KARACHI, March 4: National Bank of Pakistan and Transparency International Pakistan (TIP) on Saturday signed a memorandum of understanding (MoU) for the implementation of ‘integrity pact’ and transparency in its procurement system.

The integrity pact is an integral part of the National Accountability Bureau’s initiative towards ‘Shaffaf Pakistan’, the national anti-corruption strategy (NACS) approved by the cabinet on September 20, 2005. Its implementation mechanism was approved by President Musharraf in October 2002.

NBP and TIP would work jointly for the implementation of recommendations in the NACS, involving transparency in procurement and the Public Procurement Rules 2004. The integrity pact is a tool developed by TIP. It ensures that all activities and decisions of public offices are transparent.