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PTI Gov injected $5.8 billion to keep the Rupee artificially strong

Pakistan Space Agency

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Why so much moaning and whinning by PM Imran Khan, his Shaikh Chilli Ministers and the cabal of PTI nutheads everywhere condemning the previous PML-N Government for the way it managed the country's finances and the economy? While at the same time, for the past nearly 4-years, the PTI Government has been doing exactly the same thing.

The following article is from September 2021 confirming the incompetent PTI Government's failed policy of not imitating the successful tenure of the PML-N Government between 2013-2018.

SBP injects $1.2b to stabilise rupee
Central bank move contrary to its own, IMF and finance ministry policies

Shahbaz Rana
September 15, 2021


ISLAMABAD: The State Bank of Pakistan (SBP) pumped $1.2 billion into the inter-bank market in three months to defend the weakening rupee but could not stop the local currency from falling to a historic low, highlighting the cost of expansionary policies without fixing the structural economic flaws.

The $1.2 billion injection into the foreign exchange market is contrary to the stated policies of the central bank, International Monetary Fund (IMF) and finance ministry, as all the three institutions claim that the rupee value is determined by market forces.

From mid-June to the first week of September, the central bank injected $1.2 billion out of its reserves, government sources told The Express Tribune. The maximum single-day injection of $100 million was made in July, followed by $85 million in August, they added.

The central bank reserves are built by taking expensive foreign loans like floating the Eurobond and issuing the expensive Naya Pakistan Certificates. The $1.2 billion injection was slightly higher than the $1 billion Eurobond loan that Pakistan took at 5.9% to 8.5% interest rate in July this year.

With the fresh injection, at least $5.8 billion has been thrown in the inter-bank market during the tenure of Pakistan Tehreek-e-Insaf (PTI) government to maintain an artificial value of the rupee.

Neither the Ministry of Finance nor the central bank explicitly denied that the SBP threw dollars in the market to defend the rupee.

“FX management is the sole responsibility of SBP and Finance Division does not interfere,” said the Ministry of Finance while responding to a question whether the SBP pumped money with the consent of the ministry.

“Since June 2019, Pakistan has adopted a market-based flexible exchange rate system, where the exchange rate is determined by market demand and supply conditions. Under this system, the role of SBP’s interventions in the FX market is limited to prevent disorderly market conditions, while not suppressing an underlying trend,” said SBP chief spokesman Abid Qamar.

However, sources said that the $1.2 billion did not fall under the category of intervention “to prevent disorderly market conditions”. They said that the move was against the fundamental policy of market-determined exchange rate and the central bank would have to explain this to the IMF during upcoming talks.

Qamar said that “when the exchange rate does not reflect realistic market conditions it can contribute to unsustainable current account deficits and repeated balance of payments problems”. SBP does not comment on speculations about market interventions, he added.

The chief spokesman neither denied nor confirmed that the central bank threw $1.2 billion in the market to defend the rupee.

But even the $1.2 billion injection could not stop a steep devaluation of the currency that eventually dipped to Rs168.94 to a dollar from Rs155.74 when the central bank started throwing money in the market.

The Pakistani currency hit an all-time low of Rs168.94 against the US dollar in the inter-bank market on Tuesday. The rupee has lost 7.28% or Rs11.51 to date since the start of the current fiscal year on July 1, 2021. This was despite the fact that since July the SBP threw $815 million in the exchange market, sources added.

The country’s external sector has started coming under pressure after the government adopted expansionary fiscal and monetary policies without first fixing the fundamental problems.

Like the PML-N government, the PTI government too is financing economic growth through debt, which is highly unsustainable, according to market analysts.

An Asian Development Bank study has come to the conclusion that with its existing structural problems, Pakistan is prone to the balance of payments crisis the moment its economic growth crosses 3.7%.

The country’s imports peaked to a new two-month record level of $12.1 billion in July and August, causing a $7.5 billion deficit, up by 120%.

“The trade deficit will increase but there is no need to worry about it,” Finance Minister Shaukat Tarin said on Tuesday while addressing a press conference.

