Pakistani Economic Stress Watch

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Lohit
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Re: Pakistani Economic Stress Watch

Post by Lohit »

CalvinH wrote:I have serious doubt on Paki remittances. I think a significant part of the remittances is black money routed back into the Paki economy by the Paki elites.
Spot on. Same goes for a lot of their exports and imports - Bakis exbort daal to Kaneda and imbort same daal at 2x rate. It ij unique Baki pissness model onlee :D
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

anupmisra wrote:
“We expect the rupee to end FY2022 at 175-176 levels,” said an analyst.
USD to PKR Today is RS 173.30 in the currency market of Pakistan.
Harami link: https://hamariweb.com/finance/forex/usd-to-pkr.aspx
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

List of all Pakistanis named in Pandora Papers so far
Those named include top cabinet members, ministers, media moguls, relatives of army officers and powerful businessmen.
Released by the International Consortium of Investigative Journalists (ICIJ), the exposé revealed that key members of Prime Minister Imran Khan’s inner circle, including cabinet members, their families, political allies and major financial backers, have secretly owned an array of offshore companies and trusts holding millions of dollars of hidden wealth.
Politicians or politically exposed persons:
Finance Minister Shaukat Tarin and his family
Minister for Water Resources Moonis Elahi
Ex-federal minister and Senator Faisal Vawda
Son of PM’s former adviser for finance and revenue Waqar Masood Khan, Abdullah Masood Khan
Family of Minister for Industries and Production Khusro Bakhtiyar
PTI leader Abdul Aleem Khan
PPP’s Sharjeel Memon
PML-N’s Ishaq Dar’s son Ali Dar
PTI donor Arif Naqvi
PTI donor Tariq Shafi
Wife of PML-Q boss Chaudhry Pervez Elahi
Former FBR chairman and finance secretary Salman Siddiq’s son Yawar Salman
Army officers or their family members
Wife of retired Lt Gen Shafaat Ullah Shah
Raja Nadir Pervez, retired army officer and former minister
Retired Maj Gen Nusrat Naeem, former ISI director general of counterintelligence
Umar and Ahad Khattak, sons of former Pakistan Air Force chief Abbas Khattak
Retired Lt Gen Habibullah Khan Khattak's daughter Shahnaz Sajjad Ahmad (also the sister of retired Lt Gen Ali Kuli Khan and sister-in-law of former federal minister Gohar Ayub Khan)
Retired Lt Gen Muhammad Afzal Muzaffar’s son Muhammad Hasan Muzaffar
Retired Lt Gen Khalid Maqbool’s son-in-law Ahsan Latif
Retired Lt Gen Tanvir Tahir’s wife Zahra Tanvir
Media moguls
Jang Group publisher Mir Shakil-ur-Rahman
Dawn Media Group CEO Hameed Haroon
Express Media Group publisher Sultan Ahmed Lakhani
Pakistan Today publisher (late) Arif Nizami
The Gourmet Group, which also owns the GNN TV channel
Haramiyon ka link: https://www.dawn.com/news/1650077/revea ... ers-so-far
Vips
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Re: Pakistani Economic Stress Watch

Post by Vips »

anupmisra wrote:
anupmisra wrote:
USD to PKR Today is RS 173.30 in the currency market of Pakistan.
Harami link: https://hamariweb.com/finance/forex/usd-to-pkr.aspx
Just 173 toilet paper's for one dollar? :-o

Very expensive. Needs to go down.
CalvinH
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Re: Pakistani Economic Stress Watch

Post by CalvinH »

Lol. Pakis were crying so much when Pkr reached 169 to a dollar. I guess 175 is a new good value for me to celebrate. Unlike mean people here my wants are modest.

