The International Monetary Fund (IMF) has sent a second Corruption and Governance Diagnostic Mission to Pakistan a few months apart to hold in-depth engagements with over 30 departments and institutions, including the registrars of the Supreme Court of Pakistan (SCP) and the accountability court, reported The Express Tribune.
The mission began its activities on Thursday and is scheduled to stay in Pakistan until April 14, according to local authorities.
The mission’s engagements also extend to price controls, particularly within the sugar and construction industries, according to the media report.
So far, the mission has held discussions with the State Bank of Pakistan (SBP) in Karachi, focusing on banking sector regulations, suspicious transactions, and issues related to money laundering, according to SBP officials.
This marks the second IMF mission to Pakistan since February, with the goal of finalizing a report and set of recommendations aimed at improving the country’s governance framework and addressing concerns of corruption and money laundering. During the previous visit in February, the mission also met with Chief Justice of Pakistan, Justice Yahya Afridi, to discuss judicial appointments and legal matters.
The IMF will also meet with the Ministry of National Food Security to address concerns regarding the sugar industry, particularly around price controls. Government policies over time have been seen to favor sugar mills over consumers and the free market.
According to the media report, a meeting with the Pakistan Sugar Mills Association (PSMA) is also on the schedule. The PSMA is under investigation by the Competition Commission of Pakistan (CCP) for price manipulation and cartelization, with fines worth billions of rupees already imposed. However, courts have issued stay orders on these penalties. The IMF mission will seek updates from the CCP on the ongoing adjudication process and the referral of anti-competition cases to higher courts.
The mission will also explore financial sector oversight by the central bank, as well as anti-money laundering and efforts to combat the financing of terrorism. Issues such as the integrity of supervisors, conflicts of interest, and legal protections for financial regulators will also be addressed.
