KARACHI, Nov 8: The State Bank would set up an endowment chair in the name of its first Governor (Late) Zahid Husain in one of the top universities of Pakistan.

SBP Governor Dr Ishrat Husain made this announcement here on Thursday at a function held in connection with the institution of an annual award in memory of Zahid Husain. The family of Zahid Husain would provide funds for the institution of the annual award in the form a gold medal would be given to deserving students or SBP employees on merit.

Justice Nasir Aslam Zahid (Retired) son of Zahid Husain presented a pay-order of Rs100,000 to the SBP governor on this occasion. He also announced to give Rs75,000 by end of December.

The SBP chief said the State Bank would add Rs200,000 from its own resources to the funds given by the family of Zahid Husain to finance higher studies by deserving students in the fields of economics and finance.

Paying tributes to the first SBP governor who was also the author of the first five-year plan Dr Ishrat Husain said had Pakistan implemented this plan in letter and spirit today it would have been a middle-income country and not a low income country with less than $500 per capita income. “And as I say I really mean it.”

He said Zahid Husain distinguished himself by building two national institutions — the State Bank and the Planning Commission. “If we had carried on (the tradition of institution building) we would have been a different country today,” he said.

Dr Ishrat Husain said Zahid Husain also had a very clear vision about monetary policy and development planning.

Justice Nasir Aslam Zahid recounted how his renowned father regarded high education as the best avenue of investment.