KARACHI: A deputy governor of the Pakistani central bank, Dr. Murtaza Syed, was promoted to acting governor this week ahead of talks with the International Monetary Fund (IMF) and following the expiry of former governor Dr. Reza Baqir’s three-year term on May 4.
Syed was appointed deputy governor of the State Bank of Pakistan (SBP) on January 27, 2020 for a period of three years. Last week, Pakistan’s new finance minister Miftah Ismail announced Syed would serve as acting governor.
He takes charge as Pakistan resumes talks with the IMF over a stalled $6 billion loan program, and at a time when costly imports have pushed the country's current account deficit past the $1 billion mark, with an accumulated deficit of $13 billion in the current fiscal year.
The annual inflation rate during the month of April 2022 soared to 13.4% as compared to 12.7% in March 2022 and 11.1% in April 2021, driven by higher food inflation.
“Dr. Syed has more than 20 years of experience in macroeconomic research and policymaking. He worked with the International Monetary Fund for 16 years before resigning to join SBP,” the central bank said in a statement on Thursday.
“At the IMF, he was involved in IMF programs and surveillance of emerging markets and advanced economies, including the Euro Area, Japan, and Korea, as well as overseeing IMF training and technical assistance programs around the world."
Syed also served as the IMF’s deputy resident representative in China between 2010 and 2014, the statement added.
Syed started his career in the late 1990s as a senior policy analyst at the Islamabad-based Human Development Center under former finance minister, Dr Mahbub ul Haq. He went on to work for the Institute for Fiscal Studies (IFS), a London-based public policy think tank, where he conducted research projects on business investment and employment behavior, as well as evaluated Latin American antipoverty programs.
Syed has a PhD in Economics from Nuffield College at the University of Oxford. He has published papers on a variety of macroeconomic issues, including fiscal and monetary policy, financial stability, economic crises, investment, demographics, poverty and inequality. He has also delivered lectures on public policy at the Cambridge and Oxford universities.
Syed takes over as Pakistan and the IMF are negotiating to complete the seventh review under the IMF’s Extended Fund Facility (EFF) program, which has disbursed $3 billion of a stipulated $6 billion.
Discussions stalled as the fund expressed concerns over an estimated $1.7 billion relief package announced by the previous government, which included freezing petroleum prices and cutting electricity tariffs in response to surging inflation.
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