IMF economist Baqir appointed as State of Bank of Pakistan governor

Must Read

Jharkhand polls for 81 constituencies from November 30 to December 20; counting on 23rd December

Addressing a press meeting today, Chief Election Commissioner Sunil Arora has announced the poll dates for Jharkhand Legislative assembly....

Congress forms six-member committee of AICC to review situation of NRC in Assam

In a bid to review the condition of Assam state after the implementation of the NRC exercise, Congress party...

Shiv Sena elects Eknath Shinde as party’s legislative leader; Sunil Prabhu appointed as chief whip of party

In a striking breakthrough, Shiv Sena elected senior minister Eknath Shinde as the party's legislative leader today. It has...

Islamabad: Reza Baqir, an economist with the International Monetary Fund (IMF), has been appointed as Governor of the State Bank of Pakistan (SBP) for three years, the media reported on Sunday.

In a late Saturday night notification, the Finance Division formally announced Baqir’s appointment, reports Dawn news.

An alumnus of Lahore’s Aitchison College, Baqir earned his Ph.D. from the University of California, Berkeley, in Economics and has worked with the IMF for the last 16 years.

He has been the chief of the IMF’s Debt Policy Division and worked on its policies on external debt sustainability and restructuring of member countries.

He has also helped design debt and fiscal policies for crisis-hit countries like Greece and Ukraine, among others.

Before the IMF, Baqir worked at the World Bank, the Massachusetts Institute of Technology and the Union Bank of Switzerland.

Baqir will be the second IMF staffer to head the SBP. Before him, Mohammad Yaqub was also brought in from the IMF to head the State Bank from 1993 to 1999.

The key appointment came only weeks after Finance Minister Asad Umar was asked to step down amid vital bail-out negotiations with the IMF, suggesting the government wants to overhaul its financial team amid weakening growth rates and soaring inflation, reports The News International.

Last month, Prime Minister Imran Khan appointed Abdul Hafeez Sheikh as Adviser on Finance in place of Umar, as inflation rose to its highest in six years.

The IMF is pushing Pakistan to embrace a more flexible rupee policy to end repeated boom-and-bust cycles, with many analysts arguing that the local currency is over-valued.

The central bank in March cut its economic growth estimates, forecasting the economy would expand 3.5 to 4 percent in the 12 months to the end of June, well short of a government target of 6.2 percent.

But the IMF predicted a growth of 2.9 percent in 2019 and 2.8 percent next year.

Pakistan’s consumer price inflation in March rose to its highest since November 2013, hitting 9.41 percent year-on-year, before easing to 8.82 percent in April.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Voda-Idea, Airtel struggle in early trade over poor Q2 numbers

Mumbai, Nov 15 (IANS) Vodafone Idea on Friday hit the lower circuit, after falling over 10 per cent on...

Fortnite Week 6 ‘Hide and Seek’ missions: All Landmark Locations

Fortnite introduces a new set of challenges and rewards every Thursday. Currently, Fortnite is in Chapter 2 which started on 15th October after the game...

Early winter sees arrival of winged visitors in UP

Prayagraj, Nov 15 (IANS) As winter creeps and the temperatures begin to fall, the waters of Ganga and Yamuna in Prayagraj are rippling with...

HK official hurt in London as protesters surround her

London, Nov 15 (IANS) Hong Kongs Justice Minister Teresa Cheng was injured when she fell after being surrounded by protesters, in what was the...

Google rolls out own RCS chat system to replace SMS

San Francisco, Nov 15 (IANS) Tired of dilly-dallying at the end of US telecom carriers, Google has announced to roll out its own Rich...
- Advertisement -

More Articles Like This