Sabahat Zafar

Sabahat Zafar
M.Phil. Student, Pardee RAND Graduate School, and Assistant Policy Researcher, RAND


M.P.A. in economic policy management, Columbia University; M.A.S. in applied economics, University of Karachi; M.A. in economics, University of Karachi


Sabahat Zafar is an M.Phil. student at Pardee RAND and an assistant policy analyst at RAND. Her research interests include international development, climate change, energy policy and resilience, and the allocation of scare public resources.

She has an M.P.A. from Columbia University and a Master’s of Applied Science in economics and an M.A. in economics from the University of Karachi. Before joining Pardee RAND, she was the deputy director of the State Bank of Pakistan, where she analyzed policies on public pensions, energy supply chain management, public-sector enterprises, untargeted subsidies, public expenditures, and financial inclusion. She also developed and maintained a macroeconomic estimation and forecasting framework for the bank’s Monetary Policy Department. 

Concurrent Non-RAND Positions

Selected Publications

Sabahat Zafar, Nasiba Imaralieva, Bernardo Orellana and Hugo Viladegut, "Multiple Equilibria in Investments Financed by Debt: An extension to Gertler, Rogoff (1990)," State Bank of Pakistan, Research Bulletin

Sabahat Zafar, "Estimating Liquidity Created by Banks in Pakistan," State Bank of Pakistan Working Paper Series

Sabahat Zafar, "Price Stabilization Mechanism in Pakistan’s Food Market: Exploring Issues and Potential Challenges," State Bank of Pakistan Staff Notes

Sabahat Zafar, "Fiscal Prerequisites for Inflation Targeting," MPRA Working Paper

Sabahat Zafar, "Evaluating the Fiscal Burden of State-owned Enterprises in the Power Sector," State Bank of Pakistan Second Quarterly Report (2018-19), 2019

Sabahat Zafar, "The State of Food Security in Pakistan," State Bank of Pakistan Third Quarterly Report (2018-19), 2019

Sabahat Zafar, "Special Section on ‘Global Value Chains (GVCs) - Implications for Pakistan’," State Bank of Pakistan First Quarterly Report (2019-20), 2020

Sabahat Zafar, "Special Section on ‘Public Pension Expenditures in Pakistan - The Need for Reforms’," State Bank of Pakistan First Quarterly Report (2020-21), 2021


English, Urdu