Moeenuddin Ahmad Qureshi

Moeenuddin Ahmad Qureshi(Punjabi:معین الدین احمد قریشی; 26 June 1930 – 22 November 2016) was aPakistani Americaneconomistandcivil servantwho served ascaretaker prime minister of Pakistanfrom July to October 1993. Qureshi also served as the senior vice president ofWorld Bank.
Moeenuddin Ahmad Qureshi was born inLahore,Punjab,British India, on 26 June 1930. He hailed from a distinguished family that was originally fromKasur. His father,MohyeddinAhmad Qureshi, was a civil servant in theBritish governmentand his mother, Khursheed Jabin, was a housewife.He attended theIslamia CollegeinLahoreand made atransferto theGovernment College Universityin Lahore where he gainedB.A.(Honors) inEconomicsand received anM.A.in Economics from thePunjab University.
He received theFulbright scholarshipand went to theUnited Statesto attend theIndiana University BloomingtoninIndiana, where he earned aPhDinEconomicsin 1955.
In 1955, he returned toPakistanand joined the country'scivil serviceand was initially posted at thePlanning Commission. In 1956, he resigned from the Planning Commission and went to theUnited Statesto join theInternational Monetary Fund(IMF).He enjoyed a distinguished career at the IMF, eventually serving as economic adviser toGhanain 1960.Thereafter, he moved on to join theInternational Finance Corporationand eventually become itsExecutive Vice Presidentfrom 1974 until 1977. Qureshi oversaw the global operations which involved the financing of private enterprises and investments, including joint ventures andcapital marketoperations in developing countries.
In 1981, he was invited by the then President of theWorld Bank,Robert McNamara, 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 privateHedge fund, the Emerging Market Associates.
In 1993, Pakistan averted a major constitutional crisis when bothPrime MinisterNawaz SharifandPresidentGhulam Ishaq Khanresigned from their respective offices after an agreement brokered by thePakistani military. 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.
TheChief of Army Staff, GeneralAbdul Waheed Kakar, and theChairman of the Joint Chiefs of Staff Committee, GeneralShamim Alam, witnessed the implementation of the agreement asPresidentGhulam Ishaqwas to be replaced by theChairman of the Senate,Wasim Sajjad, who took over as theActing President.
Meanwhile, Qureshi, who was visitingSingaporein 1993, received a telephone call from PresidentGhulam Ishaqasking him to form acaretaker, buttechnocratic, government. He reluctantly accepted the offer and returned toIslamabadsoon 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 anIMFstandby 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. Hedevaluatedthe national currencyand increased the prices on food and common items.He also inaugurated theNational Libraryand highlighted its importance in the political culture of the country.Qureshi passed the decree that made theState bank of Pakistanan autonomous body with a view to keep the bank's business operations free from political interference. He downsized theadministrative machinery, and abolished the discretionary powers of the Prime Minister and theChief Ministerswhich allowed them to a lotresidential flatsandplotsto their "favorites".
The state television,PTV, andRadio Pakistanwere made independent and were given the opportunity toairelections 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 thegeneral electionsheld that year that witnessed the return of thePakistan Peoples Partyled byBenazir Bhutto.
In 2014, Qureshi was diagnosed with theParkinson's diseaseand reportedly underwent treatment for thechronic obstructive pulmonary disease(COPD) in a local hospital.
On November 23, 2016, his family announced that Qureshi had died inWashington, D.C., following a long illness that he was undergoing treatment for in a local hospital.He had had alung infectionand buried in Washington D.C.
After congratulating and witnessingBenazir Bhutto's oath administered by theActing PresidentWasim Sajjadalongside theChief Justice of Pakistan, Qureshi returned toNew York,United States, in 1993 to establish the privatehedge fundequity, the EMP Global.Qureshi was involved in forging an affiliation with the international insurance company,American International Group(AIG), for a number of years.AIGheld 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 byImran Khanwhen he led theAzadi Marchagainst Prime MinisterNawaz Sharif.
Qureshi was married to anAmericancitizen, Lilo Elizabeth Richter, and has four children: two sons and two daughters. He enjoyed playingtennisand was reportedly a collector ofclassic carsand antiques.Hismansionwent on the market for$8 million in May 2016.It was purchased by PresidentDonald Trump's counselorKellyanne Conwayfor $7.785 million.