He hoped that the trade deficit would be manageable, saying that if the economy over-heated the government would do some “tweaking”.

It is not for the first time that the central bank has pumped money into the inter-bank market to artificially defend the rupee.

The official record showed that from July 2012 to July 2013, the central bank pumped $3.43 billion into the inter-bank market.

Published in The Express Tribune, September 15th, 2021.


Ab yeh to ghalat baat huwi na. Har waqat rotay bi rehna jab kay pait bar kay khaa pi bi liya.
 

AZ1

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Why so much moaning and whinning by PM Imran Khan, his Shaikh Chilli Ministers and the cabal of PTI nutheads everywhere condemning the previous PML-N Government for the way it managed the country's finances and the economy? While at the same time, for the past nearly 4-years, the PTI Government has been doing exactly the same thing.

The following article is from September 2021 confirming the incompetent PTI Government's failed policy of not imitating the successful tenure of the PML-N Government between 2013-2018.

SBP injects $1.2b to stabilise rupee
Central bank move contrary to its own, IMF and finance ministry policies

Shahbaz Rana
September 15, 2021


ISLAMABAD: The State Bank of Pakistan (SBP) pumped $1.2 billion into the inter-bank market in three months to defend the weakening rupee but could not stop the local currency from falling to a historic low, highlighting the cost of expansionary policies without fixing the structural economic flaws.

The $1.2 billion injection into the foreign exchange market is contrary to the stated policies of the central bank, International Monetary Fund (IMF) and finance ministry, as all the three institutions claim that the rupee value is determined by market forces.

From mid-June to the first week of September, the central bank injected $1.2 billion out of its reserves, government sources told The Express Tribune. The maximum single-day injection of $100 million was made in July, followed by $85 million in August, they added.

The central bank reserves are built by taking expensive foreign loans like floating the Eurobond and issuing the expensive Naya Pakistan Certificates. The $1.2 billion injection was slightly higher than the $1 billion Eurobond loan that Pakistan took at 5.9% to 8.5% interest rate in July this year.

With the fresh injection, at least $5.8 billion has been thrown in the inter-bank market during the tenure of Pakistan Tehreek-e-Insaf (PTI) government to maintain an artificial value of the rupee.

Neither the Ministry of Finance nor the central bank explicitly denied that the SBP threw dollars in the market to defend the rupee.

“FX management is the sole responsibility of SBP and Finance Division does not interfere,” said the Ministry of Finance while responding to a question whether the SBP pumped money with the consent of the ministry.

“Since June 2019, Pakistan has adopted a market-based flexible exchange rate system, where the exchange rate is determined by market demand and supply conditions. Under this system, the role of SBP’s interventions in the FX market is limited to prevent disorderly market conditions, while not suppressing an underlying trend,” said SBP chief spokesman Abid Qamar.

However, sources said that the $1.2 billion did not fall under the category of intervention “to prevent disorderly market conditions”. They said that the move was against the fundamental policy of market-determined exchange rate and the central bank would have to explain this to the IMF during upcoming talks.

Qamar said that “when the exchange rate does not reflect realistic market conditions it can contribute to unsustainable current account deficits and repeated balance of payments problems”. SBP does not comment on speculations about market interventions, he added.

The chief spokesman neither denied nor confirmed that the central bank threw $1.2 billion in the market to defend the rupee.

But even the $1.2 billion injection could not stop a steep devaluation of the currency that eventually dipped to Rs168.94 to a dollar from Rs155.74 when the central bank started throwing money in the market.

The Pakistani currency hit an all-time low of Rs168.94 against the US dollar in the inter-bank market on Tuesday. The rupee has lost 7.28% or Rs11.51 to date since the start of the current fiscal year on July 1, 2021. This was despite the fact that since July the SBP threw $815 million in the exchange market, sources added.

The country’s external sector has started coming under pressure after the government adopted expansionary fiscal and monetary policies without first fixing the fundamental problems.

Like the PML-N government, the PTI government too is financing economic growth through debt, which is highly unsustainable, according to market analysts.

