Taimoor Khan
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"Naya Pakistan": Key Challenges for PTI Chief Imran Khan
- Thread starter RiazHaq
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Fighting corruption tops PTI's and Imran Khan's national agenda.
Part of bringing prosperity is fighting organized corruption industry that siphons off billions of dollars from the public treasury.
I think IK needs to start with organized corruption by politicians and political parties, not petty corruption that you mention.
Examples: Sales of government jobs to the highest bidders, inflated government contacts in exchange for bribes and kickbacks, Unaudited, unaccounted for "development funds" to party members, etc.
When I was growing up I had a friend whose father was a senior official in Public Works Dept.
The father was a pious religious man who prayed, fasted, paid zakat and did Hajj. He told me his father does not accept bribes.
However, he said his father gets monthly "commission" in addition to his paycheck.
The "commission" he got was his part of the take by lower level functionaries who took bribes for awarding contracts and issuing permits.
Similarly, I know that "thanas" (police stations) in Pakistan are sold to the highest bidding SHOs who pay millions of rupees to get the most lucrative postings by the ministers.
The SHOs see it as an investment where the return comes from the street cops daily collection.
Another friend told me his uncle "bought" the top job in a state-owned petroleum company but he made 10X what he paid for it.
Corruption is a well-organized industry in Pakistan. Going after the lowest levels will not solve the problem. It's the organization that has to be disrupted from the top.
#India's monthly #trade deficit of $18 billion in July worst in 5 years
https://www.bloomberg.com/news/arti...t-trade-gap-in-five-years-as-rupee-woes-mount
The trade deficit -- gap between exports and imports -- was $18 billion in July, fanned by a higher oil import bill, data released by India’s commerce ministry showed on Tuesday. That compares with the $15.7 billion median estimate in a Bloomberg survey of 24 economists and $16.6 billion in June.
While a weaker rupee is positive for exports, it poses an inflation risk for a nation that imports more than 80 percent of its crude-oil needs and adds to the stress on the current-account balance. The rupee dropped to as low as 70.08 per dollar on Tuesday, keeping intact its position as Asia’s worst-performing currency this year.
Every rupee change in the exchange rate against the U.S. dollar impacts India’s crude-oil import bill by 108.8 billion rupees ($1.58 billion), according to the oil ministry.
Inbound shipments of oil in July were at $12.4 billion, up 57.4 percent from a year ago, while gold imports surged 41 percent to $2.96 billion and electronics goods by 26 percent to $5.12 billion. Overall imports rose 29 percent to $43.8 billion, while exports grew at 14 percent to $25.8 billion.
The last time trade deficit was wider was in May 2013 at $19.1 billion, according to data compiled by Bloomberg.
“Broader emerging-market currency movement, dollar strength, and the trend in crude-oil prices will drive the outlook for the rupee in the immediate term, which will have an impact on the landed cost of imports,” said Aditi Nayar, principal economist at ICRA Ltd. in Gurugram, near New Delhi. That will also have a bearing on various commodity prices and transmit into wholesale price inflation, she said.
Gains in wholesale prices eased for the first time in five months, Commerce Ministry data showed on Tuesday. Government data on Monday showed retail inflation quickened 4.17 percent in July from a year earlier, slower than the 4.5 percent median estimate in a Bloomberg survey of economists.
The monetary policy committee led by Governor Urjit Patel has increased interest rates twice since June to curb price pressures, while the central bank used foreign reserves to check currency volatility. The rupee reversed losses to close 0.1 percent higher at 69.8963 on Tuesday in Mumbai, with traders saying state-run banks sold dollars, probably on behalf of the RBI.
The current level of reserves at about $402 billion will provide import cover of less than a year. The nation’s current-account gap has come under pressure and is expected to widen to 2.4 percent of gross domestic product in the financial year to March 2019, from 1.9 percent in the October-December period.
https://www.bloomberg.com/news/arti...t-trade-gap-in-five-years-as-rupee-woes-mount
The trade deficit -- gap between exports and imports -- was $18 billion in July, fanned by a higher oil import bill, data released by India’s commerce ministry showed on Tuesday. That compares with the $15.7 billion median estimate in a Bloomberg survey of 24 economists and $16.6 billion in June.
While a weaker rupee is positive for exports, it poses an inflation risk for a nation that imports more than 80 percent of its crude-oil needs and adds to the stress on the current-account balance. The rupee dropped to as low as 70.08 per dollar on Tuesday, keeping intact its position as Asia’s worst-performing currency this year.
Every rupee change in the exchange rate against the U.S. dollar impacts India’s crude-oil import bill by 108.8 billion rupees ($1.58 billion), according to the oil ministry.
Inbound shipments of oil in July were at $12.4 billion, up 57.4 percent from a year ago, while gold imports surged 41 percent to $2.96 billion and electronics goods by 26 percent to $5.12 billion. Overall imports rose 29 percent to $43.8 billion, while exports grew at 14 percent to $25.8 billion.
The last time trade deficit was wider was in May 2013 at $19.1 billion, according to data compiled by Bloomberg.
“Broader emerging-market currency movement, dollar strength, and the trend in crude-oil prices will drive the outlook for the rupee in the immediate term, which will have an impact on the landed cost of imports,” said Aditi Nayar, principal economist at ICRA Ltd. in Gurugram, near New Delhi. That will also have a bearing on various commodity prices and transmit into wholesale price inflation, she said.
Gains in wholesale prices eased for the first time in five months, Commerce Ministry data showed on Tuesday. Government data on Monday showed retail inflation quickened 4.17 percent in July from a year earlier, slower than the 4.5 percent median estimate in a Bloomberg survey of economists.
The monetary policy committee led by Governor Urjit Patel has increased interest rates twice since June to curb price pressures, while the central bank used foreign reserves to check currency volatility. The rupee reversed losses to close 0.1 percent higher at 69.8963 on Tuesday in Mumbai, with traders saying state-run banks sold dollars, probably on behalf of the RBI.
The current level of reserves at about $402 billion will provide import cover of less than a year. The nation’s current-account gap has come under pressure and is expected to widen to 2.4 percent of gross domestic product in the financial year to March 2019, from 1.9 percent in the October-December period.
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