All govt institutes to transfer their accounts in SBP for IMF’s monitoring
Federal ministries and divisions have expressed reservations over the government's decision
Following the conditions of the International Monitory Fund (IMF), all the government institutions will transfer their all bank accounts into the single account of the State Bank of Pakistan (SBP) for transparency.
Sources said that a total of Rs 2900 billion has been deposited in various accounts of commercial banks. And, after the transfer of these accounts in SBP, the financial data will be accessible to IMF.
The channel report also said that the Federal Ministry of Finance is facing difficulties in meeting the IMF's requirement to close all government accounts in commercial banks and transfer them into a single treasury account.
The sources said several federal ministries and divisions have expressed reservations over the decision. The sources also said the government is losing about Rs150 billion annually due to the difference in interest rates on deposits and loans.