Pakistani Economic Stress Watch

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Dilbu
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Re: Pakistani Economic Stress Watch

Post by Dilbu »

Pakistan set for 0.29% GDP growth in FY23
June 8 (Reuters) - Pakistan is likely to post GDP growth of 0.29% in the fiscal year ending June 2023, the country's economic survey released on Thursday said, well below the target of 5% set last year.

The country's economy has suffered record high inflation and an economic slowdown compounded by devastating floods last year and a failure so far to unlock crucial finances from the International Monetary Fund.

Finance Minister Ishaq Dar told a news conference on the annual report that 0.29% GDP growth was a "realistic achievement" and anything higher was not achievable.
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Re: Pakistani Economic Stress Watch

Post by Dilbu »

Reckless govt spending pushes Pakistan closer to default
ISLAMABAD: On Wednesday, the government approved a staggering 66% increase in the discretionary budget of parliamentarians, reaching a record Rs116 billion for the outgoing fiscal year. This decision continues the reckless fiscal policy that is pushing Pakistan closer to default.

The Economic Coordination Committee (ECC) of the cabinet approved Rs27.2 billion in supplementary grants, with an additional Rs5 billion allocated for discretionary spending by parliamentarians. Most of the remaining grants were also allocated for projects recommended by the parliamentarians.
It seems that the government is neglecting the revival of the International Monetary Fund (IMF) programme. It is spending money in complete breach of the understanding reached with the IMF in February this year, which aimed to restrict the primary deficit to just 0.5% of the GDP.

For the outgoing fiscal year, the federal budget deficit is now projected to be around Rs6.4 trillion or 8.1% of the Gross Domestic Product (GDP), surpassing the target of Rs4.5 trillion.

The government had initially allocated Rs70 billion for parliamentarians’ schemes in the current fiscal year, a sum that has proven insufficient due to competing demands for additional funds by the 13 coalition parties.

With the recent approval, the total allocation for such schemes has been increased to Rs116 billion for the outgoing fiscal year, reflecting a two-thirds increase of Rs46 billion.

In an apparently incorrect statement, the ECC was informed that the Planning Ministry had surplus funds that could be redirected towards parliamentarians’ schemes.
pravula
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Re: Pakistani Economic Stress Watch

Post by pravula »

vonkabra wrote:Personally I feel this is the right time for the GoI to announce a major arms purchase - best would be another tranche of Rafales though possibly the Project 75I might also suffice. Either the Pakis will try to match it with something from China (sending economy into final and irreversible tailspin) or they can die of shame from finally having to admit they simply can't compare (the second option will actually cause them more trauma).
China will probably do their version of lend/lease if they want to keep Pak propped up. J-10/11 to J15 and subs (see the other thread on Pak buying PRC subs). No need to link our procurement to their "feelings"
Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

Dilbu wrote:Reckless govt spending pushes Pakistan closer to default
ISLAMABAD: On Wednesday, the government approved a staggering 66% increase in the discretionary budget of parliamentarians, reaching a record Rs116 billion for the outgoing fiscal year. This decision continues the reckless fiscal policy that is pushing Pakistan closer to default.
..
They realized that they were not going to get the IMF aid long ago. They just can't state it in public for H&D purposes.

Now with the new party being readied by the uniformed masters to take over handling the front-desk operations (facing the furious awaam), these lot just want to announce bonanzas before being pushed out. A mine-field for the incoming lot - just like Immy.

The uniformed meanwhile are desperately hoping the US prioritizes china over Ukraine, so they may find some opportunity to make the gravy train restart. preferably from west to east like the old times. After all the jernails all want to own businesses in the west & settle there post-retirement.
Mollick.R
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Re: Pakistani Economic Stress Watch

Post by Mollick.R »

This one is from Facebook /Paki forum :rotfl: :rotfl:

• (Dis)illusioned Paki's realization

• I have 1000 rs
• I pay my security guard 700
• I have 100 for education
• I have 100 for food
• and I have 100 left for business.

