ISLAMABAD, Feb 8: Privatisation and Investment Minister Dr Abdul Hafeez Shaikh is likely to join the World Bank as its managing director after retiring from the Senate next month, it is learnt.

The coveted post at the World Bank fell vacant on Dec 31 on the retirement of Shengman Zhang from China who served as managing director for seven years.

Before Mr Zhang’s departure, World Bank president Paul Wolfowitz appointed his deputy Graeme Wheeler as acting managing director and head of an executive search committee to look for a full-time managing director.

Pakistan Muslim League chief Chaudhry Shujaat Hussain said on Tuesday Dr Shaikh had not applied for a Senate ticket because he was joining an international organization which would be an honour for Pakistan.

Dr Shaikh has a World Bank background including being country head for Saudi Arabia. He also led other assignments and advised more than 18 countries of Europe, Latin America, Asia and Africa as a senior World Bank official. Some of these countries include Pakistan, Saudi Arabia, Sri Lanka, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Romania, the Czech Republic, Argentina, Bangladesh, Jordan, Qatar, Malta, Botswana, Tanzania and Ghana.

Before joining the World Bank, Dr Shaikh worked at Harvard University in Cambridge, Massachusetts. A Ph.D in economics, he has written many books, including one on Argentina’s privatisation. Dr Shaikh was instrumental in taking some strategic institutions to the privatisation counter despite resistance by powerful groups within the government. His last two major transactions - KESC and PTCL - faced problems. The $2.6 billion PTCL deal with the Etisalat telecom company is yet to materialize more than eight months after the bidding.