KSE returns are 2.95% year to date. Evil baniya BSE returns are 23.88%.
Aditya_V
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Re: Pakistani Economic Stress Watch

Post by Aditya_V »

Come on Sir Sir atleast PKR:INR ratio should be atleast 2.75:1. Niazi should give up PKR and adopt Plira as the new currency being close to the Turks
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

Pakistan’s growth expected to ease to 3.4pc: WB
Highlighting certain downside risks, the World Bank on Thursday said Pakistan’s economic growth rate slightly came down to 3.4 per cent during the current fiscal year against 3.9pc of last fiscal year.
The bank has projected the Indian economy to grow by 8.3pc in the fiscal year 2021-22, aided by an increase in public investment and incentives to boost manufacturing.
So, simple math tells me that India added $236 Bn in 2021-22 ($2.85 Tr. X 8.3%) to its economic heft. Bakistan's GDP was $280 Bn in 2021-2022 (if their official numbers are to be believed). Heck, India almost added a full bakistan to its economy.

Haram link: https://www.dawn.com/news/1650773/pakis ... to-34pc-wb
Atmavik
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Re: Pakistani Economic Stress Watch

Post by Atmavik »

The prk to dollar graph has a step/ladder pattern to it. It is artificially stabalised for a while as it’s value is a cause of enchedee and the aam abduls H&D depends on it. Once the dam bursts it shoots up.

I expect it to be around 170-180 for a few years and then to a double century.

Inshall’a they will hit a tripple century if Niazi is re-selected
Lohit
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Re: Pakistani Economic Stress Watch

Post by Lohit »

Here's a prediction: NaPak will face food riots next year.

I came across this article from '97 in NYT: https://www.nytimes.com/1997/04/08/worl ... of%20roads.

Food Riots Hit Pakistan

Food riots paralyzed the northwestern city of Peshawar and hit other towns today, forcing the Government to order special trains to take wheat there.

The police said they had used batons and tear gas to stop the looting of stocks and blocking of roads. Wheat has not been available for several days.

The Government links the wheat shortage to several factors: smuggling to neighboring countries, particularly war-shattered Afghanistan; hoarding, and the late arrival of imported wheat.

----

Now these riots were before a pretty bad drought in NaPak between '98-'02. The coming to power of Taliban in '96 and the riots in Pak the next is year is no coincidence.

Pak is struggling to meet its own internal wheat consumption. Its production went from 17Mn MT in '96 to 25 Mn MT in '20, ie up by ~50%. In this period its population increased from 130 Mn to 220 Mn ie by 70%. TYPE MISMATCH

For comparison sake, from '96 Indian pop went up by 40% and wheat production went up by 80%

What makes it worse though is that Afghanistan's population has went up by 100% since '96. And Afg for the most part depends on wheat imports. Currently there are no NATO $$$ for these imports vs the case in the past 20 years.

Energy and petrochem price surge means limitations on fertilizers and water supply for irrigation as well!

Another allied observation I had was that Pakistan is a cantonment economy.


Pakistan's GDP from '93 to '96 when Uncle Sam's Jihad fund was flowing went from $51 Bn to $63 Bn or a 23% increase

After Pakistan's "victory", between '96 and '99, the GDP remained the same and infact slightly contracted since the tap was turned off.

Come 2000 however, the GDP jumped from $62 Bn to $82 a 30% jump - once Dubya started pouring money in earnest.

Like any cantonment town, now that the war is over, the economy is going to turn into a dust bowl. And whatever is left will be snatched at by the wolfish Afghans.
chetak
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Re: Pakistani Economic Stress Watch

Post by chetak »

With the paki military’s combined business holdings, it is porkistan's largest business conglomerate, and it controls about 12% of the porki country’s land.

It makes everything from cornflakes to cement, with lots of other items in between.

This is what they have been doing from 1947 onwards. Calling us banias who will not fight while they are the actual banias themselves.

and now, they have become the cheeni's business partners in the CPEC enterprises
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

The national-level self-entitlement What-About-Me trait in lalaland never ceases to amaze me.

