The government has gone through its third governor of the state bank. The rate with which it loses finance ministers and finance secretaries is even higher. This is a point in time when even the most spirited non-party-member supporters of the PPP would concede that perhaps the government doesn’t have its act together when it comes to economic policy. All the spiel about systems mattering more than individuals aside, it has to be conceded that the latter do draft the former. Shahid Kardar in particular was a competent economist.
Though there is a bit of a controversy in the press over what exactly transpired in this particular case, with Dr Kardar stepping in himself to deny some rumours regarding specific points of contention.
Insider reports suggest that there was a little too much interference in his work from other quarters in government, specifically regarding banking regulations. Since the regulation of the banking sector and the management of the national currency mint are the two basic functions of the central bank, it is not hard to imagine how peeved its governor would have been. The fact that he was without a formal job contract for a good ten months did not help matters either.
To paraphrase one of the prime minister’s earlier speeches after getting elected, getting the right person at the right job solves the bulk of all problems. Well, this wasn’t an example of that. The right guy at the right place also needs the right circumstances and conditions to do his thing.
It is also hoped that the next governor of the central bank knows exactly what he or she is getting into. The candidate should have a plan to manage the money markets while knowing the very specific demands and imperfections of the government. The government also needs to realise that the governor of the state bank cannot, should not, be some spineless pen-pusher subject to the government’s whims.
The final call on all executive matters is that of the elected representatives of the people but sitting governments do have to delegate powers and discretion to discerning executives as well. There needs to be some maturity in understanding that.
The frequent changes of Gov State Bank and in Ministry of Finance should be a barometer of the intense irregularities taking place and the harm being done to our economy by those who claimed that democracy is the best revenge. BISP is another source for corruption, with which money AZ wants to buy his next election. At lest we still have men of honor like S Kardar, however rare it may be, in the so called Islamic Republic of Pakistan ruled by despots, liars, crooks and thugs.
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