PML-N Worse than PPP in Managing Economy
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pkuser2k12
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PML-N worse than PPP in managing economy: PTI
By Shahbaz Rana
Published: January 15, 2016
ISLAMABAD:
Citing official figures in its white paper, the Pakistan Tehreek-e-Insaf on Thursday showed that the ruling Pakistan Muslim League-Nawaz’s economic management was worse than the Pakistan Peoples Party’s.
The PTI said the present government had failed on its promises of taxing the rich, breaking the begging bowl and ending the energy crisis.
Has anything changed under the PML-N?
The PML-N government has so far contracted $28.6 billion of fresh loans while the external debt is projected to grow to $104.6 billion by 2020, said the PTI’s financial wizard Asad Umar.
He said the country had been pushed into the debt trap and the government had contracted the most expensive external borrowings, phenomenally increasing the debt servicing cost.
Since June 2013, the government has added more than Rs4.7 trillion in public debt, putting every Pakistani citizen under a debt burden of Rs112,000 compared to Rs85,000 in May 2013, which is an increase of 31.8%, he added.
The $500 million raised through Eurobonds in September 2015 at an interest rate of 8.25% was the most expensive borrowing done by any country in the world in 2015. In comparison, Egypt raised $1.5 billion at 5.9% and Sri Lanka $650 million at 6.1%.
PPP & PML-N — competing for the bottom slot
Umar said Eurobonds issued by the Musharraf government in 2007 were cheaper than 2015 bond borrowings. The citizens will repay this debt through higher taxes on essential commodities, he lamented.
Taxing the poor
The PTI leader said that contrary to the election slogan of taxing the rich, the PML-N government has provided a relief to the rich class.
He said that in 2013 the direct taxes to gross domestic product ratio, excluding withholding taxes, were 1.5%, which has slipped to 1.3% instead of showing any improvement.
Instead of broadening the tax base, the government has shifted the entire burden of taxes on the citizens through indirect taxes, he added.
In the fiscal 2014-15 indirect taxes, inclusive of WHT, stood at 9.7% of GDP. This ratio was 8.4% of GDP in the last year of the PPP government.
The government is reluctant to tax the powerful elite and reform the Federal Board of Revenue. “Despite tall claims made by the government, the facts show a rapid decline in investment and exports.”
unemployed
The number of unemployed workers has increased sharply to more than 5 million – a net increase of over 1.5 million in just two years.
The government has given two official figures of unemployment. “In view of the planning commission, the unemployment rate is at a 13-year peak of 8.3% while the finance ministry insists that the rate is 5.9%.”
Investment
Umar said the investment position was better during the PPP tenure than in the first half term of the PML-N. “Investment remained stagnant at only 15% of GDP.”
He said private sector investment dipped to 9.7% in the last fiscal year, even lower than 9.8% recorded in the last year of the Asif Zardari government.
Agriculture
The farmers of the country have been caught between decline in prices of their product, increasing input costs and stagnant yields. “General sales tax rate on diesel has been raised to 51%, increasing the cost of agriculture production.”
Power Crisis
He said the government had also failed on its biggest election promise – ending load shedding. Instead, power and gas shortfall have both increased to alarming levels at the mid-term of the Nawaz Sharif government, he added.
Published in The Express Tribune, January 15th, 2016
PML-N worse than PPP in managing economy: PTI - The Express Tribune
By Shahbaz Rana
Published: January 15, 2016
ISLAMABAD:
Citing official figures in its white paper, the Pakistan Tehreek-e-Insaf on Thursday showed that the ruling Pakistan Muslim League-Nawaz’s economic management was worse than the Pakistan Peoples Party’s.
The PTI said the present government had failed on its promises of taxing the rich, breaking the begging bowl and ending the energy crisis.
Has anything changed under the PML-N?
The PML-N government has so far contracted $28.6 billion of fresh loans while the external debt is projected to grow to $104.6 billion by 2020, said the PTI’s financial wizard Asad Umar.
He said the country had been pushed into the debt trap and the government had contracted the most expensive external borrowings, phenomenally increasing the debt servicing cost.
Since June 2013, the government has added more than Rs4.7 trillion in public debt, putting every Pakistani citizen under a debt burden of Rs112,000 compared to Rs85,000 in May 2013, which is an increase of 31.8%, he added.
The $500 million raised through Eurobonds in September 2015 at an interest rate of 8.25% was the most expensive borrowing done by any country in the world in 2015. In comparison, Egypt raised $1.5 billion at 5.9% and Sri Lanka $650 million at 6.1%.
