State Bank of Pakistan (SBP) Governor Anwar Yasin has ordered a Rs.40 million imported bullet proof vehicle for himself, even as the SBP warns citizens against plummeting foreign exchange reserves and burgeoning fiscal deficit.
According to local media reports, the order for a SUV model of Lexus was placed citing security concerns and is expected to reach Pakistan in a month or so. The governor was part of a delegation that recently went to Washington to negotiate $7.5 billion bailout package with the IMF as well as with the US treasury secretary for reconciliation of Coalition Support Fund accounts for fresh inflows. Anwar is a Pakistani-American and the fourth Governor appointed in the five-year tenure of PPP government.
A spokesman of SBP confirmed the purchase of a bulletproof vehicle saying that proper approval from “competent authorities” has been obtained and there is no irregularity involved. But the identity of the competent authority was not revealed. According to sources, SBP Governor Anwar Yasin initially took up the matter with Salim Mandviwala, the then finance minister, requesting the release of funds for the purchase of bullet proof vehicles who asked him to put up a written application for formal approval.
The Governor also demanded approval of his unauthorized travels abroad which were carried out without obtaining a No Objection Certification (NoC) from the government.
According to Mandviwala, SBP is an anonymous body and can secure approval for such purchases from its own Board of Directors. “However, such proposals are generally routed through finance ministry to avoid public criticism,” Mandviwala said. He also confirmed that SBP Governor has frequently travelled abroad without securing NoC from the federal government that is otherwise mandatory. The SBP spokesman on the other hand claimed that there was no irregularity involved on both counts. The SBP spokesman further claimed that he was not aware of the exact price but insisted that all formalities must have been fulfilled and market value checked before placing the order. It is pertinent to note here that market estimates of an armed bullet proof Pajero stand around Rs30 million.
Shame on SBP governor, doesnt he know that we are a poor nation, and that this money can be better spent for welfare of the masses.
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