Ali Khizar

Head of Research at Business Recorder

Compiled from 2 recorded interviews. Every statement below is drawn from the passage cited beside it.

Ali Khizar, also given as Ali Khizar Aslam, is the Head of Research at Business Recorder. He is described as one of Pakistan's top economic minds and journalists. He has said that about half of his journalism work is analysis, and that he also does consulting.

Career

Khizar has said that analysis is his main work, which he calls his bread and butter. He has said that his analysis draws on information that others do not yet have, and that he shares information that matters to the public. In his view, journalism rests on having a story that a reporter holds, and without one a person is just an analyst. [2]

He has said he received phone calls from the government side after his tweets. He has said he was out of view for a period and then came back. He also wrote an article whose last line was that this was a chance for Pakistan to move up from the ashes. [1][2]

Views on Pakistan's economy

He has said the economy passed 300 billion dollars in 2018 and has stayed around that level, and that it has been stuck there for six years. He has said Pakistan's economy has reached an inflection point and that the informal economy is very large relative to the formal economy. He has said the economy has rent-seeking elements, structural problems and uneven tax payment, and that it needs formalisation to grow past a certain size. He has said he is hopeful Pakistan's economy will grow out of its current position. [2]

Khizar has said India's growth turned upward after 1991 and did not stop, and that Indonesia reached a similar turning point between 1998 and 2000. He has said Pakistan now has a large middle class with growing needs. He has said Pakistan received geopolitical dividends for about 40 to 45 years, and that Pakistan is self-sufficient in urea. He says Pakistan needs to improve its economy and is now humble about it. [1][2]

Views on debt, the IMF and financing

Khizar has said debt restructuring can give an economy a lease of life. He has said the last restructuring gave about 15 years of room, and this time it might be about 10, though he called that only a number. He has argued that debt due within four to five years should be restructured out to 30 years, and has said the problem statement is a three to five year one that a long enough extension would address. He has argued that if the debt was sustainable then, it is sustainable now. [2]

He has said selling assets at throwaway prices just to stay afloat is the worst thing a country can do. He has asked why the country's future is being sold cheaply. [2]

On the IMF, Khizar has said he thinks the IMF is coming. He has said the IMF, as a lender, faces geopolitical considerations, and that IMF numbers for Pakistan have not matched outcomes over the past 10 to 12 years. [2]

He has said foreign exchange reserves were about 3.5 billion dollars at one point, and that reserves are now above 9 billion dollars with inflation fallen to single digits. He has said 2 billion dollars is needed in FY25, 2 billion in FY26 and 1 billion in FY27, 5 billion in total, and that Saudi Arabia is not currently providing the 2 billion dollars Pakistan needs. He has said about 30 to 35 billion dollars is owed to China. [2]

Khizar has said the Asian financial crisis was largely driven by the US, and that US interest rate rises after 2022 caused problems across the world. He has said Trump's possible return in November could change how the US works. He has said he expects the US dollar to weaken over time and that countries have started accumulating gold. He has also said commodity prices should fall over the next two to three years, which would help Pakistan. [2]

Views on public finance and inflation

Khizar has said the State Bank's indirect lending to government now stands at 10 to 12 trillion rupees. He has said banks keep a margin of one to one and a half percent when passing State Bank funds on to government, and that the State Bank's budgeted profit to the government is 2.5 trillion. He has said the State Bank lending is not effectively money printing, though it is close to it. [2]

He has said Pakistan has been inflating away its debt for the past two years. He has said inflation hits the middle and lower classes harder than the wealthy, and that people have reduced foreign travel. [2]

Views on elites and reform

Khizar has said Pakistan's elite consensus is to keep the current model while elites keep receiving benefits. He has said the elite consensus avoids bearing the cost of adjustment, so ordinary people bear it. He has said industrialists and exporters are not getting the benefits others in the elite receive, which has led to infighting. He says his complaint about Pakistan's elite is that they had no vision, and he has said a small elite is harming the country for its own benefit. [1][2]

