Is Pakistan facing bankruptcy?

[dr.umer]

No question of Pakistan’s being default : Wajid Shamsul Hassan ​

ISLAMABAD, Oct 21 (APP): Pakistan’s High Commissioner to United Kingdom, Wajid Shamsul Hassan while expressing optimism that country would come out of economic tension very soon said that there is no question of the country’s being default.

In an exclusive interview to BBC Television telecast Tuesday the Pakistan’s High Commissioner said, “I can assure everyone that our country would not default and it would pull out of the prevailing situation”.

He said the country has managed to secure some of the bail outs adding “We are hopeful that we will be in comfortable position in the days to come”.

The HC said that Pakistan has started to get out of the swamped that it inherited from a government that believed in consumer economy.

It is however a fact that a democratic government in the country has taken over at a time when things were bad world over, he said.

He said that Pakistan has faced the impact of hike in international oil and food prices.

The democratic government inherited a country with backlog of problems but the efforts have been started to mend the things, he said.

Terming down the reports of US intelligence agencies and some leading rating agencies about the economic status of country he said such reports are usually speculative and they would change in no time.

To a question he said the country presently needs around $ 10 billion to come out of the prevailing situation adding “We already have $ 3 billions and we have been promised $ 1.4 billion by the World Bank”.

The flow of remittances by the Pakistanis abroad is increasing every day and as a matter of fact during the month of September they went beyond $ 600 millions.

He said the people of Pakistan realize the grave situation which the present government has inherited form the past and they would extend full support to their representative government to mend the situation.

Shamsul Hassan said that Friends of Pakistan are meeting next month and they would definitely come up with some sort of concrete plan to assist the country in solving the economic problems.

He said that President Asif Ali Zardari is leaving for Saudi Arabia soon adding the UAE and other countries would also come up with some sort of assistance to help the country in the difficult time.

To another question he said the previous government did nothing in the area of power generation while the democratic government has started its efforts from day one to rid the country of power shortage conditions by the end of year 2009.

He said the government has accepted the big challenge and is committed to meet it.

He disagreed the impression that unemployed youth finding no source or earning are joining the militant organizations saying it is absolutely a wrong impression.

Those who are joining these organization are the people whose near and dear ones were lost in the US missiles attacks, he said.

He said that the democratic government is gaining the support of local tribes against the activities of militants with every passing day.

Responding yet to another question he said that there was a divide between people of Pakistan on the issue of terrorism but what happened in Marriot Hotel Islamabad has united the entire nation.

He said that those who fell victim to this incident were all the common Pakistani citizens having nothing to do with policy affairs.

The HC said that when the present government took over there was a perception that country was fighting the others’ war in tribal areas but now this perception is rapidly changing.

He said that maintaining relations with the good Taliban or the people who want to bring peace and stability in the region is not a bad thing to do.

“We have recently heard some NATO commanders and the British Generals saying the war in Afghanistan is un-winnable and there are reports of engaging Taliban in dialogue process.

The present is the only government that has come out categorically against the terrorists, against Taliban he said adding “We don’t want Talibanization in Pakistan. We want to take the country back to the vision of its founder”.

 

[digitaltiger]

Pals Chk this out.......

Pakistan will forced to seek unpleasant help from the IMF, after failing to get a hoped-for bailout from China.

The country may need as much as $6 billion in foreign-currency reserves, in order to meet scheduled repayments in dollar-denominated bonds before February.

As recently as Thursday, the Financial Times was reporting that China had promised to save Pakistan from default. The promise was expected to become a commitment during Pakistan President Asif Ali Zardari's visit to Beijing at that time. But when he returned Friday night, he had a promise from China to build two nuclear power plants, but no commitment for the badly needed aid.

Next, Zardari will have to turn to the International Monetary Foundation (IMF) for a bailout, but this will be a bitter pill to swallow because the IMF will impose onerous controls on spending and governance in return for the money. These controls will be extremely unpopular, and will be blamed on the U.S. The Taliban, which have been conducting a series of terrorist acts throughout Pakistan, will be emboldened to do more.


