Islamabad (Staff Report): The federal government has appointed Dr Reza Baqir as governor of the State Bank of Pakistan (SBP).
"The President of Pakistan is pleased to appoint Dr Reza Baqir as Governor State Bank of Pakistan (SBP) for a period of three years from the date he assumes office," read a notification issued by the government.
A Harvard and Berkeley University of California alumnus, Dr Baqir has been with the IMF since 2000 and is presently the Fund's senior resident representative in Egypt. He has previously served as the head of the IMF Mission for Romania, and as Head of the Fund's Debt Policy Division.
Meanwhile, the government appointed Ahmed Mujtaba Memon on the post of Federal Board of Revenue (FBR) chairman.
The positions fell vacant after Tariq Bajwa resigned as SBP governor and Chairman Federal Board of Revenue Jehanzeb Khan was removed from his post.
According to the sources, the decision to remove the heads of two important economic policymaking institutions has been taken after Advisor on Finance, Dr Abdul Hafeez Sheikh expressed his desire to bring his own team.
The decision came at a time when the government is negotiating with a team of the International Monetary Fund (IMF) for a bailout package.
The sources added that the federal cabinet has also been expressing its resentment over the decision to continue with the people who had served with former finance minister Ishaq Dar.