propecia pregnancy

Money Drain, Brain Drain

Now that the Governor of the State Bank of Pakistan (SBP) has come clean and conceded to what was widely known, that there are no US dollars left in the kitty, the freeze on May 28 begins to make much more sense. Having invited our expatriates abroad to send their foreign exchange earnings to Pakistan, our government used up that money to live in a life of luxury that we could ill-afford. When Shahid Javed Burki took over as Caretaker Advisor on Finance in November 1996, Ms Benazir and company had cleaned out more than US$ 7 billion during their tenure. To stay afloat the Mian Nawaz Sharif regime has probably seen through the balance, as much as US$ 2 billion of the US$ 9 billion in Foreign Currency Accounts.

Share

Apres Yaqoob, Banking Deluge?

The political crisis in 1993 has left a residual controversy over the tenure of service of the present Governor State Bank of Pakistan (SBP). Every nation, particularly a developing one, needs a strong and independent State Bank to maintain strict monetary control, specially when the government-in-power tends to be lax with respect to fiscal discipline. It must be said that Pakistan has been repeatedly blessed with good chief executives for this most important institution and, however, abominably some of them may have performed in later life in the cockpit of public office, in their appointment as the head of SBP every individual till date has performed exceptionally well, maintaining their independence without compromising their integrity. VA Jaffery (the much vilified PM’s Adviser on Finance) may seem servile and senile in the service of the PPP regime, one could never doubt his honesty and integrity in the SBP post. Before he manipulated and manoeuvred himself out of both the Presidential office and his reputation, Ghulam Ishaq Khan was a financial bureaucrat of some substance, albeit of the arch conservative kind. The present Governor SBP, Dr Mohammad Yaqoob, carries on the tradition of above par intellectual honesty, integrity and competence of his predecessors during their respective incumbencies. It is almost as if a mantle of impeccable sobriety in keeping with their responsibilities descends upon them as soon as they occupy the SBP chair, restraining their base faculties that tend to burst forth into light in later life.

Yaqoob resigned from the IMF in 1992 and returned home, being offered the SBP job in 1993 on the retirement of the then incumbent, Mr. NH Hanafi. However political events caused quite a bit of constitutional confusion in 1993 and it was not till Moeen Qureshi as Caretaker PM had confirmed his appointment for a single five years term (increasing the length of office from three years) that Dr Yaqoob took office on 24 July 1993. The single five years term was designed to maintain independence of the Governor by removing the possibility of inducement by any Government for another term. On 12 Feb 1994, the present regime was pleased to again change the Governor’s tenure to two terms of three years each and thus the present anomaly. Should the present Governor SBP viz (1) continue for five years till 24 July 1998 (2) leave office after three years on 24 July 1996 or (3) stay in office for three years uptil 12 Feb 1997 when the last amendment came into vogue. Given an independent streak and not given to the pressure of political patronage (though one daresays very seldom publicly), a majority within the present regime will probably like to see the Governor SBP disappear into oblivion on 24 July 1996. Among those trying to bid him a not-so-fond farewell are the major aspirants for this post, prime among them the present Deputy Chairman Planning Commission, Qazi Alimullah who was bitterly disappointed when Yaqoob was named to the SBP post and stopped bestowing the then PM Mian Nawaz Sharif with the customary prayer puffs he reserves for all serving PMs, look what happened to Mian Nawaz Sharif once he was bereft of Qazi Alimullah’s holy breath!

Share