Imran Khan
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so you means to say military should destroy this country for 1bn$ ? no need any money from IMF in this case .
Mr Dar and our ‘Inshallah economy’
- Thread starter ghazi52
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I'm saying that these clowns simply represent the oligarchs that don't want to get taxed.
If a dictator can be installed, maybe they can finally tax the unproductive sectors.
Imran Khan
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you are unaware of situation then . any military missadvanture will break pakistan into 4 countries now . its not 1990s anymore .
If that's not an option and the oligarchs won't back down on taxes and reforms on unproductive sectors, then things in Pakistan will have to resolve the natural way, with famines.
Imran Khan
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the only way forward is free and fair elections .
The point of a democracy is to run cover for oligarchs.
There are 2 possible outcomes in democracies.
Outcome 1, the oligarchs get their way and the people don't, and budget is balanced by the people getting less.
Outcome 2, the oligarchs get their way and the people also get their way, and the country goes bankrupt.
Option 2 was picked too many times now and it's time for famines.
Imran Khan
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i do agree with you but here is no easy way out reforms will be needed . it will take time . it will be painful . but this is how things fixed . nothing will work over night .
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kafi manjan baeech lya hey L ka pata hey bas eek pati parahi dey PAtwaryoon ko tu chutyoon ki tarhan shuru hoagye hey ... 2018 may tumharay peo nay agreement karna tha jab aglay ki Govt functional he Sept may hoi the?
1st Review december 2019 may huwa, 2nd, 3rd and 4th Review April 2021 may huwa btw covid, aur 6th review Feb 2022 may huwa jiskay baad IK ke govt ko hatadiya ... L ka pata hey tum behkari patwari jahiloon jialoon ko
doosri baaat umharay papa ki Govt 5.9 GDP (expected 6.1 the 2023 the) jo Bloomberg, IMF, Worldbank, aur tumharay apni Govt nay launch kya tha Economic Survey of Pakistan usmay batadi gaye the jisko tum begeratoon nay 0.5 pe la dia ehhy... Trust ye huta hey kay IMF apnay moo say bataye kay GDP 5.9 aur expected 6.1 hy yani IMF ko paisay wapis lutanay kay kabil hey Pakistan na kay ub behkaryoon ki tarhan 1 1 B maangta phir raha hey.. jahil jahil he rahayeengay patwari aur jahil jialay behkari naangay bhookay ..
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ghazi52
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The Frontier Post
Minister for Finance and Revenue Ishaq Dar asserted that Pakistan would not default, even if a stalled loan program with the International Monetary Fund (IMF) was not revived.
While commenting on the delay in the conclusion of a staff-level agreement with the IMF for the release of a crucial economic bailout package for the South Asian nation, Dar said that rumors about Pakistan defaulting on its debt obligations should not be spread and the international politics based on injustice with Pakistan should be ended.
Pakistan began formal talks with the Washington-based global lender in February this year to negotiate a plan to rescue the country’s economy by reviving the IMF’s Extended Facility Fund (IFF) and securing the release of a $ 1.2 billion tranche that will be part of the Country’s $ 6 billion bailout package previously concluded in 2019.
The IMF was extremely annoyed with Pakistani authorities who blatantly trashed the EFF program twice through their politically motivated economic policies and fiscal governance during 2021 and 2022 by the successive administrations of warring Pakistan Tahreek-e-Insaaf (PTI) and PML-N respectively.
The incumbent PML-N-led coalition government remained successful in rescuing the national economy through tough policies and fiscal management in the early months after assuming power last year. However, insane policies, overconfidence, and reckless verbalism of Mr. Dar brought the healing economy to the brink of collapse.
Dar’s unreal self-proclamation and delusional monetary policies cost billions of dollars loss to the government of Pakistan, private businesses, and commercial entities and the wheel of the industry practically came to a halt as the imported raw material and machinery struck at the ports due to the no opening of LCs and fear of bankruptcy.
