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State Bank

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…

The Next IMF Deal

THE International Monetary Fund board will be meeting tomorrow, Sept 4, to review Pakistan`s application for support. It is a foregone conclusion that the board will approve the programme designed by the Fund`s staff to grant us financing…

A Nation’s Debt

The prime minister, in his address to the nation, expressed his concern about the rising debt of the country. His concern was right because high and rising debt constitutes a serious threat to economic prosperity. It acts as a major…

Failings Of The State Bank

All over the world, central banks perform three main functions. First, they formulate and conduct monetary policy with the objective of keeping monetary expansion and inflation under control, and channelling bank credit to productive…

Developing (mis)perception

“It is the same old, damaged car. Only the driver of the car has changed.” This is the perception that is gaining traction about the newly-elected government – two months into the latter’s tenure. Why is such a perception – or misperception…

The Orphan Economy

There are at least six different parties and groups giving their own views about the state of the economy and the required direction of policies, and their viewpoints differ drastically from each other. These parties and groups can broadly…

Castles In The Air

In an interview in an English newspaper on December 2, Finance Minister Dr Hafiz Sheikh painted a picture of the economy that does not even remotely resemble the economic conditions prevailing in the country. If he did not have training in…

Building A Constituency For Reforms

There are many daunting social, political and cultural issues that need to be addressed to transform a swelling crowd of 180 million people into a cohesive nation with a purpose, direction and a future. However, it is the collapsing economy…