An Asian Development Bank study has come to the conclusion that with its existing structural problems, Pakistan is prone to the balance of payments crisis the moment its economic growth crosses 3.7%.

The country’s imports peaked to a new two-month record level of $12.1 billion in July and August, causing a $7.5 billion deficit, up by 120%.

“The trade deficit will increase but there is no need to worry about it,” Finance Minister Shaukat Tarin said on Tuesday while addressing a press conference.

He hoped that the trade deficit would be manageable, saying that if the economy over-heated the government would do some “tweaking”.

It is not for the first time that the central bank has pumped money into the inter-bank market to artificially defend the rupee.

The official record showed that from July 2012 to July 2013, the central bank pumped $3.43 billion into the inter-bank market.

Published in The Express Tribune, September 15th, 2021.


Ab yeh to ghalat baat huwi na. Har waqat rotay bi rehna jab kay pait bar kay khaa pi bi liya.
Old news ko bar bar thread bana ke masoom na bano.
Latest yeh hai

There is no cure for incompetence, period.
Yeah thats why world bank seeing suprising change in Pakistan. Remittance increase, Export increase.

Incompetent Nation with crying attitude.
 

TheSnakeEatingMarkhur

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Why so much moaning and whinning by PM Imran Khan, his Shaikh Chilli Ministers and the cabal of PTI nutheads everywhere condemning the previous PML-N Government for the way it managed the country's finances and the economy? While at the same time, for the past nearly 4-years, the PTI Government has been doing exactly the same thing.

The following article is from September 2021 confirming the incompetent PTI Government's failed policy of not imitating the successful tenure of the PML-N Government between 2013-2018.

SBP injects $1.2b to stabilise rupee
Central bank move contrary to its own, IMF and finance ministry policies

Shahbaz Rana
September 15, 2021


ISLAMABAD: The State Bank of Pakistan (SBP) pumped $1.2 billion into the inter-bank market in three months to defend the weakening rupee but could not stop the local currency from falling to a historic low, highlighting the cost of expansionary policies without fixing the structural economic flaws.

The $1.2 billion injection into the foreign exchange market is contrary to the stated policies of the central bank, International Monetary Fund (IMF) and finance ministry, as all the three institutions claim that the rupee value is determined by market forces.

From mid-June to the first week of September, the central bank injected $1.2 billion out of its reserves, government sources told The Express Tribune. The maximum single-day injection of $100 million was made in July, followed by $85 million in August, they added.

The central bank reserves are built by taking expensive foreign loans like floating the Eurobond and issuing the expensive Naya Pakistan Certificates. The $1.2 billion injection was slightly higher than the $1 billion Eurobond loan that Pakistan took at 5.9% to 8.5% interest rate in July this year.

With the fresh injection, at least $5.8 billion has been thrown in the inter-bank market during the tenure of Pakistan Tehreek-e-Insaf (PTI) government to maintain an artificial value of the rupee.

Neither the Ministry of Finance nor the central bank explicitly denied that the SBP threw dollars in the market to defend the rupee.

“FX management is the sole responsibility of SBP and Finance Division does not interfere,” said the Ministry of Finance while responding to a question whether the SBP pumped money with the consent of the ministry.

“Since June 2019, Pakistan has adopted a market-based flexible exchange rate system, where the exchange rate is determined by market demand and supply conditions. Under this system, the role of SBP’s interventions in the FX market is limited to prevent disorderly market conditions, while not suppressing an underlying trend,” said SBP chief spokesman Abid Qamar.

However, sources said that the $1.2 billion did not fall under the category of intervention “to prevent disorderly market conditions”. They said that the move was against the fundamental policy of market-determined exchange rate and the central bank would have to explain this to the IMF during upcoming talks.

Qamar said that “when the exchange rate does not reflect realistic market conditions it can contribute to unsustainable current account deficits and repeated balance of payments problems”. SBP does not comment on speculations about market interventions, he added.

The chief spokesman neither denied nor confirmed that the central bank threw $1.2 billion in the market to defend the rupee.

