LAHORE: Director Institute of Business Administration, Karachi and former governor State Bank of Pakistan Dr. Ishrat Husain has said that rapid economic growth could be possible if banks give loans to poor and educated middle class.
Addressing a seminar at the Centre for Governance and Policy at Information Technology University titled “Pakistan: An Elitist Economy”, he said that provision of loans to poor would improve the quality of government, besides dismantling an elitist economy.
Dr Ishrat said, if people of the country were looking for a “messiha”, then he would not come because revival of economy was a gradual and very painful process. He mentioned that there should be a different incentive structure for private and the public sectors.
He stressed the need for privatization and took the example of the banking sector where twenty years ago it was mainly the government led and inefficient, but today is mainly private sector led and thriving.
Dr Husain, however, noted that the government should be responsible for providing basic services to the people like education, health and access to safe drinking water etc.
The role of private as partner with the state in providing such basic services could not be ignored.
Later, Dr Nizamuddin, Chairman, Punjab Higher Education Commission and Dr Yaqoob Khan Bangesh, Director, Centre for Governance and Policy gave him a shield of appreciation, while Amjad Saleemi, Treasurer, ITU, gave him a gift on behalf of the University.
