IMF man to head State Bank of Pakistan

[Sine Nomine]

Kaun jeeta hey teri zulf ..........

Han PM handsome hai.

 

[Taimoor Khan]

the government has to legislate and engage their counterpart in foreign turf to settle the payment. its not like there is literal cash lying around somewhere.

and yes we are in perpetual state of going round and round for 22 families and their businesses.

You dont need foreign government when you got the godfathers in your control. Get them bloody sign the cheques, asset transfers in the coffers of state. Just like SA did.

Saudis have done it, because all the executive, legislative and judicial authority of the state is vested in a single person, called king. IK doesn't have even an iota of that authority, under the Constitution of Pakistan. He, or anyother PM, is totally powerless, in this regard. So giving example of KSA is totally irrelevant. Currently, this power is with NAB, which can also be controlled by superior judiciary.

What's the minister/advisor for accountability is for?

If, according to you, the office of chief executive of Pakistan got no power to recover looted assets of the state, then he should pack his bag, dissolve the assembly, call the elections on the agenda to setup a new system for governance.

This soup of setup cannot go on much longer.

 

[Ocelot]

https://twitter.com/x/status/1124820876132798464

 

[FOOLS_NIGHTMARE]

Wide spread Economic terrorism if true still accounts for a fraction of our economy. And an illiterate,inexperienced,ill advised and inept manager(leader) accounts for a complete disaster for a economy. As they say the proof is in the pudding,who will be accountable for our current mess?.

 

[SIPRA]

What's the minister/advisor for accountability is for?

If, according to you, the office of chief executive of Pakistan got no power to recover looted assets of the state, then he should pack his bag, dissolve the assembly, call the elections on the agenda to setup a new system for governance.

This soup of setup cannot go on much longer.

 

[Sine Nomine]

https://twitter.com/x/status/1124820876132798464

RBI is in Bharat,where Baniya is heading such matters with iron hands.

 

[Reddington]

New SBP chief headed IMF mission in Egypt


ISLAMABAD: With appointment of Dr Reza Baqir as next State Bank of Pakistan (SBP) Governor, the chances for replication of Egyptian model would be brightened under the IMF-sponsored programme on the name of fixing Islamabad’s ailing economy.


It is not yet known whether Reza Baqir will say goodbye to the IMF by getting retirement or not because in case of only getting leave the question of conflict of interest will arise.


The circles close to the government, however, say everything regarding the appointment would be according to country’s laws. They say country needed an uncontroversial man of outstanding capability and credentials to head the central bank, and Dr Reza is the man. There are some interesting correlations in this whole comparison. Dr Reza Baqir was currently serving as IMF’s Resident Chief in Egypt.


Under the three-year IMF programme of Extended Fund Facility (EFF) from 2016 to September 2018 in Egypt, the poverty had gone up from 35 percent to 55 percent. The three-year EFF programme provided to Egypt in November 16 witnessed that the exchange rate under EGP/USD nearly doubled overnight. Consequently, the headline inflation surged to 33 percent in Jul-17 prompting the Egyptian central bank to raise the policy rate to 19.25 percent. Such massive devaluation in Egypt did not help improve its trade deficit as exports slightly increased and went up from $5.26 billion in Sept 2016 to $6.78 in September 2018. Egypt was rescued by its tourism industry as it attracted a lot of tourists because of its historic and religious sites located in the country.


The sources said that former finance minister of Egypt had told Asad Umar, former finance minister of Pakistan, that Islamabad must think 10 times before adopting Egyptian model of IMF programme because it had doubled the poverty, surged inflationary pressures and did not help increase exports despite devaluation Egyptian currency of almost 125 percent against US dollar. When the inflation started receding in Egypt under the IMF programme through targeted measures, the month of July reached when prices of utilities especially gas were hiked due to withdrawal of subsidies under the IMF programme. The former Egyptian officials were of the view that Jordan also entered into the IMF programme and landed into political upheaval after which major changes were brought into the government. Former economic adviser to the Finance Ministry and renowned economist Dr Ashfaque Hassan Khan also termed Egyptian model of the IMF a recipe for disaster for Pakistan’s economy and stated that the poverty and unemployment was bound to go up and growth would be choked.


