Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).
IMF condition: Govt to make asset details of bureaucrats, lawmakers public. Government has decided to make asset details of bureaucrats and members of the Parliament public as Pakistan and IMF reach agreement for the release of US$1.17 billion.
According to the LoI returned to the IMF after being signed by Pakistan, an electronic asset declaration system will be introduced by September and the asset details of wife and children of the government official between BPS-17 and BPS-22 will also be published.
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The citizens, according to the LoI, will be able to access the asset declaration of the Parliamentarians. “Action will also be taken against bureaucrats hiding abroad assets in their declarations,” the sources said.
It merits mention that Finance Minister Miftah Ismail has announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).
The International Monetary Fund (IMF) is an agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries.
Its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes,it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system.
It now plays a central role in the management of balance of payments difficulties and international financial crises.
Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money.
As of 2016, the fund had XDR 477 billion (about US$667 billion).