The federal government has fulfilled another condition of the IMF while deciding on important amendments to the 2023 policy regarding state-owned enterprises. Government

Government institutions will have to follow International Financial Reporting Standards, the Ministry of Finance has issued a notification.

According to the notification, under the amended policy, all government institutions have been made obliged to maintain accounts in accordance with International Financial Reporting Standards, all government institutions will have to adopt internal audit procedures.

The notification said that the Finance Division will prepare a financial management framework in consultation with the Auditor General, the concessions approved for general companies will also be applicable to government-owned institutions, for which the policy of the Securities and Exchange Commission will have to be followed, and the relevant rules of the State Bank will be applicable to government institutions related to banking.

The amendments to the policy aim to bring the financial management, transparency, and accountability systems of state-owned enterprises in line with international standards.