on global developments, including the Gaza situation
ISLAMABAD: Prime Minister Shehbaz Sharif is scheduled to meet Saudi Crown Prince Mohammed bin Salman during his official visit to Saudi Arabia starting tomorrow, the foreign office in Islamabad said on Tuesday, to discuss ways to further enhance bilateral trade and strengthen collaboration in key economic sectors.
The two countries have enjoyed close defense, diplomatic, political and cultural relations, though they have consolidated their ties further in recent years as Islamabad grappled with a prolonged economic crisis and sought the kingdom’s help.
Pakistan has tried to strengthen business-to-business (B2B) ties with the Kingdom, with both sides announcing during Prime Minister Shehbaz Sharif’s visit to Riyadh last October they had signed 34 memorandums of understanding and agreements worth $2.8 billion to enhance private sector collaboration and commercial partnerships.
“Prime Minister Muhammad Shehbaz Sharif will undertake an official visit to the Kingdom of Saudi Arabia from 19-22 March 2025,” the foreign office said. “The visit aims to strengthen bilateral ties, enhance economic cooperation and promote investment between the two countries.”
“During the visit, the Prime Minister is scheduled to meet Saudi Crown Prince and Prime Minister Mohammed bin Salman,” it added. “The leaders will discuss and deliberate upon ways to boost trade, enhance partnership in key sectors and facilitate greater economic collaboration.”
Sharif will be accompanied by Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, along with key federal ministers and senior officials. The delegation is expected to engage with Saudi counterparts to explore new avenues of investment and economic cooperation.
According to the foreign office statement, discussions will also cover regional and global developments, including the Gaza situation, evolving Middle East dynamics and broader issues concerning the Muslim Ummah.
Saudi Arabia presents a key export opportunity for Pakistani businesses, given its strong consumer demand and ambitious Vision 2030 economic reforms that emphasize diversification and foreign investments.
Pakistan has a 2.7 million-strong diaspora in Saudi Arabia, which accounts for the highest remittance inflow, a crucial lifeline for the country’s economy.
Last month, Pakistan’s commerce minister, Jam Kamal Khan, inaugurated the country’s first-ever solo “Made in Pakistan” exhibition in Jeddah, informing participants that over 1.7 million Pakistani workers had migrated to the Kingdom in the past five years, making it the top destination for Pakistani emigrants.
Unsettled after deadly separatist attacks, Quetta residents opt out of Ramadan Eid shopping
- Vehicle laden with explosives driven into paramilitary convoy in Nushki on Sunday, killing five
- BLA hijacked train in Balochistan on March 11 in an attack that killed 31 soldiers and civilians
QUETTA: Residents of Quetta, the capital of Pakistan’s southwestern Balochistan province, expressed concerns about safety this week and many opted not to go out for Ramadan and Eid shopping amid heightened security following a string of deadly separatist attacks.
The Balochistan Liberation Army claimed responsibility for a deadly attack in Nushki district on Sunday, where a vehicle laden with explosives was driven into a paramilitary convoy, killing at least five and wounding over 30.
The attack comes just days after the BLA hijacked the Jaffar Express train in Balochistan on March 11, blowing up train tracks in an attack that killed 31 soldiers and civilians, the military said. The BLA is the largest and strongest of several ethnic Baloch insurgent groups which have been fighting for decades to win independence for the mineral-rich province, home to major China-led projects including a port and gold and copper mines.
In the background of the latest attacks, Quetta residents said they were opting to stay indoors rather than venturing out for Ramadan Eid shopping, citing persistent fears of terrorism and violence, according to local resident Navid Khan.
“During Ramadan’s Eid shopping season, many people still have pending purchases, but the deteriorating law and order situation has made it daunting to venture out.” Khan said. “Fear of terrorism incidents, target killings, and other violent acts persist, despite active security measures. As a result, we feel safer staying indoors, rather than risking our safety outside.”
The city of Quetta remains on high alert, with multiple checkpoints established and a heavy deployment of security personnel. The Zehri Flyover, situated behind Quetta Cantonment, has been closed until further notice due to security concerns.
