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Exit Strategy From the IMF Programme
The International Monetary Fund\u27s (IMF) executive board is set to meet next week to discuss the approval of a three-year Extended Fund Facility (EFF) for Pakistan ending in the fiscal year 2027-28 — the 24th time the country is going to enter into an agreement with the lender.Working around these targets, the main endeavour is to work systematically on enhancing the capacity to generate additional net foreign exchange earnings compared to the current levels. Pakistan has registered a negligible current account deficit in FY24 and less than 1 per cent in last four years except 2022. The objective is to turn it around into a surplus of $6-9bn by FY28. Is this feasible or, as naysayers would argue, kite flying? Exports of goods recorded a 14pc growth rate of merchandise exports in August. (In FY22, the increase was 26pc). If this average rate of 14pc is maintained for the next four years, There seems to be a broad consensus that it is in Pakistan\u27s best interests to exit from the IMF programme. The reasons are quite obvious — the loss of autonomous decision-making by the sovereign, inability to set its own priorities and their phasing, timing and sequencing, and getting out of a straitjacket framework of short-term performance criteria, structural benchmarks agreed with the IMF
A tale of two tracks
The recent impressive performance of Pakistan’s armed forces against a formidable adversary, enjoying favorable distribution of conventional forces, a 10-times larger economy, six times in population, a leading global exporter of IT and IT-enabled services, having huge forex reserves of over $600 billion, has made the nation proud. The question that needs to be answered is: How come the performance of our military (1971 being an exception) has been so consistently superior compared to our civilian institutions? Why is the gap between these two parallel tracks — military and civil — widening and why have there been no synergies between the two? Foreign observers have noted that it was not superior equipment, missiles, satellites, radar, drones etc placed at our disposal by China but the high standards of training, exemplary professionalism, commendable utilisation and timely integration of all equipment and use of real-time digital data and cyberspace control that led to Pakistan’s superior outcome
Revamping the ecosystem
A recent advertisement seeking secretaries to the government from outside the existing pool is a commendable step. One hopes it marks the beginning of system-wide changes in our antiquated administrative structure and processes. This experiment’s success will depend not only on the calibre of the newcomers but also on the way the supporting ecosystem evolves. To begin with, screening, short-listing and interviewing should follow objective parameters — for instance, matching experience with job requirements, a demonstrated record of adaptability and innovation, strong interpersonal skills and problem-solving abilities
Barriers to Adopting digitalization in Human Resource Management: An Exploratory Study
Purpose: Recent advancements in the field of Artifical Intelligence(AI) have transformed the organization workflow and employees’ perceptions related to the adoption of digital and automated work. The main aim of the study is to explore the challenges employees and organizations are facing to adopt and implement digital transformation especially healthcare sector of Karachi Pakistan. Significantly, this study attempts to bridge the research gap by exploring the reasons of unacceptance of digitalization. Drawing on the Technology Acceptance Model (TAM) theory, this study examined the individual attitudes toward HR technology.
Design/Methodology/Approach: This research adopted a qualitative method and was based on an exploratory approach. Data were collected through in-depth semi-structured interviews. To conduct the research, sixteen (16) employees were interviewed the public sector institute. Grounded theory approach was used for performing thematic analysis considering the steps of open coding, axial coding, and selective coding to explore the challenges faced by employees to adopt digitalization in work.
Findings: In total, ten (10) themes were identified Lack of digital literacy or technical skills, Fear of job displacement due to automation, Resistance to change and preference for traditional methods, Inadequate training and onboarding for new systems, Perceived increase in workload during transition, Poor communication about the purpose and benefits of digitalization, Concerns over data privacy and workplace surveillance, Frequent technical issues or poor user experience, Misalignment with organizational culture and values, Lack of support or encouragement from managers and supervisors.
Originality/value – This study contributes to the body of knowledge by exploring the problems faced by the organizations to adopt digitalization. However, this study adds to the previous studies related to the challenges of technology adoption in the context of Pakistan by using TAM theory
Research limitations: This study is limited to Karachi for respondents’ interview due to time concerns.
Practical implications: By highlighting the importance of identifying the challenges employees are facing to adopt digitalization managers and policy makers can take better decisions for their employees training and development and to boost their motivation and work engagement.
Social Implications: It promotes awareness among policymakers, organizational leaders, and practitioners about the human impact of current practices and encourages more empathetic and inclusive decision-making
Evaluating the Effectiveness of Digital Marketing (DM) Tools from the Perspective of Pakistani Microbusinesses
Purpose:
Current research evaluates the effectiveness of digital marketing tools from the perspectives of Pakistani microbusinesses. The study performs an extensive literature review and developed a conceptual framework based on technology acceptance model and theory of planned behavior.
Methodology:
The study adopts a mixed method in which both qualitative & quantitative methods are included. The qualitative research included one focus group and two interviews. Thematic analysis is performed and presented. The quantitative research involved data collection using a deductive approach, and online survey data collection method from a sample of 98 respondents.
Findings:
The data was cleaned and analyzed using SPSS. Frequency analysis, chi-square and cross-tab analysis are presented. The analysis reveals Facebook (50.7%) and Instagram (20.3%) are found highly effective for business promotion. Social media platforms (77.3%) most effective for achieving marketing goals. Facebook ads (54.3%) and Instagram ads (26.1%) lead in conversion rates. Google Analytics (38.6%) and SEO tools (47.7%) effective for increasing website traffic. Social media (77.9%) most effective in lead generation.
