Pakistan's Finance Minister Asad Umar at BBC HardTalk !

[django]

@Moonlight @Zibago @BHarwana @war&peace @Tps43 @Indus Pakistan @Arsalan

 

[Zee-shaun]

Great response wrt financial package from KSA.
He put Trump and the entire West in its place with their double standards amd hypocricy.

 

[BHarwana]

@Moonlight @Zibago @BHarwana @war&peace @Tps43 @Indus Pakistan

Yes I have watched the whole show already and I agree with his each and every word on economy and the path he is taking. For a very long time, even before PTI implemented this policy I was of the opinion that ditching the import based foreign funded economy model and adopting the production based export model. So I cannot disagree with him here. I am a person of the same school of thought and got bashed many times for these views.

In my understanding real growth comes from production based growth model and that is known as sustainable growth. The model which China and west had implemented. The Taiwan based import growth model which we were previously using and India is currently using, I am against that model.

I would like Imran Khan to send Sheri Rehman home.

Thank you.

Meanwhile Pak economy is on auto pilot mode.

What is happen in economy is beyond your understanding you will see. The difference in a years time.

 

[Nilgiri]

[ Finance Minister Asad Umar Exclusive Interview on BBC News HARDtalk with Stephen Sackur ] (12.12.18)
Is Pakistan's economy heading towards the right direction? Will Asad Umar be able to take our country towards what Imran Khan envisioned as an economically self-sufficient Naya Pakistan ... Watch how Asad Umar appears on BBC's Hard Talk and defends the narrative of Pakistan on international front.
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I guess one of the best interviews by Asad Umar. He is spot on and put Steven absolutely on the back foot.

https://www.facebook.com/video.php?v=1954243468025685

Thanks for posting. I always liked the HardTalk program on BBC when they have a good subject/guest on.

 

[Imad.Khan]

Yes I have watched the whole show already and I agree with his each and every word on economy and the path he is taking. For a very long time, even before PTI implemented this policy I was of the opinion that ditching the import based foreign funded economy model and adopting the production based export model. So I cannot disagree with him here. I am a person of the same school of thought and got bashed many times for these views.

In my understanding real growth comes from production based growth model and that is known as sustainable growth. The model which China and west had implemented. The Taiwan based import growth model which we were previously using and India is currently using, I am against that model.

I would like Imran Khan to send Sheri Rehman home.

Thank you.


What is happen in economy is beyond your understanding you will see. The difference in a years time.

To have a production based economy, you need a skilled workforce. Majority of Pakistani workforce can be categorized as unskilled. So the requirement is to quickly skill up the workforce and for that we need training institutes and lots of them. Even if some of them travel overseas they will bring in more remittances as compared to an unskilled one.

 

[war&peace]

@Moonlight @Zibago @BHarwana @war&peace @Tps43 @Indus Pakistan @Arsalan

I watched sir..he did a good job overall but could have done a lot better.. His answers regarding media freedom and minority freedom left a lot to be desired. His dragging of Trump was a funny and enjoyed it. Overall I think, IK will eventually replace him with an expert.. sooner or later..

 

[POPEYE-Sailor]

Asad Umar at his best!

https://www.facebook.com/

 

[BATMAN]

What is happen in economy is beyond your understanding.

Try me... i will understand.

you will see. The difference in a years time.

What will happen in years time is zero exports but loads of aid and may be ''foreign investment'' as well.
A country which is lead from Bani Gala instead of PM house will never be good for Pakistan.

 

[Nilgiri]

Get ready folks, it won't be long now:

"The finance minister said so while speaking on BBC show 'Hard Talk'. He said these measures seemed necessary to them.

..............To another query, the finance minister said, “We did not wait for the IMF to impose any condition on us..... We increased electricity prices, gas prices, we put in place a supplementary finance budget, we increased taxes, the currency has been adjusted by the central bank, and policy rate has also been increased.”

He said both the monetary and fiscal policies were moving in the direction of reforms that were required by the IMF.

“There is no difference of opinion with the IMF in terms of what needs to be done. It is the pace, the sequence in the extent which is being discussed,” he added."

https://www.geo.tv/latest/221673-re...-gas-tariff-without-waiting-for-imf-asad-umar

The single thing that stood out to me the most (now that I watched it) was the number of taxpayers being around 800k for Pakistan as quoted by the FM. I knew it was low, but not that low...

