IK being made a fool by the IMF scum. inflation /dollar out of control

[Abdussamad]

Fact is we were 100% dependent on the goodwill of the US and now that that has evaporated hard times are setting in. People have forgotten that before 9/11 the country was under US sanctions. Without cheap dollars from the US we can't afford our imports. Now that gravy train has run out.

Another fact is the writing was on the wall for months now. If you weren't personally prepared for this then it is your fault and yours alone. You should not have saved in rupees. You should have saved in dollars, real estate, gold or bitcoin.

BTW the only alternative to a rupee devaluation was a default on our external debts. That would have led to shortages of imported commodities chief among them fuel to run our vehicles. Imagine the chaos that would have caused? Economic activity would have ground to a halt!

Also a default only kicks the can down the road:

Also it doesnt mean you dont have to pay back....you just are on a longer time fuse for it...dependent on when you want to return to the system and improve your credit rating etc again (unless you want to segregate forever from international financial system like say North Korea mostly has...and that comes with its own consequences too).

 

[SoulSpokesman]

@blueazure

Neel bhai,

meanwhile, on the streets, im seeing a total rat race of people falling over each other to ' dollar lena hai, dollar nahi mil raha' .

Why are peeps running to buy dollar? Roti, kapda and makaan can be bought in PKRs I suppose?

Regards

 

[Smarana Mitra]

Another fact is the writing was on the wall for months now. If you weren't personally prepared for this then it is your fault and yours alone. You should not have saved in rupees. You should have saved in dollars, real estate, gold or bitcoin.

Only real estate is practical. Gold, dollar etc requires exchange of PKR to these assets as these are foreign items. If people had saved in gold or dollar en-masse, PKR would have been devalued long back as the excess demand for dollar investment would result in devaluation

 

[KhanBaba2]

@blueazure

Neel bhai,

meanwhile, on the streets, im seeing a total rat race of people falling over each other to ' dollar lena hai, dollar nahi mil raha' .

Why are peeps running to buy dollar? Roti, kapda and makaan can be bought in PKRs I suppose?

Regards

Not for long.

 

[AHMED85]

You will see in future Pakistan submitting more country assets in international pawnshop. Because every

1- Every senior official is corrupt or have link with mafia.

2- Politician are working on same policy.

3- Army have no control over deficit because no one is serious.

So where you can get assistance, so chill and relax and see future updates in which they will degrading Pakistan.

 

[Abdussamad]

Only real estate is practical. Gold, dollar etc requires exchange of PKR to these assets as these are foreign items. If people had saved in gold or dollar en-masse, PKR would have been devalued long back as the excess demand for dollar investment would result in devaluation

That is a problem for the country not for the individual. As an individual you have to do what is right for you. That is how everyone prospers. It is in fact the very basis for a capitalistic system.

That whole paragraph was in response to the OP's drama about 10 lacs turning into 6 lacs. If you don't pay attention and secure your savings then it is your fault and no one elses.

 

[jupiter2007]

IK is not capable and he only remembers the last advise whispered in his ears.

We all know IK capabilities, he is fighter and he will fight until his last breath. If the system goes down, he will fight like Tipu Sultan.
It’s different in these circumstances for IK government when everyone including corrupt mafia, media, judges and institutions are trying to damage his government. If this system or IK government fails or if he dissolves the assembly, there are limited options.

1) CareTaker government for 2 years even though it’s a flawed system of handing over the state affairs to non-elected members.
Can caretaker government use presidential ordinance power to temp fix few thing? Has this happened in the past? Is it even possible? I guess that depends on the will and sincerity of caretaker government toward Pakistan.

2) Marshal Law Plus plan (massive arrests and military courts to resolve all the pending cases)

3) pseudo-communist government supported by Chinese government.

4) Chine to payoff Pakistan’s debt and in Return Pakistan to become a Puppet state (Semi-independent) of China. Finance, Economy, politics and foreign affairs control by China.

 

[Asian.Century]

Thanks to Army/ISI supported PTI govt, we are truthfully fucked!

 

[Lincoln]

Welcome back... do more... else...

I personally feel that Nawaz Sharif made two mistakes...

1. Chinese loans for infra development and CPEC

CHINESE loan... high rate of interest... terms and conditions favourable to China... contracts CHINESE... worker CHINESE... companies CHINESE... material CHINESE...

All money was back into CHINESE POCKETS... with fair share/CUT taken by ELITES, POLITICIANS AND ESTABLISHMENT...

USA was already rattled by CHINESE presence... CPEC and its MAMMOTH BENEFITS to China and its economy have rattled them further... so economic warfare was started and Pakistanis were gone even before realising that HYBRID WAR has been imposed on them...


2. Tried to have friendly relations with India

Which arms exporter would like to lose customers like INDIA AND PAKISTAN...

Chinese loans are the least problem here. I know from your point of view, it seems like common sense. But try to see from our point of view as well.

Two governments, military, and all the finance ministers, as well IMF have given the confidence that the issue is not CPEC loans.
CPEC loans whose details have emerged show that these are soft loans with large grace period. These loans have also directed in a lot of development: Electricity, Roads, Industries, Ports, a lot of infrastructure work apart from opening corridors for co-operation in many other sectors such as Poverty Alleviation and Science.

As for friendly relations with India, we are all go for it given that Kashmir issue is resolved but that would require India to step up to the table because at the moment Pakistan has already stepped up to it.

