Ishrat Hussain nominated as candidate for IMFC chair

ISLAMABAD: State Bank of Pakistan (SBP) former governor Dr Ishrat Hussain has been nominated as Pakistan’s candidate for the coveted position of the International Monetary and Financial Committee (IMFC) chairman, a government statement said on Wednesday.

On the recommendation of Adviser to the Prime Minister on Finance Dr Miftah Ismail, Prime Minister Shahid Khaqan Abbasi has approved the nomination of Dr Hussain who has vast academic and professional experience of monetary and financial affairs. The position fell vacant on December 1, 2017 after resignation by Augustin Carstens. In view of the importance of the IMFC chair, the procedure for the selection of next chairman was initiated forthwith and along with other IMF member countries Pakistan was also requested to submit a nomination to the 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 the IMF and is responsible for advising and reporting to the IMF board of governors on the 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 such as Gordon Brown, UK’s Chancellor of the Exchequer, Tommaso Padoa-Schioppa, Italy’s former minister of Economy and Finance, Youssef Boutros-Ghali, Minister of Finance of Egypt, Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister and Augustin Carstens, Governor of Banco de Mexico.