China's failing economy

It's quite possible that China is refusing to provide financial aid to Pakistan because it cannot afford to. China's own economy may be failing, now that the massive building bubble from the Beijing Olympics has ended.

You never know in advance what event is going to trigger anxiety, fear and even panic in the markets, but such an event occurred earlier this week, when the CEO of Rio Tinto said that China's economy will "pause for breath" in the next quarter. The remark spooked markets throughout Asia, especially in the energy sector.


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Commodity prices (Source: wsj.com)
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Rio Tinto is a giant multinational firm, one of the largest mining companies in the world. It has seen sharp declines in prices for iron ore, aluminum and copper in recent months, throwing the company into financial distress.

It's attributing the fall in these commodities prices to the cooling of China's economy.

This would not be a surprise to thousands of employees of toy factories in southeast China.

A number of toy makers have declared bankruptcy recently, as it became clear that sales to the U.S. and Europe are going to be particularly slow this year. In one of the highest-profile examples, a toy maker that sold to US giants Mattel and Disney announced last week it had gone bust due to the global economic crisis, leaving up to 7,000 people jobless.

Some analysts see dire warning signs in China. Independent Shanghai-based economist Andy Xie says that a property crash is imminent because prices are too high and developers have borrowed heavily and built too much.

In fact, malaise is affecting the entire Chinese economy, and many analysts believe that the trouble goes deeper than just a post-Olympics pause.

Whether it's millions of tonnes of surplus coal stack up in ports, or Swiss jewellers from Shanghai experiencing total despair, the signs of collapse are growing.

A collapse of China's economy would affect all of Asia. Vietnam, Cambodia, Thailand and other Asian countries supply materials and unfinished goods to the Chinese, who finish them and ship them off to the Americans and the Europeans. The knock-on effects have extended to South Korea, whose currency, the won, crashed earlier this week, and has to be bailed out. So the reluctance of Americans and Europeans to buy as many toys this year is having knock-on effects throughout Asia.

And, of course, it means that Pakistan won't get aid from China.


From Eastern Europe to Latin America

Pakistan is not the only country seeking aid from the IMF to weather the global credit crisis.

In Eastern Europe, Ukraine, Hungary, and Serbia are all in emergency talks with the IMF. The plunge in prices for commodities like grain and steel, their chief exports, along with the drying up of foreign investments, have brought these countries close to default as well.

"This is turning serious," said Hans Redeker, currency chief at BNP Paribas. "Countries in Eastern Europe have been living beyond means for years and now they face a full-blown credit crunch. They are going to have to cut back on imports and that will push the eurozone deeper into recession. We think the next phase will be an attack on the currency pegs in the Baltics and Bulgaria."

He points out that many other countries Argentina, Ecuador, the Baltic States (Estonia, Latvia and Lithuania), Romania, Bulgaria, and Turkey are all flashing warning signs that are much worse than they were a few months ago.

"The global credit crisis is spreading to the most leveraged economies in the world," says an East Europe bank expert. "Iceland was the canary. It was the first to need a helping hand from the IMF, but all countries that have had asset bubbles and rely on foreign funding are vulnerable."


Russia

Russia has had a major stock market crash in the last month, requiring frequent suspensions of trading.

This has been caused by the high-flying, big-spending Prime Minister Vladimir Putin, who was counting on high prices for oil exports to fund his projects. With the price of oil now down almost 50%, the country is in serious trouble.

Meanwhile, hedge funds around the world are collapsing, thanks to the fall in commodities prices, stock prices, and developing nations' currencies. This forced selling creates a vicious cycle, where stock prices fall, leading to more margin calls, leading to more forced selling.

According to one expert, hedge funds "are not the sole culprit" for the selling vortex that's going on. He says mutual funds, pension funds and sovereign wealth funds also have been pulling money out of the market.