• & Then the story continues:

• The Rs 100 on education are spent on sending my children to the universities run by the security guard.
• To ensure my children get a seat there, my security guard was kind enough to send his own children for higher studies abroad.
• The Rs. 100 on food I spend is produced by the company owned by the security guard. (That company is supplied with free gas/water electricity.)
• Out of the Rs. 100 meant for business, I spend Rs 25 on security provided by the company owned by my security guards retired colleagues
• Due to lack of utilities in the city. My security guard gives me preference in supplying water, gas and other
utilities from his other company.
• The security guard lives in a beautiful mansion right in front of my house.
• Whenever, I ask him about the mansion, he responds that my neighbors want to destroy my house. But I should not
worry because he is always there to protect me, even if that means sacrificing my own children. (Remember his children are abroad for higher education)
• Now that I feel safe from my security guards words.
• Its time for me to watch Asim Neelum Munirs item number produced by my guards PR dept.
g.sarkar
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Re: Pakistani Economic Stress Watch

Post by g.sarkar »

https://www.dawn.com/news/1758854/in-a- ... ed-by-debt
In a nutshell: Another ‘unimaginative’ budget fuelled by debt
Plans to arrange foreign currency, as envisaged in the budget, seem to be a fantasy at best.
Ammar H Khan, June 9, 2023

The budget announced for the upcoming fiscal year of 2023-24 is not just unimaginative, it has the unique distinction of also being pro-incompetence.
At a time when there was a dire need to reduce the fiscal deficit and bring inflation under control, the budget has effectively been designed to attain moderate-to-low growth, largely funded by debt.
The total outlay for the budget stands at Rs14.46 trillion, more than half of which will effectively be utilised to service debt. Digging deeper, however, it is clear that almost 80 per cent of all taxes that are expected to be collected will be used to pay mark-up payments on existing debt. If net federal revenue is considered, almost 97pc of the same would be used to fund mark-up payments, and debt servicing requirements.
The budget also envisages a marked increase in the allocation for pensions, which now stands at Rs761 billion, while defence expenditure has been increased to Rs1.8 trillion. A potential increase in inflation may lead to further revision in these estimates, resulting in higher spend, and eventually a higher fiscal deficit.
An ambitious Public Sector Development Programme (PSDP) of Rs950 billion has also been announced. However, it remains to be seen how much of it actually materialises given fiscal constraints.
Old debts and new debts
In essence, all taxes that the sovereign will collect will be used to service debt, while the rest of the government’s expenses will be covered through additional debt. As the sovereign takes on additional debt in an environment where fiscal space is already scarce, there is a potential of increasing interest rates.
To make matters worse, the imposition of 0.6pc withholding tax on cash withdrawals will lead to a potential exodus of deposits from the formal financial system, resulting in an increase in currency in circulation. As the quantum of deposits from the formal financial system reduces, the availability of capital that would be borrowed by the government would become more scarce, resulting in potentially higher interest rates. With the increase in currency in circulation, and the central bank continuing to print more money, it will fuel inflation further.
It is also essential to consider that an increase in wages in the budget will trigger a price-wage spiral, resulting in higher wages across the board, which will further fuel inflation.
......
Gautam
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Re: Pakistani Economic Stress Watch

Post by Vadivel »

g.sarkar wrote: The budget announced for the upcoming fiscal year of 2023-24 is not just unimaginative, it has the unique distinction of also being pro-incompetence.
......
Gautam
What the hell is pro-incompetence :((

It’s either competence or incompetence :mrgreen:
Mollick.R
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Re: Pakistani Economic Stress Watch

Post by Mollick.R »

.

