Ishrat Husain
Encyclopedia
Ishrat Husain is a Pakistani banker and economist
, who is the Dean
and Director of the Institute of Business Administration, Karachi
. Dr. Ishrat was the Governor of the State Bank of Pakistan
, Pakistan
's Central bank
from 2 December 1999 to 1 December 2005. He also lead the National Commission for Government Reforms for two years from May 2006.
from Williams College
and a Ph.D in Economics from Boston University
. He is a graduate of the Executive Development Program jointly sponsored by Harvard, Stanford and INSEAD
.
of Pakistan in 1964 and served in the field and also held mid-level policy making positions in the Finance, Planning and Development departments before moving to Washington
in 1979 to join the World Bank
as an Economist in West Africa Programs Department. He became the Bank’s Resident Representative to Nigeria
in 1983 and led the Bank’s team that assisted Nigeria in formulating its first ever structural Adjustment program in 1986. On his return to headquarters, he headed the Bank’s Debt and International Finance Division and contributed to the development of Bank’s strategy that led to World Bank and International Monetary Fund
’s (IMF) participation in the Brady Initiative for Debt Reduction. As Chief Economist for Africa between 1991–94 and later as Chief Economist for East Asia and Pacific Region he guided and supervised the Bank’s analytical work on the countries in these regions. In 1997 he was named the Country Director for Central Asian Republics and managed the World Bank’s relations, programs and policies with these countries. Earlier, he was the director of Poverty and Social Policy Department. He was responsible for the Bank's policies and strategy development in such areas as Poverty Reduction, Gender Relations and Dynamics, NGOs, and Reform within the Public Sector. He was the Chairperson of the Public Sector Group.
Governor, the State Bank of Pakistan
(1999–2005).
Director, Institute of Business Administration, Karachi (March 2008–Present).
Dr. Husain held the following positions during his tenure with the World Bank
.
>>
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
, who is the Dean
Dean (education)
In academic administration, a dean is a person with significant authority over a specific academic unit, or over a specific area of concern, or both...
and Director of the Institute of Business Administration, Karachi
Institute of Business Administration, Karachi
The Institute of Business Administration is a university and a business school in Karachi, Pakistan. According to the Higher Education Commission of Pakistan, IBA is one of the best business and IT institutes in Pakistan...
. Dr. Ishrat was the Governor of the State Bank of Pakistan
State Bank of Pakistan
The State Bank of Pakistan is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged...
, Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
's Central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
from 2 December 1999 to 1 December 2005. He also lead the National Commission for Government Reforms for two years from May 2006.
Educational background
Husain holds a Masters degree in Development EconomicsDevelopment economics
Development Economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example,...
from Williams College
Williams College
Williams College is a private liberal arts college located in Williamstown, Massachusetts, United States. It was established in 1793 with funds from the estate of Ephraim Williams. Originally a men's college, Williams became co-educational in 1970. Fraternities were also phased out during this...
and a Ph.D in Economics from Boston University
Boston University
Boston University is a private research university located in Boston, Massachusetts. With more than 4,000 faculty members and more than 31,000 students, Boston University is one of the largest private universities in the United States and one of Boston's largest employers...
. He is a graduate of the Executive Development Program jointly sponsored by Harvard, Stanford and INSEAD
INSEAD
INSEAD is an international graduate business school and research institution. It has campuses in Europe , Asia , and the Middle East , as well as a research center in Israel...
.
Career
Husain joined the elite Civil ServiceCivil service
The term civil service has two distinct meanings:* A branch of governmental service in which individuals are employed on the basis of professional merit as proven by competitive examinations....
of Pakistan in 1964 and served in the field and also held mid-level policy making positions in the Finance, Planning and Development departments before moving to Washington
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
in 1979 to join the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
as an Economist in West Africa Programs Department. He became the Bank’s Resident Representative to Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
in 1983 and led the Bank’s team that assisted Nigeria in formulating its first ever structural Adjustment program in 1986. On his return to headquarters, he headed the Bank’s Debt and International Finance Division and contributed to the development of Bank’s strategy that led to World Bank and International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
’s (IMF) participation in the Brady Initiative for Debt Reduction. As Chief Economist for Africa between 1991–94 and later as Chief Economist for East Asia and Pacific Region he guided and supervised the Bank’s analytical work on the countries in these regions. In 1997 he was named the Country Director for Central Asian Republics and managed the World Bank’s relations, programs and policies with these countries. Earlier, he was the director of Poverty and Social Policy Department. He was responsible for the Bank's policies and strategy development in such areas as Poverty Reduction, Gender Relations and Dynamics, NGOs, and Reform within the Public Sector. He was the Chairperson of the Public Sector Group.
State Bank of Pakistan
Husain became the Governor of Pakistan's Central Bank in December 1999. During the next six years, he implemented a major program of restructuring of the Central Bank and steered the reforms of the banking sector, which are now recognized by the World Bank and IMF to be among the best in developing countries. The main ingredients of the program were merit-based recruitment, competency-enhancing training, performance-linked promotion, technology-driven business process and induction of high-level skilled human resources. He placed great emphasis on practicing values such as integrity, trust, teamwork for the entire work force starting from the top.Past positions held
Chairman, National Commission for Government Reforms (2006–2008).Governor, the State Bank of Pakistan
State Bank of Pakistan
The State Bank of Pakistan is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged...
(1999–2005).
Director, Institute of Business Administration, Karachi (March 2008–Present).
Dr. Husain held the following positions during his tenure with the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
.
- Director for Central Asian Republics
- Director, Poverty and Social Policy
- Chairperson of the World Bank's Public Sector Group
- Chief of the Debt and International Finance Division
- Chief Economist of the World Bank for East Asia and Pacific region
- Chief Economist for Africa
- Resident Representative in Nigeria
Awards and achievements
- Asian Banker Life Time Achievement Award 2006.
- Central Bank Governor of the Year in Asia Award (2005) by The BankerThe BankerThe Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...
magazineMagazineMagazines, periodicals, glossies or serials are publications, generally published on a regular schedule, containing a variety of articles. They are generally financed by advertising, by a purchase price, by pre-paid magazine subscriptions, or all three...
. The first Pakistani Governor of the State Bank to receive the award. - Jinnah Award (2005) in recognition of his outstanding and meritorious servicesCivil serviceThe term civil service has two distinct meanings:* A branch of governmental service in which individuals are employed on the basis of professional merit as proven by competitive examinations....
to people as Governor of the State Bank of Pakistan. - Hilal e Imtiaz - Conferred by the President of Pakistan 2003.
Current responsibilities
- Chairman, South Asian Network of Economic Research Institutions (SANEI)
- Member, Board of Directors, Pakistan National Council of Arts
- HEC Distinguished National Professor
- Chairman, HEC Social Sciences Committee
- Chairman, Kashf Foundation
- Member, Board of Trustees, The Aga Khan University (AKU)
- Member, Board of Governors, National School of Public Policy (NSPP)
- Member, Governing Council, International Centre for Education in Islamic Finance (INCIEF), Malaysia
- Member, Board of Directors, National Academy of Performing Arts (NAPA)
- Member, Board of Directors, Mahbubul Haq Centre for Human Development
- Member Senate, Pakistan Institute of Development Economics (PIDE)
- Distinguished Visiting Fellow, Social Policy Development Centre (SPDC)
- Member, Advisory Council, Woodrow Wilson Center.
>>