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Mr Dar and our ‘Inshallah economy’

With vision less politicians in place, even when all the other stars align and highly skilled people willing to stay or come back, no progress can be made.

Here is a post of a retired general, a corp commander, explaining what he was up against, before the PPP destroyed an educational renaissance before it could start.

 
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Envoys of China, UAE meet Dar as IMF programme remains stalled

  • Dar apprises Chinese envoy of the country's economic situation and the progress in the ongoing IMF programme

Federal Minister for Finance and Revenue Ishaq Dar on Thursday held separate meetings with the envoys of China and United Arab Emirates (UAE), key allies of cash-strapped Pakistan that is currently engaged with the International Monetary Fund (IMF) for revival of its bailout programme.

Bao Zhong, Acting Charge’d Affairs, Embassy of the People’s Republic of China, called on Dar at the Finance Division, read a statement released by the Finance Division.

As per the statement, Dar highlighted the deep-rooted, long-standing bilateral ties between Pakistan and China, and appreciated Chinese support to Pakistan on multiple fronts.

“He also apprised the Chinese envoy of the country’s economic situation and the progress in the ongoing IMF programme,” read the statement.

Zhong assured of China’s constant support to the people of Pakistan in economic and political terms.

In a separate meeting, the finance minister also met Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the UAE, at the Finance Division.
 
With vision less politicians in place, even when all the other stars align and highly skilled people willing to stay or come back, no progress can be made.

Here is a post of a retired general, a corp commander, explaining what he was up against, before the PPP destroyed an educational renaissance before it could start.

an education city was planned outside karachi as well by hec, housing campuses of major universities. nothing has been done as of yet, since ppp's arrival on scene. and since education is now a provincial subject, this applies to HEC as well. provincial HECs are now springing up, and we all know the about the standard of education in certain provinces of pakistan.
 
pakistan won't default...the vast business enterprise that is our army has too much money. some estimates place their worth at $200 billion. they can easily afford a mere $1billion, if it means not letting the sh*t hit the fan, and maintaining their hold on Pakistan
 
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Delay in IMF programme ‘unprecedented’, says Dar

  • Finance minister believes there is no technical reason for the delay
  • Slams 'pseudo-intellectuals' who have predicted country will default
BR
June 3, 2023

Federal Minister for Finance Ishaq Dar on Saturday said the persistent delay in resumption of the International Monetary Fund (IMF) programme is “unprecedented”, a remark that comes as Pakistan stays in wait for completion of the ninth review of the bailout since November last year.

“There is no technical reason for the delay (in the resumption of the IMF programme), which is unprecedented. We are the only one (PML-N) in Pakistan’s history that successfully completed the IMF programme of 2013-16,” said Dar while talking to a delegation from the Karachi Chamber of Commerce & Industry (KCCI) on budget proposals at the Federal Board of Revenue (FBR) headquarters in Islamabad.
 
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IMF programme

Earlier this week, the IMF said it is continuing engagement with the Pakistani authorities – focusing on the restoration of foreign exchange proper market functioning, the passage of a fiscal year 2024 budget consistent with program goals, and adequate financing – to pave the way for a Board meeting before the current program expires at June-end.

This was stated by Nathan Porter, IMF Mission Chief to Pakistan.

He further stated that overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth.
 
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IMF programme

Earlier this week, the IMF said it is continuing engagement with the Pakistani authorities – focusing on the restoration of foreign exchange proper market functioning, the passage of a fiscal year 2024 budget consistent with program goals, and adequate financing – to pave the way for a Board meeting before the current program expires at June-end.

This was stated by Nathan Porter, IMF Mission Chief to Pakistan.

He further stated that overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth.

Successive governments have been proud of living off handouts rather than implementing policies to change the economy structurally. Sadly, I do not see anyone capable in Pakistan of even offering changes that are needed or capable of implementing them.
 
With vision less politicians in place, even when all the other stars align and highly skilled people willing to stay or come back, no progress can be made.

Here is a post of a retired general, a corp commander, explaining what he was up against, before the PPP destroyed an educational renaissance before it could start.

Reason why ppp do not want education and do not want to do anything on education is who will do their bidding ploughing their lands as bonded labour. If people get education then they will realize that Bhutto is dead and not alive and they have been hoodwinked into going to his grave and treating as if a saint..
People become educated then they will realise ppp are a bunch of thieves and exploiting landowners and that bilawal Zardari is a Zardari and not a Bhutto, and treat him for what he is, “a kusra”…
 
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Delay in IMF programme ‘unprecedented’, says Dar

  • Finance minister believes there is no technical reason for the delay
  • Slams 'pseudo-intellectuals' who have predicted country will default
BR
June 3, 2023

Federal Minister for Finance Ishaq Dar on Saturday said the persistent delay in resumption of the International Monetary Fund (IMF) programme is “unprecedented”, a remark that comes as Pakistan stays in wait for completion of the ninth review of the bailout since November last year.

