Shaukat Aziz, the current minister of finance and economic affairs in Pakistan, is on his way to become the prime minister of the South Asian nation.
Not so long ago, few people would have thought that one day this low-profile individual would become the chief executive of the Islamic Republic of Pakistan.
An extremely intelligent man, Aziz is not one to strive to take center stage and has been chosen because of his innate ability to get things done through dedication and perseverance.
After his prestigious job in New York from where he ran the massive global private banking network of Citigroup, Aziz took on the responsibility of reviving the ailing Pakistani economy about five years ago.
Now, he is set to take on probably the most challenging task of what has already been a very impressive career.
The question is whether he will ride the wave of success once again, as he did with his commendable tenure as the finance minister. Looking at his past achievements and his admirable character, many express hope for the future prospects of the country.
Aziz began his career with Citibank in 1969 after graduating from the Institute of Business Administration in Karachi. He moved to Athens in 1975 and later served in the US, UK, Malaysia, Singapore and Saudi Arabia among others. He originally joined as a trainee at the age of 21 but by the age of 24 was already the country manager for Jordan.
From there, he ascended to the top echelons of the company with his last stint in New York.
At his departure from merged Citigroup, the former CEO and Chairman of Citigroup, John Reed, said: “It is our loss and Pakistan’s gain. Shaukat is a great professional and valued member of our family. We wish him well.”
After coming to power in 1999, President Pervez Musharraf was on the lookout for an extremely qualified individual who could turn around the struggling Pakistani economy.
The country was on the verge of default, with foreign reserves severely depleted and foreign debts piling up, as well as suffering from economic sanctions following the 1998 nuclear tests. Aziz became the minister of finance and economic affairs just before the dawn of the new millennium.
By 2001, Aziz was named as Euromoney and Banker Magazine’s “Finance Minister of the Year.” In just over four years, the Pakistani economy has turned toward the path of recovery. Pakistan posted growth of over six percent in the fiscal year ending in June.
Foreign reserves increased from the equivalent of two weeks of imports at the end of 1999 to just over $12 billion — almost 50 weeks of imports.
Foreign debt is down from $38 billion to stand at just over $34.5 billion, with no short-term debts. The Karachi Stock Exchange (KSE) rose from 3403 points on June 30, 2003 to 5,430 points on April 30, 2004 — an increase of 59.6 percent during the period.
At the end of this year, for the first time Pakistan will have successfully completed two International Monetary Fund programs — a standby loan facility and a poverty reduction growth program — after several aborted efforts in the 1990s. The GDP of Pakistan for the first time in its history is at par with countries like Malaysia and the Philippines.
Looking at the achievements Pakistan has made economically in the past four years, we should give credit to two individuals who have made these possible.
President Musharraf, not an economist or a financial wizard himself, had the vision to hire the right man for the job. Aziz has had his share of skeptics who pondered on how a private sector banking hotshot could possibly handle the economic and financial woes of an underdeveloped country like Pakistan.
However, Aziz has proved his mettle, not only by words but with actions. He has not taken a single penny for his services; all his work was voluntarily.
Pakistan seems to be on the right path despite what the critics might say. The country is receiving positive reviews from all over the world for its social and economic policies as well as its efforts in fighting terrorism and making a genuine attempt to mend relations with its neighbor.
There is still a lot to be done before confidently declaring that Pakistan can sustain its recent successes.
However, the initial foundation seems to be sound with strong-minded and untainted individuals at the helm of which Aziz and President Musharraf are excellent examples.
It will be an arduous and difficult task for the former to bring long-lasting prosperity to Pakistan, which is precisely why he must be given the adequate time and support to let him get things done in a proper and effective manner.
If the past is anything to go by, then it can be expected that Aziz will rise up to the occasion to live up to the aspirations of his people and guide the country toward a brighter future.
-(Qudsia Mirza is president of Saudi-Pakistani Women’s Association. She is based in Riyadh.)
