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Asad Ali Shah Profile picture
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Aug 23 • 3 tweets • 2 min read
1) After 3yrs & 10 months, submitted my resignation as Policy Board member of @SECPakistan. This 🧵explains reasons why I decided to step down, with the hope that decision makers will urgently address key issues to make apex Regulator fully functional. n/1
2) I acknowledge that currnt board was constituted by @Asad_Umar as FM purely on merit. Acknowledge- included me as member PB, despite my known affiliation wth #PPP, recognising my independent thinking/objectivity. Hoping currnt FM wl follow similar policy of merit n/2
3) My opinion, board made good contribution during first two yrs in improving Commission’s efficiency & effectiveness through its oversight, policy making & advisory role in regulatory functions. Unfortunately, after change of Chairman from Mr. Mirza, to Mr. Masud Naqvi, n/3

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More from @Asad_Ashah

Asad Ali Shah Profile picture
Aug 23
4) progress considerably slowed, as Mr. Naqvi, otherwise highly competent & eminent professional, was unwell-for same reason, he resigned last yr May. For 6 months thre was no Chairman of the board. With appointment of curnt chairman, there hv been meetings, but wth limited n/4
5) to deal wth urgent issues, not full agenda. I understand Chairman also concerned on state of SECP. Threfore, consider PB’s oversight function, owing to very few meetings/interactions fr last 2 yrs hv been inadequate, poses serious risk due to condition described below n/5
6) It is now over 6 months the Commission has been functioning wth just 2 Commissioners, means it is effectively being managed by Chairman, as he has the casting vote. In these circumstances, all Commission decisions would require n/ 6
Read 16 tweets
Asad Ali Shah Profile picture
Aug 21
Comments on current disastrous situation in Sindh caused by devastating rains & complete collapse of administrative machinery:

No doubt quantum of rains in Sindh- Karachi to Kashmore- this yr are unprecendented 🧵 1/n
2) Administration- starting wth Prov Govt- public health & local govt, Provnl Disaster Mgment Authority (PDMA), divisional & district admins wre ill prepared for such disaster- so no surprise they hv done very little to alleviate damage & suffering caused to affected people. n/2
3) Frankly, there are either no or highly flawed drainage systems in most urban & rural areas in Sindh, caused rain water to accumulate in streets, houses & fields. There were very few dewatering/pumping machines & related equipment to drain out water that has accumulated. n/3
Read 14 tweets
Asad Ali Shah Profile picture
Jun 22
1) Finally, seems IMF progm being shortly revived, wth more taxes.
GDP growth to slow down-may be 3%- more increase in petrol prices & utilities- significantly higher inflation may be 15%. In this 🧵 I cover 2 strategic options country has to choose n/1
dawn.com/news/1696100/l…
2) With #IMF revival, default averted in near term, but economy to remain in #ICU . How will the govt address fiscal & currnt acnt deficits, ensure servicing of huge stock of external debt, improve forex reserves, enhance exports & restore investor confidence? n/2
3) How will the energy crisis, its mounting debt, SOE crisis be addressed? How will we improve our human development indicators?
Above 3 questions require major change in mindset wth regard to governance & public financial management . n/3.
Read 5 tweets
Asad Ali Shah Profile picture
Feb 12
1) Massive criticism & heartburn over performance evaluation of Ministers introduced by @ImranKhanPTI - reflects following realities a) Despite serious limitations & weaknesses- it is an excellent 1st step to improve performance & service delivery; 1/4
gulfnews.com/world/asia/pak…
2) b) politically, was highly counterproductive for a coalition govt wth small majority- already facing risk of impending no confidence; c) no brainer- when you reward 10 out of 55, remaining 45 will deeply resent & fight back; 2/5
3) d) no matter how good or bad was the performance management system, it had huge risk of annoying large number of non performing ministers- thus creating huge risk for further dissensions in an already divided party; 3/5
Read 5 tweets
Asad Ali Shah Profile picture
Jun 6, 2020
1) Pak Steel became profitable frm 2002/3 to 2007/8, not because of any special mgt skills, but because steel prices continously went up in that period, & everone in steel, from Tatas to Mitals made huge profits.
2) Global financial crisis caused the steel prices to crash in 2008/09 which mgt and board cud not understand. They kept importing pig iron, as they were used to increase in prices, with result, they incurred loss of 28 biln, wiping out all profits made in previous 5 yrs.
3) It was simply stupid to have steel trading busines- steel commodity in public sector. If this was privatised in 2006 it wud have saved over Rs. 500 biln worth of tax payers money. If this investmnt was facilitated in pvt sector, it cud have benefited the economy by 10 times
Read 4 tweets

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