‘Gaya’ Pakistan?
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Meliodas
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Mere bhai, autonomous ka matlab check krlo dictionary se phir Pakistan k laws parho k sbp ko autonomous hona chahiye k nai.
Aur government of Pakistan sirf "muqa nana" yani k Parliament nai hai, government is a broader term which includes sbp
Another thing about the publisher of article "business recorder" is that the owner has many stakes in banking sector including printing of cheque books to scanning them and most of it is taken through blackmailing and political pressure, once sbp is autonomous it won't be binding to continue with stupid regulations that keep this publisher in monopoly position in the banking sector.
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-blitzkrieg-
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Welcome back siddiqui
El Sidd
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Thanks
Irfan Baloch
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unfortunately this is hard to believe. the blackmailers and electables are never retrained they have continued to make money and move it as they please. these people are in PTi government, cabinet, advisors and business men as well.
in the first time of its history UK government returned Pakistan the money that was laundered outside of Pakistan and the shocking thing is that the money was returned to the Bahria town tycoon.
instead of getting money from previous looters our government is giving fines and compensations to third parties.
I have absolutely no faith in Pakistani state and its institutions and the political system. Imran is wasting time and his life here he needs to go back to charity work and glamour.
the Noon and PPP goons will do the same. its unthinkable for our slavish mentality to see anything bad among our leaders. alas the third option project has failed and Noon league and PPP look better.
AZ1
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So bring ppl who are not corrupt in pakistan if you able to find a single person.
And those who thinks ppp or pmln are better are not less than corrupt ppl if you come to know about their background.
Ppl are corrupt within PTI and even when they got caught they go to court for stay order or even judges are corrupt along with whle court example.lahore court.
You cant think one man can single handed correct whole country.
It took 30 or more years to make pakistan like it is today so it may take another 20 years to correct it there is no magic here.
GumNaam
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you guys are confusing an autonomous state bank with a private state bank like the u.s. federal reserves bank or the bank of england...those independent banks and the us/british governments have no control over them. autonomous banks are not the same thing, they are independent much like how the supreme court is independent...that means that they still have to function within the law and are controlled by the law unlike the federal reserves bank or the bank of england who are literally above the law and can get away with sheer murder!
^^^ this guy is a die hard Islamist & a borderline jihadi and even he feels that there at proper checks & balances in place. you guys are over reacting for no reason.
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From reports in the press, the State Bank of Pakistan Amendment Bill, 2021 seems to be an Enfield rifle, greased with pig fat that the nation will be asked to chew on. If we do not act to stop its passage by parliament, by whatever it takes, then we can say farewell to a free and sovereign Pakistan. This may well be our 1857 moment.
The State Bank is the financial agent of the government and is the banker to all banks. As the banks’ banker, it regulates and intervenes in the market for money (rupee and foreign currencies). As the government’s bank, it holds public funds and lends to (or withholds money from) the government, when it is needed.
It is the government’s credit card. Just as a parent takes away the credit card of a teenager who misuses it, the IMF has finally succeeded (after some three decades of persistent efforts) in persuading the government to surrender its credit card. To whom? Not to the people of Pakistan, to whom it belongs in a democracy. But, following the by now well-established practices of servitude, to a State Bank management, nominally appointed by government but substantively by the IMF.
The case for an independent central bank is both political and economic. The central problem of politics is the establishment of a just government, under law that answers and caters to all the people. Unlike England and America, we have failed at this. Yet, we tend to mimic their practices, without realising that we don’t possess the institutions that enable their success in those countries. There, the centuries-old customs of the people, embodied in common law, were finally established by beheading a king who held himself above the law (Charles I, 1649) and fighting a war to stop paying taxes to a foreign power (the American Revolution, 1775-1783).
In Pakistan, instead of the rule of law, the law of the ruler prevails. Moreover, having stepped into the shoes of the British, the ruling oligarchy regards the people as inferior aliens, and all politics is a catfight over the diminishing spoils of tyranny. Democracy in Pakistan is lawless rule, over the people, by an oligarchy, for its bankers. This is the fundamentally different reality which can make what is good for England or America, disastrous for Pakistan.
In England and America, those for and those against central bank independence can both assume that there is an infrastructure of law and parliamentary oversight that restrains both the central bank and the government from acting against the public interest. The debate on central bank independence is therefore a debate on whether, additionally, the public interest is better served by parliamentary or by governmental oversight of the central bank. This isn’t the case in Pakistan, where if the government does not oversee the State Bank, then no law or authority can hold it accountable.
Our political problem is that we haven’t been able to make any laws that can restrain the powerful. Members of parliament, instead of looking after the people they ostensibly represent, seek to enrich themselves and emigrate abroad. The pickings are so good that they have recently passed a law allowing foreign (dual) citizens to represent the people of Pakistan. Like the rest of government, the commanding heights of finance are all occupied by individuals who aren’t accountable to the people and will be on a plane out of the country at the sound of a loud firecracker.
In this situation, the fact that representatives of the people must periodically seek votes to get elected is the thin string by which hangs the semblance of tolerable government. The amendment proposes to slice this string further by placing the State Bank beyond effective accountability to the people. This would be a giant political step backwards.
What about its economics? The economic case is made in two steps. First, the case is made that the government, by forcing the central bank to finance excessive budget deficits, creates inflation (which undermines monetary stability and sustainable growth). Second, it is argued that this problem can be solved by granting independence to the central bank. This is bad economics as well.
While excessive government spending does contribute to inflation, two things are true in Pakistan that aren’t in England or America. One, it is interest payments on domestic and external debt that are the largest and fastest growing component of government expenditure. They will not be contained by making the State Bank independent (nor, by raising interest rates). Two, it isn’t excessive government demand for goods and services that is causing inflation. It is being caused by rising import prices, shortages of production capacity and supplies, and by monopolies and oligopolies in key markets. Will an independent State Bank lead to lower sugar prices or electricity tariffs? It is the wrong solution, albeit for the right problem.
