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Moeenuddin Ahmad Qureshi

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Moeenuddin Ahmad Qureshi
Acting Prime Minister of Pakistan
In office
18 July 1993 – 19 October 1993
PresidentWasim Sajjad
(Acting President)
Preceded byNawaz Sharif
Succeeded byBenazir Bhutto
Personal details
Born
Moeenuddin Ahmad Qureshi

(1930-06-26) 26 June 1930 (age 94)
Lahore, Punjab, British India
(now in Punjab, Pakistan)
Citizenship Pakistan
NationalityPakistan
Political partyIndependent
Residence(s)Washington D.C., United States
Alma materGovernment College University
Punjab University
Indiana University, Bloomington
ProfessionCivil servant, economist

Moeenuddin Ahmad Qureshi (Urdu:معین الدین احمد قریشی; b. 26 June 1930), usually referred to as Moeen Qureshi, is a Pakistani economist and former civil servant who served as an Acting Prime Minister of Pakistan from 18 July to 19 October 1993.

Biography

Early life and education

Moeenuddin Ahmad Qureshi was born into in Lahore, Punjab, British India, on 26 June 1930. He hailed from a distinguished family that originally was from Kasur, and his father, Mohyeddin Ahmad Qureshi, was a civil servant in the British government and mother, Khursheed Jabin, was a housewife.[1] He attended the Government College University in Lahore where he gained B.A. in Honors in Economics and attained M.A. in economics from the Punjab University.[2] He received the Fulbright scholarship and went to the United States to attend the Indiana University in Bloomington, Indiana where he gained PhD in Economics in 1955.[3]

Public service, IMF, and World Bank

In 1955, he returned to Pakistan and joined the country's civil service and initially posted at the Planning Commission. In 1956, he resigned from the Planning Commission and went to the United States to join the International Monetary Fund (IMF).[1] He enjoyed a distinguished career in IMF and eventually serving as economic adviser to Ghana in 1960.[3] Thereafter, he moved on to join the International Finance Corporation and eventually becoming its Executive Vice President from 1974 until 1977. Qureshi oversaw the global operations which involve the financing of private enterprises and investments, including joint ventures and capital market operations in developing countries.[1]

In 1981, he was invited by the President of World Bank, Robert McNamara, to join the World Bank and become the senior vice president of finance which he remained until 1987. Eventually, he was appointed as Senior Vice President of World Bank where he oversaw the financial operations of World Bank in all over the world.[3] In 1991-92, he left the World Bank and settled in the United States and formed a private Hedge fund, the Emerging Market Associates.[1][4]

Acting Prime Minister of Pakistan

Main article: Qureshi caretaker ministry

In 1993, Pakistan averted a major constitutional crises when both Prime Minister Nawaz Sharif and President Ghulam Ishaq Khan resigned from their respected offices after an agreement broke by the Pakistani military. The resolution was unique because an elected government had voluntarily stepped down in order to avoid a possible military intervention and resignations came through a constitutional process.[3]

Chief of Army Staff General Abdul Waheed Kakar and Chairman Joint Chiefs General Shamim Alam witnessed the implementation of the agreement as President Ghulam Ishaq was to be replaced by Chairman Senate Wasim Sajjad who took over the capacity as a Acting President.[3]

Meanwhile, Qureshi who was visiting Singapore in 1993, received a telephone call from President Ghulam Ishaq asking him to form a caretaker but a technocratic government. He reluctantly accepted the offer and returned to Islamabad soon after. At the time of his appointment, Qureshi was largely unknown to the public and political circles; it was, however, felt that as he was a political outsider, he would remain neutral.[3]