Pakistan left out of $100 bn finance despite efforts to protect climate
Despite being endorsed by international organisations such as UNDP, UNFCCC, UNICEF and WWF, OECD, ADB etc for its countless efforts to mitigate the effects of global warming, Pakistan has not received a penny from the 100-billion-dollar climate finance promised by developed countries under the Paris Agreement.
Pakistan is badly affected by climate change for no fault of its own and is mitigating and forcibly adapting to climate change with its own funds
Out of all, Pakistan deserves most :roll: and should be funded under the $100 billion climate finance promised by developed countries
in Pakistan 60,000 unemployed labourers are being paid to set up tree nurseries and monitor forests through the country’s 10 billion Tree Tsunami programme
Haram link: https://www.thenews.com.pk/print/898830 ... ct-climate
Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

Lohit wrote:Here's a prediction: NaPak will face food riots next year.
...
----

Now these riots were before a pretty bad drought in NaPak between '98-'02. The coming to power of Taliban in '96 and the riots in Pak the next is year is no coincidence.

Pak is struggling to meet its own internal wheat consumption. Its production went from 17Mn MT in '96 to 25 Mn MT in '20, ie up by ~50%. In this period its population increased from 130 Mn to 220 Mn ie by 70%. ...

Energy and petrochem price surge means limitations on fertilizers and water supply for irrigation as well!

...


Very interesting to see if there are parallels (for example - how has been the rainfall in pakiland these past 2 years?)

The 96-97 era was before my time on BRF. Very likely that old timers and Gurus monitored and analyzed the situation closely..
Lohit
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Re: Pakistani Economic Stress Watch

Post by Lohit »

It does seem AfPak had a pretty rainfall deficient season,

For Pak -
Country received 24pc below average rainfall: Met data

The Meteorological department’s recently released data showed that the country received 24 per cent below average rainfall from July to August with many stations in Sindh and Balochistan regions not even reporting a single drop of rain in the whole month of August.

Harami Link: https://www.dawn.com/news/1644128

Afg is more severe -

Drought leaves Afghans hungry as economic collapse looms - U.N.

Many Afghans were struggling to feed their families amid severe drought well before Taliban militants seized power last month and millions may now face starvation with the country isolated and the economy unravelling, aid agencies say.

https://www.reuters.com/world/asia-paci ... 021-09-02/
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

Lohit wrote:For Pak -
Country received 24pc below average rainfall: Met data
Typical kufr view of pakhanistan. Read another way, looneystan received 76% of rain it was due which is more than its 2020 literacy level (59%) and people above 2020 poverty levels (60%). Therefore all is well.
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

Bleak economic view
THE gloomy picture of Pakistan’s economic outlook sketched by the World Bank in its new report, The South Asia Economic Focus, highlights a number of downside risks that may keep the nation’s growth prospects significantly subdued during the present financial year.
Its forecast that growth this year would slow down to 3.4pc trumps the economic expansion target of 4.8pc the PTI government has been struggling to chase
The report has warned growth could dip further because of the delays in the resumption of the $6bn IMF loan programme suspended since March over differences on electricity pricing and tax reforms
Sadly, the projected growth rate for Pakistan is the second lowest in South Asia and less than half the growth estimates of 7.1pc for the entire region.
However, not many are hopeful of the government bringing about deep, sustainable changes in the economic structure for fear of stirring up a hornets’ nest in the run-up to the next elections.
The report shows that 37 out every 100 people are poor.
Pakistan must grow by 7pc-8pc a year for the next several years to provide jobs to new entrants and cut poverty. But that kind of growth is nowhere in sight.
Basically, Im the Dim's policies have led to a decline of projected economic growth by 29%. Despite the fact that all he had to do was grow his god forsaken's country's GDP by 4.8% over the already slowed down economy due to Covid-19 in 2020. This is some piss-poor economic management. But, hey, hamein kashmeer chahiye!

