government I decided against granting Dr. Reza Bakir extension after completion of his threeyear term as governor of National Bank of Pakistan (SBP), confirmed funding minister Mifta Ismail business recorder on Tuesday.
The SBP said senior- Now the deputy governor himself becomes the acting governor.
“Dr. Murtaza Syed – senior most of all,” Abid Qamar, head of the SBP press service, confirmed to the correspondent.
On Twitter separately Ismail wished Dr. Bakir is the best and said that “we did a good job during our short time together.”
“Tomorrow SBP Governor Dr. Reza Bakir 3-year expires”, said Ismail. “I spoke to him and told him of in governments decision. 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.”
Turn in SBP leadership comes at a time when Pakistan remains in negotiation with International Monetary Fund (IMF) for revival of its stalled Extended Funding (EFF) program. Just now last month, Ismail and Dr. Bakir together with other economic managers made a trip to Washington to move forthcoming on the IMF program. Ismail said at the time that Pakistan was seeking an increase in size and duration of its $6 billion EFF.
Dr. Bakir was appointed governor of SBP President on May 4, 2019 for Period of 3 years from the day he took office, which he did on May 5, 2019 His term is therefore, expires tomorrow (Wednesday). He replaced Tariq Bajwa. who left the top of SBP in 2019.
Previously, business recorder informed that Dr. Murtaza Syed will take charge of acting governor if federal government did not grant an extension to Dr Baqir. Sources said that currently coalition government unwilling to reappoint him after the expiration of the term of his threeyear possession. Two weeks earlier the federal minister also hinted at the possibility.
Last month official of in government said that the appointment of a retired bureaucrat as governor of the SBP was unlikely due to age restrictions in law. Under the SBP Act 2021, no person may own office of governor or deputy governor upon reaching age of sixty five years old. He added names of some bureaucrats quoted in in media as possible candidates for position, retired a few years later back and they are; therefore unacceptable for in office of Governor of the SBP by age.
During Dr. Bakir’s tenure as SBP took number of measures to strengthen the Pakistani financial sector, including the aggressive economic support package of over 1.5 trillion rupees in response to COVID-19. Roshan Digital Accounts, an initiative to digitally engage the diaspora in Pakistan banking. system and creating incentives for use formal channels of translation, as well as implementation of National Payments Strategy to Promote Digitalization of financial services were also launched during his tenure. Mera Pakistan Mera Ghar (MPMG), another initiative set bank lending targets for security of financing for housing and construction sector also launched.
In addition, the SBP Bill (Amendment) was passed. also passed during the reign of Dr. Bakir, indisputably among the most hotly debated articles of legislation during the previous Pakistani Tehreek-e-Insaf government.
Prior to his appointment as governor of the SBP, Dr. Bakir had an 18-year-old of experience with International Monetary Fund (IMF) and two years of experience with World Bank, according to information available on SBP website.
He was head of IMF office in Egypt and Senior Resident Representative since August 2017. He also served as head of the IMF mission for Romania and Bulgaria, head of department of IMF Debt Policy Division, Strategy, Policy, and Analysis Department, which oversees debt work on debt help and sovereign debt restructuring and head of IMF delegation to the Paris Club for four years. Dr. Bakir was also Deputy Head of Department of Emerging Markets Division, overseeing IMF lending and policy in emerging markets, among other roles.
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