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

By: News Desk
Published: 11:23 PM, 6 Dec, 2021
All govt institutes to transfer their accounts in SBP for IMF’s monitoring
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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.

The 24News HD TV channel reported on Monday that the IMF will monitor the accounts of all the institutions of the country after the transfer of all government agencies’ different accounts to the SBP.

In order to continue the IMF program, it is necessary to transfer the money in all government accounts held by the Commercial Banks to a single treasury account by the end of this month.

The IMF has also demanded Pakistan that funds from all autonomous institutions, corporations and provincial governments be opened for single treasury accounts.

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.