Moeenuddin Ahmad Qureshi (

Urdu Urdu (;"Urdu"
'' Pakistani American

economist An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are ...

and civil servant who served as

caretaker prime minister of Pakistan The Caretaker Prime Minister of Pakistan ( ur, ) is the acting head of government in Pakistan following the dissolution of the National Assembly. The purpose of this post is to ensure free and fair elections are held. The most recent Caretaker ...

from July to October 1993. Qureshi also served as the senior vice president of

World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...

Biography

Early life and education

Moeenuddin Ahmad Qureshi was born in

Lahore Lahore ( ; pnb, ; ur, ) is the second most populous city in Pakistan after Karachi and 26th most populous city in the world, with a population of over 13 million. It is the capital of the province of Punjab where it is the largest city ...

Punjab Punjab (; Punjabi: پنجاب ; ਪੰਜਾਬ ; ; also romanised as ''Panjāb'' or ''Panj-Āb'') is a geopolitical, cultural, and historical region in South Asia, specifically in the northern part of the Indian subcontinent, comprising a ...

British India The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance on the Indian subcontinent. Collectively, they have been called British India. In one ...

, on 26 June 1930. He hailed from a distinguished family that was originally from

Kasur Kasur (Urdu and pa, ; also romanized as Qasūr; from pluralized Arabic word ''Qasr'' meaning "palaces" or "forts") is a city to south of Lahore, in the Pakistani province of Punjab. The city serves as the headquarters of Kasur District. Kasu ...

. His father, Mohyeddin Ahmad Qureshi, was a civil servant in the British government and his mother, Khursheed Jabin, was a housewife. He attended the Islamia College in

and made a

transfer Transfer may refer to: Arts and media * ''Transfer'' (2010 film), a German science-fiction movie directed by Damir Lukacevic and starring Zana Marjanović * ''Transfer'' (1966 film), a short film * ''Transfer'' (journal), in management studies ...

to the Government College University in Lahore where he gained

B.A. Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four yea ...

(Honors) in

Economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...

and received an

M.A. A Master of Arts ( la, Magister Artium or ''Artium Magister''; abbreviated MA, M.A., AM, or A.M.) is the holder of a master's degree awarded by universities in many countries. The degree is usually contrasted with that of Master of Science. Tho ...

in Economics from the Punjab University. He received the Fulbright scholarship and went to the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

to attend the

Indiana University Bloomington Indiana University Bloomington (IU Bloomington, Indiana University, IU, or simply Indiana) is a public research university in Bloomington, Indiana. It is the flagship campus of Indiana University and, with over 40,000 students, its largest ca ...

Indiana Indiana () is a U.S. state in the Midwestern United States. It is the 38th-largest by area and the 17th-most populous of the 50 States. Its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th s ...

, where he earned a PhD in

in 1955.

Public service, IMF, and World Bank

In 1955, he returned to

Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...

and joined the country's civil service and was initially posted at the Planning Commission. In 1956, he resigned from the Planning Commission and went to the

to join the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...

(IMF). He enjoyed a distinguished career at the IMF, eventually serving as economic adviser to

Ghana Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...

in 1960. Thereafter, he moved on to join the

International Finance Corporation The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of ...

and eventually become its

Executive Vice President A vice president, also director in British English, is an officer in government or business who is below the president (chief executive officer) in rank. It can also refer to executive vice presidents, signifying that the vice president is on ...

from 1974 until 1977. Qureshi oversaw the global operations which involved the financing of private enterprises and investments, including joint ventures and capital market operations in developing countries. In 1981, he was invited by the then President of the

Robert McNamara Robert Strange McNamara (; June 9, 1916 – July 6, 2009) was an American business executive and the eighth United States Secretary of Defense, serving from 1961 to 1968 under Presidents John F. Kennedy and Lyndon B. Johnson. He remains the ...

, to join the World Bank and become the senior vice president of finance, which he remained until 1987. Eventually, he was appointed the Senior Vice President of the World Bank and oversaw its financial operations all over the world. In 1991–92, he left the World Bank and settled in the United States and formed a private

Hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as s ...

, the Emerging Market Associates.

Acting Prime Minister of Pakistan

In 1993, Pakistan averted a major constitutional crisis when both

Prime Minister A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister i ...