It isn’t just bad politics and wrong economics to make the State Bank autonomous of law and government, it is also a national security risk. The government does waste money; but from time to time, it must also incur unavoidable expenditures of the highest priority. In times of peace, does it help that the government’s external reserves and revenue receipts are held by an institution that monitors the government’s financial transactions for foreigners, by explicit agreement? And if war is thrust upon us, would we be able to defend the country better when the entire top financial management of the country would have flown out to their actual homes abroad at the first sound of gunfire? Think about this.
The problems that central bank independence seeks to address must be solved on a priority basis. But both logic and experience demonstrate conclusively that the generic, one-size-fits-all solution proposed — central bank independence — will not work. We all know it won’t work. It would only formalise in law our quasi-colonial debt-servitude, which is the real problem. If the government doesn’t withdraw the legislation, then common citizens must fight to stop it or say farewell to Pakistan. It really is now, or never.
(The writer has served as a senior economist with the World Bank and as the chief economist of the government of Pakistan)
BR-ePaper | Mar 25, 2021 | Page Opinion and Editorial Page 10
epaper.brecorder.com
A FOOLISH ASSUMPTION ...
muhammadhafeezmalik
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Ab yeh dono chizain bhi free koi nahin lene wala, PIA and Steel Mill
Government had paid Rs.20 billion for golden shake hand of employees of Steel Mill and same scheme is under consideration for PIA employees.
If anyone is in doubt, he should check online that 95% of the seats on the flight from Islamabad to UK and 90% from Lahore are full. Where is PIA in all this? The nonsense that came out of his mouth made the whole airline stay at home while British Airways and Atlantic are making money with both hands.
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S.Y.A
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why dont you reply/respond to the issues raised by him instead of going on the usual rant about ppp/pmln, corrupt/non-corrupt? do you DENY that whatever he has posted is the truth? or are you DEFENDING corruption and aiding of the corrupt and criminals by PTI just like noonies and jiyalas do for their parties?
The only issue here is that there are no checks and balances, no accountability, whatever steps the SBP takes, it cannot be questioned, even if it is against the interest of the country.
Mav3rick
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Although that I understand everyone posting here, and on these forums, as they are doing exactly what PML supporters were doing in the previous Government, PPP supporters were doing in the Government before that and MQM supporters have been doing routinely. Blind followers of political parties, blind followers of personalities, blind followers of establishment.....basically all round blind followers.
However, how can anyone, be it PPP supporter, PML supporter, evergreen MQM supporter or even the extreme of the cases, a PTI supporter, ever justify giving someone, anyone, total and absolute immunity from accountability? Are we introducing a Kingdom or a King of the Central Bank including Knights of the round table (Executive Directors) who will wield absolute authority without the threat of accountability by NAB, FIA or any parliamentary body etc.?
How will this benefit Pakistan in anyway at all? How is immunity beneficial for Pakistan? Why shouldn't there be an accountability of the performance of the Central Bank and even criminal conviction, where needed? And even before anybody thinks of justifying, all committee powers reside with the chairman of the board who again is the Governor, so would any Governor allow investigations against himself or any partner in crime? Furthermore, the Governor and his deputies would serve a full 5 year tenure without hinderance or removal, even if they nip the economy into the ground. How does this serve our interests?
However, how can anyone, be it PPP supporter, PML supporter, evergreen MQM supporter or even the extreme of the cases, a PTI supporter, ever justify giving someone, anyone, total and absolute immunity from accountability? Are we introducing a Kingdom or a King of the Central Bank including Knights of the round table (Executive Directors) who will wield absolute authority without the threat of accountability by NAB, FIA or any parliamentary body etc.?
How will this benefit Pakistan in anyway at all? How is immunity beneficial for Pakistan? Why shouldn't there be an accountability of the performance of the Central Bank and even criminal conviction, where needed? And even before anybody thinks of justifying, all committee powers reside with the chairman of the board who again is the Governor, so would any Governor allow investigations against himself or any partner in crime? Furthermore, the Governor and his deputies would serve a full 5 year tenure without hinderance or removal, even if they nip the economy into the ground. How does this serve our interests?
crankthatskunk
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I have not seen any comprehensive documents that what SBP independence would entail , therefore, I am not going to comment on it.
Looking at your post, you mentioned Circular Debt. Whose creation is it!! Who has signed lucrative (for the producer of electricity) contracts with the their chums rewarded them, and by virtue themselves through commissions and cuts!!
Those contracts had squeezed the blood out of Pakistan. Why you are not in favour that those corrupt thugs should be put on the death sentences!!
PTI government or any other Government cannot come out of those contracts, without suffering heavy financial penalties and getting sued in international courts.
Same way, the expensive foreign loans acquired by the corrupt thugs under the umbrella of private companies, are getting paid by PTI government. To do so, the government has to borrow more to pay the interests on those loans acquired by PPP and PMLN.
Same goes for local debts, when you have no income, i.e. enough exports, and decided to double the imports, what were your thinking!!
When you were not collecting enough taxes and spending more than you were earning, looting the country with both hands. What were you thinking!!!
They were thinking only one thing, destruction of Pakistan.
The task given to them by their masters.
That is the crunch of the matter, not independence of SBP.
Enigma SIG
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That is just laughable. Politician's aren't answerable to anyone in this country, ask the poor policeman who got run over in the middle of the road by a LC.
Anyway, the whole issue of autonomy rests on non-interference by government; therefore the proposed legislation. It will close the doors to Nobel laureates such as Ishaq Dar who fed USD reserves to keep the PKR's value artificially inflated.
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