Partly Facetious: 'Hot' money is going out in any case

"What does a country where demand contraction is the strategy do when demand begins to contract in any case due to the Coronavirus."

"Other countries have begun quantitative easing..."

"Who are you? Hafeez Sheikh?"

"No I am one of those who the International Monetary Fund (IMF) wouldn't let enter its hallowed halls unless I can get a job there or unless I am selected as the country's Finance Minister...sorry an Advisor...isn't that what Dr Hafeez Sheikh said while addressing the members of the National Assembly?"

"He has the status of a full minister so he gets the car and the housing and the salary, I mean he doesn't need to remit any money stashed in the UAE; anyway when I asked if you were Dr Hafeez Sheikh I meant using difficult economic terms when addressing the layman and focusing on the plus rather than on the negative impact and..."

"It's lay men as in plural, not layman."

"Dr Sheikh is focused on one lay man..."

"I will have you know that The Khan reads all summaries pertaining to the economy..."

"And who prepares the summaries?"

"Oh I didn't think of that; but what do you think will be our policy now?"

"I reckon the gentleman who will have no trouble entering the hallowed halls of the IMF will spearhead a Monetary Policy Committee meeting that will reduce the discount rate..."

"Hot money will go out more quickly than at present."

"Hot money is going out in any case, the remaining 2 plus billion dollars will leave the country as and when it matures and given that the hot money was mainly in short-term treasury bills I reckon maturity is within the next few weeks if not days..."

"So the discount rate will come down?"

"I reckon The Khan will insist on that, but it will come down by no more than 100 basis points because those who the IMF will let enter into its hallowed halls..."

"Oh shush, what if The Khan lets one of the two economic team leaders go? Will they be allowed entry into the hallowed halls..."

"Hmmm, that would be subject to reapplication for a job and being short listed and of course Dr Sheikh won't be eligible due to his age."

"That would be telling if he is seen seeking admission to the IMF and not allowed..."

"Hey dream on, he won't visit the IMF headquarters because he would have no need..."

"But doesn't the same apply to the rest of us too? I mean why would we want to visit the IMF headquarters?"

"Indeed."