The economic challenges facing Pakistan today are daunting and the roadmap for enhancing wealth and prosperity for the 230+ million citizens needs to be fostered. While the resumption of the IMF program is critical for addressing our immediate financial needs, their standard prescriptions may only address our short-term challenges.
The popular notion that ‘we’re confronted with a ‘trade deficit challenge’ is perhaps correct, but it’s the symptom; not the cause of our problem.
Current Account Deficit (CAD) is our Achilles heel, but it is driven primarily by “Fiscal Policy”, which basically fuels consumption led growth.
Khaleej Times interviewed Zafar Masud, President and CEO, at Bank of Punjab. A seasoned banker and entrepreneur with a focus on development finance, with 27 ye ...
Mr. Zafar Masud says transformation of public utility companies to private entities will only raise new issues
Pakistan is in the midst of perhaps the worst ‘natural’ disaster. According to the National Disaster Management Authority (NDMA), over 1,000 people are dead, mo ...
Note: This is the second of two articles; Managing external financing gap, the unconventional way— How going digital can bridge the external financing gapThe di ...
Note: This is the second of two articles— Managing external financing gap, the unconventional wayHow going digital can bridge the external financing gapThe glob ...
Pakistan seems to be suffering from the same syndrome. The obsession and the unwavering trust in multilateral agencies, including IMF, and the traditional foreign bilateral partners, particularly Saudi Arabia in the context of helicopter money, and the bells & whistles attached with the helping-hand ever extended by them in the past, fits the bill perfectly to categorise the situation, as such, in the context.
One would wonder what’s the analogy between devaluation of Pak Rupee, interest rate enhancement and empress market clean-up operation. For one, they all seem to represent the construct of other’s. The other similarity is that they merely provide a temporary respite as they are done without the proper back-up/ structural arrangements.
All other tools to manage external account are operational and temporary in nature; long-term, sustainable solutions will come with the structural changes or reforms only.
There has been a considerable debate on currency management for a while. The pendulum of currency swung between defending currency to supposedly market based exchange rate in the recent times. The side-effects of both extremes are much clearer in hindsight and this may perhaps be a good time to look at their pros and cons objectively.
Zafar MasudBrief ProfileZafar Masud is an international banker and entrepreneur currently serving as the President and CEO of The Bank of Punjab. P ...
