International Finance Corporation Act, 1956

This Act formally brought Pakistan into the International Finance Corporation (IFC), an international body established under Articles of Agreement approved by the Executive Directors of the International Bank for Reconstruction and Development (the World Bank) in 1955. It gives legal effect in Pakistan to Pakistan's membership and obligations under that Agreement.

Section 3 provides that all payments Pakistan must make to the IFC under the Agreement come out of the Federal Consolidated Fund (or, before that Fund existed, out of general federal revenues), and any money Pakistan receives back from the IFC is likewise paid into the Federal Consolidated Fund.

Section 4 designates the State Bank of Pakistan as the official depository for the IFC's Pakistan-currency holdings and other assets held in the country.

Section 5 gives the force of law to Article VI of the Agreement (reproduced in the Schedule), covering the IFC's status, immunities, and privileges in Pakistan. This includes the IFC's full legal personality to contract, own property, and sue or be sued; immunity of its property and assets from seizure, search, or expropriation before a final judgment; inviolability of its archives; freedom from restrictions on its property needed for its operations; equal treatment of its official communications; immunity of its officers and staff from legal process for official acts (and related immigration and exchange-restriction privileges); and broad immunity from taxation and customs duties on the IFC itself, its securities, and non-local staff salaries. A proviso clarifies this does not let the IFC import goods duty-free for resale, or exempt it from charges that are really payment for services rendered.

This is an older law from 1956 concerning international treaty implementation. Because it governs Pakistan's relationship with an international financial institution under a still-active multilateral agreement, its core provisions likely remain in force, but readers should confirm current status against the latest official text.