It's this kind of forced selling cycle that caused the crash of 1929. Experts today are hoping that the forced selling cycle will burn itself out, and that things will return to "normal" (whatever that is). But after many years to create the credit bubble, worth hundreds of trillions of dollars, it's going to be a long time and a huge deflationary spiral before anyone can talk about "normal" again.

(Comments: For reader comments and response, as well as more frequent updates on this subject, see the Financial Topics thread of the Generational Dynamics forum. Read the entire thread for discussions on how to protect your money.) (20-Oct-2008) Permanent Link


Pakistan near bankruptcy, as China refuses aid - 20-Oct-2008 - Generational Dynamics - Web Log

 

[digitaltiger]

India and Pakistan may fight till dooms day but they can not remain unaffected by any major setback in either countries.........

 

[Neo]

Threads merged.

 

[AgNoStiC MuSliM]

May I bring to your attention that it was Pakistan which bought the "trouble" (read terrorism, as we understand it now) to this neighbourhood. First it was tried out in Afganistan, then in India, with a good degree of sucess. At that time, they were lovingly called Mujahids and freedom fighters, even though they killed innocent people to attain glory. Now when they have turned against their former masters Pakistan wants money from the world to finish them. Now, if you wanted to counter, saying that Pakistan helped Afganistan and Kashmiris cuz they are Muslims, are not people od NWFP muslims? or are they lesser muslims than Punjabis and Pathans? Please remeber that Indian defence forces consists of more muslims than then entire Pakistani army taken together and they are doing their patriotic duty of defending their Motherland, and thus their faith. I personally know many muslim officers who hate the arrogance of Saudi and Pakistani's who claim to be "real Muslims".

You are completely wrong, and ignoring the West's contribution to the events that led to the spread of militancy and the creation of the Taliban.

Militancy was brought jointly to the region by the CIA, ISI and GID to combat the Soviets. Covert operations through proxies were considered an acceptable tool. India used proxies as part of a deliberate policy to undermine Pakistan in the Indo-pak context in East Pakistan in 1971, earlier that Pakistan did in Kashmir.

So again, what is validated is that this is a self serving view since the West was completely complicit in creating the conditions and supporting the Mujahideen that contributed to the current situation.

The rest of your post is just nonsense. I don't really care how many people you have in your army and from what faith. I would suggest that you back of your flaming though. We want our members to engage in constructive discussions, not just come on and try and instigate flame wars.

 

[waraich66]

May I bring to your attention that it was Pakistan which bought the "trouble" (read terrorism, as we understand it now) to this neighbourhood. First it was tried out in Afganistan, then in India, with a good degree of sucess. At that time, they were lovingly called Mujahids and freedom fighters, even though they killed innocent people to attain glory. Now when they have turned against their former masters Pakistan wants money from the world to finish them. Now, if you wanted to counter, saying that Pakistan helped Afganistan and Kashmiris cuz they are Muslims, are not people od NWFP muslims? or are they lesser muslims than Punjabis and Pathans? Please remeber that Indian defence forces consists of more muslims than then entire Pakistani army taken together and they are doing their patriotic duty of defending their Motherland, and thus their faith. I personally know many muslim officers who hate the arrogance of Saudi and Pakistani's who claim to be "real Muslims".

You have typicall bania mentality.I know due to our internal differences pakistan is suffering but what is the role of india as neighbour country.

India never accepted pakistan as independent countries.Now indian RAW is putting oil on fire.

I know very well how you treat indians muslims and what is there status in india.How many generals of india army are muslim???

Quaid e azam was before member of congress ,he judged hindu mentality very rightly and then decided to join muslim league.

We have not forget distruction of babri mosque, you should get ready for revenge always from true muslims.

 

[opinion786]

=waraich66;210128]I think minimum 1 bill Rupees pakistan is spending per day.If this war will prolong for one year .From where we pay 360 bill rupees.