PPP & PML-N — competing for the bottom slot
Umar said Eurobonds issued by the Musharraf government in 2007 were cheaper than 2015 bond borrowings. The citizens will repay this debt through higher taxes on essential commodities, he lamented.
Taxing the poor
The PTI leader said that contrary to the election slogan of taxing the rich, the PML-N government has provided a relief to the rich class.
He said that in 2013 the direct taxes to gross domestic product ratio, excluding withholding taxes, were 1.5%, which has slipped to 1.3% instead of showing any improvement.
Instead of broadening the tax base, the government has shifted the entire burden of taxes on the citizens through indirect taxes, he added.
In the fiscal 2014-15 indirect taxes, inclusive of WHT, stood at 9.7% of GDP. This ratio was 8.4% of GDP in the last year of the PPP government.
The government is reluctant to tax the powerful elite and reform the Federal Board of Revenue. “Despite tall claims made by the government, the facts show a rapid decline in investment and exports.”
unemployed
The number of unemployed workers has increased sharply to more than 5 million – a net increase of over 1.5 million in just two years.
The government has given two official figures of unemployment. “In view of the planning commission, the unemployment rate is at a 13-year peak of 8.3% while the finance ministry insists that the rate is 5.9%.”
Investment
Umar said the investment position was better during the PPP tenure than in the first half term of the PML-N. “Investment remained stagnant at only 15% of GDP.”
He said private sector investment dipped to 9.7% in the last fiscal year, even lower than 9.8% recorded in the last year of the Asif Zardari government.
Agriculture
The farmers of the country have been caught between decline in prices of their product, increasing input costs and stagnant yields. “General sales tax rate on diesel has been raised to 51%, increasing the cost of agriculture production.”
Power Crisis
He said the government had also failed on its biggest election promise – ending load shedding. Instead, power and gas shortfall have both increased to alarming levels at the mid-term of the Nawaz Sharif government, he added.
Published in The Express Tribune, January 15th, 2016
PML-N worse than PPP in managing economy: PTI - The Express Tribune
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Viper0011.
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A billion dollars spent on yellow journalist for sure don't produce PhD's in journalism. Corrupt journalists remain corrupt and write these fake, propaganda articles.
But I think I side with the yellow journalist who wrote this "detailed" analysis is in English, without having the qualifications to understand things written (or stolen and compiled from other sources). I agree that PMLN is WORST than the PPP and PTI.
WHY???? Well, the other two don't do shiit and this government is ACTUALLY doing everything opposite of the laziness exercised by everyone in Pakistan who remained in power. In PPP and PTI's world, the little money goes to corruption (a few billions) and everything else remains the same like it has been since the 1950's. So nothing gets done for the PEOPLE. So nothing really gets done outside of corruption, so why even have the DEBT
??So this government IS worst. Its doing SO MUCH work and programs across almost all areas that grow a country. As a result, because the others didn't do jack shiit for 60 years, everything is NOW happening that didn't happen for the past 60 years. That too, without having an economy or $$$$ in the bank account. So there will be debt as no MOFO from before left any money for the nation, or did these things that should've started back in the 50's for God's sake!!
So I agree. The current government IS SO MUCH worst than everyone by doing public welfare work and putting all other lazy ****es behind in dust!!
marbella
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Interesting. ..A billion dollars spent on yellow journalist for sure don't produce PhD's in journalism. Corrupt journalists remain corrupt and write these fake, propaganda articles.
But I think I side with the yellow journalist who wrote this "detailed" analysis is in English, without having the qualifications to understand things written (or stolen and compiled from other sources). I agree that PMLN is WORST than the PPP and PTI.
WHY???? Well, the other two don't do shiit and this government is ACTUALLY doing everything opposite of the laziness exercised by everyone in Pakistan who remained in power. In PPP and PTI's world, the little money goes to corruption (a few billions) and everything else remains the same like it has been since the 1950's. So nothing gets done for the PEOPLE. So nothing really gets done outside of corruption, so why even have the DEBT
So this government IS worst. Its doing SO MUCH work and programs across almost all areas that grow a country. As a result, because the others didn't do jack shiit for 60 years, everything is NOW happening that didn't happen for the past 60 years. That too, without having an economy or $$$$ in the bank account. So there will be debt as no MOFO from before left any money for the nation, or did these things that should've started back in the 50's for God's sake!!