Vinash Kale Viprit Buddhi (विनाश काले विपरीत बुद्धि) :D :lol:


Cash-strapped Pakistan allocates Rs 1.8 trillion for defence in budget 2023-24
PTI / Sajjad Hussain / Updated: Jun 9, 2023, 22:15 IST

ISLAMABAD: Cash-strapped Pakistan on Friday hiked defence spending by 15.5 per cent and allocated over Rs 1.8 trillion, as the government unveiled a Rs 14.4 trillion budget for 2023-24 as it battled to fend off a looming default due to shrinking foreign reserves.

He said that a sum of Rs 1,804 billion has been proposed for defence, which is higher than Rs 1.523 billion allocated last year. The defence expenditure is 15.5 per cent higher than last year, making up about 1.7 per cent of the Gross Domestic Product (GDP). The defence sector expenses are the second biggest component of the annual expenditure after the debt payments, which for the next year would be Rs 7,303 billion and is the biggest single expense of the country.
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He said that the inflation target for the next fiscal year would be 21 per cent while the budget deficit would be 6.54 per cent of the GDP. He said that the export target would be Rs 30 billion and the target of remittances would be Rs 33 billion.
.
.
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The minister said that the tax collection target would be Rs 9,200 billion, out of which Rs 5,276 billion would be provided to the provinces under an already agreed formula. He said the non-tax revenue target of the government would be Rs 2,963 billion and with this, the net income of the federal government would be Rs 6,887 billion.

He said the net expenditure would be Rs 14,460 billion and the deficit of Rs 7,573 billion would be bridged through external financing.
He said the Rs 714 billion would be spent on civil administration and another Rs 761 billion for a pension of retired civil and defence employees. The government also decided to set up a pension fund to meet the increasing pension expenses.
.
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He also offered incentives for overseas Pakistanis to send more money to the country as the government set a USD 33 billion target for foreign remittances. The government also announced major relief for government employees by increasing the 30-35 per cent increase in salaries.



Read full article from here//
https://timesofindia.indiatimes.com/wor ... 883053.cms
Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

Vadivel wrote:
g.sarkar wrote: The budget announced for the upcoming fiscal year of 2023-24 is not just unimaginative, it has the unique distinction of also being pro-incompetence.
......
Gautam
What the hell is pro-incompetence :((

It’s either competence or incompetence :mrgreen:
They are actually being truthful for once

Pro-incompetence means supporting of

Actually it means they are not in a position to oppose the real architects - the faujis
Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

Mollick.R wrote:.

Vinash Kale Viprit Buddhi (विनाश काले विपरीत बुद्धि) :D :lol:


Cash-strapped Pakistan allocates Rs 1.8 trillion for defence in budget 2023-24
PTI / Sajjad Hussain / Updated: Jun 9, 2023, 22:15 IST

ISLAMABAD: Cash-strapped Pakistan on Friday hiked defence spending by 15.5 per cent and allocated over Rs 1.8 trillion, as the government unveiled a Rs 14.4 trillion budget for 2023-24 as it battled to fend off a looming default due to shrinking foreign reserves.
Why do buddhus need buddhi when they have lahori logic to combine with madarssa maths?

The IMF asked them to increase tax collection. So they simply raised the salaries and not the rates.

So simple :mrgreen:

BTW since they import all their defence stuff hasn't the basket actually shrunk due to the massive PKR devaluation...
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Re: Pakistani Economic Stress Watch

Post by eklavya »

I suspect a significant proportion of Pakistan’s defence budget is salaries, food and fuel. Pakistan’s inflation rate is over 35% (37.97% as per their latest official statistics; in reality, probably higher) and an inflation linked salary rise would likely be required to keep the rank and file loyal. Fuel prices are set by the international market and there is nowhere to escape from PKR devaluation (other than reducing flying hours, etc.). Their latest food price inflation rate is over 48% (not sure if that includes strawberries) and the cost of keeping the rank and file fed and watered will have gone up accordingly. The rest of the population will have less and less to live on while the armed forces protect their own pay and perks. The whole thing could crumble.
Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

eklavya wrote:I suspect a significant proportion of Pakistan’s defence budget is salaries, food and fuel...
The military pensions are shown as part of the civilian budget. This was objected to by the IMF.
Probably a major part (if not all) of the perks enjoyed by the officer ranks will likely also be hidden in the civilian budget.
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Re: Pakistani Economic Stress Watch

Post by eklavya »

Indeed, all kinds of accounting shenanigans, including some that are disclosed:

https://tribune.com.pk/story/2421038/de ... d-up-by-16#
The budget document shows that defence outlay for 2023-24 would be Rs1,804 billion compared to the revised defence spending of Rs1,591 billion earmarked for the outgoing fiscal year.

