Sharif government refuses extension for Governor of State Bank of Pakistan
May 04, 2022
Islamabad [Pakistan], May 4 : The three-year tenure of Reza Baqir as the Governor of the State Bank of Pakistan (SBP) is set to expire on Thursday as the government decided not to extend his term.
Federal Minister for Finance and Revenue Miftah Ismail on Tuesday announced that no extension has been granted to the SBP governor.
Taking to Twitter, Finance Minister Ismail, wrote, "Tomorrow Governor SBP Dr Reza Baquir's 3-year expires. I have spoken to him and told him of the government's decision. I want to thank Reza for his service to Pakistan. He is an exceptionally qualified man & we worked well during our brief time together. I wish him the very best."
The News International, citing sources, reported that the Prime Minister Shehbaz Sharif-led government was earlier considering an extension until a deal with the International Monetary Fund (IMF) is finalised.
The sources by the Pakistani media outlet, before the government's revelation of its decision, had said that efforts were underway for securing a second term for Dr Baqir. According to the sources, the government was likely to consider, "a few months" extension in his tenure as a "stop-gap arrangement", reported Geo TV.
Dr Baqir was appointed as the governor of the central bank by President Arif Alvi on May 4, 2019, for a period of three years from the day he assumes the office of the Governor. He assumed his responsibilities on May 5, 2019.
Prior to this appointment, Dr Baqir had 18 years of experience with the IMF and two years of experience with the World Bank. He was the Head of the IMF's Office in Egypt and Senior Resident Representative since August 2017.
He had also held positions as IMF's Mission Chief for Romania and Bulgaria, Division Chief of the IMF's Debt Policy Division, Strategy, Policy and Review Department, overseeing IMF's work on debt relief and sovereign debt restructuring, head of the IMF delegation to the Paris Club for four years, and Deputy Division Chief of the Emerging Markets Division overseeing IMF's loans and policies in emerging markets, amongst other roles.
Dr Baqir represented the State Bank of Pakistan on the Board of Directors of the Asian Clearing Union, the Board of Governors of the Economic Cooperation Organization Trade and Development Bank, the Council of Islamic Financial Services Board (IFSB), the Financial Stability Regional Consultative Group for Asia, and the IMF's Board of Governors.
He was appointed as Chairman of the General Assembly of the prestigious Islamic Financial Services Board for 2022.
