close
Thursday February 29, 2024
Waqar Masood Khan
Waqar Masood Khan

The writer is a former finance secretary

  • April 15, 2020

    No time to relax

    World GDP is around $80 trillion. Global debt, both public and private, is around $255 trillion. So the world is leveraged more than three-times its...

  • April 01, 2020

    Unified economic response

    Nothing is more important while aiming to mitigate economic disruption, in the wake of the Covid-19 pandemic, than to fashion a unified response...

  • March 20, 2020

    Seizing the opportunities

    The global turmoil triggered by the Covid-19 pandemic has brought a mixed bag of opportunities and dangers. The massive fall in oil prices has the...

  • March 03, 2020

    Completion of the second IMF review

    In a remarkable development, the IMF has announced a staff-level agreement for completion of the Second Review under the EFF for Pakistan.The IMF...

  • February 18, 2020

    Incomplete IMF review

    The IMF Mission for Second Review under the three-year Fund programme, concluded its work last week without reaching a staff level agreement.The...

  • February 04, 2020

    Business-consumer confidence

    Before we review the economic data, let us examine public perceptions. On Monday, January 27, 2020, Gilani Foundation/Gallup released a business...

  • January 22, 2020

    Real and monetary

    The monetary policy has divorced itself from the real sector. The interest rate and the exchange rate have been subordinated to a single goal:...

  • January 07, 2020

    The economy in 2020

    The prime minister is assuring people that 2020 will herald an era of growth and jobs. He has said that 2019 a difficult year for the country as it...

  • December 24, 2019

    Winners of austerity

    The economy continues to present a contrasting picture between stability and recession. The most significant sign of stability is the stemming of...

  • December 10, 2019

    Palpable despondency

    The signs of economic stability have strengthened. The most pressing challenge of current account deficit , with implications for the country’s...

  • November 26, 2019

    Lurking dangers

    It is hard to find a parallel in the past on differing perceptions about the state of the economy as we see today. Analysts and generalists are...

  • November 12, 2019

    Green shoots

    A number of developments in the economy make a case that early signs of stability and turnaround may finally be in sight.The economic conditions...

  • October 29, 2019

    The economy reality check

    What is the state of the economy? Most ordinary people, media commentators etc are quite despondent about its present condition and future...

  • October 15, 2019

    Finance adviser’s presser

    Advisor to the Prime Minister Dr. Abdul Hafeez Sheikh addressing a press conference on October 12.. Advisor to the PM on Finance Dr Abdul Hafeez...

  • October 01, 2019

    Evolving recession

    Unless some rearguard actions are taken, the economy is all set to face a deepening recession. Consider the following facts which point to...

  • September 10, 2019

    CPI and the policy rate

    The base of an index plays a critical role in its measurement. The longer a base is retained, the more distant it becomes from the start. This is...

  • September 03, 2019

    PM and economic management

    Prime Minister Imran Khan shows sporadic interest in economic management. One can count on one’s fingertips how many times he has spoken...

  • August 27, 2019

    Economic revival

    News reports have indicated that the prime minister has asked his economic team to draw up an economic revival plan. This is a surprising turnaround...

  • August 20, 2019

    Fiscal novelties

    Economists are awestruck by the data on central government debt released by the central bank last week. Roughly, the debt has increased from Rs24...

  • August 15, 2019

    Need for economic revival

    Given the unusually sharp slow-down in the economy, it is natural to ask whether there are ways in which some course correction is warranted so that...

  • August 06, 2019

    Doubtful beginnings

    The first month of the new fiscal year is over. After three years it is the first fiscal year when an IMF programme is in place.High hopes were...

  • July 30, 2019

    Global developments

    The world economy is facing a variety of threats. For one, its growth is subdued. Inflation is well below the historical trend. International trade...

  • July 23, 2019

    No turnaround in sight

    FY2018-19 may go down as one of the slowest years in recent economic history. Even when one takes into account the fact that there was a need to...

  • July 10, 2019

    Lessons from Egypt: Part - I

    In a curious development, Egypt started its Fund programme in 2016 just as Pakistan was successfully concluding its last programme .And now, as...

  • July 02, 2019

    Economic scorecard: Part - II

    In my last article , I had reviewed the economic performance during fiscal year 2018-19. In this regard, some more information has now become...