Nawaz Sharif Mian Muhammad Nawaz Sharif (Urdu, Punjabi: ; born 25 December 1949) is a Pakistani businessman and politician who has served as the Prime Minister of Pakistan for three non-consecutive terms. He is the longest-serving prime minister of Pak ...

and

President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...

Ghulam Ishaq Khan Ghulam Ishaq Khan ( ur, غلام اسحاق خان; 20 January 1915 – 27 October 2006), was a Pakistani bureaucrat who served as the seventh president of Pakistan, elected in 1988 following Zia's death until his resignation in 1993. He wa ...

resigned from their respective offices after an agreement brokered by the

Pakistani military The Pakistan Armed Forces (; ) are the military forces of Pakistan. It is the world's sixth-largest military measured by active military personnel and consist of three formally uniformed services—the Army, Navy, and the Air Force, which are ...

. The resolution was unique because an elected government had voluntarily stepped down in order to avoid possible military intervention and the resignations came through a constitutional process. The Chief of Army Staff, General Abdul Waheed Kakar, and the Chairman of the Joint Chiefs of Staff Committee, General Shamim Alam, witnessed the implementation of the agreement as

Ghulam Ishaq was to be replaced by the

Chairman of the Senate The Chairman of the Senate of Pakistan ( ur, ), is the president-chair of the Senate of Pakistan.Wasim Sajjad Wasim Sajjad ( ur, ; born 30 March 1941) is a Pakistani conservative politician and lawyer who served as the acting president of Pakistan for two non-consecutive terms and as the Chairman of the Senate between 1988 and 1999. Born in Ja ...

, who took over as the

Acting President An acting president is a person who temporarily fills the role of a country's president when the incumbent president is unavailable (such as by illness or a vacation) or when the post is vacant (such as for death, injury, resignation, dismissal ...

. Meanwhile, Qureshi, who was visiting

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...

in 1993, received a telephone call from President Ghulam Ishaq asking him to form a

caretaker Caretaker may refer to: Arts, entertainment, and media * ''The Caretaker'' (film), a 1963 adaptation of the play ''The Caretaker'' * '' The Caretakers'', a 1963 American film set in a mental hospital * Caretaker, a character in the 1974 film '' ...

, but technocratic, government. He reluctantly accepted the offer and returned to

Islamabad Islamabad (; ur, , ) is the capital city of Pakistan. It is the country's ninth-most populous city, with a population of over 1.2 million people, and is federally administered by the Pakistani government as part of the Islamabad Capital ...

soon after. At the time of his appointment, Qureshi was largely unknown to the public and political circles. It was, however, felt that, being a political outsider, he would remain neutral. His tenure lasted for a three-month period but saw extensive reforms made by him 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 the publication of the list of taxpayers that showed that the country had a small tax base and only a few paid taxes. He devaluated the national currency and increased the prices on food and common items. He also inaugurated the

National Library A national library is a library established by a government as a country's preeminent repository of information. Unlike public libraries, these rarely allow citizens to borrow books. Often, they include numerous rare, valuable, or significant wo ...

and highlighted its importance in the political culture of the country. Qureshi passed the decree that made the

State bank of Pakistan The State Bank of Pakistan (SBP) ( ur, ) is the Central Bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was Nationalized and ...

an autonomous body with a view to keep the bank's business operations free from political interference. He downsized the administrative machinery, and abolished the discretionary powers of the Prime Minister and the Chief Ministers which allowed them to a lot residential flats and plots to their "favorites". The state television, PTV, and

Radio Pakistan Radio Pakistan serves as the national public broadcaster for radio in Pakistan. Although some local stations predate Radio Pakistan's founding, it is the oldest existing broadcasting network in Pakistan. The network was established on 14 Augus ...

were made independent and were given the opportunity to

air The atmosphere of Earth is the layer of gases, known collectively as air, retained by Earth's gravity that surrounds the planet and forms its planetary atmosphere. The atmosphere of Earth protects life on Earth by creating pressure allowing f ...

elections freely and impartially. It goes to his credit that he undertook various endeavors in such a short period of time and made a serious effort to recover Government dues. Despite his attempts to harmonize the economy, Qureshi's main task was to hold nationwide general elections in 1993 to make way for an elected government to form the government. In 1993, he oversaw the

general elections A general election is a political voting election where generally all or most members of a given political body are chosen. These are usually held for a nation, state, or territory's primary legislative body, and are different from by-elections ( ...

held that year that witnessed the return of the Pakistan Peoples Party led by Benazir Bhutto.

