Fulfilling IMF conditions: Govt to build digital asset declaration system

The government has decided to create and implement a digital assets declaration system as it works to fulfill conditions set forth by the International Monetary Funds (IMF) to resume the $1.2 billion extended fund facility (EFF).

The IMF considers the digital asset declaration system a key component of ensuring financial transparency and improve the accountability process.

According to officials at the Ministry of Finance, the government has agreed to set up the electronic asset declaration system.

The system will help collect and make public the assets of public representatives and government officials.

In the Letter of Intent sent by the government to the IMF, it has been agreed to release details of assets owned by the families of government employees of grades 17 through 22.

If any public representatives or government officials are found to be hiding assets at home or abroad, strict action will be taken against them.

It has also been agreed to release the details of foreign assets of selected important individuals.

Moreover, the government has also agreed to review the laws related to accountability, including the National Accountability Bureau (NAB).

However, for the release of the next tranche of $1.17 billion, the Executive Board of the IMF is scheduled to meet on August 29 to approve the seventh and eighth economic reviews.