Govt decides not to extend SBP chief Reza Baqir's tenure

ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail on Tuesday hinted at replacing SBP Governor Dr Reza Baqir as his three-year term will expire on May 4, ARY News reported.

Taking to Twitter, the finance minister revealed that SBP chief Dr Reza Baqir’s term will expire tomorrow, adding that he had spoken to Baqir and told him about the decision.

“I have spoken to Reza Baqir and told him of the government’s decision,” he wrote, acknowledging his efforts during these three years.

“I want to thank Reza for his service to Pakistan. He is an exceptionally qualified man [and] we worked well during our brief time together. I wish him the very best,” the finance minister wrote.

Tomorrow Governor SBP Dr Reza Baquir’s 3-year expires. I have spoken to him and told him of the government’s decision. I want to thank Reza for his service to Pakistan. He is an exceptionally qualified man & we worked well during our brief time together. I wish him the very best.

— Miftah Ismail (@MiftahIsmail) May 3, 2022

Who is Reza Baqir?

President Arif Alvi on May 5 2019, appointed Baqir as the governor for a period of three years in pursuance of Section 10(3) of the State Bank of Pakistan Act 1956.

Prior to this appointment, Dr Reza Baqir had 18 years of experience with the International Monetary Fund (IMF) and two years with the World Bank.

He was the Head of the IMF’s Office in Egypt and Senior Resident Representative since August 2017. He also held positions as IMF Mission Chief for Romania and Bulgaria, Division Chief of the IMF’s Debt Policy Division, Head of the IMF delegation to the Paris Club, Deputy Division Chief of the IMF’s Emerging Markets Division, IMF Resident Representative to the Philippines, and numerous other positions.

Dr Baqir holds a Ph.D in Economics from the University of California at Berkeley and an A.B. (Magna cum Laude) in Economics from Harvard University.