Institutional restructuring: Govt adopts Ishrat’s reform blueprint

The federal government is using former State Bank of Pakistan governor Dr Ishrat Hussain’s institutional reform plan to guide its restructuring programme, Finance Minister Muhammad Aurangzeb said on Tuesday. Speaking at a Sustainable Development Policy Institute event, he said changes across ministries and attached departments would be rolled out gradually because of the breadth of the work.

Aurangzeb said he had sought Hussain’s report and made it the programme’s starting point, rather than replacing earlier work. SBP Governor Jameel Ahmad credited Hussain’s tenure with strengthening the central bank’s autonomy, expertise and regulatory framework, and noted efforts to advance technology in the SBP and banking industry. Habib Bank Limited Chairman Sultan Ali Allana also praised Hussain’s contribution at the event.