Is Asad Umar Finance Minister a failing minister, unable to fix Pakistan economy?

[Pandora]

There is no short term or easy fix to our economic situation. Only a long term plan will yeild some results over a period of 10-20 years. If someone here was expecting a miracle overnight then be he/she can go back to sleep. Our economic woes will vanish if all Pakistanis decide to bend over backwards infront of Americans. If not then it is a situation where its either put up or just shut up.

 

[Asian.Century]

Are you sure that asad umer or anybody else can fix economy alone?

Sack this Asad Umar and his dull economic team....been telling from day 1. He has done no homework.

Preety sure now, this sucker has drowned our economy, he was saying Rs will reach 150 per Dollar, this is devastating. Petrol prices raised by 12 Rs, everything is so expensive.....Pakistan would soon head for more crisis.

 

[guest9999]

currency devaluation is a tool export-oriented countries use to make their exports more competitive. Take China for example,

"President Donald Trump has previously accused China of keeping its currency weak to make exports more competitive.
...
Beijing's lack of transparency and the recent weakness of the yuan continued to pose major challenges to achieving "more balanced trade", Treasury Secretary Steven Mnuchin said in a twice-yearly report on the foreign exchange policies of major US trading partners."

If the value of the rupee has fallen, then it's up to Pakistani industry to make up shortfall by increasing productivity and selling more quantity. The nation is supported by a few million expats sending remittances of ~ $20 Billion whereas 200 million people only export ~ $25 Billion. That speaks volumes on productivity in Pakistan. Also, Pakistani people need to get up, get to work, pay taxes. Shortcuts for making money, i.e- bribes and nepotism, lying about income/taxes - have brought Pakistan to its knees.

Imran Khan can get rid of Asad Umer, but that will NOT solve the current account & fiscal deficits problem you are facing now. The economic policies do not resolve solely around Asad Umer. There are other credible individuals, I consider to be gems and the best of PTI, like Hammad Azhar.

I'm surprised people think Imran Khan should leave. I believe it was Imran Khan that begged Saudi, UAE, China to bail out Pakistan. He went to Saudi, not once, but TWICE to beg. He drove the GCC princes HIMSELF! Otherwise, none of the GCC countries were coughing up. You are lucky to have a leader who works as hard as a poor man, working horrible conditions, struggling to support his family. Compare this to the past, you should be doing shukr to Allah(swt)!

Lower rupee will make exports more competitive and labor cheaper. If all goes well insha'Allah, that could bring increase investment - open new factories, plants, more jobs. More people will be employed, so people will have more purchasing power to cope with inflation - rising cost of items. This all depends on whether industry can get more exports and whether they have foresight to invest in local capacity to increase production. Also foreign investors setting up plants is a bonus.

 

[nahtanbob]

There is no short term or easy fix to our economic situation. Only a long term plan will yeild some results over a period of 10-20 years. If someone here was expecting a miracle overnight then be he/she can go back to sleep. Our economic woes will vanish if all Pakistanis decide to bend over backwards infront of Americans. If not then it is a situation where its either put up or just shut up.

correction: your economic woes would be postponed if you decide to play the american tune

 

[RIP Pak LAW]

This idiot topic starter and the who ever writer of this topic created the thread in Sept 2018 itself when PTI came into power just 2 months back. Clearly shows their biasness and their extreme desire of maligning pti.

 

[tkmd]

This is not an issue of PMLN or PTI or PPP. This is an issue of importance to all Pakistanis. We need to stop blaming each other and resolve to work together to solve the issues. Our house is on fire and we are arguing how it started. Pakistan has been in the economic doldrums since the early 90s. India, meanwhile, has leaped forward.

Anyone who has looked at what PV Narasimha Rao did and what successive Indian governments have done, despite what they may say in political rallies, they all have focused on market based reforms/skills development of the workforce and infrastructure development. There's no magic spell Asad Umar can use to fix all the issues in our economy, which have developed over the last 40 years.

Lets see what happens in 2 years. Then and only then can we say if Asad Umar's team was wrong or not.

 

[zn426]

This is not an issue of PMLN or PTI or PPP. This is an issue of importance to all Pakistanis. We need to stop blaming each other and resolve to work together to solve the issues. Our house is on fire and we are arguing how it started. Pakistan has been in the economic doldrums since the early 90s. India, meanwhile, has leaped forward.

Anyone who has looked at what PV Narasimha Rao did and what successive Indian governments have done, despite what they may say in political rallies, they all have focused on market based reforms/skills development of the workforce and infrastructure development. There's no magic spell Asad Umar can use to fix all the issues in our economy, which have developed over the last 40 years.

Lets see what happens in 2 years. Then and only then can we say if Asad Umar's team was wrong or not.

Thank you.There's no silver bullet that will fix Pakistan's problems overnight.
It was said in another thread that Pakistanis are focused on individual wealth. That's something that can be used to the country's benefit. Lower trade barriers. Create an economy focused on business growth and production. Make individual business owners the priority of the country. Fine if it creates a class of millionaires and billionaires, at least they will have gotten there by work and not by plunder.

 

[tkmd]

Thank you.There's no silver bullet that will fix Pakistan's problems overnight.
It was said in another thread that Pakistanis are focused on individual wealth. That's something that can be used to the country's benefit. Lower trade barriers. Create an economy focused on business growth and production. Make individual business owners the priority of the country. Fine if it creates a class of millionaires and billionaires, at least they will have gotten there by work and not by plunder.

Agree. Also which person on this planet is not focused on personal wealth? I live in the US and have no faith that social security or medicare will be their for me when i retire in 30 years...as such Im focusing on my personal wealth.

