Pakistani Federal Minister for Finance and Revenue Miftah Ismail announced that Reza Baqir's three-year term as Governor of the State Bank of Pakistan (SBP) will not be extended.

Ismail said via his official Twitter account that SBP Governor Dr Reza Baqir's three-year term will end on May 4. "I spoke with him and informed him of the government's decision," he wrote, thanking him for his work over the previous three years.

I want to express my gratitude to Reza for his contributions to Pakistan. He is a highly qualified individual with whom I had a good working relationship during our limited time together. I wish him the best of luck "wrote the finance minister.

The News had  claimed, citing sources, that the administration was considering extending Dr Baqir's term until a settlement with the International Monetary Fund (IMF) was reached." It was reported that the efforts were underway to secure a second term for Dr Baqir, a former IMF executive, and that the government was likely to accept a "short-term" extension in his tenure as a "stop-gap measure."

President Arif Alvi named Dr. Baqir to the position of Governor of the Central Bank on May 4, 2019, for a three-year term. On May 5, 2019, he took over his duties.

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