Dar has said that we now have to learn to live without the IMF.

[Skimming]

@langda khan @Skull and Bones @SoulSpokesman @NagaBaba @INDIAPOSITIVE @iamnobody @Paitoo

Another member who came out of the closet. Earlier OP would post stuff critical of Pakistan. That means he would spare no one, including Pakistan. It made me feel he was unbiased and neutral. Lately he does no criticism of Pakistan, says only positive things about Pakistan and has become shriller about India and Bangladesh. He joins the club of following members who earlier hid their bias:

@Mangus Ortus Novem
@jamahir
@That Guy

 

[nahtanbob]

A series of embassies, hotels, corporations...etc. There is also Pakistan's merchant ships, and military ships which could potentially be confiscated if they land on foreign shores. Every Pakistani citizen that has ties to the government of Pakistan could see their assets seized by foreign entities.

Most Pakistani citizens do not have ties with government of Pakistan. I see no precedent for seizing money from expatriate Pakistanis. Seizing Pakistani naval ships would be an act of war. It would be counterproductive to seize embassies

 

[PradoTLC]

Pakistan should export all the weapons it has to sell for the Ukraine war. It's a big opportunity.

NATO would also save lots of money hiring cheap labor from the Pakistani gun markets and sustain their war.

Non-essential imports can be remporarily halted or heavily taxed.

I think bangdesh should aim for underwear contracts for the ukraine military

 

[ziaulislam]

Have to live without IMF, Says Dar after imposing plethora of taxes on nation​

Finance Minister said it is a surprise to world that Pakistan has not and will not become Sri Lanka, All payments are timely, Pakistan will not default​

Web Desk11 hours ago




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Federal Finance Minister Ishaq Dar has said that we have to learn to live without IMF. Economists say that if we had to live without IMF, we would have to accept their demands on people. Why was the tax burden of 170 billion rupees imposed? What was need to make petrol and diesel expensive? What was need to increase prices of electricity? Ishaq Dar answer these questions.
These views were expressed by Finance Minister Ishaq Dar while addressing a function organized by Islamabad Industrial Association in Islamabad yesterday.
Ishaq Dar said that it is a surprise for the world that Pakistan has not made Sri Lanka and will not make it, Pakistan will not default, all payments are timely, Pakistan will not default.
FIR filed against protesting women in Peshawar, distributing death in the name of flour and ration in KPK and Punjab
The Federal Finance Minister said that all the pre-conditions of the IMF have been fulfilled, we have to learn to live without the IMF, during the first 8 months of this financial year, Pakistan’s external debt has decreased by 4 billion dollars.
He again lit the lamp of hope and said that the staff level agreement on the IMF program will be done soon, the board meeting will also be held.
He said that Pakistan is not made to default, the finance minister asked the business community for budget suggestions.
Addressing the event, he said that Pakistan was a macroeconomically unstable country in 2013. In the last 6 to 7 months there were talks of default, during the year 2013 to 2017, Pakistan became the 24th largest economy in the world.
Ishaq Dar said that Pakistan was going to join the list of G20 countries. He said that in the last five years, Pakistan has become the 47th economy in the world. However, we have to leave these things behind and move forward. The finance minister said that the developing Pakistan was not noticed by anyone, Allah Almighty has to protect this country himself, threats of sanctions were given to prevent explosions in comparison with India. If Pakistan was not a nuclear power, there would have been more problems. Nawaz Sharif’s decision will be written in golden letters in history.
He said that if everyone works together, then Pakistan can be fine, if they work together, then Pakistan can take off. 33 thousand LCs were pending when he came to the ministry, stopped the decline in Pakistan, now it has to be completely reversed.
He said that from 2013 to 2018, the economy increased by 126 billion dollars, the next 5 years only increased by 26 billion dollars, efforts are being made to bring the foreign exchange to 12 to 12 billion dollars by June 30. Pakistan will develop, deficit will be controlled.
https://news360.tv/en/business/have...r-after-imposing-plethora-of-taxes-on-nation/

Question is will IK do industrial reforms when he comes in power or will it be another slow cachetic show that we saw between 2018-2021.

