Prime Minister Imran Khan has dared to remove IMF/World bank Nominee Dr.Abdul Hafeez Shaikh from the post of finance minister, Federal Information Minister Senator Shibli Faraz confirmed on Monday while speaking to private news channel.
Dr Hafeez Shaikh had served on key position in the country, including finance minister during the tenure of the PPP-led regime from 2010 to 2013. He had also served as minister for privatisation during the Musharraf regime as well as provincial finance minister Sindh. He is a distinguished economist who remained affiliated with the World Bank during his career.
The technocrat finance minister in political set-up was always considered as an alien thought within the political ranks of the party and mostly the parliamentarians identified them as those who were ready to toe the line of multilateral creditors such as the IMF, World Bank and Asian
Development Bank. But there are some strong points in favour of technocrats as they were always vying to ensure financial discipline instead of doling out national exchequer to please constituency based politics.
Abdul Hafeez Shaikh is an economist with over 30 years of experience in economic policymaking, management and implementation. His work experience includes degree from Harvard University and working with the World Bank, where he was country head for Saudi Arabia and as a senior official advised 21 countries in Asia, Africa, Europe and Latin America. He had served as minister for finance, planning and development, Sindh, member of the Senate, federal minister for investment and privatisation, and general partner, international investment fund. He was a highly regarded member of the Senate and was chairman of the Senate’s Committee on World Trade Organisation. Dr Shaikh’s international experience includes assignments in Saudi Arabia, Sri Lanka, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Romania, Czech Republic, Iran, Kuwait, Argentina, Bangladesh, Jordan, Qatar, Malta, Botswana, Tanzania, Ghana and Libya. Dr Shaikh has a PhD in economics and has authored many publications, including a book on Argentina.
He said that Federal Minister for Industries and Production Hammad Azhar will be given an additional charge of finance ministry.
Senator Shibli said the decision has been taken as PM Imran was not satisfied with the performance of Shaikh.
According to the information minister, the prime minister has formed a new economic team to provide relief to the masses. “PM Imran wants to bring down inflation in the country.”
Last week, Premier Imran had asked his special assistant on petroleum Nadeem Babar and the secretary petroleum to step down in order to ensure transparency in the fuel crisis probe.
Sources privy to the development told The Express Tribune that the premier was expected to make further changes in the federal cabinet as he was reportedly not happy with the performance of some key ministers’ performance.
“The prime minister will announce the changes made in the federal cabinet by next Monday,” Senator Shibli had told The Express Tribune on March 26.
The senator had also said that discussions were still underway as to whose portfolio should be replaced with whom and why. “Performance is the parameter,” he said, adding that potential was the other factor.
Shaikh, who was earlier appointed as PM’s adviser, was made federal minister in December last year for a period of six months after the Islamabad High Court (IHC) ruled that special assistants and advisers to the prime minister are not members of the cabinet and therefore cannot be part of cabinet proceedings.
Reacting to the premier’s decision, Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari said the removal of Shaikh is the victory of Pakistan Democratic Movement (PDM), an alliance of major opposition parties.
In a tweet from his official handle, he said the defeat of Shaikh in recently-held Senate election by PDM joint candidate — Yousuf Raza Gillani — led to his ouster from the cabinet
“Sacking Finance minister is victory of PDM. PTIMF [PTI-IMF] minister needed to be elected to continue in post & senate defeat made that impossible,” he wrote on the microblogging site.
Coming down hard on the PTI government, the PPP leader also said, “Now government admits inflation is skyrocketing because of its failed policies.”
Minutes after being given the portfolio of finance minister, Federal Minister Hammad Azhar said: “I am honoured to be entrusted with the additional charge of Finance by the Prime Minister. Pakistan's economy has made significant gains towards stabilisation since 2018. We shall continue to consolidate these gains and strengthen the growth momentum.”
Taking to Twitter, Hammad pledged that the PTI government will work hard to protect the people from the aftermath of Covid-19.
“We navigated economic fallout of covid-19 fairly well. The world is witnessing supply chain disruptions & rise in food prices. We shall endeavour to protect our people from these shocks. With hard work & integrity, we will InshAllah build Naya Pakistan under leadership of Prime Minister Imran Khan,” he added.