Dr Abdul Hafeez to speed up negotiations for IMF bailout package
He has over 35 years of experience in economic policy-making, management and implementation.
ISLAMABAD (Dunya News) – Renowned Economist Dr Abdul Hafeez Shaikh, the new advisor to the Prime Minister (PM) Imran Khan on Finance, Revenue and Economic Affairs, said on Saturday that he had spoken to the director of the International Monetary Fund (IMF) to speed up the negotiation process of a bailout package for Pakistan.
He addressed the media, and disclosed that the IMF had provided him assurances in this regard as the government wanted IMF’s mission in Pakistan as soon as possible to finalise the programme in the better interest for the country.
The finance advisor to the PM added that the instructions have been issued to complete the Medium Term Strategic Paperwork for the upcoming budget.
Earlier on Saturday, technocrat Dr Abdul Hafeez Shaikh took charge as the advisor to the PM on Finance, Revenue and Economic Affairs.
According to details, the senior officials of the finance ministry has welcomed Dr Shaikh and congratulated him. The advisor announced that economic decisions need to be well thought out and free from emotions.
Dr Shaikh – an acclaimed economist – holds international repute. He has over 35 years of experience in economic policy-making, management and implementation.
President Dr Arif Alvi on Friday approved his appointment as adviser to the prime minister on finance, revenue and economic affairs, with the status of federal minister, with immediate effect, according to a notification of the Cabinet Division.
Shaikh arrived in Pakistan on the same day from the United Arab Emirates.
Dr Abdul Hafeez Shaikh’s Profile
Born in Jacobabad, Sindh, Shaikh holds Masters and Doctorate degree in Economics from the Boston University. Shaikh’s well-known work includes a book on Argentina’s privatisation program.
After his higher education, Shaikh joined the faculty of Harvard University in Cambridge, Massachusetts where he led research project for his doctoral students. While at Harvard, he also advised several countries on their economic policies and programs.
Dr Shaikh has worked as a general partner of Rivendell PE LLC – a private equity and capital venture firm – where he had worked from the year 2007 to 2010.
The economist also served as the governor of Pakistan at Asian Development Bank and as the privatisation minister during former president Pervez Musharraf-led government.
Besides, he served as Country Head of Saudi Arabia – World Bank at International Bank for Reconstruction and Development.
He remained Pakistan’s finance minister from 2010 to 2013 during the tenure of the Pakistan Peoples Party (PPP); and minister of finance, planning and development of Sindh from 2000 to 2002. He also served as minister for privatization under former president Gen (rtd) Pervez Musharraf.
As Pakistan’s finance minister, Dr Shaikh managed the economy with successful management of a new national finance award, financial reforms, anti-inflation policies and innovative social safety programs.
He has held senior leadership positions with the Pakistani government and worked at the World Bank and Harvard University.
Moreover, he held other roles with the government of Pakistan during his career, including minister for finance and planning for the Sindh province from the year 2000 to 2002.
During that time, Dr Shaikh was the architect of the financial recovery of Sindh. He helped implementation of important reforms in finance and taxation.
In addition, he is also the three-time member of Pakistan’s senate and during his tenure as the minister for privatisation and investment from 2003 to 2006, it was the most successful period for privatisation and foreign direct investment (FDI) in Pakistan’s history.
During his tenure, FDI in Pakistan increased from $1 billion to $5 billion. As a senior official at the World Bank from 1992 to 2000, Dr Shaikh advised many countries on the economy, financial and corporate restructurings and transactions across various sectors, including infrastructure, energy, transport, telecom and manufacturing.
Importantly, he served as member of Advisory Board at BMG Financial Group. Prior to joining the World Bank, Dr Shaikh was employed at Harvard University from 1989 to 1992.
He has international experience over twenty countries in Asia, Europe, Latin America and Africa including assignments in Saudi Arabia, Sri Lanka, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Romania, Czech Republic, Iran, Kuwait, Argentina, Bangladesh, Jordan, Qatar, Malta, Botswana, Tanzania, Ghana and Libya.
He has authored many publications on economic and financial management including a book on Argentina.
The Phd holder in Economics was given the award of Pakistan’s "Man of the Year" in 2004 by the business community in recognition of his contributions to the country.
