Pakistan and the IMF are scheduled to hold the next round of review talks from May 1, 2014 so Ishaq Dar was keen on having a new governor of the SBP before the April 30 deadline. The finance ministry moved a summary on Monday and the prime minister, as well as the president, granted their assent the same day. The Finance Division is all set to issue a formal notification to this effect anytime on Monday night or Tuesday morning.
On the other hand, the IMF has made it part of its conditions under the $6.64 billion Extended Fund Facility (EFF) that the government would submit amendments in the SBP Act in order to strengthen the central bank of Pakistan.
Earlier, the government had appointed Wathra as acting governor of the SBP with effect from January 31, 2014. Under the SBP Act, the government was bound to appoint a permanent governor of the central bank till April 30, 2014.
Wathra had assumed the charge of the office of Deputy Governor (DG), State Bank of Pakistan (SBP), on March 11, 2013. The government had notified Wathra’s appointment as DG SBP on March 5, 2013 for a period of three years from the date he assumed the office.
Wathra brings 35 years of commercial and investment banking experience to his new assignment. Prior to joining the SBP, he served the National Bank of Pakistan (NBP) as its Senior Executive Vice President and Group Chief, Credit Management Group, since October 2012.
Before joining the NBP, Wathra served the Habib Bank Limited from April 1999 to September 2012 in various responsible positions such as Regional General Manager (Bangladesh), Executive Vice President & Regional General Manager (Singapore), Executive Vice President, Group Executive and Risk Manager & Senior Credit Officer, Asset Remedial Management Group. He was attached with the Faysal Bank Limited from May 1992 to March 1999 in senior positions such as Executive Vice President & Country Risk Manager, Executive Vice President & Regional Manager and Senior Vice President & Chief Manager. From 1978 to 1992, he had been associated with the BRR Capital Modaraba, Emirates Bank International, American Express Bank Ltd. and ANZ Grindlays Bank. He also served as director at Habib Finance International, Hong Kong, and Habib Finance, Australia.
Holding Master’s degree in Business Administration, Wathra has attended a number of seminars, conferences and courses at home and abroad including Wharton/SMU General Management Programme, Operational Risk Management and Asian Bonds Summit, etc.
Wathra holds extensive experience in restructuring and reorganisation of business units. He has an extensive knowledge of investment banking and commercial banking operations, trade finance products and underlying delivery systems. Well conversant with the Islamic modes of finance, he has extensive marketing experience of a cross section of corporate, government and aid agencies, including syndication of large facilities for corporate and public sector. He also has experience in line management, audit and risk review, credit and risk management.
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