Pakistan has defaulted : Khawaja Asif

[SQ8]

Imran Khan started offering fuel subsidies for the public in the name of "relief" before he got overthrown and PDM continued this retarded sh*t. We will all know that PMLN and PPP are full of c**ts but this doesn't mean that IK is a saint. I can write multiple pages on his numerous retarded policies. In his recent podcast, he was asked great questions by Muzamil but he failed to answer most of them and straight up dodged some of them. He has no plan on how to fix this country.

If we want our country to succeed then we need to stop acting like cultists sucking off our favourite cult leader. You need to start logically questioning policies and then demand politicians to fix them in a manner that you find most suitable. Additionally, you should do proper research before figuring out which solution is the most suitable. If this can't be done then Pakistan will continue to remain a jahil nation.

@VCheng @Bleek @Vapnope

IK is no manager nor that good a leader - he is a symbol and should have been kept that way. Unfortunately his ego is too big for bani gala and Islamabad in general and he would have sunk Pakistan regardless. PTi was the engine that the establishment should have really taken more control of even if it meant Lenin(ing) IK.

I want to thank you for giving me the nudge that I needed to completely stop believing that a messiah can come to fix this nation's problems. Thinking about this now makes me realize how incredibly foolish I was at the time.

 

[khansaheeb]

It was a genius trap set by him to trap the opposition but this trap came at the cost of the depletion of our reserves. I am pretty sure that IK knew exactly what he was doing, this act was incredibly selfish and pure evil but genius nonetheless.

The geniuses are their maters overseas.

 

[Clutch]

Alhamdulilah. The corrupt have gone bankrupt!


Best news of 2023!... Hope it further defaults and turns into Somalia.

Well done corrupt Pakistani establishment!

You should have left Imran Khan government in power and not brought in this corrupt imported government!

 

[Menace2Society]

Very well written, for Imran Khan it’s just an ego thing to become Prime minister, neither had PTI the power nor the brain and will to implement reforms in dimensions like China or any other progressive country. Of course PDM is worse and I would vote anytime for PTI, but that’s not way forward. PTI should have the self respect to be criticised, otherwise progressive politics are not possible.


And Atif Mian replaced by secondary level graduate Hafeez Sheikh ^^

He didn't have 2/3 majority because they fixed the elections. He should have been PM in 2013 with a majority if those weren't fixed either. PMLN and PPP have a very small vote bank. You can tell by their rallies, they fix the elections. They all know if he had majority he would have investigated everyone for corruption including the generals.

Atif Mian was rejected by PMLN and PPP and by the public because they are extremist degenerates who don't know what's good for them.

 

[khansaheeb]

Don’t blame the Chinese

Europe was ruined by war, but Pakistan fell on its knees because of its own doing.

www.dawn.com

Don’t blame the Chinese​

Pervez Hoodbhoy Published February 18, 2023 Updated about 21 hours ago

The writer is an Islamabad-based physicist and writer.
1x1.2x1.5x
AN exam question for CSS aspirants: what’s higher than the Himalayas, deeper than the seas, stronger than steel, and sweeter than honey? Well, dear candidate, any hesitation suggests your patriotism level needs checking in Rawalpindi or Aabpara.
Every flag-waving Pakistani knows Pak-China friendship is the only answer. Next, what makes CPEC a game changer? Obvious! New industries will sprout, existing ones will hum away, exports will shoot through the roof, Gwadar will become the next Dubai, all debts will be paid off, jobs will be galore, and the sun shall shine forever.
These dreams lie punctured as Pakistan gallops towards debt default. CPEC started in 2013, with $62 billion spent to date. But now debt-ridden Pakistan is casting around for loans to pay older loans. Whoever will give — and on whichever terms — is to be heartily embraced. The ‘unbreakable bonds’ of Pak-China friendship are under stress.
According to IMF data, China holds roughly $30bn of Pakistan’s $126bn total external foreign debt. This is thrice its IMF debt ($7.8bn) and exceeds its borrowings from the World Bank and Asian Development Bank combined. So why is mighty China awaiting the green signal from American-led IMF before releasing some relief? Shouldn’t it at least reschedule Pakistan’s debt? Or, better, wipe it off?
Let’s face it: these are naïve hopes. Chinese capitalism — like any other capitalism — is about profit, not philanthropy. In Marketing-101, a budding businessman learns how to sell water to a drowning man. Banking-101 tells you how to identify desperate debtors. Law-101 is about dealing with defaulters.
Chinese companies, state or private, are like other companies. Being under their government’s instructions to view Pakistan as a strategic ally, they understand Gwadar gives entry to the warm waters of the Persian Gulf — those which allegedly attracted USSR into invading Afghanistan. But they tread cautiously; Pakistan is not the world’s best place to park your capital.
New ventures are therefore few and even these are low-tech. A plant in Hub manufactures excellent Hui Cheng beer. Elsewhere: a cellphone assembly plant, automobile spare parts made here and footwear made there, a microfinance bank, etc. Plus, farmland has been acquired for vegetables to be shipped to the Chinese market.



