Re: Pakistani Economic Stress Watch
Posted: 29 Oct 2016 11:47
He does not need one. TSP is doing it all by itself.
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CheersKARACHI: The Abraaj Group has announced that an Abraaj-controlled company, KES Power, has entered into a definitive agreement to divest its 66.4% shareholding in K-Electric to the Shanghai Electric Power Company Limited (SEP) for a consideration of $1.77 billion.
The liquid foreign exchange reserves amounted to $24.3 billion on Oct 21, down 0.5 per cent from a week ago, the SBP announced on Thursday.
The SBP made payments of $137m on account of external debt servicing and other official payments during the week.
Only 338 companies and 217,350 people have so far filed their tax returns despite an extension of two months.
As per income tax law, filing of returns is mandatory for all those who possess a 1,000cc car, a plot of 250 square yards or a flat of 2,000 square feet in any municipal corporation in the country.
Of the 62,000 companies registered with the Securities and Exchange Commission of Pakistan, 338 (0.5pc) have filed their tax returns so far. In contrast, 731 companies filed their tax returns during the comparable period a year earlier.
Commercial banks are not giving access to tax authorities for the scrutiny of foreign currency accounts despite a law that provides access to these accounts.
In December 1999, the Pervez Musharraf government had withdrawn the immunity from tax-related investigation by introducing an amendment to the Pakistan’s Protection of Economic Reforms Act (PERA) of 1992. However, even after 18 years, the banks have not given access to the FBR.
A senior official of the State Bank of Pakistan told the committee that there were 535,000 individual foreign currency accounts with $6.5 billion in deposits.
He could not cite a single case where the FBR got information from the banks over the last 18 years.
No poultry exports made to Middle East in 6 years- tribune pkDespite lower fuel cost, accumulated losses of Pakistan International Airlines (PIA) increased to Rs267.56 billion at the end of the January-March quarter of 2016, up 2.3%.
The PIA spokesman said the prolonged strike in February, which was led by employees in protest against the government’s intention to privatise the state-owned company, was the key reason behind the losses.
“More than 900 flights on domestic and international routes were cancelled due to suspension of flight operations for about five-six days in February,” said spokesman of the Airlines, Danyal Gilani.
In the January-March quarter alone, consolidated losses were four-times high year-on-year, amounting to Rs6.03 billion from Rs1.48 billion in the same three months of 2015
Work on 7,000MW coal-based power plants likely to be abandoned- tribune pkIt had been six years since Pakistani poultry products were last exported to these destinations due to the ban imposed by Saudi Arabia, UAE, Kuwait and Yemen, though required international standards were met.
A delegation of the poultry association recently met with Federal Commerce Minister Khurram Dastgir Khan and urged him to take up the issue with the Muslim countries as Indian poultry had grabbed Pakistan’s share in almost all markets.
Several coal-based power plants with a cumulative production capacity of around 7,000 megawatts are encountering trouble and may be shelved because of unavailability of coal and funds.
These projects include the 6,600MW Gadani Power Park, 330MW Salt Range power plant and 150MW Lakhra power project, according to officials aware of the development.
Prime Minister Nawaz Sharif had inaugurated the power generation park comprising many plants. A memorandum of understanding was also signed with a Chinese company, but it also distanced itself from the project later.
About the Salt Range power plant, the Ministry of Water and Power has informed the premier that the project had to be abandoned as adequate coal quantity was not available that could be used on a commercial scale.
The project was scheduled to start electricity production by the end of 2017. It was a $590-million mine-mouth project and the Chinese company working on it also refused to push ahead with the plan due to lower tariff.
The coal project in Lakhra had been put on the back burner in the wake of coal scarcity.
Pakistan Businessmen and Intellectuals Forum (PBIF) President, AKIA President, FPCCI Businessmen Panel Senior Vice Chairman and former provincial minister Mian Zahid Hussain on Monday asked the government to take note of India’s industrial terrorism as it was bent upon destroying Pakistan’s textile sector, the backbone of economy.
In a statement issued here on Monday, he said that India was working on a multi-pronged strategy to damage Pakistan beyond repairs. It has initiated water terrorism followed by successfully pushing issue of Kalabagh Dam into controversies, he added.
He said that India was targeting China Pakistan Economic Corridor (CPEC) and now it has started industrial terrorism to damage Pakistan’s textile sector and bankrupt our country.
