Shaukat Aziz (Urdu: شوکت عزیز; born March 6, 1949 in Karachi, West-Pakistan) is a Pakistani economist and financier who served as the fifteenth Prime Minister of Pakistan from 20 August 2004 to 15 November 2007 in a joint civil-military government led by President General Pervez Musharraf.[1] Educated and graduated from the Institute of Business Administration in Karachi, Aziz joined the corporate staff of the CitiBank Pakistan in 1969 and served in various countries' governments as CitiBank financier, and finally elevated as executive vice-president of Citibank in 1999.[1] After accepting the personal request by General Pervez Musharraf, Aziz returned to Pakistan from the United States assumed the charge of the Finance Ministry as its Finance minister while taking the control of country's economy. In 2004, Aziz was nominated by the Pakistan Muslim League, a conservative front, for the position of Prime Minister after the resignation of Zafarullah Khan Jamali on June 6, 2004.[1]
Aziz's macroeconomics policies[1] oversaw the political stability and economical progress, subsequently ending the financial crises of 1999s-2000s.[2] Intensified privatization programmes were personally initiated by Aziz, achieving to privatized all state-owned corporations and strengthened the country’s economic base which led the improvement of the country’s growth rate by 6.4% per year, reduction of poverty and inflation rate dropped to 3.5%[2] in last 3 years as against 11-12% in 1990s.[2] For the first time in Pakistan's history, all goals and revenue collection targets were met in his tenure and allocation for development has increased by about 40%.[2] Moreover, despite a series of internal and external distresses, economic situation of Pakistan improved significantly and reserves increased to US$ 10.5billion on June 30, 2004 as compared to US$ 1.2billion October 1999. As Prime minister, Aziz oversaw the large-scale expansion of military reforms and police reforms and significant investment in the country that led the boom of automotive industry, energy megaprojects, nuclear industry[3], port industry and presided the unprecedented GDP growth. Aziz's policy expanded the internet, telecommunication services, and liberalized the private media of Pakistan as his vision to internationalize the image of the country.[2]
Subsequently Aziz became the first Prime minister to complete a full term in the office, in the history of Pakistan. After his tenure completed, Aziz went on to settle in London, United Kingdom where he is currently serving on the Boards of Millennium and Copthorne Hotels plc.
Shaukat Aziz was born to an Urdu-speaking family in Karachi, Sindh Province of Pakistan on March 6, 1949.[4] His father, S.A. Aziz[5] (sometimes Abdul Aziz) was a radio engineer employed in the state-owned Pakistan Broadcasting Corporation (PBC) as chief engineer.[5] His father, S.A. Aziz was noted for making singular contributions in the development of Radio Pakistan and was the architect of its external services; for this his father was conferred with state honors by the government of Pakistan in 1950s.[6] S.A. Aziz was one of the pioneers who nurtured Radio Pakistan in its days of infancy, and chartered the future roadmap for expansion of its network and technological advancement and growth.[6]
The PBC moved his family to Abbottabad, North West Frontier Province and attended the Abbottabad Public School, and later the family moving back to Karachi.[7] Aziz matriculated and obtained high-school diploma from Saint Patrick's High School and proceeded to St. Patrick's College In Karachi where he passed his university-level Intermediate courses and ascended to attend the Gordon College of Rawalpindi, Punjab Province in 1965. Aziz obtained BS[4] degree in Economics[4] in 1967 from Gordan College and moved back to Karachi the same year to enroll in a master's programme.[4] Aziz attended the master's programme of the world renowned Institute of Business Administration (IBA) in Karachi and obtained MBA in business administration in 1969.[4] While at the IBA, Aziz secured the internship of U.S.-based Citibank, and after his master's degree, Aziz was called to join the executive senior staff of the Citibank, based in the United States.[7]
Initially, Aziz joined the corporate branch of CitiBank Pakistan as its Credit Officer in 1969. During his career, Aziz subsequently served in various countries including Pakistan, Greece, United States, United Kingdom, Malaysia, Philippines, Jordan, Saudi Arabia and Singapore.[8]
| “ |
When a multinational corporations wants to enter in emerging markets, it call its lawyers, its accountants, its embassy...and of course, the Citibank... |
” |
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—Shaukat Aziz, Director of Asia/Pacific global finance operations, CitiBank, [9]
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Aziz held various and prestigious positions in Citibank including Corporate and Investment Banking (CIB), Corporate Planning Officer (CPO), Chief Financial Officer of Citicorp, and Manager Director of Citiban Singapore.[8] He has been a board member of Citibank subsidiaries, including Saudi American Bank, Citicorp Islamic Bank, and of several non-profit organizations.[10] Aziz played a pivotal role in expanding the CitiBank branches and corporate directive operations throughout the country and had been an instrument bringing the multinational banking industries in Pakistan in 1990s.[9]