Observers believe 15.7 per cent increase is justified given a record inflation and devaluation of rupee against the dollar in the last year.
A close look at the budget details reveal that the Rs1,804 billion figure does not include Rs563 billion allocated for pensions of retired military personnel and Rs280 billion for the armed forces development programme and other essential expenditures and Rs58 billion for UN peacekeeping missions.

According to the budget document 2023-24, out of Rs1,804 billion, Rs705 billion have been allocated for employees related expenses, Rs442 billion for operating expenses, Rs461 billion for local purchases and import of arms and ammunition and Rs195 billion for civil works.
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Re: Pakistani Economic Stress Watch

Post by Atmavik »

eklavya wrote:I suspect a significant proportion of Pakistan’s defence budget is salaries, food and fuel. Pakistan’s inflation rate is over 35% (37.97% as per their latest official statistics; in reality, probably higher) and an inflation linked salary rise would likely be required to keep the rank and file loyal. Fuel prices are set by the international market and there is nowhere to escape from PKR devaluation (other than reducing flying hours, etc.). Their latest food price inflation rate is over 48% (not sure if that includes strawberries) and the cost of keeping the rank and file fed and watered will have gone up accordingly. The rest of the population will have less and less to live on while the armed forces protect their own pay and perks. The whole thing could crumble.

U r spot on .

Key highlights from the budget:

- Military pensions +26%
- Civilian pensions +16%
- Defence budget +14%
- New IMF loans – $2.4bn
- $6bn in commercial loans + Eurobonds
- 80% of revenues will go towards mark-up payments
- Direct taxes +31%
- Indirect taxes +25%


I think in the next 10 yrs pak will resemble Afghanistan with pockets of walled cities for elites
Anujan
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Re: Pakistani Economic Stress Watch

Post by Anujan »

https://tribune.com.pk/story/2421070/pa ... tructuring
In a major policy shift, Finance Minister Ishaq Dar on Saturday said that the government was contemplating a move aimed at restructuring its external bilateral debt, setting the tone for any future engagement with the International Monetary Fund
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Re: Pakistani Economic Stress Watch

Post by Dilbu »

The whole budget is based on hopes and prayers that funds will come by hook or crook from KSA, UAE, IMF, China, Ummah Bank or Djinn.
Debt burden mounts as interest payments soar to Rs7.3tr
Pakistan is set to face a massive burden of Rs7.3 trillion in the next fiscal year, as interest payments on domestic and foreign debt continue to rise. The government had initially budgeted Rs3.9 trillion to cover markup on loans for the ongoing fiscal year 2022-23. However, revised estimates show that the spending on interest payments surged to Rs5.52 trillion.

The budget allocated Rs3.43 trillion for interest payments on domestic debt, but the revised figures reveal that the actual amount reached Rs4.7 trillion. Similarly, the government had initially planned to spend Rs510.9 billion on interest payments for foreign debt, but this figure escalated to Rs7725.3 billion.

Economists warn that the increasing debt servicing costs will put additional pressure on Pakistan’s foreign currency reserves. The interest payments for the fiscal year 2023-24 are projected to reach Rs7.3 trillion, with Rs6.43 trillion allocated for domestic debt and Rs872.25 billion for foreign debt.
The government anticipates external loans of Rs6.8 trillion for the next fiscal year. Of this, Rs52.4 billion is projected to come from project loans, while Rs771.3 billion is expected through programme loans. In the outgoing financial year, Pakistan had expected to receive Rs5.5 trillion in external loans, but the revised estimates indicate a lower inflow of Rs3.2 trillion.

