Published on April 15, 2008
in Economy.
I am posting a press note that was issued a couple of weeks ago against the proposed sale of Saudi-Pak Commercial Bank. This note claimed that the proposed sale would be in violation of Pakistani laws and the Constitution. It does a good job of detailing all the possible violations. However, below you will find a response to this press note from a gentleman who has worked on the transaction and feels that the commercial and other benefits to the nation are much bigger than the legal violations.
In my opinion the legal violations are compliance issues and can simply be complied with to avoid any future problems. If the Government doesn’t want another Steel Mills case, they should make sure they comply with these requirements. Obviously, the argument that it would be greatly beneficial to the Government if this enterprise is sold for such a high price is also strong. But nobody is above the law, regardless of how beneficial or useful a transaction might be. Continue reading ‘Proposed Sale of Government Owned Saudi Pak Commercial Bank’
Published on June 14, 2007
in Economy.
This article appeared in the Wall Street Journal. Finally some encouraging news.
Pakistan’s Stock Boom
Rally Rolls On Despite Political Woes
Pakistani President Pervez Musharraf is caught in a political maelstrom as an election looms and popular criticism of the military-installed leader mounts. Yet Pakistan’s stock market is soaring to record levels.
Continue reading ‘Pakistan’s Stock Boom: Finally some good news’
This is an old article, but is quite relevant to the often cited economic boom in Pakistan. It looks at the Pakistani economy from the point of view that we, at MicroPakistan, are trying to bring to light. The article scratches the surface of rhetoric about the positive macro-economic indicators and points towards the principle of social injustice that is visible on the streets of Pakistan today. At the end of the article I am posting a comment that was sent to me on an email forum. It argues, conversely, that even if there is a lag in the benefits filtering down to the people as a whole the ‘rising tides raises all boats on the sea’.
Symbols of troubled times
Kamila Hayat
The News, January 11, 2007
Along most major roads in Lahore and other cities, there are giant billboards advertising various products. The boards show happy, obviously prosperous people — joyfully enjoying new electronic gadgets or munching food items of various descriptions.
As the bitter-cold January evenings fall, with temperatures plummeting down to below freezing point, tiny fires can sometimes be seen lit under these towering boards. Around the weak flames in which scraps of wood and paper burn, small groups of people huddle — many inadequately dressed given the weather conditions.
They include the thousands of homeless people who live in every city, many having arrived from smaller towns or villages in a desperate search for work. Most among them will spend the night out of doors – along the pavements that run under the underpasses or under shop awnings. Some — particularly the old and the sick — will die, with the winter already having claimed 15 lives in the Punjab.
Continue reading ‘The Other Side of the Economic Boom in Pakistan by Kamila Hayat, The News’
