Tuesday, April 7, 2020

Pakistan to add IMF soon…

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Muzammil Aslam
Muzammil Aslam
Muzzammil Aslam has over 15 years of experience in the fields of Economics, Equity Research, Business Development and Financial / Capital markets. Worked as Ex- Chief Executive Officer, EFG Hermes Pakistan Limited. Heading brokerage and inter-bank business and company affairs. He was engaged with KASB Securities Ltd. as Head of Business Development from 2004 to 2009 and with JS Global Capital Ltd. as Head of Business Development and Head of Research from 2009 to 2012. Thereafter, he has been managing his own economic research consultancy firm "Emerging Economics Research". Further, his work on economics has been actively pursued by key government institutions. By qualification, Mr. Aslam holds Bachelor of Commerce and Master of Public Administration Degrees from the University of Karachi, MAS Degree in Economics from Applied Economics Research Centre, University of Karachi and Master of Science Degree in Economics from the University of Bath, United Kingdom. Contact: [email protected]
While the Economic Reform Package will take front seat on Jan 23rd, Asad Umer will keep IMF considerations on priority. The recent actions by ECC, news headline by IMF representative on bailout negotiations, and the meeting of US Senator Graham from South Carolina with Imran Khan all drops a hint of IMF program announcement is around the corner.

Let’s discuss each hint closely:

1- Jan 15th ECC meeting 

Apart from conventional prescription of rate hike and exchange devaluation. IMF insisted on crackdown on money laundering, tax evasion and terror financing.

 

The PTI Government getting tough on money laundering, enforcing AML through SBP & SECP and in its last meeting introduced amendments in Import & Exports procedure of used imported car are highlighting Government seriousness to reduce black economy.

 

Even in the upcoming budget, the Finance Minister has labelled it as “Economic Reform Pacakage” aim to reform taxes, encourage to harmonise Saving & Investment. Hence improving productivity growth and discourage consumption.

2- IMF Communication Director Gerry Rice unveiled that the talks are still underway with Pakistan 

In news report published in Business Recorder, quoting Gerry Rice, that IMF staff is still in discussion with Pakistani Authorities on Policy priorities for sustainable and inclusive economic growth.

 

Asad Umer in his last media talks also mentioned the same that talks are going on with IMF. As soon as IMF decides to ease its conditionality’s we will enter into IMF program, mentioned Asad Umer.

3- US South Carolina Senator visits to Pakistan

Graham South Carolina based Senator is currently on Pakistan visit and met Prime Minister Imran Khan.

 

He gave very positive input regarding his meeting with Imran Khan.

 

Adding a note Graham said “With Prime Minister Khan we have a unique opportunity to change our relationship”.

 

A previously transactional relationship, based on rewards for services rendered, should be replaced by “strategic engagement”, including a free trade agreement.

Hopefully, better ties with US will fetch us convenient IMF program.

 

Muzammil Aslam
Muzammil Aslam
Muzzammil Aslam has over 15 years of experience in the fields of Economics, Equity Research, Business Development and Financial / Capital markets. Worked as Ex- Chief Executive Officer, EFG Hermes Pakistan Limited. Heading brokerage and inter-bank business and company affairs. He was engaged with KASB Securities Ltd. as Head of Business Development from 2004 to 2009 and with JS Global Capital Ltd. as Head of Business Development and Head of Research from 2009 to 2012. Thereafter, he has been managing his own economic research consultancy firm "Emerging Economics Research". Further, his work on economics has been actively pursued by key government institutions. By qualification, Mr. Aslam holds Bachelor of Commerce and Master of Public Administration Degrees from the University of Karachi, MAS Degree in Economics from Applied Economics Research Centre, University of Karachi and Master of Science Degree in Economics from the University of Bath, United Kingdom. Contact: [email protected]

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