Controversial move: Finance ministry reinstates sacked DG Debt Office
Masroor Qureshi, an employee of NBP, had been removed over ‘poor performance’.
According to the law, the Debt Office is supposed to work under the direct supervision of the finance minister. DESIGN: FAIZAN DAWOOD
ISLAMABAD:
As the county struggles to cope with increasing debt, the finance ministry has discreetly reinstated an official, who was earlier ousted due to poor performance.
Masroor Qureshi, an employee of the National Bank of Pakistan, has again been given one of the most crucial posts – the Director General of the Debt Office.
The finance ministry made the controversial move at a time when the higher judiciary sent packing many high-profile officials who were hired in violation of the laid down procedures.
Qureshi was earlier appointed in the finance ministry by former finance minister Shaukat Tareen and served for almost three years before he was shown the door by Saleem Mandviwalla, also a former finance minister.
“I sent Masroor Qureshi back to the NBP after I noticed that he failed to restructure the ballooning debt despite remaining in office for three years”, said Mandviwalla.
The Prime Minister’s office was also kept in the dark over the re-appointment. Press secretary to PM, Shafqat Jalil, told The Express Tribune that the appointment of Qureshi was not in the knowledge of the PM House.
According to the law, the Debt Office is supposed to work under the direct supervision of the finance minister.
During PPP’s five-year rule, the total national debt jumped from Rs6 trillion to Rs15 trillion and for most of the period, Qureshi was at the helm of affairs. Though he may not be held responsible for such an increase, some responsibility also lies with him as he could not advise how to manage the debt, said finance ministry sources.
When Qureshi assumed office the short-term debt was less than one-fourth of the total public debt that has now increased to over 54%, also increasing the cost of borrowings.
Finance ministry spokesperson Rana Assad Amin confirmed that Qureshi had again been brought back on attachment and a notification in this regard had been issued.
Published in The Express Tribune, May 3rd, 2013.
As the county struggles to cope with increasing debt, the finance ministry has discreetly reinstated an official, who was earlier ousted due to poor performance.
Masroor Qureshi, an employee of the National Bank of Pakistan, has again been given one of the most crucial posts – the Director General of the Debt Office.
The finance ministry made the controversial move at a time when the higher judiciary sent packing many high-profile officials who were hired in violation of the laid down procedures.
Qureshi was earlier appointed in the finance ministry by former finance minister Shaukat Tareen and served for almost three years before he was shown the door by Saleem Mandviwalla, also a former finance minister.
“I sent Masroor Qureshi back to the NBP after I noticed that he failed to restructure the ballooning debt despite remaining in office for three years”, said Mandviwalla.
The Prime Minister’s office was also kept in the dark over the re-appointment. Press secretary to PM, Shafqat Jalil, told The Express Tribune that the appointment of Qureshi was not in the knowledge of the PM House.
According to the law, the Debt Office is supposed to work under the direct supervision of the finance minister.
During PPP’s five-year rule, the total national debt jumped from Rs6 trillion to Rs15 trillion and for most of the period, Qureshi was at the helm of affairs. Though he may not be held responsible for such an increase, some responsibility also lies with him as he could not advise how to manage the debt, said finance ministry sources.
When Qureshi assumed office the short-term debt was less than one-fourth of the total public debt that has now increased to over 54%, also increasing the cost of borrowings.
Finance ministry spokesperson Rana Assad Amin confirmed that Qureshi had again been brought back on attachment and a notification in this regard had been issued.
Published in The Express Tribune, May 3rd, 2013.