The International Monetary Fund has not yet expressed willingness and the scope of a staff-level agreement between the parties is rare because the Pakistani leaders have lost their credibility at the global level and the IMF wants assurances from friendly nations who advocating on behalf of the 225 million strong fragile economies.
The country has been struck with acute economic challenges, low foreign reserves, bad governance, an energy crisis and climate-induced superfloods, and high inflation. In contrast, an all-time intensified political anarchy created worse situations for the masses. T
he severe economic issues and price hikes pushed the middle and lower middle classes below the poverty line, while low government spending in the social sectors including health and education sharply declined the life quality of the people.
In the prevailing situation, the analysts are of the view that the IMF’s endorsement of Pakistan’s economic policies and revival of EFF program is crucial for the restoration of global confidence in the country and the revival of economic and industrial activities as the nose-downed economy needs periodic injections of additional resources to achieve sustainability and predictability.
Currently, Pakistan is facing an existential threat due to its weak economic outlook and persistent political unrest, but our political leadership failed to access the gravity of the risks and the sensitivity of the situation.
The nation has experienced the devastating results of the economic policies of its four-time finance Minister and people have no trust in him anymore. This country is not a practice lab for the so-called economists to test their failed recipes and level huge prices on the public.
Unfortunately, the world’s seventh and first Muslim nuclear nation is unable to sustain itself on its feet despite the abundance of human, and material resources because of the incapacity and corruption of its leaders and bureaucracy.
Pakistani leaders should be measured in their words and policies as well as in dealing with global institutions, so the public might not feel ashamed over the mismanagement and bad governance of the leaders at the global level.
IMF program and Dar’s misdemeanour
1The Frontier Post
Minister for Finance and Revenue Ishaq Dar asserted that Pakistan would not default, even if a stalled loan program with the International Monetary Fund (IMF) was not revived.
While commenting on the delay in the conclusion of a staff-level agreement with the IMF for the release of a crucial economic bailout package for the South Asian nation, Dar said that rumors about Pakistan defaulting on its debt obligations should not be spread and the international politics based on injustice with Pakistan should be ended.
Pakistan began formal talks with the Washington-based global lender in February this year to negotiate a plan to rescue the country’s economy by reviving the IMF’s Extended Facility Fund (IFF) and securing the release of a $ 1.2 billion tranche that will be part of the Country’s $ 6 billion bailout package previously concluded in 2019.
The IMF was extremely annoyed with Pakistani authorities who blatantly trashed the EFF program twice through their politically motivated economic policies and fiscal governance during 2021 and 2022 by the successive administrations of warring Pakistan Tahreek-e-Insaaf (PTI) and PML-N respectively.
The incumbent PML-N-led coalition government remained successful in rescuing the national economy through tough policies and fiscal management in the early months after assuming power last year. However, insane policies, overconfidence, and reckless verbalism of Mr. Dar brought the healing economy to the brink of collapse.
Dar’s unreal self-proclamation and delusional monetary policies cost billions of dollars loss to the government of Pakistan, private businesses, and commercial entities and the wheel of the industry practically came to a halt as the imported raw material and machinery struck at the ports due to the no opening of LCs and fear of bankruptcy.
The International Monetary Fund has not yet expressed willingness and the scope of a staff-level agreement between the parties is rare because the Pakistani leaders have lost their credibility at the global level and the IMF wants assurances from friendly nations who advocating on behalf of the 225 million strong fragile economies.
The country has been struck with acute economic challenges, low foreign reserves, bad governance, an energy crisis and climate-induced superfloods, and high inflation. In contrast, an all-time intensified political anarchy created worse situations for the masses. T
he severe economic issues and price hikes pushed the middle and lower middle classes below the poverty line, while low government spending in the social sectors including health and education sharply declined the life quality of the people.
In the prevailing situation, the analysts are of the view that the IMF’s endorsement of Pakistan’s economic policies and revival of EFF program is crucial for the restoration of global confidence in the country and the revival of economic and industrial activities as the nose-downed economy needs periodic injections of additional resources to achieve sustainability and predictability.