  • June 25, 2019

    Economic scorecard

    As the fiscal year 2018-19 is drawing to a close, a full picture is emerging about how precariously the key economic balances are faring and whether...

  • June 18, 2019

    Risks to IMF programme

    In our last article , while terming the budget as helpful to stabilize the economy, we had concluded as follows: “The budget is a good statement...

  • June 13, 2019

    A budget for stabilisation

    After giving two mini-budgets since last August, the PTI government finally got a chance to present its full budget to the National Assembly on...

  • June 04, 2019

    Budget politics

    The economic situation is presenting a mix picture. If on the one hand the implementation of programme conditionalities is getting traction, on the...

  • May 28, 2019

    An onerous programme?

    It is curious to observe different responses from economists regarding the efficacy of the IMF programme in retrieving the dwindling fortune of the...

  • May 21, 2019

    A gloomy beginning

    One week after the IMF announced a staff-level agreement on a $6 billion, 39-month programme to support Pakistan’s economic policies the economic...

  • May 14, 2019

    The new IMF programme

    The country has reached a staff-level agreement with the IMF for a three-year programme. There were some last minute differences which were...

  • May 07, 2019

    Economic reforms-Part-XLX

    What would be the contours of a framework that would enable the establishment of a Treasury Single Account . To begin with, let us point out that...

  • May 01, 2019

    Economic reforms

    We now turn to a key economic reform that has eluded policymakers for a long time. This is related to the establishment of a ‘Treasury Single...

  • April 23, 2019

    A gathering storm

    The new World Bank biannual report, Global Economic Prospects , carries an ominous sub-title ‘Darkening skies’. It is sombre reading as it...

  • April 16, 2019

    Moving towards documentation

    The Prohibition of Benami Transactions Act was passed in 2017 but had remained dormant for want of rules for nearly two years. The prime minister...

  • April 09, 2019

    IMF and the economy

    It seems the government is finally reaching an understanding with the IMF to provide a three-year facility to support a programme of economic...

  • April 02, 2019

    Economic reforms: Part - XLVIII

    Before we close the subject of fiscal federalism, we discuss the implications of the 7th NFC Award and the resulting state of fiscal affairs in the...

  • March 26, 2019

    Economic reforms: Part - XLVII

    We now turn to the main features of the 7th NFC Award. After agreeing to a set of issues that the NFC were to consider, working groups were...

  • March 19, 2019

    Economic reforms: Part - XLVI

    The next NFC was constituted on July 24, 2009. It was in the backdrop of a major political transition. The decade-old military rule, directly and...

  • March 12, 2019

    Economic reforms: Part XLV

    Returning to our series on economic reforms, we now discuss the Musharraf Award of 2006. This was in some ways comparable to the awards given by the...

  • March 05, 2019

    Continuing challenges

    With the close of February, eight months of the fiscal year have been completed. The emerging numbers for this period are not very encouraging....

  • February 26, 2019

    PBC: an appraisal

    The government has launched a new scheme for mobilisation of foreign exchange resources – the ‘Pakistan Banao Certifications ’ with maturities...

  • February 12, 2019

    Economic reforms: Part - XLIV

    The 1997 NFC Award was not too old before another military intervention led to the imposition of emergency in the country and disrupted the work of...

  • February 05, 2019

    Distressing trends

    The opportunity of mid-course economic correction provided by the second mini-budget was missed. Accordingly, it seems no significant corrective...

  • January 29, 2019

    The mini-budget

    For more than a month, there was a clamour over the arrival of yet another mini-budget, the third fiscal effort in the fiscal year. Curiously, when...

  • January 22, 2019

    Economic reforms: Part-XXXXIII

    The 1990 NFC made another curious recommendation, which was not part of its original TORs, but based on a reference made by the Council of Common...

  • January 15, 2019

    Elusive economic stability

    Taking a break from our series on economic reforms, let’s reflect on some important developments affecting the economy. Few data announcements...

  • January 09, 2019

    Economic reforms: Part – XXXXII

    Continuing our discussion on the NFC Award of 1990, the provinces demanded a significantly larger share of the divisible pool, and more. They wanted...

  • January 01, 2019

    Economic reforms: Part-XXXXI

    The 1975 NFC Award was the first under a constitution made by a constituent assembly after Independence. Unfortunately, the democratic process would...