After over four and a half months, I am finalising and releasing this article on my 50th birthday. I had gotten much more birthday wishes this year than ever before which was a great feeling indeed. Some people, however, suggested that there should be birthday celebrations for me twice a year – once on 9th October and other on 22nd May.
A milestone year for agriculture financing: Mr. Zafar Masud, President & CEO of The Bank of Punjab (BOP), highlights the institution’s transformative efforts in boosting Pakistan’s agricultural economy. This includes innovative initiatives like the Kissan Card program, CM Punjab Livestock Card scheme, and promotion of agricultural mechanization, contributing to enhanced financial access, sustainability, and rural development.
Mr. Zafar Masud (President & CEO – BOP) shares BOP’s transformative journey in revolutionizing SME banking through innovation, financial inclusion, and tailored solutions—empowering Pakistan’s SMEs and driving sustainable growth.
Mr. Zafar Masud and Syed Sayem Ali co-author an article stating that by enhancing trade competitiveness, reducing barriers, and fostering an investment-friendly climate, Pakistan can pave the way for sustainable economic growth, increased exports, and a path out of debt distress.
Mr. Zafar Masud (Chairman – Pakistan Banks Association and President & CEO – BOP) and Mr. Sultan Ali Allana (Chairman – HBL) emphasize the importance of the ‘moral economy,’ where societal norms influence economic behavior. Aligning economic practices with ethical standards is essential for improving Pakistan’s socioeconomic landscape.
Pakistan’s agriculture sector is not just a segment of the economy; it is the lifeblood that sustains the country’s populace and fuels its economic engine. With over 37 per cent of the labour force employed in it and its contribution of approximately 46pc to GDP — both directly and indirectly estimated by employing backward and forward linkages between agriculture and other sectors of the economy — agriculture’s significance cannot be overstated. It is a pivotal source of foreign exchange earnings, with a substantial delta as high as $15 billion in our current account, underscoring its role as a cornerstone of Pakistan’s financial stability.
Contrary to the belief that inflationary pressures can be addressed through monetary policy alone, the role of fiscal account policy in managing inflation is being increasingly discussed. Global inflation has remained stubborn, despite unprecedented action by central banks, leading to a debate on the underlying causes of inflation and the effectiveness of conventional tools to tackle it. I believe fiscal policy is the main driver of inflation in Pakistan. Addressing the structural deficits in fiscal policy is critical for inflation to come down.
Victims of Our Own Narrative – “Market knows everything best” is considered the most cogent of arguments by free-market supporters. This may be true in some instances but in most cases it’s unfounded, given the inherent imperfection of markets. While Chicago School orthodoxy says markets produce the best outcomes for society, behavioural economists insist that it’s humans who make markets. This means that humans can strive to improve their functioning.
Opportunities and Pakistan’s Path Forward – Zafar Masud (President & CEO – BOP) gave his outlook analysis for 2024, focusing on different facets, including the economy and reforms, etc., which was published in the Dawn.com newspaper.
