Former Governor, State Bank of Pakistan,
Dr. Ishrat Hussain has been nominated as Pakistan’s candidate for the coveted
position of Chairman, International Monetary and Financial Committee (IMFC).
On the
recommendation of Dr. Miftah Ismail, Adviser to Prime Minister on Finance,
the Prime Minister approved nomination of Dr. Ishrat Hussain who has vast
academic and professional experience of monetary and financial affairs.
The
Chairman IMFC position it may be mentioned, fell vacant on December 01, 2017
after resignation by Augustin Carstens. In view of the importance of the IMFC
chair, the procedure for selection of next IMFC Chairman was initiated
forthwith and along with other IMF member countries Pakistan was also requested
to submit a nomination to IMF Headquarters which has accordingly been done. The
IMF Board will make the final decision in this regard with consensus.
The IMFC
is the highest policy making body of IMF and is responsible for advising and
reporting to the IMF Board of Governors on matters pertaining to the
supervision and management of the international monetary and financial system.
The IMF chair has previously been held by senior officials of known stature
like Gordon Brown, UK’s Chancellor of the Exchequer, Tommaso Padoa-Schioppa,
Italy’s former minister of Economy and Finance, Dr. Youssef Boutros-Ghali,
Minister of Finance of Egypt, Tharman Shanmugaratnam, Singapore’s Deputy Prime
Minister and Augustin Carstens, Governor of Banco de Mexico.
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