A Third World Econo-Realist
Dr Ishrat Husain, Governor, State Bank of Pakistan (SBP), who retired in early December 2005 after completing two consecutive and eventful 3 year terms, has been a fascinating study from various vantage points in both my professional and personal capacity, viz being a Director on the Board of a publicity listed financial institution, as a weekly columnist writing on economic, commercial and geo-political matters, and as a friend, A comparable financial intellectual in Pakistan of similar absolute integrity is Dr Abdul Hafeez Shaikh, the Federal Minister for Privatization and Investment. As Pakistanis of good standing, they are both also human beings of some substance; what is really endearing is their humility. Such men are destined for greatness for their country and themselves, provided they are given the chance to do so and not slotted into corners of no consequence.
Alarm Bells!
The Annual Report of the State Bank of Pakistan (SBP) for the year 1994-95 seems to have created a stir in financial circles, certainly much more than one can recall in the recent past. However the full impact of the financial implications on the economy as enunciated in the Report has not yet become general public consumption, the common man remains unaware of the catastrophe likely to befall him. The Government reaction has been subdued enough to be called as non-reaction. Maybe they are all “Infantry-men” in the Finance Ministry and know that when under fire to keep their heads down. While the detailed reaction from professional economists and other experts of the country is still awaited, the layman should expect the worst, our financial sins have finally caught up with us. Some aspects of the Report beyond the cold statistical data and figures must be brought out for the benefit of the general public.