Finance Minister Miftah Ismail on Wednesday announced that Dr Reza Baqir’s three-year term as governor of Pakistan’s State Bank (SBP) has come to an end, with any extension of the PTI employer.
In a tweet today, Ismail said Dr Baqir’s term expired on May 4th. [a decision is made on a new governor]. ”
“Therefore, Dr Murtaza Syed, a very successful economist with rich IMF (International Monetary Fund) experience, will take over the SBP Governor. I wish him well in his new role,” said the finance minister.
According to the SBP, Dr Syed has more than 20 years of experience in major economic research and policy making and worked with the IMF for 16 years before retiring to join the Pakistan State Bank.
Dr Syed holds a PhD in economics from Nuffield College at Oxford University and has presented public policy lectures at the University of Cambridge and Oxford.
Yesterday, Ismail indicated in a tweet that the government would not provide for the expansion of Dr Baqir.
“I want to thank Reza for his service in Pakistan. He is a well-trained man and we have worked well with him in a short time with us. I wish him well,” the minister added.
The government is yet to announce the appointment of a new SBP governor.
Following Ismail’s announcement, Dr. Baqir, in a series of tweets, thanked Allah and his team members for giving him the opportunity to work in the public office. “To other Pakistanis, especially those overseas, I urge you to pay attention to public service,” he said.
The former governor also recalled the steps taken by the SBP during his time, such as Covid aid packages including Rozgar loan and hospital subsidy, Roshan Digital account, Raast, digital banking license framework in Pakistan, women’s financing, affordable. in low-income groups and others.
“I would especially like to thank the Deputy Governor and SBP Business Management Team for your co-operation and support.
Dr Baqir said Pakistan faces many challenges but also has great potential to overcome them. “I am confident and I hope that as a country we will make the right choice to overcome the challenges ahead,” he added.
Meanwhile, news of Baqir’s time was called “the loss of Pakistan” by politicians and analysts on Twitter.
PTI leader Sayed Zulfikar Bukhari said Baqir’s work for the people of Pakistan overseas was welcomed, ensuring that his promises would always be remembered.
Journalist Mosharraf Zaidi praised Baqir for his “good work” in the SBP and warned that the next SBP Governor had “great filling shoes”.
Economist and journalist Shahbaz Rana, on the other hand, said Baqir’s performance question had not been answered.
Who is Reza Baqir?
Dr Baqir, a long-time economist with the International Monetary Fund (IMF), was appointed as central bank governor by President Arif Alvi on May 4, 2019.
The IMF website lists him as the current Fund’s Chief Representative in the Arab Republic of Egypt.
He had previously served as Romania’s Head of Mission at the IMF since his appointment in January 2016, according to the Institute for Economic Research in Pakistan.
According to his executive profile posted by BloombergDr Baqir has been with the IMF since 2000 as head of the Credit Policy Unit.
He graduated from Harvard University, and later earned a PhD in economics from the University of California, Berkeley. The former SBP governor has worked with the World Bank, the Massachusetts Institute of Technology, and the Swiss Bank of Switzerland.