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Pakistan’s Cabinet Committee on State-Owned Enterprises approved an amendment to the 2023 State-Owned Enterprises (SOEs) Ownership and Management Policy on 14 September 2026. The Finance Division listed it on 2 October as an amendment “for IFRS Implementation by the SOEs.” It identifies two reporting routes: standards notified by the Securities and Exchange Commission of Pakistan (SECP), including generally available modifications or exemptions, and— for SOEs regulated by the State Bank of Pakistan (SBP)—the statutory reporting framework prescribed by SBP. The amendment sits within Pakistan’s broader SOE reform agenda, but the available documents do not establish that this specific IFRS change was itself an IMF condition.
What Pakistan’s amendment changes
The amendment concerns how the financial reporting standards applicable to SOEs are identified for IFRS implementation and monitoring. The Government of Pakistan says the applicable standards are those notified by SECP, including modifications or exemptions that SECP makes available to companies generally. It also preserves a distinct route for SOEs regulated by SBP.
| SOE category | Reporting framework identified by the government |
|---|---|
| SOEs whose applicable standards are notified by SECP | SECP-notified financial reporting standards, including modifications or exemptions generally available to companies. Source: Government of Pakistan press release. |
| SOEs regulated by SBP | The statutory financial reporting framework prescribed by SBP prevails. Source: Government of Pakistan press release. |
This is not a rule that every SOE must use identical IFRS requirements. The applicable regulator matters: the government’s summary expressly preserves SBP’s statutory framework for the SOEs it regulates. The government press release states: “The amendment also provides that, in the case of SOEs regulated by the State Bank of Pakistan, the statutory financial reporting framework prescribed by SBP shall prevail.”
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The Cabinet Committee on State-Owned Enterprises approved the proposed amendment on 14 September 2026. The Finance Division’s Central Monitoring Unit listed the document on 2 October 2026 under the title “Amendment in the State-Owned Enterprises (SOEs) Ownership and Management Policy, 2023 for IFRS Implementation by the SOEs.” The Finance Division listing is available on its Central Monitoring Unit page; the approval was reported in the government press release.
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The Ministry-linked amendment is a one-page scanned PDF, and the accessible copy has no extractable text. The government’s press release supports the substance summarized here, but the accessible material does not establish an effective date, commencement clause, or transition arrangements.
How this relates to the IMF’s SOE reform benchmark
The IMF has tracked a broader structural benchmark concerning alignment of SOEs with Pakistan’s 2023 SOE legal framework. In its April 2026 Pakistan review, the IMF described the benchmark as amending laws of additional statutory SOEs to bring them into line with the SOE Act and 2023 framework. That review gave an end-August 2026 target and marked the benchmark “In progress.” See the IMF April 2026 Pakistan review.
The IMF’s November 2025 review had described the aim as bringing all SOEs into line with the 2023 legal framework and strengthening sovereign wealth fund governance and accountability. At that point, it recorded the benchmark as in progress with an end-March 2026 date. Those dates and statuses belong to their respective reports; they should not be treated as a current status update. See the IMF November 2025 Pakistan review.
These reviews establish the IMF’s wider SOE-alignment agenda, not that the IFRS amendment approved in September 2026 was itself the benchmark or was expressly required by the IMF. The sound distinction is that Pakistan amended its policy on IFRS reporting within the same broader reform context, while the available documents do not identify this particular amendment as an IMF condition.
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Why the 2023 policy is the baseline
Pakistan’s Ownership and Management Policy 2023 was prepared under section 4(1) of the SOE Governance and Operations Act, 2023. It sets out how the federal government should clarify its shareholding responsibilities, act as an informed and active shareholder, and manage fiscal risks associated with SOEs. It also addresses ownership rationale, governance responsibilities, Central Monitoring Unit oversight, public-service obligations, and reporting expectations. The policy is available from the Finance Division publications page.
The policy’s wider ownership approach distinguishes strategic or essential SOEs that may be retained from non-strategic or non-essential enterprises that may be transformed. Potential approaches include restructuring, management contracts, joint ventures, public-private partnerships, stock-exchange listing, or outsourcing. Those provisions provide context for the reform framework; they are not changes described in the IFRS amendment summary.
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