He says the elite have a system of money laundering and money parking, and that he feels those doors are closing now. He says he is 80 to 90 percent sure that money flowing from Pakistan to the UAE will stop. He says the hawala rate is now below the official rate. [1]

On reform, Khizar says reforms are painful in the short term and that the layer that has benefited over the past 40 years must be cut out. He has said party labels are irrelevant and the structure that captures the country has to change, and that one leader alone could not fix fiscal irresponsibility because many actors are involved. He says Pakistan's national cohesion is missing, and that there has been much talk of rolling back the 18th Amendment. He has said Pakistan is not a homogeneous country like Bangladesh. [1][2]

Views on electricity

Khizar has said a member of his team reported an electricity bill higher than their house rent. He has said projects that came from 2017-18 start ending around 2027-28, and their capacity payments will fall. He has said solarization will increase and that people are relying less on the grid. He has said the electricity burden could fall within four to five years without government action. [2]

Views on regional and global affairs

Khizar says Iran was the first country to recognise Pakistan, in 1947, and that Pakistan's ties with Iran have not been good for the past 40 years. He expects sanctions on Iran to be lifted, and says Pakistan could import much of its energy from Iran. He does not think the US will launch a full-scale attack on Iran now. [1]

He says he met multiple people from security circles in Islamabad. He says Pakistan's military and security minds are strong and perform well, and that this moment could let Pakistan present itself as a middle country in the world. He has said the military has always brought in dollars. He says Pakistan aligned with the US very early on. [1][2]

He has said the sentiment and thinking of very many people have changed. [2]

Personal life

Khizar describes himself as an industrial capitalist and as an eternally optimistic person. He has said he owes nothing to anyone and simply does his work. He said he was sitting in Lahore at the time of speaking. He has recommended a book called Black Swan, which he called a very good book. [1][2]

Appearances

DateTitleWhere
2026-04-10 Pakistan finally has leverage. Can it actually use it? Thought Behind Things
2024-09-06 Pakistan is selling its crown jewels at throwaway prices Thought Behind Things

Frequently asked questions

Who is Ali Khizar?

Ali Khizar, also given as Ali Khizar Aslam, is the Head of Research at Business Recorder. He is described as one of Pakistan's top economic minds and journalists.[1][2]

What does Ali Khizar do?

Ali Khizar is Head of Research at Business Recorder. He has said that about half of his journalism work is analysis and that he also does consulting. He calls analysis his bread and butter.[2]

Where does Ali Khizar work?

Ali Khizar is the Head of Research at Business Recorder.[2]

What is Ali Khizar known for?

Ali Khizar is described as one of Pakistan's top economic minds and journalists. He is the Head of Research at Business Recorder.[1][2]

What has Ali Khizar said about Pakistan's economy?

Ali Khizar has said the economy passed 300 billion dollars in 2018 and has stayed around that level. He has said it has reached an inflection point and needs formalisation to grow past a certain size. He has also said he is hopeful the economy will grow out of its current position.[2]

What has Ali Khizar said about electricity costs in Pakistan?

Ali Khizar has said solarization will increase and that people are relying less on the grid. He has said projects that came from 2017-18 start ending around 2027-28, and their capacity payments will fall. He has said the electricity burden could fall within four to five years without government action.[2]

What does Ali Khizar think about Pakistan and the IMF?