But even the $1.2 billion injection could not stop a steep devaluation of the currency that eventually dipped to Rs168.94 to a dollar from Rs155.74 when the central bank started throwing money in the market.

The Pakistani currency hit an all-time low of Rs168.94 against the US dollar in the inter-bank market on Tuesday. The rupee has lost 7.28% or Rs11.51 to date since the start of the current fiscal year on July 1, 2021. This was despite the fact that since July the SBP threw $815 million in the exchange market, sources added.

The country’s external sector has started coming under pressure after the government adopted expansionary fiscal and monetary policies without first fixing the fundamental problems.

Like the PML-N government, the PTI government too is financing economic growth through debt, which is highly unsustainable, according to market analysts.

An Asian Development Bank study has come to the conclusion that with its existing structural problems, Pakistan is prone to the balance of payments crisis the moment its economic growth crosses 3.7%.

The country’s imports peaked to a new two-month record level of $12.1 billion in July and August, causing a $7.5 billion deficit, up by 120%.

“The trade deficit will increase but there is no need to worry about it,” Finance Minister Shaukat Tarin said on Tuesday while addressing a press conference.

He hoped that the trade deficit would be manageable, saying that if the economy over-heated the government would do some “tweaking”.

It is not for the first time that the central bank has pumped money into the inter-bank market to artificially defend the rupee.

The official record showed that from July 2012 to July 2013, the central bank pumped $3.43 billion into the inter-bank market.

Published in The Express Tribune, September 15th, 2021.


Ab yeh to ghalat baat huwi na. Har waqat rotay bi rehna jab kay pait bar kay khaa pi bi liya.
If PTI has done it then chawal ee mari he inho ne b
 

Pakistan Space Agency

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@Pakistan Space Agency why do u follow party lines when you should be looking at a better Pakistan ???
I'm not a member of the PML-N party, nor a supporter of the party.

I only use the previous PML-N Government's tenure to compare the incumber incompetent PTI Government's performance which I think has been a disaster for the country so far.

PTI Government's Perforce 2018-2022
  1. PTI Government allowed India to annex Kashmir instead of turning it into a nuclear flashpoint.
  2. PTI Government decimated the economy due to inexperience, arrogance and sheer incompetence.
  3. PTI Government has the most confused and chaotic foreign policy that it's made it indistinguishable between friend and foe and every one is taking advantage of Pakistan.
 
Last edited:

Trango Towers

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I'm not a member of the PML-N party, nor a supporter of the party.

I only use the previous PML-N Government's tenure to compare the incumber incompetent PTI Government's performance which I think has been a disaster for the country so far.

PTI Government's Perforce 2018-2022
  1. PTI Government allowed India t9 annex Kashmir instead of turning it into a nuclear flashpoint.
  2. PTI Government decimated the economy due to inexperience, arrogance and sheer incompetence.
  3. PTI Government has the most confused and chaotic foreign policy that it's made it indistinguishable between friend and foe and every one is taking advantage of Pakistan.
1. So you in your wisdom will turn Kashmir into a Nuclear flash point. Yet government of Pakistan is allowing Indian to hang it self with its own rope. You just want a knee jerk reaction

2. When was pakistans economy robust? Under PML-N or PPP. What are you smoking that we all should know. Incompetence of the previous governments has knock on effect. Did the current givenment not pick up the pieces of rubbish economy left by pML-N? Issac Dar did a great job did he?

3. Foreign policy...lol...it came to power with the world breathing down its neck and India saying it will isolate paksitan.
Now the North West border is secure from nato thuggery. India isolation policy defeated. Ik respected globally and people like u just want thrives like NS in power.

Shame you only see what PML N preach and for effect say you support no in. I have seen so many of your anti government posts. Yet you never have a single constructive thing to say.
I bet you were against Feb 27 2019. Probably didn't want Pakistan to retaliate incase NS business in India isnaffected.

Please get-out of party loyalty and put Pakistan 1st
 

Pak Nationalist

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Old news ko bar bar thread bana ke masoom na bano.
Latest yeh hai


Yeah thats why world bank seeing suprising change in Pakistan. Remittance increase, Export increase.

