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Fair elections and economic stability

“Gross financing needs are very large, mostly due to large debt service payments, while external market financing has dried up. Confidence is weak, and credit rating agencies have downgraded Pakistan…

Shortfall in revenues

The last financial year witnessed a record performance by the FBR (Federal Board of Revenue). Tax revenues increased by almost 30%. Consequently, the FBR tax-to-GDP ratio went up significantly from…

Breakdown of external economic relations

The fact that Pakistan is currently operating under an IMF (International Monetary Fund) programme, under the Extended Fund Facility (EFF), should have been a source of comfort to external sources…

The pledges versus reality

Pakistan at present not only requires 36 to 42 billion dollars (the former figure cited by the International Monetary Fund (IMF) in its seventh/eighth review documents and the latter by…

Burgeoning fiscal deficit

The information on fiscal operations during the first three quarters of 2021-22 has been released recently by the Ministry of Finance. The financial position of the Federal government appears to…

Caretakers and the economy

Caretaker Finance Minister Shamshad Akhtar took oath on 5 June, and, reportedly, began work the same day. There is little doubt that, unlike Ishaq Dar and Miftah Ismail, she is…

Can Pakistan outgrow IMF?

The handful of decision makers in the Ministry of Finance maintain that Pakistan cannot possibly meet its debt obligations without the International Monetary Fund’s (IMF’s) 6 billion dollar thirtynine-month Extended…

Pakistan’s tryst with the IMF

Second chances are rare. Pakistan has had innumerable chances of participating in loan programmes supported by the International Monetary Fund (IMF). But this is half the truth. Most of the…

Performance review

Bringing in an era of good governance was one key component of the PTI election manifesto. After coming to power, PM Khan recruited two stalwarts in their field – Shehzad…

The game plan

A real challenge for Pakistan’s economy today is one of dynamism – the capacity to generate new ideas, products, business models and production techniques, and diffuse them quickly through the…