Muzammil Aslam

KP government financial advisor

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

Muzammil Aslam is a financial advisor in the Khyber Pakhtunkhwa government and describes himself as a market economist. He is also identified as the spokesperson of the Minister of Finance. Aslam says he began with a stock broking company called KASB and currently supervises a part of the economy that he puts at 10 to 15 percent.

Early life and background

Aslam says he was born and raised in Karachi. He also says that the country has paid him a lot and that he feels indebted to it. [1][2]

Education

Aslam says he became an economist after getting his degree. He also says that his job made him an economist. In his view, many economics graduates in Pakistan become teachers because few economist jobs exist. [2]

KASB

Aslam says he started with a stock broking company called KASB, which he describes as a joint venture with Merrill Lynch. He says he did not get a bank job, and that otherwise it would have been an internal job where a boss would tell him what to make. He says he was trained under high-class world research. [2]

He says his research was published under the Merrill Lynch and KASB names and circulated worldwide. According to Aslam, the research was used for road shows in London, America and Singapore every three or four months. He says his research notes brought him media calls and press quotes. [2]

Media and YouTube

Aslam says about 20% of his working time goes to media. He says he started his own YouTube channel after 2018. He adds that the channel has become passive because of his current portfolio. [2]

Government roles

Aslam is identified as a financial advisor in the Khyber Pakhtunkhwa (KP) government. He is also identified as the spokesperson of the Minister of Finance. He has said that he represents a party and is also a finance advisor for one province. He has said he holds a responsible position as an adviser and that KP's reserves are at an all-time high. [1][2]

He says he currently supervises a part of the economy that he puts at 10 to 15 percent. He says about 650,000 people work for the KP government. He says that for the last 17 to 18 years his day has started and ended with a screen. [1][2]

Aslam says that after he and his colleagues left government, they worked on a business plan. He says his group made plans across 18 areas, the gist of which was ending rent seeking. [1]

Khyber Pakhtunkhwa

Aslam has said KP's financial resources reached an all-time high within six months. He has said he posted a surplus of 100 billion rupees in June and achieved 44 percent growth in tax revenue in August. He says non-salary expenditures were not allowed to grow, and that he raised salaries by 25 percent in KP. [1]

He says the province is carrying out 17 hydel projects at the moment. He says the province has been devolved since the 18th Amendment and is generating its own power. He says he cannot rely on the federal government structure forever, and that a parallel system of their own, which they have begun to set up, is in their view more efficient and cheaper. He argues for unbundling things into smaller parts, and asks why they should own an asset that consists only of leakages. [1]

Views on debt and inflows

Aslam argues that debt is the outcome of a country's receipts. He argues Pakistan's problem is dried-up inflows, not unsustainable debt, and says the problem is receipts, not debt. He says that for two years Pakistan's problem has been the financial account, not the current account. He says he still believes Pakistan's debt is sustainable and its problems have domestic solutions. [1]

He says confidence and credibility come first when attracting inflows, and that PTI's credibility overseas is sky high. He says capital flows in automatically when perception improves. He argues that chasing lenders makes them pull back. He says investors will not feel their money is secure if a mandate is not respected, and that they have to work on their perception first. [1]

He says the IMF programme should not have been entered before 30 June, that it was very ill-timed, and that the government's timing for it was very wrong. He says Pakistan should borrow only loans it can repay from its own earnings. He says Pakistan is an IMF premium customer because it has never moved forward as a responsible nation. He says there is very little capacity to connect the dots. [1]

Views on policy and the economy

Aslam says about half of Pakistan's population is already below the poverty line. He argues the economy is shutting down and unemployment has begun to rise. He says the government has not yet taken the last strike seriously, and that the tax burden has shifted to salaried workers, imports and withholding taxes. He says an amnesty is not harmful when it reaches the masses. [1]

He expects Pakistan's next two years to be turbulent. He argues the economy cannot be run on an accountant's approach, and says the technocrat model has failed. He says Pakistan's solution is political, not technical, and that Pakistan's political leaders are too disconnected from the economy. He says Pakistan's policymakers are not connected with the market and that Pakistan has rarely built policy on a full cost and benefit analysis. He says the government has lost some political capital through its policy actions. [1][2]

