Finance Minister Miftah Ismail announced on Wednesday that Dr Reza Baqir’s three-year term as Governor of the State Bank of Pakistan (SBP) has come to an end, ruling out any extension for the appointee. PTI.
In a tweet today, Ismail said Dr Baqir’s term expired on May 4. “As per law, the most senior Deputy Governor takes over until [a decision is made on a new governor].”
“Therefore, Dr. Murtaza Syed, an eminently qualified economist with a wealth of IMF (International Monetary Fund) experience, will take over as Governor of the SBP. I wish him the best in his new role,” the minister said. finances.
According to the SBP, Dr Syed has over 20 years of experience in macroeconomic research and policy making and worked with the IMF for 16 years before resigning to join the State Bank of Pakistan.
Dr Syed holds a PhD in Economics from Nuffield College, University of Oxford and has lectured on public policy at Cambridge and Oxford Universities.
Ismail tweeted yesterday that the government would not provide Dr Baqir with an extension.
“I would like to thank Reza for his service to Pakistan. He is an exceptionally skilled man and we have done well during our brief time together. I wish him the best,” the minister added.
The government has not yet announced the appointment of the new governor of the SBP.
Following Ismail’s announcement, Dr. Baqir, in a series of tweets, thanked Allah and the other members of his team for giving him a chance to serve in public office. “To other Pakistani compatriots, especially overseas, I encourage you to consider public service,” he said.
The former governor also recalled initiatives taken by the SBP during his tenure, such as Covid relief programs which included Rozgar payday loans and hospital funding, Roshan digital account, Raast, a framework to license banks in Pakistan, financial inclusion for women, affordable mortgages for low income groups and others.
“I want to especially thank the Deputy Governors and the SBP leadership team for your teamwork and support. I also want to thank the 4 Finance Ministers and 5 Finance Secretaries with whom I have worked in my 3 years,” he continued.
Dr Baqir said Pakistan faced several challenges but also had “great assets” to counter them. “I am confident and hope that as a country we will make the right choices to overcome the challenges ahead of us,” he added.
Meanwhile, news of Baqir’s tenure has been branded a “loss to Pakistan” by politicians and analysts on Twitter.
PTI chief Sayed Zulfikar Bukhari said Baqir’s work for overseas Pakistanis was welcoming, assuring his promises would always be remembered.
Journalist Mosharraf Zaidi praised Baqir for his “fantastic job” at the SBP and warned that the next SBP governor has very “big shoes to fill”.
Economist and journalist Shahbaz Rana, meanwhile, said the question of Baqir’s performance remained unanswered.
Who is Reza Baqir?
Dr. Baqir, a longtime economist at the International Monetary Fund (IMF), was appointed central bank governor by President Arif Alvi on May 4, 2019.
The IMF website lists him as the current Principal Resident Representative of the Fund for the Arab Republic of Egypt.
He previously served as mission chief for Romania at the IMF after his appointment in January 2016, according to the Pakistan Economic Research Center.
According to his executive profile published by BloombergMr. Baqir has worked at the IMF since 2000 as head of the Debt Policy Division.
A graduate of Harvard University, he then obtained a doctorate in economics at the University of California at Berkeley. The former SBP Governor has also worked with the World Bank, Massachusetts Institute of Technology and Union Bank of Switzerland.