Ishrat nominated candidate for position of Chairman

F.P. Report

ISLAMABAD: 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, said a press statement issued by Finance Ministry here.

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 International Monetary and Financial Committee (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 statement added. 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.