While the government had initially projected project loans of Rs 266.5 billion and programme loans of Rs1.2 trillion for the ongoing financial year, the revised figures show revised expectations of Rs400.2 billion for project loans and Rs856.4 billion for programme loans. IMF loans for budgetary support were estimated at Rs558 billion for the fiscal year 2022-23, but the government now expects to receive Rs172.4 billion according to revised estimates. For the next financial year, Pakistan is hopeful of receiving Rs696 billion in IMF loans.
However, the country’s hopes of receiving an oil facility on deferred oil payment from Saudi Arabia have diminished. Initially, Pakistan had projected to receive Rs148.8 billion in the ongoing financial year, but revised estimates show an expectation of Rs194.788 billion. Furthermore, no such facility is anticipated in the next financial year. On the other hand, Pakistan expects to receive Rs588 billion through the ECO oil facility.

From the Islamic Development Bank, Pakistan had estimated receipts of Rs223.2 billion for the outgoing year, but the actual amount received was Rs232.2 billion. For the next financial year, the government expects to receive Rs145 billion. Additionally, Pakistan hopes to secure Rs580 billion in new deposits from Saudi Arabia and Rs290 billion from the UAE.
A significant portion of Rs1,160 billion is expected to be obtained through the SAFE China deposit in the next fiscal year.
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Re: Pakistani Economic Stress Watch

Post by partha »

Does anyone remember a PaKi media report about Saudi Arabia "studying" opportunities to "invest" $10 billion in Pakistan? :mrgreen:
chetak
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Re: Pakistani Economic Stress Watch

Post by chetak »

partha wrote:Does anyone remember a PaKi media report about Saudi Arabia "studying" opportunities to "invest" $10 billion in Pakistan? :mrgreen:

https://www.arabnews.com/sites/default/ ... 956d4e5eb0
partha
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Re: Pakistani Economic Stress Watch

Post by partha »

chetak wrote:
partha wrote:Does anyone remember a PaKi media report about Saudi Arabia "studying" opportunities to "invest" $10 billion in Pakistan? :mrgreen:

https://www.arabnews.com/sites/default/ ... 956d4e5eb0
Oh yeah, totally forgot about that oil refinery in Gwadar :rotfl:
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Re: Pakistani Economic Stress Watch

Post by Anujan »

partha wrote:Does anyone remember a PaKi media report about Saudi Arabia "studying" opportunities to "invest" $10 billion in Pakistan? :mrgreen:
Pakistan has lost $10 billion due to Saudi Arabia being bad at studying.
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Re: Pakistani Economic Stress Watch

Post by chetak »

partha wrote:
Oh yeah, totally forgot about that oil refinery in Gwadar :rotfl:
They actually wanted to buy/build a refinery in India and they tried very hard to get the GoI to agree to their proposal to buy Essar Oil but somehow it didn't work out.

The GoI even went so far as to ensure that:
Rosneft and its partners completed the USD 12.9-billion acquisition of Essar Oil last August to enter the world's fastest-growing energy market. The deal comes with the added advantages of the port facility and the retail outlets.

New Delhi: Russian oil major Rosneft-owned Essar Oil Ltd plans to change its corporate identity to Nayara Energy Ltd, the company said today.26-Apr-2018

Essar's 20-million tonne Vadinar Refinery is now operated by Nayara Energy.

