ISLAMABAD: Finance Minister Mohammad Aurangzeb on Tuesday said the government had adopted former State Bank of Pakistan (SBP) governor Dr Ishrat Hussain’s institutional reform recommendations as the basis for its restructuring agenda, acknowledging his pivotal role in transforming Pakistan’s banking sector and laying the groundwork for wider governance reforms.
Addressing a ceremony organised by the Sustainable Development Policy Institute (SDPI) to confer a Lifetime Achievement Award on Dr Ishrat, the finance minister said the government was building on the work of previousadministrations rather than discarding existing initiatives and starting afresh.
He said he had specifically approached Dr Ishrat for his institutional reforms report and adopted it as the basis of the government’s restructuring agenda. The principal modification, he explained, was to implement the recommendations in phases rather than simultaneously, given the large number of ministries and attached departments involved.
State Bank of Pakistan Governor Jameel Ahmed also paid tribute to Dr Ishrat, describing his contribution to the country’s socio-economic development and financial sector as significant.
Recalling his first professional interaction with Dr Ishrat in December 1999, Mr Ahmed said he had joined the central bank with a clear vision and an ambi-tious plan for its transformation. He said Dr Ishrat responded with determination, introducing far-reaching reforms over the next six years and bringing about one of the most extensive transformations in the SBP’s history.
Former federal minister and adviser on commerce Abdul Razak Dawood also praised Dr Ishrat’s transformation of the State Bank, describing the Lifetime Achievement Award as well-deserved recognition of his contributions.
Habib Bank Limited Chairman Sultan Ali Allana described Dr Ishrat as an institution in himself, highlighting his unusual combination of civil service experience and international financial expertise.
Former secretary to the prime minister Nargis Sethi recalled working closelywith him during his tenure as chairman of the National Commission for Government Reform (NCGR), established by the government in 2006.
Dean Emeritus and Professor at Boston University’sPardee Schoolof GlobalStudies Dr Adil Najam said this aspect of his legacy was often underestimated because attention largely remained focused on his achievements as a policymaker.
Earlier, stressing the need for strong cooperation between Bangladesh and Pakistan, Adviser to Prime Minister of Bangladesh on Finance and Planning Rashed Al Mehmud Titumir called for a new South Asian development paradigm based on industrial transformation, regional production networks, decent employment and stronger social protection.