So I agree. The current government IS SO MUCH worst than everyone by doing public welfare work and putting all other lazy ****es behind in dust!!
MastanKhan
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A billion dollars spent on yellow journalist for sure don't produce PhD's in journalism. Corrupt journalists remain corrupt and write these fake, propaganda articles.
But I think I side with the yellow journalist who wrote this "detailed" analysis is in English, without having the qualifications to understand things written (or stolen and compiled from other sources). I agree that PMLN is WORST than the PPP and PTI.
WHY???? Well, the other two don't do shiit and this government is ACTUALLY doing everything opposite of the laziness exercised by everyone in Pakistan who remained in power. In PPP and PTI's world, the little money goes to corruption (a few billions) and everything else remains the same like it has been since the 1950's. So nothing gets done for the PEOPLE. So nothing really gets done outside of corruption, so why even have the DEBT
So this government IS worst. Its doing SO MUCH work and programs across almost all areas that grow a country. As a result, because the others didn't do jack shiit for 60 years, everything is NOW happening that didn't happen for the past 60 years. That too, without having an economy or $$$$ in the bank account. So there will be debt as no MOFO from before left any money for the nation, or did these things that should've started back in the 50's for God's sake!!
So I agree. The current government IS SO MUCH worst than everyone by doing public welfare work and putting all other lazy ****es behind in dust!!
Viper,
My man---I don't know what you are upto---. There are no programs to advance the country--.
The bus doesn't do anything---. Industry needs electricity and gas----. The bus is a fraud project. People have no medicine---uneployment getting higher and higher---loot and plunder all over---.
I told you pappy---we will hang them----when the revolution comes---every single member of their families----young---old---child--adult---male---female----everyone of their family and everyone in PMLN and PPP will be executed---mark my words----and all those associated with them will enjoy the kiss of the hangman's rope around their necks---.
We will try and make sure that there is no HASSINA WAJID left-----.
Viper0011.
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MK - My man, I think you've not been to Pakistan in ages. A country where nothing happened in 60 years, and now there is stuff happening, wants ALL 60 years worth of damage fixed in 5 years? You think that's fair to ask???? What's more important? The trade and jobs, that result in jobs and growth so people who don't have medicines today, can buy medicines? OR, do nothing and people being used as an example by IK's fans, will NEVER have medicines?
You see, people who write these sensational terms, have never done any of this work themselves. Its much easier to do some corruption, make it worth for your term, and DO NOTHING. It is VERY hard for you to "DO SOMETHING" and still get criticize by the same people who did NOTHING. Its a satanic cycle.
You live in the US so you know about this area a bit, specially calling me "Pappy" tells me you had interaction with Hispanic community a little too much (no offense taken, I love J-Lo too). So, would you invest your money as a rich guy you may be, in Central Mexico City where there are gangs and wars for the past decades? HELL NO!!
Would you pour in billions (say you were Donald Trump for a second) when you already know you won't get a dime back???? I don't think so!!
So why is China investing $ 46 billion (in phase I)? Why has the US, KSA and Russia told Pakistan to expect heavy investments into the newly created Pakistan Stock Market?? (expected investment over $ 120 billion within the next 12-24 months)??
Why the SAME financial institutes who called Pakistan bankrupt in 2012, buying Pakistani ETF's which cost three to five times the cost of Google, Apple, Amazons, Ali Baba's of the world???? Common man, wake up!! Both you and I know that NO ONE would invest a thousand dollar of their income into a place where they don't expect return and if there are these hundreds of billions being invested, there is obvious return.
If you want to play blind, than it's your choice. But when a Rabbit closes his eyes standing 10 feet away from a Lion, it doesn't make the Lion disappear!! Similarly, the work and the performance, can't just go and disappear. Also, the people who allowed their billions to be used, aren't stupid (trust me on that), they know the return from the Bus service, they know the Return from the Orange line, they know the return from the Power Plants, from the Dams, from the CPEC highway system, etc, etc. No one does investments without calculating a bare minimum profit (worst case scenario), but the normal profits are about 25% ABOVE the bare minimum profits!!
You sold cars right? There is a saying in that Car dealer community "the dealer NEVER loses money"......in Pakistan's case, the Chinese, the Americans, the Russians, the Saudis......are the dealers. And their investments will grow Pakistan, resulting in their expected profits. Always remember....the dealer NEVER loses the money
. This is true in the car business, in casinos, in pimping (lol ), in stocks, in businesses, economy and everything else in life 
Always. Welcome to the planet Viper
, where truth is said without caring who's rear hurts or burns 
!!