At the CitiBank, Aziz served as the corporate director of Asia/Pacific global finance operations, and had been notable for financing and managing funds on behalf of Citibank and other financial corps in global stock markets.[9] Aziz later on directed the Citi Private Bank, a subsidiary of Citigroup.[11] Aziz regarded his career in Citigroup as "extremely helpful" in preparing for the executive public office, in 2006.[12]
Shaukat Aziz had been a president of Citi Private Bank in New York before returning to Pakistan in 2001.[13] Shortly, General Pervez Musharraf arrived for a small personal trip to United States after staging a coup d'état to deposed the people-elected Prime minister Navaz Sharif on 12 October 1999.[14]
On 26 November 1999, while addressing a gathering of influential lobbyist of Pakistan American community, a political lobbying sub-body of the Association of Pakistani Physicians of North America (APPNA), Musharraf stated that: "Shaukat Aziz has come to Pakistan with forty other financial experts who have offered free service to revive the Pakistan's national economy..".[14] After a brief session, Musharraf asked Shaukat Aziz to stand up and introduce himself to the audience.[14]
Aziz reportedly return with Musharraf in November 1999 and took the in charge of Finance ministry as its Finance Minister. Aziz took control of the economy with responsibility for Finance, Economic Affairs, Statistics Division, Planning and Development, and Revenue Divisions. As Minister of Finance Aziz also headed the Economic Coordination Committee of the Cabinet, the Cabinet Committee on Investment, the Executive Committee of the National Economic Council, and the Cabinet Committee on Privatization.
By October 2007, at the end of Prime Minister Shaukat Aziz’s tenure, Pakistan raised back its Foreign Reserves to $16.4 billion. Pakistan's trade deficit was at $13 billion, exports were $18 billion, revenue generation was $13 billion and attracted foreign investment was $8.4 billion.[15]
Pakistan's fiscal performance was praised by IMF and World Bank.[16] The World Bank further reiterated that Pakistan's Economic growth bolstered International confidence.[17]
IMF Praises: IMF's new South-Asia director Mr. George Abed, said he was "very pleased with the record of Pakistan in the past three years of continued macroeconomic and financial stabilisation and we have begun to think of Pakistan as a country of promise and a country of potentially high rate of growth."[18]
Asian Development Bank also praised Pakistan's Micro-Finance.[19]
Media Recognition: In 2001, Mr. Aziz was also named "Finance Minister of the Year" by the prestigious Euromoney and Bankers Magazines.
By 2004, Aziz had become a right hand of general Musharraf, as Musharraf described in his memoirs.[20] The strong oligarch business class of Pakistan, notable Chaudhry Shujaat Hussain, had impressed by Shaukat Aziz's performance as finance minister.[20] Following the resignation of Mir Zafarullah Khan Jamali on 6 June 2004, Hussain nominated Aziz for the office of Prime minister and was also a top choice for the candidacy of Prime ministerial post by Musharraf[20].[21]
However, Aziz was not a member of National Assembly, although a Senator.[20] As required by the constitution, the prime minister was required to be a member of National assembly.[20] Aziz was highly regarded as "technocrat" and had gained strust of establishment, international institution and the public support. His nomination came after another technocrat-economist, dr. Manmohan Singh, becomes the Prime minister of India and widely seen as compatible to Indian counterpart.[22]
Shaukat Aziz at the White House with US president George W. Bush, 24th January, 2006.
Having described and labeled as urban gentlemen and smartly dressed, Aziz was tasked with day-to-day running of the federal government and see that policies are more effectively executed while Musharraf handles the military issues.[21] In Pakistan, it was also said that Musharraf eye-blindly trusted Aziz and sometimes, Musharraf's approvals did not needed for the projects that required permission.[21] Aziz quietly and more quickly undermined the elements seeking to undermine Musharraf which may have been a factor that Musharraf had eye-blindly trusted Aziz.[21]
The post was held by Chaudhry Shujaat Hussain [23] while Aziz fulfilled the constitutional requirement of securing a seat in the lower house of parliament. Aziz ran from two constituencies, Tharparkar-I in Sindh, and Attock District.[24] While campaigning on July 29, 2004 Aziz survived an assassination attempt in the small town of Fateh Jang in Attock District. A suicide bomber blew himself up next to a car in which Aziz was travelling, killing his chauffeur and eight others. However, Aziz continued campaigning and won from both constituencies. Since he could retain only one seat, he immediately vacated his Tharparkar seat, preferring to represent Attock, where he had won by 76,156 votes to 29,497.
Aziz was elected Prime Minister by parliament on August 27, 2004, by a vote of 191 to 151 in the National Assembly of Pakistan, and was sworn in on August 28, 2004. Pakistan Media labeled him as “Short Cut Aziz” because of lack of political background and hardly affiliation to any political party and still managed to land on the Prime Ministerial Office. Whilst, international media labeled him Urban gentlemen, as he was soft spoken and greeted his guests with great gesture and manners. He retained his position as Minister of Finance.
