The Institute of Cost and Management Accountants of Pakistan (ICMA) has presented a comprehensive set of reform proposals to the government as follow-up actions to the International Monetary Fund’s Governance and Corruption Diagnostic Assessment (GCDA), aiming to strengthen governance across regulatory, fiscal, and judicial sectors while curbing the waste of national resources and supporting economic revival.
According to ICMA, the recommendations are contained in a detailed 52-page blueprint that outlines specific measures across 32 priority reform areas. The proposals are designed to translate the IMF’s diagnostic findings into actionable reforms with clearly defined responsibilities and timelines. ICMA Vice President Muhammad Yasin, in a written submission to the government, described the document as a professional and national contribution toward building stronger, more transparent, and accountable institutions.
In his communication, Yasin stated that ICMA stands ready to support the government, the IMF, and other stakeholders in implementing the proposed reforms, leveraging the technical expertise of its members to ensure meaningful and lasting institutional change. He emphasized that the blueprint aims to bridge the long-standing gap between reform commitments and practical execution.
The ICMA review converts the IMF’s governance assessment into a phased implementation matrix, assigning concrete actions to key institutions including the Finance Division, the Federal Board of Revenue (FBR), and the Securities and Exchange Commission of Pakistan (SECP). These actions are structured across short-, medium-, and long-term horizons, transforming broad reform recommendations into a coordinated, government-wide project plan with built-in accountability.
The blueprint is built around five major pillars identified as critical for national renewal. One of the primary areas of focus is addressing budgetary inefficiencies and revenue leakages that continue to strain public finances. To respond to IMF concerns over opaque budgeting processes, ICMA has proposed the establishment of an independent Parliamentary Budget Office to provide objective scrutiny of fiscal policy, alongside a Public Investment Monitoring Unit to ensure real-time oversight of development projects.
On the revenue side, the report recommends creating a Revenue Intelligence Unit within the FBR to enable data-driven audits and enforcement, complemented by a Tax Reform and Simplification Unit to rationalize complex tax laws. It also calls for a dedicated State-Owned Enterprises Performance and Oversight Unit to limit fiscal losses, as well as a consolidated Debt Management Office to improve transparency and discipline in public borrowing.
Judicial reform is another major component of the blueprint, reflecting IMF concerns over case backlogs and weak contract enforcement. ICMA noted that delays in the justice system undermine business confidence and citizen rights. To address this, the report proposes specialized commercial benches, nationwide digital case management systems, and public disclosure of court performance data. The expansion of Alternative Dispute Resolution mechanisms is also highlighted, with a recommendation to empower the International Mediation and Arbitration Centre to ease pressure on courts.
Strengthening accountability mechanisms to counter corruption forms another core pillar of the proposals. ICMA has called for a more coordinated anti-corruption framework to address institutional fragmentation identified by the IMF. Central to this is the creation of a National Anti-Corruption Coordination Council to integrate intelligence-sharing among NAB, FIA, and provincial bodies. The blueprint also emphasizes stronger whistleblower protections and secure reporting channels.
To reinforce institutional independence, the report recommends transparent, merit-based appointments for the leadership of key regulatory bodies such as SECP, the Competition Commission of Pakistan, and NAB. These measures, ICMA argues, are essential to restoring public trust and improving regulatory effectiveness.
The blueprint further underscores the role of digital and regulatory reforms in modernizing governance, aligning Pakistan’s institutional framework with the demands of a contemporary economy. By embedding transparency, accountability, and technology-driven oversight into state functions, ICMA believes the reforms can help stabilize public finances, improve investor confidence, and support sustainable economic growth.
Overall, the ICMA submission positions governance reform as a central pillar of Pakistan’s economic recovery strategy, closely aligned with IMF commitments and domestic reform priorities.
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