An IMF-guided budget
Amid its preparation for its 24th IMF programme, the Pakistan government presented an IMF-guided budget for FY2024-25 in June. The crux of the budget is to keep the primary balance…
Tax expenditure as subsidy to elites: myth or reality?
In the last ten or so years, economic issues and tax collection by FBR has been brought increasingly under focus. Matters that were previously discussed in economic and policy circles…
Beyond the IMF deal
Pakistan has signed a fresh nine-month stand-by agreement (SBA) with the International Monetary Fund (IMF) worth $3 billion in a last-ditch bid to avoid sovereign default. The agreement at the…
Energy sector reforms — I
My previous op-ed, summed up Pakistan’s gas supply position vis-à-vis the current demand, prevailing geo-political context, international spot-market under which Pakistan functioned over the last 4 years and the much…
Mr Dar and the Triple-C challenge
The ‘Triple-C’ crisis (Covid-19, conflict, and climate change) is giving sleepless nights to finance ministers worldwide. Let me explain why: Take Covid-19 first; the global economy shrank by around 4.3…
Petrol, people and policy
The ‘tough’ and ‘bold’ decisions that this government was being urged to take are finally here. In fact, ‘shock therapy’ would be the more appropriate term to describe the government’s…
Petroleum price conundrum
A visibly agitated Finance Minister Miftah Ismail gave one press conference, addressed the All Parties Economic Recovery Conference and was a guest in at least five talk shows on Tuesday…
Should the SBP hike interest rates again?
The State Bank of Pakistan (SBP) is due to announce its next monetary policy statement (MPS) on July 7th, 2022. Recent surveys show that the vast majority of market participants…
Should the SBP hike interest rates again?
The State Bank of Pakistan (SBP) is due to announce its next monetary policy statement (MPS) on July 7th, 2022. Recent surveys show that the vast majority of market participants…
Budget FY23 and IMF’s programme
“Among the most difficult problems faced by developing countries is that of balancing a budget that is swollen by the cost of development. This problem is enhanced both by the…