Did you mean 1 billion rupees daily? If you are not certain ... why do you assume 360 billion rupees required?

The majority of so-called aid of $10 billion from USA, about 60 percent, has gone toward “Coalition Support Funds,” intended to reimburse the Pakistani military for their assistance in combating terrorism. The U.S. government considers it repayment rather than aid. Reality of USA Aid : Public being misled Our leader - Musharraf

Hence its being re-imbursed by USA. If we can flush out the militant agents of foreign agencies grooming in our tribal areas, by utilising american money .... I consider it intelligence.

My estimate is based on 7 weeks of gargil war in which pakistan spent approx. 50 bill rupees @ 1billion per day.

Pls support your analysis with link?

Thank Gen Mush (agentUSA .Rtd.)

Yes, THANK Musharraf as under him in the last 8 years - USA dared direct strike only 3-4 times. Since Musharraf has resigned - there have been above 15 direct strikes in just 2 months and ALL ARE QUIET !

Pakistan can only servive if they stop war in NWFP.

Above you accepted that Pakistan army is fighting Taliban in NWFP. So you suggest that PAK army withdraw and leave NWFP to the likes of Baitullah Mehsud, Fazalullah, etc those that want to Balkanize Pakistan? So that Balikanization plans can easily be succeeded upon?

Zardar is main danger want he is thinking God know or those who elected him .

He's DEMOCRACY !!!

 

[p2prada]

Yes, THANK Musharraf as under him in the last 8 years - USA dared direct strike only 3-4 times. Since Musharraf has resigned - there have been above 15 direct strikes in just 2 months and ALL ARE QUIET

Under the 8 years that mush ruled, mush was forced into the war by the US. They threatened to "Bomb Pakistan back To The Stone Age."

US policies are not dictated by the leadership in Islamabad. Be it a democracy or dictatorship, it makes no difference for the americans. It is easier to deal with a dictator though.

Musharaff was only a lucky man. He came to power at the right time and left the seat at the right time, when pak was facing a serious economic crisis.

US and NATO are being pressured to Deliver from their home countries. That's why their desperation to end the war quickly.
Haven't you seen the pressure coming from the US presidential candidates. Both are talking about withdrawing from Iraq and concentrating on Afghanistan. Also, 7 years since Osama is to be brought for justice builds up on the pressure for the US to deliver.

 

[dr.umer]

IMF moves to bail out Pakistan​

22 Oct 2008

WASHINGTON (AFP) — The International Monetary Fund moved Wednesday to bail out cash-strapped Pakistan in the Fund's first bid to shore up an Asian economy following global financial turmoil.

The Washington-based fund said Pakistan had sought its help to deal with a balance of payments crisis, which had raised the prospect of the violence-hit country defaulting on its foreign debts.

"The Pakistani authorities have requested discussions with the IMF on an economic program supported by financial assistance from the fund to meet the balance of payments difficulties the country is experiencing as a result of high food and fuel prices and the global financial crisis," IMF managing director Dominique Strauss-Kahn said in a statement.

"A fund mission will begin discussions with the authorities in the next few days on a program aimed at strengthening economic stability and enhancing confidence in the financial system," he said.

IMF officials were meeting Pakistani officials in Dubai, sources told AFP.

Strauss-Kahn said the amount of IMF financing had yet to be determined but reports said that Pakistan needed as much as 15 billion dollars for up to three years to extricate themselves from a severe financial crisis.

About four billion dollars of that was required in the next month.

"We are in dire need of dollars so the situation is that we have no choice," a senior Pakistani government official said in Islamabad, speaking on condition of anonymity.

Dwindling foreign currency reserves can cover the nuclear-armed Islamic republic's import bill for only six more weeks, and Pakistan's new civilian administration admits rapid action is required.

"Financing could be made within framework of the fund's Emergency Financing Mechanism," Strauss-Kahn said, referring to a fast-track process that the IMF has revived to help countries experiencing economic problems from the global financial crisis.

