• Friday, December 14, 2018

Pakistan: Back to IMF again as expected.

Discussion in 'Pakistan Economy' started by Indus Pakistan, Oct 11, 2018.

  1. Indus Pakistan

    Indus Pakistan PDF THINK TANK: CONSULTANT

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    So much for the oil rich ummah and friendly Saudia Arabia. Pakistan got zilch from them. So it's back to that western institution based in America - IMF. I said all along notwithstanding the 'hot air' Pakistan would most likely go to the IMF because it would have no other option.


    [​IMG]


    International Monetary Fund (IMF) Managing Director Christine Lagarde on Thursday confirmed that Pakistan has formally requested financial assistance from the fund to address its economic challenges.

    Lagarde said in a statement that the request came during her meeting with Finance Minister Asad Umar State Bank Governor Tariq Bajwa on the sidelines of the IMF and World Bank annual meetings in Bali.

    "An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme," Lagarde said. "We look forward to our continuing partnership."



    Pakistan began exploring the possibility of yet another loan package with the IMF while the PML-N was still in power and the exploratory talks continued under the interim government as well.

    Prime Minister Imran Khan's new administration took office in August vowing to weigh up whether to seek an IMF bailout as it sought other avenues of financing.

    He has sought loans from friendly countries, promised to recover funds stolen by corrupt officials, and embarked on a series of populist austerity measures. But help has been in short supply and economists' warnings have grown increasingly urgent.

    The final decision, however, was announced on Monday night when Asad Umar confirmed that the government would seek talks with the IMF on a "stabilisation recovery programme".

    The announcement followed the highest single-day loss in a decade in the stock market, which plunged by over 1,300 points, losing almost Rs270bn of its capitalisation.

    On Tuesday, the IMF said that it would listen to Pakistan’s request for financial support "very, very attentively", as it did with any member with good standing.

    Pakistan seeks largest bailout yet
    Pakistan is seeking its largest loan package of up to $8 billion from the IMF to bail itself out from a severe crisis that threatens to cripple its economy, diplomatic sources earlier told Dawn.

    The sources said that the IMF could place strict conditionalities, forcing Pakistan to seek additional loans for meeting those restrictions and this could expand the loan facility to $12bn.

    Pakistan has received more than a dozen financial support packages from the IMF in the past. It completed the last three-year package of $6.4bn in August 2016, which was 216 per cent of Pakistan’s quota at the IMF.

    The previous programme also aimed at “bringing down inflation and reducing the fiscal deficit to more sustainable levels”. It included measures to “help achieve higher and more inclusive growth, in particular through addressing bottlenecks in the energy sector”.

    At a news briefing on Tuesday, IMF chief economist Maurice Obstfeld outlined the economic challenges that Pakistan was facing now and also commented on its ability to finance itself.

    Asked how would the IMF react to Pakistan’s request for an emergency bailout package, he said: "As with any member in good standing, they are certainly entitled to request financial support from the Fund. So, we will be listening very, very attentively when and if they come to us."

    He noted that Pakistan has "frequently… had programmes in the past several times… and that is a very good sign going forward".




    https://www.dawn.com/news/1438309/pakistan-formally-requests-imf-bailout
     
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  2. Śakra

    Śakra SENIOR MEMBER

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    Why you always spitting on KSA's name? Hamesha you're insulting them. Why didn't your titanium brother cheen bail you out?

    Inb4 cheen doesn't bail out countries, neither does KSA.
     
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  3. Retired Troll

    Retired Troll ELITE MEMBER

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    Islamic Iran wanted to help Pakistan to avoid IMF but due to sectarian fears, it was not given the chance.

    Shameful state of affairs.

    Dawn is btw an Indian mouthpiece only when it does not suit a Farastaneezs Agenda
     
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  4. SirHatesALot

    SirHatesALot SENIOR MEMBER

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    higher than mountain friend didint help?
     
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  5. Retired Troll

    Retired Troll ELITE MEMBER

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    hahaha you would have been the first to sound the alarm had KSA actually helped financially.
    You would have been like ohhh foreign ideological slaves, lesser ajmis and rented soldiers.
     
  6. jaiind

    jaiind SENIOR MEMBER

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    [​IMG]
     
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  7. Indus Pakistan

    Indus Pakistan PDF THINK TANK: CONSULTANT

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    Simple. The Chinese relationship is epitome of a cold business transactional engagement. No pretends with our epicanthic athiest partners. But Saudia Arabia. Wow. Half of Pakistan gets orgasm on just hearing that. I have seen Pakistani's in UK dressed in those Arab gown things. Major chunk of our mullah class is fed by KSA - ideaolgically and financially. If you notice even PM IK had to go do his 'puja' to the House of Saud because it simply carries so much political benefit and it helps any leaders stock to take a photo with one of the Saudi royals and then mutter the obligatory "we will defend KSA" against all enemies. All this feeds into the ummah types.

    So I never miss a opportunity to remind the ummah types that there is no such thing ... remind them KSA is just another country and it is only out there to secure it's interests. So give up with the holy worship.
     
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  8. Menace2Society

    Menace2Society SENIOR MEMBER

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    All ummah cares about is cheap labour and fighters from Pakistan. Its in their interests to keep you poor. Analyze the data on amount of trade deals in the last 20 years.

    US is one of your biggest export markets but you gave that up for roads built on Chinese loans. Bizarre.
     
    Last edited: Oct 11, 2018
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  9. Max

    Max SENIOR MEMBER

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    First of all Ummah is b/w ordinary Muslims.

    Ummah is not b/w Personal fiefdoms and states.

    Good reality check. due to IK's big mouth ministers i again started to delude myself for a short while.. now i am ok..

    Thank you Saudis. May America save you..

    Now take IMF money and improve economy.

    Topic is chummah brotherhood.
     
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  10. Retired Troll

    Retired Troll ELITE MEMBER

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    Consider it a blessing in disguise. No country is willing to give money to countries which are not transparent in their financial dealings. Allah destroyed a Nation because they were not transparent in their business dealings.

    As far as your desperation is concerned. Please aim correctly your insecurities and criticism.
     
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  11. Indus Pakistan

    Indus Pakistan PDF THINK TANK: CONSULTANT

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    I never believed any bullshat post KSA trip. All that oil city, $10 billion, another $10 billion was all hot air. What did you expect the government to say after the KSA visit. We asked? They fed us some camel meat and then sent us home packing.
     
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  12. Max

    Max SENIOR MEMBER

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    What are you blabbering idiot?
     
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  13. AZ1

    AZ1 SENIOR MEMBER

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    Lady completely reflects the IMF as zoombie :D
     
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  14. Retired Troll

    Retired Troll ELITE MEMBER

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    The government of Pakistan decided to go to IMF. Saudis have nothing to do with this apart from the Faras lobby painting it to be as such.
     
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  15. Indus Pakistan

    Indus Pakistan PDF THINK TANK: CONSULTANT

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    You might notice the Turks are harcore secularists. There is reason for that. Back in WW1 the Muslims turned on them. Arab tribes revolted in Hijaz and murdered Turkish soldiers with help of Lawrence of Arabia. So did Syrians. So did groups in Iraq. However the ethnic Turks in the Ottoman Empire stood like a rock. That is when Turkish nationalism was born under Ataturk.
     
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