Ishaq does it again!

[N.Siddiqui]

Will DG ISPR comes with a presser.

Finance Division, FBR and State Bank policies are pushing the country towards the dark age instead of the digital age.

 

[HAIDER]

The dollar is right now a little low because all LCs in pending. But right now the dollar is 240 in the open market ..

 

[epebble]

You are holding the inevitable by not opening the LCs of necessary goods. Thereby causing halting of critical ops of industries. It won't improve dollar holding. It will delay it at best.

They are limiting imports to essentials. Non-essentials will have to wait till foreign exchange is leftover after importing petroleum products and food etc., I think they will allow imports for inputs for export-oriented business. Mostly, this means, luxury goods like private vehicles, consumer electronics etc., will slow down. This is good policy to avoid crisis.

This is not slowing down.

Artificially deflating the rupee (only for it to almost return to the same level within weeks) is not slowing down the economy, it's economic sabotage.

He is not doing any magic. He is limiting imports to what can be paid for, prioritizing essentials like fuel and foods. That is what any family would do in a distress. If you lose a job, you will stop going to cinema, fine restaurants, tourism etc., and keep the money for food and rent.

 

[epebble]

,.,..,

Telecom CEOs Blame Finance Division, FBR, SBP for Pushing Country Towards Dark Age​

By Ahsan Gardezi
Nov 18, 2022

Chief Executive Officers of the telecom companies have informed Federal Minister IT Syed Aminul Haq about their concerns regarding government policies in a meeting yesterday.

Well-informed sources told ProPakistani that the telecom industry says that the Finance Division, FBR and State Bank policies are pushing the country towards the dark age instead of the digital age.

Telecom industry sources say that the CEOs of telcos had a detailed discussion with the Federal Minister on the problems faced by the telecom sector yesterday.

The telecom industry says that due to government policies, not only the telecom industry is suffering and new investment is not coming into this sector, but these policies are also affecting the IT industry as the telecom sector is the backbone of the IT sector and the majority of the IT businesses are based on the telecom and data services.

According to industry sources, the CEOs demanded the federal minister talk to the federal government to withdraw the 50% increase in withholding tax.

According to sources, the CEOs told the federal minister that with an overall 34.5 percent tax on telecom users including 15 percent withholding tax and 19.5 percent general sales tax, Pakistan is among the highest-taxed telecom markets in the world, while it ranks second highest in telecom taxation in South Asia.

According to sources, CEOs of telcos also raised the issue of industrial tariffs before the federal minister.

The CEOs said that telecom has been given industrial status but industrial tariff has not yet been implemented, due to which operational cost is increasing. Telecom companies charge the user in rupees while they have to pay the renewal fees in dollars.

According to Industry sources, the CEOs of the companies also raised the issue of the non-opening of LCs of the telecom sector before the federal minister. The CEOs told the Federal Minister that due to the non-opening of LCs and non-import of telecom industry equipment; the operations of the industry are being affected.

If it helps exports, obviously they should allow imports. If not, they will have to wait their turn till money is available for higher priority imports.

 

[HAIDER]

We sold PTCL one of the best telecom company in Asia. ..... sold to pay debts ... now PTCL is rock bottom company. A systemically created space for new foreign registered companies .....

 

[Olympus81]

Import LCs are suspended and that is why you see all the containers clogged at the port.

You think all of them are non essential goods.

Dar is there to fudge figures and do his haramkhori. It is highly probable the Rs will fall further in the coming days.

 

[ghazi52]

.,.,,

 

[RescueRanger]

Video

fb.watch

Dollar is so scared that has ran away from open market

This is called the rob aur dabdaba of ishaq dar after all his son is the son in law of Nawaz sharif

@FOOLS_NIGHTMARE
@muhammadhafeezmalik

Expert accountant in action.

 

[ziaulislam]

 

[maithil]

So this guy is no Magician after all... All that bravado of befitting response is gone in couple of months..

 

[ghazi52]

,.,.,.