The PBIF president said that Indian prime minister was overseeing external sector personally, it has started giving hidden subsidies to the textile sector while banks have been directed to issue loans on zero per cent interest which has reduced cost of doing business of the competitors.
Mian Zahid Hussain said that on the other hand Pakistan’s textile industry was going down by the passage of every day due to increased cost of doing business.
The situation of investment and remittances was not satisfactory, exports was the only option left to bridge budget deficit otherwise the country will have to rely on foreign loans which have already reached to worrying proportions, he added.
He demanded the immediate refund to all export industries, steps to reduce cost of doing business and extra attention to the value-added sector.
Industrialists should be provided relief by simplifying taxation system and reducing the number of government departments dealing with them to save their time, he added.
So, the Ganja Govt's target of Pakistan becoming an "economic super power" has now only be "delayed" by another 150 yearsISLAMABAD: Pakistani business leaders complained Wednesday of losing millions of dollars to the government´s novel way of containing protesters: by confiscating thousands of shipping containers, many still full of goods, to block roads.
If and when the containers are ever returned to the traders, it is "very likely" that the medicines, perishables and other costly cargo would have "gone missing" ; very unlikely that the insurance companies or the Paki Govt will arrange reimbursement !Transport operators complained that up to 4,000 containers had been diverted from their usual route between the southern port city of Karachi and Islamabad to block the capital´s roads this week, as opposition leader Imran Khan threatened a million-strong demonstration to lock down the government.By Tuesday Khan had called the protest off, but the containers -- many carrying medicines, perishable goods and other costly cargo -- had not yet been returned."A great injustice is being done to us as authorities have seized more than 4,000 containers carrying goods," Chaudhry Saeed Iqbal, vice chairman of the Karachi-based Pakistan Transport Federation, told AFP.
Government officials were not immediately available for comment.[/quote]- Crowd control -
And after a few days of much needed R&R everyone went home !In 2014 Imran Khan joined forces with populist cleric Tahir-ul-Qadri to bring thousands of protesters to Islamabad for a sit-in outside parliament.The pair turned the government´s use of containers on its head: first, by embracing them as mobile offices, each having their own fully-equipped air-conditioned container with toilets, wifi ( wow !) and television.
They also brought their own cranes and simply removed containers -- even those filled with earth and sand -- positioned by authorities to block their path to the high-security Red Zone in front of Parliament House.
KARACHI: The cash-strapped Pakistan International Airlines (PIA) is planning to carry out unprecedented downsizing to steer the national airliner out of financial crisis.According to sources, the PIA management is mulling to sack around 11,000 employees out of its total strength of 18,000 staffers.
The management believes that PIA requires around 6,000 to 7,000 employees to meet its needs, while around 11,000 workers were redundant and liability on the organisation, sources informed.Some 400 employees possessing fake degrees will also be given the heave-ho, it is learnt.
This proves beyond a doubt that the employees of this 'sarkari airline' are not ready for "modern times" (and globalization) and hell-bent on blackmailing the management ! Don't blame them in these "hard" times !In February this year, PIA workers resorted to violent protests when the management announces its plan to privatize the national airline. At least two PIA staffers were also killed in the protest.
LAHORE: The earnings chart of the cash-strapped Pakistan Railways (PR) illustrates patent inequality in its passenger earnings segment, with only 40% of trains contributing over 80% of the revenue for fiscal year 2015-16.
The remaining 60% of trains have failed to reach their break-even point and have instead incurred losses amounting to Rs1.75 billion, according to PR documents.
Currently, PR is operating 104 trains, of which only 42 express trains generate profits. These long-distance trains, mainly operating on the Main-Line One, generated around Rs17.45 billion out of total passenger train earnings of Rs20.39 billion for 2015-16.
what else can be expected from those who dishonored the graves of nobel price winnersZaid HamIed is an intellectual.
The hostesses can 'earn' big dividends by providing 'value added services', which are much sought after by hardworking and tired regional men.Falijee wrote:PIA planning to sack 11,000 employees: sources - ARY NEWSKARACHI: The cash-strapped Pakistan International Airlines (PIA) is planning to carry out unprecedented downsizing to steer the national airliner out of financial crisis.According to sources, the PIA management is mulling to sack around 11,000 employees out of its total strength of 18,000 staffers.
