Scholarship / Designing, assessing, economic policy - Letter of motivation for Erasmus Mundus EPOG+ [4]

The statement of purpose should not be more than 500 words. It should highlight the applicant's motivations for applying to EPOG+ Master's program, any relevant academic and work experience, and future career plans. The statement will also indicate the Major(s)/Minor(s), the applicant wishes to choose (and order of preference).

Letter of motivation

Pakistan is on its way to being the world's third most populous country in the coming decades. The economy of Pakistan is on the opposite path GDP per capita ranks at 181. World bank report estimated poverty rate close to 40% in 2020-2021. As per the data gathered from World Bank, UNICEF, UNAID, and SBP, Pakistan ranked first among the top 10 countries with the highest external debt of $127 billion, out of the 73 states eligible for the World Bank's Debt Service Suspension Initiative. Pakistan faces the daunting task of reducing the troubles of a massively increasing national debt, waste of national resources, a rapidly growing population, rising unemployment, and high poverty rate. The majority of these problems stem from destructive and misguided policies. To change the direction of flawed policies, well-trained economists having global exposure and a broader understanding of macroeconomic and social factors would be crucial.

I am applying for EPOG+ with my preference for Major B (Macroeconomic, finance, and Socioeconomic transition). I believe this study track would allow me to gain the required knowledge and insights to study and understand not only the fundamental economic problems with Pakistan's economy but also the underlying socioeconomic environment or lack thereof.

After completing my Certificate in Accounting and Finance, I worked for around three years in an accounting and consulting firm. Due to rotation in various departments, I was able to gain valuable experience in macroeconomic analysis, finance, accounting, and special purpose audits. Financial audits of various foreign-funded projects such as OXFAM, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and The Brooke Pakistan enabled me to assess the impact of broader Socioeconomic and skills training. I was responsible for testing the internal controls, performing financial analysis, and audit of various financial statements assertions.

EPOG would allow me to gain a broader understanding of designing, assessing, economic policy matters and how to achieve the economic transition. Well-thought and a mix of traditional and innovative policies can help Pakistan overcome its ever-lasting economic worries. Pakistan is undergoing its 22nd IMF program. IMF and The Financial Action Task Force (FATF) recent review emphasize the need for major structural reforms in Pakistan's financial markets, Central bank, and economic policies.

After graduating, I plan to come back to Pakistan and help in improving macroeconomic policy matters with my skills and knowledge gained from the EPOG program.