Ali Khizar has said he thinks the IMF is coming. He has said the IMF, as a lender, faces geopolitical considerations. He has also said IMF numbers for Pakistan have not matched outcomes over the past 10 to 12 years.[2]

References

  1. Pakistan finally has leverage. Can it actually use it? . Thought Behind Things , 2026-04-10.
  2. Pakistan is selling its crown jewels at throwaway prices . Thought Behind Things , 2024-09-06.
Show the source passages (93 statements)
  1. He is described as one of Pakistan's top economic minds and journalists. one of Pakistan’s top economic minds and journalists, Ali Khizar
  2. He wrote an article whose last line was that this was a chance for Pakistan to move up from the ashes. Wahan pe maine ek article likha tha ke ji this jiski aakhri line thi this is a chance for Pakistan to move up from the ashes.
  3. He says he met multiple people from security circles in Islamabad. main Islamabad mein multiple security ke logon se mulaqat hui
  4. He says Pakistan's military and security minds are strong and perform well. our military is great, our you know security minds are great and we you know tend to perform really, really well.
  5. He says this moment could let Pakistan present itself as a middle country in the world. this could become a moment for Pakistan to present itself as a middle country in the world.
  6. He says Iran was the first country to recognise Pakistan, in 1947. 1947 mein Iran was the first country that recognized Pakistan.
  7. He says Pakistan's ties with Iran have not been good for the past 40 years. Pakistan ke Iran ke taluqaat pichle 40 saal aise ache nahi hain.
  8. He says Pakistan needs to improve its economy and is now humble about it. Humhein economically behtar karna hai aur hum humble ho chuke hai is mamle mein.
  9. He expects sanctions on Iran to be lifted. Mere khayal mein Iran ko aur kuch mile na mile uski sanction khatam ho jayegi.
  10. He says Pakistan could import much of its energy from Iran. Pakistan apni energy ki bahut sari cheezein Iran se la sakta hai.
  11. He does not think the US will launch a full-scale attack on Iran now. America ko jitni maar padi hai, woh full-fledged Iran pe mera nahi khayal ab hamla karega.
  12. He says Pakistan aligned with the US very early on. And so Pakistan very early on aligned with the US
  13. He says he is 80 to 90 percent sure that money flowing from Pakistan to the UAE will stop. 80%, 90% sure ke yahan se jo paisa UAE jata tha, woh jayega nahi.
  14. He says the hawala rate is now below the official rate. Aur agar aaj aap hawala ka rate dekhein toh hawala negative pe chal raha hai. Theek hai? Yani ke jo aap jo official rate hai usse neeche hai.
  15. He says reforms are painful in the short term. I think any reform that I have discussed with any economist always is is is is painful in the short term.
  16. He says the elite have a system of money laundering and money parking, and that he feels those doors are closing now. But the elite don't do it because they tend to have uh you know a a a great system happening, money laundering, money parking, so on and so forth. I feel like those doors are closing now.
  17. He says his complaint about Pakistan's elite is that they had no vision. Jo mera shikwa hai na hamare elite ke saath, woh mera shikwa bada simple hai ke yaar aap aapka vision hi koi nahi tha.
  18. He describes himself as an industrial capitalist. I am a you know industrial capitalist at least.
  19. He says Pakistan is self-sufficient in urea. Pakistan is self-sufficient in urea.
  20. He says Pakistan's national cohesion is missing. hamare yahan national cohesion missing hai so we need to revert back to that
  21. He says the layer that has benefited over the past 40 years must be cut out. jo pichle 40 saal ke andar just layer ne fayda uthaya us layer ko aapko katna padega
  22. He says there has been much talk of rolling back the 18th Amendment. phir 18th amendment ko rollback karne ki bahut zyada baatein hui hain
  23. Ali Khizar Aslam is Head of Research at Business Recorder. Ali Khizar Aslam is the Head of Research at Business Recorder.
  24. He said he was sitting in Lahore during the recording. Lahore jahan pe main baitha hoon aur jo iska heart hai