The management believes that PIA requires around 6,000 to 7,000 employees to meet its needs, while around 11,000 workers were redundant and liability on the organisation, sources informed.Some 400 employees possessing fake degrees will also be given the heave-ho, it is learnt.This proves beyond a doubt that the employees of this 'sarkari airline' are not ready for "modern times" (and globalization) and hell-bent on blackmailing the management ! Don't blame them in these "hard" times !In February this year, PIA workers resorted to violent protests when the management announces its plan to privatize the national airline. At least two PIA staffers were also killed in the protest.
intellectuals???abhijitm wrote:Govt should take notice of India’s industrial terrorism: PBIF presidentPakistan Businessmen and Intellectuals Forum (PBIF) President, AKIA President, .
CheersISLAMABAD: The federal government has added Rs858 billion to its growing debt pile from July through September this year, which is almost double the amount authorities needed for budget financing, heightening risks attached to the country’s heavy indebtedness.
With an addition of Rs858 billion during the first quarter (July-September) of this fiscal year, the total central government debt, excluding liabilities, increased to Rs19.9 trillion, according to the State Bank of Pakistan (SBP). Of this amount, the domestic debt stood at Rs14.4 trillion while external debt was Rs5.5 trillion. Almost the entire increase came in the shape of domestic debt.
13th generation inbred.Pathik wrote:[quote=
intellectuals???
You can drop the Pakistani GDP by about a third after the currency notes news today, what with their counterfeiting companies going out of business with immediate effect. If the new notes have RFID's built in and can be tracked, that is the end of the large denomination counterfeiting in the country, especially since a counterfeit note will simply not register on the system database as having been printed at all.Peregrine wrote:Pakistan's Debt and Liabilities Profile
Cwapistan's Total Debt and Liabilities (I +II) : End June 2016 = Pak. Rs 22,461.8 Billion
@ US$ 1 = Pak. Rs 104.6978 Equates to US$ 214.54 Billion
Cwapistan GDP End June 2016 : Pak Rs. 29,597.9
Cwapistan Debt & Liabilities to GDP Ratio : 75.36%
If additional amount of Pak Rs. 858 Billion additional Debt accrued in July-September 2016 then the Total Debt increases to Pak Rs. 23,319.8 Billion and the Debt Ratio increase to 78.79%.
Cheers
anupmisra wrote:Gawaadaar has been inaugurated six times starting from 1989 (by Pinky). Mushy was shown empty containers in 2006. See video starting 33:00. K'rachi port is 55% under utilized.Also, doesn't matter if the containers were empty. It is a symbolic importance.
Pakjabis at their best.
https://www.youtube.com/watch?v=lQXvJah8gRA
So, the State Bank of Pakistan has concocted plans and passed some "fictitious journal entries" on their books to window dress their balance sheet for the benefit of foreign lenders ! Had no idea that the situation of Paki finances was THAT bad .The State Bank of Pakistan has decided to call in debts owed by India and Bangladesh.SBP wrote to all commercial banks and financial institutions requesting any details on receivables and assets owed to Pakistan from the two countries. This is to make a final assessment for the amount owed by India and Bangladesh.Pakistan is reportedly owed Rs. 15.25 billion from the two countries according to SBP’s estimates.
India owes Rs. 6 billion while Bangladesh owes Rs. 9.25 billion to Pakistan. The letter by SBP asks the heads of the banks and financial institutions to give them details on everything owed by the governments or the central banks of the two countries.
Anything and everything owed is demanded, including land, building, furniture, papers, loans, advances, investment, office equipment, vehicles and government securities.Any write-offs made on these debts are also demanded by the State Bank. According to the bank, India has owed Pakistan since 1947 and the total amount is higher than Rs. 6 billion.Gold reserves, sterling securities, Indian securities, Rupee coins and Pakistan’s share in the Indian currency at the time of partition is included in the owed amount.
Has the Indian and Bangladeshi High Commissioners been summoned to the Paki Phoren Office in Isloo and given a demarche under these "new demands"- enquiring readers want to knowAt the time of partition, Pakistan paid India for printing of currency notes. The notes were never given by India and the money paid for printing them wasn’t returned either. Not even a dime was paid by India since that time. India is liable to pay us Rs. 40 million for the currency printing alone.Bangladesh owed Pakistan Rs. 9.21 billion by June 30th of this year. This amount includes transactions between government offices, loans, advances and papers.
