Breaking: Asad Umar axed!

[Jungibaaz]

Jungi Sir,at the end of day it's same game.

That’s disappointing, if he stayed on, I’m sure what he was doing would have prevented another sorry situation in which we need another IMF bailout pending a crisis 5 years from now.

Tighter economic policies, weakened PKR, shelving PTI’s unrealistic fiscal plans, IMF bailouts, import export rebalancing were all very unpopular but completely and utterly necessary.

 

[I.R.A]

So stupid, Asad Umer was doing great. I was already warning people that what Asad Umer was doing and what he needed to do would not be popular, but it would save us from future pain. Now he’s gone, I hope they don’t put a compliant incompetent in his place.

Its even more stupid when the secretary, JS, AS, DS finance and FBR are all spared.

IK should have listened to some Nusrat Fateh Ali qawali instead.

 

[Hareeb]

Now replace Usman Buzdar with Asad Umar.

 

[Sine Nomine]

That’s disappointing, if he stayed on, I’m sure what he was doing would have prevented another sorry situation in which we need another IMF bailout pending a crisis 5 years from now.

Tighter economic policies, weakened PKR, shelving PTI’s unrealistic fiscal plans, IMF bailouts, import export rebalancing were all very unpopular but completely and utterly necessary.

-No austerity
-No accountability
-No strict security policy
That's same wine in new PTI bottle.

 

[JF-17ThunderBlock3]

Now replace Usman Buzdar with Asad Umar.

Don't Worry Buzdar in NeXt.

 

[AsifIjaz]

Asad umar... No matter what people may call him was a gud finance minister...
He just didnt get enough time to do anything.
Hafeez Sheikh is a time tested and a failed person for this role. He can but continue the same things asad umar started especially reforms in fbr and tax amnesty and reap the benefit from it.
Honestly speaking there isnt much that he can do other than that

 

[JF-17ThunderBlock3]

Asad umar... No matter what people may call him was a gud finance minister...
He just didnt get enough time to do anything.
Hafeez Sheikh is a time tested and a failed person for this role. He can but continue the same things asad umar started especially reforms in fbr and tax amnesty and reap the benefit from it.
Honestly speaking there isnt much that he can do other than that

That's was what he could do , and There is always another way in the financial world.
We do not have great economics advisers than our Indian counterpart like Raghuram G. Rajan & Manmohan Singh.
what we had Ishaq Darr and some MBAs like Shaukat Aziz and Asad Umar form IBA.
our economist LACK in research. They go by the BOOK. & it never fly well without economical research.
where most of Pakistanis including media , professors in institutions and economist by themselves rely on research hand out given by the World Bank.
Their ( world Bank ) prospective is to Focus on those areas where they want you to see.
Have world Bank projected Development Sector.
& yet they dont give us money for Dams , For mining, For Oil Gas and Energy
They do give us good Bailout when you Tax per capita, When you spend billions on roads , metros
and shit that is not going to give Economic boom.

What needed to be seen , being fragile to IMF conditions wont make you man of principles.
In financial world "Face Value".
Either He was too naive or he picked the easier chords on the RESET BUTTON.

we do have great minds but they are no where to be seen near gov.
HDI was developed by Pakistani economist Mahbub ul Haq.

 

[El Sidd]

Bhai we plan and Allah plan and Allah is the best planner so no need to worry.Allah must have think some good finance minister for Pakistan.

or maybe you are better off poor in his eyes?

this logic can go both way.

Bro

I don’t know @Retired Troll , but we all need to observe a certain level of etiquette...don’t think we should be swearing at each other... let him troll, let it be

its ok.

jazbaati naujawans are always a Bonus

 

[BRAVO_]

Hafiz was Fin Minister from 2010 to 2013. Economic condition deteriorated heavily. Now he will be proclaimed as savior.

he do not represent any govt, but he is just a representative of a world body, unfortunately our majority of finance minsters were assigned by the same financial system

 

[Shane]

That was the best thing to happen. I don't know why you find it wrong, but it should have happened a long time ago.

Hi and thank you for asking.

You are right, in principle, no one can argue with that But in a crippled economy needing investment and liquidity to keep the wheels of business churning, you have to do it gradually if at all in such crisis situation.

What we have at hand is a stuck or hanged economy at the moment. What else has the past few months of principled and sincere efforts proved but the following?

In undocumented economies like our, People at first tend to weigh their options and stop spending on non-tax-filer restricted luxuries like new cars and stop investing in real estate etc instead of simply stand in line and get documented or start submitting tax returns. Money circulation slows down.

