Dr. Reza Baqir has been appointed for three years as the new governor of the State Bank of Pakistan (SBP); by President Arif Alvi, on Saturday.
According to Express Tribune, Reza Baqir who was a serving official of the International Monetary Fund (IMF) has stated that he has resigned from IMF.
The government has also decided to appoint Ahmad Mujtaba Memon as the new chairman of the Federal Board of Revenue (FBR).
Memon and Baqir have worked in various positions at the Bretton Wood System institutions – the World Bank and the IMF.
Similarly, many analysts are questioning the newly appointments since this has taken away the control of Pakistan’s economy from the current civilian government.
Prime Minister Imran Khan earlier appointed Dr. Abdul Hafeez Shaikh as his adviser on finance. Both the finance minister and the State Bank of Pakistan (SBP) governor co-signed the Letter of Intent which is sent to IMF’s managing director for a request of a bailout package.
“In pursuance of section 10 (3) of the State Bank of Pakistan Act, 1956, the President of Pakistan is pleased to appoint Dr Reza Baqir as Governor SBP for a period of three years from the date he assumes office,” said a Finance Ministry notification.
PM Imran Khan’s decision to remove Tariq Bajwa who was serving as the SBP governor in the middle of the ongoing talks with the IMF and appointed a person to negotiate the deal who was until now drawing his last salary from the IMF.
Khan vacated the position for Reza Baqir after the federal cabinet accepted the resignation of Tariq Bajwa through circulation of a summary.
“In pursuance of the federal cabinet decision dated May 4, 2019, the federal government has accepted the resignation tendered by Tariq Bajwa Governor State Bank of Pakistan on May 3, 2019, with immediate effect,” said another notification of the Finance Ministry.