He says Pakistan and its people have enough resources and that Pakistan's goal should be to increase exports. He says long-term policy reform involves dismantling that can raise inflation and unemployment. He says India and Bangladesh are doing better with stronger currencies. He defines a structural change as a policy with more beneficiaries than losers. He says the obvious is hard to discover because people take it for granted, and that information is the key behind everything in the economy. [1][2]

Views on economics

Aslam says he is not a pure or typical economist, and says he believes in market forces rather than artificial measures. He says economics is more like a study of behavior and that one size does not fit all in economics. He says a good economist needs a strong memory and history, not only the theories taught in education. [2]

Views on prices and the currency

Aslam says inflation is itself a form of tax, and that today's relief is tomorrow's tax. He says core inflation leaves out food and energy, and that the current government's core inflation is pretty much in line with what PMLN did. [2]

He says the dollar rate could move to 150 or 190 as information changes, and describes the currency as a shock absorber. He says that after looking at certain information, the dollar was adjusted and duties on cars were raised. He says the current account deficit was cut by half a billion dollars a month within three months. He says Pakistan reduced its debt to GDP ratio during Covid. [2]

He says he argued for moving away from the 15-day oil price fixing formula, deregulating it and letting the market decide. He says he could offset a 10 rupee increase directly through the subsidy programme. He says people should pay the fair value so that government revenue rises. [1][2]

Views on agriculture and jobs

Aslam says the government has focused on agriculture for the past two years. He says Pakistan is moving from a food-deficit country toward food surplus and is exporting maize and wheat. He says the government has launched a ration program worth 120 billion rupees, and is using technology and geo-tagging to reduce the role of middlemen. He says Pakistan's exports hit an all-time high last year. He says food output must grow in line with population growth, that the average crop growth under PMLN was 0.68%, and that tomato and onion prices are down 30% compared with last year. [2]

He says a power plant makes only a small direct contribution to job creation. He says the PPP government had lower average growth than PMLN but created 1.2 million more jobs. He says the government encouraged industries such as construction to create mass employment. He says the auto industry has been protected for 30 years, and agrees that Pakistan is one of the cheapest countries in the world. [2]

Tightening and outlook

Aslam says the tightening policy aims for a better future with less pain ahead, and that the tightening phase is done. He says agriculture, IT exports and normal exports are being kept intact during the tightening. He says the government is discouraging car buying and phone upgrades. [2]

He says he is very positive about Pakistan's future. He says every country that turned around did so with a change of generation, that the changing generation will change political mindsets, and that the current generation is more linked to information globally. He says he expects a much better independent Pakistan by 2050 if he is alive. [2]

Timeline

2018
By his account, he started his own YouTube channel after this year.[2]

Appearances

DateTitleWhere
2024-09-11 Pakistan's problem isn't debt — it's that the inflows have dried up Thought Behind Things
2021-11-19 The obvious is the hardest thing to discover in Pakistan's economy Thought Behind Things

Frequently asked questions

Who is Muzammil Aslam?

Muzammil Aslam is a financial advisor in the Khyber Pakhtunkhwa government. He describes himself as a market economist. He is also identified as the spokesperson of the Minister of Finance.[1][2]

What does Muzammil Aslam do?

Muzammil Aslam is a financial advisor in the Khyber Pakhtunkhwa government. He says he represents a party and is also a finance advisor for one province. He says he currently supervises a part of the economy that he puts at 10 to 15 percent.[1]

Where is Muzammil Aslam from?

Muzammil Aslam says he was born and raised in Karachi.[1]

Where did Muzammil Aslam start his career?

Muzammil Aslam says he started with a stock broking company called KASB. He says KASB was a joint venture with Merrill Lynch. He says his research was published under the Merrill Lynch and KASB names and circulated worldwide.[2]

What is Muzammil Aslam's view on Pakistan's debt?

Muzammil Aslam argues that Pakistan's problem is dried-up inflows, not unsustainable debt. He says the problem is receipts, not debt. He says he still believes Pakistan's debt is sustainable and its problems have domestic solutions.[1]

Does Muzammil Aslam have a YouTube channel?

Muzammil Aslam says he started his own YouTube channel after 2018. He says the channel has become passive because of his current portfolio.[2]

What does Muzammil Aslam say about the IMF programme?

