Dr Kamal Monnoo

  • Financial markets investors worry that the US is on the brink of an economic downturn as central bankers in Jackson Hole reaffirmed their determination to raise interest rates to bring inflation under control. Steve Hanke, a professor of applied economics at Johns Hopkins University, said that he ...

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  • We are being advised on how numerous economic landmines were left by the previous government and that the current knee-jerk economic measures by our managers are simply to avoid them, meaning unavoidable. Perhaps yes, but still some policies bely logic or are rather counterproductive and foolhardy, ...

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  • One keeps on hearing this mantra of how Pakistan desperately needs diversification in its exports and why it matters. For example, how the current basket is unhealthily skewed towards the textile industry and why its weightage in the overall export basket has to be reduced; easier said than done. ...

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  • It is ironic that while the political games continue the country is going through an economic meltdown. Whereas it may be important for the institutions to clarify constitutional and legal issues, perhaps at this juncture it is more important to first grapple with the economy—with a looming ...

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  • When I talk to business circles these days, the most commonly asked question is, ‘Are we headed for stagflation?’ I am pretty sure they find my response unpleasant because I tell them that it may have already arrived. Going by its definition, stagflation means a period of rising unemployment ...

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  • We now have the Shehbaz Sharif government claiming that an imminent default has been averted, the IMF is almost on board, friendly donor countries are once again turning sympathetic and the economy has finally been put in the right direction! While reserving any comments on the middle two claims, ...

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  • A lot has already been written by analysts and even by this author on the 2022-23 budgetary announcement, so I will not go into the nitty gritty of the numbers again and will instead focus on whether or not this budget sets the right direction for the Pakistani economy going forward. We all know ...

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  • Here we are, once again at a loss, as to what the present governmental dispensation really wants to achieve with the economy in theoretically about 18 months that it has at its disposal. We were not even finished moaning about a lack of holistic policy making by the previous government, and now ...

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  • On another level, the entire national financial dispensation needs to be looked at in a new light.The privatising of nationalised banks is yet another story of conflict-of-interest and rent seeking that the writer will touch upon some other time, however, the problem that we face today is that the ...

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  • Here we are, once again at a loss, as to what the present governmental dispensation really wants to achieve with the economy in theoretically about 18 months that it has at its disposal. We were not even finished moaning about a lack of holistic policymaking by the previous government, and now even ...

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  • Just to take a break from the mayhem at home, would like to celebrate the recent achievements of Stefano Giglio, a professor of finance at my Alma Mater, the Yale School of Management, whose work explores the impact of climate change on financial markets, won the Carlo Alberto Medal last month for ...

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  • Financially, these are difficult times for Pakistan and if we do not take the right measures urgently, the country could be on the brink of default; we have seen this happen in the neighbourhood in Sri Lanka. In addition to a new government, we also have a new acting governor of the central bank ...

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  • Having championed the cause of reviving State-Owned-Enterprises (SOE) for more than two decades now and since hailing from a private sector background, I am frequently asked how exactly to transform Pakistan’s SOEs, especially on a micro-management level. Before going into the details, it would ...

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  • The perils of uncertainty and a largely absent government! The seesaw in the Dollar–Rupee parity continues with no real explanation on the dynamics driving the conversion one way or the other; energy costs going forward could be anyone’s guess as there seems no clarity on the real forward ...

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  • Have the Pakistani interest rate hikes already gone high enough to push the economy into a recession? The answer, probably yes, as over the last two months the slowdown has been quite visible.Consumption is down almost 30 percent, retail month-on-month figures declined by almost 15 percent, a World ...

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  • The Russian invasion of Ukraine in February was the largest conventional military attack seen since World War II and can cause a global economic catastrophe. Pakistan has taken a neutral stance, born of its fast-evolving strategic partnership with Russia. This new found alliance being spearheaded ...

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  • The country’s economic managers are claiming that the economy is now at a sustainable growth trajectory and a post Covid pandemic turnaround stands well and truly achieved. Well, to be honest they have a fair point, as exports are growing and corporate turnovers and profits results are depicting ...

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  • Of late, I am often asked about how in reality is the state of Pakistan’s economy and does it suffice for the present government to simply blame things on its predecessors; also, how prudent is it to enter into the current IMF programme and what did Musharraf do to not only successfully see ...

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