Currently, Pakistan is facing an existential threat due to its weak economic outlook and persistent political unrest, but our political leadership failed to access the gravity of the risks and the sensitivity of the situation.
The nation has experienced the devastating results of the economic policies of its four-time finance Minister and people have no trust in him anymore. This country is not a practice lab for the so-called economists to test their failed recipes and level huge prices on the public.
Unfortunately, the world’s seventh and first Muslim nuclear nation is unable to sustain itself on its feet despite the abundance of human, and material resources because of the incapacity and corruption of its leaders and bureaucracy.
Pakistani leaders should be measured in their words and policies as well as in dealing with global institutions, so the public might not feel ashamed over the mismanagement and bad governance of the leaders at the global level.
ghazi52
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May 15, 2023
OVERSEAS Pakistanis are sending fewer dollars back home these days, with workers’ remittances dropping 13pc to $22.7bn during the 10-month period between July and April of this fiscal year as compared to the last one. The loss of $3.4bn in home remittances nearly matches the upcoming debt repayments of $3.7bn during May-June.
The amount is also equal to the ‘financing gap’ that Pakistan has been struggling to arrange for the restoration of the IMF funding programme. This loss becomes even more glaring considering the depleted forex reserves that are just enough to pay the bill for five weeks of controlled imports amid growing fears of a default.
The decline in home remittances has been across the board. Yet the Middle East, which contributes over half of Pakistan’s total remittances, is the key region playing a bigger part in this decline with Pakistani workers living in countries like Saudi Arabia and the UAE having sent $2.5bn fewer dollars.
Likewise, the inward remittances from the UK and EU fell by $500m. While the decline from the UK and EU is attributable mainly to surging costs of living amid the ongoing economic slowdown in those economies, the large drop from the Middle East is being driven by growth in cash transfers through the illegal hawala/hundi channels.
Large traders and commercial importers are using these channels to buy foreign exchange from non-resident Pakistanis at much higher than the interbank rate to pay for their imports — to steal taxes as well as circumvent SBP restrictions imposed to slash imports, limit dollar outflow and protect its scanty foreign exchange reserves.
With the long-delayed IMF bailout deal nowhere in sight amid a drying up of external financing from other sources — including the so-called friendly nations — the workers’ remittances are crucial to keep the economy afloat and avert a default on sovereign debt.
The non-debt creating remittances have supported the country’s current account for the last two decades. Even though remittances have followed a declining trend during the current fiscal year, the increase in transfers through official channels in the last two months is an encouraging development for the country’s fragile external account.
It is, however, too early to say whether the surge in March-April sums sent home by overseas Pakistanis — after a sharp decline between November and February — represents a reversal in the downward trend or it is just a seasonal aberration due to the seasonal Ramadan/Eid effect.
In order to maintain the present upward trend, the government must adopt policies to at least curb, if not completely destroy, the demand for hawala/hundi dollars to bridge the wide price gap in official and unofficial forex markets.
Every dollar saved is worth the effort because the foreign exchange crunch is pulling the economy apart, leading to industrial closures and job losses and destroying demand.
Declining remittances
EditorialMay 15, 2023
OVERSEAS Pakistanis are sending fewer dollars back home these days, with workers’ remittances dropping 13pc to $22.7bn during the 10-month period between July and April of this fiscal year as compared to the last one. The loss of $3.4bn in home remittances nearly matches the upcoming debt repayments of $3.7bn during May-June.
The amount is also equal to the ‘financing gap’ that Pakistan has been struggling to arrange for the restoration of the IMF funding programme. This loss becomes even more glaring considering the depleted forex reserves that are just enough to pay the bill for five weeks of controlled imports amid growing fears of a default.
The decline in home remittances has been across the board. Yet the Middle East, which contributes over half of Pakistan’s total remittances, is the key region playing a bigger part in this decline with Pakistani workers living in countries like Saudi Arabia and the UAE having sent $2.5bn fewer dollars.