Incompetent Nation with crying attitude.
FYI, the quantum of exports is decreasing per the latest report from December. Due to high commodity prices, our merchandise is also fetching more buck, less of which we are exporting (less quantity but earning high prices due to global prices boom). As for remittances, no feather in the hat of this government. Credit to Covid-19 that reduced international travel and forced people to use digital means for sending remittances. World bank is saying that interest rates would remain low in entire South Asia but due to rampant inflation in Pakistan, in 2022 monetary tightening would remain in place. This would moderate growth that was already forced to begin with (largest stimulus package in nation's history with freebies for all large stakeholders in the economy). Artificial growth reinstated the unaddressed structural problems that afflict the Pakistani economy in the shape of a rapidly swelling import bill and attached steep rise in CAD.

Global inflation is a factor, but so is the pumping of growth that spurred further inflation. As for incompetence, there has seldom been a government that has governed the country as badly as this one (maybe the PPP govt of 2007-12). From wheat to sugar to oil to gas to electricity to urea to steel to domestic oil supply chain crisis. No grasp on governance whatsoever, the profiteers and interest groups having field days after every few months with a new crisis at the expense of the incompetence of this government.
 
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AZ1

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FYI, the quantum of exports is decreasing per the latest report from December. Due to high commodity prices, our merchandise is also fetching more buck, less of which we are exporting (less quantity but earning high prices due to global prices boom). As for remittances, no feather in the hat of this government. Credit to Covid-19 that reduced international travel and forced people to use digital means for sending remittances. World bank is saying that interest rates would remain low in entire South Asia but due to rampant inflation in Pakistan, in 2022 monetary tightening would remain in place. This would moderate growth that was already forced to begin with (largest stimulus package in nation's history with freebies for all large stakeholders in the economy). Artificial growth reinstated the unaddressed structural problems that afflict the Pakistani economy in the shape of a rapidly swelling import bill and attached steep rise in CAD.

Global inflation is a factor, but so is the pumping of growth that spurred further inflation. As for incompetence, there has seldom been a government that has governed the country as badly as this one (maybe the PPP govt of 2007-12). From wheat to sugar to oil to gas to electricity to urea to domestic oil supply chain crisis. No grasp on governance whatsoever, the profiteers and interest groups having field days after every few months with a new crisis at the expense of the incompetence of this government.
We will see at the end of fiscal year. You cant compare ppp time with pti huge difference is there. PPP didnt have to go to imf just after from first day with huge trade deficit gap.

Plus covid itself is a big factor taking away 1-2 year yet its side effects coming. Rise in demand of oil etc yet we manage to increase our exporte, remittance and revenue its not $45 billion but all together $31 billion of goods export and if we include services it would be around $35 billion. Remittance hitting $30 billion.

Yes, we are importing despite placing huge taxes. But I am sure it will balance out good.

Pti did what can be done trying increasing from pink salt to Basmati rice, growing olive oil to manufacturing mobile increasing income tax filer to fighting with all sort of mafis specially sugar and it came out mafis got support from court judges granting them stay orders.

Problem with pakistanis, first they let ppp and nawaz looted the country and now when $93 billion debt trap upon pakistan and ipps contracts and all sort of penalties on pakistan from rekodiq to turkey contract penalty. They want it fix by waving the magic wand. If you call pti incompetent then what you call pmln? below is the statistics

Govt issues was there also in pmln time from sugar to all sort. They didnt even had covid situation.

Inflation:


AEFD49CB-9B9A-492A-8CBF-A2906FCB3D2B-1.jpeg


Exports:
5DDFFC49-59CA-4540-9E5C-05363AB346EA.jpeg

Debt:
kqgqrhua4oo11.jpg


FFVB0gZXwAw12YE.jpeg


Debt Repayment:
A5F0D669-4020-4517-ABF2-50E729098D23.png


Pti Debt repayment:

9C39844D-FE63-44DB-8CB7-04955B392143.jpeg



Lets see what would the final outcome at the end of the fiscal year for Pti.
 