IMF delay​

IMF’s refusal to give Pakistan any leeway underscores lender's lack of confidence in our commitments

Editorial
November 19, 2022

PAKISTAN and the IMF are understood to have bridged the gap on showing flood-related expenditure in the country’s budget for the present financial year after an online meeting between Finance Minister Ishaq Dar and the Fund’s mission chief Nathan Porter on Thursday.

However, the IMF has reportedly not confirmed a date for the start of the ninth performance review of its $7bn bailout package, further delaying the disbursement of the next tranche of $1.2bn. A media report has quoted a finance ministry official as saying that the tranche may not materialise until January if the IMF does not send its mission to Islamabad in the next two weeks.

The talks were originally due in the last week of October, but were rescheduled for Nov 3, before being put off again because of differences over flood-related expenditure estimates.

The delay in the next programme review and the subsequent release of the funds is making the markets jittery, with Pakistan’s perceived default risk, measured by the five-year credit default swap, jumping from 56.5pc to above 75pc on Wednesday, because of concerns that Islamabad could default on its upcoming payment of $1bn against the maturity of Sukuk on Dec 5.

The fears may be exaggerated as stated by the State Bank governor earlier, but the markets remain on edge due to declining foreign exchange reserves that dropped to below $8bn last week.

The finance ministry hasn’t given a clear idea of the progress made in the online meeting or if the government is in a position to meet IMF demands for initiating the review for early disbursement of the tranche.

Nevertheless, the IMF’s stringent conditions and its refusal to give Islamabad any leeway, despite the devastation caused by the floods, underscores the international lenders’ lack of confidence in our commitment to taking tough decisions and putting our house in order.

The same is the case with friendly countries. According to a report, the finance ministry is frustrated over the delay in formal talks as it is sending negative signals to the markets that continue to show the effects of the months-long political chaos in the country. Can it blame the IMF, or anyone else?

Instead of taking steps to address the slippages in revenue collection and expenditure overruns, the government is looking at the lenders for concessions in the name of the flood damage. That is not working any longer.

The implementation of sound economic policies and reforms is vital — and not only to revive the trust of our international lenders; it is also crucial to create fiscal space for helping millions of flood victims, and to rebuild damaged infrastructure.

Sadly, we are still not prepared to learn our lesson, and continue to hope for handouts to get us out of our foreign exchange troubles. It is time we learnt to stand on our own feet.

Published in Dawn, November 19th, 2022

 

[SoulSpokesman]

@epebble

Sad posts from you but true. Pak is out of cash and till a comprehensive economic package is worked out and energy prices correct, there is little alternative that any Pak FM has.

Regards

 

[Enigma SIG]

No worries, Ishaq Dar will sell plastic dolls services and get billions in revenue.

 

[epebble]

@epebble

Sad posts from you but true. Pak is out of cash and till a comprehensive economic package is worked out and energy prices correct, there is little alternative that any Pak FM has.

Regards

Most recent example of a large economy in similar crisis was Venezuela. It is an interesting case study in how countries get into the crisis and get out of it.

Venezuela Defaults, What Now?

Venezuela has defaulted on two of its US$ sovereign bonds. Further defaults are inevitable. But the real problem is not debt default - it is hyperinflation.

www.forbes.com

 

[Ssan]

For all those assholes here who were gaslighting us not one /two months ago that everything was happy and dandy. Ishaq Dar is a curse on Pakistan as is the Noonie brigade.

Miftah, whatever his other flaws, at least understood that you have to let the market adjust for these issues. Yes, things were more expensive but he might have managed. Dar is incompetent and corrupt asshole.

Under Miftah, if the remittances hadn’t crashed, like they were bound to after Noonie PDM brigade took over, we would have had a positive current account surplus and would not have had any issues with financing. If the Noonie / PDM brigade hadn’t take over, PTI would have had to raise energy prices and absorb the political economy costs. Then we would have had a slightly positive current account and no issues with financing.

I only expect remittances to continue to nosedive from here. As well as FDI and confidence. This is because whatever PTIs flaws, the market understands them to be much more competent than the PDM brigade. Clv