ISLAMABAD  -    The PTI-led government has decided to give new role to its economic wizard and former finance minister Asad Umar, by appointing him as chairman of National Assembly Standing Committee on Finance, Revenue and Economic Affairs.

Prime Minister Imran Khan on April 18 had removed Umar as finance minister due to unimpressive performance during the last eight months. On the same time, Umar had refused to take the charge of Ministry of Energy.

The PTI government had appointed Abdul Hafeez Shaikh as Advisor to Prime Minister on Finance, Revenue and Economic Affairs.

Later, the government also replaced Governor State Bank of Pakistan (SBP). Former Governor SBP Tariq Bajwa on Friday last had stepped down from his position after the federal government asked him to resign. The government has appointed Dr Baqir as Governor SBP for next three years. Baqir is a Pakistani by birth and currently serving as the senior resident representative of the IMF in Egypt.

The government had continued its efforts to include Umar in the federal cabinet. Federal Minister for Railways Shaikh Rasheed had also met with former finance minister to convince him. Later, the prime minister on Tuesday failed to convince Umar for rejoining the federal cabinet with the charge of other ministry than the finance. 

The meeting was part of government’s efforts to convince the former finance minister to re-join the cabinet. However, Umar had agreed to become head of the parliamentary committee. 

Premier Khan on Wednesday approved Asad Umar as the chairman for the National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs.

During a meeting of the Pakistan Tehreek-e-Insaf (PTI)’s Parliamentary Party, Prime Minister Imran Khan said removing Asad Umar as finance minister was a difficult decision, however, he still considered him his right hand.

At present, PTI MNA Faiz Ullah is the chairman of the standing committee.

Sources close to Umar have confirmed that he has been given a new task by the prime minister. They further said that Umar wants to play his role in legislation of the ministry of finance. Similarly, the PTI government would also keep check on the decisions of Abdul Hafeez Shaikh through the parliamentary committee.

The Standing Committees of the House play an important role of oversight and monitoring the working of the relevant ministries.