Haramzadon ka link: https://www.dawn.com/news/1650953/bleak-economic-view
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

From the mouth of an imbecile:

Past rulers responsible for current economic crisis: Fawad Chaudhry
Federal Information Minister Chaudhry Fawad Hussain has held the past rulers responsible for the current economic woes
he believed that the amount being used for debt servicing could be used to offset the price hike.
had the government not repaid $12 billion in debt, the amount could have been used to provide subsidy in the prices of oil and electricity
Hain? Wha...!!

Haramiyon ka link: https://www.thenews.com.pk/print/898831 ... isis-fawad
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

Largest external debt stocks: Pakistan among top 10 countries
Pakistan is among the top 10 countries that possess the largest external debt stocks and became eligible for the Debt Service Suspension Initiative (DSSI) in the aftermath of the Covid-19 pandemic.
The combined external debt stock of the 10 largest DSSI-eligible borrowers (Angola, Bangladesh, Ethiopia, Ghana, Kenya, Mongolia, Nigeria, Pakistan, Uzbekistan, and Zambia) was $509 billion at end-2020, 12 percent higher than the comparable figure at end-2019 and equivalent to 59 percent of the external debt obligations of all DSSI-eligible countries combined.
For Pakistan, the 8 percent increase in external debt stocks reflected the inflow of budgetary support from official bilateral and multilateral creditors and rollover and new credit lines from commercial banks.
The FDI inflows to Pakistan fell moderately to $1.9 billion, 5 percent below the 2019 level
In South Asia, debt to China has risen, from $4.7 billion in 2011 to $36.3 billion in 2020, and China is now the largest bilateral creditor to the Maldives, Pakistan, and Sri Lanka.
Harami link: https://www.thenews.com.pk/print/899701 ... -countries
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

USD to PKR Rate in Pakistan Today
USD to PKR Today is RS 172.80 in the currency market of Pakistan.
Haramiyon ka link: https://hamariweb.com/finance/forex/usd-to-pkr.aspx
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

Yindoo conspiracy onleee.

IMF forecasts Pakistan’s growth rate at 4pc
The International Monetary Fund (IMF) on Tuesday forecast inadequate growth rate of four per cent for Pakistan coupled with elevated rate of inflation and stubborn unemployment rate during the current fiscal year.
This growth rate is exactly the same as projected by the Asian Development Bank (ADB) about two weeks ago and significantly higher than 3.4pc forecast by the World Bank a few days ago, which was rejected by the government as unrealistic.
Fitch Solutions had projected Pakistan’s growth rate at 4.2pc which was significantly lower than the budgeted target of 4.8pc. The State Bank of Pakistan has anticipated GDP growth at the higher side of 4-5pc.
The IMF projected the economic growth rate recovering slowly to 5pc of GDP by FY2026, which it had estimated in April this year. It said the rate of inflation would slide to 8.5pc this year against 8.9pc last fiscal year but would rise again to 9.2pc by the end of next year.
IMF’s chief economist Gita Gopinath said the risks to economic prospects had increased and policy trade-offs become more complex.
Bottom line - toiletstan's economy needs to grow in double digits every year for the next ten years to sustain employment growth demands by the teeming momeens and contain prices.

Haram link: https://www.dawn.com/news/1651625/imf-f ... ate-at-4pc
Vips
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Re: Pakistani Economic Stress Watch

Post by Vips »

anupmisra wrote:Yindoo conspiracy onleee.


