ISLAMABAD (National Times) – Minister for Finance Miftah Ismail has announced that the government has decided not to grant an extension to Dr Reza Baqir following the completion of his three-year term as Governor of the State Bank of Pakistan (SBP).

Taking to his official Twitter handle on Tuesday, Ismail revealed that SBP Governor Dr Reza Baqir’s three-year expires on May 4.

“I have spoken to him and told him of the government’s decision,” he wrote.

“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.

Who is Reza Baqir?

Dr Baqir was appointed as the governor of the central bank by President Arif Alvi on May 4, 2019, for a period of three years from the day he assumes the office of the Governor. He assumed his responsibilities on May 5, 2019.

In addition to his regular responsibilities overseeing financial and monetary stability in the country and promoting sustainable economic growth, Dr Baqir had led several key new initiatives at the State Bank since assuming office.

Prior to this appointment, Dr. Baqir had eighteen years of experience with the IMF and two years of experience with the World Bank. He was the Head of the IMF’s Office in Egypt and Senior Resident Representative since August 2017.

He has also held positions as IMF’s Mission Chief for Romania and Bulgaria, Division Chief of the IMF’s Debt Policy Division, Strategy, Policy and Review Department, overseeing IMF’s work on debt relief and sovereign debt restructuring, head of the IMF delegation to the Paris Club for four years, and Deputy Division Chief of the Emerging Markets Division overseeing IMF’s loans and policies in emerging markets, amongst other roles.

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