Investment in female education gives highest return: Dr. Ishrat Hussain

June 11, 2022 (MLN): Investment in female education has the highest rates of return compared to any other sector or project and the collateral benefits do not remain confined to education alone but extend to improved quality of life and environment, Dr. Ishrat Hussain, Economist and former advisor to the Prime Minister for Institutional Reforms & Austerity, said during the event organized by CFA Society Pakistan.  

“I am convinced that women should have the equal opportunity to maximize their exceptional potential which helps the country to grow exponentially,” Dr. Hussain added.

CFA Society Pakistan hosted the book launch of “Unravelling Gordian Knots- The Works and Worlds of Dr. Ishrat Hussain” on June 9, 2022. The book is authored by Mr. Sibtain Naqvi.

Speaking at the event, Prof Dr. Huma Baqai, Rector, Millennium Institute of Technology & Entrepreneurship University (MITE) said that Dr. Hussain was one of the great leaders who had done a marvelous job for female inclusion in the workforce. Throughout his career in a leadership role, he provided a flexible work environment to encourage female participation in the economy.

Other panelists including Sirajuddin Aziz, former CEO, Habib Metropolitan Bank, Zubyr Soomro, former Chairman, NBP and Amir Zia, President & Editor in Chief, Bol Media Group were of the view that Sibtain Naqvi has well-articulated the life and times of Dr. Ishrat Husain, from his earliest days in a refugee camp in newly made Pakistan to his impactful tenures in the civil services, World Bank, State Bank of Pakistan, academia and institutional reform.

He led Pakistan’s economic recovery in the 2000s and for the past two decades has been involved in the reform of the country’s public and private institutions. A savant and celebrated economist, Dr. Husain has left his mark on several institutions.

Former Chairman, NBP Zubyr Soomro stated that the book is the reflection of Dr. Husain’s passion for upgrading lives. He mentioned that the book summarizes 80 years of struggle of Dr. Husain’s exceptional journey.

Sirajuddin Aziz opined that every institution that Dr. Husain has been associated with, witnessed a significant transformation at every level. The legacy he left behind is the pride of every institute.

Especially, he had brilliantly managed the complex institution SBP and transformed it into one of the most vibrant institutes in Pakistan. In the era when people in Pakistan did not know much about digitalization, he took the initiative to make SBP align with the world’s leading central banks in terms of technology.

On the occasion, Mohammad Shoib, CFA Advocacy Chair, CFA Society Pakistan, and CEO of Al Meezan Investment Ltd said that the country has benefited a lot from Dr. Ishrat’s visionary leadership and selfless contribution in all aspects.

In a question-answer session, he asked, how do we change the mindset of not promoting our own market and highlight existing potential so that our future generations are more positive and optimistic about the country.

Responding to his concern, Dr. Hussain stated, “It is very true that we do not highlight good work being done in the country. If you look at Indians, they go all the way to promote positive happenings in the country.”

There is a dire need to change that mindset to achieve desired growth, he added.

Panelists also highlighted Dr. Hussain’s association with the State Bank of Pakistan (SBP) and the Institute of Business Administration (IBA). His commendable efforts have made both institutes well-known.

Dr. Hussain was also appreciated to transform the IBA from an institute to an interdisciplinary university with over 5,000 students.

During the discussion, Dr. Hussain credited his team for the achievement. He said it would never be possible for me if I had not had a dedicated team.

He also commended Sibtain Naqvi for his efforts in writing the book.

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