ISLAMABAD: Finance Minister Muhammad Aurangzeb informed the Senate on Monday that the IMF’s Governance and Corruption Diagnostic Assessment (GCDA) report is an important milestone toward long-overdue institutional reforms. He emphasised that the government itself initiated and supported the entire assessment process.
Closing the debate on a motion moved by JUI-F Senator Kamran Murtaza, the minister said the report examines seven key areas — including judicial oversight and corruption — and identifies structural gaps that must be addressed. He termed the findings “a positive development” and noted that the IMF has provided 15 actionable recommendations, work on which has already begun.
Aurangzeb highlighted that parliament recently passed legislation requiring public servants to declare their assets, adding that a comprehensive action plan on institutional reforms would soon be shared with both the public and lawmakers. He stressed that such diagnostic reports are standard global practice and serve as benchmarks for improving governance.
Rejecting claims that the report’s publication was delayed due to sensitive findings, he explained that the process involved detailed consultations, feedback rounds, and input from over 30 institutions during nearly 100 meetings. He clarified that the IMF document had no link to the Auditor General’s recent audit report or a separate State Bank report.
The finance minister also supported calls for enhancing governance, improving technical capacity and reviewing remuneration structures — matters currently under consideration by the Civil Service Reforms Committee headed by Planning Minister Ahsan Iqbal.
Aurangzeb underscored the government’s focus on digitising the economy, arguing that digital systems deliver greater transparency, speed and cost efficiency. He suggested that the FBR chairman should brief lawmakers on the progress made toward digital transformation.
During the session, Senator Kamran Murtaza called for referring the IMF report to a committee for detailed examination, noting its critical observations on judicial performance and overall governance.
Climate Change: An Economic Reality
Separately, the finance minister stressed that climate change now poses an urgent economic challenge for Pakistan. In a meeting with a delegation led by Jean Bouquot, President of the International Federation of Accountants (IFAC), he reaffirmed the government’s commitment to sustainable finance, green taxonomy, and climate-aligned disclosure frameworks.
Aurangzeb also underlined the need to support SMEs in formalising financial reporting and highlighted Pakistan’s proactive approach to regulating digital assets and emerging technologies — an effort aimed at integrating innovation into a transparent and compliant economic system.
Story by Iftikhar A. Khan