His tenured existed for three months period but saw extensive reforms made by Qureshi that were supported by an IMF standby arrangement and significant World Bank lending. He initiated a process of "payment culture" that targeted the tax evaders and loan defaulters. He also ordered to publish the list of taxpayers that showed the country had a small tax base and only few had paid taxes. He devaluated national currency and increased the prices on food and common items.[5] He also inaugurated the National Library and highlighted its importance in the political culture of the country.[6] Qureshi passed the decree that made the State bank of Pakistan an autonomous body in a view to keep the Bank's business operations out of the political interference. He downsized the administrative machinery and abolished the discretionary powers of Prime Minister and Chief Ministers of allotting residential flats and plots to their favorites.[7]

The state television PTV and Pakistan Radio were made independent and were given opportunity to aired elections free and and impartial.[7] It goes to his credit that he undertook various endeavors in a short period of time and made a serious effort to recover Government dues.[7]

Despite his attempts to harmonize the economy, Qureshi's main task was to hold nationwide general elections in 1993 to make a way for an elected government to form the government. In 1993, he oversaw the general elections held in 1993 that witnessed the return of Pakistan Peoples Party led by Benazir Bhutto.[3]

Legacy

EMP Global and private sector

After congratulating and witnessing Benazir Bhutto's oath administrated by the Acting President Wasim Sajjad alongside with Chief Justice of Pakistan, Qureshi returned to New York, United States in 1993 to established the private hedge fund equity, the EMP Global.[1][8] Qureshi was involved in forging an affiliation with the international insurance company, American International Group (AIG), for a number of years. AIG held a minority stake in EMP and served as sponsor of, as well as a major investor in, a number of funds bearing its name for which EMP served as Principal Adviser.[9] EMP bought out AIG's stake and became an independent company in 2005.[10]

After his departure from Pakistan, Qureshi was given criticism that, in his last days, he made a large number of promotions and other administrative decisions in favor of his relatives.[7] In 2014, his name was reportedly mentioned by Imran Khan when he led the Azadi March against Prime Minister Nawaz Sharif.[11]

Personal life and wealth

Qureshi is married to American Lilo Elizabeth Richter and has four children: two sons and two daughters. He enjoys Tennis and is reportedly collects classic cars and antiques.[1] Qureshi is reportedly very wealthy and his mansion went onto the market sell for $8 million in May 2016.[12]

References

  1. ^ a b c d e f "Moin A. Qureshi: Former Caretaker Prime Minister of Pakistan". storyofpakistan.com. Story of Pakistan. 8 October 2004. Retrieved 5 October 2016.
  2. ^ "Stocks". Bloomberg.com. Bloomberg.com. Retrieved 7 October 2016.
  3. ^ a b c d e f g Burki, Shahid Javed. Historical Dictionary of Pakistan. Rowman & Littlefield. ISBN 9781442241480. Retrieved 5 October 2016.
  4. ^ Biography on EMP Global's webpage
  5. ^ Wynbrandt, James. A Brief History of Pakistan. Infobase Publishing. ISBN 9780816061846. Retrieved 5 October 2016.
  6. ^ Coleman, Sterling Joseph. Librarianship and Information Science in the Islamic World, 1966-1999: An Annotated Bibliography. Scarecrow Press. ISBN 9780810851795. Retrieved 6 October 2016.
  7. ^ a b c d "Moin Qureshi Becomes Caretaker Prime Minister". Story Of Pakistan. 1 June 2003. Retrieved 7 October 2016.
  8. ^ "EMP Global About Us". www.empwdc.com. EMP Global About Us. Retrieved 7 October 2016.
  9. ^ Greenberg, Maurice R.; Cunningham, Lawrence A. The AIG Story. John Wiley & Sons. ISBN 9781118519578. Retrieved 7 October 2016.
  10. ^ History on EMP Global Website
  11. ^ Abbas, Mazhar. "Is political turmoil in the offing?". www.thenews.com.pk. The News, Abbas. Retrieved 7 October 2016.
  12. ^ Stone, Madeline. "A 2-in-1 mansion belonging to a former World Bank vice president is back on the market for $8 million". Business Insider. Business Insider. Retrieved 7 October 2016.

Sources

Political offices
Preceded by Prime Minister of Pakistan
Acting
1993 		Succeeded by
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