  25. He has said Pakistan's economy has been in a boom-bust cycle for many years. Yeh kuch phasi hui hai bahut saare saalon se aur yeh boom-bust cycle iska chal raha hai.
  26. He has said Musharraf's government restructured debt after the 1998 crisis, which created fiscal space. 1998 ke crisis ke baad hamari Musharraf sahab ne debt restructuring ki thi aur us se hamare paas ek fiscal space create hui thi
  27. He has said post-9/11 dollar inflows and some sector reforms brought a growth spurt in the early 2000s. the dollars were showering after the 9/11, woh scenario bhi tha aur thode bahut unhone reforms bhi kiye the sectors mein to woh humein ek growth spurt mila tha
  28. He has said Pakistan dealt with Covid well, which gave the economy a good year. We dealt the Covid well to uski wajah se woh ek humein achha saal mila tha
  29. He has said expansionary policy was brought in again and a bust followed. again us mein bhi humne jo hai bahut woh expansionary policy phir le aaye the to uska woh bust ho gaya
  30. He has said Pakistan has entered a painful stabilization phase. To ab abhi ab ab us bust se nikal ke hum ek stabilization phase mein dakhil ho chuke hain aur yeh stabilization phase bada painful hai.
  31. He has said the economy passed 300 billion dollars in 2018 and has stayed around that level. Agar hum 2018 mein dekhein to hamari economy ka size jo hai 300 billion dollar cross kar gaya tha and we are still hovering around that number.
  32. He has said Pakistan's economy has reached an inflection point. haan hamara ek inflection point pe hum aa gaye hain
  33. He has said the informal economy is very large relative to the formal economy. Hamari informal economy jaise bahut badi hai is waqt relative to the formal economy ka size bahut bada hai
  34. He has said the economy has rent-seeking elements, structural problems and uneven tax payment. is mein bahut saare jo rent seeking elements hain, structure ke issues hain, taxation kuch log dete hain, kuch nahi dete hain
  35. He has said he is hopeful Pakistan's economy will grow out of its current position. So I am hopeful ke Pakistan ki economy is se nikal ke grow kar payegi.
  36. He has said people have reduced foreign travel. logon ne discretionary spending karna shuru kar di hai, foreign travel kam kar diya hai
  37. He has said Pakistan received geopolitical dividends for about 40 to 45 years. pichhle 40-45 saal se jo hamare geopolitical dividends humein milte rahe hain
  38. He has said debt restructuring can give an economy a lease of life. jab restructure karte hain na to koi lease of life milta hai
  39. He has said many structures were not fixed, and three to four years later the same growth problems returned. Lekin humne jo hai bahut saare structures ko theek nahi kiya aur teen chaar saal baad hum usi growth ke jo jo jo problems jo the hamare issues the hum us mein chale gaye
  40. He has said the last restructuring gave about 15 years of room, and this time it might be about 10, though he called that only a number. Shayad pichhli dafa 15 saal ki lease of mili thi, is dafa shayad humein 10 saal ki mile. I am just saying a number.
  41. He has said Pakistan's elite consensus is to keep the current model while elites keep receiving benefits. hamare yahan jo elite consensus hai woh yahi hai ke yaar is model ko leke chalna hai jab tak elite ko aapas mein cheezein milti rahein
  42. He has said industrialists and exporters are not getting the benefits others in the elite receive, which has led to infighting. Haan us elite ke andar jagda shuru ho gaya hai jaise ke ab industrialist ko exporters ko us tarah cheezein nahi mil rahi
  43. He has said Pakistan has been inflating away its debt for the past two years. Ek hai ke we inflate the debt out which we are doing in the for the past two years.
  44. He has said inflation hits the middle and lower classes harder than the wealthy. kyun ke inflation usko zyada hit karti hai, ameer ko kam hit karti hai
  45. He has said the elite consensus avoids bearing the cost of adjustment, so ordinary people bear it. yeh sab elite ka consensus hai ke ji humne apna pound of flesh nahi dena, aam aadmi ko impact hota hai