Muzammil Aslam says the IMF programme should not have been entered before 30 June and was very ill-timed. He says Pakistan is an IMF premium customer because it has never moved forward as a responsible nation.[1]

How does Muzammil Aslam describe himself as an economist?

Muzammil Aslam describes himself as a market economist. He says he is not a pure or typical economist. He says he believes in market forces rather than artificial measures.[2]

References

  1. Pakistan's problem isn't debt — it's that the inflows have dried up . Thought Behind Things , 2024-09-11.
  2. The obvious is the hardest thing to discover in Pakistan's economy . Thought Behind Things , 2021-11-19.
Show the source passages (118 statements)
  1. He is a financial advisor in the Khyber Pakhtunkhwa government. Muzzammil Aslam is a Financial Advisor in the Khyber Pakhtunkhwa Government.
  2. He has said he represents a party and is also a finance advisor for one province. main ek party ko represent karta hoon aur us party ka main ek province ka finance advisor bhi hoon
  3. He has said he holds a responsible position as an adviser and that KP's reserves are at an all-time high. ab main ek badi responsible position pe baitha hua hun aur I am as a advisor same set of resources se all-time high reserves pe baitha hua hun KPK se
  4. He has said he posted a surplus of 100 billion rupees in June. I have posted a surplus of 100 billion rupees in June
  5. He has said KP's financial resources reached an all-time high within six months. 6 month mein KPK ke jo financial resources hain wo apne 76 year ke all-time high pe hain
  6. He has said he achieved 44 percent growth in tax revenue in August. Abhi jo hai August mein maine tax revenue mein 44 percent ki growth maari hai
  7. He says that after he and his colleagues left government, they worked on a business plan. jab hamari government se hum utar gaye the to humne ek business plan pe kaam kiye the
  8. He says his group made plans across 18 areas, the gist of which was ending rent seeking. Humne 18 areas se plan banaye the. Uski gist yahi thi ke humne rent seeking khatam karni hai
  9. He says he was born and raised in Karachi. hum Karachi mein born and raised rahe hain
  10. He argues that debt is the outcome of a country's receipts. Actually debt is the outcome of your receipts, theek hai na?
  11. He argues Pakistan's problem is dried-up inflows, not unsustainable debt. Pakistan ka masla is waqt yeh nahi hai ke Pakistan ka debt sustainable nahi hai, Pakistan ke bas flows dry ho gaye hain
  12. He says that for two years Pakistan's problem has been the financial account, not the current account. Pakistan ka 2 saal se masla current account ka nahi hai, financial account ka hai.
  13. He says the problem is receipts, not debt. the problem is receipts. Problem is not debt.
  14. He says confidence and credibility come first when attracting inflows. sab se pehle to inflow aata hai the confidence, the credibility
  15. He says PTI's credibility overseas is sky high. PTI ki credibility in overseas is like sky high
  16. He says capital flows in automatically when perception improves. Jab aap ka perception behtar hota hai to automatically jo hai na capital aap ki taraf aata hai.
  17. He argues that chasing lenders makes them pull back. jitna aap lender ke peeche bhagoge na woh utna aap ko bhagayega
  18. He says investors will not feel their money is secure if a mandate is not respected. aap uske mandate ka ehtram nahi karenge to wo apne paise ko kaise secure samjhega
  19. He says the IMF programme should not have been entered before 30 June. Aapne ye IMF program aapko pehle to ye 30 June se pehle jana nahi chahiye tha
  20. He says the IMF programme was very ill-timed. It's a very ill-timed program
  21. He says Pakistan should borrow only loans it can repay from its own earnings. Humein sirf wo loan lena hai jo khud kama ke utaar sake.
  22. He says Pakistan is an IMF premium customer because it has never moved forward as a responsible nation. as a responsible nation hum kabhi aage nahi chale which is why we are the premium customer of IMF
  23. He says there is very little capacity to connect the dots. we have very little capacity to connect the dots
  24. He says non-salary expenditures were not allowed to grow. apne non-salary expenditures ko nahi badhne diya
  25. He says the province is carrying out 17 hydel projects at the moment. province khud is waqt 17 projects kar rahi hai at the moment 17 projects hydel ke
  26. He says the province has been devolved since the 18th Amendment and is generating its own power. province 18 amendment ke baad devolve ho chuka hai aur apni bijli paida kar raha hai
