Credit and social capital
One of my friends runs a small-scale business. His business is located in the older part of Rawalpindi – in a place popularly known as purana shehr. While the outlines…
Public debt management
When the present government started its term in June 2013, it inherited challenges like large fiscal deficit, rising debt burden, unfavourable balance of payments, low foreign exchange reserves, poor growth…
Pakistan stock exchange: a quantum leap for pakistan’s capital market
On January11, 2016, the three stock exchanges of Pakistan will merge to become the Pakistan Stock Exchange (PSX). The unification of Islamabad Stock Exchange (ISE), Lahore Stock Exchange (LSE) with…
Micro managing capital markets?
The Securities and Exchange Commission of Pakistan (SECP) issued a circular on April 13th 2015 directing the stock exchanges, National Clearing Company of Pakistan (NCCL) and Central Depository Company of…
The problems with capital markets
The way capital markets declined in February and March this year, it was thought as it may be a repetition of the 2008 crisis. During this period, the KSE Index…
Economic management
Last week I was in Muzaffarabad, presenting a medium-term outlook for the economy at the strategic offsite meeting of one of Pakistan’s largest banks. The views from the conference room,…
Flawed economic management
There have been four developments in FY14 on the balance of payments front that have been paraded by the Ministry of Finance as indicators of its success in economic management.…
For a stable exchange rate
The recent appreciation of the rupee, despite weak fundamentals, is becoming controversial, with the same interest groups first extolling it as an outcome of good financial management and now complaining…
Improving fiscal management – III
Period from 2008-13 was adjudged as 'financial hara-kiri' by some economists35. "Never in the history of this country has the nation seen such a fiscally irresponsible government. They have maintained…
Pakistan’s foreign exchange earnings
If one is to extend appreciation to any one (individual or group of people) for saving the Pakistani economy from complete collapse it is not our finance ministers from Dar…
