Pakistan’s Auditor General has identified significant financial irregularities in the federal government’s accounts for the 2024-25 fiscal year, raising concerns about budget management, parliamentary oversight, and the effectiveness of internal financial controls. According to audit reports covering federal accounts for the 2024-25 fiscal year, a total of Rs3.454 trillion in supplementary grants was obtained by […]
public finance
ICMA Pakistan launches book on blockchain in public finance
The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) has launched a new publication titled “Blockchain in Public Finance: Reducing Corruption and Enhancing Transparency,” authored by Mr. Muhammad Afzaal, FCMA, Chairman of the Government Commercial Audit Advisory Board of ICMA. The book focuses on the application of blockchain technology in public financial management, […]
AJK suspends government payments for system upgrade
All government payments in Azad Jammu and Kashmir (AJK) will remain suspended for two weeks starting January 6 due to an upgrade of the SAP-based financial management system. The suspension will continue until January 20, according to a circular issued by the accountant general’s office. The circular stated that the Directorate of Federal Accounts (FABs) […]
Pakistan’s total debt quadruples in a decade
Pakistan’s total debt has surged fourfold over the past ten years, according to an official report by the Ministry of Finance. The report reveals that the country’s debt-to-GDP ratio climbed from 60% in 2016 to 71% in 2025. In the current fiscal year, 89% of the federal government’s net income was spent on debt servicing, […]