KARACHI: The International Monetary Fund (IMF) has put forward fresh demands for Pakistan, urging greater autonomy for the State Bank of Pakistan (SBP) as part of its Governance and Corruption Diagnosis Assessment Report.
IMF seeks stronger autonomy for State Bank
The Fund has urged the State Bank of Pakistan to be given more autonomy. According to sources, the IMF has recommended further amendments to the State Bank Act to reduce government influence in monetary affairs. The global lender has specifically called for removing the federal secretary of finance from the State Bank’s Board of Directors to ensure impartial decision-making.
Filling deputy governor vacancies
The report highlights that two out of three deputy governor posts at the SBP remain vacant. The IMF has stressed the need for these critical positions to be filled immediately to strengthen the bank’s operational capacity and oversight.
Ending govt interference in commercial banks
In addition, the IMF has urged Pakistan to end government intervention in the supervision of commercial banks. The lender believes such reforms are essential to granting the SBP full independence in regulating and monitoring the financial sector.
Ongoing Talks with Islamabad
Officials from the Ministry of Finance confirmed that discussions with the IMF are underway on these recommendations. The proposals are expected to be part of broader negotiations tied to future loan disbursements and policy reforms.
