Stories about economy

Can PTI’s mini-budget get the economy out of the ICU and into the ‘recovery room’?

Pakistanis love to bash politics and politicians whenever they face any problem. Slogan after slogan, martyrdom, militarism and affluent status quo is what three generations of Pakistanis have seen. So when Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) claimed to make policies focusing on “uplifting the lower middle class”, even the PTI voters were somewhat sceptical. Alas, critics can be shushed, the mini-budget is out and looks like PTI may have delivered what it promised. Before the official mini-budget announcement, many people were criticising the government for its decision to raise gas prices and income taxes, however, they did not see ...

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A pizza-less Naya Pakistan: Cheese, the greatest villain in Pakistan’s economic tragicomedy

In the same month that the country discriminated against one of its economists for his religious beliefs, our cheese imports appear to have come under jeopardy. Coincidence? Certainly none of us expected karma to come knocking at our kitchen door so soon. When the Economic Advisory Council (EAC) assembled a few weeks ago, cheese was not expected to be revealed as the greatest villain in this economic tragicomedy. The session was held to discuss ways on how to avoid another International Monetary Fund (IMF) bailout. No, 15th time is not the charm! It was in this session that an economist – who ...

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Dear Imran Khan, I understand why Atif Mian had to go

Dear Khan sahib, I am a fan and have been for some time now. I was a fan when you played cricket, I even became a journalist defending you some 31 years ago. A letter was published where a lady named Parveen Akhtar criticised you for wearing a hat at the Ascot races. Being an idealistic teenager, I wrote back defending you, my letter got published and the rest, as they say, is history. But then again, nothing in life is happenstance. Hence, here I am writing a letter to you, not just on my behalf but also on the behalf of ...

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For PM Imran Khan: A guide on how to fix the unfixable

There is a new sense of optimism in Pakistan. Many in the country are looking to the government of Imran Khan to reform the way the country works and put it back on the track of development and prosperity. The new government has signalled a willingness to think outside the box. This means trying to do what has not been done before. It means going against vested interests, the ‘rent seekers’ who have used their influence to accumulate power and enormous wealth. And finally, it also means going against established international ‘norms’ of behaviour as defined by the ‘Washington Consensus’. First ...

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The $$$ conundrum: Why are currencies around the world depreciating against the dollar?

For the past few weeks, there has been an ongoing verbal war between the American President Donald Trump and Turkish President Tayyip Erdogan. The former has been pushing for the release of American Pastor Andrew Brunson from Turkish prisons. Brunson has been imprisoned in Turkey since 2016 on charges of aiding a Turkish coup against Erdogan, which was ultimately unsuccessful. Additionally, in his drive to make America great again, Trump has imposed sanctions and tariffs on Turkish imports. Consequently, there has been a drop in the value of the Turkish lira against the US dollar. President Erdogan has taken full advantage of the ...

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‘Tis the season of sacrifice: No, we don’t want to come to work on the third day of Eid!

Eidul Azha is next week, and with our government recently announcing Eid holidays, citizens of Pakistan are unhappy, to say the least. The four-day break has been cut down to three days, making the Eid break range from Tuesday to Thursday (August 21-23) in its entirety, and the third day of Eid being a working day. Many citizens have voiced their concerns over this rather strange and abrupt holiday announcement, and rightly so. Retweet kar k iss notice pe laanat bhejein. #NaManzoor pic.twitter.com/v7YziRwTCH — Shahrukh (@shahrookhh) August 15, 2018 All across the world when people celebrate major occasions, holidays are given accordingly. The best example ...

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In the US-China trade war, Pakistan and the global economy will be the casualties

The year 2017 ended on a positive note, with some major economies leading the “broadest synchronised global upsurge since 2010”, according to the International Monetary Fund (IMF). Markets reacted positively to the improved global economic outlook, giving rise to a flare of optimism in the investor community. Halfway through 2018, however, and the global economic scenario now paints a different picture. China just lost its spot to Japan for the second largest stock market in the world, amid rising tension over the trade war concerns between the two major superpowers. Donald Trump seems to be on board to fulfil his promise ...

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Unable to get your desired band score in IELTS? Fret not and follow these tips!

One late evening, a student came down to my office, wanting to join my International English Language Testing System (IELTS) class. This young lady told me how she had given her IELTS for the second time but she knew her performance was not upto the mark and hence, she was not expecting the band score she required; despite paying Rs54000 for the course itself. On the day of the exam, she woke up at 5:30am, and had a healthy breakfast with a mug of coffee to make sure she wouldn’t feel drowsy in front of the speaking examiner. However, I could see ...

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70 years of Pakistan and two successful elected governments – should we celebrate democracy?

Democracy is a system of procedural consistency, which is perhaps why the reason Pakistan has failed to strengthen its democracy over the past few decades is because it has been marred by inconsistencies. As the government fulfils its five-year tenure once again, we see the emergence of a new dawn, something unimaginable even a decade ago. For the first time in our 70-year history, two democratic governments have successfully completed their entire five-year terms and engaged in a smooth transition. It has become a common habit for people to criticise our “desi democratic principles”. And why not, they ask? ...

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Is China making Pakistan a client-state with its ‘debt-book diplomacy’?

In Pakistan, China is the most active and positive economic force. So much so that continued cooperation between the two countries is supported by virtually all sides of this otherwise deeply divided country. Everyone from the Taliban to the secularist military leaders view Chinese investment as a boon to the country, the main source of job creation, and, in all truth, the most promising source of kickbacks for themselves. It certainly is the case that the infrastructure projects part of China’s One Belt One Road (OBOR) initiative are the most significant economic development stimulus in the economically underdeveloped country, and the ...

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