The indictment of monetary policy
The Stand-By Arrangement (SBA) documents uploaded on the International Monetary Fund (IMF) website this Tuesday past, 18 July, added monetary policy mis-calibration to the risk assessment matrix – missing from…
The Fund strikes back
It didn’t take long for the IMF (International Monetary Fund) to red-flag the budget, did it? Just as feared in last week’s column, it still wants the government to “do…
Pakistan, and international global financial order
In the recently released report ‘Regional Economic Outlook: Middle East and Central Asia’ by International Monetary Fund (IMF), one of its comments on Pakistan’s economy was ‘For… Pakistan, policy interest…
SDR allocation, monetary tightening, inflation, and banking crisis
While the International Monetary Fund (IMF) continues to not provide a much-needed special drawing rights (SDRs) allocation, and instead pushes countries, including Pakistan, under its programmes to adopt austerity and…
Monetary-fiscal history of Latin America: lessons for Pakistan
Pakistan today suffers from significant macroeconomic instability, high inflation, a currency crisis and a risk of a sovereign bond default. However, the underlying issues which have caused its current crisis…
Pakistan – a perennial Fund borrower
Twenty-third Interna-tional Monetary Fund (IMF) programme, on average three year per programme, in our 75 years of existence, implies that only in six years was Pakistan not on a Fund…
Price stabilisation and extent of tight monetary policy
‘Today American policymakers face a stark choice. Either, they can fight inflation by continuing to hike interest rates to generate unemployment and bring down aggregate demand. Or, they can employ a surgical…
Monetary policy: chasing vs targeting inflation
The statement from Dr. Murtaza Syed, Acting Governor the SBP (State Bank of Pakistan) that monetary policy ‘will not risk creating economic recession to bring inflation down and real positive…
The FY23 budget and Fund approval
Pakistani administrations have become adept at presenting an annual budget to parliament with the required detailed documents (with respect to both projected expenditure and revenue), printed at considerable cost to…
Oil, gas prices: need for stabilisation fund
Oil prices go up and down. Now gas prices are also linked with oil prices. While lower oil prices go unnoticed and without affecting the economies of the developing countries…
