Aurangzeb pays tribute to Dr Ishrat Hussain for contributions to institutional reforms

ISLAMABAD, Nov 3 (APP): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, on Tuesday, lauded renowned economist and former State Bank of Pakistan (SBP) Governor, Dr Ishrat Hussain for his outstanding contributions to banking sector transformation, institutional reforms, academia and public service.

Addressing the 29th Sustainable Development Conference (SDC) 2026 during a plenary session organised by the Sustainable Development Policy Institute (SDPI) in honour of Dr Ishrat Hussain, the minister described him as a visionary leader whose integrity, humility and commitment to reforms continued to inspire generations.

Recalling his first interaction with Dr Ishrat Hussain in the late 1990s, Aurangzeb said the latter had demonstrated remarkable foresight in modernising the central bank, strengthening its research capacity and recognising the importance of technology in transforming the banking industry.

He recalled that Dr Ishrat Hussain had established an information technology committee and entrusted him with its chairmanship, reflecting his confidence in private-sector expertise.

The minister said Dr Ishrat Hussain’s leadership had played a significant role in transforming the State Bank and strengthening the regulatory framework of the country’s banking sector.

He also appreciated his subsequent contributions as dean and director of the Institute of Business Administration (IBA), saying he had transformed the institution through improvements in human resources, processes, technology and academic standards.

Highlighting Dr Ishrat Hussain’s contribution to public-sector reforms, Aurangzeb said he had extensively benefited from his advice, particularly on restructuring government institutions.

He said the report prepared under Dr Ishrat Hussain’s leadership on right-sizing the federal government provided the foundation for the government’s ongoing reforms.

Aurangzeb said the government had adopted a phased approach to implementing the recommendations, given the large number of ministries and attached departments.

Referring to progress, he mentioned the closure of PASCO, Utility Stores Corporation and Pakistan Works, transfer of 26 entities to the Privatisation Commission, and ongoing efforts concerning PIA, power distribution companies, banks and insurance companies.

He acknowledged that structural reforms were challenging and required sustained efforts, adding that the government was building on the groundwork already undertaken rather than restarting the process.

The finance minister said meaningful institutional transformation required breaking away from longstanding practices and overcoming resistance to change.