That's the real question

 

[Skimming]

I think bangdesh should aim for underwear contracts for the ukraine military

Why the tone of mocking? What's wrong in that?

 

[RescueRanger]

Have to live without IMF, Says Dar after imposing plethora of taxes on nation​

Finance Minister said it is a surprise to world that Pakistan has not and will not become Sri Lanka, All payments are timely, Pakistan will not default​

Web Desk11 hours ago




Share
Facebook Twitter LinkedIn Messenger Share via Email Print

Federal Finance Minister Ishaq Dar has said that we have to learn to live without IMF. Economists say that if we had to live without IMF, we would have to accept their demands on people. Why was the tax burden of 170 billion rupees imposed? What was need to make petrol and diesel expensive? What was need to increase prices of electricity? Ishaq Dar answer these questions.
These views were expressed by Finance Minister Ishaq Dar while addressing a function organized by Islamabad Industrial Association in Islamabad yesterday.
Ishaq Dar said that it is a surprise for the world that Pakistan has not made Sri Lanka and will not make it, Pakistan will not default, all payments are timely, Pakistan will not default.
FIR filed against protesting women in Peshawar, distributing death in the name of flour and ration in KPK and Punjab
The Federal Finance Minister said that all the pre-conditions of the IMF have been fulfilled, we have to learn to live without the IMF, during the first 8 months of this financial year, Pakistan’s external debt has decreased by 4 billion dollars.
He again lit the lamp of hope and said that the staff level agreement on the IMF program will be done soon, the board meeting will also be held.
He said that Pakistan is not made to default, the finance minister asked the business community for budget suggestions.
Addressing the event, he said that Pakistan was a macroeconomically unstable country in 2013. In the last 6 to 7 months there were talks of default, during the year 2013 to 2017, Pakistan became the 24th largest economy in the world.
Ishaq Dar said that Pakistan was going to join the list of G20 countries. He said that in the last five years, Pakistan has become the 47th economy in the world. However, we have to leave these things behind and move forward. The finance minister said that the developing Pakistan was not noticed by anyone, Allah Almighty has to protect this country himself, threats of sanctions were given to prevent explosions in comparison with India. If Pakistan was not a nuclear power, there would have been more problems. Nawaz Sharif’s decision will be written in golden letters in history.
He said that if everyone works together, then Pakistan can be fine, if they work together, then Pakistan can take off. 33 thousand LCs were pending when he came to the ministry, stopped the decline in Pakistan, now it has to be completely reversed.
He said that from 2013 to 2018, the economy increased by 126 billion dollars, the next 5 years only increased by 26 billion dollars, efforts are being made to bring the foreign exchange to 12 to 12 billion dollars by June 30. Pakistan will develop, deficit will be controlled.
https://news360.tv/en/business/have...r-after-imposing-plethora-of-taxes-on-nation/

Dar & Co just discovered, there is no such thing as a free lunch.

 

[TheDarkKnight]

We may be able to pay off the debt but we will never be able to pay off the interest on it. Hence Supreme Court has barred dealing in interest.

So your plan is ‘ghauri aya fir’

 

[SD 10]

ساقا کنجر دھمکیاں تو ایسے چڑھا رہا تھا آئی ایم ایف کو جیسے اسکی ماں کے یار ہوں ۔ اب ساری ہیکڑی نکال دی آئی آیم والوں سے مہنگائی بھی کرائی اکانومی تباہ کروا دی جوتے بھی مارے ذلیل بھی کیا اور دیا ایل بھی نہیں

imran bhai rozay da khial kar lia karo

 

[Tamerlane]

Bankruptcy means that you can’t repay your loans. Pakistan is bankrupt.

Default means that you can’t make loan or capital repayments on time. Pakistan has started defaulting on payments.

There are dozens of loans. They may make some payments whole defaulting on others, which is what is happening.

