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Moeenuddin Ahmad Qureshi (; 26 June 1930 – 22 November 2016) was a
Pakistani American Pakistani Americans () are citizens of the United States who have full or partial ancestry from Pakistan, or more simply, Pakistanis in America. They can be from different ethnic groups in Pakistan like Punjabi or Muhajir. The term may also re ...
economist An economist is a professional and practitioner in the social sciences, 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 ...
and
civil servant The civil service is a collective term for a sector of government composed mainly of career civil service personnel hired rather than elected, whose institutional tenure typically survives transitions of political leadership. A civil service offic ...
who served as
caretaker prime minister of Pakistan The caretaker prime minister of Pakistan () is the acting head of government, head of the Caretaker government of Pakistan, Caretaker Government in Pakistan following the Dissolution of parliament, dissolution of the National Assembly of Pakistan, ...
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 Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
.


Biography


Early life and education

Moeenuddin Ahmad Qureshi was born in
Lahore Lahore ( ; ; ) is the capital and largest city of the Administrative units of Pakistan, Pakistani province of Punjab, Pakistan, Punjab. It is the List of cities in Pakistan by population, second-largest city in Pakistan, after Karachi, and ...
,
Punjab Punjab (; ; also romanised as Panjāb or Panj-Āb) is a geopolitical, cultural, and historical region in South Asia. It is located in the northwestern part of the Indian subcontinent, comprising areas of modern-day eastern Pakistan and no ...
,
British India The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance in South Asia. Collectively, they have been called British India. In one form or another ...
, on 26 June 1930. He hailed from a distinguished family that was originally from
Kasur Kasur (Punjabi language, Punjabi / ; ; also Romanization, romanized as Qasūr; from pluralized Arabic word ''Qasr'' meaning "palaces" or "forts") is a city to the south of Lahore, in the Pakistani province of Punjab, Pakistan, Punjab. The city s ...
. His father,
Mohyeddin Mohyeddin is an Arabic name meaning " Reviver of Dīn". It is used both as a personal name for males and as an honorific title in the Islamic tradition. Several notable figures, including scholars, philosophers, and theologians throughout Islamic ...
Ahmad Qureshi, was a civil servant in the
British government His Majesty's Government, abbreviated to HM Government or otherwise UK Government, is the central government, central executive authority of the United Kingdom of Great Britain and Northern Ireland.
and his mother, Khursheed Jabin, was a housewife. He attended the Islamia College in
Lahore Lahore ( ; ; ) is the capital and largest city of the Administrative units of Pakistan, Pakistani province of Punjab, Pakistan, Punjab. It is the List of cities in Pakistan by population, second-largest city in Pakistan, after Karachi, and ...
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. A Bachelor of Arts (abbreviated B.A., BA, A.B. or AB; from the Latin ', ', or ') is the holder of a bachelor's degree awarded for an undergraduate program in the liberal arts, or, in some cases, other disciplines. A Bachelor of Arts degree ...
(Honors) in
Economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...
and received an
M.A. A Master of Arts ( or ''Artium Magister''; abbreviated MA or AM) 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. Those admitted to the degree have ...
in Economics from the
Punjab University Punjab University may refer to: India * Punjab Agricultural University, a state agricultural university in Ludhiana, Punjab * I. K. Gujral Punjab Technical University, a state university in Kapurthala, Punjab * Maharaja Ranjit Singh Punjab Techn ...
. He received the
Fulbright scholarship The Fulbright Program, including the Fulbright–Hays Program, is one of several United States cultural exchange programs with the goal of improving intercultural relations, cultural diplomacy, and intercultural competence between the people ...
and went to the
United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
to attend the
Indiana University Bloomington Indiana University Bloomington (IU Bloomington, Indiana University, IU, IUB, or Indiana) is a public university, public research university in Bloomington, Indiana, United States. It is the flagship university, flagship campus of Indiana Univer ...
in
Indiana Indiana ( ) is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. It borders Lake Michigan to the northwest, Michigan to the north and northeast, Ohio to the east, the Ohio River and Kentucky to the s ...
, where he earned a
PhD A Doctor of Philosophy (PhD, DPhil; or ) is a terminal degree that usually denotes the highest level of academic achievement in a given discipline and is awarded following a course of graduate study and original research. The name of the deg ...
in
Economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...
in 1955.


