Economic team reshuffle on the cards

With the replacement of Finance Minister Ishaq Dar, expected to be announced on Saturday (today), the government is contemplating reshuffling the economic team, it is learnt. Official sources revealed to Business Recorder that some of the key officials considered close confidantes of Ishaq Dar are likely to be replaced in coming days. The lineup includes Federal Board of Revenue (FBR) Chairman Tariq Pasha and Asif Bajwa, Census Commissioner (as a consultant).
Chairman of Securities and Exchange Commission of Pakistan (SECP) has already been suspended though Zafar Abdullah is working as Acting Chairman while the slot of Chief Statistician is also vacant. Additional Finance Secretary Ghazanfar Abbasi Jilani was relieved of the charge of acting finance secretary just a day after his nomination.
Sources maintained that Secretary Finance Shahid Mehmood is unlikely to be replaced as he has two months left for his retirement in January 2018. MNA Rana Afzal Khan, the parliamentary secretary for finance, and who is among the frontrunners for the post of State Minister for Finance told Business Recorder that the final decision for appointment of new minister will be taken on Saturday (today) at the highest level. He further said that it is premature to talk of a reshuffle in the economic team, but if given a chance, he would review the situation for one month and after that would take decisions.
Economic experts argue that until and unless the current economic team is replaced there is a danger that the flawed economic policies responsible for the current economic woes including widening trade deficit, declining exports, rising reliance on expensive commercial loans from foreign banks and depleting foreign exchange reserves may continue. If the government does not change the economic team and its flawed policies, the economic situation would continue to deteriorate with each passing day, they added.
Former Adviser to Finance Ministry Ashfaq Hasan Khan said that Dar had appointed his cronies at all key positions and until their replacement his flawed economic policies would continue. He further said that the new finance minister may change Secretary Finance and Chairman FBR, but cannot force Governor State Bank of Pakistan (SBP), a Dar loyalist, to leave the post as it is a constitutional post. An effort can be made behind the scenes to let him go but it is a tenured position, he added.
Kaiser Bengali former advisor to Chief Minister Balochistan said that it is the prerogative of the Prime Minister to replace the finance minister as well as economic team. Thus, merely replacement of finance minister may not change the entire economic team unless the PM desires to do so, he added.