The government quarters, however, have a different position. They say an IMF programme is always finalised with consent of the country concerned. The success of the programme depends upon the implementation of lender’s condition agreed to by the country receiving the programme. If the country concerned does not implement mutually agreed measures, the lender cannot be held responsible if economic crisis persists, they added. Dr Reza Baqir is currently serving as IMF’s Senior Resident Representative to Egypt. His key responsibilities include helping the authorities implement their economic reforms programme supported by a $12 billion loan from the IMF, maintaining and strengthening good relations between Egypt and the IMF, providing policy advice, and coordinating technical assistance, amongst other areas. Egypt is Dr Reza Baqir’s second overseas country assignment.


During 2005-2008, he was posted in Manila as the IMF’s Resident Representative to the Philippines where he was awarded the Order of Sikatuna, an order of diplomatic merit, by the president of the Philippines. Dr Reza Baqir has served at the IMF for 18 and a half years. His previous experience in the headquarters includes Mission Chief for Bulgaria and Romania (2016-17), Chief of the IMF’s Debt Policy Division (2012-16), Deputy Chief of the IMF’s Emerging Markets Division (2009-11) and other assignments. His other country experience includes Cyprus, Ghana, Greece, Jamaica, Portugal, Thailand and Ukraine amongst others. In addition to country work, Reza Baqir has led analytical and policy work in the IMF on managing capital flows, public debt sustainability, sovereign debt restructuring and vulnerability analysis for emerging markets. Prior to his experience in the IMF, Dr Baqir has two years of experience at the World Bank. Reza Baqir’s research has been published in several leading journals of the economics profession, including the Journal of Political Economy and the Quarterly Journal of Economics. Dr Baqir was a Visiting Scholar at the Massachusetts Institute of Technology during 1999-2000. Reza Baqir holds a PhD in Economics from the University of California at Berkeley and an AB (Magna cum Laude) in Economics from Harvard University.

https://www.thenews.com.pk/print/467126-new-sbp-chief-headed-imf-mission-in-egypt

• Egypt 2016 - IMF Reaches Staff-Level Agreement on a 3-Year US$12 Billion Extended Fund Facility. The Egyptian Pound has since been devalued from 7 to-a-dollar to 17 to-a-dollar

• Egypt GDP falls from $332 billion in 2016 to $235 billion in 2017 under IMF program

• Poverty in Egypt went from 35% to 55% under IMF program

@Wa Muhammada @Mangus Ortus Novem @Baghial @ARMalik

 

[VCheng]

just within nine months of his rule, handsome's integrity has gone down the drain.

aagey aagey dekhiye ....... There are still several years of his term left.

Han PM handsome hai.

Hair color helps. The good thing is that he still has a full crop of lush hair and does not need to resort to failing hair transplants like his predecessor did.

 

[rak_987]

Rofl this govt has literally accepted all their conditions still IMF has'nt given a f***** loan and is continually getting concessions and now they have installed their 'economic hitman' [Baqir who screwed Egypt economy]as STate Bank Governor while their other representative is Finance Minister (Hafeez Sheikh).

Laanat on Imran Khan he should just resign donkey king

 

[Wa Muhammada]

New SBP chief headed IMF mission in Egypt


ISLAMABAD: With appointment of Dr Reza Baqir as next State Bank of Pakistan (SBP) Governor, the chances for replication of Egyptian model would be brightened under the IMF-sponsored programme on the name of fixing Islamabad’s ailing economy.


It is not yet known whether Reza Baqir will say goodbye to the IMF by getting retirement or not because in case of only getting leave the question of conflict of interest will arise.


The circles close to the government, however, say everything regarding the appointment would be according to country’s laws. They say country needed an uncontroversial man of outstanding capability and credentials to head the central bank, and Dr Reza is the man. There are some interesting correlations in this whole comparison. Dr Reza Baqir was currently serving as IMF’s Resident Chief in Egypt.


Under the three-year IMF programme of Extended Fund Facility (EFF) from 2016 to September 2018 in Egypt, the poverty had gone up from 35 percent to 55 percent. The three-year EFF programme provided to Egypt in November 16 witnessed that the exchange rate under EGP/USD nearly doubled overnight. Consequently, the headline inflation surged to 33 percent in Jul-17 prompting the Egyptian central bank to raise the policy rate to 19.25 percent. Such massive devaluation in Egypt did not help improve its trade deficit as exports slightly increased and went up from $5.26 billion in Sept 2016 to $6.78 in September 2018. Egypt was rescued by its tourism industry as it attracted a lot of tourists because of its historic and religious sites located in the country.