Nayara says it owns more than 6,000 fuel stations across India
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

partha wrote:
Oh yeah, totally forgot about that oil refinery in Gwadar :rotfl:
Take this you SDRE baniya... since pakistan is descendant of the arabs some of these billions will be given to bakistan

Yawn - $10bn investment deals signed at Arab-China summit
Saudi Arabia announced on Sunday billions of dollars in investment deals between China and the Arab world, on the first day of the China-Arab business conference in Riyadh.
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Re: Pakistani Economic Stress Watch

Post by hgupta »

And Saudi is gonna get effed by the Chinese just like other African nations.
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Re: Pakistani Economic Stress Watch

Post by sanman »

partha
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Re: Pakistani Economic Stress Watch

Post by partha »

sanman wrote:Pakistan wants to join BRICS

https://sundayguardianlive.com/world/am ... ning-brics
I just hope Brazil doesn't leave if Pakistan joins.

I condemn the naked aggression by Bangladeshi RAA agent Biparjoy who is causing estimated strategic loss of $20 billion to Pakistan's economy. Bangladesh should compensate Pakistan. This is the Plan B.
chetak
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Re: Pakistani Economic Stress Watch

Post by chetak »

partha wrote:
sanman wrote:Pakistan wants to join BRICS

https://sundayguardianlive.com/world/am ... ning-brics
I just hope Brazil doesn't leave if Pakistan joins.

I condemn the naked aggression by Bangladeshi RAA agent Biparjoy who is causing estimated strategic loss of $20 billion to Pakistan's economy. Bangladesh should compensate Pakistan. This is the Plan B.
they are all hoping that India doesn't leave, so the chances of the pakis joining may be less than miniscule.

unless of course, soreass's pet monkey becomes the PM with an overarching majority
Last edited by chetak on 12 Jun 2023 12:48, edited 1 time in total.
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Re: Pakistani Economic Stress Watch

Post by Dilbu »

And what are they bringing to the table? A shiny begging bowl?
Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

partha wrote:
sanman wrote:Pakistan wants to join BRICS

https://sundayguardianlive.com/world/am ... ning-brics
I just hope Brazil doesn't leave if Pakistan joins
:rotfl:

If Brazil leaves, India can leave and let Pakistan and Indonesia join :mrgreen:
Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

chetak wrote:
they are all hoping that India doesn't leave, so the chances of the pakis joining may be less than miniscule.

unless of course, soreass's pet monkey becomes the PM with an overarching majority
And they might give him a nobell prize (in peace or economy) as a reward

After all it's just a million dollars advance, the pet will give them (and himself) hundreds of times that as returns for their investment...
Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

hgupta wrote:And Saudi is gonna get effed by the Chinese just like other African nations.
The Saudis want to try and pitch the chinese as the security provider for the gulf, to reduce American influence (but not completely gone). They want to make sure the chinese have enough skin in the game to ensure they don't just cut and run away at the first signs of trouble, like they have demonstrated in the past...
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Re: Pakistani Economic Stress Watch

Post by rajsunder »

Mollick.R wrote:This one is from Facebook /Paki forum :rotfl: :rotfl:

• (Dis)illusioned Paki's realization

• I have 1000 rs
• I pay my security guard 700
• I have 100 for education
• I have 100 for food
• and I have 100 left for business.

• & Then the story continues:

• The Rs 100 on education are spent on sending my children to the universities run by the security guard.
• To ensure my children get a seat there, my security guard was kind enough to send his own children for higher studies abroad.
• The Rs. 100 on food I spend is produced by the company owned by the security guard. (That company is supplied with free gas/water electricity.)
• Out of the Rs. 100 meant for business, I spend Rs 25 on security provided by the company owned by my security guards retired colleagues
• Due to lack of utilities in the city. My security guard gives me preference in supplying water, gas and other
utilities from his other company.
• The security guard lives in a beautiful mansion right in front of my house.
• Whenever, I ask him about the mansion, he responds that my neighbors want to destroy my house. But I should not
worry because he is always there to protect me, even if that means sacrificing my own children. (Remember his children are abroad for higher education)
• Now that I feel safe from my security guards words.
• Its time for me to watch Asim Neelum Munirs item number produced by my guards PR dept.
No, the story actually goes like this
• I have 1000 rs
• I pay 1000 rs as interest to the old loans
• I beg and borrow 1200 towards this years budget
• I pay my security guard 700
• I pay 200 rs towards my old security guards pension
• I pay 100 for education
• I pay 100 for food
• and I have 100 left for business.
SRajesh
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Re: Pakistani Economic Stress Watch

