Moeenuddin Ahmad Qureshi
Encyclopedia
Moeenuddin Ahmad Qureshi, usually referred to as Moeen Qureshi, (born 1930) is a Pakistan
i economist and political figure. A former Vice President of the World Bank
, he was the Interim Prime Minister of Pakistan
from July 18, 1993 until 19 October, 1993.
.He received his initial education at Government College, Lahore.
, first as Senior Vice President for Finance and Chief Financial Officer of the Bank from 1980-1987, and then as Senior Vice President for Operations, in charge of all Bank operations during 1987-1991. Prior to that, Mr. Qureshi was at the International Finance Corporation as Vice President and second in command between 1974-1977, and as Executive Vice President and Chief Operating Officer from 1977-1981. He served with the International Monetary Fund from 1958 to 1970 and served both at headquarters and in the field in a variety of senior economic and operations assignments before joining the IFC.
and President Ghulam Ishaq Khan
both resigned after two weeks of intense negotiations between the Nawaz Sharif
government, Benazir Bhutto
and the army. The resolution of the crisis was unique because for the first time in the nation's history, a government had voluntarily stepped down in order to avoid a possible military intervention. The negotiations were mediated by General Abdul Waheed Kakar, the Army Chief of Staff. The resultant agreement and its implementation followed strict constitutional procedure. Ghulam Ishaq Khan
was replaced by the chairman of the Senate, Wasim Sajjad
, who functioned as Acting President until the elections. More importantly, Moeen Qureshi, a former civil servant and senior World Bank
official, agreed to serve as caretaker Prime Minister. During his brief tenure, Qureshi undertaook a series of economic and political reforms that were supported by an IMF standby arrangement and significant World Bank lending. He appointed several highly regarded technocrats and businessmen to his cabinet: Syed Babar Ali as Finance Minister, and Hafiz Pasha as Commerce Minister. He also appointed a number of experienced civil servants to senior positions on his staff including his younger brother Salman Qureshi (Inspector General of Punjab Police Retd), a well known and respected figure in the civil service and political community of Pakistan. Qureshi, a Pakistani national, had left the World Bank in 1992, obtaining permanent residence status in the United States
where he founded Emerging Markets Partners, a private equity firm focusing on emerging markets investment. He is currently Chairman and Managing Partner.
, Qureshi led EMP Global, an Asia-focused fund manager, establishing a series of funds.
Qureshi was involved in forging an affiliation with the international insurance company, American International Group
("AIG"), for a number of years. AIG
held a minority stake in EMP and served as 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.
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
i economist and political figure. A former Vice President of the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, he was the Interim Prime Minister of Pakistan
Prime Minister of Pakistan
The Prime Minister of Pakistan , is the Head of Government of Pakistan who is designated to exercise as the country's Chief Executive. By the Constitution of Pakistan, Pakistan has the parliamentary democratic system of government...
from July 18, 1993 until 19 October, 1993.
Education
Mr. Qureshi holds a B.A. (Hons.) and M.A. (Economics) from the University of Punjab and a Ph.D. (Economics) from Indiana UniversityIndiana University
Indiana University is a multi-campus public university system in the state of Indiana, United States. Indiana University has a combined student body of more than 100,000 students, including approximately 42,000 students enrolled at the Indiana University Bloomington campus and approximately 37,000...
.He received his initial education at Government College, Lahore.
Experience at the World Bank
From 1980 to 1991 he was at the World BankWorld Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, first as Senior Vice President for Finance and Chief Financial Officer of the Bank from 1980-1987, and then as Senior Vice President for Operations, in charge of all Bank operations during 1987-1991. Prior to that, Mr. Qureshi was at the International Finance Corporation as Vice President and second in command between 1974-1977, and as Executive Vice President and Chief Operating Officer from 1977-1981. He served with the International Monetary Fund from 1958 to 1970 and served both at headquarters and in the field in a variety of senior economic and operations assignments before joining the IFC.
As Interim Prime Minister of Pakistan
The continuing political crisis of 1993 in Pakistan came to an abrupt halt when the Prime Minister Nawaz SharifNawaz Sharif
Mian Mohammad Nawaz Sharif is a Pakistani conservative politician and steel magnate who served as 12th Prime Minister of Pakistan in two non-consecutive terms from November 1990 to July 1993, and from February 1997 to October 12, 1999...
and President Ghulam Ishaq Khan
Ghulam Ishaq Khan
Ghulam Ishaq Khan , abbreviated as GIK, was the seventh President of Pakistan from August 17, 1988 until July 18, 1993 and a career statesman from the start to the end of cold war...
both resigned after two weeks of intense negotiations between the Nawaz Sharif
Nawaz Sharif
Mian Mohammad Nawaz Sharif is a Pakistani conservative politician and steel magnate who served as 12th Prime Minister of Pakistan in two non-consecutive terms from November 1990 to July 1993, and from February 1997 to October 12, 1999...
government, Benazir Bhutto
Benazir Bhutto
Benazir Bhutto was a democratic socialist who served as the 11th Prime Minister of Pakistan in two non-consecutive terms from 1988 until 1990 and 1993 until 1996....
and the army. The resolution of the crisis was unique because for the first time in the nation's history, a government had voluntarily stepped down in order to avoid a possible military intervention. The negotiations were mediated by General Abdul Waheed Kakar, the Army Chief of Staff. The resultant agreement and its implementation followed strict constitutional procedure. Ghulam Ishaq Khan
Ghulam Ishaq Khan
Ghulam Ishaq Khan , abbreviated as GIK, was the seventh President of Pakistan from August 17, 1988 until July 18, 1993 and a career statesman from the start to the end of cold war...
was replaced by the chairman of the Senate, Wasim Sajjad
Wasim Sajjad
Wasim Sajjad was interim President of Pakistan on two occasions, serving as interim President prior to elections. Currently, being a member of PML-Q, he is the Leader of the Opposition in Senate of Pakistan.- Early life :...
, who functioned as Acting President until the elections. More importantly, Moeen Qureshi, a former civil servant and senior World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
official, agreed to serve as caretaker Prime Minister. During his brief tenure, Qureshi undertaook a series of economic and political reforms that were supported by an IMF standby arrangement and significant World Bank lending. He appointed several highly regarded technocrats and businessmen to his cabinet: Syed Babar Ali as Finance Minister, and Hafiz Pasha as Commerce Minister. He also appointed a number of experienced civil servants to senior positions on his staff including his younger brother Salman Qureshi (Inspector General of Punjab Police Retd), a well known and respected figure in the civil service and political community of Pakistan. Qureshi, a Pakistani national, had left the World Bank in 1992, obtaining permanent residence status in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
where he founded Emerging Markets Partners, a private equity firm focusing on emerging markets investment. He is currently Chairman and Managing Partner.
EMP Global
Following his return to the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Qureshi led EMP Global, an Asia-focused fund manager, establishing a series of funds.
Qureshi was involved in forging an affiliation with the international insurance company, American International Group
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
("AIG"), for a number of years. AIG
AIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...
held a minority stake in EMP and served as 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.