Former central bank chief Shamshad Akhtar assumes charge as Pakistan’s caretaker finmin

Former Pakistan central bank chief Dr. Shamshad Akhtar (right) gestures at a briefing session in the Ministry of Finance as she assumes charge of caretaker finance minister in Islamabad on August 17, 2023. (Photo courtesy: Ministry of Finance)
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Updated 18 August 2023
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Former central bank chief Shamshad Akhtar assumes charge as Pakistan’s caretaker finmin

  • Akhtar’s appointment comes as Islamabad aims to continue reforms agreed with the IMF
  • The caretaker finance minister vows to ensure fiscal discipline, address income inequality

ISLAMABAD: Dr. Shamshad Akhtar, former Pakistan central bank chief, on Thursday assumed charge as the caretaker finance minister of the South Asian country, the Finance Division said, following an oath-taking of the 16-member interim cabinet that would run the country until the general elections due later this year.

Akhtar, who holds a Ph.D. in Economics, served as the first woman governor of the State Bank of Pakistan from 2006 till 2009. Prior to her appointment as the SBP chief, the veteran economist served at multiple positions at the Asian Development Bank (ADB) and the World Bank. She has presented numerous papers on economics and finance at international conferences and symposia.

Her appointment comes at a time when Pakistan is facing daunting challenges on the economic front and barely averted a sovereign default in June by securing a $3 billion bailout deal with the International Monetary Fund (IMF). The IMF requires the South Asian country to continue with the reforms agreed with the lender to keep receiving the loan tranches in order to keep the economy afloat.

“Dr. Shamshad Akhtar arrived at the Finance Ministry and officially took over the responsibility of Caretaker Finance Minister of Pakistan after taking oath at the Presidency,” the Finance Division said in a statement.

“On her arrival at the Finance Ministry, she was warmly welcomed by Secretary Finance and senior officials of the Ministry. Later, Secretary Finance and his team gave a detailed briefing on the economic situation and trends of major financial economic indicators of the country.”

Upon assuming her new role, the statement said, Akhtar expressed her dedication to ensuring fiscal discipline, promoting investment and bolstering efforts to address income inequality in the country.

Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar allocated portfolios to the newly-appointed federal ministers, advisers and special assistants.

Senator Sarfaraz Ahmed Bugti was given the portfolio of interior, narcotics control, overseas Pakistanis and human resource development; Jalil Abbas Jilani foreign affairs; Lt. Gen (retired) Anwar Ali Hyder defense production; Murtaza Solangi information and broadcasting; Sami Saeed planning and development; Shahid Ashraf Tarar communications, maritime affairs and railways; Ahmad Irfan Aslam law and justice, climate change, water resources; Muhammad Ali power and petroleum; Gohar Ejaz commerce, industries and production; Umar Saif information technology, telecommunication and science and technology; Nadeem Jan national health services; Khalil George human rights; Aneeq Ahmed religious affairs; Jamal Shah national heritage and culture; and Madad Ali Sindhi education and professional training, according to the PM’s office.

The prime minister also appointed Air Marshal (retired) Farhat Hussain as adviser for aviation, Ahad Khan Cheema adviser for establishment and Dr. Waqar Masood Khan as adviser for finance. Syeda Arifa Zehra, Vice Admiral (retired) Iftikhar Ahmad Rao, Wasih Shah, Mishal Hussain Malik and Muhammad Jawad Sohrab Malik were appointed special assistants.


Pakistan PM reviews internal, regional security after Khamenei killing, Afghanistan strikes

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Pakistan PM reviews internal, regional security after Khamenei killing, Afghanistan strikes

  • At least 16 people were killed and dozens more injured in clashes over killing of the Iranian supreme leader
  • The unrest came amid Pakistan’s offensive against Afghan forces, which officials say has killed 415 fighters

ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday convened a high-level meeting to review internal and regional security situation, Sharif’s office said, amid nationwide protests over the killing of Iran’s Supreme Leader Ayatollah Ali Khamenei and Islamabad’s ongoing military operation against Afghan forces.

Protests erupted in several cities across Pakistan on Sunday after the killing of the Iranian supreme leader in US-Israeli joint strikes, with at least 16 people killed and dozens more injured in clashes with law enforcement agencies.

The unrest came amid Pakistan’s ongoing military operation against Afghan forces following a series of tit-for-tat strikes by the neighbors which began after Islamabad hit what it said were Tehreek-e-Taliban Pakistan and Daesh camps in Afghanistan on Feb 21-22.

During Sunday’s meeting, officials briefed PM Sharif and other participants about the country’s internal situation and security arrangements in place to thwart any untoward incident, according to Sharif’s office.

“Pakistan’s role and various measures to establish peace in the region were reviewed at the meeting,” Sharif’s office said. “The situation in Afghanistan was also reviewed in detail at the meeting.”

The development came shortly after Pakistan’s Information Minister Attaullah Tarar said that 415 Afghan Taliban fighters had been killed and more than 580 wounded since the latest phase of hostilities between the neighbors began on Thursday.

Afghan officials earlier said that dozens of Pakistani soldiers had been killed and several Pakistan posts had been captured by their forces. None of the casualty figures or battlefield claims from either side could be independently verified.

Earlier in the day, gunshots and explosions were reported in Kabul. Afghan government spokesperson Zabihullah Mujahid said the sounds were the result of Afghan forces targeting Pakistani aircraft over the capital.

“Air defense attacks were carried out in Kabul against Pakistani aircraft,” Mujahid wrote on X. “Kabul residents should not be concerned.”

KHAMENEI KILLING ‘VIOLATION’ OF INTERNATIONAL LAW

Separately, Sharif said the killing of Khamenei was a “violation” of international law.

“People of Pakistan join the people of Iran in their hour of grief and sorrow and extend the most sincere condolences on the martyrdom [of Khamenei],” he wrote on X.

“Pakistan also expresses concern over violation of the norms of international law.”

EVACUATION OF PAKISTANIS FROM IRAN

At Sunday’s meeting, officials of the foreign ministry also briefed the prime minister on the evacuation of Pakistani citizens from Iran, according to a statement issued from Sharif’s office.

“The evacuation of Pakistani citizens from Iran is being made possible through Azerbaijan,” they were quoted as saying.

Pakistan earlier asked its citizens in Gulf countries to exercise caution, avoid travel and strictly follow official adviseries, amid escalating tensions following the killing of Khamenei.

The foreign ministry shared emergency contact details of Pakistani embassies and consulates for the facilitation of Pakistani nationals abroad.