The Senate Panel on Finance opened its meeting on Tuesday by reviewing the performance of the Special Investment Facilitation Council (SIFC). Lawmakers said the council had promised to bring in $60 billion in foreign investment but had secured only about $2 billion so far. Members of the panel called the shortfall alarming because Pakistan’s economy is under growing pressure.
Officials from the Finance Ministry explained that most expected funds were linked to long-term projects. They said major ventures such as Reko Diq had been in development for nearly two decades and required more time before producing large inflows.
The Senate Panel then shifted its focus to the government’s response to the IMF’s Governance and Corruption Diagnostic Report. The report highlighted serious weaknesses across Pakistan’s public sector, including tax administration, customs operations, procurement systems, and oversight of state institutions. Senators said the findings had damaged Pakistan’s investment reputation at a critical time.
Committee Chair Senator Saleem Mandviwalla asked whether the government fully accepted the seriousness of the IMF’s assessment. Lawmakers warned that foreign investors already consider Pakistan a high-risk market, and the report could make matters worse. Senator Farooq H. Naek said the findings had hurt Pakistan’s global standing and demanded clear acknowledgment from the government.
Finance officials said the report was diagnostic and released before the IMF Board review. They stated that Pakistan had agreed to a 15-point reform plan, which includes digitizing customs processes, expanding e-invoicing, improving track-and-trace systems, and adding more transparency across institutions.
Senators, however, noted that corruption continues to increase. They said both local business groups and international watchdogs report similar concerns. Senator Dilawar Khan argued that corruption levels may be even higher than the IMF estimated. He also referenced a widely discussed case involving an FBR officer accused of demanding a share during a refund process, calling it an example of deeper institutional problems.
Lawmakers asked whether the government would take action against the institutions mentioned in the IMF report. Finance officials said a structured response plan was in progress, but senators pressed for stronger enforcement and clearer accountability.
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The Senate Panel directed the Finance Ministry to present a detailed roadmap in the next meeting. The committee said the roadmap must explain how Pakistan will implement the IMF-recommended reforms and address corruption issues across key public institutions.