Health and death

In 2014, Qureshi was diagnosed with the

Parkinson's disease Parkinson's disease (PD), or simply Parkinson's, is a long-term degenerative disorder of the central nervous system that mainly affects the motor system. The symptoms usually emerge slowly, and as the disease worsens, non-motor symptoms becom ...

and reportedly underwent treatment for the

chronic obstructive pulmonary disease Chronic obstructive pulmonary disease (COPD) is a type of progressive lung disease characterized by long-term respiratory symptoms and airflow limitation. The main symptoms include shortness of breath and a cough, which may or may not produce ...

(COPD) in a local hospital. On November 23, 2016, his family announced that Qureshi had died in

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

, following a long illness that he was undergoing treatment for in a local hospital. He had had a lung infection and buried in Washington D.C.

Legacy

EMP Global and private sector

After congratulating and witnessing Benazir Bhutto's oath administered by the

Wasim Sajjad Wasim Sajjad ( ur, ; born 30 March 1941) is a Pakistani conservative politician and lawyer who served as the acting president of Pakistan for two non-consecutive terms and as the Chairman of the Senate between 1988 and 1999. Born in Ja ...

alongside the Chief Justice of Pakistan, Qureshi returned to New York,

, in 1993 to establish the private

hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as s ...

equity, the EMP Global. Qureshi was involved in forging an affiliation with the international insurance company,

American International Group American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

(AIG), for a number of years.

AIG American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

held a minority stake in EMP and served as a sponsor of, as well as a major investor in, a number of funds bearing its name for which EMP served as Principal Adviser. EMP bought out AIG's stake and became an independent company in 2005. After his departure from Pakistan, Qureshi received criticism that, in his last days at the office, he made a large number of promotions and other administrative decisions in favor of his relatives. In 2014, his name was reportedly mentioned by

Imran Khan Imran Ahmed Khan Niazi ( ur}; born 5 October 1952) is a Pakistani politician and former Cricket captain who served as the 22nd Prime Minister of Pakistan from August 2018 to until April 2022, when he was ousted through a no-confidenc ...

when he led the

Azadi March Azadi march may refer to: * 2014 Azadi march * 2019 Azadi march * 2022 Azadi march * 2022 Azadi March-II The 2022 Azadi March II () was a protest march led by Imran Khan, former prime minister of Pakistan, from Lahore to Islamabad against the ...

against Prime Minister

Personal life and wealth

Qureshi was married to an

American American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, pe ...

citizen, Lilo Elizabeth Richter, and has four children: two sons and two daughters. He enjoyed playing

tennis Tennis is a racket sport that is played either individually against a single opponent ( singles) or between two teams of two players each ( doubles). Each player uses a tennis racket that is strung with cord to strike a hollow rubber ball ...

and was reportedly a collector of

classic cars A classic car is an older car, typically 25 years or older, though definitions vary.While other languages, such as German and Dutch, may refer to classic cars as "oldtimers", this usage is unknown in English, where "old-timer" refers to an elder ...

and antiques. His mansion went on the market for $8 million in May 2016. It was purchased by President

Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump graduated from the Wharton School of the University of P ...

's counselor

Kellyanne Conway Kellyanne Elizabeth Conway (née Fitzpatrick; born January 20, 1967) is an American political consultant and pollster, who served as Senior Counselor to the President in the administration of Donald Trump from 2017 to 2020. She was previous ...

for $7.785 million.

References

External links

*http://go.worldbank.org/OAX9A8SXJ0
Chronicles Of Pakistan
{{DEFAULTSORT:Qureshi, Moeenuddin Ahmad 1930 births 2016 deaths American people of Punjabi descent People from Lahore Government College University, Lahore alumni University of the Punjab alumni Indiana University Bloomington alumni Pakistani civil servants Pakistani bankers Pakistani economists International Monetary Fund people Caretaker prime ministers of Pakistan World Bank people Pakistani emigrants to the United States American stock traders Pakistani financiers Politicians from New York City People from Washington, D.C. People with Parkinson's disease Deaths from emphysema People with acquired American citizenship Pakistani officials of the United Nations American hedge fund managers