Ah, but what about hi-tech stuff like nuclear technology? There’s a 50-year history of Chinese nuclear help to Pakistan, both open and clandestine. Without that, Pakistan’s atomic bomb and the 1998 nuclear tests wouldn’t have happened. Still, there was a substantial Pakistani element to the bomb.
That’s not so for nuclear power reactors! Bombs were hi-tech until the 1960s, but not thereafter. Reactors, however, are complicated beasts. The two Hualong HPR-1000 plants ($7bn apiece) known as Kanupp-2 and Kanupp-3 have all their core components designed and manufactured in China. Even the fuel comes from China. PAEC’s role is merely supportive. Under Chinese supervision, it undertook the civil works, installation and operation of the plants.
Compare with Chinese involvement in Singapore which, like Pakistan, is a former British colony. This island is 42 times smaller population-wise and 1,093 times smaller area-wise. But last year, FDI in Singapore was $92bn compared to $2bn for Pakistan. Its economy attracts American and Chinese giant companies for semiconductor design and manufacture, communications, robotics, financial technologies, business and professional services, etc.
These staggeringly large differences cry out for an explanation.
First, Singapore is peaceful while Pakistan is violence-wracked. Terrorism — a byproduct of earlier official encouragement to ‘jihadi’ groups — is sweeping through the country once again. Notwithstanding a special force of 10,000 for protecting Chinese workers in Pakistan, they live in fear.
A string of blasphemy-related lynchings — including that of a Sri Lankan factory manager — has increased their worries. When added to the cultural distance and language barrier, this severely limits mingling between Chinese and locals.
Second, Singapore’s laws are obeyed in letter and spirit, whereas in Pakistan laws are made to be broken. In this low-trust business environment, under-the-table deals are as common as legal ones. Since opacity in CPEC dealings is justified as a national security need, we cannot know the level of kickbacks.
Third, Singapore has a workforce that is hard-working, highly skilled, and adaptive. This is untrue for Pakistan. Hence the virtual exclusion of Pakistanis at the design and engineering level from major CPEC projects executed on Pakistani soil. Earlier promises crumbled away for this reason.



CPEC was built around a fatally flawed premise. It presumed that infrastructure — roads, bridges and electricity — alone will create growth and jobs. This is like assuming abundant water, soil, and fertiliser will yield a rich harvest. But the crucial input is seed — human capital. And here’s where things went awry.
Pakistan certainly has people as bright and talented as anywhere. But because of an education system gone berserk, it offers only low-grade human capital to industry. Because indoctrination was promoted over knowledge and skills, we are stuck with an ocean of unemployable youth.
Sending 30,000 Pakistani students to China for higher studies has failed to generate human capital. From former students who have returned with a degree in hand, I hear shocking stories. Most Pakistani students in China opt to game the system and cut corners, not learn or achieve.
In engineering and hard sciences, few are properly equipped for any but the shoddiest of Chinese universities. Of course, there are always honourable exceptions.



As talk turns towards debt traps and comparisons with Sri Lanka, anxiety and anger is growing. But calmness is needed lest an earlier folly be repeated. Delusions that Pakistan’s staunchest friend was America — and the supplier of its every need — ultimately shattered the relationship with its “most allied ally” of yesteryear. That need not — should not — have happened.
China is probably guilty of short-selling us — most IPP deals are considered a scam. So are tax exemptions to Chinese companies. Duty-free imports from China have driven many local manufacturers to bankruptcy. But it was our trumpet blowers who sold to us the nonsense of CPEC as a Marshall Plan for Pakistan. Europe was ruined by war, but Pakistan fell on its knees because of its own doing.
The writer is an Islamabad-based physicist and writer.
Published in Dawn, February 18th, 2023

 

[Menace2Society]

CPEC was built around a fatally flawed premise. It presumed that infrastructure — roads, bridges and electricity — alone will create growth and jobs. This is like assuming abundant water, soil, and fertiliser will yield a rich harvest. But the crucial input is seed — human capital. And here’s where things went awry.
Pakistan certainly has people as bright and talented as anywhere. But because of an education system gone berserk, it offers only low-grade human capital to industry. Because indoctrination was promoted over knowledge and skills, we are stuck with an ocean of unemployable youth.
Sending 30,000 Pakistani students to China for higher studies has failed to generate human capital. From former students who have returned with a degree in hand, I hear shocking stories. Most Pakistani students in China opt to game the system and cut corners, not learn or achieve.
In engineering and hard sciences, few are properly equipped for any but the shoddiest of Chinese universities. Of course, there are always honourable exceptions.