Bottom line - toiletstan's economy needs to grow in double digits every year for the next ten years to sustain employment growth demands by the teeming momeens and contain prices.
Mercury turning an Ice Planet is more likely to happen then Shitland attaining a consistent double digit yearly growth.
Aditya_V
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Re: Pakistani Economic Stress Watch

Post by Aditya_V »

But it's still a good growth rate for Pakis, they should selling all PR railway locomotives, wagons, rail tracks, shutting down all factories, export wood by cutting all mango trees and all trees in POk especially close to the LOC, export gas, go on meat only diet and use up livestock etc..
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

Despite fulfilling tough conditions: Pakistan fails to strike agreement with IMF
:((
Unable to reconcile on Memorandum of Economic and Financial Policies (MEFP), the International Monetary Fund (IMF) and Pakistan have so far failed to strike staff-level agreement under $6 billion Extended Fund Facility (EFF).
The Pakistani side expects .... making last-ditch efforts, to reconcile and evolve consensus on the MEFP and completion of 6th and 7th reviews, to pave way for the approval of $1 billion tranche under the EFF programme.
...the IMF staff is still unsatisfied...
...the IMF staff was so far busy in number crunching... :D
Any failure to reconcile the projections would hamper Islamabad from accomplishing all future reviews under the $6 billion EFF arrangement.
Pakistan will have to complete 12 reviews,
In the power sector, the IMF also considers the pace of accumulation of circular debt to be on the higher side than the claims made by the government.
On fiscal framework, the IMF has asked for taking additional taxation measures including abolishing GST exemptions, adjusting Personal Income Tax slabs, raising Regulatory Duty and slashing down the Public Sector Development Program (PSDP)
On Personal Income Tax (PIT), the IMF wants adjustments in income slabs for which the minimum taxable ceiling of Rs0.6 million might be jacked up.
It is time Peerni reached out to her favorite djinns.

Harami link: https://www.thenews.com.pk/print/900953 ... t-with-imf
mody
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Re: Pakistani Economic Stress Watch

Post by mody »

Pakistan needs $51.6 Billion over the next 2 years!!

https://www.msn.com/en-in/news/world/pa ... d=msedgntp

"As per the report, Pakistan's gross external financing requirement stands at $23.6 billion in 2021-22 and $28 billion in 2022-23. The development comes despite the very conservative estimates assessed by the International Monetary Fund (IMF). Pakistani authorities are now reportedly trying to make a last-ditch effort to strike a staff-level agreement with the IMF to bridge the gap of external financing requirements."
partha
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Re: Pakistani Economic Stress Watch

Post by partha »

mody wrote:Pakistan needs $51.6 Billion over the next 2 years!!

https://www.msn.com/en-in/news/world/pa ... d=msedgntp

"As per the report, Pakistan's gross external financing requirement stands at $23.6 billion in 2021-22 and $28 billion in 2022-23. The development comes despite the very conservative estimates assessed by the International Monetary Fund (IMF). Pakistani authorities are now reportedly trying to make a last-ditch effort to strike a staff-level agreement with the IMF to bridge the gap of external financing requirements."
Image
Aditya_V
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Re: Pakistani Economic Stress Watch

Post by Aditya_V »

mody wrote:Pakistan needs $51.6 Billion over the next 2 years!!

https://www.msn.com/en-in/news/world/pa ... d=msedgntp

"As per the report, Pakistan's gross external financing requirement stands at $23.6 billion in 2021-22 and $28 billion in 2022-23. The development comes despite the very conservative estimates assessed by the International Monetary Fund (IMF). Pakistani authorities are now reportedly trying to make a last-ditch effort to strike a staff-level agreement with the IMF to bridge the gap of external financing requirements."
If Pakistan declares these Loans as charging Interest and Unislamic what else can the US and IMF do, Pakistan is too important as Anti Hindu ally too fail! I think quite rightly this is what the Paki Elite Rape class have come to the conclusion. Pakistan is too Big too Fail, they will swamp Europe with Refugees. They 3.5 or 4 Pillars of Support, China, Middleast, USA, UK and Europe. If one of these refuse to play ball then Pakistan will break up along with some of INC Ecosystem in India- but will any of the Stakeholders take such a step?
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Re: Pakistani Economic Stress Watch

Post by nam »

If the role was reversed and we were under huge external debt, Pak would carry out frequent war hysteria to drive our economy to ground.