The Financial Times reported on Tuesday that Pakistan was in "informal discussions" with the IMF and other bodies over a 10 to 15 billion dollar international support package designed to stabilize its economy.

Just over half would come in the form of an IMF loan while the rest would come from the World Bank, the Asian Development Bank and donors including Saudi Arabia, the report said.

The move to shore up the Pakistani economy is the first in Asia by the IMF since financial crisis spread across the globe triggered by a US home mortgage debt conundrum.

The fund is also nearing agreements to make emergency loans to Iceland and Ukraine and discussing an aid package with Hungary in moves that would draw its direct involvement in helping to contain the global crisis.

During the 1997-98 financial crisis in Asia, the IMF loaned billions of dollars to Indonesia, Thailand and South Korea to cover their foreign exchange denominated debt.

Pakistan's finances have "deteriorated significantly" according to an IMF report released this week due to recent political instability, Islamic militant violence, and high oil and food prices.

Its foreign reserves have sunk from 14.3 billion in June 2007 to 4.7 billion in September 2008, while the rupee has lost 25 percent of its value this year and the stock market has dropped 35 percent, it said.

Pakistan's precarious financial situation has caused worldwide alarm due to its role as a key ally in the US-led "war on terror" and its position as the Islamic world's only nuclear power.

A group of bilateral donors known as the "Friends of Pakistan" -- including China, the United States, Britain and the UAE -- pledged in September to help the country to stabilize.

But the top US diplomat for South Asia, Richard Boucher, warned on Monday that any aid from the group is "not a cash advance" and would only be carefully targeted.

 

[jeypore]

This move is a short term fix, but the long terms effects are grayer. Pakistan needs to become a export orianted economy to get this monkey of the back know.

 

[Neo]

Pakistan set to join IMF programme?​

By Sabihuddin Ghausi

KARACHI, Oct 21: Is Pakistan becoming a part of International Monetary Fund assistance programme? This question arises from a meeting of Pakistan’s team of negotiators led by Prime Minister’s Adviser on Finance Shaukat Tareen with IMF officials on Monday at Dubai.

Officials in Islamabad in their explanation called it a “routine quarterly review meeting’’ but bankers, businessmen and professionals insist that IMF holds quarterly reviews only with those countries that are either part or in process of becoming a part of its programme.

Media reported on Tuesday on meeting of IMF with a Pakistan negotiators team in Dubai when currency market in Pakistan was highly volatile and rupee showed wild fluctuations both in inter-bank and open markets. The foreign exchange reserves are fast depleting and all-round uncertainty stares in face of bewildered businessmen.

“An agreement with IMF will at least set a direction of economy, put a check on currency value volatility and stabilise rupee parity with dollar,’’ a top banker remarked. He understands the prevailing sentiment in Pakistan on IMF.

The IMF assistance was the last option for Mr Tareen as he had spelt out his strategy at a press conference last Saturday in which Pakistan’s first choice to explore economic salvage was from multilateral agencies and bilateral relief from friendly countries.

The second choice was help from “Friends of Pakistan,’’ a recently formed loose club of developed countries and friendly nations during President Asif Zardari’s visit to United Nations. It was originally scheduled to meet in October but recent reports suggest its meeting probably in last week of November.

“Money will not be placed on the table,’’ the visiting US Assistant Secretary of State Richard Boucher was quoted to have said in context of Pakistan’s expectations from Friends of Pakistan. This statement disappointed many of those in Islamabad, who for generations are living on a concept that Pakistan’s geo-political location and its political significance for the oil-rich kingdoms of the Middle East leave no choice for the US and others than to bail them out.

Now, it seems, the IMF approval and clearance has become a prerequisite for getting funds from bilateral and multilateral agencies and hence the meeting of Mr Tareen and team of negotiators in Dubai. The Dubai meeting is expected to set terms and conditions for the IMF programme. This may ultimately pave way for inflow of promised funds by the World Bank, Asian Development Bank and Friends of Pakistan.

