ICMA has unveils a 32-pillar execution blueprint translating the IMF’s Pakistan governance diagnosis into time-bound reforms for fiscal discipline, justice delivery, anti-corruption, and digital regulation.

Pakistan’s leading accounting body on Thursday unveiled a detailed execution roadmap addressing governance weaknesses flagged by the International Monetary Fund in its latest diagnostic assessment.

The Institute of Cost and Management Accountants released an analytical review transforming the IMF’s findings into implementable reforms.

The document targets fiscal leakages, weak institutions, and accountability failures constraining Pakistan’s economic potential.

The report is titled “ICMA Analytical Review of the IMF Governance and Corruption Diagnostic Report.”

It was developed by ICMA’s Research and Publications Department and presented as a national reform blueprint.

The framework outlines thirty-two implementation pillars with assigned responsibilities and phased timelines.

ICMA said the roadmap builds directly on the IMF’s November 2025 Governance and Corruption Diagnostic Assessment.

That IMF assessment identified deep structural weaknesses eroding state capacity and investor confidence.

It warned governance failures cost Pakistan billions of rupees annually through inefficiency and corruption.

In its review, ICMA accepts the IMF diagnosis as a starting benchmark for reform.
It focuses on translating broad recommendations into operational steps for public institutions.
The objective is to close the historic gap between reform commitments and effective execution.

The institute positioned the roadmap as a practical tool for the Government of Pakistan and its economic managers.

It assigns actions to ministries, regulators, and enforcement agencies with measurable timelines.
ICMA said this structure enables accountability across the federal and provincial governance landscape.

Muhammad Yasin, vice president of ICMA, introduced the report as a call for collective action.
He said the IMF provided a clear diagnosis of systemic governance challenges.
He described ICMA’s contribution as a professional treatment plan grounded in implementation realities.

Yasin said the proposals span thirty-two priority areas critical for institutional renewal.
He added the institute stands ready to support authorities during implementation.
ICMA members would contribute technical expertise across public finance, regulation, and compliance.

The roadmap places fiscal governance at the centre of economic stabilization efforts.
Pakistan’s fiscal deficits have remained structurally high for over a decade.
According to IMF programme data, persistent revenue shortfalls undermine macroeconomic stability.

ICMA proposes establishing an independent Parliamentary Budget Office for transparent fiscal scrutiny.

It also recommends a Public Investment Monitoring Unit to oversee development spending in real time. Such units are standard practice in peer emerging economies, according to IMF technical notes.

On revenue administration, the plan calls for a Revenue Intelligence Unit within the Federal Board of Revenue.
The unit would deploy data analytics to detect evasion and broaden the tax base.
Pakistan’s tax-to-GDP ratio remains below ten percent, among the lowest in the region.

The roadmap also recommends simplifying complex tax laws through a dedicated reform unit.
It argues complexity fuels discretion, disputes, and rent-seeking behavior.
Streamlined legislation could improve compliance and reduce litigation burdens.

State-owned enterprises feature prominently in the fiscal reform agenda.
ICMA proposes a centralized SOE Performance and Oversight Unit.
SOE losses have repeatedly burdened the federal budget, according to finance ministry data.

A consolidated Debt Management Office is also recommended.
The aim is to improve transparency in borrowing and debt servicing decisions.
Public debt has exceeded seventy percent of GDP in recent years, IMF figures show.

Judicial efficiency forms the second major reform pillar.
The IMF highlighted delays in justice delivery as a major investment deterrent.
Weak contract enforcement raises business costs and discourages formal sector growth.

ICMA proposes specialized commercial benches to fast-track economic disputes.
It also calls for nationwide digital case management systems.
Publishing court performance data would enhance transparency and accountability.

Alternative dispute resolution features as a core recommendation.
The plan supports expanding mediation through the International Mediation and Arbitration Centre. ADR mechanisms could significantly reduce case backlogs, improving legal certainty.

Anti-corruption reforms address fragmentation among enforcement bodies.
The IMF flagged overlapping mandates and weak coordination among agencies.
Such fragmentation dilutes accountability and slows investigations.

ICMA proposes a National Anti-Corruption Coordination Council.
The council would align the National Accountability Bureau, FIA, and provincial bodies.
Shared intelligence systems would improve enforcement efficiency and case quality.

Whistleblower protection is emphasized as a critical accountability tool.
The roadmap calls for secure reporting channels and legal safeguards.
International evidence links strong whistleblower laws with higher corruption detection rates.

The report also stresses transparent, merit-based appointments to regulatory bodies.
These include the Securities and Exchange Commission of Pakistan and competition authorities.
Independent leadership is seen as essential for credible market oversight.

Digital governance reforms aim to modernize state capacity.
ICMA supports integrating NADRA’s digital identity across government services.
Such integration could reduce fraud and improve service delivery efficiency.

A National Business Registry is proposed to reduce regulatory duplication.
Businesses currently face multiple registrations across federal and provincial agencies.
Streamlining processes could significantly improve Pakistan’s ease-of-doing-business rankings.

The Competition Commission would be equipped with a digital competition framework.
This addresses market distortions arising from platform dominance and data concentration.
Digital economy oversight remains underdeveloped in Pakistan’s regulatory architecture.

Execution mechanisms form the final pillar of the roadmap. ICMA acknowledges Pakistan’s long history of reform plans without delivery. It proposes a national reform performance dashboard for public monitoring.

Read More: IMF Urges Pakistan to Simplify Tax System

A structured stakeholder engagement strategy is also recommended.
Public communication is framed as essential for building trust and ownership.
Transparency is presented as the foundation for sustainable reform momentum.

ICMA said the roadmap aligns with Pakistan’s commitments under IMF programmes.
It also supports broader goals of economic resilience and investor confidence.
Effective implementation could unlock long-term growth and institutional credibility.

The institute reaffirmed its support for reform execution alongside authorities and the IMF.
It described governance reform as an investment in Pakistan’s future. ICMA said durable institutions remain essential for stability, growth, and public trust.