The government has the right to review the International Monetary Fund (IMF) program and is open to the State Bank of Pakistan (SBP) for recommendations to improve the sovereignty bill, new Finance Minister Hammad Azhar explained on Wednesday.
Hammad Azhar, addressing his first press conference after taking on the most difficult task of reviving the national economy. Hammad Azhar told his government would take the State Bank of Pakistan (SBP) amendment bill to parliament with a “free mindset”.
The unprecedented autonomy proposed for the central bank, now described by critics as a state within a state and the approval of “tough conditions” for the resumption of the IMF program. Such reasons may be behind the dismissal of Dr. Hafeez Sheikh from the post of Finance Minister.
Responding to a question, Azhar said the SBP’s sovereignty bill was in line with best international practices. But “we will take it to parliament with an open mind and accept the recommendations”. He added that some criticism of the bill was unwarranted.
The Express Tribune revealed in a detailed report on March 9. That several of the proposed amendments to the bill not proposed by the IMF. While the Cabinet, without discussing the details, passed the bill on March 9.