ISLAMABAD, Oct 5: With Dr Ishrat Hussain due to retire next month as Governor of the State Bank of Pakistan, four names are reported to be under consideration for the post. Informed sources told Dawn here on Wednesday that Prime Minister Shaukat Aziz wanted someone in the post with whom he enjoyed “complete mental alignment” and that his wish had been conveyed to President Gen Pervez Musharraf.
The government is expected to announce its choice by October 15.
Dr Ishrat was the president’s nominee. His perceived independent approach to day-to-day affairs of the central bank reportedly did not go down well with the prime minister and his economic managers.
Though the federal government never openly confronted Dr Hussain, particularly on the question of the bank’s quarterly, half-yearly and annual reports on the state of the economy, it privately took serious notice of the governor’s strong views on various issues, the sources said.
According to the sources, Secretary Finance Naveed Ahsan, economic adviser to the ministry of finance and director general of debt coordination office Dr Ashfaque Hasan Khan, Asian Development Bank’s Dr Shamshad Akhtar and International Finance Corporation’s Javed Hamid are being tipped for the central bank’s top job.
Dr Shamshad Akhtar did her MSc in mid-70s and completed her PhD from the School of Oriental Studies, London. In early 80s, she joined the World Bank and after some time got a job as an economist in ADB head office in Manila.
In 1991-92, she was given an accelerated promotion called “affirmation action” with a view to offering women of developing countries more support by international financial institutions.
Dr Javed Hamid has been working in the IFC as a mid-level officer.
Secretary Finance Naveed Ahsan was to retire last year but was given one-year extension by the government. He is said to be 62. For the post of central bank governor, the minimum age is 59 years and the maximum age 65.
Dr Ashfaque has been with the government for five years and is believed to have been involved in formulation of major policies.