Aziz left office on November 16, 2007, at the end of the parliamentary term and became the first Prime Minister of Pakistan who left seat after completion of parliamentary term of five years.[25]
While campaigning on July 29, 2004 Aziz survived and escaped a near-close assassination attempt in the small town of Fateh Jang in Attock District.[26] The suicide bomb attack was staged in Fetah Jhang, a small town in the north of the capital Islamabad, where he is contesting a by-election.[26] The attempt was attemped when Aziz was departing after meeting with constituents; a suicide bomber who was traveling with motorcade of Aziz detonated himself up next to his car in which Aziz was traveling, killing his chauffeur and eight others.[26]
All senior leadership of Pakistan Muslim League (Q) and local leaders were safe. Aziz called the incident "tragic"and said it had claimed the lives of innocent people. He added that it had reinforced his resolve to serve Pakistan and the Islamic world.[27] After safely reaching to Islamabad, Aziz commenced a international manhunt probe while the foreign office has contacted its mission in Egypt to determine the veracity of an Al Qaeda claim.[28] The Al-Qaeda claimed the responsibility of the attack, all 10 assailants and preparators were arrested in Egypt and later extradite to Pakistan.[28]
Secretary of Defense Donald H. Rumsfeld (right) greets Prime Minister Shaukat Aziz at the Pentagon.
Aziz successfully oversaw the rapid development of the local government system in Pakistan as part of his "Strengthening Decentralisation" program.[29] His domestic initiatives including the decentralization in the country, and termed the local government system as "more transparent and accountable".[29] [30] Aziz strengthened the policy formats and area of responsibility of National Reconstruction Bureau (NRB) after appointing Daniyal Aziz in 2005.[30] Aziz carried out major reforms in Law enforcement agencies, Police forces, and court system in the country.[31] In 2005, Aziz's government installed 6,000 water supply and sanitation filter plants in entire, through the Khushal Pakistan (lit. Prospered Pakistan) programme, a scheme founded by Nawaz Sharif in 1990s.[32]
In 2005, a non-partisan local government elections were decided to be held in entire country, starting first to held the elections in Karachi, Sindh Province.[33] Subsequently, Aziz supervised and presided the first free and fair local body elections with PML(Q) and its allied parties sweeping the election arena.[34] Controversially, Aziz allocated Rs. 20 million to each district where PML(Q) candidates lost the National Assembly elections in order to secure its voting bank that was lost in 2002.[35] In Sindh and Balochistan Province, Aziz presided the peaceful election held events and personally monitored the success of the local government body programme.[36] Under his first few of years of government, the law and order situation remains under control and prosperity in Balochistan,[37] and presided the completion the first phase of the Gwadar port. Problems began to mount with nationalist Akbar Bugti, an ally of Nawaz Sharif. Aziz was inflicted with the involvement in the killing of Akbar Khan Bugti, although he has denied any involvement in any manner.[38]
In Islamabad alone, Aziz's government was forced to take military action, codename Silence after chairing a meeting with the President.[39] In 2009, Aziz maintained that his government had tried at every level of extreme to resolve the Lal Masjid issue through talks to save lives.[39] In a television interview, Aziz maintained that "We gave them time to leave the mosque and the Imam-e-Kaaba Abdul Rahman Al-Sudais also came to Pakistan on my request in connection with the issue.".[39]
One of the widely reported controversy took place in his government was the atomic proliferation scandal of Abdul Qadeer Khan. Aziz remains supportive towards Khan and efficiently took matters of Abdul Qadeer Khan in 2006 from President Musharraf. On September 10, 2006, Aziz sent flowers and personally visited Khan when he was hospitalized[40] and on October 12, 2007, Musharraf made it clear to United States and rest of the world that Khan "won’t be handed over" at given any circumstances. [41] On a television speech, Aziz paid a huge tribute to Abdul Qadeer Khan and while commenting on lst part ofhis speech, Aziz stressed it: "(...)....The services of (nuclear) scientist... Dr. (Abdul) Qadeer Khan are "unforgettable" for the country..(..)....".[42]
After assuming the office, Aziz announced a controversial "New 25-year energy plan", aiming to raise Pakistan's dependence on imported oil for power generation to 50% by 2030.[43] His government pushed for the renewable energy, and put efforts to established the solar energy and wind power sector in the country.[44]
Prime minister Aziz's "New 25-year energy plan" remains extremely controversial and met great public criticism by media and energy experts.[43] Energy experts[43] rendered Aziz's programme as "bigger disaster" in a view when even oil rich Gulf countries were reducing their share of oil in their power production.[43] Prime minister Aziz approved the constructional, and approved the developmental work of CHASNUPP-II reactor at the Chashma Nuclear Power Complex in Chashma city, Punjab Province of Pakistan.[45] A 325 MW commercial nuclear power plant was built with Chinese assistance at the close vicinity of Chashma nuclear power complex. Aziz termed this project as "milestone" in the history of nuclear technology in Pakistan.[45] In 2007, Aziz approved the constructional development of KANUPP-II and the nuclear reprocessing site, the Nuclear Power Fuel Complex in Islamabad.[46] Aziz oversaw the to increase the capacity building of the Pakistan Nuclear Regulatory Authority, a governmental nuclear safety authority, to meet the safety requirement of nuclear power plants.[47]
The controversial energy plan increased the dependence on
crude oil for the power generation.