  27. He says he cannot rely on the federal government structure forever. I cannot matlab rely on this federal government structure forever
  28. He says a parallel system of their own, which they have begun to set up, is in their view more efficient and cheaper. apna system parallel pe khada karna shuru kar diya we think that is more efficient aur sasta bhi hai
  29. He argues for unbundling things into smaller parts. unbundle it micro it small karte rahein cheezon ko
  30. He asks why they should own an asset that consists only of leakages. us asset ko jiske andar sirf matlab leakages hain hum usko kyun own karein
  31. He says he argued for moving away from the 15-day oil price fixing formula, deregulating it and letting the market decide. maine kaha sir yeh hum 15 din ki jo price fixing formula pe oil ki hai na isse nikle ab deregulate it let the market decide
  32. He expects Pakistan's next two years to be turbulent. Pakistan ka agle do saal turbulent hoga isme bahut maar kutai hogi
  33. He says the government's timing for the IMF programme was very wrong. government ki timing is very wrong theek hai na aur government ne bada ill time kiya IMF ka program
  34. He argues the economy cannot be run on an accountant's approach. it cannot be run on the basis of accountant approach
  35. He says he raised salaries by 25 percent in KP. maine KP mein 25 percent tankhayein badhayi hain
  36. He says about half of Pakistan's population is already below the poverty line. Pakistan ki 50 fisad abadi jo hai na poverty line se already neeche hai
  37. He argues the economy is shutting down and unemployment has begun to rise. economy jo hai na shutter down hoti ja rahi hai tak tak tak tak tak uski wajah se unemployment badhna shuru ho gayi hai
  38. He says the government has not yet taken the last strike seriously. Government so far jo hai isko abhi tak serious nahi liya unhone last hartal ko bhi
  39. He says the tax burden has shifted to salaried workers, imports and withholding taxes. Tankhwah daaron pe sara shift kar diya, imports pe kar diya, withholding taxes pe kar diya
  40. He says the technocrat model has failed. bureaucrats model jo hai na technocrat model actually has failed
  41. He says Pakistan's solution is political, not technical. Pakistan mein jo hal hai na woh hai sirf political
  42. He says Pakistan's political leaders are too disconnected from the economy. hamari jo leaderships hain woh itni zyada uh disconnect hain economy se
  43. He says an amnesty is not harmful when it reaches the masses. agar aap kahin pe amnesty dete hain na agar woh masses ko jaati hai na to woh buri nahi hai
  44. He says he still believes Pakistan's debt is sustainable and its problems have domestic solutions. main still samajhta hoon Pakistan ka debt sustainable hai. Pakistan ke masle Pakistan ke andar hi unke hal hain.
  45. He says Pakistan and its people have enough resources. Pakistan ke paas enough resources hain, logon ke paas enough resources hain
  46. He says they have to work on their perception first. they have to work on their perception first
  47. He says he currently supervises a part of the economy that he puts at 10 to 15 percent. Pakistan ke ek faction jo 10-15 percent of the economy hai usko main supervise kar raha hoon
  48. He says about 650,000 people work for the KP government. Is waqt main 6.5 lakh log KP hukumat ke mulazim hain
  49. He is the spokesperson of the Minister of Finance. spokesperson of the Minister of Finance.
  50. He says he became an economist after getting his degree. I think I became economist after getting my degree.
  51. He says his job made him an economist. Toh I think mujhe jo economist banaya hai na, woh meri naukri ne banaya hai.
  52. He says many economics graduates in Pakistan become teachers because few economist jobs exist. Bahut saare log teacher ban jaate hain economics ke kyunki Pakistan mein itni economist specific jobs bhi nahi hai.
  53. He says that for the last 17 to 18 years his day has started and ended with a screen. for the last 17, 18 years, uh, bahut jise kehte hain die-heartedly, every day my day start with screen and day ends with screen.
  54. He describes himself as a market economist. main apne aap ko usually classified karta hoon ke I'm a I'm a market economist.
  55. He says economics is more like a study of behavior. Toh economic is more like a behavior.
  56. He says a good economist needs a strong memory and history, not only the theories taught in education. for a good economist, you need to have a very good memory. And you have to have history behind you, not the theories of your education.
  57. He says one size does not fit all in economics. Dekho, one size does not fit all.
  58. He says he started with a stock broking company called KASB. I started with a stock broking company called KASB
