Govt in total disarray about nomination of IMFC chairman

ISLAMABAD: One may believe it or not but there is complete panic and acute miscommunication occurring at the highest level of the government.

In a strange but rare example of running of the affairs of the government, Prime Minister Shahid Khaqan Abbasi approved nomination of Dr Ishrat Hussain as Chairman of prestigious International Monetary and Financial Committee (IMFC) of the IMF without knowing that this time it's turn of Africa as South Africa has already nominated its candidate for this slot.

“I withdrew my candidature for prestigious position of IMFC chairman which supervises the IMF in terms of giving policy guidance. This time it's turn of Africa and South Africa has already nominated its candidate,” Dr Ishrat Hussain confirmed to The News when contacted him on Wednesday.

He said that Pakistan had never assumed the slot of IMFC chairman at the IMF but when turn of Middle East and Central Asian Department would come, efforts should be made to nominate candidate from Pakistan. However, the sources said that there was no executive director representing Pakistan at the IMF at the moment as this slot was falling vacant so no one had informed the government that this time it's turn of Africa and Pakistan should not make any nomination to spoil its position.

“It's acute miscommunication occurred here exposing governance weakness as currently there has been no Finance Secretary after the retirement of Shahid Mehmood and the PM has not yet selected anyone for this important position,” said the sources. The panic could be gauged from this fact that Finance Ministry issued a press statement on Wednesday stating that 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 IMFC chairman position, it may be mentioned, fell vacant on December 1, 2017 after resignation of 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.