The sources said that former finance minister of Egypt had told Asad Umar, former finance minister of Pakistan, that Islamabad must think 10 times before adopting Egyptian model of IMF programme because it had doubled the poverty, surged inflationary pressures and did not help increase exports despite devaluation Egyptian currency of almost 125 percent against US dollar. When the inflation started receding in Egypt under the IMF programme through targeted measures, the month of July reached when prices of utilities especially gas were hiked due to withdrawal of subsidies under the IMF programme. The former Egyptian officials were of the view that Jordan also entered into the IMF programme and landed into political upheaval after which major changes were brought into the government. Former economic adviser to the Finance Ministry and renowned economist Dr Ashfaque Hassan Khan also termed Egyptian model of the IMF a recipe for disaster for Pakistan’s economy and stated that the poverty and unemployment was bound to go up and growth would be choked.


The government quarters, however, have a different position. They say an IMF programme is always finalised with consent of the country concerned. The success of the programme depends upon the implementation of lender’s condition agreed to by the country receiving the programme. If the country concerned does not implement mutually agreed measures, the lender cannot be held responsible if economic crisis persists, they added. Dr Reza Baqir is currently serving as IMF’s Senior Resident Representative to Egypt. His key responsibilities include helping the authorities implement their economic reforms programme supported by a $12 billion loan from the IMF, maintaining and strengthening good relations between Egypt and the IMF, providing policy advice, and coordinating technical assistance, amongst other areas. Egypt is Dr Reza Baqir’s second overseas country assignment.


During 2005-2008, he was posted in Manila as the IMF’s Resident Representative to the Philippines where he was awarded the Order of Sikatuna, an order of diplomatic merit, by the president of the Philippines. Dr Reza Baqir has served at the IMF for 18 and a half years. His previous experience in the headquarters includes Mission Chief for Bulgaria and Romania (2016-17), Chief of the IMF’s Debt Policy Division (2012-16), Deputy Chief of the IMF’s Emerging Markets Division (2009-11) and other assignments. His other country experience includes Cyprus, Ghana, Greece, Jamaica, Portugal, Thailand and Ukraine amongst others. In addition to country work, Reza Baqir has led analytical and policy work in the IMF on managing capital flows, public debt sustainability, sovereign debt restructuring and vulnerability analysis for emerging markets. Prior to his experience in the IMF, Dr Baqir has two years of experience at the World Bank. Reza Baqir’s research has been published in several leading journals of the economics profession, including the Journal of Political Economy and the Quarterly Journal of Economics. Dr Baqir was a Visiting Scholar at the Massachusetts Institute of Technology during 1999-2000. Reza Baqir holds a PhD in Economics from the University of California at Berkeley and an AB (Magna cum Laude) in Economics from Harvard University.

https://www.thenews.com.pk/print/467126-new-sbp-chief-headed-imf-mission-in-egypt

• Egypt 2016 - IMF Reaches Staff-Level Agreement on a 3-Year US$12 Billion Extended Fund Facility. The Egyptian Pound has since been devalued from 7 to-a-dollar to 17 to-a-dollar

• Egypt GDP falls from $332 billion in 2016 to $235 billion in 2017 under IMF program

• Poverty in Egypt went from 35% to 55% under IMF program

@Wa Muhammada @Mangus Ortus Novem @Baghial @ARMalik

China resisted for decades to devalue the Yuan and yes I agree they actually did something with the surplus dollars because they invested in expanding their manufacturing base and then poured money into their domestic infrastructure. That is the way to go. Nawaz Sharif held off devaluaing the dollar but he still could not bring back the manufacturers who had upped sticks to Bangladesh. Nawaz should have focused on facilitating industries but I must say he did great work by building our infrastructure.... you can’t win all the battles as they say

 

[Baghial]

aagey aagey dekhiye ....... There are still several years of his term left.



Hair color helps. The good thing is that he still has a full crop of lush hair and does not need to resort to failing hair transplants like his predecessor did.

Who told u .that ...ik.. dint get a hairtransplant...

 

[Sine Nomine]

Hair color helps. The good thing is that he still has a full crop of lush hair and does not need to resort to failing hair transplants like his predecessor did.