Public service, IMF, and World Bank

In 1955, he returned to
Pakistan Pakistan, officially the Islamic Republic of Pakistan, is a country in South Asia. It is the List of countries and dependencies by population, fifth-most populous country, with a population of over 241.5 million, having the Islam by country# ...
and joined the country's
civil service The civil service is a collective term for a sector of government composed mainly of career civil service personnel hired rather than elected, whose institutional tenure typically survives transitions of political leadership. A civil service offic ...
and was initially posted at the Planning Commission. In 1956, he resigned from the Planning Commission and went to the
United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
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 funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
(IMF). He enjoyed a distinguished career at the IMF, eventually serving as economic adviser to
Ghana Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...
in 1960. Thereafter, he moved on to join the
International Finance Corporation The International Finance Corporation (IFC) is an international financial institution headquartered in Washington, D.C. and a member of the World Bank Group that offers investment, advisory, and asset-management services to encourage private ...
and eventually become its
Executive Vice President A vice president or 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 vi ...
from 1974 until 1977. Qureshi oversaw the global operations which involved the financing of private enterprises and investments, including joint ventures and
capital market A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers ...
operations in developing countries. In 1981, he was invited by the then President of the
World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
,
Robert McNamara Robert Strange McNamara (; June 9, 1916 – July 6, 2009) was an American businessman and government official who served as the eighth United States secretary of defense from 1961 to 1968 under presidents John F. Kennedy and Lyndon B. Johnson ...
, 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 Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...
, the Emerging Market Associates.


Acting Prime Minister of Pakistan

In 1993, Pakistan averted a major constitutional crisis when both
Prime Minister A prime minister 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. A prime minister is not the head of state, but r ...
Nawaz Sharif Mian Muhammad Nawaz Sharif (born 25 December 1949) is a Pakistani politician and businessman who served as the 12th Prime Minister of Pakistan, prime minister of Pakistan for three non-consecutive terms, first serving from 1990 to 1993, then ...
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: Arts and entertainment Film and television *'' Præsident ...
Ghulam Ishaq Khan Ghulam Ishaq Khan (20 January 1915 – 27 October 2006), commonly known by his initials GIK, was a Pakistani bureaucrat, politician and statesman who served as the seventh President of Pakistan from 1988 to 1993. He previously served as Chairm ...
resigned from their respective offices after an agreement brokered by the
Pakistani military The Pakistan Armed Forces (; ) are the Military, military forces of Pakistan. It is the List of countries by number of military and paramilitary personnel, world's sixth-largest military measured by Active duty, active military personnel and c ...
. 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 Chief may refer to: Title or rank Military and law enforcement * Chief master sergeant, the ninth, and highest, enlisted rank in the U.S. Air Force and U.S. Space Force * Chief of police, the head of a police department * Chief of the boat ...
, General
Abdul Waheed Kakar Abdul Waheed Kakar (born 23 March 1937), is a retired senior officer of the Pakistan Army who served as the fifth chief of army staff, appointed by Prime Minister Nawaz Sharif on 12 January 1993 after the controversial death of his predecessor ...
, and the Chairman of the Joint Chiefs of Staff Committee, General Shamim Alam, witnessed the implementation of the agreement as
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: Arts and entertainment Film and television *'' Præsident ...
Ghulam Ishaq was to be replaced by the
Chairman of the Senate The chairman of the Senate of Pakistan () is the president-chair of the Senate of Pakistan. ...
,
Wasim Sajjad Wasim Sajjad Jan (; born 30 March 1941) is a Pakistani Conservatism in Pakistan, conservative politician and lawyer who served as the acting president of Pakistan for two non-consecutive terms and as the Chairman of the Senate of Pakistan, C ...
, 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 visiting abroad) or when the post is vacant (such as for death Death is the en ...
. Meanwhile, Qureshi, who was visiting
Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...
in 1993, received a telephone call from President Ghulam Ishaq asking him to form a
caretaker Caretaker may refer to: Occupations * Janitor (chiefly in the United States), a person who cleans and maintains buildings such as hospitals and schools * Property caretaker, a person who cares for a property * Caregiver or carer (UK), a person wh ...
, but technocratic, government. He reluctantly accepted the offer and returned to
Islamabad Islamabad (; , ; ) is the capital city of Pakistan. It is the country's tenth-most populous city with a population of over 1.1 million and is federally administered by the Pakistani government as part of the Islamabad Capital Territory. Bu ...
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 The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of la ...
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 library, public libraries, these rarely allow citizens to borrow books. Often, they include numerous rare, valuable, ...
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) 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 nationalised and the scope ...
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 The Pakistan Broadcasting Corporation (); also known as ''Radio Pakistan'', serves as the national public broadcaster for radio in Pakistan. Although some local stations predate its founding, it is the oldest existing broadcasting network in P ...
were made independent and were given the opportunity to
air An atmosphere () is a layer of gases that envelop an astronomical object, held in place by the gravity of the object. A planet retains an atmosphere when the gravity is great and the temperature of the atmosphere is low. A stellar atmosph ...
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 an electoral process to choose most or all members of a governing body at the same time. They are distinct from by-elections, which fill individual seats that have become vacant between general elections. General elections ...
held that year that witnessed the return of the
Pakistan Peoples Party The Pakistan Peoples Party (PPP) is a political party in Pakistan and one of the three major List of political parties in Pakistan, Pakistani political parties alongside the Pakistan Muslim League (N) and Pakistan Tehreek-e-Insaf. With a Cent ...
led by
Benazir Bhutto Benazir Bhutto (21 June 1953 – 27 December 2007) was a Pakistani politician who served as the 11th prime minister of Pakistan from 1988 to 1990, and again from 1993 to 1996. She was also the first woman elected to head a democratic governmen ...
.