Whether it’s the West, Middle East or China, no one wants to start seizing Pakistani assets abroad, of which there aren’t many anyways. The only assets abroad belong to corrupt politicians and generals. If those were seized they would pay off all of Pakistan’s loans.

Whichever government comes up power will have to renegotiate loans and lenders will have to be willing to write off some amount.

There will be a few years of crises. No one will give new loans, imports will fall, there will be petrol shortages, food shortages, electricity blackouts etc. Rupee will fall further.

If there’s a legitimate government then Pakistan will get out of the crisis sooner. If the duffer generals and criminal politicians hold on to power then it will be 10+ years before recovery.

 

[That Guy]

Most Pakistani citizens do not have ties with government of Pakistan. I see no precedent for seizing money from expatriate Pakistanis. Seizing Pakistani naval ships would be an act of war. It would be counterproductive to seize embassies

And yet it could potentially happen. If not naval ships, then merchant ships which there is precedent for. Embassies may also be seized so long as the aggrieved party has international court backing, which would certainly play a role in any default situation. Pakistan would be sued out of existence.

The individual person wouldn't be targeted, but former or sitting ministers who have direct links to government? Pakistan based corporations that have overseas presence? They're all fair game.

@langda khan @Skull and Bones @SoulSpokesman @NagaBaba @INDIAPOSITIVE @iamnobody @Paitoo

Another member who came out of the closet. Earlier OP would post stuff critical of Pakistan. That means he would spare no one, including Pakistan. It made me feel he was unbiased and neutral. Lately he does no criticism of Pakistan, says only positive things about Pakistan and has become shriller about India and Bangladesh. He joins the club of following members who earlier hid their bias:

@Mangus Ortus Novem
@jamahir
@That Guy

Lmao, I don't even know what you're referring to.

 

[N.Siddiqui]

Any chances the loans are written off if Pakistan defaults.

Anyways it has to be resheduled, Pak need to go for a halal default, something similar.

 

[N.Siddiqui]

Next Steps — What Happens When A Country Defaults?​

This section highlights the core of this article. In this section, I will outline the top ten potential consequences of a country defaulting:

1. First and foremost, currency of the country can be devalued. This can make it expensive to import products. Additionally, export businesses might suffer due to selling products and services cheaper in short term. For exporters, currency devaluation is a double edge sword; when services and products get cheaper, it increases their demand. Exports become attractive and raises competition in market. As exports are cheaper for foreign countries, they tend to buy more from the defaulted country. Additionally domestic service providers might benefit due to foreign investments and tourism boosts due to foreigners visiting more frequently as it happened after pound devalued in 2016. Hence default has positive effects for the country too.
2. Secondly, debt can be restructured such as by extending the loan payment date or by reducing the loan amount or by further devaluing the currency.
3. Austerity measures might be followed which includes spending cuts and tax increase.
4. Living standards of people can also be impacted. It might start with riots on the streets leading to banking crises. The core reason for banking crises can be that the people might attempt to take all of their money out of the banks due to uncertainty and confusion. The chances of banking crises might increase, as an instance by up to 10% and the government may close down its banks to avoid money withdraw. Occasionally, withdrawal is permitted but capital controls are imposed.
5. Countries defaulting on foreign currency debt might also end up defaulting on local currency debt. This means that if you bought treasury bonds and the country defaults on foreign currency debt then you might not receive your bond periodic payments.
6. Unlike business or individual bankruptcies, assets of a country are not repossessed. However occasionally military actions are followed when countries default. As an instance, Britain attempted to occupy Egypt when it defaulted in 1880s.
7. Turmoil can be experienced in stock market. This can be due to uncertainty in market. No one might willing to buy anything. Many investors might even decide not to do business with the country until the situation is stable.
8. Governments may refuse to pay any money or reduce the borrowed money as it happened in Argentina in 2001.
9. The country can face loss of reputation, its rating might decline which makes it harder to borrow money in the future.
10. GDP can slow down by up to 2% however it is usually for short term only (1–2 years). Cost to borrow money might even increase up to 1%. Due to higher export demands, current account deficit can decrease and this in turn ends up increasing economic growth. Again, there are some positive side effects.

