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IMF

Privatisation Or Predation?Mir Adnan Aziz

King Richard (aka the Lionheart) once declared, “I would have sold London if I could find a buyer”. London was spared; instead bishoprics were sold, gold and silver treasures of churches were confiscated and Carucage, a crushing land tax,…

Wrong Taxation Approach – Shahid Kardar

THE system of taxing company incomes that uses net profit as the basis for determining tax liability reduces the incentive to save, and encourages expenditure. The tax authorities are conscious of the bias that this concept induces. That is…

Reframing Our Goals – Sakib Sherani

MANY maybe most of our economic goals and targets are fuzzy and ambiguous. In the case of some critical objectives we should be striving towards, the goal is not even defined. Hence, as a country we have no idea when we want to graduate to…

Bashing the IMF

I HAVE never seen an IMF programme take such a relentless beating before. At least not in Pakistan. The Fund has had its fair share of critics in the past, but this time something is unusual. The current programme is getting battered from…

The Forex challenge

Pakistan suffers from two structural deficits of the budget and the current account of the balance of payments. The budget deficit is being financed heavily by the printing of rupee notes. It is within the power of the State Bank of…

Faulty designs

Many, including this writer, have been highlighting the weaknesses of the current IMF programme for Pakistan. We are of the view that this programme was put in place in haste and, as such, many errors have been committed – inadvertently or…

An Economy Taken Hostage

An IMF mission is reported to have arrived in Islamabad to evaluate the performance of the government in relation to the quantitative targets and benchmarks for the end of September 2013 agreed between the IMF and the government under the…

Ominous Trends

The external balance of payments position of Pakistan has deteriorated sharply in the first quarter of 2013-14, as per the recently released SBP figures. The overall deficit has been recorded at $1368 million, despite the release of the…

A Fine Balance

‘Stabilisation-first’ versus growth-stabilisation balance has been under debate ever since the approval of the new IMF programme for Pakistan. Many, this writer included, are of the opinion that the IMF programme’s notion of…