It is huge problem generally in India too....but right now we got about 86 times in gross number (69 million, soon to be around 76 million) the number of taxpayers of Pakistan (so about 12 times on per capita basis accounting for population sizes)....and we are nowhere near done in increasing it.....and getting that number to near dbl what it currently is (i.e mid term target around 130 million taxpayers...and thats still quite lousy imo):

https://www.moneycontrol.com/news/i...can-double-to-12-cr-arun-jaitley-3267001.html

This being so bad in Pakistan must account for a large systemic reason in its fiscal issues. You simply cannot operate a democracy (where the political pressure is always going to be tied to welfare + wealth redistribution) genuinely with this kind drop in a bucket in an ocean kind of taxbase.

The reforms the FM talks about in interview is good (i.e decrease subsidies, increase some tax rates)....but I would say the biggest singular focus (reform wise) has to be increase taxbase by 10 times at least for starters in this current term.

@ziaulislam @BHarwana @django @Hell hound @waz @Jungibaaz @Indus Pakistan @Oscar @That Guy @Chak Bamu @Desert Fox @Psychic @DESERT FIGHTER @Areesh @Arsalan @Dubious

 

[insight-out]

To have a production based economy, you need a skilled workforce. Majority of Pakistani workforce can be categorized as unskilled. So the requirement is to quickly skill up the workforce and for that we need training institutes and lots of them. Even if some of them travel overseas they will bring in more remittances as compared to an unskilled one.

While I agree with you, this is easier said than done. Vocational/technical training has to be given in parallel with employment opportunities. You will not be able to attract young people towards technical education if they do not reasonably expect to be employed upon completion.

Similarly, you cannot attract investment if employers do not have a pool of technically trained people to employ from. It's a tricky chicken and egg situation.

The way to deal with this problem is to get industry/investors fully involved in the training process, either directly, or by partnering with training institutes.

It was, therefore, quite satisfying to see that the recently announced JW Forland project included investment in training institutes, where employees would be able to acquire the necessary skills. This is the right way, and leads me to believe that the government knows what its doing.

 

[313ghazi]

Great interview, knocked every question out of the park.

I like how he clearly named India for terrorism in Balochistan.

 

[BATMAN]

https://www.facebook.com/

 

[Desert Fox]

The single thing that stood out to me the most (now that I watched it) was the number of taxpayers being around 800k for Pakistan as quoted by the FM. I knew it was low, but not that low...

It is huge problem generally in India too....but right now we got about 86 times in gross number (69 million, soon to be around 76 million) the number of taxpayers of Pakistan (so about 12 times on per capita basis accounting for population sizes)....and we are nowhere near done in increasing it.....and getting that number to near dbl what it currently is (i.e mid term target around 130 million taxpayers...and thats still quite lousy imo):

https://www.moneycontrol.com/news/i...can-double-to-12-cr-arun-jaitley-3267001.html

This being so bad in Pakistan must account for a large systemic reason in its fiscal issues. You simply cannot operate a democracy (where the political pressure is always going to be tied to welfare + wealth redistribution) genuinely with this kind drop in a bucket in an ocean kind of taxbase.

The reforms the FM talks about in interview is good (i.e decrease subsidies, increase some tax rates)....but I would say the biggest singular focus (reform wise) has to be increase taxbase by 10 times at least for starters in this current term.

@ziaulislam @BHarwana @django @Hell hound @waz @Jungibaaz @Indus Pakistan @Oscar @That Guy @Chak Bamu @Desert Fox @Psychic @DESERT FIGHTER @Areesh @Arsalan @Dubious

The only thing keeping that country from disintegrating is Allah and those Pakistanis who still believe in Him and the founding ideology.

Otherwise, anyone would look at this information and wonder why SHTF hasn't happened yet.

Regarding the very small number of tax payers, social distrust is the primary reason.

 

[Imad.Khan]

While I agree with you, this is easier said than done. Vocational/technical training has to be given in parallel with employment opportunities. You will not be able to attract young people towards technical education if they do not reasonably expect to be employed upon completion.

Similarly, you cannot attract investment if employers do not have a pool of technically trained people to employ from. It's a tricky chicken and egg situation.

The way to deal with this problem is to get industry/investors fully involved in the training process, either directly, or by partnering with training institutes.

It was, therefore, quite satisfying to see that the recently announced JW Forland project included investment in training institutes, where employees would be able to acquire the necessary skills. This is the right way, and leads me to believe that the government knows what its doing.

You are absolutely right, so what is required is to setup centers of training specializing the areas that the govt is trying to focus.

 

[ziaulislam]

To have a production based economy, you need a skilled workforce. Majority of Pakistani workforce can be categorized as unskilled. So the requirement is to quickly skill up the workforce and for that we need training institutes and lots of them. Even if some of them travel overseas they will bring in more remittances as compared to an unskilled one.

not necessary...
your textile, fruit industry, meat industry and small engr products is all unskilled/semi skilled labour