  46. He has said one leader alone could not fix fiscal irresponsibility because many actors are involved. Yeh yeh fiscal irresponsible to koi banda ek aa bhi jaye to woh kuch kar nahi payega, there are so many actors involved in it
  47. He has said the State Bank's indirect lending to government now stands at 10 to 12 trillion rupees. jo indirectly state bank ki lending hai woh is waqt 10-12 trillion rupaye ki to woh hai
  48. He has said banks keep a margin of one to one and a half percent when passing State Bank funds on to government. bank ek-dedh percent ka margin rakh ke aage government ko de deta hai
  49. He has said the State Bank's budgeted profit to the government is 2.5 trillion. state bank ne government ko jo profit dena hai woh 2.5 trillion ka budgeted hai
  50. He has said the State Bank lending is not effectively money printing, though it is close to it. isliye it's not effectively money printing but woh bahut technical conversation ho jayegi but it is close to that
  51. He has said about 30 to 35 billion dollars is owed to China. Baaki aapka 30-35 billion dollar jo hai aapka China ka hai
  52. He has said Pakistan is not a homogeneous country like Bangladesh. we are not a homogeneous country like Bangladesh
  53. He has said the IMF, as a lender, faces geopolitical considerations. IMF as a as a lender obviously has a lot of geopolitical um uh circumstances as well
  54. He has said he thinks the IMF is coming. I think IMF aa raha hai aur I think woh breathing space humein already mil chuki hui hai
  55. He has said IMF numbers for Pakistan have not matched outcomes over the past 10 to 12 years. hum bhi 10-12 saalon se dekh rahe hain, IMF ke Pakistan ke numbers kabhi bhi match nahi karte
  56. He has said foreign exchange reserves were about 3.5 billion dollars at one point. Yeh us waqt ki baat hai jab aapke foreign exchange reserve were about 3 and a half billion dollar
  57. He has said 2 billion dollars is needed in FY25, 2 billion in FY26 and 1 billion in FY27, 5 billion in total. 2 billion dollar aapko chahiye FY25 ke andar, 2 billion chahiye FY26 ke andar, 1 billion chahiye FY27 ke andar, total 5 billion chahiye
  58. He has argued that if the debt was sustainable then, it is sustainable now. agar us waqt yeh debt sustainable tha to aaj bhi sustainable hai
  59. He has said reserves are above 9 billion dollars and inflation has fallen to single digits. aaj aapke reserve 9 billion plus pade hue hain, aaj aapka inflation jo hai toot ke single digit pe aa gayi hui hai
  60. He has said the Asian financial crisis was largely driven by the US. 98 mein bhi jab Asian financial crisis aaya tha that was largely driven by the US
  61. He has said US interest rate rises after 2022 caused problems across the world. 2022 ke baad interest rates US ke badhe aur uski wajah se uh you know ek puri duniya mein uh uska problem aaya
  62. He has said Trump's possible return in November could change how the US works. November mein Trump sahab potentially wapas aa jayenge to that he is going to change the way that Uncle Sam works
  63. He has said he expects the US dollar to weaken over time and that countries have started accumulating gold. sooner or later the US dollar will come down and these countries have realized that ab unhone apna gold jama karna shuru kar diya
  64. He has said commodity prices should fall over the next two to three years, which would help Pakistan. commodity prices abhi to filhal to tootengi, abhi agle do-teen saal mein to that that will help it out Pakistan
  65. He has said selling assets at throwaway prices just to stay afloat is the worst thing a country can do. you've sold your assets, the precious asset at a throw away prices just to remain afloat uh for today. That's that's the worst thing you can have to as a country
  66. He has argued that debt due within four to five years should be restructured out to 30 years. jo chaar paanch saal mein mujhe wapas karna hai, isko restructure karke 30 saal pe le jao
  67. He has said the problem statement is a three to five year one that a long enough extension would address. problem statement is a 3 to 5 year problem statement, just extend that enough
  68. He has asked why the country's future is being sold cheaply. Hamare future ko aap sasta kyun bech rahe ho?
