Ishrat's reforms yet to be implemented

Dr Ishrat Husain’s reform proposals remain largely unimplemented, The Express Tribune reported, as Pakistan continues to face longstanding economic challenges. Speaking at a Sustainable Development Policy Institute ceremony where he received a Lifetime Achievement Award, Finance Minister Muhammad Aurangzeb said he had used Husain’s report as a starting point for work on state-owned enterprises, but more progress was needed.

Husain led the State Bank of Pakistan from 1999 to 2005, a period in which foreign exchange reserves rose from $300 million to $13 billion, according to the report. He contrasted Pakistan’s repeated use of World Bank reform loans and 25 IMF programmes with the limited progress in carrying out basic reforms; the sovereign wealth fund created in 2023 also remains inactive amid IMF concerns. Speakers at the event praised his contribution to the central bank and public-sector governance.