We in the meantime offer ceasefire and let Pak off the hook everything time they are on the verge of collapse.
yensoy
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Re: Pakistani Economic Stress Watch

Post by yensoy »

174 breached today. If IMF talks don't go well, this isn't going to be a happy time for Pak.
Aditya_V
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Re: Pakistani Economic Stress Watch

Post by Aditya_V »

nam wrote:If the role was reversed and we were under huge external debt, Pak would carry out frequent war hysteria to drive our economy to ground.

We in the meantime offer ceasefire and let Pak off the hook everything time they are on the verge of collapse.
The problem is with record High Coal prices, Oil Prices, following Oxygen crises and shortfall 5 Lakh crore in Central Government Revenue during FY 20-21 we are not exactly in a Hunky dory position. Opposition states have happily shut down Copper Plants and Economic activities in some excessive Lockdowns since the Center has to pick the cost due to GST Compensation Cess.

I think once hopefully a steep Winter steps all these N. Americans, Europeans, Chinese, North East Asia then Energy demand will drop as Economic activities in these Countries will cool down, that plus with GST Compensation cess ending on 1 Jun 22 our position will be much better to respond.

Indian Opposition will cite Petrol Prices in Pakistan- Vehicle ownership in Pakistan is negligible, Spurious Global Hunger Index and be happy.

Unfortunately, due to these economic issues the Ruling party is having a All important tough fight on its hands in Feb-22. A victory there will help the Pakis as BIF Ecosystem will try all its tricks after that.
CalvinH
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Re: Pakistani Economic Stress Watch

Post by CalvinH »

Aditya_V wrote:
nam wrote: I think once hopefully a steep Winter steps all these N. Americans, Europeans, Chinese, North East Asia then Energy demand will drop as Economic activities in these Countries will cool down, that plus with GST Compensation cess ending on 1 Jun 22 our position will be much better to respond.
Europe and US/CAN see peak electricity usage in Winters. Same for gas. There wont be a drop in the energy demand.

Pakis are facing a harsh winter with imported coal based plants and no good long term gas deals. Using IPP for power means increase in circular debt. To add to this, all power/gas payments are marked in dollars.

A bad winter crop is all that is needed to push them to the edge.
Aditya_V
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Re: Pakistani Economic Stress Watch

Post by Aditya_V »

But during winters, travel, resorts,malls etc in colder countries will face less demand, yes there will more use of furnace oil.
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Re: Pakistani Economic Stress Watch

Post by rajsunder »

From IANSRich Pakistanis rush to hoard dollars anticipating financial meltdown
Economic and political uncertainties along with devaluation of the Pakistani Rupee have led to a rise in hoarding of dollars by private citizens in the country. Not just that. Sources said that a large chunk of dollars is also being routed to cash starved Afghanistan through informal and Hawala routes.

The Pakistani Rupee traded at 173.4 to a dollar on Wednesday -- a record low. Pakistan's currency has been devaluing steadily since the middle of the year. With uncertainties unlikely to ease in the near future, sources said that the Pakistani Rupee could lose more sheen in the coming days.

Gulf News earlier that "the currency has lost so much of its value in the last four months, plummeting from 152 to a dollar to the current 173 that the experts are calling this the steepest fall in one span of time in the recorded history since the currency was linked to the dollar in the early eighties."

Recently, eyebrows were raised when about 100 individuals in Pakistan bought over $63 million from different exchange companies in Lahore, reported Dawn.

Rajiv Dogra, former diplomat and foreign affairs commentator told India Narrative that hoarding of dollars is nothing new in Pakistan but due to the current economic uncertainties under the Imran Khan government, the practice has further intensified.

"Hoarding of dollars in Pakistan is an established practice and the foreign currency is used by private citizens to buy properties outside the country, especially in the Middle East. But now the practice has increased even more due to the rising lack of confidence in the country's economy and there are apprehensions that the Pakistani currency will further devalue," Dogra said.

