PML-N, PPP took $60bn loan, divided money among them: Fawad Ch

[Pied Piper]

Salaam!

https://dunyanews.tv/en/Pakistan/48...-loan-divided-money-among-them-Fawad-Chaudhry

PML-N, PPP took $60bn loan, divided money among them: Fawad Ch

Last updated on: 09 April,2019 11:42 am

PML-N, PPP took $60bn loan, divided money among them, says Fawad Chaudhry.

ISLAMABAD (Dunya News) – Federal Minister for Information and Broadcasting Fawad Chaudhry Tuesday said Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party (PPP) took $60 billion loan and distributed the money among them.

The Pakistan Tehreek-e-Insaf (PTI) leader took to Twitter and wrote that Pakistan’s external debt from 1947 to 2008 was $37 billion. He said mega projects like Mangla and Tarbela dams, naval bases, Gwadar port and motorway were built with the $37 billion loan and Pakistan Army was equipped with modern weaponry.



The foreign loan surged to $97 billion from 2008 to 2018 as PML-N and PPP collectively took $60 billion loan in ten years but no one knows where the money was spent, he said.

Fawad Chaudhry claimed that the wealth was divided among themselves by two families who used the Hudaibia model of fraud time and again. The money was illegally sent abroad through Hundi and Hawala using fake accounts and people, he said.



“There are dozens of people who played side roles in this unlawful activity but Nawaz Sharif and Asif Ali Zardari are the main characters,” he concluded.

 

[newb3e]

toh wapis lay lo paisay twitter peh bukwas kar rahay hain sirf!

 

[Pied Piper]

The above is a shocking amount of wealth looted - how will Pakistan get this back?

Any of the thieves if found guilty need all their assets taken away by the state?

toh wapis lay lo paisay twitter peh bukwas kar rahay hain sirf!

Its difficult to know where this money has gone?
Who is telling the truth?

Why are these politicians screwing the country?

Year on year ..Pakistan is being economicically strangled by its own governments?

 

[Enigma SIG]

toh wapis lay lo paisay twitter peh bukwas kar rahay hain sirf!

All money has been laundered off to Dubai/London/NY. In absence of treaties, how will the government get it back?

 

[newb3e]

All money has been laundered off to Dubai/London/NY. In absence of treaties, how will the government get it back?

by growing a fking pair!!! by throwing in them into rat infested cells scaring thge living shit out of these bastards! we dont have treaties but these bastards can bring thier money back force them by scaring them! but maslihat keh taihad aur g may kamzori keh taihad aur dha ki hifazat ki khatir kuch nai hoga!

 

[Manidabest]

well this is an exaggeration.
1st nawaz and zardari did looted and it is in billions and the government has all the proof but our justice system is not strong and good and it has many leakages due to which all these powerful and rich criminals get bail and at the end get all the cases cleared.

one must remember when rupees gets weaker against a dollar then a billion dollar debt increases with it too ...

 

[Enigma SIG]

by growing a fking pair!!! by throwing in them into rat infested cells scaring thge living shit out of these bastards! we dont have treaties but these bastards can bring thier money back force them by scaring them! but maslihat keh taihad aur g may kamzori keh taihad aur dha ki hifazat ki khatir kuch nai hoga!

Musharraf should have purged the Sharif family when he had the chance. General tha but he didn't have the balls to do what had to be done. Fucking twit; now we have to live with their shenanigans.

 

[Pied Piper]

Reforms have increased Pakistan’s tax collection, bribe rates: IMF
THE NEWSPAPER'S CORRESPONDENT
https://www.dawn.com/news/1474908

WASHINGTON: Performance-based salaries of tax officials in Pakistan have significantly increased tax collection but the government move has also enhanced bribe rates, says a recent study by the International Monetary Fund (IMF).

The study — “Tackling Corruption in Government” — analyses more than 180 countries and finds that more corrupt countries collect fewer taxes, as people pay bribes to avoid them, including through tax loopholes designed in exchange for kickbacks. The study also determined that when taxpayers believe their governments are corrupt, they are more likely to evade paying taxes.

The IMF also studied recent performance-related incentives that Pakistan offered to its tax officials, which had both desirable and undesirable consequences.