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Norwegian

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@Pakistan Space Agency why do u follow party lines when you should be looking at a better Pakistan ???
Because slave would remain a slave.
Shame you only see what PML N preach and for effect say you support no in. I have seen so many of your anti government posts. Yet you never have a single constructive thing to say.
All pro PMLN accounts have this same consistent policy. They never say anything positive or constructive about Pakistan. Only complain, whine, cry about present govt and spread negativity which is later found to be fake news straight from Maryam Nani media cell. Coincidence?
@FOOLS_NIGHTMARE @muhammadhafeezmalik @Tameem @Mav3rick
Problem with pakistanis, first they let ppp and nawaz looted the country and now when $93 billion debt trap upon pakistan and ipps contracts and all sort of penalties on pakistan from rekodiq to turkey contract penalty. They want it fix by waving the magic wand. If you call pti incompetent then what you call pmln? below is the statistics
Exactly. So all anti PTI posters are like this: Opposition destroyed the country for 30 years - so what? Imran Khan hasn't been able to fix the destruction in 4 years - incompetent! :D
 
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Pak Nationalist

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We will see at the end of fiscal year. You cant compare ppp time with pti huge difference is there. PPP didnt have to go to imf just after from first day with huge trade deficit gap.

Plus covid itself is a big factor taking away 1-2 year yet its side effects coming. Rise in demand of oil etc yet we manage to increase our exporte, remittance and revenue its not $45 billion but all together $31 billion of goods export and if we include services it would be around $35 billion. Remittance hitting $30 billion.

Yes, we are importing despite placing huge taxes. But I am sure it will balance out good.

Pti did what can be done trying increasing from pink salt to Basmati rice, growing olive oil to manufacturing mobile increasing income tax filer to fighting with all sort of mafis specially sugar and it came out mafis got support from court judges granting them stay orders.

Problem with pakistanis, first they let ppp and nawaz looted the country and now when $93 billion debt trap upon pakistan and ipps contracts and all sort of penalties on pakistan from rekodiq to turkey contract penalty. They want it fix by waving the magic wand. If you call pti incompetent then what you call pmln? below is the statistics

Govt issues was there also in pmln time from sugar to all sort. They didnt even had covid situation.

Inflation:


View attachment 808437

Exports:
View attachment 808435
Debt:
View attachment 808436

View attachment 808439

Debt Repayment:
View attachment 808440

Pti Debt repayment:

View attachment 808442


Lets see what would the final outcome at the end of the fiscal year for Pti.
I have no love lost for PML-N. However, some of the statistics cited are misleading. The rapid growth of debt you are stating in trillions is in Pakistani rupees. When the Pakistani rupee devaluates, the size of your national debt increases drastically. This is what happened in the PPP era and PML-N as well when it allowed devaluation of PKR. CPEC is also a factor. Then PML-N went bonkers trying to fix the power crisis. Its incompetence was on full display when it kept on installing new capacity even when the economy did not have the capacity to absorb the power in the system that had been added up to a certain point. What it had on mind, kickbacks, CPEC 2.0 which was supposed to be energy-intensive, or plain old incompetence is anyone's guess. PPP did have to go to IMF BTW at the heels of a much severer balance of payment crisis that Musharraf left the country with. Shaukat Tareen (as PP's finance minister) undertook one of the steepest macroeconomic adjustments this country has ever seen. Inflation was over 20% back then. I think you did not read my previous comment. I would recommend you do so. The quantity of goods we are exporting is falling. We are earning more because of the globally high commodity prices that have also inflated the value of our exports that are in fact shrinking in quantity per the data from 2021. No government has had so many crises. The frequency of the emergence of crises under this government is clearly indicative of the fact that powerful interest groups are well aware of its incompetence and know it could be taken for a ride very easily and the public be squeezed with little to no sweat under its governance.
Because slave would remain a slave.