And he can do pushups and eats a healthy breakfast not like the former who ate nali nihari,paye and naan.

 

[Reddington]

China resisted for decades to devalue the Yuan and yes I agree they actually did something with the surplus dollars because they invested in expanding their manufacturing base and then poured money into their domestic infrastructure. That is the way to go. Nawaz Sharif held off devaluaing the dollar but he still could not bring back the manufacturers who had upped sticks to Bangladesh. Nawaz should have focused on facilitating industries but I must say he did great work by building our infrastructure.... you can’t win all the battles as they say

Nawaz, Zardari and almost every other politician is corrupt to the core. Whereas IK is completely incompetent. I don't support any party. This democracy is nothing more than a farce to make a fool out of gullible people.
To save Pakistan this entire system must be removed.

 

[CrazyZ]

Your missing the point. Our problem is inside Pakistan. Not the darned IMF. Our failure is mainfested by having to go to IMF clutching our testicles. IMF does not jump on us. We go to it because we fcuk up. IMF is a symptom. We are the disease.


South Korea is practically a US colony but look how successful they are. We have had SOE's. We have a heavily regulated economy but the only thing that seems to have been nurtured in our case is rent seekers. Hyundai were rolling by 1970s.By 1980 they were exporting cars to UK.

Chung Ju-Yung founded the Hyundai Engineering and Construction Company in 1947. Hyundai Motor Company was later established in 1967. The company's first model, the Cortina, was released in cooperation with Ford Motor Company in 1968.[8] When Hyundai wanted to develop their own car, they hired George Turnbull in February 1974, the former Managing Director of Austin Morris at British Leyland. He in turn hired five other top British car engineers. They were Kenneth Barnett body design, engineers John Simpson and Edward Chapman, John Crosthwaite ex-BRM as chassis engineer and Peter Slater as chief development engineer.[9][10][11][12] In 1975, the Pony, the first South Korean car, was released, with styling by Giorgio Giugiaro of ItalDesign and powertrain technology provided by Japan's Mitsubishi Motors. Exports began in the following year to Ecuador and soon thereafter to the Benelux countries. Hyundai entered the British market in 1982, selling 2993 cars in their first year there.[13]

So Hyundai began making cars in 1967. Within 13 years years they were exporting to the world. Now pleasse tell me one Pakistan rent seeker who over 70 years has gone abroad and made their mark? Yes, Hyundai's founder Chung Ju-Yung began as a rent seeker who used the South Korean state to stand up but within 13 years he had built Hyundai into a global brand that was in competition with Ford, Toyota, Nissan, Honda etc.

Please give me one rent seeke dash industrialist who over the last 70 years under multitude of governments, military and elected has gone abroad and made a mark?

1975. Yes 1975, Hyundai made their first car. Tell me in 2019 after 70 years has Pakistan managed to make it's own car? No.

One thing about PMIK unlike your castrated egg, Modi is the type to never get pushed around. I think his entire life is testament to that including 22 long years in political wilderness.

Your preaching to the choir. My family has been involved in producing industrial machines in Pakistan since partition. For years I've heard from my elders how nationalization of industry ruined every thing. It created inefficient SOE's run by idiot politicians and uneducated union laborers. Educated, hard working entrepreneurs watched as their workshops were taken over or ruined. Most left to work in the gulf or west.

Most of our elite at the time were British educated. PPP was just following the British post war gov run nationalized industry model. Failed in Pakistan. Failed in Britain, as well. UK car industry dominated Europe after the WW2. Their left wing economic model could not compete with Germany. Lets see how Brexit goes for them. Our elites need to realize that the UK is not a good role model.

Free market failed in the 2008 financial crisis. High powered free market cheerleader bankers had to go hat in hand to their respective governments for a bailout. What happened to the free market? Shaukat Aziz (a Citi bank banker) was trying to emulate this service based de-industrialized economic model. Just invest in real estate, power plants or any industry is not needed....that worked out real well.

Anglo-American economic models simply have not worked in Pakistan. Left wing or right wing. So what works? The East Asian economic model, which is a blend between between the two has worked well in numerous countries. As long as this new state bank head understands this then I have no issue with him.

 

[criticalerror]

I am amused by one thing out of all this. The incompetence of consecutive democratic governments stands exposed. So what is the solution? Hypothetically IK resigns, cabinet is desolved and then what?