In 2007, Aziz further diversified his nuclear energy policy, terming it as "criteria based nuclear technology" while continued financing the nuclear power projects. Aziz presided initial construction of major hydroelectric power plants project in Pakistan, such as approving the Diamer-Bhasha Dam.[48] Its foundation was laid by his successor Yousaf Raza Gillani in 2011. In 2004, Aziz directed the Ministry of Water and Power and Planning Commission to prepare an integrated energy plan for the country.[49] Aziz approved the "Vision 2025" programme" of Water and Power Development Authority (WAPDA) to produced power through water. The programme was intended to be launched with the help of private sector and private funding through the international megaproject.[49] However all projects were cancelled or either put on hold by the upcoming government of Yousaf Raza Gillani due economic distress, lack of capital and investment and continuing economic declines, leading an increasing circular debt.[49]
Shaukat Aziz oversaw the successful development of fighter programme of JF-17 Thunder in a record time, built with the close cooperation with the Peoples Republic of China.[50] In 2007, Aziz stressed that "Pakistan is not an offensive country and our defence doctrine is based on having minimum credible deterrence to maintain peace and stability in the region.".[51] Aziz also successfully saw the technology transfer and contract development of first combatant frigate, the F-22P Zulfiquar.[52] On May 2006, Aziz stressed that: "Pakistan's deep military and economic cooperation with China was one, not based on, "transient interest" but was "higher than Himalayas, deeper than oceans".[52]
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The JF-17 Thunder is a Pakistan's proud programme and a unique example of cooperation and friendship between the two countries... |
” |
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—Shaukat Aziz, 2007, [50]
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On August 2006, Aziz visited People's Republic of China, seeking Chinese cooperation in space technology. China can help Pakistan in developing and launching satellites.[53] In a joint statement of Prime Minister Shaukat Aziz and Chinese Premier Wen Jiabao, Aziz emphasized that: "both countries are determined to elevate their friendship and strategic partnership.".[53] A contract was signed with China, Aziz authorized the development of the satellite, Paksat-IR.[53] Aziz presided the security, expansion and modernization of country's nuclear deterrence programme as part of his defence policy. Aziz oversaw the successful development of Shaheen-II missile program and witnessed its first flight at an undisclosed on April 2006.[54] After witnessing the test, Aziz maintained that: "We will continue to pursue vigorously our security and energy needs from all sources including nuclear.".[55] On 8 August, 2005, Aziz issued directives to tightened the security and control and command of the National Command Authority and ordered strict monitoring of atomic assets and facilities at all levels of command.[56]
In 2004, Prime Minister Shaukat Aziz stated and clarified the nuclear policy to the world and India in an interview given to Times of India:
Pakistan's strategy of "
minimum credible deterrence" guarantees "peace in the region", and the nuclear weapons programme is moving "strength to strength"...
