ISLAMABAD: A meeting of the National Finance Commission (NFC) has been scheduled for December 4 to review the implementation of IMF conditions and the new financial award, sources said. The federal government has invited all four provinces to the session, which will be attended by Federal Finance Minister Muhammad Aurangzeb and the provincial finance ministers.
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During the meeting, proposals from the International Monetary Fund regarding changes to the NFC Award will be discussed. Officials noted that if multiple sessions are required to finalize the new award, the process could extend over six to eight months. The first scheduled meeting had previously been postponed at the request of the provinces due to flooding.
Separately, the IMF highlighted corruption as a persistent challenge in Pakistan in its Governance and Corruption Diagnostic Assessment (GCDA). The Fund urged the Special Investment Facilitation Council (SIFC) to publish its first annual report and strengthen governance structures to enhance transparency and accountability.
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The IMF recommended that the SIFC provide detailed reporting on all investment deals facilitated, including tax, policy, regulatory, or legislative concessions granted, along with the rationale and monetary value of each concession. Authorities were also advised to implement a comprehensive reform agenda to safeguard public trust and promote economic development.