This will be the last time Pakistan approaches IMF | Asad Umar addresses stock exchange brokers

[jamal18]

Yeah, we're throwing away the begging bowl.

Never heard that before.

 

[Clutch]

given away for pennies plus it will be taken out of Pakistan for refinement.....so barely no effect on economy except slave labour

Can you reference that with a credible source? Or is this your opinion?

 

[Thorough Pro]

I pity on Pakistanis making fun of the situation or blaming the current government for the problem.
I think the government is trying desperately to not go to IMF and somehow overcome the crises with the help of friendly countries. If that happens that would be great. But if they can't get enough support from friendly countries then they will be hard pressed to go to IMF, but then they will make sure that they don't have to do it again and work hard to improve the economy, tax collection and specially recovery of looted money.

 

[Proudpakistaniguy]

We will see what stable economic situation you leave behind for next government to not borrow money from IMF whether its you again or someone else in government....they never learn from their mistakes to not make tall claims because you never know what future hold for you
آگے اسپیڈ بریکر ہے اور معشیت نیچے لیٹی ہے

 

[A.A. Khan]

Asad Umar is right but he actually meant his govt. is approaching IMF at the last time. In 2 years time his govt. will be finished. And then next govt. will go to IMF.

 

[crankthatskunk]

Do you know what are the major imports of Pakistan?? If you had done some homework before coming here you would know where the exact problems is.

I dont understand how people expect miracles over night , it will take atleast 3 years before things are back on track.

As far as Asad's claim goes,

If you thinking that it is because of oil prices then you are wrong. Yes, import of petroleum is the biggest import, but it only count for roughly 24% of the imports. There is still 76% skin we can skim. Second highest is electronics including computers. We can cut some slack there, or smash tariffs on it. Then steel and related products also feature in major imports.
Thus, a lot can be done, or at least tariffs can be slap on them.
Lets put it this way, Pakistan cannot run like this, it cannot survive like this.
What is better to tighten the belt or go bust and defaults!!!

 

[HAIDER]

Make sure its last time.

 

[valkyr_96]

I am afraid you would have to read through the newspaper articles...since the case was struck down by supreme court and it is in arbitration with expected high penalties. The thing is Tethyan is hell bent on getting this and is willing for a compromise or it wants 11bn dollar (as per news) (I dont know how this came about as only a feasibility was done) It is evident that corruption (which PK government has reflected in the court but has not been accepted) happened, the balochi government of that time (it was a caretaker government I believe) played the part of African warlords given up their valuable resources only to pocket the gains themselves. Now we have Hussain Haqqani in his latest article claiming that we should let this go and honor our agreements.
https://www.dawn.com/news/1158808

You can read their website as well

If you thinking that it is because of oil prices then you are wrong. Yes, import of petroleum is the biggest import, but it only count for roughly 24% of the imports.

The thing is though that 76% imports are done by thakaydars also called importers and they form a big part of the business community. I worked with Ghani Global Glass to finance their local production of vial and ampoules (medicinal grade glass) they made a case of import substitute and presented it to the government, while they were enthusiastic about it I don't remember anything much happening regarding tariffs.

 

[crankthatskunk]

I am afraid you would have to read through the newspaper articles...since the case was struck down by supreme court and it is in arbitration with expected high penalties. The thing is Tethyan is hell bent on getting this and is willing for a compromise or it wants 11bn dollar (as per news) (I dont know how this came about as only a feasibility was done) It is evident that corruption (which PK government has reflected in the court but has not been accepted) happened, the balochi government of that time (it was a caretaker government I believe) played the part of African warlords given up their valuable resources only to pocket the gains themselves. Now we have Hussain Haqqani in his latest article claiming that we should let this go and honor our agreements.
https://www.dawn.com/news/1158808

You can read their website as well


The thing is though that 76% imports are done by thakaydars also called importers and they form a big part of the business community. I worked with Ghani Global Glass to finance their local production of vial and ampoules (medicinal grade glass) they made a case of import substitute and presented it to the government, while they were enthusiastic about it I don't remember anything much happening regarding tariffs.

I don't know what is the relevance of Reko Diq in this discussion!!
As for imports, cuts can be applied to many sectors, automobiles and building materials, including glass could be two of those sectors. Confectionery, chocolate, imported cheese etc are other luxurious items, not necessarily needed at the moment. When you are down in the gutter, you need to swim out.
All the luxuries are not needed. The Rupee has to be strengthen by cutting the deficit. Otherwise cosmetic support of rupees against the dollars is a disasterous policy. It always backfires in the long run. Dar supported rupees artificially by borrowing on very high rate to just prop up the reserves. Those reserves eaten up by the deficit, no small thanks to out of control imports. In the end Pakistan ended up with very expensive foreign debt instead.
That's why the rupees is getting hit at the moment, not because of something done by PTI.

Unfortunately, Pakistani people by and large are uneducated. Even those who are educated do not understand the nitty gritty of the economics. Fundamental changes are needed, and they are needed now.

 

[VCheng]

"This will be the last time Pakistan approaches IMF."

Really? Mr Umar can predict the future now? Let us see his policies to help ensure that first, then we will be able to judge the veracity of his claim in due course.

 

[Yaseen1]

he is right next time no one will give us loan including imf if we not correct our economy and he continue to take wrong decision

 

[valkyr_96]

I don't know what is the relevance of Reko Diq in this discussion!!.

It was not meant for you...but was asked by another member