AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)
Markets

Dr Reza Baqir responds to criticism during NA panel hearing

  • Says he is not the first central bank governor to have worked for the IMF
Published January 10, 2022

State Bank of Pakistan (SBP) Governor Dr Reza Baqir responded to criticism directed at him by opposition parties over his previous affiliation with the International Monetary Fund (IMF), saying that a number of central bank governors have served in global institutions.

Dr Baqir, appointed the SBP governor in May 2019, has over 18 years of experience with the IMF, including as the Head of the IMF's Office in Egypt and Senior Resident Representative and other assignments.

With Pakistan currently in negotiation with the Washington-based lender over the $6-billion Extended Fund Facility, the opposition has criticised the SBP's role.

SBP Amendment Bill: Tarin says govt to retain control of central bank

However, briefing the Standing Committee on Finance on Monday, Dr Baqir questioned if it was a crime to work for an international organisation.

“Throughout our history, a number of central bank governors have been affiliated with the IMF and other international organisations,” said Baqir in response during a heated session.

“I do not have dual nationality nor permanent residency of another country. I was born in Lahore, and went on to study in international universities abroad,” he said, adding that a lot of fake news is generated on media and social media on these issues.

Dr Baqir further said the impression suggesting decisions pertaining to the SBP are taken amid pressure from the IMF is incorrect. He said that the IMF has voiced their disagreements regarding some reforms.

He added that it is wrong to assume that “the SBP is being sold to the IMF”.

While briefing the senators, Dr Raza Baqir said now that the SBP Amendment Bill draft has come out, everyone can see that all powers are with the government.

The SBP Amendment Bill, 2021 alongside the Finance (Supplementary) Bill are prior conditions needed for the sixth review of the $6 billion EFF to get cleared by IMF executive board.

Completion of the review would make available SDR 750 million (about $1,059 million), bringing total disbursements under the EFF to about $3,027 million.

Comments

Comments are closed.