ISLAMABAD: Frequently pilloried in the media as a representative of the International Monetary Fund (IMF), Governor of State Bank of Pakistan (SBP) Dr Reza Baqir receives a monthly salary of Rs2.5 million, but perks and perquisites enjoyed by him propel the total cost incurred on the post far higher, revealed an official document on Friday.
The document confirmed that Dr Baqir worked for the IMF for 18 years before assuming the current position.
The details of the monthly salary received and perks enjoyed by Dr Baqir came in response to a question put by PML-N Senator Irfanul Haque Siddiqui. The written question-and-answer document shared with the Senators said “reply not received”, but a document providing the requested details was shared directly with the questioner.
“It is not appropriate to only give the details to me and not to other members,” Senator Siddiqui said while criticising the unusual move.
The PML-N senator had asked about the criteria for appointing the current SBP head as well as his monthly salary and privileges.
In response, the Finance Division said that Dr Baqir had been appointed under Section 10(3) of the SBP Act, 1956, which said the “governor shall be appointed by the president for a term of three years, and on such salary and terms and conditions of service as the president may determine, except that neither the salary of the governor nor his other terms and conditions of service shall be varied to his disadvantage after his appointment”.
The document also stated that the SBP governor received a monthly salary of Rs2.5m. A list detailing other perks and perquisites enjoyed by him was attached to the paper.
According to the list, Dr Baqir receives an annual increment that is 10 per cent of his monthly salary. For accommodation, the governor is entitled either to the “furnished and maintained” State Bank House or a rent allowance plus furnishing and maintenance expenses as approved by the SBP board.
For transportation, he gets two “fully maintained, chauffeur-driven cars with a petrol ceiling of 600 litres each as follows; 1,800CC local assembled car with the option to buy on book value, 1,600CC local assembled car”. His utility expenses, including on electricity, gas, water and fuel (for a standby generator), are borne by the SBP. Seventy-five per cent of the education/tuition of the governor’s children is also covered.
The governor is also entitled to free landline/mobile phones and internet access.
For domestic help, Dr Baqir is entitled to “reimbursement of actual salary paid for up to four servants of Rs18,000/head with periodic review of the subsidy by the HR committee as per requirement”, said the document. The governor is also entitled to round-the-clock security “as per requirement”, including security guards and a security system, in addition to full healthcare facilities “as per SBP rules”.
He also gets three leaves per month with “leave encashment facility of up to six months on the completion of the tenure” while the gratuity allowed is one-month monetised salary for each completed year of service on last drawn salary.
Published in Dawn, February 12th, 2022
