ISLAMABAD: Pakistan has shared an action plan with the IMF to review the appointment process of the National Accountability Bureau (NAB) Chairman, publish asset declarations of top federal civil servants by 2026 and introduce a risk-based verification system of assets.
The procedure for appointment of the NAB Chairman will be reviewed and presented to the federal cabinet for consideration.
The IMF review mission will visit Pakistan from February 25 to March 11, 2026, to review the performance under the $7 billion Extended Fund Facility (EFF) and the $1.4 billion Resilience and Sustainability Facility.
Pakistan’s response to and assessment of governance, corruption assessment and appointment of heads of key oversight institutions will be the main objectives of the delegation’s visit. The legal framework for appointment of heads of key oversight bodies like the Competition Commission of Pakistan (CCP), Securities and Exchange Commission of Pakistan (SECP) and NAB will be made more effective for selection on merit. The steps will be completed by June 27.
Pakistan’s actions regarding the Governance and Corruption Diagnostics (GCD) Assessment Report will be the focus of special attention during the visit. Pakistan has agreed with the IMF to review the legal framework for appointment of heads of key oversight bodies like the Competition Commission of Pakistan (CCP), Securities and Exchange Commission of Pakistan (SECP) and NAB and make it more effective to promote merit-based selection.
The process of direct appointment of the SECP Chairman has been codified in the proposed SECP Amendment Bill, which includes the formation of a selection committee to identify and recommend potential candidates, while the federal government will issue rules to formalize these procedures.
SECP Rules will be notified, including the full procedure for appointment of the Chairman, Commissioners and Policy Board members and the commencement of the appointment process at least three months before the expiry of the term.
Publication of the annual governance and transparency report approved by the SECP Policy Board, measures to improve oversight and reduce the leadership vacuum will be completed by June 27, which will enhance regulatory stability, continuity of decision-making and investor confidence.
Amendments to the Competition Act 2010 will be required to enable the separate and independent appointment of the Chairperson.
Notification of the CCP Rules will also be issued, including the full procedure for appointment of the Chairman and members, commencement of appointment at least three months before the expiry of the term, and publication of the annual governance and transparency report approved by the Commission.
It is expected that by June 27, the effectiveness of ensuring competition in markets, including commodity markets, will be enhanced.
The process of appointing the NAB Chairman will be considered after the formal review is completed and steps will be taken if necessary to enhance NAB’s public reputation as an anti-corruption agency by June 27.
