Accepting the demand of the IMF, the federal government has finally agreed to allow banks access to asset declarations of civil servants of BS17-22, as a prior condition for the opening of bank accounts as part of good governance and anti-corruption measures. 

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.

State Bank of Pakistan will supervise the movement during sharing details of bank accounts. The banks will appoint focal persons to assist the FBR and all bank officers shall be bound to preserve the account details data. 

The IMF has also demanded the establishment for forming an authority to make public the government officers’ assets. The lender demanded to make movable and immovable assets of bureaucrats in rseas to ensure transparency and accountability. It has demanded to set up an Electronic Assets Declaration System for transparency.