Acompendium of previously published newspaper articles often stands the risk of being dated. Even so, such compilations bear critical scrutiny as historical texts that underscore the perceptions held about key issues at a given time.
Zafar Masud’s Out of the Box: Portfolio of Selected Newspaper Write-Ups builds on a similar motif and showcases a series of articles that the author has penned for various publications. A vast majority of the newspaper articles included in the compendium focus on a diverse menu of issues pertaining to economics and finance. The author is well-placed to comment on these concerns as he has extensive experience as an international banker who has held key positions in multinational banks. As a result, the information, insights and observations provided in these pieces are guaranteed to be beyond reproach.
At first glance, what strikes readers most about the articles is the sheer magnitude of the themes they seek to explore. Be it crises in exchange-rate correction, the consequences of Brexit on Pakistan or predictions on global oil prices, the pieces capture the intricacies of each issue with an unsparing eye for detail.
Masud steers clear of jargon and offers realistic, result-oriented insights on various topics. The solutions that have been proposed aren’t radical in nature and are pivoted on long-term corrective approaches. In ‘Exchange Parity: “The Pugio”’, the author advocates the need for aggressive structural reforms along with intermittent currency management to achieve a free-floating exchange rate. In the final installment of a three-part series titled ‘Managing External Account’, Masud states that trade policies and budgeting exercises must be geared towards ensuring self-sufficiency in the external account in order to fuel economic sustainability.
While the articles may have a strictly economic focus, they don’t shy away from appraising developments within the political realm. Through a detailed scrutiny of the country’s power crisis, Masud asserts the need to create a consolidated energy ministry by merging the Ministry of Water and Power and the Ministry of Petroleum and Natural Resources.
In a similar vein, ‘Brexit Implications and Impact on Pakistan Economy’ urges policymakers to consider the long-term challenges and opportunities created by Britain’s decision to exit the EU. The piece was originally published in June 2016 -- long before the political wrangling and failed negotiations that dominated the UK’s withdrawal from the EU. Masud’s analysis is, therefore, steered by debates that surrounded the issue at the time. Even so, the author succeeds in offering sound advice that has far-reaching repercussions and is substantiated by concrete evidence. He writes: “All in all, Pakistan may be a sufferer… on the exports front...in the long run”.
At times, the articles seek to provide detailed policy initiatives rather than a series of general directions. In order to curb the risk of cyber crimes of a financial nature, the author proposes a theory that the government and regulators must follow. In his concluding remarks to ‘Cyber Crime: Role of Regulators and Government Institutions’, Masud states that a concerted attempt must be made to confront ignorance and urge regulators to widen their resource base in this regard.
Despite the occasional editorial slip-ups that appear in a few pieces, Out of the Box succeeds in presenting a richly nuanced outlook on the highs and lows of the economic developments that have impacted the country. The ideas, arguments and policy recommendations presented in this compendium of articles will be particularly useful to students of finance and economics who take a keen interest in the country’s economic history. The compilations may also serve as a seminal work that could encourage other scholars and researchers to delve into Masud’s chosen themes and unearth new insights.
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