Originality or Value: The data collected is original
Research Implications or limitations:
Small sample size due to limited time to collect data. Collected sample using convenience sampling technique due to accessibility issues. Data had a greater sample of females in both; focus group and quantitative survey. This may inculcate biases in the analysis
Digital Marketing (DM) Tools, Pakistani Microbusinesse
An empirical study of Entrepreneurial Intentions of the university students: The Moderating Effect of Entrepreneurial Education
Purpose: This research aims to examine the entrepreneurial intentions of university students in Pakistan, applying the Theory of Planned Behavior (TPB) and specifically investigating the moderating effect of entrepreneurial education on these intentions.
Study design/methodology/approach: A survey method was employed to collect data from university students in Pakistan. The collected data was analyzed using SMART PLS and SPSS to assess the direct and moderating effects of TPB constructs and entrepreneurial education on entrepreneurial intentions.
Findings: The study revealed that attitudes toward behavior and subjective norms significantly predict entrepreneurial intentions among university students across both public and private institutions, aligning with the TPB. Moreover, entrepreneurial education moderates the relationship between perceived behavioral control and entrepreneurial intentions, particularly within the context of public sector universities.
Originality/value: This research contributes to the entrepreneurship literature by providing nuanced insights into the role of entrepreneurial education as a moderator within the TPB framework in a developing economy context, specifically Pakistan.
Research limitations/implications: The study\u27s findings are based on cross-sectional survey data, limiting the ability to establish causality. Future research could explore these relationships longitudinally.
Practical implications: For policymakers and educators in Pakistan, the findings underscore the importance of designing entrepreneurial education programs that not only impart knowledge but also bolster students\u27 perceived ability to control entrepreneurial outcomes.
Social implications: By identifying factors influencing entrepreneurial intentions among university students, this research offers insights that can inform strategies to foster a more entrepreneurial mindset within the youth population of Pakistan. This, in turn, could contribute to economic growth, innovation, and job creation within the country
Barriers and Impacts of Sustainable Supply Chain Management in SMEs: A Comparative Analysis of Developed and Developing Economies
This paper presents a comparative analysis of barriers and impacts of Sustainable Supply Chain Management (SSCM) in Small and Medium Enterprises (SMEs) in developed versus developing countries. Through an extensive literature review of more than 20 scholarly articles, the paper has identified the key barriers in the way of SSCM adoption in SMEs, including financial issues, limited expertise and resources, and insufficient technology, or lack thereof. The research is further supported by a quantitative study to explore the barriers while also revealing significant differences in the practices of developed versus developing economies. The study contributes extensively to academia by highlighting critical success factors towards a successful SSCM important for overcoming the barriers
Green entrepreneurship and innovation for climate resilience
This study explores the transformative role of green entrepreneurship and innovation in building climate resilience within vulnerable communities of Pakistan. Positioned at the intersection of environmental sustainability, economic empowerment, and social inclusion, green entrepreneurship is investigated through a qualitative lens by examining the lived experiences of 20 entrepreneurs from key sectors, including renewable energy, sustainable agriculture, eco-tourism, and waste management. Using semi-structured interviews and thematic analysis via NVivo software, the research identifies five core themes: motivation, innovation, barriers, resilience building, and support mechanisms. Findings reveal that these entrepreneurs are driven by strong ecological values and community-oriented goals, innovating through adaptive, frugal, and often indigenous knowledge-based approaches. Despite facing institutional, financial, and socio-cultural barriers, they significantly contribute to local resilience by promoting sustainable livelihoods, climate education, and community capacity-building. The study emphasizes the need for enabling ecosystems through policy reform, decentralized support, and inclusive financing to mainstream green entrepreneurship in climate adaptation strategies. This research advances the discourse on sustainability and resilience by highlighting grassroots innovation as a critical tool in addressing climate challenges in the Global South
How Ethical Leadership Shapes the Impact of Workplace Friendships on Emotional Culture of Joy and Job Performance
Many Scholars have called for more research on the role of friendships in the workplace so that their effects are better understood (Ferris et al., 2009; Methot et al., 2015; Pillemer and Rothbard, 2018). Workplace friendships have been called as a hot research topic and double edged sword in organizational management (Lee & Duffy, 2019; Wang et al, 2022) and given its conflicting nature and lack of consensus on the effects of its role on personal and organizational perspectives, this research seeks to provide answers to the debate through empirical research on the effects of Workplace Friendships on Job Performance and understand underlying mechanism by introducing the variable emotional culture of joy, and a boundary condition in ethical leadership
The effect of exchange rate on stock market performance: An analysis of underlying mechanism
This paper explores the effect of exchange rate on stock market performance in Pakistan, underscoring the underlying mechanism through interest rates. Using monthly data from August 2009 to August 2024, we performed a Vector Error Correction Model (VECM) and Granger causality tests to identify both short-run dynamics and long-run among the exchange rate, KSE-100 index, repo rate, and inflation. The findings shows that while FX shocks do not directly influence stock returns in the short run, they significantly affect inflation and repo rate, which leads to impact equity performance. Currency depreciation causes inflationary pressure and restrictive monetary policies, leading to lower stock returns. The evidence backs a portfolio-balance (stock-oriented) channel rather than a flow-based mechanism. These results demonstrate the important role of monetary policy in mediating financial linkages When dealing with exchange rate volatility the government needs to pay attention to these factors since excessive rate increases may intensify stock market instability