FM Hammad indicates reviewing the IMF program

Newly-appointed Finance Minister Hammad Azhar on Wednesday indicated reviewing the IMF program and the controversial State Bank of Pakistan amendment bill 2021. He said a day after launching a $2.5 billion international bond and receiving a $500 million tranche from the International Monetary Fund.

Hammad Azhar in his first news conference as a finance minister said, “We are taking the SBP law to parliament with an open mind and are ready to adopt recommendations for its improvement.” 

The minister said the SBP amendment bill had been prepared in line with international best practices and introduced in parliament. He said the matter was sensationalized as if the country’s sovereignty had been breached, adding that the central bank was also given autonomy in the past that was being consolidated through the fresh bill. In the light of the debate in parliament, the bill would be reviewed in case recommendations for improvements emerged, he said.