From 2005 and onwards, Aziz's government took major steps against atomic proliferation[56] while on other hand made several decisions to increased the capacity of nuclear deterrence on military deterrence and to sufficient use of nuclear energy for civil sector.[56]
On Foreign fronts, Aziz closely collaborated with Musharraf while working onto developed the geostrategy in the region. Aziz took intiatives steps to strengthened the relations with United States, European Union, Russia, India, China, and Saudi Arabia. Under his government, the state's relations with the United States were extremely cordial and friendly.[58] His foreign policy pursued balance foreign policy with an initial goal to keen to forge robust friendly ties with international community, US and European Union (EU).[59]
Accompanied with Recep Tayyip Erdoğan of Turkey, Aziz traveled to Iran in 2006, and privately told Iranian President Mahmoud Ahmadinejad to must change course regarding its nuclear program, as the current direction was neither in Iran’s nor the region's interest.[60] Aziz urged Ahmadinejad to immediately place a moratorium on uranium enrichment while on other hand Erdoğan described the EU-3 proposal, with Russian enhancements, as a very attractive offer for Iran.[60] Both Aziz and Erdoğan condemned Ahmedinejad’s statements attacking Israel as completely unacceptable and serving no purpose.[60] Aziz's tenure considerably improved relations with Japan and after visiting Japan, Aziz welcomes the investment in the manufacturing sector and Pak-Japan joint ventures in steel manufacturing as an excellent symbol of cooperation in expanding steel production between two countries.[61]
Aziz paid a farewell visit to South Korean to strengthened and enhance the relations with Pakistan.[62] Aziz cautiously supported South Korea's stance while refrained to criticized North Korea.[62] On a three-day state visit, Aziz and his counterpart Lee Hae Chan signed two agreements on cultural exchange and providing human resource management, and improving trade and cultural ties between South Korea and Pakistan.[62] Aziz strongly allied with the United States in the fight against terrorism, and in a meeting with the American journalist, Aziz maintained that: "Pakistan is now ideally positioned to "work with cooperation rather than confrontation as a force for peace, stability and prosperity..".[63] During his tenure, the relations with the United States strengthen and progressed.[64] In 2006, Aziz quoted: "Pakistan-American are based on mutual trust and respect and are long-standing.".[64] During his repeatedly visit to United States, Aziz worked and deliberately approached to U.S. administration build a strategic partnership with the United States, and put efforts to built "robust-broad-based strategic relationship.".[65] Aziz's economical, domestics, and internal reforms, focused on enriching a longer-term sustainable Pakistan-U.S. relationship and contribute immeasurably to both countries joint struggle against extremism.[65]
Pakistan's GDP rate since the period of nationalization in 1970s until the economic boom in 2004-08.
Under Shaukat Aziz's government, the country's national economic growth improved at the rate range by 6.4% to 9.0% a year.[2] All revenue collection targets were met on time for the first time in the history of Pakistan, and allocation for development was increased by about 40%.[2] However, this economical success is attributed largely to debt reduction and securing of the billion dollars worth US aid to Pakistan in return for the support in the US-led war on terror.[2] Moreover, despite a series of internal and external distresses, economic situation of Pakistan improved significantly and reserves increased to US$ 10.7bn on June 30, 2004 as compared to US$ 1.2bn October 1999. Exchange Rate became stable and predictable; the inflation rate dropped to 3.5% last 3 years as against 11-12% in 1990.[2]
After taking control of the economy, Aziz aggressively promoted the privatization, deregulation and economic liberalization programme and open the large heavy mechanical industries, petroleum companies, elctropetroluem and chemical enterprises and state-owned corporations to private sectors.[66] His tenure as finance minister and prime minister, the agriculture production and construction well increased, whilst aggressively and forcefully implementing his policies to liberalize the trade, and eliminated the non-tariff barriers.[66] Under his regime, the maximum bound tariffs were brought down to high as 300% to 25% whilst the applied tariff averages falls in the range of 5% to 10%.[66]
The GDP growth which was at 3.9% on October 1999, stood between 6.6%—9% and successfully privatized all state-owned corporations and state enterprises before completing his term.[67] However, Aziz's strategy failed deal with underlying problems deeply in country's economy.[67] The global financial crises in 2008 led the sharp dropped in country's economy while acute electricity shortage in the country revealed the incompetence by the Peoples Party's government, but also the failure of his government to developed the necessary energy infrastructure on time.[67]
Political economist, however, gave other side of story by arguing the fact that his policies were not aimed at alleviating poverty as he seldom offered relief to the poor sections of the society.[2] Shaukat Aziz is roundly criticized for his policy of downsizing in the public sector and disintegrating the effects of nationalization policies of Benazir Bhutto as early as 1990s but Aziz defended as he points out that his policies made these institutions viable while they were on the verge of collapse.[2] Political economist dr. S. Akbar Zaidi argues that his policies mastered Pakistan's economy but such indicators are misleading and unsustainable because his policies do not examine or explain the particular, perplexing economy of Pakistan.[68]
A banker and financier by training and extensive experience in the United States, Aziz's credentials are extremely high and considered one of the successful finance minister of Pakistan.[20] His credential records are similar to those of the successful US treasury secretaries such as Bob Rubin and Nicholas F. Brady who did well under Clinton and Reagan administrations.[65] He understands the role of banking, finance, investment and consumer credit in economic growth of a nation.[65] Aziz presided the strong banking sector, unprecedented investment and growth finance sectors in Pakistan to underpin its economy.[65] He strengthened capital availability, an essential and increasingly important economic input, in addition to labor and land improvements.[65] With higher education budget up 15-fold and overall education spending up 36% in two years, he focused on education to improve the availability of skilled labor to fill new jobs.[65]
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As Prime minister and as well as finance minister, Aziz did extraordinarily well... statistics on Pakistan's economic growth has now grew at 8.4%— the second fastest growing economy in the world after China |
” |
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—Richard Haas, 2006, [65]
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Aziz aggressively pushed land development and public and private construction spending to improve infrastructure and facilities to attract greater business investment.[65] The international communities regarded Aziz as a reformer, with Pakistan's structural reforms ranking high amongst emerging economies.[65] Aziz co-chaired the Secretary-General's High Level Panel on the United Nations System-wide Coherence in the areas of development, humanitarian assistance and the environment. Aziz oversaw the success of the privatization programme in Pakistan and most of the proceeds so far have come from the telecom and banking sectors, around 80% of Pakistan's banking sector was put under the private hands.[69]
| “ |
Nothing is sacred, we are packaging up our companies |
” |
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—Prime minister Shaukat Aziz, 2006, [69]
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The BBC noted that the privatization programme, initiated by Nawaz Sharif in 1990, picked up from a jog to a sprint under watchful eyes of Prime Minister Shaukat Aziz. The prime minister is considered the chief architect of privatisation and is widely respected among foreign investors.[69] In an interview with BBC, Aziz mentioned Pakistan's economical growth as he puts it:
Pakistan has had the most broad-based structural reform of any country in Asia. Last year, we were the second fastest growing economy in the world after China. We grew at 8.4%....
