Page 38 - CMA Journal (Jan-Feb 2026)

Focus Section

Figure 6: Process Validation Diagram

References • Jayne, T. S., Mason, N. M., Burke, W. J., & Ariga, J. (2018). Review: Taking
stock of Africa’s second-generation agricultural input subsidy
• Abedullah. (2021). Fertiliser subsidy an ineffective policy tool to offer programs. Food Policy, 75, 1-14. https://doi.org/10.1016/
low prices of basic food commodities (PIDE Knowledge Brief Issue. P. I. j.foodpol.2018.01.003
o. D. Economics. https://pide.org.pk/research/fertiliser-subsidy-an-
ineffective-policy-tool-to-offer-low-prices-of-basic-food-commodities/ • Nadeeshani Silva, K. N., & Kirschke, D. (2014). Role of Fertilizer subsidy
policy in Agricultural Development. The case of Sri Lanka. Proceedings
• Adeolu, A. R., Ojor, A. O., & Izevbuwa, O. D. (2017). CAN AGRICULTURAL
INPUT SUBSIDY HELP THE POOR MORE THAN FOOD AID SUPPLIES IN of the Annual South-East European Doctoral Student
MALAWI? Journal of Developing Areas, 51(2), 329-341. Conference(2014), 185-204. https://research.ebsco.com/linkprocessor/
https://doi.org/10.1353/jda.2017.0048 plink?id=f19aa8a1-552a-3eb3-965a-46fe83c3b2ab
• Ali, A., Rahut, D. B., & Imtiaz, M. (2019). Affordability linked with • Robinson, E. (2008). China and India ramping up fertilizer subsidies.
subsidy: Impact of fertilizers subsidy on household welfare in Pakistan. Southwest Farm Press, 35(20), 14-14. https://research.ebsco.com/
Sustainability, 11(19). https://doi.org/https://doi.org/ linkprocessor/plink?id=4d75a8d8-dcb3-331b-8b6b-a9c11dd49f2b
10.3390/su11195161 • Smale, M., & Thériault, V. (2022). Input subsidy effects on crops grown by
• Ali, M., Ahmed, F., Channa, H., & Davies, S. (2016). Pakistan's fertilizer smallholder farm women: The example of cowpea in Mali. Oxford
sector: Structure, policies, performance, and impacts (Vol. Chapter 6). Development Studies, 50(3), 244-258. https://doi.org/10.1080/
• Banful, A. B. (2011). Old Problems in the New Solutions? Politically 13600818.2021.2008892
Motivated Allocation of Program Benefits and the “New” Fertilizer • Takeshima, H., & Liverpool-Tasie, L. S. O. (2015). Fertilizer subsidies,
Subsidies. World Development, 39(7), 1166-1176. political influence and local food prices in sub-Saharan Africa: Evidence
https://doi.org/10.1016/j.worlddev.2010.11.004
from Nigeria. Food Policy, 54, 11-24. https://doi.org/10.1016/
• Chaudhry, M. G., & Sahibzada, S. A. (1995). Agricultural input subsidies j.foodpol.2015.04.003
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About the Authors: Muhammad Hasnain Yousaf holds more
• Danish, M. H., Tahir, M. A., & Azeem, H. S. M. (2017). Impact of agriculture than 17 years of diversified experience in the financial industry and
subsidies on productivity of major crops in Pakistan and India: A case
study of fertilizer subsidy. P. E. R. Institute. has spent most of his career with the State Bank of Pakistan (SBP) in
different roles, ranging from Portfolio Management to Economic
• Dionne, K. Y., & Horowitz, J. (2016). The Political Effects of Agricultural Research. He is currently serving as Joint Director at the Research
Subsidies in Africa: Evidence from Malawi. World Development, 87,
215-226. https://doi.org/10.1016/j.worlddev.2016.06.011 Department, SBP. He holds an MBA in Finance from UAF, Faisalabad,
an MS in Economics from IBA, Karachi, and an MS in Business
• Dwi Utami Nur Hasanah, P., & Fauziyah, E. (2025). Competitiveness of
the Local Corn ‘Manding’ Post the 2022 Fertilizer Subsidy Policy Change. Analytics from Karachi School of Business and Leadership. His
Indonesian Journal of Agricultural Sciences / Jurnal Ilmu Pertanian research interests are Financial Markets, Monetary and
Indonesia, 30(3), 612-620. https://doi.org/10.18343/jipi.30.3.612 Development Economics, and Digital Finance.
• Gotsch, C., & Brown, G. (1980). Prices, taxes and subsidies in Pakistan Muhammad Taha Akmal Siddiqui brings over 15 years of project
agriculture, 1960-1976. In W. Bank (Ed.), Staff Working Papers.
management experience across petrochemical, automotive, and
• Hussain, A., Khan, M. A., Muhammad Anjum Ali, B., Farooq, U., Islam, M., electronics sectors, currently leading strategic projects at Lucky
& Khan, Z. U. (2018). Revising Fertilizer Subsidy and Taxes Policy for Motor Corporation Limited. He holds dual Master’s degrees in
Reducing Cost of Production of Major Crops in Pakistan. Sarhad engineering and management, with research interests in AI, Deep
Journal of Agriculture, 34, 870-879. https://doi.org/10.17582/ Learning, and data-driven project optimization.
journal.sja/2018/34.4.870.879

36 ICMA’s Chartered Management Accountant, Jan-Feb 2026