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PM appoints 6th finance secretary in 3 years

muhammadhafeezmalik

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PM appoints 6th finance secretary in 3 years

New secretary to make decisions on key appointments, guarding public purse ahead of polls


hamed yaqoob sheikh photo twitter

Hamed Yaqoob Sheikh. PHOTO: TWITTER

Prime Minister Imran Khan on Thursday appointed a new federal finance secretary – the sixth in three years – after the current one bowed out, leaving many crucial decisions on his successor including key appointments and guarding public purse ahead of next elections.

The government transferred finance secretary Yusuf Khan as he was reluctant to continue in the post due to differences on many policy and operational issues. Khan also wanted to work in a less stressful environment.

“Yusuf Khan is transferred and posted as Secretary of the Secretariat of the Council of Common Interests,” said a notification issued by the Establishment Division.
Khan remained the finance secretary for hardly six months. During the six-month stint, he had been unwilling to continue on many occasions, said sources.
The outgoing secretary also had differences of opinion on the Kamyab Pakistan Programme, which eventually led to a significant cut in the size of the programme and the amount of guarantees.

There was also pressure on Khan to give a budget to the Special Technology Zone Authority, which he refused without doing proper paperwork, said the sources.
Khan was weak in terms of economic management but was a good administrator, said the sources.

Special Assistant to Prime Minister on Finance and Revenue Dr Waqar Masood Khan had played a role in posting Khan as the finance secretary. His predecessor Dr Kamran Afzal had served as finance secretary for just five months.

In Khan’s place, PM Khan has brought in Hamed Yaqoob Sheikh as new finance secretary. Sheikh was earlier serving as planning ministry secretary.

In May, when the government posted Khan as finance secretary, its first choice was Hamed Yaqoob Sheikh. Sheikh at that time preferred to serve in the planning ministry.



The government has posted Abdul Aziz Uqaili as the new secretary of the Planning Division.

Lack of stability in the economic team is causing uncertainty in the economic policy front. The stock market on Thursday had a bloodbath when the index dropped over 2,135 points after the market reacted to the news of a $7.85 billion monthly import bill and the government’s desperation to borrow at any cost from the banks.
Shaukat Tarin is the fourth de facto finance minister appointed by Prime Minister Imran Khan. Tarin’s first ad-hoc term for six months ended on October 16 after the government could not get him elected as a member of Parliament. Now, he will contest the Senate election from Khyber Pakhtunkhwa, scheduled to take place on December 20th.

The finance secretary has been transferred in the middle of the government’s efforts to implement pre-conditions set by the IMF for the revival of the $6 billion stalled programme. The secretary finance always plays a critical role in negotiations with the IMF, as all the technical level issues are sorted out at the level of the finance secretary.

Another challenge for the new finance secretary will be to make appointments in key departments on merit like Securities and Exchange Commission of Pakistan (SECP). The two positions of the commissioners SECP have already been vacant for the past many months.
The incumbent Chairman SECP Amir Khan is also going to complete his term in few days and the government has not yet advertised the position of the commissioner that will be vacant after the end of Amir’s tenure.

It has to be seen whether the new finance secretary will like to make fresh appointments in the SECP by following a transparent procedure.
Fiscal consolidation will be another challenge for Hamed Yaqoob Sheikh, as there will be increasing pressure on him to open public purse ahead of next general elections.


 

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GumNaam

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TRUST me this is a GOOD thing...our culture has become a very laxed one where we get into a position, become comfy (especially if we are one of those "electable" monstrosities) then decide to become lazy & incompetent. they start thinking they are too pretty to be shit canned. the danda of being dismissed MUST hang on our "learned" heads until we start showing professionalism, effeciency & competence.
 

muhammadhafeezmalik

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TRUST me this is a GOOD thing...our culture has become a very laxed one where we get into a position, become comfy (especially if we are one of those "electable" monstrosities) then decide to become lazy & incompetent. they start thinking they are too pretty to be shit canned. the danda of being dismissed MUST hang on our "learned" heads until we start showing professionalism, effeciency & competence.

What should be ideal time period to judge one person or what would be ideal time period to perform one person, implement a policy??
 

Imran Khan

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TRUST me this is a GOOD thing...our culture has become a very laxed one where we get into a position, become comfy (especially if we are one of those "electable" monstrosities) then decide to become lazy & incompetent. they start thinking they are too pretty to be shit canned. the danda of being dismissed MUST hang on our "learned" heads until we start showing professionalism, effeciency & competence.
no its not its infact very very bad to keep changing . no one will make impliment and drow policies . if i have a house for 6 months i may not even open my items and set the house as i know i will leave in 6 months . what you expect from policy makers then ?
 

Mentee

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2 Secretaries per annum. So 4 more to come. :lol: :lol:

I.k can keep on appointing secretaries for fianance until he runs out of them but it may not yield any desired results as prolly not a single one of them might have studied economics .
no its not its infact very very bad to keep changing . no one will make impliment and drow policies . if i have a house for 6 months i may not even open my items and set the house as i know i will leave in 6 months . what you expect from policy makers then ?
 

SABRE

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If the state and economic structure is not only outdated but fractured also it does not matter how many Finance Secretaries he changes, nothing will change.
 

TNT

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This shows this stupid moron has no idea and actually never had a plan for the economy. Such frequent shuffles means nothing is getting done. I remember how imran khan used to abuse previous govts for adhocism and running the country on adhoc basis. Well he himself surpassed them in adhocism and running the country on day to day basis and not looking beyond the week. What a stupid moron we elected.
 

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