Shaukat Aziz

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Shaukat Aziz served as Pakistan’s Prime Minister from 2004 to 2007, as well as its Finance Minister from 1999 to 2007. He became the first Prime Minister of Pakistan to complete a full term in office when he stepped down on November 15, 2007. He graduated from the Gordon College of Rawalpindi with a bachelor’s degree in economics before enrolling in the master’s program at the Institute of Business Administration (IBA) in Karachi. He began his career as a credit officer at Citibank Pakistan and went on to work in other places throughout the world in the years that followed. He progressed through Citibank’s levels, playing a key part in the company’s expansion in Pakistan, and is credited with bringing multinational banking sectors to the country. In the 1990s, he worked closely with the regimes of Benazir Bhutto and Nawaz Sharif, and the Pakistani government appointed Aziz as Finance Minister in 1999. In this post, he oversaw significant economic improvements in the country, earning him widespread popularity. He was elected Prime Minister of Pakistan by parliament in 2004, mostly because to President Pervez Musharraf’s support.

Childhood and Adolescence

Shaukat Aziz was born on March 6, 1949, into an Urdu-speaking household in Karachi, Sindh Province, Pakistan. His father, S.A. Aziz, was a well-known radio engineer who was recognized by the Pakistani government for his outstanding contributions to the creation of Radio Pakistan, for which he received multiple awards.

He attended Abbottabad Public School for his basic school and Saint Patrick’s High School for his secondary education. He enrolled in the Gordon College of Rawalpindi in 1965 and graduated with a bachelor’s degree in economics in 1967.

In 1969, he completed his schooling at Karachi’s Institute of Business Administration (IBA) and received his MBA. He landed an internship with Citibank in the United States while at IBA, demonstrating his intelligence and hard work. He went to the United States for his internship after finishing his degree.

Career of Shaukat Aziz

In 1969, Shaukat Aziz started his career as a credit officer at Citibank Pakistan’s corporate branch. He was a hardworking employee who swiftly advanced through the company’s levels. He worked in numerous countries throughout the world over the years, including Greece, the United States, Malaysia, the Philippines, Saudi Arabia, and Singapore.

Aziz held a variety of positions in Citibank, including Corporate and Investment Banking (CIB), Corporate Planning Officer (CPO), Chief Financial Officer of Citicorp, Managing Director of Citibank Singapore, and Corporate Director of Asia Pacific global finance operations, among others.

As part of his Citibank position, he traveled to Pakistan several times. By developing Citibank branches across Pakistan in the 1990s, he was influential in bringing multinational banking sectors into Pakistan.
As Citibank’s influence in Pakistan rose, he began to collaborate closely with Benazir Bhutto’s and Nawaz Sharif’s governments on matters such as economic relief and help to Pakistan. During this time, his worldwide stature grew as he made numerous high-ranking contacts within the US administration.

Shaukat Aziz was appointed Pakistan’s Finance Minister in 1999, and was given responsibility for the country’s finances, economic affairs, statistics division, planning and development, and tax divisions.

He had a lot of problems in his first few weeks as Finance Minister because he wasn’t a seasoned politician. However, he quickly began enacting dramatic economic reforms that would bring him widespread acclaim in the years ahead.

In the aftermath of the September 11 attacks, he worked closely with the US and was able to get US backing for his domestic economic reforms. In 2001, he initiated privatization and liberalization in Pakistan, resulting in the country’s rapid economic improvement. While he was praised for his efforts, several of his policies were criticized by his critics.

He was sworn in as Prime Minister of Pakistan on August 28, 2004, after being chosen by parliament with significant support from General Pervez Musharraf. He also kept his role as Finance Minister. Hina Rabbani Khar (economy ministry), Hafeez Shaikh (investment ministry), and Khurshid Kasuri (defense ministry) were among the highly competent members of his government (Foreign ministry).

During his time as Prime Minister, Pakistan experienced a period of economic prosperity and improved its worldwide image. By pursuing his liberalization, deregulation, and privatization policies, he was able to contribute to a rise in per capita income, a reduction in poverty, and an increase in investment.

He became the first Pakistani prime minister to complete a full term in office when he stood down on November 15, 2007. He now lives in Dubai and serves on the boards and advisory boards of a number of commercial and non-profit organizations throughout the world.

Major Projects of Shaukat Aziz

Following the September 11th attacks in the United States, Aziz collaborated with the US Secretary of the Treasury to develop a strategy for removing the Taliban from Afghanistan. He also negotiated debt relief for Pakistan and sought direct aid from the United States for national development.

For the first time in Pakistan’s history, all goals and income collection targets were met during his tenure as Prime Minister. His macroeconomic policies ushered in remarkable economic progress in the country, resulting in a faster rate of growth and a decrease in poverty.

As Prime Minister, he diversified Pakistan’s nuclear energy policy and oversaw the country’s first significant hydroelectric power plant development project. He also gave his approval for the CHASNUPP-II reactor’s development work at the Chashma Nuclear Power Complex.

During his time in office, he improved Pakistan’s relations with the United States, the European Union, Russia, India, China, and Saudi Arabia. He pursued a foreign policy that prioritized positive relations with the world community.

Achievements & Awards

‘Euro Money’ and ‘The Bankers’ magazine named Shaukat Aziz “Finance Minister of the Year” in 2001.
He received the Global Islamic Finance Leadership Award in 2013 for his leadership role as Pakistan’s Finance Minister and Prime Minister.

Personal History and Legacy

He has three children with his wife, Rukhsana Aziz.

Shaukat Aziz’s Net Worth

Shaukat is one of the wealthiest politicians and one of the most well-known. Shaukat Aziz’s net worth is estimated to be $1.5 million, according to Wikipedia, Forbes, and Business Insider.