‘Remove the finance secretary immediately, otherwise …’, IMF gave Pakistan to Pakistan before the second installment of the loan

After Operation Sindoor, the condition of Pakistan had become such that it had to spread his hands in front of the International Monetary Fund (IMF) to save his country. He got money from the IMF, but in return several conditions were laid. The IMF ordered the Shahbaz Sharif government to immediately remove the Finance Secretary from the Pakistan Central Bank Board. Not only this, the IMF has asked the Government of Pakistan to take some important steps towards reforms in the Central Bank SBP.

Pakistan immediately filled the post of deputy governor- imf

The IMF has recommended the Government of Pakistan to remove the Finance Secretary from the Board of Directors of ‘State Bank of Pakistan’ (SBP) and fill two vacant posts of Deputy Governor immediately. The IMF has also said that banking companies should amend the ordinance, 1962 and denote the federal government of the right to inspect commercial banks.

Pakistan is implementing the IMF’s seven billion dollar loan program. He gets a installment of about one billion dollars from the Monetary Fund only when he follows the prescribed conditions. According to the report published in The Express Tribune, the IMF has said to remove the Finance Secretary from SBP’s board for the second time. The purpose of his suggestions is to further strengthen the freedom of the Central Bank of Pakistan.

Why does IMF want to remove the finance secretary?

In the year 2022, under the pressure of IMF, the Government of Pakistan abolished the voting rights of the Finance Secretary with full autonomy to the SBP. However, he still remains a member of the board. The IMF wants their presence from SBP’s board to end completely. The IMF feels that the Finance Secretary is hindering the work of State Bank of Pakistan.

At present, two posts of three deputy governor posts are lying vacant. The IMF has said that such vacancies should not last long because it affects policy decisions. The next review mission of the IMF is likely to come to Pakistan in the third week of September.

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