Federal government appoints Muhammad Arif as acting President of agricultural development bank

The federal government has appointed Muhammad Arif, Chief Financial Officer (CFO) of the Agricultural Development Bank of Pakistan (ADBP)

ISLAMABAD: The federal government has appointed Muhammad Arif, Chief Financial Officer (CFO) of the Agricultural Development Bank of Pakistan (ADBP), to serve as the bank’s acting President, according to an official notification.

The decision was taken after the office of the bank’s President became vacant on August 31, following the completion of the tenure of Tahir Yaqoob Bhatti. With the position now vacant, the government has assigned additional responsibility to Muhammad Arif to ensure the bank’s affairs continue without interruption.

Arif, who is already serving as the bank’s CFO, will perform the duties of President in an acting capacity. His appointment is expected to remain in place until the completion of the privatization process of ADBP, according to the government’s notification.

The temporary arrangement is aimed at maintaining administrative continuity and ensuring that the bank’s day-to-day operations remain unaffected during the transition period. As the acting head, Arif will be responsible for overseeing the bank’s overall affairs and ensuring that important financial and administrative matters continue to be managed effectively.

Sources familiar with the development told **Minute Mirror** that the appointment is part of the government’s wider efforts to streamline the functioning of the state-owned bank before its proposed sale. The sources said that maintaining stable leadership during the privatization process is considered important to avoid disruptions in the institution’s operations.

ADBP is among the state-owned entities that have been placed on the government’s privatization agenda as part of broader economic reforms. The government has been pursuing the restructuring and privatization of several public-sector organizations with the stated objective of reducing the financial burden associated with loss-making or inefficient state-owned enterprises.

The appointment of Arif also comes at a time when the government is focusing on reforms in the financial and public-sector institutions. Officials believe that ensuring uninterrupted management of ADBP will be important as the bank moves through the various stages of the privatization process.

The Agricultural Development Bank has historically played a significant role in providing financial services to the agriculture sector and supporting farmers and rural communities. Any transition in the bank’s management is therefore expected to be closely monitored by stakeholders associated with the agricultural and financial sectors.

Officials said the interim leadership arrangement is primarily intended to ensure continuity of operations, financial discipline and administrative stability while the government proceeds with its plans for the institution.

The privatization of ADBP is expected to form part of the government’s broader strategy to reform state-owned enterprises and reduce pressure on public finances. The government has maintained that privatization and restructuring can help improve the efficiency and financial performance of public-sector institutions while reducing the need for continued state support.

Muhammad Arif will now perform the responsibilities of both CFO and acting President during this interim period. His appointment is expected to provide the bank with continuity in senior management while the government works toward completing the privatization process.

The government is expected to make further decisions regarding the bank’s permanent leadership and ownership structure as the privatization process progresses.