“There is no technical reason for the delay (in the resumption of the IMF programme), which is unprecedented. We are the only one (PML-N) in Pakistan’s history that successfully completed the IMF programme of 2013-16,” said Dar while talking to a delegation from the Karachi Chamber of Commerce & Industry (KCCI) on budget proposals at the Federal Board of Revenue (FBR) headquarters in Islamabad.
Bloody liar, they are not complying or unable/unwilling to comply with the t&c’s and blaming IMF.
 
Bloody liar, they are not complying or unable/unwilling to comply with the t&c’s and blaming IMF.

IMF are not stupid they are watching the situation very carefully as such there is no political stability and rule of law which are the main ingredients for investments.
 
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Mr Dar and our ‘Inshallah economy’

Zain Siddiqui
March 6, 2023

The metaphor of the boiling frog seems to capture quite aptly how Pakistan’s economy has been driven into abject despair over the past few months. The myth goes that a frog, if dumped into boiling water, will struggle, jump out and escape, but if placed in tepid water that is gradually brought to a boil, it will ignore the danger till it dies. The story illustrates the dangers of not acting against threats that are building up slowly over time. In the example illustrated by the metaphor, the “creeping normality” of slowly warming water ultimately proves deadly for the frog.

In Pakistan’s case, our financial managers’ inability to act against the creeping normality of eventual default has brought us to the edge of a gruesome fate. The political question, of course, is: what timeline do we put on this period of inaction? Those familiar with the trajectory of Pakistan’s economy would argue that we were always doomed to be where we are now.

A country that consumes far more than it produces, and finances its growing deficits with more loans rather than increasing its capacity to produce, was always bound to end up where we are now. There is no denying the fundamental soundness of that argument.

Yet, there is also no denying the fact that we may just have avoided this painful reckoning had it not been for the disastrous antics of our current Finance Minister Ishaq Dar. Just why Nawaz Sharif and his daughter, Maryam Nawaz, chose to impose him on the country in the midst of a raging crisis defies understanding.



Their party, the PML-N, had spent three odd years condemning and criticising the PTI government, describing its leaders as unfit, inexperienced and having no grasp on Pakistan’s economic realities. One would have assumed, given the self-confidence with which it launched into those tirades, that the N-league’s “more experienced” finance team would have the answers to Pakistan’s predicament when it took over last April.

It seemed for a short while that it did. Mr Ismail, for all his faults, seemed aware of the looming danger and struggled proactively — and ultimately, successfully — to revive the International Monetary Fund (IMF) programme.

Yet it was clear even then that not many within his party agreed with his approach.

In swooped Mr Dar with a snake oil pitch. He discredited Mr Ismail’s rationalist approach, which involved continuing to build trust with the IMF, and instead started running after foreign benefactors to convince them to part with billions of dollars from their wealth without having any convincing reason why. And, just like that, back into the now simmering water we went.

Even when the help from friendly countries that he kept promising repeatedly failed to materialise, Mr Dar refused to budge from this line. The ninth review of the IMF’s bailout programme for Pakistan has subsequently remained pending since October. Though the prime minister managed, after much pleading and assuring, to get an IMF team back to the table last month, the finance minister once again failed to deliver the goods.



It is now March; the economic crisis is roiling, and he still has only promises to offer. It was particularly galling to note that last Thursday — as troubling news was piling in from each segment of the economy — the finance minister tweeted that same promise he had made so many times in previous weeks: “good news soon, God-willing”.

Last Wednesday, several ranking finance ministry officials had “confided” in reporters from various publications and media outlets that the IMF had been “shifting goalposts”, which is why a deal had been so hard to reach.

Their indignation was quite something to behold: it appeared that the finance ministry had gone into full conspiracy theory mode. “This is a situation akin to 1998,” officials insisted, referring to a period of punishment Pakistan had experienced after testing its then newly acquired nuclear bombs. “The IMF really does not care about the poor”, they whispered. “Foreign capitals are conspiring to force our economy into meltdown.”

It was difficult not to wonder whether the entire ministry had gone completely kooky under the man leading it. Has our goose — or frog — finally cooked?

The government ended up formally acquiescing to all of the conditions the finance ministry officials had been complaining about over the next two days. Mr Dar was back on TV screens on Friday, rubbishing all talk of default, criticising Imran Khan for destroying the economy, promising a deal with the IMF and appearing just as oblivious as ever to the danger the economy is in at the moment.

Will we default? Will a much-needed lifeline materialise in time? Mr Dar would have us say “inshallah” and move on.


Giving Karachi the economy hub of PAKISTAN into the hands of PPP mafia & our economy MASH ALLAH...:hitwall:
 
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It is with great joy and pride that due to the excellent work of the Shahbaz government, the dollar became 308 rupees, the Pakistani currency was even behind Sri Lanka, at that time one dollar was worth 83 in India, 107 in Bangladesh, 87 in Afghanistan. , Nepal 132, Bhutan 82 while in Pakistan one dollar is 308 rupees.
Shahbaz ji is great.

Irshad Bhatti


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