Stories about economy

Pakistan’s economy: Rising through the storms

In Pakistan, the financial year ends on June 30th. However, since the conventional year is about to end, we look back at how the new government fared at handling the economy and also make some policy prescriptions along the way. The incumbent government is being judged rather harshly on its performance in the first few months. Let’s just make this clear: there is no silver bullet that could end Pakistan’s economic woes within 100 days. Given that the government has inherited a ‘broken’ economy, I’d say that they have performed quite well. A common way to find out how well a country ...

Read Full Post

Real estate, the new mafia: How can we fix Pakistan’s housing market?

The new Pakistan Tehreek-e-Insaf (PTI) government’s priority is housing. Providing five million houses would certainly pick up the economy since around 40 industries would be throttled up to meet the demands of around five million houses. This is indeed commendable. Even though the target of five million houses seems a bit far-fetched, one could argue that setting up a lofty goal would actually keep the government on its toes. Even achieving a small percentage of the mighty five million would be a relief for the homeless and relevant industries. For the purpose of land for this scheme, government is eyeing ...

Read Full Post

Is Saudi Arabia “taking over” Pakistan?

Earlier this year, when the election campaign in Pakistan was running at fever pitch, I found myself listening to an old classic by The Who. The song was Won’t Get Fooled Again and the line that got me pondering was “meet the old boss, same as the new boss”. I shuddered when I heard this line while watching parties push their candidates. It was literal horse-trading as politicians scrambled to capture the number of seats required to secure the government for themselves. We are barely a few months into the new government and people are already questioning and debating the current government’s decisions. For example, take the ...

Read Full Post

Should Saudi Arabia be a part of CPEC?

From the word go, the Pakistan Tehreek-e-Insaf (PTI) government has been under a heavy burden of expectations from all sides. As a result, they are trying to satisfy every front as quickly as they can. However, it seems that this is proving to be too much for them and they are creating all sorts of confusion. China-Pakistan Economic Corridor (CPEC) is one such project where this confusion is still brewing. Recently, news has been circulating that Saudi Arabia will be joining CPEC. It is still unclear what role they would play, whether they will be a strategic partner, an investor ...

Read Full Post

For how long will you blame the previous government for your failures, PTI?

It has been only seven weeks since the Pakistan Tehreek-e-Insaf (PTI) government took over the reins of the country and it is already evident that the government, especially its finance minister, has no clue of the direction the economy is taking. It is, of course, the fault of the PTI leadership, who brainwashed its followers into believing that Imran Khan could change the face of Pakistan by eliminating corruption and recovering the looted money immediately after winning the elections. Perhaps the slogans were deliberate; Imran and his associates knew that it was impossible to achieve so much in such a ...

Read Full Post

From ‘unity, faith, discipline’ to ‘faith, faith, faith’

“O, what a fall was there, my countrymen! Then I, and you, and all of us fell down, whilst bloody treason flourished over us…” These enduring words of Shakespeare describe best the cruel hand dealt to Pakistan, by internal and external forces alike. One is filled with an innate feeling of dejection when one observes how with the passage of time, our societal ethics and standards tumbled in almost all walks of life. Pakistan is amongst the few unfortunate countries that have regressed, not progressed, with time. Let us start with governance. We all have read the bleak history of the ...

Read Full Post

They say the gas price hike will not affect the common man, but that’s not true

At no other time in Pakistan’s recent history were people’s expectations as high as they were after the 2018 General Elections. The Pakistan Tehreek-e-Insaf (PTI) chief and his associates had practically promised the moon to the masses in their pre-election campaign. Murad Saeed had even guaranteed that half of the $200 billion in foreign bank accounts of corrupt Pakistanis, would be brought back within two days after the formation of his party’s government. But Imran Khan rewarded this fake degree holder and miracle man (who had allegedly given and passed three exams in just half an hour) by making him ...

Read Full Post

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 ...

Read Full Post

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 ...

Read Full Post

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 ...

Read Full Post