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Three-year term of SBP Governor Dr. Reza Bakir came to an end: Miftah Ismail – Pakistan

Minister of Finance Miftah Ismail on Wednesday announced that three-year term of Dr. Reza Bakir as Governor of National Bank of Pakistan (SBP) is finished, rule out any extension for appointed PTI.

In today’s tweet, Ismail said that Dr. Bakir term expired on May 4th. “According to the law senior most occupied by the deputy governor over until [a decision is made on a new governor].”

“Therefore, Dr. Murtaza Syed, the eminent qualified economist with rich IMF (International Monetary Fund) experience will take over as Governor of the SBP. I wish him best in his new role”finance minister said.

According to SBP, Dr. Syed more than 20 years old of experience in macroeconomic research and policy did and worked with IMF for 16 years before retirement join National Bank of Pakistan.

SBP Deputy Governor Dr. Murtaza Syed.

Dr. Syed has a Ph.D. in economics from Nuffield College at the University of Oxford and lectured on public policy at Cambridge and Oxford Universities.

Yesterday Ismail indicated in tweet about government will not grant an extension to Dr. Bakir.

“I want thank Reza for his service in Pakistan. He is exclusively qualified man and we worked well during our short time together. I wish he is very best” minister It was added.

government still to be done announcement about appointment of in new SBP Governor.

Following Ismail’s announcement of Dr. Bakir, in a series of tweets, thanked Allah and his companions team members for giving him chance serve in in public office. “To other Pakistanis, especially overseas, I urge you to consider public service,” he said.

former governor also reminded about SBP initiatives took during his tenure such as the Covid relief packages which included loans for Rozgar’s payroll and hospital funding, Roshan’s digital account, Raast, framework license digital banks in Pakistan, financial inclusion for womenaffordable mortgage for low-income groups and others.

“I want express special thanks to the Deputy Governors and the SBP Corporate Governance team for your teamwork and support. I also want thank 4 finance ministers and 5 finance ministers with whom I worked with over my 3 years,” he continued.

Dr Bakir said that Pakistan faced some challenges but also obsessed”great strengths” to counter them. “I am confident and hopeful that we as a country will make the right choice to overcome challenges forthcoming of us,” is he added.

Meanwhile, news of Bakira term called “the loss for Pakistan” by politicians and analysts on Twitter.

PTI leader Syed Zulfiqar Bukhari said Bakir work for overseas The Pakistanis were welcoming, assuring that his promises would always be remembered.

Journalist Mosharraf Zaidi praised Bakir for his “fantastic workto the SBP and warned that next The SBP governor had very “big shoes to fill”.

Economist and journalist Shahbaz Rana, on on the other hand, said the question of Bakira performance still to be answered.

Who is Reza Bakir?

Dr. Bakir, longtime economist with The International Monetary Fund (IMF) has been appointed to administer of Central bank President Arif Alvi on May 4, 2019

IMF website lists it as current Senior Permanent Representative for Arab Republic of Egypt.

Previously, he served as chief of Mission for Romania in the IMF after his appointment in January 2016, according to the Center for Economic Research in Pakistan.

According to his executive profile posted on BloombergDr. Bakir was with IMF since 2000 head of Department of Debt Policy.

Graduate of Harvard University, he later received his Ph.D. in economics at the university of California, Berkeley. former The SBP governor has also have worked with World Bank, Massachusetts Institute of Technology and Union Bank of Switzerland.

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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