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April 23, 2019

Asad Umar’s mistakes

Newspost

 
April 23, 2019

This refers to the letter ‘Loyalty trumps competence’ (April 22) by Dr Najeeb A Khan. The writer has praised the appointment of Abdul Hafeez Shaikh as the new head of the finance ministry but criticized other appointments within the cabinet in the reshuffle. The newly inducted adviser to the PM on finance is an IMF preference, having had close ties with the IMF and other key international institutions controlled by the US and its Western allies. With Pakistan on the wrong side of the US and its partners India and Israel in the present geopolitical situation, the nation is not going to have smooth sailing with the IMF.

Unfortunately, former finance minister Asad Umar blundered in not taking bold decisions and focusing on home-grown measures soon after assuming office, and put all eggs in one basket. His inexperience in handling public finance and economy as well as ignorance of the prevailing geopolitical situation cost him dearly. He failed in building a robust team and continued to work with Ishaq Dar era officials in the Ministry of Finance, FBR, State Bank, SECP etc. Having an abrasive personality, he failed to listen to saner voices in the country who were advising against seeking IMF crutches.

Shoaib A Majeed

Karachi

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