World renowned economist coming to Pakistan

[ChthonicPowers]

ISLAMABAD (February 23 2004): Peruvian born world renowned economist, Henando De Soto, is coming to Pakistan to discuss country’s economic issues on the invitation of President General Pervez Musharraf.

An early assessment team of De Soto is already working with the Finance Ministry on the SME sector to suggest recommendations for making them vibrant and dynamic entities.

De Soto, who met Finance Minister Shaukat Aziz in Dubai where the minister had gone to attend Bretton Woods Institutions’ meeting, would deliver a lecture to top officials of the country and would also meet the President.

He has authored a famous book “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else”, triggering a debate on the issue.

He opines that maturing of the system of titles of property led to manifold uses in capital market and enhanced multiplicity of capital and its proper use.

Developing countries lack system and keep themselves busy in litigation and, thus, found their urban and rural lands as dead stocks unable to create means of production for their assets.

"Hernando De Soto’s book is insightful and written in a captivating style. It explains that poverty lingers in the Third World because of the failure to create a system of recognising and organising each citizen’s property that will allow for it to be converted into dynamic capital usable to produce wealth.

For instance, in much of the Third World, if you don’t have a legal address; then you cannot use your house as collateral for a loan to open a business," according to a review of the book.

In an interview on determining a system of formalised property rights and ensuring the benefit of new system to everyone including those without any informally-held property to begin with, de Soto said: "The first step is to figuring out who owns what, and that is not always clear because record-keeping systems for assets, whether real estate or business, do not necessarily reflect reality.

http://www.brecorder.com/story.php?id=106699&currPageNo=1&query=&search=&term=&supDate=

Whoaaa! lets hope we make good use of his presence. I would also hope, if he gives any useful ideas that he’s engaged regularly. This is great news that deserves to be followed closely.

[Spock]

Instead of inviting him, why cant we get Mr. Shahid Javaid Burki, who I believe in working in World Bank these days? Hes also amongst the best economists of the world.

[rehman1]

Re: World renowned economist coming to Pakistan

*Originally posted by ChthonicPowers: *
ISLAMABAD (February 23 2004): Peruvian born world renowned economist, Henando De Soto, is coming to Pakistan to discuss country’s economic issues on the invitation of President General Pervez Musharraf.

An early assessment team of De Soto is already working with the Finance Ministry on the SME sector to suggest recommendations for making them vibrant and dynamic entities.

De Soto, who met Finance Minister Shaukat Aziz in Dubai where the minister had gone to attend Bretton Woods Institutions’ meeting, would deliver a lecture to top officials of the country and would also meet the President.

He has authored a famous book “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else”, triggering a debate on the issue.

He opines that maturing of the system of titles of property led to manifold uses in capital market and enhanced multiplicity of capital and its proper use.

Developing countries lack system and keep themselves busy in litigation and, thus, found their urban and rural lands as dead stocks unable to create means of production for their assets.

"Hernando De Soto’s book is insightful and written in a captivating style. It explains that poverty lingers in the Third World because of the failure to create a system of recognising and organising each citizen’s property that will allow for it to be converted into dynamic capital usable to produce wealth.

For instance, in much of the Third World, if you don’t have a legal address; then you cannot use your house as collateral for a loan to open a business," according to a review of the book.

In an interview on determining a system of formalised property rights and ensuring the benefit of new system to everyone including those without any informally-held property to begin with, de Soto said: "The first step is to figuring out who owns what, and that is not always clear because record-keeping systems for assets, whether real estate or business, do not necessarily reflect reality.

http://www.brecorder.com/story.php?id=106699&currPageNo=1&query=&search=&term=&supDate=

Whoaaa! lets hope we make good use of his presence. I would also hope, if he gives any useful ideas that he’s engaged regularly. This is great news that deserves to be followed closely.

He is not an employee of Britton Wood sisters.
So Its a goods news that GOVT is interested in
getting other Mashwaras too.

[TUMS]

good, de soto is the real deal honest.

[rehman1]

[QUOTE]
*Originally posted by TUMS: *
good, de soto is the real deal honest.
[/QUOTE]

Is it possible If you or somebody else could post details about his
works. Something in detail. Business recorder ke detail ziada nahee
theee.

take care

[ChthonicPowers]

*Originally posted by rehman1: *

Is it possible If you or somebody else could post details about his
works. Something in detail. Business recorder ke detail ziada nahee
theee.

take care

a very short biography

Hernando de Soto has pulled off a remarkable feat. You may not have heard of him, but governments around the world are apparently queuing up to hear what the Peruvian thinker has to say. Egypt, Romania, Haiti and Mexico, as well as his home country, are seeking and implementing his advice in a bid to transform their economies. Geoff Mulgan, head of the Number 10 policy unit, had him in to Downing Street. The World Bank is pouring huge sums into his projects. The Economist ranks his Lima-based institute as the second most important thinktank in the world. De Soto is pitching himself as a third way guru and it’s working. With the launch of his new book, he’s flavour of the month.

A little more detail on his work

Few people can boast that their ideas have been praised by George Bush, Bill Clinton, Ronald Regan, and Vladimir Putin, or that their books have been acclaimed by New York’s conservative Wall Street Journal and by Paris’ liberal Le Monde. Peruvian economist Hernando de Soto can.

Interview

He really looks like a useful guy. This is an incredibly good step by Musharraf. :k:

ISLAMABAD: The government is likely to hire Hernando De Soto, a Peruvian economist, as a consultant to legalise the titles of lands, properties and businesses in order to make them an additional instrument for obtaining credit and developing the country’s Small and Medium Enterprises (SMEs).

http://www.dailytimes.com.pk/default.asp?page=story_24-2-2004_pg7_23

[rehman1]

Thanks for the info Chotonic powers.

Its good to see some body new with slightly
different interpretation of capitalism.

Ultimately, GOV of PAk will have more tax payers.

[Malik73]

De Soto, who met Finance Minister Shaukat Aziz in Dubai where the minister had gone to attend Bretton Woods Institutions’ meeting, would deliver a lecture to top officials of the country and would also meet the President.

Another positive sign that Musharraf is continuing to consult the best economists in the world, in contiuning the excellent reforms of the last few years. :k:

[Abdali]

WB offers $10bn soft loan to Pakistan! Not too long ago they wouldn't sanction $100M.. I wonder what changed.

www.businessrecorder.com

By Our Staff Reporter

ISLAMABAD, Feb 22: The World Bank has offered up to $10 billion in soft loans for water and power sectors over the next few years, a source said. President Gen Pervez Musharraf has, however, indicated that Pakistan was willing to accept a loan of $3-4 billion over the medium term period provided it was lent under the international development assistance (IDA) terms.

The bank's delegation, led by its South Asia vice-president Praful C. Patel, "was on a specific assignment to persuade Pakistan to apply for loans amounting up to $10 billion since its loans in the pipeline are now drying up", said a senior government official who attended the meeting between the president and the WB delegation last week.

The official said the World Bank was re-thinking its lending strategy for Pakistan from commercial lending to concessional loan programmes in view of the improving macroeconomic situation and the drying up of its credit line.

The source quoted the World Bank vice-president as assuring President Musharraf "as for any amount I (the bank VP) will get it approved from the (World Bank) board on soft terms".

Pakistan has, however, told the bank that it was not ready to consider loans other than under the IDA which carries upto 0.7 per cent service charges, he said.

Pakistan did not seek any new loan programme from the bank since it launched Ghazi Barotha Hydropower Project in the early 1990s and was in the process of repaying its expensive debt ahead of schedule.

A meeting of the power sector policy committee, which is led by the minister for water and power with members from all economic ministries, has been scheduled for Tuesday in Islamabad to consider the bank's offer besides other related matters, the official said.

The government is expected to decide about its overall funding requirements within 15-20 days so as to present it before the Pakistan Development Forum (PDF) conference to be held next month.

The official said Wapda's power sector alone required up to Rs500 billion over the next 10 years to generate up to 10,000-mw of additional electricity in view of the rising demand in the industrial growth.

Wapda sources said the utility's peak demand was currently increasing at the rate of 1,000-mw per year following improvement in the macroeconomic situation. So up to $1 billion loan could be acquired for the power sector. In the short term Rs15-20 billion was required for system augmentation over the five-year period to reduce Wapda line losses.

The bank's delegation also referred to the proposals of commercialization and corporatization of the power sector and recommended that electricity be provided to the consumers on the cost of service basis which meant removal of cross subsidies.

The bank, appeared concerned over the delay in dividing Wapda into 13 entities, but did not press the point too much because its position has reversed from a reluctant lender to a lender eager to lend to Pakistan.

The sources said the bank was also expected to extend funding programme to Pakistan for Kalabagh Dam project or any other big storage project if the government so desired.