The Ministry of Finance has rejected the current draft of the Pakistan Maritime and Port Authority law, citing major structural flaws and concerns over compliance with reform commitments linked to the International Monetary Fund program.
In its review, the ministry stated that the proposed law in its present form cannot be approved and has directed that a revised draft be submitted in line with IMF-aligned reform targets.
Officials told ProPakistani that granting both regulatory and operational powers to a single authority could create a conflict of interest. The ministry recommended establishing a separate body to handle administrative and operational matters in the maritime sector.
The review also warned that the current structure could undermine the autonomy of key institutions, including the Port Qasim Authority, Karachi Port Trust, and Gwadar Port Authority.
The Ministry of Finance further recommended that governance reforms should align with the State Owned Enterprises Act 2023. It also proposed separating the roles of chairman and chief executive officer to strengthen institutional oversight.
According to the document, financial discipline measures have also been suggested, including transferring surplus funds of the authority to the federal treasury, implementing pre-audit requirements for all payments, and formalizing internal audit systems.
The ministry also called for a clearly defined timeline for budget preparation and approval to ensure transparency and accountability.
Officials cautioned that without these revisions, the proposed law may face objections from the International Monetary Fund, potentially affecting Pakistan’s reform commitments under the ongoing program.
