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Interview: Shaukat Aziz--Riding 'A Tidal Wave'; Pakistan's P.M. is bullish on his country, and why not? Per capita income has doubled in only two years.(Interview)
Byline: Zahid Hussain and Ron Moreau
Shaukat Aziz, a suave and savvy 30-year veteran of international banking, has been the architect of Pakistan's remarkable economic recovery ever since he joined President Pervez Musharraf's government in 1999. Last week the 57-year-old prime minister talked to NEWSWEEK's Zahid Hussain and Ron Moreau about the difficulty of restoring the country to economic health. Excerpts:
What prompted you to start an aggressive reform agenda six years ago?
The financial situation of Pakistan was precarious. We had high fiscal deficits and debt levels and our ability to pay was suspect. We didn't have enough money to pay the next month's oil-import bill. So we started ensuring fiscal discipline, containing expenditures and increasing income. We focused on investment and growth. We bit many bullets to restore credibility. The fundamentals of reform were deregulation, liberalization and privatization.
How far will you take the privatization process?
It is not the business of government to be in business. We decided to open everything up. We just sold 26 percent of Pakistan Telecom--which was overstaffed and ...
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Source: HighBeam Research, Interview: Shaukat Aziz--Riding 'A Tidal Wave'; Pakistan's P.M. is...