The existence of effective rule of law is the keystone in a society's development, accountability, and equity, as it reduces crime, corruption, poor governance, poverty, illiteracy and discriminations in general. The World Justice Project (WJP) has been issuing data on rule of law through its WJP Rule of Law Index since the last five years.
And you thought the China-Pakistan Economic Corridor is the only game changer in town. Think again! For a housing boom is waiting to happen, if and when the Finance Minister Ishaq Dar decides to go ahead and announce the much delayed housing policy.
If it had not been for perishable food price cycle which seems to have reversed of late, month-on-month inflation would have stayed flat. Food inflation was almost entirely responsible for the 0.76 percent month-on-month change in inflation numbers for May 2015. More than three-fourth of the month-on-month CPI increase was caused by perishable food items.
The local government elections of 2015 in Khyber Pakhtunkhwa were a mammoth exercise. This election was much more comprehensive than the last such exercise conducted in 2005. Back then 12,818 seats were contested in 986 union councils.
Federal Budget FY16, the government's third fiscal budget, is about to be announced this week, and from all the pre-budget talks and information divulging activities, it looks like the government will have to move onto the next level i.e., from macroeconomic stabilization to kick starting the stagnant growth spell. An indication of this comes from the growth level of around 5.5 percent proposed for the next fiscal year.
The interim report of the Tax Reform Commission (TRC) was much celebrated in these columns last week. But at the end of the day any commission is as good as the terms of reference given to it. As one can see in the box here, the terms of reference given to the TRC pertain mostly to the nuts and bolts of the system.
Whenever international oil prices shoot up, they unleash havoc on the Pakistani trade balance. When oil prices collapsed, the country’s economic managers had exuded confidence that the opportunity would be capitalized by taming the wild trade deficit. Yet the benefits of the era of soft commodity prices have not accrued commensurate benefits in the current fiscal to date.