Health and death

In 2014, Qureshi was diagnosed with the
Parkinson's disease Parkinson's disease (PD), or simply Parkinson's, is a neurodegenerative disease primarily of the central nervous system, affecting both motor system, motor and non-motor systems. Symptoms typically develop gradually and non-motor issues become ...
and reportedly underwent treatment for the
chronic obstructive pulmonary disease Chronic obstructive pulmonary disease (COPD) is a type of progressive lung disease characterized by chronic respiratory symptoms and airflow limitation. GOLD defines COPD as a heterogeneous lung condition characterized by chronic respiratory s ...
(COPD) in a local hospital. On November 23, 2016, his family announced that Qureshi had died in
Washington, D.C. Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and federal district of the United States. The city is on the Potomac River, across from Virginia, and shares land borders with ...
, following a long illness that he was undergoing treatment for in a local hospital. He had had a
lung infection Lower respiratory tract infection (LRTI) is a term often used as a synonym for pneumonia but can also be applied to other types of infection including lung abscess and acute bronchitis. Symptoms include shortness of breath, weakness, fever, cou ...
and buried in Washington D.C.


Legacy


EMP Global and private sector

After congratulating and witnessing
Benazir Bhutto Benazir Bhutto (21 June 1953 – 27 December 2007) was a Pakistani politician who served as the 11th prime minister of Pakistan from 1988 to 1990, and again from 1993 to 1996. She was also the first woman elected to head a democratic governmen ...
's oath administered by 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 visiting abroad) or when the post is vacant (such as for death Death is the en ...
Wasim Sajjad Wasim Sajjad Jan (; born 30 March 1941) is a Pakistani Conservatism in Pakistan, conservative politician and lawyer who served as the acting president of Pakistan for two non-consecutive terms and as the Chairman of the Senate of Pakistan, C ...
alongside the
Chief Justice of Pakistan The chief justice of Pakistan ( initials as CJP; , ''Munsif-e-Āzam Pākistān'') is the chief judge of the Supreme Court of Pakistan and is the highest-ranking officer of the Pakistani judiciary. The Federal Court of Pakistan was establis ...
, Qureshi returned to
New York New York most commonly refers to: * New York (state), a state in the northeastern United States * New York City, the most populous city in the United States, located in the state of New York New York may also refer to: Places United Kingdom * ...
,
United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
, in 1993 to establish the private
hedge fund A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...
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. As of 2023, AIG employed 25,200 people. The company operates through three core ...
(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. As of 2023, AIG employed 25,200 people. The company operates through three core ...
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 (born 5 October 1952) is a Pakistani politician, philanthropist, and former cricketer who served as the 19th prime minister of Pakistan from August 2018 until April 2022. He was the founder of the political party Pak ...
when he led the Azadi March against Prime Minister
Nawaz Sharif Mian Muhammad Nawaz Sharif (born 25 December 1949) is a Pakistani politician and businessman who served as the 12th Prime Minister of Pakistan, prime minister of Pakistan for three non-consecutive terms, first serving from 1990 to 1993, then ...
.


Personal life

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, p ...
citizen, Lilo Elizabeth Richter, and has four children: two sons and two daughters. He enjoyed playing
tennis Tennis is a List of racket sports, racket sport that is played either individually against a single opponent (singles (tennis), singles) or between two teams of two players each (doubles (tennis), doubles). Each player uses a tennis racket st ...
and was reportedly a collector of
classic cars A classic car is typically described as an automobile 25 years or older, although a car's age is not the only requirement it must meet before being considered a "classic." However, a standard criteria for recognizing cars as classics does not ex ...
and antiques. His
mansion A mansion is a large dwelling house. The word itself derives through Old French from the Latin word ''mansio'' "dwelling", an abstract noun derived from the verb ''manere'' "to dwell". The English word ''manse'' originally defined a property l ...
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 is the 47th president of the United States. A member of the Republican Party (United States), Republican Party, he served as the 45 ...
'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 first presidency of Donald Trump for three years from 2017 and 2020. ...
for $7.785 million.


References


External links


Chronicles Of Pakistan
{{DEFAULTSORT:Qureshi, Moeenuddin Ahmad 1930 births 2016 deaths American people of Punjabi descent Politicians from Lahore Government College University, Lahore alumni University of the Punjab alumni Indiana University Bloomington alumni Pakistani civil servants 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 Politicians from Washington, D.C. People with Parkinson's disease Deaths from emphysema Naturalized citizens of the United States Pakistani officials of the United Nations American hedge fund managers