Besides, several Afghan refugees who are now settled in Pakistan have also been sending hard cash through informal channels as remittance for their families who continue to live in Afghanistan.

According to the United Nations Refugee Agency, there are more than 1.4 million Afghan refugees living in Pakistan.

"Large number of Afghan refugees would be remitting currencies back home for families and friends who are in need," Dogra added.

The Express Tribune in a report said that currency mafias have also resorted to smuggling US dollars out of the country and hoarding the greenback to create an artificial shortage of the currency by spreading rumours of a devaluation of the rupee.

Pakistan's economic challenges have risen significantly. The country's economy has taken a beating as Islamabad has been put on the Financial Action Task Force's (FATF) grey list since June 2018.

Pakistan, which had initiated talks with the International Monetary Fund (IMF) for a fresh tranche of loan for $1 billion also remained inconclusive.

Pakistan Prime Minister Imran Khan had promised economic growth and employment generation when he assumed power in 2018. But since he took over the macro-economic indicators have weakened. The debt level has also risen.
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

rajsunder wrote:The Pakistani Rupee traded at 173.4 to a dollar on Wednesday
It's at 174.20 in the open market today. All the genrails and birgadeers are buying up daalers. I think they should be buying and hoarding up weapons for self-defence.

Harami link: https://hamariweb.com/finance/forex/usd-to-pkr.aspx
USD to PKR Today is RS 174.20 in the currency market of Pakistan. There is a trading difference from the previous day in US Dollar to PKR Pakistan Rupee has decreased PKR 0.80 or 0.461% on 20 Oct 2021 trading in currency conversion or open market rate.
Ambar
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Re: Pakistani Economic Stress Watch

Post by Ambar »

Will be interesting to see how long they can keep it at this level. Once the confidence of PKR rebounding is lost it will rapidly sink towards Rs 200 and beyond. Also, I don't know if they still get sweetheart deals on oil from KSA, UAE and Qatar, but at the current coal and oil prices if Pakistan does not have hard dollars to buy then expect 20 hrs/day of blackouts regularly.
Bart S
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Re: Pakistani Economic Stress Watch

Post by Bart S »

yensoy wrote:174 breached today. If IMF talks don't go well, this isn't going to be a happy time for Pak.
Pakis are claiming that they are close to an IMF deal courtesy softening of the American stance (due to some kind of understanding being reached), also citing that an American ambassador has finally been appointed after several years.
partha
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Re: Pakistani Economic Stress Watch

Post by partha »

Bart S wrote:
yensoy wrote:174 breached today. If IMF talks don't go well, this isn't going to be a happy time for Pak.
Pakis are claiming that they are close to an IMF deal courtesy softening of the American stance (due to some kind of understanding being reached), also citing that an American ambassador has finally been appointed after several years.
"IMF accepts Pakistan's demands" will be the narrative. Also, I didn't realize there was no US ambassador in Pakistan for several years! Pakis are crying over Biden not calling Imran Khan but no ambassador seems like a bigger issue.
CalvinH
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Re: Pakistani Economic Stress Watch

Post by CalvinH »

Aditya_V wrote:But during winters, travel, resorts,malls etc in colder countries will face less demand, yes there will more use of furnace oil.
Its should be the opposite though I have not researched the data yet. Take as an example the lighting requirements in the mall. With dark setting up early this would be many time higher than summers. Travel peaks during winter due to holidays too. Duration of heating needed is always more than how long one runs A/C in summers. This is just based on the personal experience.
Manish_P
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Re: Pakistani Economic Stress Watch

Post by Manish_P »

Another prime example of Lahori logic in Bakinomics :lol:

From Yawn -

Exchange rate depreciation has benefitted overseas Pakistanis, says SBP governor
Addressing a press conference in Manchester in the UK, he said: "The number of remittances sent by our overseas Pakistanis — after their hard work and effort — is increasing due to exchange rate [fluctuation]."

