Pakistan has appointed an International Monetary Fund (IMF) economist, Dr. Reza Baqir as its new central bank governor, as it seeks to finalise bailout negotiations with the Fund to avert an economic crisis.
The government hopes an IMF bailout will help stabilise its ballooning budget and current account deficits at a time when inflation is high and economic growth is declining sharply.
Dr. Baqir was appointed for a three-year term as the governor of the State Bank of Pakistan, a day after his predecessor, Dr. Tariq Bajwa, was unexpectedly removed from his post along with the head of the tax collection body.
Dr. Bajwa was one of the key figures negotiating the IMF bailout after the Finance Minister, Mr. Asad Umar, was asked to resign last month. 'Notification for Reza Baqir has been issued,' Mr. Abid Qamar, a spokesman for the central bank, said.