MCQ Detailed View

Ghulam Ishaq Khan

During the military rule of General Muhammad Zia-ul-Haq (1977–1988), the person who played the most influential role in shaping Pakistan’s economic direction was Ghulam Ishaq Khan. A seasoned bureaucrat and economist, GIK was appointed as Finance Minister in 1977 and later served as Chairman of the Senate. His control over financial institutions and planning bodies made him the key architect of Pakistan’s economic policies throughout Zia’s era.

As Finance Minister, Ghulam Ishaq Khan chaired the Economic Coordination Committee and oversaw the Planning Commission, giving him unmatched authority over economic reforms. His policies emphasized financial discipline, management of external debt, and cautious liberalization. Under his guidance, Pakistan secured aid and loans from international institutions, which were vital during the Cold War years when the country was strategically aligned with the United States.

One hallmark of his tenure was the balancing act between growth and stability. While industrial and agricultural sectors received policy support, strict measures were also taken to maintain fiscal responsibility. His technocratic style, pragmatic decisions, and continuity of policy provided a sense of stability in a politically controlled environment. Unlike populist politicians, GIK relied on administrative expertise and institutional frameworks to steer the economy.

Ghulam Ishaq Khan’s role during Zia’s era is widely regarded as that of an “economic czar.” His decisions influenced not only the immediate financial landscape but also Pakistan’s long-term economic direction. Later, his stature and credibility as a policymaker led to his election as President of Pakistan in 1988. His legacy remains a reminder of how unelected technocrats and civil servants can shape a nation’s economic destiny.