Read: Beyond tax breaks

“While performance-based salaries of tax officials (in Pakistan) led to a significant increase in tax collection (by as much as 50 per cent), bribe requests increased by 30 per cent,” the study found.

The Fund suggests combining higher wages with monitoring and sanctions to deal with the problem

The IMF suggests combining higher wages with monitoring and sanctions to deal with this problem. Such reforms in Georgia, for example, reduced corruption significantly and tax revenues more than doubled, rising by 13 percentage points of GDP between 2003 and 2008. Rwanda’s reforms to fight corruption since the mid-1990s bore fruit, and tax revenues increased by 6 percentage points of GDP.

Combating corruption is one of the United Nations sustainable development goals because of the widespread perception that tackling corruption is critical for macroeconomic performance and economic development.

The IMF study shows that overall, the least corrupt governments collect 4 per cent of GDP more in tax revenues than countries at the same level of economic development with the highest levels of corruption.

The study points out that corruption also distorts governments’ priorities.

For example, among low-income countries, the share of the budget dedicated to education and health is one-third lower in more corrupt countries. It also impacts the effectiveness of social spending. In more corrupt countries school-age students have lower test scores.

The IMF notes that corruption also prevents people from benefiting fully from the wealth created by their country’s natural resources. Because the exploration of oil or mining generates huge profits, it creates strong incentives for corruption. The IMF research shows that resource-rich countries, on average, have weaker institutions and higher corruption.

Read: Corruption and the economy

The study also discusses the association between corruption and revenues and determines that cross-country econometric analysis confirms this link. An improvement in the Control of Corruption Index by one-third of a standard deviation is associated with an increase of 1.2 percentage points in government revenues as a share of GDP. If that improvement is applied to all countries, the implied increase in total tax revenues could be $1 trillion.

The study argues that gains would be greater considering that lower corruption would raise economic growth, further boosting revenues.

The IMF notes that by distorting the incentives of policymakers and civil servants, corruption undermines the quality and effectiveness of government policies. Core public services, such as the provision of quality public infrastructure and education, can be severely hampered.

This, in turn, has a negative effect on governments’ ability to promote economic growth and reduce poverty.

The study shows that countries with lower levels of perceived corruption have significantly less waste in public investment projects.

In a chapter on corruption in state-owned enterprises, such as oil companies and electric and water companies, the study points out that these enterprises are less efficient in countries with high levels of corruption.

Political will

The study argues that fighting corruption requires political will to create strong fiscal institutions that promote integrity and accountability throughout the public sector.

The study suggests that high levels of transparency and independent external scrutiny help fight corruption as does a free press.

Reforming institutions increases the chances for success in the fight against corruption. Chances of success are greater when countries design reforms to tackle corruption from all angles.

Take a look: $2.6 trillion lost to corruption every year, says UN

Building a professional civil service is also essential for curbing corruption as it enhances revenue administration and management of natural resources.

The study also suggests greater cooperation among nations as it would make it harder for corruption to cross borders. The IMF notes that more than 40 countries have already made it a crime for their companies to pay bribes to gain business abroad.

“Curbing corruption is a challenge that requires persevering on many fronts, but one that pays huge dividends. It starts with political will, continuously strengthening institutions to promote integrity and accountability, and global cooperation,” the study concludes.

Published in Dawn, April 9th, 2019

 

[Oracle]

who made this idiot a minister

 

[newb3e]

Musharraf should have purged the Sharif family when he had the chance. General tha but he didn't have the balls to do what had to be done. Fucking twit; now we have to live with their shenanigans.

not just mushraf he was corrupt and a greedy coward! but past may bhi faujis protected these bastards NROs,Arming mqm etc were all done so army could keep a grip on power and keep expanding their commercial enterprise!

 

[Pied Piper]

I believe a few sincere individuals can change the system.. ..

Some reports indicate Pakistan will be doing well - new vast oil reserves etc...

Then others showing gloom and doom... Its becoming difficult to understand what is the real situation?

Asad Umar brushes aside critics, says painful measures will bear fruit
DAWN.COM
https://www.dawn.com/news/1474748

Finance Minister Asad Umar on Monday took a swipe at critics who accuse the government of having destabilised the economy with the weakening in the rupee-dollar exchange rate, saying the criticism was unfounded.

