January 5, 2009

Goodbye Walton? Ahmad Rafay Alam

rafay-alamThis summer I was the lucky recipient of a very special birthday gift: a charter flight over Lahore. I recommend the experience to everyone, more so now, given the tale that is to tell.

While approaching the Walton Airport runway – Walton is Lahore’s original airstrip and is the home of the erstwhile Lahore Flying Club (est. 1930) – and about where our tiny single-propeller Cessna, the Suzuki Alto of the air, crossed Ferozepur Road, I noticed a very large ditch almost directly under the flight path.
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Higher Education Commission of Pakistan (HEC) winds up coordinating unit for lack of funds

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Higher Education Commission (HEC) has closed down a wing, meant for looking after projects that were to be implemented with the help of foreign support, owing to unavailability of funds, an official in the Commission said here Sunday.

The Federal Coordinating Unit, headed by Javed Masood, was established at HEC to supervise efforts for speedy completion of the projects regarding the setting up of engineering universities with the support of foreign countries including Germany, China, Italy and Austria.Read More »Higher Education Commission of Pakistan (HEC) winds up coordinating unit for lack of funds

2008: Pakistan economic events

January In the aftermath of Bhutto’s death

Following a three-day shut-down, the benchmark index, the KSE100 index, of the Karachi Stock Exchange fell 4.7 percent. The rupee fell to its lowest level against the U.S. dollar since October 2001. The stock exchange has a history of recovering after political unrest. The Pakistan Railways suffered losses of PKR 12.3 billion as a direct result of riots following the assassination. 63 railway stations, 149 bogies, and 29 locomotives were damaged within two days of Bhutto’s death. In the first four days after the assassination, Karachi suffered losses of $1 billion. By the fifth day, the cost of country wide violence amounted to 8% of the GDP.   Read More »2008: Pakistan economic events

State of the Pakistan economy: on the edge of precipice

Government’s real challenges are reducing fiscal and current account
deficit and increasing tax-to-GDP ratio
By M. Sharif

The year 2008 has passed into history leaving behind visible scars on the national economy, and the economies of the developed and emerging world. A cursory look at macroeconomic indicators of the country clearly indicates that gains made during the past seven years were lost during the year under reference. How, and why, all this happened and what will be its spill-over effects during 2009? These are some of the important questions that economists, financial analysts and managers of national economy will have to live with for taking corrective measures. The global financial crisis also took place during 2008 and has raised many Read More »State of the Pakistan economy: on the edge of precipice