Former governor of the State Bank of Pakistan (SBP) Dr Reza Baqir has been appointed Senior Fellow at the Harvard Kennedy School, a public policy and public administration school within Harvard University.
His work at the Mossavar-Rahmani Center for Business and Government (M-RCBG) will focus on improving global frameworks for resolving sovereign debt crises so countries can recover faster from debt distress.
Dr Reza Baqir hails 'good news' over Pakistan's IMF progress
“He spearheaded Pakistan’s financial response to the Covid-19 pandemic that led to a quick economic rebound while lowering public debt and preserving foreign exchange reserves over 2020-21,” stated Harvard Kennedy School on its official website.
“During his time as governor, he also initiated a series of initiatives to digitise Pakistan’s financial sector to promote innovation and inclusion.”
These initiatives included Roshan Digital Accounts, relaxations in Pakistan’s foreign exchange regulatory framework that spurred a wave of foreign investments in startups and fintechs, a new regulatory framework to license digital banks in Pakistan and Raast platform.
Moreover, a dedicated policy—Banking on Equality—to support women’s access to finance was also launched during his tenure, the website added.
“In June 2019, Reza successfully negotiated a new IMF programme, and completed six subsequent reviews, that stabilised the economy,” it said. “He led two landmark reforms in this period ie introduction of a flexible exchange rate regime and changes to the central bank law to strengthen its independence.”
Dr Reza Baqir's tenure as SBP governor ends, Miftah wishes him 'the very best'
In May, the Pakistan government had decided against granting Dr Baqir an extension following the completion of his three-year term as governor of the SBP.
Prior to his appointment as SBP governor, Dr Baqir had 18 years of experience with the International Monetary Fund (IMF) and two years of experience with the World Bank, according to information available on the SBP website.