In a step toward institutional transparency and accountability, the Pakistan Standards and Quality Control Authority (PSQCA) has formally reinforced its zero-tolerance policy against corruption, bribery, favouritism, and misuse of authority, as per a press release.

Under the directives of the Director General, PSQCA, the policy now serves as a final notice to all officers and officials, regardless of rank or designation, regarding the authority’s unwavering stance on professional conduct. Any officer found guilty of misconduct or abuse of authority shall be liable to disciplinary action and legal proceedings in accordance with the law.

To ensure robust accountability, PSQCA has also established a formal mechanism for reporting malpractice. Employees, stakeholders, and the general public are encouraged to submit any reasonable information concerning irregularities. Anonymous complaints will be entertained, provided they contain sufficient particulars.

Karandaaz empowering women

Moving beyond isolated interventions toward system-level integration, Karandaaz Pakistan has intensified its push to embed gender equity across the national digital and financial ecosystem. Through its Women Economic and Digital Inclusion initiative, Karandaaz brought together the country’s leading financial institutions, regulators, and development partners for a strategic forum titled “Driving Systemic Change for Women’s Economic Inclusion.” The platform reinforced institutional commitments and showcased targeted interventions aimed at eliminating gender-related economic disparities, according to a press release.

The forum highlighted the critical need to address Pakistan’s persistent gender gaps, where female labour force participation remains below 25pc, and women account for a disproportionately low share of formal financial account ownership at 14pc as per the Karandaaz Financial Inclusion Survey (K-FIS) 2024.

A key milestone was the formal signing ceremony for the Financial Inclusion for Women Challenge Round 5, launching field partnerships with Mobilink Microfinance Bank Limited (MMBL) and Manzil Organisation. Backed by Karandaaz, MMBL will onboard 50,000 women working in the agriculture sector by offering them digital banking services via its Dost app, combining financial literacy with free healthcare and savings products.

Concurrently, another partner, Manzil Organisation, will empower 9,000 rural women in Balochistan by allotting farmland, agricultural kits, and establishing dedicated community markets in Naseerabad.

ICMA analyses policy rate

The Institute of Cost and Management Accountants of Pakistan (ICMA), through its Research and Publications Department, has released the 24th issue of its Monetary Policy Statement Review following the State Bank’s decision to keep the policy rate unchanged at 11.50pc.

ICMA’s analysis highlights that while the decision reflects a cautious response to resurging inflationary pressures, exchangerate volatility, seasonal liquidity demand, and external uncertainty linked to the ongoing Middle East conflict, monetary transmission remains under strain.

Headline inflation rose sharply to 10.9pc in April and further to 11.7pc in May 2026, while core inflation also edged higher, signalling that energy and supplyside shocks are transmitting into broader price pressures, states the press release.

Using its Monetary Policy Effectiveness Gap framework, ICMA observed that current inflationary and liquidity pressures are outpacing earlier policyrate signals. The analysis shows that from March 2025 onward, monetary transmission weakened significantly, with April and May 2026 registering deeply negative MPEG values of –16.4 and –19.8 percentage points, respectively. This reflects stubbornly high liquidity pressures as most of Pakistan’s economy continues to operate outside the formal banking system.

ICMA cautions that cutting rates at this stage could further fuel inflation, while holding steady remains the only prudent shortterm choice. However, the institute emphasises that monetary policy alone cannot deliver stability. Sustained fiscal consolidation, taxbase broadening, energysector reforms, and stronger financial inclusion are essential to restore credibility and improve the effectiveness of monetary decisions.

ICMA also notes that provisional GDP growth for FY26 was estimated at 3.7pc, State Bank reserves rose to $17.2 billion by June 5, 2026 and are projected to reach $18bn by the end of June, while the government reported a primary surplus of 2.5pc of GDP for FY26 with a target of 2pc for FY27.

Published in Dawn, The Business and Finance Weekly, June 29th, 2026