Likewise, the inward remittances from the UK and EU fell by $500m. While the decline from the UK and EU is attributable mainly to surging costs of living amid the ongoing economic slowdown in those economies, the large drop from the Middle East is being driven by growth in cash transfers through the illegal hawala/hundi channels.
Large traders and commercial importers are using these channels to buy foreign exchange from non-resident Pakistanis at much higher than the interbank rate to pay for their imports — to steal taxes as well as circumvent SBP restrictions imposed to slash imports, limit dollar outflow and protect its scanty foreign exchange reserves.
With the long-delayed IMF bailout deal nowhere in sight amid a drying up of external financing from other sources — including the so-called friendly nations — the workers’ remittances are crucial to keep the economy afloat and avert a default on sovereign debt.
The non-debt creating remittances have supported the country’s current account for the last two decades. Even though remittances have followed a declining trend during the current fiscal year, the increase in transfers through official channels in the last two months is an encouraging development for the country’s fragile external account.
It is, however, too early to say whether the surge in March-April sums sent home by overseas Pakistanis — after a sharp decline between November and February — represents a reversal in the downward trend or it is just a seasonal aberration due to the seasonal Ramadan/Eid effect.
In order to maintain the present upward trend, the government must adopt policies to at least curb, if not completely destroy, the demand for hawala/hundi dollars to bridge the wide price gap in official and unofficial forex markets.
Every dollar saved is worth the effort because the foreign exchange crunch is pulling the economy apart, leading to industrial closures and job losses and destroying demand.
ghazi52
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May 18, 2023
The federal government has removed Hamid Yaqoob Sheikh as the Secretary Finance ahead of the upcoming budget.
Finance Minister Ishaq Dar has approved the long leave request of Hamid Yaqoob Sheikh.
Sources said that Dar and the Finance Secretary were not on the same page regarding the stalled International Monetary Fund (IMF) program and the Supreme Court’s instructions to release Rs. 21 billion for the Election Commission of Pakistan (ECP) due to which the Secretary Finance preferred to go on leave instead of working under the minister.
It is pertinent to note that the Ministry of Finance under the supervision of Sheikh was involved in negotiations with the IMF for the last four months but the IMF to date is yet to sign the staff-level agreement with Pakistan.
Govt Removes Hamid Yaqoob Sheikh as Finance Secretary Ahead of Budget
ProPKMay 18, 2023
The federal government has removed Hamid Yaqoob Sheikh as the Secretary Finance ahead of the upcoming budget.
Finance Minister Ishaq Dar has approved the long leave request of Hamid Yaqoob Sheikh.
Sources said that Dar and the Finance Secretary were not on the same page regarding the stalled International Monetary Fund (IMF) program and the Supreme Court’s instructions to release Rs. 21 billion for the Election Commission of Pakistan (ECP) due to which the Secretary Finance preferred to go on leave instead of working under the minister.
It is pertinent to note that the Ministry of Finance under the supervision of Sheikh was involved in negotiations with the IMF for the last four months but the IMF to date is yet to sign the staff-level agreement with Pakistan.
ghazi52
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Now he is saying
Finance Minister Senator Ishaq Dar on Friday informed US Ambassador Donald Blome about the ongoing International Monetary Fund (IMF) programme, assuring him of the dedication of the government to complete it.
Blome called on Dar and discussed matters of mutual interest and enhancing the existing bilateral relations between both countries, a statement issued here said.
Dar welcomed Blome and shared deep-rooted historic and durable bilateral relations with the US on economic and trade fronts.
Govt committed to IMF plan, Dar informs Blome
Finance minister shares economic policies with US envoyFinance Minister Senator Ishaq Dar on Friday informed US Ambassador Donald Blome about the ongoing International Monetary Fund (IMF) programme, assuring him of the dedication of the government to complete it.
Blome called on Dar and discussed matters of mutual interest and enhancing the existing bilateral relations between both countries, a statement issued here said.
Dar welcomed Blome and shared deep-rooted historic and durable bilateral relations with the US on economic and trade fronts.
Azadkashmir
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solution: shoot dar and bury him.
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