"The exchange rate is not a measure of a strong economy. At one point, the Pakistani rupee was stronger than the Japanese yen, even though the latter's per capita income was much higher than ours," he explained.

Also read: Emotion and economic policy


He also expressed his frustration with television anchors who have been critical of his policies, suggesting that business reporters — "who have a much better understanding of the technicalities of the economy" — sit with anchors and share their knowledge on how to report on economic matters.

Returning to the rupee's rapid slide, Umar said that past governments had "ruined" the economy by artificially maintaining the exchange rate, and insisted that the practice had needed to end.

Take a look: Managed float or market-based exchange rate?

"In order to end the practice [of artificially maintaining the exchange rate], economic fundamentals need to be strengthened," he explained. "By artificially maintaining the exchange rate, we harm our farmers and exporters and give a free subsidy to foreign traders."

He also regretted that "fake news reports are being circulated so that more investors park their money in foreign currency instead of stocks", leading to speculative pressure on the exchange rate.

The finance minister said that, instead of taking easy decisions influenced by "the news cycle or elections", the Pakistan Tehreek-i-Insaf (PTI) government wanted to devise policies that will strengthen the economy in the long term.

The PTI government, he said, inherited a "very sick patient" that had been taken out of the ICU [Intensive Care Unit]. The government, therefore had to take "emergency measures".

"The crisis is over. Now we are in the stabilisation process," he announced. Once the economy is stable, the country can move towards growth, he added.

Pakistan's economy is still hostage to a huge spending gap and fiscal and current account deficits, Umar said while stressing on the importance of overcoming these "fundamental issues". At this stage, the government is borrowing loans in order to pay the interest of old loans, Umar lamented, adding that the country's primary deficit is negative. He identified low revenue generation by the FBR as a key reason behind the economic difficulties being faced by the country. Drop in exports and low savings also hinder the country's economic growth, he said.

He laid strong emphasis on tax reforms, complaining that due to the low revenue generated by the Federal Board of Revenue (FBR) this fiscal year and in the past, the economy of the country had gradually slowed in its growth.

To improve revenue collection, Umar said that it was important to differentiate between policy and administration. Past governments had "compromised on economic growth by giving primacy to revenue [collection]", he added.

"Revenue will only increase when the economy develops," he said and announced that the government had decided to form a separate tax policy unit with experts on board. He also stressed on the importance of using technology to reform the tax collection system. For that purpose, FBR has secured the services of Pakistan Revenue Automation (PRAL) and a board with people with relevant expertise has been formed.

Laws have also been amended in order to bring the country's tax collection system at par with modern methods used around the world.

The finance minister once again highlighted the importance of regional trade, terming it one of the ways to "become a part of the world economy".

Umar also regretted that past governments had not developed the Islamic banking sector even though a significant portion of the Pakistani public preferred that over conventional banking.


What do you think are the best and feasible ways of addressing this mismanagement and Corruption of the looters of the country?

Bear in mind the economic strangulation of Pakistan by many countries (5th Generation warfare)?

 

[Enigma SIG]

The main problem with Pakistan is every other businessman wants to import rather than manufacture. All big importers have clearly enjoyed PMLN/PPP in power as these people used these businesses to clear their black money.

Now with imports slowing down; these businesses are being bludgeoned and are therefore circulating all sort of economic nonsense to get the government to bend over to their demands.

Major imports are being done through Dubai and India; so would love to see the volume go down. Bring your manufacturing unit in Pakistan otherwise lose out on business.

 

[El Sidd]

Amazingly Information Minister who is also spokesperson of PTI has only amassed more wealth too during this period.

So #MilkeLootMuch!!

 

[war&peace]

hum twitter twitter khailain gay bus

All money has been laundered off to Dubai/London/NY. In absence of treaties, how will the government get it back?

the question is how many agreements the govt has signed so far? bas twitter ki game hai

 

[VCheng]

PML-N, PPP took $60bn loan, divided money among them, says Fawad Chaudhry.

LIAR.

More than half the loans taken went into repaying old loans.