With simultaneous efforts to reduce energy circular debt i.e. increase in energy bills along with drastic corrective measure of reduced rupee value plus being forced into printing notes to run government affairs in short term to keep liquidity in market meant higher inflation, all in turn, simply culminated in a hanged economy.

So what seemed the right thing to do in principle turned out to be a trap, if not an honest mistake by Miftah&Co, as the seeds of this economic corrective path of non filer restrictions and drastic rupee devaluation in sight of imminent economic crunch was put in place by PMLN in only the last few months of PMLN rule for what else but wink wink.

That's how I see it anyway. Everyone can draw their own conclusion and is entitled to their opinion.

 

[VCheng]

@VCheng

This is just the start of another few ups and downs in Government.

I am surprised that the present team at center has not been sacked as a whole. Please appreciate what we have been discussing in broader terms - it was always about economics. More to come.

Till then next 'silent coup'.

Cheers

Veneers are easily cracked, and even easier to replace.

So stupid, Asad Umer was doing great. I was already warning people that what Asad Umer was doing and what he needed to do would not be popular, but it would save us from future pain. Now he’s gone, I hope they don’t put a compliant incompetent in his place.

PMIK appointed Asad Umar. He removed him. PMIK will appoint the replacement too. These decisions are his responsibility, let us not forget that.

 

[Shane]

So stupid, Asad Umer was doing great. I was already warning people that what Asad Umer was doing and what he needed to do would not be popular, but it would save us from future pain. Now he’s gone, I hope they don’t put a compliant incompetent in his place.

He may or may not be a complete incompetent but Hafeez Sheikh is definitely not as good or better than Asad if not worst.

The question arises then why was Asad Umar fired (despite some of his mistakes) but when he had already brought down the Current Account Deficit from $15 Billion, a massive crater left by PMLN, down to just about $9Billion ???(fact credit: @PakSword )

The possible answer may be more than what meet the eyes:

... that Asad Umar is a political die hard PTI leader while Hafeez Sheikh is not.

... Asad was thought of as arrogant by IMF where as Hafeez Sheikh looks like IMF blue eyed as he has no such die hard political affiliation to IK.

...Asad tried his best to avoid IMF but Hafeez Sheikh has no such track record of trying to avoid IMF.

...While Asad Omar would have tried his best to find ways to out maneuver IMF and give some relief to the masses as politically elect are afterall answerable to public, Hafeez Sheikh has no such concerns but to follow IMF's lead to the letter.

And lastly, if you were IMF, would you rather deal and work with Asad or someone you have the financial muscle to appoint?

 

[Verve]

He may or may not be a complete incompetent but Hafeez Sheikh is definitely not as good or better than Asad if not worst.

The question arises then why was Asad Umar fired (despite some of his mistakes) but when he had already brought down the Current Account Deficit from $15 Billion, a massive crater left by PMLN, down to just about $9Billion ???

The possible answer may be more than what meet the eyes:

... that Asad Umar is a political die hard PTI leader while Hafeez Sheikh is not.

... Asad was thought of as arrogant by IMF where as Hafeez Sheikh looks like IMF blue eyed as he has no such die hard political affiliation to IK.

...Asad tried his best to avoid IMF but Hafeez Sheikh has no such track record of trying to avoid IMF.

...While Asad Omar would have tried his best to find ways to out maneuver IMF and give some relief to the masses as politically elect are afterall answerable to public, Hafeez Sheikh has no such concerns but to follow IMF's lead to the letter.

And lastly, if you were IMF, would you rather deal and work with Asad or someone you have the financial muscle to appoint?

Clamping down on imports to reduce deficit was the easy bit (any 2p worth FM could have done that), but the hard bit was reforms in FBR, SECP etc - what happened there?

What actions did AU take when the rupee was crashed by the big Forex mafia? Nothing! That event alone had a huge impact on the economy.

He got played by mafia and he didn't know how to play back. That's as simple as it gets.

IMF alone can't be the all of it! IK was the final approver of IMF loans, not AU alone.

 

[Smoke]

I was watching a TV program last night where Halili said that Asad committed to a deal with IMF, however Imran Khan disagreed to certain aspects to the deal and asked him to change it during the next meeting with them. Asad disagreed as he said he wont change his commitment to IMF. Thus, he was sacked.

 

[Shane]

but the hard bit was reforms in FBR, SECP etc - what happened there?

And Hafeez Sheikh would reform the same?

AU made mistakes which I already pointed out... but his replacement is more than what people are being led to believe.