  69. He has said a small elite is harming the country for its own benefit. Iska yeh matlab hai ke hamare chand log upar jo baithe hain, woh apne fayde ke liye mulk ka nuqsan kar rahe hain
  70. He has said party labels are irrelevant and the structure that captures the country has to change. A party hai, B party hai, C party hai, irrelevant hai. This capture, this structure has to change
  71. He has said a member of his team reported an electricity bill higher than their house rent. one of my team members said that ke yaar mera is mahine jo hai ghar ke kiraye se zyada bijli ka bill aa gaya hai
  72. He has said projects that came from 2017-18 start ending around 2027-28, and their capacity payments will fall. 2017-18 se jo naye projects aaye hain, woh 27-28 se woh khatam hona shuru ho jayenge aur unki capacity payment kam ho jayegi
  73. He has said solarization will increase. Number four, solarization will going to increase.
  74. He has said people are relying less on the grid. So people start relying less and less on grid.
  75. He has said the electricity burden could fall within four to five years without government action. ahista ahista woh kam ho jayegi without government doing anything, 4-5 saal ke andar bijli ki takleef kam ho jayegi
  76. He has said the economy has been stuck around 300 billion dollars for six years. Ab aapka economy ka size pichle 6 saalon se stuck hua hua hai, 300 billion plus minus ke upar
  77. He has said the sentiment and thinking of very many people have changed. yahan pe bahut bahut logon ke sentiment change hue hain, bahut logon ki thinking change hui hai
  78. He has said the military has always brought in dollars. control raha hai iske upar aur uske peeche yeh hai ke fauj hamesha dollar lati rahi hai
  79. He has said the economy needs formalisation to grow past a certain size. aapko formalization of economy karna padega, jaise hota hai na ke business ek certain size mein jata hai
  80. He has said that about half of his journalism work is analysis, and that he also does consulting. So being a journalist like half of the time I am doing analysis and and and that's my consulting work as well.
  81. He has said analysis is his main work, which he calls his bread and butter. bread and butter to mera analysis hai na, I did my analysis all the time
  82. He has said journalism rests on having a story that a reporter holds, otherwise a person is just an analyst. journalism hamesha ek woh hota hai ke kuch na kuch aapke paas khabar hoti hai, jiski base pe aap journalist bante ho, warna to analyst hai na
  83. He has said his analysis draws on information that others do not yet have. ke jo information aapke paas aa jati hai, abhi dusron ke paas nahi hoti, us pe aap karte ho
  84. He has said he shares information that matters to the public. woh information jo material hai logon ke liye, woh de deta hoon
  85. He has said he owes nothing to anyone and simply does his work. na humne kisi se lena hai, na kisi ka dena hai, apna kaam karna hai
  86. He has said he received phone calls from the government side after his tweets. matlab maine tweets kiye hain, yeh kiye hain, mujhe mujhe mujhe phone aaye hain, hukumat ki side se bhi
  87. He has said he was out of view for a period and then came back. main kuch arsa gayab ho gaya, wapas aa gaya
  88. He has recommended a book called Black Swan, which he called a very good book. Black Swan ke naam se 2008 ke andar, uski woh nikla woh tha, Naseem Talib ki kitab thi, woh badi achhi kitab thi
  89. He has described himself as an eternally optimistic person. I think I am I am eternally a optimistic guy
  90. He has said India's growth turned upward after 1991 and did not stop. India 90s mein, 91 mein aaya tha, wahan se isne upar chalna shuru hua and he never stopped
  91. He has said Indonesia reached a similar turning point between 1998 and 2000. Indonesia bhi yeh jo mera khayal hai 1998 aur 2000 ke darmiyan is tarah aaya tha
  92. He has said Pakistan now has a large middle class with growing needs. Ab hamari bahut badi middle class hai, uski bahut badi requirement hai
  93. He has said Saudi Arabia is not currently providing the 2 billion dollars Pakistan needs. Saudi Arab bhi jo hai abhi 2 billion dollar chahiye, 2 billion dollar chahiye, uske liye Saudi Arab bhi aapko na kar raha hai