Defaults can be avoided by restructuring debt agreements and to seek help from a guarantor (IMF)

 

[ziaulislam]

Next Steps — What Happens When A Country Defaults?​

This section highlights the core of this article. In this section, I will outline the top ten potential consequences of a country defaulting:

1. First and foremost, currency of the country can be devalued. This can make it expensive to import products. Additionally, export businesses might suffer due to selling products and services cheaper in short term. For exporters, currency devaluation is a double edge sword; when services and products get cheaper, it increases their demand. Exports become attractive and raises competition in market. As exports are cheaper for foreign countries, they tend to buy more from the defaulted country. Additionally domestic service providers might benefit due to foreign investments and tourism boosts due to foreigners visiting more frequently as it happened after pound devalued in 2016. Hence default has positive effects for the country too.
2. Secondly, debt can be restructured such as by extending the loan payment date or by reducing the loan amount or by further devaluing the currency.
3. Austerity measures might be followed which includes spending cuts and tax increase.
4. Living standards of people can also be impacted. It might start with riots on the streets leading to banking crises. The core reason for banking crises can be that the people might attempt to take all of their money out of the banks due to uncertainty and confusion. The chances of banking crises might increase, as an instance by up to 10% and the government may close down its banks to avoid money withdraw. Occasionally, withdrawal is permitted but capital controls are imposed.
5. Countries defaulting on foreign currency debt might also end up defaulting on local currency debt. This means that if you bought treasury bonds and the country defaults on foreign currency debt then you might not receive your bond periodic payments.
6. Unlike business or individual bankruptcies, assets of a country are not repossessed. However occasionally military actions are followed when countries default. As an instance, Britain attempted to occupy Egypt when it defaulted in 1880s.
7. Turmoil can be experienced in stock market. This can be due to uncertainty in market. No one might willing to buy anything. Many investors might even decide not to do business with the country until the situation is stable.
8. Governments may refuse to pay any money or reduce the borrowed money as it happened in Argentina in 2001.
9. The country can face loss of reputation, its rating might decline which makes it harder to borrow money in the future.
10. GDP can slow down by up to 2% however it is usually for short term only (1–2 years). Cost to borrow money might even increase up to 1%. Due to higher export demands, current account deficit can decrease and this in turn ends up increasing economic growth. Again, there are some positive side effects.

All of these things have already happened(point 1 to 10 except for 5/6)
In reality Pakistan has already defaulted
Our rating is c-- that's just one step from d default.

 

[lastofthepatriots]

Article is hilarious.

Dar says this. Dar says that. Dar also says there. Dar says where. Then Dar said when. But right after, Dar says back then.


Dar is a moron so there’s no need to comment on what he’s saying. ‘We can live without IMF, but that’s why we went to IMF and dropped our 30k dollar designer suit pants, sar’.

Author of article needs an editor or needs work.

2/10 for entertainment factor and time killer at most.

 

[ziaulislam]

Hence no matter who comes in power the development will be slow.

The only saving grace could be a swift restructuring of loans, V shape recovery in remittances.if that happens it may save us

Remittances and Chinese/American grace is the only way forward

Ironically we have shunned Pakistani calling them youthias so now it's only Chinese and Americans who are going to decide

Article is hilarious.

Dar says this. Dar says that. Dar also says there. Dar says where. Then Dar said when. But right after, Dar says back then.


Dar is a moron so there’s no need to comment on what he’s saying.

Author of article needs an editor or needs work.

2/10 for entertainment factor and time killer at most.

I am going to try to study to see how people of Pakistan especially those who voted for dar have IQ less then 70.
The only common link I can find is food.
It's either the rice, oil or buffalo milk that makes Pakistani people IQ low that they will vote for dar since the 1990s..

So which is it? Buffalo milk? May be since Chinese are smart even with rice so are indians and bengalis

Let's not pretend that people still don't think nawaz sharif is a hero..