Per the Memorandum of Economic and Financial Policies (MEFP) and Letter of Intent between Pakistan and the IMF, Islamabad has committed to implementing comprehensive reforms to combat corruption, bribery, and money laundering.
Political interference in anti-corruption institutions, including the National Accountability Bureau (NAB), will be eradicated, and these institutions will be made more transparent.
The government plans to publish an anti-corruption framework report with cabinet approval, providing public access to information on assets disclosed by public representatives and cabinet members.
The NAB chairman will be appointed based on merit, and the jurisdiction of the anti-graft body will be clearly defined for investigations.
Furthermore, an anti-corruption task force, consisting of experts with international experience and civil society members, will publish its report in March.
The government has assured the IMF that it will bring asset declaration and the banking system in line with international standards. Additionally, a report under the United Nations Convention against Corruption will be published.
The MEFP submitted to the IMF states that real GDP is expected to rebound in FY24, with a projected growth of 2%. Prudent policies and long-overdue structural reforms are anticipated to drive gradual growth to 5% over the medium term, supported by increased investment and exports.
Regarding inflation, the document projects headline CPI inflation to remain above 20% (year-on-year) through FY24Q3, with energy inflation remaining high due to recent increases in gas and electricity tariffs. The government aims to anchor inflation expectations by maintaining a positive real policy rate and reacting to any signs of new demand pressures or increasing inflation expectations.
Headline inflation is expected to decline significantly through FY25-26, falling within the 5–7% target range by FY26, supported by fiscal consolidation and the normalization of global commodity prices.