Moeenuddin Ahmad Qureshi

Moeenuddin Ahmad Qureshi was a Pakistani American economist and civil servant who held high-ranking positions in international finance. He served as the caretaker prime minister of Pakistan from July to October 1993. Throughout his professional life, he occupied significant roles at the World Bank and the International Monetary Fund.

Early life and education

Moeenuddin Ahmad Qureshi was born in Lahore, Punjab, on 26 June 1930. He came from a distinguished family originally from Kasur. His father, Mohyeddin Ahmad Qureshi, worked as a civil servant for the British government, while his mother, Khursheed Jabin, was a housewife. He began his higher education at Islamia College in Lahore before transferring to Government College University in Lahore. There, he earned a B.A. (Honors) in Economics and later obtained an M.A. in Economics from Punjab University.

Qureshi traveled to the United States after receiving a Fulbright scholarship. He attended Indiana University Bloomington in Indiana, where he completed his studies and earned a PhD in Economics in 1955.

Career

Upon returning to Pakistan in 1955, Qureshi joined the civil service and received an initial posting at the Planning Commission. He resigned from this position in 1956 to join the International Monetary Fund (IMF) in the United States. His tenure at the IMF included serving as an economic adviser to Ghana in 1960. He later moved to the International Finance Corporation, where he served as Executive Vice President from 1974 until 1977. In this capacity, he oversaw global operations involving the financing of private enterprises and capital market operations in developing countries.

Robert McNamara, the then President of the World Bank, invited Qureshi to join the institution in 1981. He served as the senior vice president of finance until 1987. Eventually, he became the Senior Vice President of the World Bank and managed its financial operations globally. After leaving the World Bank in 1991–92, he settled in the United States to form a private hedge fund called Emerging Market Associates.

In 1993, Qureshi was asked by President Ghulam Ishaq to form a technocratic caretaker government while he was visiting Singapore. He reluctantly accepted the offer and returned to Islamabad to lead the country during a period of political transition. His three-month tenure included several major reforms, such as devaluing the national currency and increasing prices for food and common items. He also passed a decree that established the State Bank of Pakistan as an autonomous body to prevent political interference. To ensure transparency, he ordered the publication of a list of taxpayers and initiated a "payment culture" targeting tax evaders.

Qureshi worked to downsize administrative machinery and abolished certain discretionary powers held by the Prime Minister and Chief Ministers. He also ensured that state television, PTV, and Radio Pakistan remained independent for the purpose of airing elections. His primary responsibility during this period was overseeing the 1993 general elections. These elections resulted in the return of the Pakistan Peoples Party led by Benaira Bhutto.

Following his political service, Qureshi returned to New York in 1993 to establish the private hedge fund EMP Global. He maintained an affiliation with the American International Group (AIG) for many years. AIG held a minority stake in EMP and acted as a major investor in several funds. EMP eventually bought out the stake held by AIG and became an independent company in 2005.

Personal life

Qureshi was married to Lilo Elizabeth Richter, an American citizen, and they had four children consisting of two sons and two daughters. He enjoyed playing tennis and was a collector of antiques and classic cars. In 2014, he was diagnosed with Parkinson's disease and reportedly received treatment for chronic obstructive pulmonary disease (COPD).

His family announced his death in Washington, D.C., on November 23, 2016. He had been undergoing treatment for a long illness and a lung infection. His mansion was placed on the market for $8 million in May 2016 and was later purchased by Kellyanne Conway for $7.785 million.