“Mind it, the ADB approved $1 billion assistance only after IMF issued a letter of comfort in Pakistan’s favour,’’ recalled a businessman.

But the Pakistan government has started taking ‘’IMF pleasing measures’’ much earlier when subsidies were withdrawn from gas and oil. All subsidies on electric power are set to be removed by June 2009. Reports suggest that public sector development programme has also been brought under a cut without any formal announcement.

To quote a senior official, the Pakistan government has already given a “home grown strategy’’ for improvement of economy to the donors.

Shaukat Tareen led a team of Pakistan’s negotiators late last month to Washington to attend the annual meeting of IMF and World Bank. Bankers and businessmen in Karachi do not rule out a preliminary meeting of the Pakistani negotiators with IMF on the sidelines of its annual meeting. Dubai meeting on Monday was a follow up.

“What is objectionable is that IMF is negotiating with a Pakistani team in Dubai and not in Islamabad with obvious consent of the government,’’ remarked a banker.

“If there is no option left then IMF is the last resort,’’ Humayun Akhtar Khan, a former federal commerce minister, said from Lahore when asked to share his views on Pakistan joining an IMF programme. “I am not suggesting Pakistan to join IMF programme,’’ he made it clear. He said a two-year programme with $5 billion a year disbursement from IMF for Pakistan should help bring back economy on normal path.

“Tell me what’s wrong in becoming a part of IMF programme under present conditions,’’ a top banker remarked as he argued Pakistan’s economy suffers from an ailment because of many reasons. The IMF has a prescription that promises immediate cure with good long-term prospects.

According to this banker Hungary, Ukraine and many other East European countries are in line to seek assistance from the IMF and there is no harm if Pakistan, too, gets some cooperation from the IMF in balancing its external sector.

“IMF takes over control on decision making,’’ a senior economist in Lahore remarked. With a track record of association with Planning Commission in the past, the economist reminded that IMF has no “customer’’ at present and is desperately looking for a client. Pakistan has withdrawn subsidies and cut down heavily on public sector development programme even before making a formal request to the IMF.

“Whether we join IMF or not,’’ a business leader said to point out that the government will have to address expanding fiscal deficit, enlarging current account imbalance, depleting foreign exchange reserves and a steep fall in rupee-dollar parity.

Anjum Nisar, the recently elected president of Karachi Chamber of Commerce and Industry, believes that Pakistan’s present economic woes are disturbing but are of short term. “We desperately need $3 to 4 billion immediately to balance our current account,’’ he said but in long-term Pakistan will be on much sound footing. Even the current dismal economic scenario has a ray of hope.

He said that Pakistan’s exports have shown more than 19 per cent rise in the first quarter of 2009-09. Oil prices are falling and by all accounts the oil import bill will be hardly $7 billion and not $12 billion as was in 2007-08.

“All said and done, parliament is the best place for deciding on economic issues and budget presentation was an occasion to set direction of national economy,’’ the prominent economist in Lahore said. Decisions in parliaments, he said, carry weights that infuse confidence in people at large and businesses within the country and foreign countries have to show respect.

 

[Neo]

IMF offers $6bn package​

By Anwar Iqbal

WASHINGTON, Oct 21: The United States has repeated its offer to help rescue Pakistan from the current financial crisis as diplomatic sources in Washington say the International Monetary Fund has agreed to provide $6 billion to the country to boost up its ailing economy.

“It’s hard for me to speculate,” said State Department’s deputy spokesman Robert Wood when asked if the IMF had agreed to offer a rescue package to Pakistan. But “we obviously will try to see what we can do to help Pakistan get through its financial crisis”.

Pakistan had “no choice but to seek help from the IMF,” said another State Department official. The official, who was not identified, was quoted in the US media as saying that Pakistani officials knew it would not be a popular decision in Pakistan but they had to go to the IMF.