He said the higher exchange rate had caused some people to lose out but benefitted others as well.

"Suppose if our remittances in this year reach $30 billion — we hope they will be even more — and if our exchange rate [against the dollar] in the last few months has depreciated even 10 per cent then an additional $3bn are reaching the families of overseas Pakistanis — this turns out to be more than Rs500bn."


:rotfl:

Looks like this genius wants to accelerate the depreciation even more..
Vips
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Re: Pakistani Economic Stress Watch

Post by Vips »

Pakistan to remain on FATF ‘grey list’ , Turkey new addition.

Pakistan will remain on the 'grey list' of the Financial Action Task Force (FATF) as it needs to "further demonstrate" that action is being taken against UN-designated terrorists like India's most wanted Hafiz Saeed and Masood Azhar, and groups led by them, the global body against terror financing said on Thursday.

Addressing a press conference, FATF president Marcus Pleyer said the decision was taken at the conclusion of the three-day virtual plenary of the
organisation. It is scheduled to meet again in April 2022.

Pakistan continues to remain on "increased monitoring list", he said at a virtual press conference from Paris. "Increased monitoring list" is another
name for the 'grey list'. "Pakistan has taken a number of important steps but needs to "further demonstrate that investigations and prosecutions
are being pursued against the senior leadership of UN-designated terror groups," Marcus said.

"All these changes are about helping authorities prevent terrorism, stop corruption and prevent organised criminals from profiting from their crimes," he added.

Pakistan was placed on the grey list by the FATF in June 2018 for failing to check money laundering, leading to terror financing. The FATF had given Islamabad a 27-point action plan that was to be completed by October 2019. Six more points were added later.

Terror groups
The country continues to be on the grey list due to its failure to comply with four of the 34 action points, including: to investigate and prosecute senior leaders and commanders of UN-designated terror groups, including Hafiz Saeed and Masood Azhar. Masood was involved in the 2008 Mumbai terror attacks, 2016 Pathankot attack, and 2019 Pulwama attack.

After the announcement by the FATF in June 2021, of keeping Pakistan on the grey list, Islamabad had said it would implement the action points within “3-4 months”.

The latest US Congressional report on terrorism "Terrorist and Other Militant Groups in Pakistan", says that at least 12 groups designated as "foreign terrorist organizations" by the US are based in Pakistan, including five that are India-centric. As per the US administration, Islamabad continues to remain a base of operations for numerous non-state militant groups, many with global reach.

Financial aid at risk
With Pakistan's continuation in the grey list, it is increasingly becoming difficult for the country to get financial aid from the International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB) and the European Union, thus further enhancing problems for the country.

Pakistan has so far avoided being on the blacklist with the help of China, Turkey and Malaysia.

The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The FATF currently has 39 members, including two regional organisations: the European Commission and the Gulf Cooperation Council.
India is a member of the FATF consultations and its Asia Pacific Group.

Who is on the list?
As of 2019, FATF has blacklisted North Korea and Iran over terror financing.

Jordan, Mali, Turkey were added to the grey list on Thursday. Bahamas, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen are also on the grey list.

Mauritius and Botswana were removed from the grey list on Thursday.
Ambar
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Re: Pakistani Economic Stress Watch

Post by Ambar »

alhamdulillah after the FATF meeting Paki's brave currency has breached Rs 175 per 1 USD in open market ! Inshallah at this rate it will reach the glorious figure of Rs 200 to benefit hardworking brothers and sisters abroad who are toiling for the welfare of Pakistan by sending remittances !
anupmisra
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Re: Pakistani Economic Stress Watch

Post by anupmisra »

Let me guess. As a sign of ammah and sunny biratherhood, Toorki volunteered to be part of FATF list so that it can watch over its bestest birather from another mirather and so that it doesn't get suicidal?
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