They just wanted Gwadar so they can make it cheaper to ship their goods. They have it now for 40 years. All they care about is this and the roads and trains that will connect it to China so they can transfer their goods back and forth and on top of that they will receive interest payments on the loans and they know Pakistanis can't pay for it so they will easily make their money back plus profit. The rest is a lollipop for the public.

PMLN quickly put through the loan without scrutiny because they received backhanders to push it through.

Pakistanis don't understand, by facilitating cheaper chinese goods, you are further pricing out your manufacturers from potential exports. Chinese goods have flooded the market and already wrecked local manufacturers. This is f**king stupidity. You shot yourselves in the foot and gave away gwadar for a loan.

F**k you PMLN and Sharifs, you scoundrels.

 

[EternalMortal]

First of all you dont know anythint about me… simply read my posts over the last few years and you will realize I am one or IKs biggest supporters but the fact of the matter is his economic performance was atrociously horrible. Not just his govt but ever govt in pakistan since zias time apart from Musharafs govt had horrible economic mismanagement.

Now to your points
-6 billion increase in exports over 4 years is crap, especically taking into consideration the large decrease in the rupees value, the increase in electricity production, the subsidies provided to exporters, and the large global demand. On top of all this IKs govt has the benefits of record low energy prices during most of his term…Simply compare this to the increase in exports from china, vietnam, india or bangladesh during the same period and you can an idea. Our real exports honestly decreased during this period taking above facts into consideration.

- increase in remittence was also insignicant when again comparing devaluation of the rupee, global low interest environment, and covid lockdowns. During IKs time in office we lost major opportunities in sending workers abroad to gulf countried for one reason or another. During this same period BD was able to export large amounts of labour to qatar, kuwait, bahrain. Markets were our workers have been surpassed over the last few years

- IK govt had the benefit of securing early loans from uae, ksa, and china early on you may recall. Instead of right away going to the imf he kept claiming that there was no reason until the very end. By that time most of the loans provided by allies was already exhausted. This is one of the reasons why today those same countries are absolutely unwilling to provide any loans further until the imf approves and pakistan carries out the promised reforms that IK never delivered. IK screwed up our good will with our 3 closest allies

Again every single of the last 3 govt have had the same horrible economic performance. When the Ppp govt left office the pmln govt had to start a new imf program, when pmln left office pti had to start a new imf program, when pti left office pmln once again has to start a new imf program. The situation is such that every single govt left the next in a situation where a new imf program had to be started. Pti is no exception. The worse thing with the ptis govt was that even previous govt left with higher gdps than when they came to office (ppp/pmnl). pTIs govt was the only one that left office with a lower gdp than when it came in.

Now you will claim… but pti wasnt allowed to finish its full term so that does not count. You simply need to look at the freebies and subsidies that the pti govt started providiny from end of 2021 or early 2022 to understand we were falling off a financial cliff. The img literally was crying out loud since the end of 2021 yet IK was busy peddling conspiracies, visiting russia without any aim in mind, celebrating taliban victory not thinking of deteriorating security situation… you will notice it was during this time that the establishment did a complete uturn on IK. In hindsight they could have acted differently such as forcing IK to change finance minister and bring in a capable economic team. That would have been better than kicking out his government completely.

Again during his term not 1 govt industry was privitized. Not 1 subsidy was cut. Not 1 year went by where current account deficit decreased. How could you honestly expect different results when his finance ministers were tried tested failures or past governments???? Think to yourself

lol how did you guys actually live with yourselves, believing this kind of nonsense?

1) $6 B over 4 years isn't "crap" considering our situation. the rupee devaluation was offset by the fact that raw materials themselves are imported. Electricity production wasn't the problem but the high energy prices & debt due to shit energy policy by pmln. there was no "large" global demand for almost 2 yrs due to covid.

Other countries had more exports b/c they actually had export & manufacturing policies & the required skill labour education programs put in place for a while. PTI had just implemented their's.

IT exports, on the other hand, were increasing rapidly. Again thanks to PTI.

2) Increase in remittances was not "insignificant" only a moron would claim that. They were also increasing. Also, the reason why BD has been able to export labour was b/c they actually have labour with the required skills. You can thank PTI for introducing policies to remedy that as well.

Much to be desired but good 1st steps considering this was their 1st stint in power & had to fight to get anything done. Especially considering they stabilized the economic mess that pmln left behind & more than a yr of their gov was covid.

I don't even have the energy to go through the rest of your nonsense. The fact that you think Pakistan should have been competing with others when it was in a stabilization period, tells me all I need to know about your intellect.

why are ppl all over Atif mian's d*ck lmao. Relax he's nothing special. there's plenty of great economists in Pak already. economic advisory group is host to a number of them.