“It won’t be popular with the public and it sends a lot of negative signals about Pakistan’s financial situation, its creditworthiness. But it’s a decision the Pakistanis are going to have to make,” he said.

The country’s inflation is running at around 25 per cent, and its foreign currency reserves are rapidly depleting, forcing the government to seek emergency cash advance from friendly countries and international financial institutions.

Pakistan is reportedly discussing a $10 billion to $15 billion support package with the IMF and other bodies.

Diplomatic sources in Washington have told Dawn that the IMF has agreed to provide $6 billion to Pakistan to stabilise its economy and to help avoid defaulting on foreign debt repayments due next year.

The money will be available at 5 to 6 per cent interest while Pakistan also has agreed to readjust its monetary policies to qualify for the loan.

The country has already withdrawn subsidies on oil and oil products, a major IMF demand that may hurt millions of ordinary consumers across Pakistan.

“Since Pakistan had already taken some of the most difficult and painful measures, the IMF is willing to help,” said a diplomatic source involved in negotiations between Pakistan and the IMF.

Diplomatic sources said the United States is playing a key role in persuading international financial institutions to help Pakistan but it is also urging Islamabad to undertake serious economic reforms.

Some of Pakistan’s key allies, such as China, also have urged Pakistan to go to the international community with concrete economic plans for seeking assistance instead of “going door-to-door, asking for money,” said Shahid Javed Burki, a former finance minister and vice president of the World Bank.

At the State Department briefing, Mr Wood refused to disclose US plans for helping Pakistan but assured Islamabad that Washington was considering various options.

“It would be premature for me to get ahead of what we may decide to do back here from Washington … but obviously, the situation there is of great concern, not just to us, but obviously to the Pakistanis,” he said.

“And so we will look at ways we can try to help Pakistan, you know, get through this crisis. But beyond that, I don’t have any specifics for you.”

Pakistan’s front-line role in fighting terrorism persuades Washington to help prevent an economic collapse. Policy planners in Washington fear that an economic meltdown will leave this nuclear-armed country of 160 million at the mercy of extremist groups like Al Qaeda and Washington wants to avoid this.

Other Western and Middle Eastern nations also have similar fears and are willing to help.

 

[ashfaque]

AM, good to read your post, I always enjoy... And you said correctly that people should come on forum and give constructive views.

Though you simply close your eyes on few guys (came in last few weeks), who are freely abusing India and Indian people, by using derogatory words. Hope you must not enjoying that

 

[AgNoStiC MuSliM]

AM, good to read your post, I always enjoy... And you said correctly that people should come on forum and give constructive views.

Though you simply close your eyes on few guys (came in last few weeks), who are freely abusing India and Indian people, by using derogatory words. Hope you must not enjoying that

Trying to delete their posts as fast as possible mate.

Also, when abusive language is used, you guys don't get to see the infractions publicly.

Warnings on the forum are just that, warnings, and you may have missed out on all of Shivaji's flame posts I deleted before I got to that one and had to tell him to chill.

But keep reporting offensive posts, we do take action where necessary.

 

[dr.umer]

Regarding the topic.

As a matter of fact, not even "friends" of Pakistan are trusting us due to poor credibility of our government. Every one - China, US, Saudi Arabia, Gulf States are reluctant to simply give "dollars" to Pakistan as they are sure that GOP will not behave responsibly and they have experience of dealing in past with so called democratic governments.

Pakistan has been "pushed" to-wards IMF as it is the only body that has capacity to deal very well with our government's habit of changing character.

Recently Parliamentarians declared their assets as per law and surprisingly more than 80 % of them have bank balances outside Pakistan. Why not to ask these "elite" of "poor" Pakistan to bring their money back to country and put them in local banks ? With most of them having "millions" and "billions" in foreign accounts, they can surely help to stabilize economy when they put their money in Pakistani banks.