  59. He says KASB was a joint venture with Merrill Lynch. Merrill Lynch aur KASB ka JV tha.
  60. He says he did not get a bank job; otherwise it would have been an internal job where a boss would tell him what to make. mujhe jo hai kisi bank mein job nahi mili. Achcha. Warna ek internal job hoti, bank mein mera boss kehta yeh bana do, woh bana do.
  61. He says he was trained under high-class world research. I got trained under high class world research
  62. He says his research was published under the Merrill Lynch and KASB names and circulated worldwide. Aur phir Merrill Lynch aur KASB ke naam se print hoti thi. Aur it gets circulated all over the world.
  63. He says the research was used for road shows in London, America and Singapore every three or four months. us research ki basis pe we do road shows. Right. London, America, Singapore, every three, four months.
  64. He says his research notes brought him media calls and press quotes. Whenever mera koi note nikalta tha toh I got media calls, TV agle din akhbar mein hum quote ho rahe hote the.
  65. He says about 20% of his working time goes to media. mera 20% time media ke saath hi serve hota hai
  66. He says he started his own YouTube channel after 2018. maine 2018 ke aage ek apna ek YouTube channel bhi banaya tha.
  67. He says the YouTube channel is now passive because of his current portfolio. Jo abhi aaj kal passive ho gaya hai because of my current portfolio, I don't have a time.
  68. He says he wants to explain his views to the public without interruption. The point is ke I want to make sure ke jis tarah main cheezon ko dekhta hoon, without interruption, I can explain to public.
  69. He says TV interviews come with their own set of questions. When you go to TV, they have their own set of questions.
  70. He says that when he talks economics, it does not sound like he is talking economics. when I talk economics, I don't look like I'm talking economics.
  71. He says he has a following overseas and in government circles. I have a lot of following from overseas. As well as uh in the government circle as well.
  72. He says the obvious is hard to discover because people take it for granted. Yani ke obvious ko discover karna mushkil hota hai because we just take obvious as a granted thing.
  73. He defines a structural change as a policy with more beneficiaries than losers. Structural change maine bada aasaan karke bola tha ke aisi policy banao ke jiske beneficiaries zyada hon aur loser kam hon.
  74. He says the government has focused on agriculture for the past two years. Is government ne pichle do saal se apna focus jo hai agriculture pe kar diya.
  75. He says Pakistan is moving from a food-deficit country toward food surplus. Uski wajah se ab hum jo hain from food deficit country, we are fastly approaching to food surplus.
  76. He says Pakistan is exporting maize and wheat. Hum maize export kar rahe hain, hum wheat export kar rahe hain.
  77. He says the government has launched a ration program worth 120 billion rupees. Abhi government ne ek Ehsaas Ration Program launch kiya hai. 120 billion rupees ka.
  78. He says the government is using technology and geo-tagging to reduce the role of middlemen. we are trying to bring more technology, more geo-tagging
  79. He says Pakistan's exports hit an all-time high last year. We're going to hit all time high exports already we did last year.
  80. He says a power plant makes only a small direct contribution to job creation. But uski jo contribution in job creation hai na, woh badi kam hoti hai.
  81. He says the PPP government had lower average growth than PMLN but created 1.2 million more jobs. People's Party ki government ne phir unki average growth jo hai PMLN se kam thi, but they have created 1.2 million jobs extra.
  82. He says the auto industry has been protected for 30 years. 30 saal se humne auto production di hui hai.
  83. He agrees that Pakistan is one of the cheapest countries in the world. Abhi yeh government aaj kal bolti hai ke hum duniya ka sabse sasta mulk hain. Aur actually mein hain.
  84. He says that after looking at certain information, the dollar was adjusted and duties on cars were raised. Humne us information ko dekha us pe humne dollar ko adjust karwaya. Gaadiyon pe duties badhwa di.
  85. He says core inflation leaves out food and energy. Core inflation mein hum food aur energy ko nahi ginte.
  86. He says the current government's core inflation is pretty much in line with what PMLN did. is government ki core inflation is pretty much in line what PMLN has done.
  87. He says tomato and onion prices are down 30% compared with last year. Last year se tamatar 30% neeche hai, pyaaz 30% neeche hai.