—Shaukat Aziz, 2006,
[69]
- The list below indicates the credential of Prime minister Shaukat Aziz during his long tenure as country's principle economic minister and chief executive as well. The sources is also referenced with it: Pakistan's Economic Indicators
- Pakistan’s economy grew by 100% — to become $ 160 billion [70]
- Revenue grew by 100% — to become $ 11.4 billion
- Per Capita Income grew by 100% — to become $ 925[71]
- Foreign Reserves grew by 500% — to become $ 17 billion
- Exports grew by 100% — to become $ 18.5 billion
- Textile exports grew by 100% — to become $ 11.2 billion
- Karachi Stock Exchange grew by 500% — to become $ 90 billion
- Foreign Direct Investment grew by 500% — to become $ 8.4 billion[72]
- Annual Debt servicing decreased by 35% — to become 26%
- Poverty decreased by 10% — to become 24%
- literacy rate grew by 10% — to become 45%
- Public development Funds grew by 100% — to become Rs 520 billion.
In 2008, Aziz participated in the Global Creative Leadership Summit, organized by the Louise Blouin Foundation. As a delegate, he delivered a keynote speech for the panel entitled “Economic Crisis, Economics of Change: Credit, Commodities, and Trade.”
In spite of supervising and presiding the successful economical growth at an unprecedent level, his privatization and energy policies remains extremely controversial in public circles.[2] Critics argued that Aziz's privatization policies and privatized energy sector did not fully tackle with full force in country's economy. Although the current, Peoples Party's government is blamed for incompetence, but it is revealed that it is Shaukat Aziz's failure to unable to developed the necessary energy infrastructure on time.[67] His privatization policies had completely downsized and diminished the public sector and the legacy of the nationalization policy of Benazir Bhutto in 1990s, though Aziz defended as he points out that his policies made these institutions viable while they were on the verge of collapse.[2]
An unsuccessful attempt to privatized the Pakistan Steel Mills was also thwarted by the trade unions and pro-nationalized elements who took the case to Supreme Court of Pakistan in 2006. The Pakistan Steel Mills which was established by former Prime minister Zulfikar Ali Bhutto with Soviet Union on his side, in 1970s remains under public sector's control since its establishment in 1970s.[69] The Supreme Court halted the Steel Mills after transfering the inquiry from FIA to NAB, while issued standing orders to keep the Steel Mills under the nationalization programme.[73] The proceedings and Supreme Court's decision initially stopped Aziz's intensified and aggressive privatization programme on halt at the end weeks of his tenure.[74]
At the end of 2007, Aziz's credibility was damaged when the trade unions and his closely allied ministers criticized him for mismanagement of the wheat in Pakistan by first exporting the wheat to improve the balance of payment account instead of projected shortages later in the year when the reserves of the wheat depleted there were shortages of the wheat in the country[75]
On October 29, 2011, the Balochistan High Court and a judicial magistrate issued arrest warrants of former president general (retired) Pervez Musharraf and Shaukat Aziz in the Nawab Akbar Bugti murder case.[76][77][78] A full fledged investigation was launched by FIA after receiving the request form from Jamil Bugti, son of Akbar Bugti.
