ISLAMABAD
\nDefence Minister Khawaja Asif has reiterated concerns over the autonomy granted to the State Bank of Pakistan (SBP) during the PTI-led government\u2019s tenure.
\nIn the wake of the previous government\u2019s agreement with the International Monetary Fund (IMF) for reviving its $6-billion loan, it had committed to granting autonomous status to the central bank. For this purpose, the SBP Act, 1956 was amended through the SBP (Amendment) Act, 2021, for enhanced central bank autonomy, price stability, and accountability.
\nBut Asif, during an interview with a private news channel said he still believes the laws that the previous government amended to meet the IMF\u2019s conditions were still wrong and needed to be reversed.
\nThe defence minister said former prime minister Imran Khan had \u201csold out\u201d Pakistan\u2019s economic sovereignty to the United States, as Washington has the most shares in the IMF.
\n\u201cThe IMF is an institution in which America has a lot of stakes as it is the largest shareholder. Imran Khan sold out our economic sovereignty to them as he handed over our central bank \u2014 our bank of the last resort \u2014 to the IMF,\u201d he said.
\nThe defence minister said the coalition government would reverse the move and reestablish Pakistan\u2019s economic sovereignty, but noted that the central bank would be given independence when it comes to the monetary policy.
\nWhen asked whether he would raise the concerns with Prime Minister Shehbaz Sharif, he said: \u201cI will definitely ask him to do it.\u201d
\nThe defence minister also assured that the Governor of the State Bank of Pakistan Dr Reza Baqir would retire on his designated date and the government has no plans of retaining him. \u201cHis term is about to end and we will not retain him,\u201d he added.
\nWhen the National Assembly was discussing the SBP bill in December last year, the defence minister, who was in the Opposition then, had said the sovereignty of Pakistan was being sold.
\n\u201cThe nation is ashamed of what is happening in the House today,\u201d he had said on the floor of the National Assembly. He further said that the PTI-led government is trying to \u201censlave Pakistanis financially.\u201d
\n\u201cYou\u2019re giving the State Bank of Pakistan\u2019s control to the IMF. Please don\u2019t surrender Pakistan\u2019s sovereignty,\u201d he reiterated. <\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Defence Minister Khawaja Asif has reiterated concerns over the autonomy granted to the State Bank of Pakistan (SBP) during the PTI-led government\u2019s tenure. In the wake of the previous government\u2019s agreement with the International Monetary Fund (IMF) for reviving its $6-billion loan, it had committed to granting autonomous status to the central bank. For […]<\/p>\n","protected":false},"author":2,"featured_media":238154,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3108,2867,414],"class_list":{"0":"post-256532","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-autonomy","9":"tag-khawaja-asif","10":"tag-sbp"},"yoast_head":"\n