Page 3 - NIBAF-Training Matters January-March 2021

indulge in factionism, invest in yourself, put your
forward-looking approach shone through as he
complained openly about how parents would
carefully educate their daughters, only to wed them
off to a future of making bread and washing dishes.
“90% of students in the Dean’s List used to be girls,”
he recalled, “yet only 10% of those would go on to
take up a serious job.”
In response to what the government will do about
this, he poignantly remarked it is not the
government’s job to change the society’s mindset on
such basic issues.
He elaborated that the problem extends to other
areas as well. Seeking livelihood, for example, has
been constrained to ineffective and redundant
government jobs rather than the promotion of
commercial enterprises. He cited the examples of
neighboring countries and their promotion of startup
culture, stating that the current government wants to
see the latter become the main employment
generating engine of the economy.
“70,000 government positions are vacant as of now.
They will remain vacant because they are not
needed,” Dr. Ishrat bravely commented.
The esteemed personality went on to note that whilst
global poverty is falling drastically, the same
cannot be said about inequalities. He was of the
view that though the rich may be getting richer, the
poor appears to be getting poorer as well.
Although a technocrat, Mr. Hussain did not shy away
from dishing out heartfelt advice to the young
trainees. At one instance, he was questioned on what
the officers must prioritize during their nascent
careers. He answered simply yet profoundly: never
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moral values first, and be confident with your
decisions. He was also asked about how one can
deal with contentions with close family members. His
response was straightforward: “You have to make
some compromises.”
The audience had quite a chuckle at one point when
a question was put forward concerning
demonetization in Pakistan. Dr Ishrat called it out as
a ridiculous idea, citing the case of India where it
failed miserably. More lightheartedness followed
when one officer was curious about how the
technocrat found the motivation to return to
Pakistan. But his words rung true for all who were
present there: why wouldn’t he want to give back to
a country that gave him so much to be grateful for?
Dr Ishrat’s visionary and ambitious personality
inspired all the officers. He emphasized on
searching out challenges and going about
overcoming obstacles. He came across as
passionate and dedicated, yet extremely humble
about his commendable achievements.
Commenting on key areas which the inductees as
central bankers need to work on, he highlighted
digitization, innovative payment systems, financial
inclusion, deepening of financial access and by
extension small farmer and SME credit, low-income
housing and credit to under-served areas.
The session concluded with a note of thanks from the
MD NIBAF and presentation of a souvenir from the
State Bank of Pakistan Museum, a project which was
launched by Dr. Ishrat Hussain himself during his
tenure as the Governor State Bank of Pakistan.