All pro PMLN accounts have this same consistent policy. They never say anything positive or constructive about Pakistan. Only complain, whine, cry about present govt and spread negativity which is later found to be fake news straight from Maryam Nani media cell. Coincidence?
@FOOLS_NIGHTMARE @muhammadhafeezmalik @Tameem @Mav3rick

Exactly. So all anti PTI posters are like this: Opposition destroyed the country for 30 years - so what? Imran Khan hasn't been able to fix the destruction in 4 years - incompetent! :D
PTI partisans used to do the same in past. That is what people who do not agree with the policies of the government of the day do. I do not see light at the end of the tunnel, that is why I am more vocal now. Particularly vocal since I found that the export growth manjan we had been sold was a myth. The export volume is actually shrinking and we are earning more due to the high value of the exports which would also reduce in time when global demand ebbs and commodity prices subside.
 

Riz

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Jan 20, 2010
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I'm not a member of the PML-N party, nor a supporter of the party.

I only use the previous PML-N Government's tenure to compare the incumber incompetent PTI Government's performance which I think has been a disaster for the country so far.

PTI Government's Perforce 2018-2022
  1. PTI Government allowed India t9 annex Kashmir instead of turning it into a nuclear flashpoint.
  2. PTI Government decimated the economy due to inexperience, arrogance and sheer incompetence.
  3. PTI Government has the most confused and chaotic foreign policy that it's made it indistinguishable between friend and foe and every one is taking advantage of Pakistan.
Har patwari yahi kehta ha .. i am not a member of PMLN :lol:
 

AZ1

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I have no love lost for PML-N. However, some of the statistics cited are misleading. The rapid growth of debt you are stating in trillions is in Pakistani rupees. When the Pakistani rupee devaluates, the size of your national debt increases drastically. This is what happened in the PPP era and PML-N as well when it allowed devaluation of PKR. CPEC is also a factor. Then PML-N went bonkers trying to fix the power crisis. Its incompetence was on full display when it kept on installing new capacity even when the economy did not have the capacity to absorb the power in the system that had been added up to a certain point. What it had on mind, kickbacks, CPEC 2.0 which was supposed to be energy-intensive, or plain old incompetence is anyone's guess. PPP did have to go to IMF BTW at the heels of a much severer balance of payment crisis that Musharraf left the country with. Shaukat Tareen (as PP's finance minister) undertook one of the steepest macroeconomic adjustments this country has ever seen. Inflation was over 20% back then. I think you did not read my previous comment. I would recommend you do so. The quantity of goods we are exporting is falling. We are earning more because of the globally high commodity prices that have also inflated the value of our exports that are in fact shrinking in quantity per the data from 2021. No government has had so many crises. The frequency of the emergence of crises under this government is clearly indicative of the fact that powerful interest groups are well aware of its incompetence and know it could be taken for a ride very easily and the public be squeezed with little to no sweat under its governance.


PTI partisans used to do the same in past. That is what people who do not agree with the policies of the government of the day do. I do not see light at the end of the tunnel, that is why I am more vocal now. Particularly vocal since I found that the export growth manjan we had been sold was a myth. The export volume is actually shrinking and we are earning more due to the high value of the exports which would also reduce in time when global demand ebbs and commodity prices subside.
You are focusing on rupees, my point why it left in deficit? if they were competent. Inflation was also there before but exports down, remittance down you can call whatever you want.


Ok name 1 project by pmln era which is not burden on current govt and not running on subsidy and adds revenue more? I couldnt find one.
Cpec itself is a loan and not investment which we will start paying back from 2022-2023 every year around $billions.

As i said things will clear in respect to exports by the end of the fiscal year may be dec is down, nov was up but we will see whole year.
 

jupiter2007

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I'm not a member of the PML-N party, nor a supporter of the party.

I only use the previous PML-N Government's tenure to compare the incumber incompetent PTI Government's performance which I think has been a disaster for the country so far.

PTI Government's Perforce 2018-2022
  1. PTI Government allowed India t9 annex Kashmir instead of turning it into a nuclear flashpoint.
  2. PTI Government decimated the economy due to inexperience, arrogance and sheer incompetence.
  3. PTI Government has the most confused and chaotic foreign policy that it's made it indistinguishable between friend and foe and every one is taking advantage of Pakistan.
too much Cow Cola can cause brian cells to melt away.
 

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