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ISHRAT HUSSAIN (1941

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ISHRAT HUSSAIN (1941- ) Ishrat Hussain was educated at Williams College and Boston University from where he obtained his doctorate in economics He joined the Civil Service of Pakistan in 1964 and held various positions in the field and later served in the Finance, Planning, and Development Departments in the Secretariat In 1979, he joined the World Bank as an economist and held various managerial positions in the institution, including director of the Poverty and Social Policy Department and director of the Central Asian Republics Department During his career at the Bank he also served as chief economist for Africa In 1999, he took early retirement from the Bank to become governor of the State Bank of Pakistan-the country’s central bankSince assuming the office of governor, he has implemented a major program of restructuring of the state bank, making it one of the leading central banks in Asia He steered the banking sector reforms, transforming the largely public sector owned and inefficient institutions into privately owned and managed banks These banks had extended their reach to the middle and lower income groups and to underserved sectors such as agriculture, small and medium enterprises, housing, micro finance, and consumer finance As a member of the economic team of President Pervez Musharraf, Hussain played a key role in the turnaround of Pakistan’s economy during the 2002-2005 period In recognition of his achievements, he was declared the central bank governor of the year by The Banker magazine of London and received the award of Hilal e Imtiaz from the president of Pakistanthe first ever award received by any central bank governor in the history of Pakistan



Ishrat Hussain has written extensively on the Pakistani economy His books include Pakistan: The Economy of an Elitist State and Economic Management in Pakistan 1999-2002

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