Better yet, pay them using the old 500 and 1000 rupee notes. Indian banks have a huge stash of them now that they were going to destroy anyway.g.sarkar wrote:India should acknowledge the debt and pay them in Pakistani manufactured Indian rupees
Gautam
I think India should take the offer to do this accounting. 47 was also partition of natural resources between Muslims and non Muslims. Since Indians have been using their own portion of resources on Muslims for 70 years and now owed to us from the portion Pakistan got as part of the deal on behalf of Muslims.Falijee wrote:Pakistan Tells India and Bangladesh to Return Rs. 15.25 Billion in Debts
After 70 years ,fighting at least three major wars with India, and declaring India to be a "perpetual enemy for life", GOP still have "hopes" ( like the Kashmir real estate ) of collection; no doubt the assets on the books of SBP would be classed as bogus and junk by international auditorsAt the time of partition, Pakistan paid India for printing of currency notes. The notes were never given by India and the money paid for printing them wasn’t returned either. Not even a dime was paid by India since that time. India is liable to pay us Rs. 40 million for the currency printing alone.Bangladesh owed Pakistan Rs. 9.21 billion by June 30th of this year. This amount includes transactions between government offices, loans, advances and papers.Has the Indian and Bangladeshi High Commissioners been summoned to the Paki Phoren Office in Isloo and given a demarche under these "new demands"- enquiring readers want to know
This is the mentally emotional state which looks at the past grievances and the state wants to recover from the past perceived lossPrem wrote: Pakistan Tells India and Bangladesh to Return Rs. 15.25 Billion in Debts
I think India should take the offer to do this accounting. 47 was also partition of natural resources between Muslims and non Muslims. Since Indians have been using their own portion of resources on Muslims for 70 years and to now owed to us from the portion Pakistan got as part of the deal on behalf of Muslims.
CheersKARACHI: Investors in the stock market remained wary as the Panama Papers case involving the family of prime minister hangs in the balance.
Pakistan's overall debt and liabilities have soared to an all-time high and have crossed Rs2.2 trillion ─ an increase of Rs0.8tr since the PML-N government came to power, said the recently released National Data Summary released by the State Bank of Pakistan (SBP).
Now, if you add in all the debt that's been written off....The overall debt pile reached around 68pc of GDP which is a violation of Fiscal Responsibility and Debt Limitation Act 2005, which binds the government to keep the total public debt below 60pc of GDP
It is actually Rs.14.79 Trillion and in the current exchange rate it is around USD 141 Billion. No idea where does the Rs.2.2 Trillion come from.anupmisra wrote:Pakistan's overall debt and liabilities have soared to an all-time high and have crossed Rs2.2 trillion ─
FDI, one of the major components of GDP, has gone down by an unprecedented 48 percent, and nothing is being done to address this issue.
The below is the only thing makes sense to me.Since there is no check by the IMF after the completion of its $6.1 billion Extended Fund Facility (EFF), the government is heavily borrowing from the State Bank. Around Rs800 billion were borrowed only during the first quarter of the current financial year, and who knows how much would be borrowed till June 30, 2017 to help the government to meet its day-to-day expenses
On November 10, the Senate Standing Committee on Finance concluded that all governments had been faking revenue collection figures, and that targets were met only by further squeezing the existing tax payers. The committee headed by Senator Saleem Mandviwala was of the view that the PML-N government’s statements on the economy were false, including the budget deficit
S&P credit rating B means - Fakeconomy.Independent economists often criticise such reports by calling them a pack of lies and self-serving, not meant to turnaround the economy in the real sense
14.79 trillion or 2.2 trillion which one is immaterial because rule 6 of baki logic is if the currency becomes worthless (zero) then debt also goes to zero. One can't have rational mind and think baki thoughts.Vinu wrote:It is actually Rs.14.79 Trillion and in the current exchange rate it is around USD 141 Billion. No idea where does the Rs.2.2 Trillion come from.anupmisra wrote:
Vinu wrote:It is actually Rs.14.79 Trillion and in the current exchange rate it is around USD 141 Billion. No idea where does the Rs.2.2 Trillion come from.
Rishi Verma Ji :Rishi Verma wrote:14.79 trillion or 2.2 trillion which one is immaterial because rule 6 of baki logic is if the currency becomes worthless (zero) then debt also goes to zero. One can't have rational mind and think baki thoughts.
Ub Pachhtaye Kaa Hoyi Jub Chiordian Chug Gaye Khet?ISLAMABAD: Despite prospects of hefty benefits in many aspects, the business community sees the $45-billion China-Pakistan Economic Corridor (CPEC) project a threat to the domestic industry if the government does not come up with certain preemptive measures to give protection to vulnerable sectors of the economy.