 

[ziaulislam]

You are wrong from start. Imran khan came when our country was in default condition and I don't talk with articles but rather real facts.

nawaz sharif 2018 - Economy Condition | Jub milk,honey ke rivers bahar kartay thai pakistan main. | By GeoSiasat | Facebook

Jub milk,honey ke rivers bahar kartay thai pakistan main.

fb.watch

You said it increased due to corona NO he worked on it from pink salt to europe fight of basmati Rice to growing olive oil field and taking advantage of the things whatever came along. Securing Turkey penalty to Rekodiq penalty.



From $24 to $30 Billion $6 billion increase is not slight and if you think its slight then why this slightness never seen in nawaz ERA while even PPP managed to increase our export in their time.

Then come Remittance if you think increasing from $22 billion of remittance to $29 billion is slight then you have issue with your logic and brain.

Pti next target was $37 billion of export for 2022-2023 that's why they all got scare because Imran khan was achieving every target and economic indicator things were moving in right direction.

https://twitter.com/x/status/1624855899008368641

If you have such proof please comeup with facts and figure rather than GEO TV Rona Dhona

You cant fix a patwaris brain.
The Brain is so backwards that when i troll they don't even realize

Hence why this country has no hope.

The exports and remittances have crashed but patwari brain is calling it international phenomenon when peers are having increase in exports and remittances (bengaldesh/India)
What's worse that when there was drop in exports briefly in 2020 they refuse to accept the COVID excuse

One thing IK failed horribly was tax reforms and we all know why..ask the people who were forced to resign they will tell you who was pulling the strings

And don't worry noone else is even going to try to do this reforms forget about failing!!!!

 

[Rank]

 

[ziaulislam]

View attachment 917022

 

[AZ1]

looks like all wanna be economist with zero facts and figure sharing gather here predicting future about imran khan policy aesa hota wesa hota
GEO tv made their mind blind and cant even see 1+1

Yeh hota wo hota lol

View attachment 917023

abhi sunay mai araha mini budget pass hi nahi hoa kyn ke members kum thai

 

[Olympus81]

overseas pakistani will play big role now but again not until this 13th party garbage clean

The overseas Pakistanis are not dumb. They love their $ and will only invest if there is any semblance of stability. That stability won’t be achieved especially during the first 2-3 years, (if) IK is back and that’s a best case scenario.

 

[AZ1]

You cant fix a patwaris brain.
The Brain is so backwards that when i troll they don't even realize

Hence why this country has no hope.

The exports and remittances have crashed but patwari brain is calling it international phenomenon when peers are having increase in exports and remittances (bengaldesh/India)
What's worse that when there was drop in exports briefly in 2020 they refuse to accept the COVID excuse

One thing IK failed horribly was tax reforms and we all know why..ask the people who were forced to resign they will tell you who was pulling the strings

And don't worry noone else is even going to try to do this reforms forget about failing!!!!

Abhi poucho ain se ke jo imran khan kar raha tha wohi follow kar ke barha lo remittance tou khamosh. Brain kaam karta nahi, facts per bat nahi karni ongi bongi haankni hai

The overseas Pakistanis are not dumb. They love their $ and will only invest if there is any semblance of stability. That stability won’t be achieved especially during the first 2-3 years, (if) IK is back and that’s a best case scenario.

thats true like awam itni baar dhoka khai hai about instability ke muj ko dar hai ke even imran khan may fail or wouldnt be able to fix sooner jesay hi track per aye kahi phir koiye adventure na hojaye

 

[Olympus81]

Khwaja Asif’s statement will do alot of good to PSX on Monday.

Talk about an own goal moment here.

Seems like they are doing a 2018 (10x) here knowing full well they won’t win the next elections.

 

[epebble]

https://twitter.com/x/status/1626912381908525057

https://twitter.com/x/status/1626912142464274434

'Pakistan has gone bankrupt', claims Khawaja Asif

SIALKOT: Pakistan Muslim League-Nawaz (PML-N) senior leader and Defence Minister Khawaja Asif claimed on Saturday that "Pakistan has already defaulted and

arynews.tv

Pakistan has already defaulted, admits Khawaja Asif

Defence Minister Khawaja Asif said on Saturday Pakistan had already defaulted and

www.nation.com.pk

https://twitter.com/x/status/1626911700019445760

This makes the government look like a mental institution. The Prime minister and foreign minister are in Turkey to console and deliver relief to the victims of earthquake, the finance minister is on a hard-earned vacation after drafting a tax bill that is unlikely to pass in the parliament. The defense minister is saying the country has defaulted. SBP is silent on which debt repayment has been unpaid after falling out with the lender. The defense minister thinks he is playing to the gallery not realizing the words have consequences. if default is true, nobody wants to sell anything to Pakistan without advance payment.