Restructuring of Financial Sector in Pakistan

The process of financial sector restructuring started in Pakistan during early 1990s. For this purpose, international financial institutions, like World Bank and ADB, provided technical and financial resources. The objective of this exercise was to let financial system play its role in economic growth and development of the country in an efficient and competitive way. A lot of policy decisions have been made and implemented during the last decade to reduce distortions and to develop competitive price mechanism in the financial markets. The process of restructuring is still going on and it is a bit earlier to say some final words about its success, however, we are able to say, on the basis of the trend the financial and other indicators are following, that we have been partially successful in achieving the set objectives. The competition among financial institutions has been intensified during the restructuring period. Some positive developments have also been witnessed on the front of money and foreign exchange markets. Though there are some improvements, yet there is a lot to do for strengthening of insurance sector, capital market and bond market. The whole exercise remained less effective in increasing financial deepening, and in reducing intermediation cost (i.e., interest rate spread). Until end of 1990s, policy of privatization of NCBs and drive for recovery of NPLs could not be pursued vigorously and NPLs continued to grow. During the last three years some considerable efforts have been made for privatization of NCBs. Only recently, the size of the NPLs has started to stabilize due to some intensified recovery efforts and better quality of new loans. The size of the NPLs is primarily responsible for the deteriorated health of financial institutions. The overall macroeconomic outcome is also against the expectations. Macroeconomic stability as well as proper sequencing of restructuring measures are necessary preconditions to the success of the whole exercise. In Pakistan, the financial restructuring process was introduced in an environment of large budget deficit and high and variable inflation i.e., in an atmosphere of macro-economic instability. Frequent changes in political set up of the country during 1990s also adversely affected this process. However, in the present milieu of political and economic management, it is expected that financial sector will be able to play its due role in economic growth and efficiency as the governance structure is improving, consistency in economic policies is being ensured, and political stability is envisaged.

PUBLIC DEBT MANAGEMENT

This paper examined the issue of managing public debt and analyses the present situation of public debt in Pakistan. When the government resorts to borrowing instead of introducing additional tax measures, to finance the budget deficit, it creates liability on itself known as public debt. Public debt accumulates over time if deficit in the budget presists for a long period of time. Growing public debt is a global phenomenon. Contemporary economic wisdom does not consider public debt a major problem per se; rather problem is the mismanagement and unsustainability of the debt. In Pakistan, due to improper use of debt, the debt management has become a much serious problem. Presitent mismanagement of debt made it unsustainable, which is threatening to cause further slowdown in the declining growth rate of the country. Off course, current exercises of debt restructuring could not help improve our debt to GDP ratio immediately: however, it has improved some short run debt burden indicators significantly. It is hoped that these reschedulings/restructuring will help us in increasing the investment and to promote growth. By improving our debt managemet process we can ensure it.

The Violating Maxims of Main Characters in the Hangover Movie's Script

The study deals with the types of maxims violation in The Hangover movie's script used by the main characters. The objectives of study were to describe the violation of maxim, to describe the dominant type of maxim violation and to elaborate the reason for the maxim violation. The data were the dialogue of main characters in The Hangover movie. This research was conducted by using descriptive qualitative and limited on the main characters. The data analysis findingsshowthat there are 22 violation of maxim of quality, 2 violation of maxim of quantity, 9 violation of maxim of relation, and 8 violation of maxim of manner.The reason of the violations areto give the lack of evidence, to lying to other speaker in hiding the truth, to save face the embarrassment, to present the strongest information, to represent what is in the speaker's mind, or to trick audience or listener for making a joke or not

Biometric multimodal security simulation on schedule Ii controlled drug

The paper present a multimodal (multi biometrics) security system focusing on the implementation of fingerprint recognition and facial feature recognition to enhance the existing method of security using password or personal identification number (PIN). This project is operated through a personal computer where all the identification for fingerprint and facial feature are done by using specific software. Successful identification will send a signal through a serial communication circuit and open an application. In this project, the final application should be a cupboard that store and secure schedule II controlled drug in hospital. Due to some problem, the final application was replaced by using a light emitting diode (LED) simulation circuit

Performance Measurementof Xyz Government Institution's Contracts Workers Using Personal Balanced Scorecard Method

Implementation of good governance of bureaucracy system of Surabaya City Government, one of them with developed performance-based salary program ( e-performance ) dedicated specially to Civil Servant. But in reality agencies in Surabaya do not have the full use of civil servants as their human resources, thus involving contractors as supporters of government performance processes. The purpose of this study is to determine key performance indicators(KPI) and strategic objectives in XYZ Institution, determine the importance of each KPI criterion, to understand the performance of each contractor at XYZ Government Agency and provide improvement recommendations from the current employee performance. The unit of analysis of this research is carried out at the General Section in the Sub Division of Administration with the administrative position as the administrative contractor. The design of this study used a survey with questionnaire data collection techniques and questionnaires. The method used is personal balanced scorecard by formulating strategic targets and KPI by stakeholders from XYZ Agency. Weighting method using Analytic Network Process method(ANP). From the research results obtained: the formulation of KPI and Strategy Target has been formed with the highest level of KPI weight is KPI Total Late (0.1532). Total performance of the best contractor performance is Mr. C (6.253) while the smallest total performance achievement is obtained Mr. K ie (3.346). Recommendations include: Provide rewards, provide coaching, conduct regular control and evaluation systems, provide socialization and provide slogans in the corner of the room on performance improvement

Corporate Governance for Banks in Pakistan: Recent Developments and Regional Comparisons

The emerging economies in the South Asian region have embarked on a bold reform process to develop the banking sector. This development has improved the transparency and accountability of the banking sector because these countries focused on ‘best practice’ corporate governance for banks. In view of a rapidly developing market with a slow pace of information dissemination, adverse selection and moral hazard problems are likely to be on the rise and may need a mechanism to train and discipline bank management. It was, therefore timely for the central banks in the region to introduce a ‘best practice’ for the banking system as a whole. This study provides a survey of recent developments in corporate governance of the banking sector in Pakistan and a comparison of similar developments in two other regional economies, namely, India and Bangladesh. In addition to a theoretical discussion on this issue, we also provide an overview of the banking sector restructuring and highlighting important features of the codes of corporate governance established by central banks in the sample countries. In conclusion, we present a comparison of the major differences in these measures across countries and comment on the pace of these developments.Corporate Governance, Banks, Pakistan

Financial Development and Textile Sector Competitiveness: A Case Study of Pakistan

Kletzer and Bardhan (1987) argue that countries with a relatively well-developed financial sector have a comparative advantage in industries that rely on external finance. Beck (2002), and Fanelli and Medhora (2002) find that well-developed financial sector translates into a comparative advantage in the production of manufactured goods. There has been no attempt so far to explore the relationship between the financial development and international trade competitiveness in the case of Pakistan. We construct Balassa’s Revealed Comparative Advantage (RCA) index for textile sector of Pakistan. Using ratio of credit extended to the textile sector to the total non-government credit of the banking system (TCS) as proxy for external finance we estimate long run relationship, and ECM, between RCA index and TCS while controlling for other determinants of the international trade competitiveness of textile sector of Pakistan. In line with the findings of Beck (2002), and Fanelli and Medhora (2002), our results suggest that recourse to external finance has a strong positive impact on the country’s textile sector competitiveness both in the short and the long run even when we control for traditional determinants of competitiveness.Financial Development, Competitiveness