Post by SRajesh »

Manish_P wrote:
partha wrote:
:rotfl:

If Brazil leaves, India can leave and let Pakistan and Indonesia join :mrgreen:
Wonder what that would make
PRIC :rotfl: :rotfl:
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Re: Pakistani Economic Stress Watch

Post by rajsunder »

eklavya wrote:I suspect a significant proportion of Pakistan’s defence budget is salaries, food and fuel. Pakistan’s inflation rate is over 35% (37.97% as per their latest official statistics; in reality, probably higher) and an inflation linked salary rise would likely be required to keep the rank and file loyal. Fuel prices are set by the international market and there is nowhere to escape from PKR devaluation (other than reducing flying hours, etc.). Their latest food price inflation rate is over 48% (not sure if that includes strawberries) and the cost of keeping the rank and file fed and watered will have gone up accordingly. The rest of the population will have less and less to live on while the armed forces protect their own pay and perks. The whole thing could crumble.
pak army is a big smuggler of iran oil into pak. they get petrol diesel and aviation fuel at dirt cheap prices from iran.
Anujan
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Re: Pakistani Economic Stress Watch

Post by Anujan »

Posting future headline now
Pakistan has lost $100 Billion due to India blocking it from joining BRICS
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Re: Pakistani Economic Stress Watch

Post by drnayar »

sanman wrote:Pakistan wants to join BRICS

https://sundayguardianlive.com/world/am ... ning-brics
:rotfl: .. there is definitely a long line of wants :mrgreen:
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Re: Pakistani Economic Stress Watch

Post by sanjaykumar »

I think India can supply them with a beribboned uniform with some chevrons and stand them at the door of the meetings. They already do a mean salaam.

Have a heart India.
A_Gupta
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Re: Pakistani Economic Stress Watch

Post by A_Gupta »

The state of the Pakistani economy can perhaps be accurately gauged from its freight transport statistics.

I haven't yet been able to find anything recent, but did come across this from April.

https://www.ajot.com/news/trucking-star ... t-pakistan
Trucking startup Trella has decided to wind down its business in Pakistan, exiting an economy going through one of its biggest crises.

The Egypt-based company stopped taking new orders last month, according to two people familiar with the matter. Trella, which raised $42 million in 2021 from investors including the venture arm of A.P. Moller-Maersk A/S, didn’t respond to a request for comment.
Pakistan’s startup economy is also experiencing a funding crunch along with a squeeze in the valuations of global technology companies. In the past year, Vitol-backed VavaCars has exited Pakistan, Dubai-based Swvl Holdings paused daily rides, Uber’s Careem suspended food delivery and Airlift, which raised a record $85 million, folded.
A_Gupta
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Re: Pakistani Economic Stress Watch

Post by A_Gupta »

This is from a month ago:
https://www.brecorder.com/news/40240271 ... t-shutdown
Ghandhara Automobiles Limited, formerly called Ghandhara Nissan Limited, on Thursday announced to extend the shutdown of its production plant.

The automaker shared the development in its notice to the Pakistan Stock Exchange (PSX).

“As notified vide our letter April 7, 2023 regarding upgradation activities in the paint shop, the management of the company has decided to extend shutdown period of the plant until further notice,” read the statement.

Earlier, the company announced the complete shutdown of its plant from 10th April 2023 to 1st May 2023 “due to extensive upgradation activities in the paint shop”.
sanman
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Re: Pakistani Economic Stress Watch

Post by sanman »

Pak getting discounted Russian oil

Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

^ a reasonably competent Paki anal-cyst had shown a working that the transportation costs, refining costs and non-deferred payment conditions meant that the cheap Russian crude was nearly equal to the gulf prices.
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