As part of its efforts to meet the requirements set forth by the International Monetary Funds (IMF) to resume the $1.2 billion extended fund facility, the government has chosen to develop and deploy a digital assets declaration system (EFF).
The IMF views the system for declaring digital assets as a crucial part of guaranteeing financial transparency and enhancing the accountability system.
The establishment of the electronic asset disclosure system has been approved by the government, according to representatives of the Ministry of Finance.
The system will assist in gathering and making accessible the assets of elected officials and other public figures.
It was agreed to disclose specifics on the assets owned by the families of government employees in grades 17 through 22 in the Letter of Intent the government issued to the IMF.
Strict action will be taken against any public figures or government employees discovered to be concealing assets either domestically or overseas.
The disclosure of specifics regarding certain significant people’ foreign holdings has also been agreed upon.
Additionally, the government has promised to evaluate accountability-related laws, including the National Accountability Bureau (NAB).
The IMF Executive Board is set to convene on August 29 to approve the seventh and eighth economic evaluations in order to release the next tranche of $1.17 billion.