Late Friday night, State Bank of Pakistan (SBP) Governor Mr. Tariq Bajwa and Federal Board of Revenue (FBR) Chairman Dr. Jahanzeb Khan were removed by the federal government amid the ongoing financial crisis. Both the men had been asked to tender their resignations, as they cannot be removed by the executive orders.
According to resources, the government had already decided to make this move when Asad Umer was chairing the Finance Ministry. Suggested candidates for the SBP Governor’s office are Dr. Waqar Masood, Abdul Wajid Rana, and Dr. Ashfaque Hassan Khan.
Mr. Bajwa says, he does not know the exact reason for his removal neither the decision was discussed with him. He reluctantly commented, “Today I was asked to tender resignation and I did it”. On the other hand, removal of Chairman FBR was reportedly due to the massive shortfall of revenue during the last 10 months of the current fiscal year. FBR is facing a shortfall of Rs.355 million in the first 10 months at a time when FBR is trying to collect Rs.4398 billion by June 30.