I read an article today in the Tribune Express about middle class people losing their jobs, having to choose between kid's school fees and the gas bill....I am saddened by this. I can't imagine having to make that decision. Allah give them patience and strength.

At the same time we need to let the currency devalue, increase our exports and become a production focused economy not consumption focused. Pakistan will go thru a very tough patch. Hopefully all of us living overseas can help our relations/friends throgh this tough time and our leaders finally get their act together and lead us to a better pace.

 

[guest9999]

Currency devaluation, reducing imports were necessary regardless of whoever is in charge of the economy. Issue is - and before you shoot me, just know I support Imran Khan (not necessarily PTI as a whole) - not enough is being done. The recent budgets they have passed are now giving tax amnesty to people. Yes, the law does not extend to office holders, so politicians will not get a clean sheet. However, this sets a bad precedent. Also, I think that relaxation on preventing non-filers from purchasing larger "cc" cars is really bad idea. I think PTI's economic policies has been taken over by business interests.

If PTI wants to fix economy, biggest hurdle is non productivity. Pakistani companies are not productive, in fact exports to GDP ratio is extremely low. PTI will need to hand-hold manufacturing companies and help them expand production. Perhaps, assist them in pointing out latest machinery to boost manufacturing output, help them control the finances and hire new grads from business schools to help manage transition from small company to large size.

 

[Asian.Century]

Asad Umar steps down, Kicked out as Finance Minister of Pakistan

Finance Minister Asad Umar on Thursday announced that he has obtained the prime minister's consent "to not take any cabinet position" days after reports of a reshuffle in the cabinet were rubbished by the government's spokesperson.

"As part of a cabinet reshuffle, [the] prime minister desired that I take the energy minister portfolio instead of finance," he said. "However, I have obtained his consent to not take any cabinet position."

It is unclear whether Umar has officially submitted a resignation, and whether it has been accepted.

In a video recorded soon after the news broke, Minister for Human Rights Shireen Mazari told reporters that she had no idea about the development. "I was just in a meeting and Asad Umar was the finance minister [in the meeting], so I have no idea if anything else has happened," she said.

PML-N leader and Umar's brother Mohammad Zubair while speaking to DawnNewsTV said he hopes "whoever comes now will take a running start and implement the things that need to be done."

Explore: Does the government possess the political skill to manage the adjustment process?

Journalist Meher Bokhari told DawnNewsTV that there is some disappointment over the news in Pakistan Tehreek-i-Insaf circles because Umar is admired and looked up to in the party.

Reports were circulating earlier this week about a possible reshuffle in the post for Minister for Finance and Minister of State for Interior held by Asad Umar and Shehryar Afridi respectively.

The government in general and the finance minister in particular have faced mounting criticism by opposition parties, members of the business community and citizens over the handling of the economic crisis.

The information minister, although he had not addressed the specific changes reported to the portfolios, had dismissed the reports, saying there was "no truth" to them.

The Pakistan Electronic Media Regulatory Authority had also issued show-cause notices to ARY News and Bol News for airing news items regarding the reshuffle in the cabinet and change in the portfolios of some federal ministers.

Umar recently returned from a trip to Washington in which the details of Pakistan's next International Monetary Fund bailout were finalised, documented and signed. An IMF mission is expected to visit Islamabad before the end of the month to work out technical tables since all major issues had been settled and documented, Umar had said.

This is a developing story that is being updated as the situation evolves. Initial reports in the media can sometimes be inaccurate. We will strive to ensure timeliness and accuracy by relying on credible sources such as concerned, qualified authorities and our staff reporters.

 

[Asian.Century]

Following Asad Umar's removal as Finance Minister, speculations regarding who will occupy the pivotal cabinet position are rife.

Meanwhile certain names have emerged regarding who might possibly be appointed as the next Finance Minister including Omar Ayub.


Moreover, it is also being speculated that Ishrat Hussain, Hafeez Pasha and Salman Shah might take charge as finance advisers.

According to reports, former Finance Minister Shaukat Tarin was also on the list. However, he has turned the offer down.

As per sources, former Governor of State Bank of Pakistan Ishrat Hussain, who presently serves as advisor to Prime Minister Imran Khan for institutional reforms & austerity, is a strong contender for the position.

Earlier on Thursday, Finance Minister Asad Umar announced to quit the Federal Cabinet instead of taking the energy ministry as desired by Prime Minister Imran Khan.

In a social media message, the PTI’s finance guru stated that the prime minister wants him to take charge as energy minister.

However, Umar added that he does not wish to take charge of any other ministry, and would rather not be a part of PM's cabinet anymore.

"As part of a cabinet reshuffle PM desired that I take the energy minister portfolio instead of finance. However, I have obtained his consent to not take any cabinet position. I strongly believe @ImranKhanPTI is the best hope for Pakistan and inshallah will make a naya pakistan," reads Umar's tweet.

 

[Asian.Century]

Haram khori.

Thanks to Asad Umar and PTI govt and IMF wants this serious things :

The IMF insists on full disclosure of all financial cooperation between Pakistan and China, including assistance related to infrastructure development, nuclear power plants, joint manufacturing of JF-17 Thunder fighter jets and procurement of submarines. The IMF is also demanding details of more than USD 6.5 billion of commercial loans Pakistan has received from China in the past two and a half years. In July, China also deposited USD 2 billion with the State Bank of Pakistan.The finance minister is likely to visit China on April 25 for talks on the IMF concerns over CPEC and IMF will wait to hear from him before it finalises the bailout package, the daily reported.