Reza Baqir appointed as new Governor of State Bank of Pakistan (SBP)

President Arif Alvi on Saturday appointed for three years Dr. Reza Baqir. A serving official of the International Monetary Fund (IMF) as new governor of State Bank of Pakiatan.

The government also decided to appoint Ahmad Mujtaba Memon as new chairman of the Federal Board of Revenue (FBR).

With appointment of Reza Baqir the country top two important economic positions have been occupied by people who have worked at the Bretton Wood System institutions, World Bank and the IMF.

According to some analysts fresh appointments have taken away the control of Pakistan economy from the civillian government. Dr Baqir confirmed that he has resigned from IMF. Baqir also said he did not have any othe nationality.

Earlier Prime Minister Imran Khan had appointed Dr Abdul Hafeez Shaikh as his adviser on finamce. Both the finance minister and SBP governor co sign the Letter of intent that a country sends to the IMF management director for requesting 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.

In order to immediately vacate the position for Reza Baqir the Prime Minister took the federal cabnet nod for accepting resignation of Tariq Bajwa through corculation of summary. He did not waot for regular Tuesday meeting.

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.

Reza Baqir was residing in the Guest House of the PM House which is also remporary residence of PM adviser Dr Abdul Hafeez Shaikh.

Baqir is currently serving in the IMF as Senior resident representative to Egypt. There have been admirers and critics of the IMF policies implemented in Egypt.

Some say these have brought hyperinflation slowed down the economc growth rate and increased unemployed. Others argue that the IMF policies brought stability in Egypt economy.

Baqir immediately responsibilities will be roll out policies set out by the IMF including implementing a flexible exchange rate regime reducing the government reliance on the central bank borrowing and ensuring transparency in many loans transactions.

He has remained a frequent visitor of PM office and Bani Gala and was present in meeting in which Jehangir Tareen and his likeminded people convinced PM khan that formenr finance minister Asad Umar was of no good to the economy and the government.

Government has also decided to appont Ahmad Mujtaba Memon as new Chairman of FBR, Memon is grade 21 officer and is currently serving in the ministery of finance as additional secretary. Memon an officer of the Customs Group is considered very close to Hafeez Shaikh.

Memon is dual national who holds Canadian nationality. He is from the 15th common. His immediate challenge will be presentation of new budget in line with the IMF policies.

He will have to win trust of the FBR senior team in which half dozen officials are of BPS 22. He will be faced with the challenge to improve tax collection that has nosedived in tax nine months.