  88. He says food output must grow in line with population growth. So first of all, you need to grow food in line with your population growth.
  89. He says the average crop growth under PMLN was 0.68%. Their crop growth average is 0.68%.
  90. He says the dollar rate could move to 150 or 190 as information changes. Isme fair baat ye hai ke it could go to 150 again and it could go to 190.
  91. He describes the currency as a shock absorber. To the point is currency is just like a shock absorber.
  92. He says the current account deficit was cut by half a billion dollars a month within three months. Within three months jo hamara current account deficit jo yun ja raha tha, woh humne half a billion dollar monthly kam kar liya.
  93. He says Pakistan reduced its debt to GDP ratio during Covid. Pakistan ne is Covid ke period mein apna debt to GDP reduce kar diya.
  94. He says the government encouraged industries such as construction to create mass employment. Humne uske liye encourage ki kuch industries jisse mass employment create ho. Construction is one of them.
  95. He says inflation is itself a form of tax. And inflation jo hai mehngai bhi ek tax hota hai.
  96. He says today's relief is tomorrow's tax. we need to understand this ke aaj ka relief kal ka tax hai.
  97. He says he is not a pure or typical economist. I'm not a pure economist, I'm not a typical economist.
  98. He says he believes in market forces rather than artificial measures. I'm a hardcore market economist who believes in market forces. Not in any artificial thing.
  99. He says he could offset a 10 rupee increase directly through the subsidy programme. I can offset this 10 rupees usko main direct ye jo abhi subsidy program hai wahan se deta hoon.
  100. He says people should pay the fair value so that government revenue rises. You and I should pay what is the fair value, government ka revenue badhe.
  101. He says Pakistan's policymakers are not connected with the market. hamari jo policy banane wale hain na they are not connected with market.
  102. He says Pakistan's goal should be to increase exports. Hamein exports badhani hai.
  103. He says long-term policy reform involves dismantling that can raise inflation and unemployment. Jab aap ek long term policy mein jaate hain toh us waqt bahut saari dismantling hoti hai, jiski wajah se mehangai badhti hai
  104. He says he recently had a conversation with a World Bank economist. Uh recently I had a conversation with with uh with a World Bank economist
  105. He says Pakistan has rarely built policy on a full cost and benefit analysis. Pakistan mein aisi policy kis kabhi kisi ne nahi banayi ki jo puri cost and benefit ko samne rakh ke jo hai policy framework ko banaye.
  106. He says India and Bangladesh are doing better with stronger currencies. India is waqt currency strong karke jo hai behtar perform kar raha hai, Bangladesh behtar perform kar raha hai.
  107. He says he is very positive about Pakistan's future. as usual I am a very positive person
  108. He says every country that turned around did so with a change of generation. Dekhein puri duniya mein jis bhi country ka turnaround hua hai na, woh turnaround with the change in generation hua hai.
  109. He says the changing generation will change political mindsets. yeh generation jo change ho rahi hai, woh political mindset ko change karegi.
  110. He says the current generation is more linked to information globally. Hamari generation jo hai na it's more linked to information now globally.
  111. He says he expects a much better independent Pakistan by 2050 if he is alive. Toh I am very positive agar main if I will be alive uh by 74 uh 2050 toh I can I am sensing a much better independent Pakistan.
  112. He says the country has paid him a lot and he feels indebted to it. This country has paid me a lot. Jahan aaj main hoon, it's just because of this country.
  113. He says the tightening policy aims for a better future with less pain ahead. Toh these policy actions are more lean towards a better future, less painful months or years ahead.
  114. He says the tightening phase is done. we are done with the tightening what we need to do.
  115. He says agriculture, IT exports and normal exports are being kept intact during the tightening. we are making sure agriculture to stay intact, IT exports to stay intact, normal export to stay intact
  116. He says the government is discouraging car buying and phone upgrades. What we are discouraging, gaadiyan na lein log, mehenge phones na lein thode.
  117. He says the government has lost some political capital through its policy actions. Is government ne apna political capital loose kiya.
  118. He says information is the key behind everything in the economy. So the key behind everything is information.