A Balochistan provincial assembly member, Zmarak Khan Achakzai, warned that the region’s situation was spiraling out of control, urging the federal government to safeguard citizens’ rights and provide access to resources, equal rights, and job opportunities to prevent desperation-driven extremism.
“It’s a two-way street — the people must accept the state, and the state must acknowledge and empower its people,” the MP said.
“But unfortunately, employment is scarce, leaving our educated youth with no prospects. With borders tightly controlled, those living on the border are struggling to survive, unable to feed their children,” Achakzai added.
“What options do they have? They’ll turn to drugs, crime, or fall prey to anti-state elements and enemies of the country. We urge you to focus on Balochistan, home to 15 million people, nearly 6 percent of Pakistan’s population. What is it that we lack? What can’t we handle?“
Pakistan’s parliamentary committee on national security is set to convene an in-camera meeting today, Tuesday, where the military leadership will brief lawmakers on the country’s current security situation.
Pakistan, Bahrain military leaders discuss regional security, bilateral cooperation
- General Sheikh Mohammed Bin Isa Bin Salman Al Khalifa, commander of National Guard of Bahrain, meets Pakistan’s army chief
- General Syed Asim Munir stresses importance of collaborating to address shared security challenges, maintaining regional peace
ISLAMABAD: The top military officials of Pakistan and Bahrain discussed regional security and ways to strengthen bilateral military cooperation to meet security challenges, Pakistan’s military said on Tuesday.
General Sheikh Mohammed Bin Isa Bin Salman Al Khalifa, the commander of the National Guard of Bahrain, met Pakistan’s Army Chief General Syed Asim Munir at the General Headquarters (GHQ) in Rawalpindi, the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing, said.
Al Khalifa praised Pakistan Army’s professionalism and appreciated their efforts in combating “terrorism,” the ISPR said.
“During the meeting, both leaders engaged in discussions on matters of mutual interest, the regional security landscape, and avenues for strengthening bilateral military cooperation,” the military’s media wing said.
Munir underscored the significance of enhanced collaboration in addressing shared security challenges and fostering peace and stability in the region, the ISPR added.
Bahrain is a key member of the Gulf Cooperation Council (GCC), and a favorite destination for the Pakistani workforce since the early 1970s, according to Pakistan’s foreign ministry.
Pakistan enjoys cordial relations with Gulf countries and regularly partakes in bilateral military drills with them to foster joint cooperation to counter security challenges.
Both countries have established a Joint Ministerial Commission (JMC) at the level of the foreign ministers, with the Pakistan-Bahrain trade volume between $500 million and $1 billion in recent years, as per Pakistan’s foreign ministry.
Pakistan anti-graft body seals several properties of real estate developer for ‘defrauding’ citizens
Pakistan anti-graft body seals several properties of real estate developer for ‘defrauding’ citizens
- M/s Bahria Town, which claims to be Asia’s largest private real estate developer, has several projects in Islamabad, Lahore, Karachi and other Pakistani cities
- Pakistan’s National Accountability Bureau last month booked Bahria Town owner Malik Riaz Hussain in a graft case, initiated process to extradite him from Dubai
ISLAMABAD: Pakistan’s anti-corruption watchdog has sealed numerous properties of a private real estate developer, M/s Bahria Town, for “defrauding people of billions of rupees,” Pakistani state media reported on Monday.
M/s Bahria Town, which claims to be Asia’s largest private real estate developer, has projects in several cities, including Islamabad, Lahore and Karachi, in the South Asian country.
Pakistan’s National Accountability Bureau (NAB) said it had registered several cases of fraud and deception against Bahria Town owner Malik Riaz Hussain and others in Islamabad and Karachi courts, the Radio Pakistan broadcaster reported.
Hussain and his associates are accused of illegally occupying both government and private lands in Karachi, Rawalpindi and New Murree to establish housing societies without permission and defrauding people of billions of rupees.
“In recent actions related to this, numerous commercial and residential properties of Bahria Town in Karachi, Lahore, Takht Pari, New Murree/Golf City, and Islamabad have been sealed, including multi-story commercial buildings,” the Radio Pakistan report read.