 

[BATMAN]

What's the situation in street?
Are people regretting voting PTI?

 

[Wow]

its really worrying situation

our country is run by donkeys

 

[Super Falcon]

it is now an open fact that state bank is answerable to no one except its masters in Washington . our state bank is printing money faster than ever and that money is backed by nothing but thin air .

imagine, you had 10 lacs PKR of cash last year . now the same 10lac pkr's 'worth' is 6 lacs thanks to relative 'devaluation' by the SBP . overnight, 40 percent of your wealth has been stolen right under your nose with the stroke of a pen by the money printing devil wearing a suit ( and an Ex imf employee)



Now let me bust the myth of devaluation of currency to boost exports...( an utter BS theory ) :-

it so happens that countries having trade surplus ( japan, korea, china etc) have more money COMING inside their country vs leaving their shores. over time, their currencies get expensive ( demand and supply) and their exports get non-competitive. so the bank of japan 'strategically' devalues the yen to make the exports more competitive. fair enough, nothing wrong here.

now the chooran being sold to pakistanis is that we are fairly devaluing our currency( even letting it float to mkt) to boost exports. i mean WTF ...STOP right here. our industry is non existent, we produce and export practically nothing worth exporting ( except socks and jeans and knitwear) . industrial production capacity has decreased over the last 35yrs ( thanks to PPP and PML) . we are NOT an export power house. we aint korea or china. textile and agriculture exports revenue is barely in millions of USD.

the fair way to do this was ...

1 . establish industry,

2. get the exports rolling

3. and THEN devalue PKR to boost revenues.


but im sorry, the scum sitting with imran khan have totally fooled him and are wrecking the economy thanks to rampant money printing .

meanwhile, on the streets, im seeing a total rat race of people falling over each other to ' dollar lena hai, dollar nahi mil raha' . guys please, the money changer scums have actually made the dollar 'disappeared' from the mkt and are charging huge premiums . this, and the FUD being spread by media is adding fuel to fire.

So called imran before coming to power told us he has a alladin chirag he will fix everything he do not deserve to be in power if he cant deliver atleast zardaris dident lended SBP to jews no matter how bad they were seems like IK came for proper inhalliation of pak

May ALLAH help us get rid of zardaris sharif theafs and munafiqs like imran too

We need leader who do what he says

 

[Novice09]

Chinese loans are the least problem here. I know from your point of view, it seems like common sense. But try to see from our point of view as well.

Two governments, military, and all the finance ministers, as well IMF have given the confidence that the issue is not CPEC loans.
CPEC loans whose details have emerged show that these are soft loans with large grace period. These loans have also directed in a lot of development: Electricity, Roads, Industries, Ports, a lot of infrastructure work apart from opening corridors for co-operation in many other sectors such as Poverty Alleviation and Science.

As for friendly relations with India, we are all go for it given that Kashmir issue is resolved but that would require India to step up to the table because at the moment Pakistan has already stepped up to it.

The CPEC logic given by you is same as the logic given to justify EAST INDIA COMPANY...

Let me tell you how... try to understand and we can discuss it in dept... in a civilised manner...

1. China required a ROUTE to FEED the MONSTROUS ENERGY REQUIREMENT to keep its ENGINE RUNNING...

2. Pakistan was DEEPLY MISMANAGED and its INFRASTRUCTURE was obsolete... TERRORISM in Pakistan and support to TERRORISTS by Pakistan was the biggest HINDRANCE in attracting INVESTMENT...

3. China saw an opportunity and invested HEAVILY AND SMARTLY... to develop INFRASTRUCTURE for ITSELF... On Pakistani soil...

4. Pakistan... in dare need of MONEY... became blind and ALL THE DEALS were signed where CHINESE INTERESTS were PARAMOUNT...

5. CHINESE money... CHINESE Labour... CHINESE contractors... CHINESE material...

6. Everyone in PAKISTAN... who could have grabbed a PIE... SNATCHED its share... Nation was LEFT CRIPPLING...

I can never buy this argument that PPP or Nawaz can do such harm to Pakistani economy without the knowledge and support of ESTABLISHMENT and ARMY... they are all powerful to handle them...

I strongly feel that Pakistani DIPLOMATS AND BEAUROCRACY always take knee-jerk and reactive ACTIONS... COUPLED with CORRUPT SYSTEM AND GOVERNMENT... a golden opportunity like CPEC was lost...

Have you ever tried to understand why MALAYSIA, SRI LANKA, MALDIVES, MYANMAR... REJECTED Chinese loans for infra development...
Why TURKEY backtracked from BRI...

A FINANCIAL TRAP is ready... which is BEAUTIFULLY DECORATED... want to fall into it???

 

[nahtanbob]

Not disagreeing on most points but; establishing industry takes a lot of time, and getting them to a level where you get big production orders is hell a lot of work. 5 years would go by before you'd see anything of value.

What do you propose would be done in the meanwhile?

People are opportunists; and like sheep, everyone and their mother was out to buy USD. What did you think would happen? Simple demand and supply means everyone is charging a premium for USD. Bewaqoof qaum.

everyone is on their own ... you do not expect an army to stay in cohesion when the enemy comes crashing through the gates

 

[jericho]

Finance, Economy, politics and foreign affairs control by China.

Not a bad option, they would manage it better than the jokers we have