Pakistan hasn't defaulted but simply falling deeply into arrears

[ghazi52]

,.,..,
Pakistan’s chances of #default on its debt have dwindled in recent sessions, with the cost of ‘insuring’ the country’s sovereign debt falling below November’s disastrous highs following yesterday’s “productive” talks with the International Monetary Fund (IMF).

According to Arif Habib Limited (AHL), Pakistan’s benchmark 5-year Credit Default Swap (CDS) fell 3,168 basis points to 58.8 percent on 14 December. The instrument has dropped by more than 31.6 percentage points in a single day, indicating that investors are unwilling to take on Pakistan’s default risk at a price below 58 percent.

While still high, the drop corresponds with the State Bank of Pakistan’s (SBP) declining foreign exchange reserves, which were less than $7 billion as of December 2, 2022, according to data released last week.

 

[ghazi52]

.,.,

Remittances continue to decline, clock in at $2.1bn in November​

• Experts attribute lower inflow to usage of illegal channels

BR
December 14, 2022

 

[GriffinsRule]

Pakistan needs strict austerity measures for the next ten years to turn itself around. The medicine will be bitter but there is no other cure. Also taxes on the rich need to increase exponentially since the middle-class is already on the verge of moving into poverty.

 

[MilSpec]

Technically, the patient is not dead. It is just that his heart has stopped beating.

Pakistan won't default. Pakistan army did the requisite set by Washington, resupplying Ukraine's efforts when needed. It wasn't the resupply but the pace at which it happened that consolidated its position as a reliable ally for D.C. Pakistan will ride out the financial challenges.

 

[Catalystic]

Pakistan needs strict austerity measures for the next ten years to turn itself around. The medicine will be bitter but there is no other cure. Also taxes on the rich need to increase exponentially since the middle-class is already on the verge of moving into poverty.

Lol
Just look at our politicians etc
Super duper lavish protocols brah

Until those r removed, don’t expect changes……ye aise he ayashi kerte rahainge

 

[epebble]

Pakistan won't default. Pakistan army did the requisite set by Washington, resupplying Ukraine's efforts when needed. It wasn't the resupply but the pace at which it happened that consolidated its position as a reliable ally for D.C. Pakistan will ride out the financial challenges.

Cow manure (known locally as B.S.)

 

[S.Y.A]

Lol
Just look at our politicians etc
Super duper lavish protocols brah

Until those r removed, don’t expect changes……ye aise he ayashi kerte rahainge

politicians, civil servants, judges, brig and above guys in military etc. all are having the time of their lives.

 

[Catalystic]

Pakistan won't default. Pakistan army did the requisite set by Washington, resupplying Ukraine's efforts when needed. It wasn't the resupply but the pace at which it happened that consolidated its position as a reliable ally for D.C. Pakistan will ride out the financial challenges.

Its hard to believe that, with everything shutdown and ppl starting to lose jobs, its really not pretty or fun to be losing livelihoods
All that anger from awaam is gonna get nasty and then what?
Not even military would be able to salvage anything if shit hits the fan
Are ppl going to get back their jibs and salaries? Will they be able to put food on the tables?

 

[VCheng]

Pakistan won't default. Pakistan army did the requisite set by Washington, resupplying Ukraine's efforts when needed. It wasn't the resupply but the pace at which it happened that consolidated its position as a reliable ally for D.C. Pakistan will ride out the financial challenges.

It may depend on IMF decisions over the new few months. Besides USA, Pakistan also has good Saudi and Chinese support. But there is no substitute for good domestic economic policies and productivity.

 

[ghazi52]

.,.,

Large-scale manufacturing drops 7.75pc in October, led by textile and automobiles​

Automobiles production down 30.56pc while textile production shrinks 24.62pc over the year-ago period...

 

[waz]

Pakistan won't default. Pakistan army did the requisite set by Washington, resupplying Ukraine's efforts when needed. It wasn't the resupply but the pace at which it happened that consolidated its position as a reliable ally for D.C. Pakistan will ride out the financial challenges.

Spot on.
With that war set to go on for years, this will be one such lifeline.

 

[SIPRA]

"Ae billi, nahaan naal naeen, nachorhan naal murri ae"

 

[HAIDER]

ya quam sudhar nahi sakti ...

Rs10 billion theft cases surface at Pakistan Steel Mills​

https://en.dailypakistan.com.pk/author/web-desk
Web Desk

07:36 PM | 31 Jul, 2022

KARACHI – Senior officers and workers of the Pakistan Steel Mills were reportedly involved in theft of material worth Rs10 billion.
The shocking revelation was made when the Ministry of Industries and Production approached the federal investigators and informed them about various theft incidents, which took place in almost all departments of the state-owned enterprise. The PSM halted operations in 2015.

According to the letter written by the ministry to the federal investigators, the security department was likely to be involved in the theft incidents. An internal inquiry was initiated by the PSM and it is still under way, but the allegations are serious and transparent, the letter says.
The letter mentioned that on July 27 around 50 people barged in the plant area of the Pakistan Steel Mills and took away copper and wire worth billions of rupees.
The recent development comes days after a labour union wrote a letter to the federal minister for industries and production and demanded removal of the PSM Board of Directors, alleging that the management has become a facilitator in theft incidents.
It is said to be the ‘biggest theft in the country's history'. However, the incumbent government or the investigation agency have yet to comment on the matter.
PSM was running in loss since 2008 and was eventually shut down in 2015. It has caused losses of Rs229 billion to the national treasury.

NAB to conduct inquiry into Pakistan Steel Mills ...10:48 PM | 29 Dec, 2017
ISLAMABAD - National Accountability Bureau has decided to conduct a comprehensive inquiry to fix the responsibilities ...

 

[ghazi52]

.,.,.

"Pakistan is at the brink of bankruptcy" Miftah Ismail​

 

[alphapak]

Oversea's Pakistani's should not send any money to Pakistan until IK is back
in power.