On 30 October, Aziz directed a letter sent from Dubai to the Provincial Police Office to Balochistan High Court stating "he had been mentioned in the FIR registered at the Dera Bugti Police Station on October 13, 2009, which alleged that then president Pervez Musharraf used him as part of a conspiracy to murder Akbar Bugti.".[79] Aziz maintained that he was informed of "unfortunate event" through the televised media.[79] During his regime, Aziz never released any information of conducting any military operation in Balochistan, however, Aziz later stated in television that Akbar Bugti died in a military operation during the night of August 25—26, 2008.[79] All of his claims and defence arguments were dismissed by the Chief Justice of Balochistan High Court Justice Qazi Faiz Esa, who quoted: "For us, it is just a piece of paper. Shaukat Aziz should make this statement before the police or a magistrate. His letter will not satisfy us.".[80] During a hearing, Justice Esa ordered to include and nominate Shaukat Aziz and member of his government, from the civil or military brass, with information about the murder should be included in the investigation.[81]
After completing his term, Shaukat Aziz lastly met with Pervez Musharraf before departing to United Kingdom where he currently resides in London, United Kingdom. There, Aziz is currently serving on the Boards of Millennium & Copthorne Hotels plc.[82] and The Blackstone Group.[83] According to Aziz, he has maintained good relations with several members of Parliament including his former Foreign Minister Mahmood Kasuri and former railway minister Sheikh Rasheed and Chaudhry Shujaat Hussain.
He remains active on economical issues and harshly criticized the International Monetary Fund (IMF) of failing to show leadership during what he described as a "historic" global financial crisis.[84] While attending the international business conference at Philippines, Aziz maintained that: "This global institution (IMF) which is supposed to look at everything going on was not even in the room where meetings are going on".[84] In 2008, Aziz gave vehement criticism to IMF and according to him, the "IMF has played a very negative role" in global crises.[85]
Speaking at the Association of Southeast Asian Nations conference in 2008, Aziz maintains his views that the Financial crisis occurred due to financial mismanagement, lack of understanding the macroeconomics principles and fragmented regulatory regimes in the world.[86] In an interview with CNN, Aziz remains pessimist about Pakistan's approach to Free Trade Agreement with the United States in 2012 by judging the current relations with the United States and economical challenges faced by the country.[87]
- ^ a b c d "Shaukat Aziz Becomes Prime Minister". Shaukat Aziz Becomes Prime Minister. http://storyofpakistan.com/shaukat-aziz-becomes-prime-minister/.
- ^ a b c d e f g h i j k l m Story of Pakistan. "Shaukat Aziz's Prime ministerial". Story of Pakistan, 2008. http://storyofpakistan.com/shaukat-aziz/. Retrieved 22 May 2012.
- ^ "South Asia | Pakistan building nuclear plant". BBC News. 2005-12-28. http://news.bbc.co.uk/2/hi/south_asia/4565212.stm. Retrieved 2010-06-06.
- ^ a b c d e Administration. "Shaukat Aziz". Chinese University of Hong Kong. Chinese University of Hong Kong. http://www.cuhk.edu.hk/ipro/aziz/biography.html. Retrieved 28 May 2012.
- ^ a b APP, Associate Press of Pakistan (Feb 12 2004). "Radio Pakistan playing important role in national integration:Shaukat Aziz" (in English) (webcache). The Directorate-General of the Associate Press of Pakistan: p. 1. http://webcache.googleusercontent.com/search?q=cache:Qvi00v3F2-sJ:www.app.com.pk/en_/index.php%3Foption%3Dcom_content%26task%3Dview%26id%3D3699%26itemid%3D5+shaukat+aziz+father+radio&cd=7&hl=en&ct=clnk&gl=us. Retrieved 30 May 2012.
- ^ a b Text of report by Associated Press of Pakistan (APP) news agency (March 28, 2006). "Pakistan: PM Asks Radio to Be More Vibrant". redorbit news. http://www.redorbit.com/news/technology/446298/pakistan_pm_asks_radio_to_be_more_vibrant/. Retrieved 30 May 2012.
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- ^ Atlantic Council. "US-Pakistani Relations "Challenging," Says Ex-Prime Minister Shaukat Aziz". Atlantic Council. Atlantic Council. http://www.acus.org/new_atlanticist/us-pakistani-relations-challenging-says-ex-prime-minister-shaukat-aziz. Retrieved 30 May 2012.
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- ^ a b c Shahzad Raza (Thursday, September 29, 2005). "PM’s visit to South Korea: Shaukat Aziz will sign accords on assistance and development". Daily Times, September 29, 2005. http://www.dailytimes.com.pk/default.asp?page=story_29-9-2005_pg7_35. Retrieved 30 May 2012.
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- ^ a b c d e f g h i j Haas, Richard. "Pakistan-U.S. Relations: Building a Strategic Partnership in the 21st Century". Council on Foreign Relations. Council on Foreign Relations. http://www.cfr.org/pakistan/pakistan-us-relations-building-strategic-partnership-21st-century-rush-transcript-federal-news-services-inc/p9609. Retrieved 30 May 2012. "Pakistan has had the distinction of being both the most allied ally and the most sanctioned ally of the United States. However, an enduring feature has been the friendship between the people of our two countries."
- ^ a b c Oxford Business Group (2008) (google books). Regrouping Pakistan. United States: Oxford Business Group. p. 26-28. http://books.google.com/books?id=YuSY8llhkPQC&pg=PA26&dq=Shaukat+Aziz&hl=en&sa=X&ei=1IXFT5j3D6ipsALPiJjABg&sqi=2&ved=0CEEQuwUwAQ#v=onepage&q&f=true. Retrieved 30 May 2012.
