ISLAMABAD: The federal government notified the Public Procurement Rules 2026 as Pakistan began discussions with the International Monetary Fund (IMF) for the release of $1.2 billion. The government notified the procurement rules two days ahead of the deadline.
The move came amid concerns over Pakistan’s continued delay in meeting a structural benchmark related to the Sovereign Wealth Fund (SWF) law. IMF staff, led by Iva Petrova, held discussions with officials from the Finance Ministry, Federal Board of Revenue, Establishment Division, and provincial finance departments.
The IMF mission arrived in Pakistan on September 23 and initially held meetings in Karachi with the State Bank of Pakistan and other stakeholders. The formal review discussions began after its preliminary engagements.
The SWF law remains part of the IMF review. Pakistan missed an end-March 2026 structural benchmark requiring amendments to the Sovereign Wealth Fund Act. The amendments seek stronger governance and safeguards for seven state-owned enterprises with assets worth around $8 billion.
These entities include Oil and Gas Development Company Limited, Pakistan Petroleum Limited, Mari Petroleum, National Bank of Pakistan, Government Holdings, Pakistan Development Fund, and the Neelum-Jhelum Hydropower project. The proposed amendments are still awaiting parliamentary approval.
Meanwhile, the new procurement rules replace the Public Procurement Rules 2004 and take immediate effect. However, procurement processes initiated before their implementation will continue under the previous framework.
The new rules make EPADS mandatory for federal procurement and introduce dedicated procurement cells, third-party validation, evaluation mechanisms, and pre-shipment inspections for major purchases.
They also strengthen enforcement through blacklisting and cross-debarment provisions. Independent grievance committees and an appellate mechanism have been introduced to address procurement violations.
The framework permits direct contracting with state-owned enterprises in specific circumstances, including urgent, time-sensitive, remote, or public-interest projects. It also promotes sustainable procurement, SME participation, faster tender processing, and greater transparency in government purchasing.
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