The Continuity Factor
Mr Moeenuddin Qureshi, formerly Senior Vice President in the World Bank, effectively No. 2 of this international finance institution, has been appointed Caretaker PM of Pakistan for the period covering the elections and the installation of the elected Federal Government after the polls. In his first informal chat with reporters and journalists, he has emphatically emphasized free and fair elections as his first priority, adding that the polls should not only be free and fair they should be perceived by the general public as such.
While it is true that Moeen Qureshi is not exactly a household word in Pakistan, in Pakistani economic circles he is revered and respected as one of Pakistan’s finest economists, a man who had reached the pinnacle of international recognition on sheer dint of merit. After more than a decade (since 1980) as the No. 2 man in the World Bank, Mr Qureshi took voluntary optional retirement as only a US citizen could be President of the World Bank according to the Bretton Woods agreement. Having reached his level he wanted to devote his time to private pursuits as an international consultant. With established credentials as a non-political person acceptable to all parties but having international recognition, Moeen Qureshi’s selection was brilliant because it fulfilled both political and economic purposes. In this interim period where it is extremely important to re-open the in-flow Consortium Aid, there would be no better individual qualified to address this issue with his former colleagues in the international finance institutions. He has obvious credibility as a respected finance person in the capitals of the World, both among developed and developing countries. Lastly and most important, as a committed free market exponent he brings an economic continuity factor to Nawaz Sharif’s policies so that Pakistan does not stay in economic limbo. The people of Pakistan will decide in early October whether they want to support Nawaz Sharif or give a different mandate to his opponents. As such while Moeen Quereshi has ostensibly been brought in for political purposes as a neutral person having international experience, he has the added advantage of being a major force-multiplier on the economic front.
Whereas the political arena was in shambles due to the in-fighting between GIK and Nawaz Sharif, on the economic front we were approaching apocalypse. GIK resorted to attacking the very foundations of the Federation in the last sixty days by inciting and condoning virtual insurrection. As a direct result, except for routine transactions, economic activity had almost come to a standstill for the last six months. In the transition period, this was almost fatal for the economy but this was no skin off GIK’s back. Having risen steadily from lowly depths, even by bureaucratic standards, his penchant for status quo and opposing reforms/modernization was well-known. According to Altaf Gauhar, GIK had actually opposed the advent of TV in Pakistan. By sustaining nationalisation during the years 1977 to 1985 he laid the seeds for the economic crisis that Nawaz Sharif (and one daresays Ms Benazir before that) was trying to steer a way out from. In that respect, there could be no better choice than Moeen Qureshi to keep the flag of a free market economy flying, to regain the lost momentum of economic liberalisation.
A self-effacing, somewhat shy person, Moeen Qureshi put aside serious medical complications for the sake of his country. As his demeanour in the first couple of days has shown, he seems to relish challenges and having risen to the very top internationally in his chosen discipline on sheer merit and credibility, he is expected to give those qualities preferences in exclusion to everything else. While he will be doing this nation a great favour if he can bring off the conduct of free and fair elections, he should initiate the process of putting the mechanics of accountability into place. Too many people have robbed the financial institutions of this country at will thus denying available credit to the more deserving down the line, Mr Moeen Qureshi will be doing yeoman’s service by appointing tribunals to recover the previously irrecoverable. As an honest, impartial figure, his moves to render accountability would create a precedent that would force the politically elected to institutionalise this as a part of the body politic of Pakistan.
Pakistan was looking at selecting a non-controversial person to supervise free and fair elections, in Moeen Qureshi we have certainly got much more than we bargained for, in a positive way. One looks forward to a decent even-handed Administration for the next 75-90 days, the only regret one has that it is too short a period. In the extreme polarisation a more elongated cooling-off period was required. We should persuade the Caretaker PM to use his talents post-October 1993 in a suitable capacity for the continuing good of Pakistan.
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