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The number of mafia operating in Pakistan can be easily ascertained from the newspapers of Pakistan. They reap the economics of advertisement these days. The electronic media enjoys the benefits of paid advertisement by the political party in power. But these are ancillary income enjoyments by the various players in the system. One way to see this in an unemotional way is to study this mafia in other countries. Our PM's visit to the Turkmenistan and Kyrgyzstan [he sturdily avoided Kazakhstan because of certain bloomers that were made the last time a Pakistani politician went to this particular country]. These Central Asian countries were making the transition from socialism/communism to capitalism and I found myself in the midst of this for I was a consultant from FAO on the rural economics of these states. What I was to learn practically I was to deliver in theory to the students of the Fatima Jinnah Women's University, Rawalpindi where I was asked to teach a course on transitional economics. So practice and theory were alternating in these lectures. In virgin economics it allowed me to see how mafia develops. The newspapers are also a source of information wherein all these crony capitalism companies are found to be advertising, appealing to the government to put the consumers at peril. Any protection methods that are taken the price increase to the consumer is directly proportional to twice the amount. Thus in the early seventies when the textiles were protected in three digits the cost to the locals were twice the amount of that protection. Textiles were smuggled in to the country. In corporate social responsibility (CSR) the country refused to go to as consultant was Turkmenistan and for very sound social reasons. The right to speech was restricted and in fact dealt with severely. But we have strayed from the issue at hand. Pakistan has been instrumental in dealing a near death knell to the poorest of the poor. Let us look at the fertilizer mafia. The only person in the political system that understood this was President Sardar Farooq Ahmed Leghari. The pattern followed by President Zardari was an open liberal one while that by Shaheed Benazir Bhutto was a total confrontational one. What will be the policies of PML-N and Nawaz Sharif is still to be declared but from what one can glean from the press it will be what former governor of State Bank Ishrat Husain called 'an action by the elitist state'. The less said about the current ones the batter for their policy is openly urbanite and industrial. Fair enough. At least they do not make any qualms about it. The latest cut in interest rate is considered to be essential for local investment. Governor Ishrat Husain did the same and found that the results did not justify the means. There was economic squandering as a result. Where the industrial sector has had subsidies and crutches to walk on [provided by the government] the idea of economic incentives is disastrous. The entrepreneurs have not come through the market system and therefore lack the competitive abilities.

The mundane pedagogy of free market fundamentalism, summarised in the domestically revered slogan, "It is not the governments business to be in business", appears to be reaching its zenith in recent time in Pakistan. Even panoptic politicians, mesmerised by the panache of capitalism, are unable to comprehend the apocalyptic message for their profession; but let's leave them guessing, for in any case the capricious movers and shakers are hardly intractable.
As sunset falls on his private island in the South China Sea, entrepreneur Lin Dong likes few things better than to lounge on a hammock strung between two trees as waves lap the shore. "I don't like noise, and I'm not a fan of the pollution in crowded cities," he said. "The island life suits me much better". Lin made his fortune after founding a medical equipment company and is one of a small but growing number of wealthy Chinese acquiring their own islands.
"According to reports National Accountability Bureau will file another reference against the Raja."
Image"If we want lower taxes for growth, then spending must be curtailed so that governments won't need so much money. The next time you hear a politician promise another tax break for some special group of taxpayers, think how much that hurts the economy and you as a taxpayer. It's time to simplify the system and reduce its onerous impact that undermines economic growth"-Jack M. Mintz, the Palmer Chair of Public Policy, School of Public Policy, University of Calgary, Canada.
Greece's government will likely scrape through a debt payment next week but has only a short window to overcome wide differences with creditors before the spectre of default returns. The government is talking up chances of an aid-for-reform agreement before a roughly 300 million euro payment falls due on June 5 to the International Monetary Fund, which along with the euro zone funds Greece.
The stench of rotting dog corpses used to waft through Mauro Quintanilha's Rio slum home. Outside stood a towering mound of detritus of every size and shape. It took a decade and lots of help from volunteers, but Quintanilha moved that stinking mountain. Now, where all the rot once piled up is a park with birds, butterflies and even monkeys. For his trouble, he has won a top international prize for urban renewal. "At the start, people thought I was crazy. They made fun of me," Quintanilha, a 55-year-old percussionist, told AFP.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln