KARACHI, Oct 14: As the current fiscal year 2008-09 enters its second quarter (October to December), there is apparently no indication of State Bank of Pakistan releasing its annual report for 2007-08 that would give a review of economic performance of three governments and offer a glimpse of projections under the present government.

“There is no news on meeting of the Board of Directors as yet,” an official of the State Bank of Pakistan told Dawn on Tuesday and hinted that in all likelihood the draft of the annual report had been prepared and it awaited a formal approval by the board.

“The annual report of the outgoing fiscal year is usually released in November,” he reminded.

The official was partly true as in last few years the State Bank had been releasing annual reports of the outgoing fiscal year even in first week of December. But, normally in last several decades, the SBP used to bring out its annual report by end-September or early October with a full dress review and analysis of the outgoing fiscal year giving broad hints on direction of the economy in various sectors in the current fiscal year.

The year 2007-08 was an eventful year, which in all probability has left deep imprints on Pakistan. These events during 2007-08 are still casting long shadows on current political, social and economic events of the country.

Therefore, the social scientists, politicians, media persons, bankers and many others are keenly waiting to know how the central bankers view economy from July to November 2007 when emergency was promulgated. How did the actors of economy reacted on promulgation of emergency? Are there any lessons to learn from that experience and decisions taken by the highest and mightiest in the country? Then, the tragic killing of Ms Benazir Bhutto on December 27, 2007 and the three-day frenzy that gripped Karachi and rural Sindh calls for an in-depth assessment of the central bankers on its impact on the economy.

Did the results of February 18 general elections and installation of elected popular government at the federal and provincial levels have led to any quality improvement in economic decision-making? And finally what are the prospects for the current fiscal year?

In short, the State Bank’s annual report for 2007-08 is expected to give detailed analysis and explanation of staggering 7.5 per cent fiscal deficit, over $20 billion trade imbalance, staggering current account imbalance, government’s unprecedented borrowing of about Rs800 billion and the impact of a virtual galloping inflation on the industry, trade, agriculture and a vast number of poor who have been left with nothing to lose during the year.

Also worth interesting would be to know how the central bankers look at the economic performance of the government during first quarter of 2008-09. Has the withdrawal of subsidies on gas and electricity brought some healthy looks to national budget? But how it has impacted on production cost of manufactured goods and quality of life of middle income group? Who was responsible to shake up Pakistan’s banking system immediately after Eid? Did the State Bank probe how many bankers at senior level were in the communication network that informed millions on bankruptcy of a few banks and bouncing of cheques issued by government institutions?