ISLAMABAD: The federal government has scheduled a crucial National Finance Commission meeting for December 4. The meeting will review IMF conditions and proposals for a new NFC Award. Sources confirmed that the IMF’s recommended changes to the award will form the core of the discussions.
The government has invited all provinces to participate in the session. Officials want provincial input before finalising financial adjustments linked to IMF commitments. Federal Finance Minister Muhammad Aurangzeb will chair the meeting. Moreover, finance ministers from all four provinces will attend, according to the official notification.
IMF Expected to Support New NFC Award
Sources stated that the IMF is expected to support the proposals for the upcoming National Finance Award. However, they cautioned that finalising the award may require multiple sessions. They estimated that the process could take nearly six to eight months.
Previously, the first planned NFC meeting was postponed. Provinces had requested a delay due to the severe floods affecting several regions. Authorities now aim to proceed without further interruptions as Pakistan works to fulfil its financial obligations.
IMF Highlights Persistent Governance Concerns
On Thursday, the IMF again expressed concern about persistent corruption challenges in Pakistan. It emphasised the need for stronger governance and improved transparency across state institutions. The IMF made these remarks in its Governance and Corruption Diagnostic Assessment.
The assessment warned that corruption poses serious risks to economic development and public trust. Therefore, the Fund urged the government to implement a comprehensive reform agenda without delay. It demanded strengthened oversight mechanisms to ensure greater accountability.
SIFC Urged to Improve Transparency
The IMF also advised the Special Investment Facilitation Council to improve operational transparency. It called on the SIFC to develop clear protocols for all procedures and decisions. Additionally, the Fund insisted that the SIFC publish its first annual report.
The annual report should carry in detail every investment deal facilitated by the SIFC. The report must mention concessions granted, along with their monetary value and justification.
