Removal of Abdul Hafeez Shaikh a Shocker

PM decided to form a new financial team. Cabinet has concerns about economic policies and the autonomy of the State Bank. There is the possibility that coalition parties may get representation in Federal Cabinet. The removal of Abdul Hafeez Sheikh is a praiseworthy step but it should have happened much earlier. Abdul Hafeez Shaikh got involved in the financial affairs of Pakistan as Finance Minister of Sindh, during Musharraf’s time and finally, he came into the Federal Ministry which was his goal. He kept himself busy changing Pakistani finance and economy according to the interest of the IMF. Whatever happened to the Pakistani economy in the last two decades, Abdul Hafeez Shaikh is responsible for that. Intellectuals were shocked when they found Abdul Hafeez Shaikh was to handle finance of the country in the Imran Khan Government, which won the trust of the people on slogans of an economic overhaul. Abdul Hafeez Shaikh failed miserably to make any positive contribution to the Pakistani economy.

The new appointee to the position, Hammad Azhar, is also viewed with surprise and caution. This person was removed from finance last year after his name surfaced in Sugar Scandal. Ironically, just when the state started taking action against the culprits in the sugar scandal, Hammad Azhar has been offered full charge of finance. One more broker of IMF is here in the form of Chairman of State Bank. He is famous for running the economy of the country he steps into. His services for Egypt, Romania, and Bulgaria are known to everyone. After remapping the State Bank in line with the banking system of the East India Company, the government is now going to hand over State Bank to Raza Baqar. This whole concept is very dangerous. PM should not take such a major decision in haste. No economist inside or outside the country has favored this decision except Raza Baqar.

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