“Additionally, hundreds of bank accounts and vehicles of Bahria Town have been frozen, and further actions in this regard are being carried out rapidly.”
There was no immediate comment from Bahria Town in response to NAB’s allegations.
The development comes more than a month after NAB filed a reference in an accountability court in Karachi, nominating Hussain, his son Ahmed Ali Riaz, former Sindh chief minister Syed Qaim Ali Shah and Sharjeel Inaam Memon, then local body minister and now information minister of Sindh, among 33 people for illegally transferring government land to M/s Bahria Town for its Bahria Town Karachi project in 2013 and 2014.
Hussain, who currently lives in Dubai, is one of Pakistan’s wealthiest and most influential businessmen and the country’s largest private employers. The anti-graft body this year said it had initiated the process to seek Hussain’s extradition from the United Arab Emirates (UAE), who was also charged in another land corruption case involving former prime minister Imran Khan and his wife.
A Pakistani court in January sentenced Khan to 14 years in prison and his wife, Bushra, to seven years, in the case in which they are accused of receiving land as a bribe from Hussain through the Al-Qadir charitable trust in exchange for illegal favors during Khan’s premiership from 2018 to 2022. Khan says he and his wife were trustees and did not benefit from the land transaction. Hussain too denies any wrongdoing relating to the case.
Hussain has recently launched a new project of luxury apartments in Dubai and NAB has prima facie evidence that certain individuals from Pakistan are illegally aiding him in this process by transferring their money to the UAE for investment in the project. These funds have been sent to foreign countries through “illegal means,” Radio Pakistan reported, citing the anti-graft body.
“Any funds transferred from Pakistan for this project will be considered money laundering, and legal action will be taken against the involved elements without discrimination,” the anti-corruption watchdog was quoted as saying.
“NAB will continue its legal actions against Bahria Town Pakistan without any delay or pressure to fully protect the rights of the citizens of Pakistan.”
Saudi Wafi Energy hires top stratcom firm to build ‘trusted presence’ in Pakistan
- Wafi Energy Pakistan partners with Nutshell Communications to enhance its brand position in country
- Saudi fuel company made headlines last year when it acquired majority shares of Shell Pakistan Limited
ISLAMABAD: Saudi Arabia’s leading fuel station company, Wafi Energy Pakistan, this week announced its partnership with public relations and advocacy firm Nutshell Communications to enhance its presence in the South Asian country.
Wafi Energy, an affiliate of the Asyad Group, made headlines last year when it became the majority shareholder of Shell Pakistan Limited (SPL) in November 2024. It now holds approximately 87.78 percent of the total issued share capital of SPL. However, the Shell brand will remain in Pakistan through retail and brand licensing agreements, with SPL as the exclusive brand licensee.
Wafi Energy announced it had partnered with Nutshell Communications, which says on its website it offers clients integrated PR, full spectrum marketing and communications services to build its brand’s reputation.
“Nutshell Communications are experts at strategic communications and brand positioning,” Wafi Energy Pakistan CEO Zubair Shaikh was quoted in a press release issued by Nutshell Communications. “This partnership will play a key role in helping us build a strong, trusted presence in Pakistan’s energy landscape.”
Shaikh said the company aimed to invest in sustainable fuel and lubricants solutions, and advancing infrastructure to support Pakistan’s evolving energy needs.
Nutshell Group Chairman Azfar Ahsan reaffirmed his firm’s resolve to support transformative industry collaborations.
“Global partnerships are essential to strengthen Pakistan’s economic resilience and energy independence,” Ahsan was quoted as saying. “Wafi Energy Pakistan’s presence significantly enhances Pakistan’s regional standing, and we are committed to nurturing this partnership toward continued growth and mutual success.”
Pakistan and Saudi Arabia have moved in recent months to further strengthen trade and investment ties. Pakistani and Saudi businesses signed several agreements and memoranda of understanding (MoUs) in October 2024 worth $2.8 billion.
Islamabad is also eyeing Saudi investment in key sectors such as oil and gas, renewable energy, mining and minerals, infrastructure and others to keep its fragile $350 billion economy afloat.
