George Galloway, a British politician, has likened the Kazan summit of the Brics (Brazil, Russia, India, China and South Africa) group to the 1944 Bretton Woods conference. “The children unborn will grow up in a world shaped by Brics 2024,” he said in a video posted on social media during the bloc’s conference in the Russian city last month. “This is the future; this is a new world that is stru
For businesses around the world, quarter ends are usually a busy season. Sales teams are rushing to pump orders, marketing departments are trying to maximise reach their performance benchmarks and accountants are working to keep the books in order. It’s the adult version of pulling all-nighters to salvage exams after a semester of procrastination. In financial institutions, this comes with a sl
More than 15 years ago, Pakistan’s financial services landscape saw a seismic shift with the introduction of branchless banking regulations. Around that time, the country had just over 16 million personal accounts with scheduled banks, and the overwhelming majority relied on informal networks to move money around. However, with growing mobile phone penetration, the traditional brick-and-mortar bra
The World Bank launched an important report titled ‘Realising the Potential of Pakistan’s Secondary Cities’ that discusses the challenges faced by urban centres in the country. On a similar theme, the Asian Development Bank unveiled ‘Pakistan National Urban Assessment’. Both documents focus on a multitude of issues, including local finances. The reports found that Pakistan is urbanising at a fa
To meet a deadline set by the International Monetary Fund, the Ministry of Finance has directed all state-owned enterprises (SOEs) to adopt standard regulations and reporting manuals for their operational protocols, business plans, board appointments and financial audits to minimise fiscal risks for the state. The ministry’s Central Monitoring Unit (CMU) issued directives on Oct 31, the IMF-man