# Ishrat Husain

Ishrat Husain is a Pakistani civil servant who served as governor of the State Bank of Pakistan from 1999 to 2006, dean of the Institute of Business Administration from 2008 to 2016, and advisor to the Prime Minister on Institutional Reforms and Austerity from 2018 to 2022.

## Early life and education

Ishrat Husain was born 1941 in Agra, British India. Husain's family relocated from Agra to Karachi in 1947 due to the partition of British India. He completed his early education in Karachi and later studied at the Government College Hyderabad. He earned a degree in zoology and chemistry before pursuing further studies in chemistry at the University of Sindh, where he also participated in political demonstrations, including protests against Ayub Khan's One Unit Scheme.
Husain developed an interest in development economics and sought further education through a government-sponsored program at Williams College in the United States. He received his M.A. in development economics in 1972 from the Williams College and his PhD from the Boston University in 1978.

## Career

After passing the civil service examination, Husain joined the Civil Services Academy in Lahore, graduating in 1964. His early assignments included administrative postings in various parts of Sindh, as well as in Chittagong (in what was then East Pakistan). During this period, he witnessed significant political changes, including the 1969 unrest against Ayub Khan and the secession of East Pakistan in 1971. He later served on the One Unit Dissolution Committee, dealing with a policy he had previously opposed as a student.
After completing his education at Williams College, Ishrat Husain returned to Pakistan and was appointed as the Deputy Secretary of the Finance Division in 1972, quickly advancing to Additional Secretary within a year. After earning his PhD in 1978, he was recruited by the World Bank, a transition influenced by his desire to engage more actively in global economic policy discussions during the Cold War. He worked initially as the country economist for Liberia.
By 1982, Husain had left the Pakistani civil service to focus on his career at the World Bank. His roles included World Bank Representative to Nigeria, head of the Debt and International Finance Division, Chief Economist for Africa, and later, Director for Poverty and Social Policy. He also served as the country director for the Central Asian republics, a position that solidified his critical perspective on socialist economic systems. His notable assignments included work in Ghana during a period of political instability under President Jerry Rawlings. Husain's approach in Ghana was shaped by his experiences in Pakistan, using these to inform his economic advice amidst the nation's internal conflicts.
In 1994, Husain became the chief economist for Asia-Pacific region and between 1997 and 1999 headed World Bank's operations in Central Asia. He ended his World Bank career in 1999, and was appointed the Governor of the State Bank of Pakistan and remained until December 2005.
In 2008, he was appointed the Dean of IBA Karachi, in 2015 he was awarded the Nishan-e-Imtiaz by President Mamnoon. He resigned as the dean of IBA in 2016, however remains the Professor Emeritus of the institute. During his tenure, IBA expanded from a solely business school to an interdisciplinary university. In 2016, Hussain joined the Woodrow Wilson Center as a resident policy fellow.

## Awards and achievements

* Jinnah Award (2005) for services to people as Governor of the State Bank of Pakistan.