Pakistan Submits Governance, NAB Reform Plan To IMF

ISLAMABAD (Web Desk) – Pakistan has formally presented a governance reform action plan to the International Monetary Fund, outlining measures to strengthen transparency, oversight institutions, and anti-corruption mechanisms.

As part of the plan, the government has agreed to review the appointment procedure for the Chairman of the National Accountability Bureau and place recommendations before the federal cabinet. Authorities also committed to publishing asset declarations of top federal civil servants by 2026 and introducing a risk-based system to verify those declarations.

An IMF review mission is scheduled to visit Pakistan from February 25 to March 11, 2026, to assess the country’s performance under the $7 billion Extended Fund Facility and the $1.4 billion Resilience and Sustainability Facility. Governance reforms, anti-corruption efforts, and the appointment mechanisms for key oversight bodies will be central to the discussions.

Pakistan has pledged to strengthen the legal frameworks governing appointments at major regulatory institutions, including the Competition Commission of Pakistan, the Securities and Exchange Commission of Pakistan, and NAB. The reforms aim to ensure transparent, merit-based selection processes and reduce leadership gaps. These steps are expected to be completed by June 27.

Under the proposed SECP Amendment Bill, the direct appointment process for the SECP Chairman has been formally codified. A selection committee will identify and recommend candidates, while the federal government will issue detailed rules covering appointments of the Chairman, Commissioners, and Policy Board members. The appointment process will begin at least three months before a term expires to avoid institutional disruptions.

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Similarly, amendments to the Competition Act 2010 are planned to allow the independent appointment of the CCP Chairperson. New CCP rules will define procedures for appointments and mandate the publication of an annual governance and transparency report approved by the Commission.

Officials believe these reforms will enhance regulatory stability, ensure continuity in decision-making, improve market competition—including in commodity markets—and boost investor confidence.

The review of NAB’s chairman appointment process will be finalized following a formal assessment, with further steps to be taken, if required, to strengthen the bureau’s credibility and public trust as Pakistan’s leading anti-corruption watchdog.