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- ^ Zaidi, S. Akbar (Dawn News, 2011). "Perplexing economy". Dawn News, 2011. Dawn Newspapers. http://dawn.com/2011/11/25/perplexing-economy/. Retrieved 30 May 2012. "-Shaukat Aziz economic team were masters. However, such indicators are misleading and unsustainable because they do not examine or explain the particular, perplexing economy of Pakistan. Some good research highlighting what makes Pakistan`s economy run in the first place is a minimum starting point to revive Pakistan`s economy. There is great need for some unconventional wisdom."
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- ^ express news. http://www.express.com.pk/images/NP_LHE/20080120/Sub_Images/1100335847-2.gif.
- ^ Our Staff Reporter (December 12, 2011, 6:38 pm). "Shaukat Aziz denies association with Akbar Bugti killing". The Nation. http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/politics/12-Dec-2011/Shaukat-Aziz-denies-association-with-Akbar-Bugti-killing. Retrieved 30 May 2012.
- ^ press. "Bugti murder case: Arrest warrants issued for Musharraf, Shaukat Aziz". October 29, 2011 16:45 IST. Redcliff. http://www.rediff.com/news/report/bugti-murder-case-arrest-warrants-issued-for-musharraf-shaukat-aziz/20111029.htm. Retrieved 30 May 2012.
- ^ Staff (Tuesday, 1 Nov 2011 6:33 pm). "Shaukat Aziz denies Bugti killing responsibility". Pakistan Today, Tuesday, 1 Nov 2011 6:33 pm. http://www.pakistantoday.com.pk/2011/11/01/news/national/shaukat-aziz-denies-bugti-killing-responsibility/. Retrieved 30 May 2012.
- ^ a b c Shehzad Baloch (November 3, 2011). "Akbar Bugti killing: Shaukat Aziz denies prior knowledge of operation". The Express Tribune, November 3, 2011. http://tribune.com.pk/story/286890/akbar-bugti-killing-shaukat-aziz-denies-prior-knowledge-of-operation/. Retrieved 30 May 2012.
- ^ Butt, Qaisar (January 7, 2012). "The Express Tribune Home Pakistan Business World Sports Life & Style Multimedia Opinion Magazine Blogs Jobs Classifieds Sindh Punjab Balochistan KP & FATA Jammu & Kashmir Gilgit Baltistan Alerts Blasphemy laws: UN special envoy decries Pakistan’s justice system 9:43 AM PST < > Bugti murder case: Counsel, son reject Shaukat Aziz’s claim of ‘no involvement’". The Tribune Express, Pakistan. http://tribune.com.pk/story/317842/bugti-murder-case-counsel-son-reject-shaukat-azizs-claim-of-no-involvement/. Retrieved 30 May 2012. "The counsel pleading Nawab Akbar Bugti’s murder case against former president Pervez Musharraf and five other co-accused in the Balochistan High Court (BHC), has rejected former prime minister Shaukat Aziz’s claim of not being involved in the 2006 military operation that led to the killing of the Baloch leader"
- ^ staff (02 November, 2011). "Bugti killing: Shaukat Aziz points the finger at Musharraf". Pakistan Tribune, 02 November, 2011. http://paktribune.com/news/Bugti-killing-Shaukat-Aziz-points-the-finger-at-Musharraf-244824.html. Retrieved 30 May 2012.
- ^ http://www.millenniumhotels.com/corporate/investor_relations/board_members.html
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- ^ a b "IMF missing in financial crisis: Shaukat Aziz". Daily Times, Friday, October 17, 2008. http://www.dailytimes.com.pk/default.asp?page=2008\10\17\story_17-10-2008_pg5_7. Retrieved 30 May 2012.
- ^ "IMF playing negative role in global economic crisis". November 9, 2008 at 08:37 am. pakalert. http://www.nowpublic.com/world/imf-playing-negative-role-global-economic-crisis. Retrieved 30 May 2012.
- ^ ASEAN. "Shaukat Aziz on the Financial Crisis in 2008". ASEAN Leadership. http://www.youtube.com/watch?v=GHsTflqlzms. Retrieved 30 May 2012.
- ^ CNN (January 11, 2012). "Shaukat Aziz not optimistic about free trade with US". Tribune Express. http://tribune.com.pk/story/319493/shaukat-aziz-not-optimistic-about-free-trade-with-us/. Retrieved 30 May 2012.
| Persondata |
| Name |
Aziz, Shaukat |
| Alternative names |
|
| Short description |
|
| Date of birth |
March 6, 1949 |
| Place of birth |
Karachi, Pakistan |
| Date of death |
|
| Place of death |
|
