Archive · 19 Aug 2025
IMF Asks Pakistan to Alter SBP Board, Fill Deputy Governor Roles
The IMF, a global financial organization, is asking Pakistan to make some changes to its central bank, the SBP.
They want the finance secretary, a government official, removed from the SBP's board.
The IMF also wants to prevent the government from checking on commercial banks.
Additionally, they want Pakistan to appoint two new deputy governors.
The goal is to make the SBP more independent from the government.
This is part of a larger loan agreement between Pakistan and the IMF, where Pakistan must meet certain conditions to receive the loan installments.
The IMF wants Pakistan to remove its finance secretary from the central bank's board.
The IMF also recommends changing a law to stop the government from inspecting commercial banks.
The IMF wants Pakistan to quickly fill two vacant deputy governor positions at the SBP.
These recommendations are part of the IMF's plan to strengthen the SBP's independence.
Pakistan is currently under a $7 billion IMF loan program.
- Who
- The International Monetary Fund (IMF) and Pakistan's government are involved.
- What
- The IMF has requested Pakistan remove its finance secretary from the SBP board and fill vacant deputy governor posts.
- When
- The IMF review mission is expected in the third week of September.
- Where
- Pakistan
- Why
- The IMF wants to strengthen the SBP's independence as part of a loan agreement.
Government's Role
SBP Autonomy
Finance Secretary on SBP Board
Government's Role
Federal government has 100% share of SBP; oversight is necessary.
SBP Autonomy
IMF argues removing the finance secretary will strengthen SBP independence.
- IMF Loan Program
- $7 billion
- SBP Deputy Governor Vacancies
- Two
- Finance Secretary's Role
- Board member without voting rights
- SBP Board Composition
- Governor and eight non-executive directors
- Loan Duration
- 39 months