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Ali Khizar

Opportunities in crisis
Markets

Opportunities in crisis

The exchange rate undervaluation is at levels last seen in 2001. Real interest rates were too high back then as well. The economy was struggling and the looming debt trap was the case. The situation is not much different today either. There were efforts t
Published 04 Aug, 2019 12:00am
Make cash holding difficult
Markets

Make cash holding difficult

Growing cash economy is becoming one of the biggest economic problems in the country, as it contributes towards looming domestic debt trap. The compliance of FATF is linked to documenting the economy, as cash instruments are used for terror financing and
Published 23 Jun, 2019 12:00am
Too much tightening not required
Markets

Too much tightening not required

The budget and medium term economic framework have two sides - fiscal and monetary. On the fiscal - main taxation, the direction is right and the policy paradigm shift is towards much needed documentation of the economy where both high tax collection and
Published 16 Jun, 2019 12:00am
It''s a long journey
Print

It''s a long journey

The basic framework of the budget is right. The efforts are to undo the impact of presumptive regime which was religiously followed by Dar. The policy direction is to reverse the impact of deindustrialization by reducing the duty on raw material and inter
Published 12 Jun, 2019 12:00am
It''''s a long journey
Print

It''''s a long journey

The basic framework of the budget is right. The efforts are to undo the impact of presumptive regime which was religiously followed by Dar. The policy direction is to reverse the impact of deindustrialization by reducing the duty on raw material and inter
Published 12 Jun, 2019 12:00am
It's a long journey
Print

It's a long journey

The basic framework of the budget is right. The efforts are to undo the impact of presumptive regime which was religiously followed by Dar. The policy direction is to reverse the impact of deindustrialization by reducing the duty on raw material and inter
Published 12 Jun, 2019 12:00am
It's a long journey
Print

It's a long journey

The basic framework of the budget is right. The efforts are to undo the impact of presumptive regime which was religiously followed by Dar. The policy direction is to reverse the impact of deindustrialization by reducing the duty on raw material and inter
Published 12 Jun, 2019 12:00am
Incentivize savings - now!
Markets

Incentivize savings - now!

Virtually all the economic targets have been missed, and by a large margin. Unachievable targets were set by the previous government, and then the incumbent's below average performance led to an almost embarrassing performance. The economy has shifted bac
Published 11 Jun, 2019 12:00am
Incentivize savings - now!
Markets

Incentivize savings - now!

Virtually all the economic targets have been missed, and by a large margin. Unachievable targets were set by the previous government, and then the incumbent's below average performance led to an almost embarrassing performance. The economy has shifted bac
Published 11 Jun, 2019 12:00am
Time's up for rent seekers - or is it?
Markets

Time's up for rent seekers - or is it?

This is arguably going to be one of the toughest budgets in decades. There are austerity measures to be taken both by government machinery and military by not increasing salaries and pensions. The more important elements are that the long used and abused
Published 09 Jun, 2019 12:00am
Complexities of taxation
Print

Complexities of taxation

"Everything should be made as simple as possible, but not simpler". Our taxation system complexities are required to be simplified, but at the same time, the coverage has to be broad based. The FBR is aiming a tall (next to impossible) target of 34-40 per
Published 02 Jun, 2019 12:00am
Stability in sight
Markets

Stability in sight

When the going gets tough, the tough gets going. That will be the situation of Pakistan economy in the months and quarters to come. Major chunk of currency and interest rate adjustments has been taken upfront under the IMF. Other steps on energy and taxes
Published 26 May, 2019 12:00am
Game time!
Markets

Game time!

The show began last week. The IMF press release could be deciphered in a few prior actions. One is the market based exchange rate, and that has been manifested in the last two days of week. The other two are on energy cost recovery, and promise of reducin
Published 19 May, 2019 12:00am
Currency depreciation was already on the cards
Markets

Currency depreciation was already on the cards

The writing was on the wall. Market was expecting dip in exchange rate as it is one of the supposed pre-conditions of the upcoming IMF programme. The dollar closed at 146.52 while the intraday high of was at 148. The surprising element is that it happened
Published 17 May, 2019 12:00am
Currency depreciation was already on the cards
Markets

Currency depreciation was already on the cards

The writing was on the wall. Market was expecting dip in exchange rate as it is one of the supposed pre-conditions of the upcoming IMF programme. The dollar closed at 146.52 while the intraday high of was at 148. The surprising element is that it happened
Published 17 May, 2019 12:00am
Beggars can't be choosers
Markets

Beggars can't be choosers

We are not late for the IMF by nine months. The need to go to the IMF started back in October 2016, when the current account starting slipping and some sane voices were raised at that time, but could not resonate. Had the government entered an IMF program
Published 12 May, 2019 12:00am
Integrated energy plan calling
Print

Integrated energy plan calling

The ongoing IMF programme negotiations are tough; and this is not because of any delays or mismanagement of affairs as proclaimed by a few. The truth behind the story is that the fiscal mess is at an unprecedented level, and within it, energy related subs
Published 05 May, 2019 12:00am
PM needs a watchdog, from within
Print

PM needs a watchdog, from within

Less than a year in power, there are significant changes in the federal cabinet, and now the majority of advisors around the PM are outsiders. The change became necessary as the elected representatives at key positions could not perform up to the mark, in
Published 28 Apr, 2019 12:00am
Dream over?
Markets

Dream over?

The cabinet has been reshuffled, and the champions of status quo are in full swing. The day the cabinet was formed and CMs of Punjab and KPK were announced, those who were hoping for a 'Naya Pakistan' got disgruntled, and waited for changes in right direc
Published 21 Apr, 2019 12:00am
Falling for predictions
Markets

Falling for predictions

Numbers are deceptive and forecasts are dangerous in unpredictable scenarios. Back in 2008, when oil prices were racing over $100 per barrel, forecasts of big global houses were approaching $200/bbl, a few months down the road prices nosedived, and the sa
Published 14 Apr, 2019 12:00am