Accepting the IMF‘s demand, the federal government has now agreed to give banks access to asset declarations of BS17-22 state officials as a prerequisite for opening bank accounts as part of good governance and anti-corruption initiatives.
A notification, issued on Friday titled “Sharing of Declaration of Assets of Civil Servants Rules, 2023” says that commercial banks will access the asset data of federal employees in the first phase at the time of opening bank accounts.
The IMF has been insisting on the public declaration of Public servants’ assets. An IMF mission arrived in Islamabad on January 30 to discuss the stalled ninth review of the $7 billion Extended Fund Facility (EFF). In the meeting, the international lender also demanded details of the overseas assets of the bureaucracy.
The notification regarding the disclosure of assets of public servants said, “All 17 to 22 Grade officers have to provide all information before opening a bank account.” FBR will furnish details of assets of civil servants to banks in this regard.
“Bureaucrats’ will be checked prior to the opening of a bank account and Banks will get information from the FBR for the opening of accounts of bureaucrats. However, the banks will keep the information confidential from the public and will not release it at any cost to the general public.
The movement of bank account details would be monitored by the State Bank of Pakistan. Banks will select focus points to help the FBR, and all bank officers will be required to keep account details data.
The IMF has also demanded the formation of an entity to make public the assets of government officials. For transparency, it has advocated the establishment of an Electronic Assets Declaration System.
