Institutional restructuring: Govt adopts Ishrat’s reform blueprint

Islamabad has seen the government adopt former State Bank of Pakistan (SBP) Governor Dr Ishrat Hussain's institutional reform blueprint as the cornerstone of its restructuring agenda, according to Finance Minister Muhammad Aurangzeb. The announcement came during a ceremony hosted by the Sustainable Development Policy Institute (SDPI), where Dr Ishrat was honored with a Lifetime Achievement Award.

Aurangzeb explained that while they were not discarding previous work, they were implementing the recommendations gradually due to the extensive scope of the reforms and the numerous ministries and departments involved. State Bank Governor Jameel Ahmad emphasized Dr Ishrat's instrumental role in transforming Pakistan's central bank during his tenure from 1999, where he devised a comprehensive strategy paper and initiated an extensive program of institutional reforms.

These reforms focused on enhancing the SBP's autonomy, professional capacity, and regulatory framework, as well as recognizing the importance of technology in the banking sector. Dr Ishrat, in his address, encouraged young Pakistanis to invest in education and embrace public service, recounting his own journey of overcoming academic challenges and social exclusion through perseverance and mentorship.