Pakistan, IMF agree on structural reforms including overhaul of accountability laws

Pakistan and the International Monetary Fund have agreed on a set of new structural benchmarks that include amendments to laws governing the National Accountability Bureau (NAB), as part of the $6 billion loan program.

Changes to NAB laws are aimed at making the accountability system more transparent and merit-based while strengthening anti-corruption oversight, official sources said.

The revised NAB laws will also incorporate provisions on anti-money laundering and countering terrorist financing, sources added.

The agreement covers a broad range of reforms to be implemented in phases across fiscal, administrative, social, energy, and trade sectors. Relevant institutions have been assigned deadlines, with completion expected between this year and 2027.

On the fiscal side, the federal budget for fiscal year 2027 will be approved in line with IMF program targets, with parliament expected to pass legislation consistent with those benchmarks.

Tax reforms will include aligning the Federal Board of Revenue's audit case selection system with international standards, a move officials say is aimed at bringing Pakistan's tax framework in line with global best practices.

Public procurement rules are also set for revision, with amendments planned to regulations overseen by the Public Procurement Regulatory Authority to enhance transparency and competition, particularly for government departments and state-owned enterprises.