Pandora
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Wow and here i thought some big time new paper punlished the new. Then i saw PTI white paper. Seriously this is propoganda taken to the next level. No matter what you say PPP is one of its own kind. PMLN is thousand times better than PPP in terms of economic managment. By the time they are finished CPEC will become legacy of PMLN and you will still be sore loosers.
MastanKhan
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Hi,
It was last year april and then the previous year as well.
The reason china is pouring money into pakistan is because of what is happening in the south china seas---. Japa, so Korea, Vietam, Philipines openly challengimng china----india then instigating vietnam to get into a fight with china--and also the U S---and china having no escape route---needs to deflate the balloon to let the pressure out.
Only yesterday---in 2012---the chinese kicked out the pakistanis who went there to get some financial aid---china told them to get lost---.
Nawaz govt has taken 29 billion dollars in loans in 2.5 years and looted and plundered most of them----. It is getting to the stage---where pakistan will be at a stage to default and they will ask pakistan to sell its nucs----.
The U S does not want pakistan to propser---. Even Pres Obama threatened to strike pakistan in the near future---he even named pakistan as a place for trouble---he was just softening up the public.
It was last year april and then the previous year as well.
The reason china is pouring money into pakistan is because of what is happening in the south china seas---. Japa, so Korea, Vietam, Philipines openly challengimng china----india then instigating vietnam to get into a fight with china--and also the U S---and china having no escape route---needs to deflate the balloon to let the pressure out.
Only yesterday---in 2012---the chinese kicked out the pakistanis who went there to get some financial aid---china told them to get lost---.
Nawaz govt has taken 29 billion dollars in loans in 2.5 years and looted and plundered most of them----. It is getting to the stage---where pakistan will be at a stage to default and they will ask pakistan to sell its nucs----.
The U S does not want pakistan to propser---. Even Pres Obama threatened to strike pakistan in the near future---he even named pakistan as a place for trouble---he was just softening up the public.
notorious_eagle
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Although i hate to say it, but i do agree with you. In the direction we are headed, it does seem that Revolution is the final answer. It's just sad how the Political Elite is draining and sucking each and every Rupee out of the country and setting up shop in Dubai. It is astonishing how many houses are owned by Pakistanis in Emirate Hills. Mian Mansha, one of the richest man in Pakistan paid 2.5 lakh rupees in taxes. I mean, are you fu**ing kidding me. And the frustration s quite evident among the common populace. Due to Social Media, the younger generation is quite politically aware and i strongly believe in future it will get worse for the Political Elite. No wonder they have to travel with such high levels of security.
On Topic: The economy is badly managed because frankly PML-N lacks the effective team required to accomplish such a task. Most of the power is concentrated within the Sharif Family which they refuse to share with others. When this happens and power is centralized, than mismanagement happens.
notorious_eagle
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You do realize, all of the data used in PTI's White Paper has been taken from Federal Institutions such as State Bank, Finance Ministry, Planning Commission etc. Instead of attacking the author, why don't you attack the argument and prove that this data is wrong. PML-N has taken more loan in 2.5 years, than what PPP took in entire 5 years combined. And PPP set a record by taking more loan in 5 years, than Pakistan's combined history of 60 years. PML-N has successfully managed to beat that amazing feat in 2.5 years.
Pandora
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There is a clear increase in Tax collection. Exports increase is bound to Electricity and gas availability that is where CPEC comes into light. Unless our nation can bring money out of thin air you have no choice to take loans for development projects and to keep your currency stable. The debt figures are completely ridiculous with no solid basis. These figures have been taken into consideration by keeping in mind that debt wont be returned at all. People are not idiot as they know what is wrong and where is wrong but useless propaganda at a crucial time is nothing but pure jealousy.
MastanKhan
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Hi,
That is what I thought---that Mr Zardari was the tops----no---PMLn has taken it to levels one could not imagine---.
Zardari was stupid-----he continued his corruption till the last day in office----a good rule of thumb is to do corruption in the first 2.5 years---and in the next 2.5 years---do a lots of good stuff and clamp down on corruption.
Zardari took 25 billion loan in 5 years---now remember that a barrel had gone upto 140 + dollars at that time----Nawaz otoh has taken out 29 billion in 2.5 years and in his time for the last year the barrel of oil is around 40 dollars.
Nawaz and hos team's corruption has beaten Zardari hands down----.
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