Pakistani Economic Stress Watch

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Vips
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Re: Pakistani Economic Stress Watch

Postby Vips » 02 Dec 2018 19:25



Yeah Yeah , sure sure :rotfl:

No headway in $1bn China market access package.

The government’s expectation to get market access worth $1 billion in exports to China during the current fiscal year seems to have hit an impasse, Dawn has learnt from official sources.

Adviser to Prime Minister Abdul Razzak Dawood announced the export package from China after PM Imran Khan made a four-day visit to Beijing and Shanghai during the first week of November.

He said that ‘Pakistan has secured market access worth $1bn from China to double country’s exports within one year’. Subsequently, various ministers made public claims that they intend to “double exports to China by the end of the fiscal year.”

However, despite a lapse of one month since the announcement, there has been no official update from the government regarding the status of the package.

According to sources familiar with the matter, the ‘market access’ announcement was earlier misunderstood by Pakistan as Beijing’s willingness to allow purchase of goods on state level to extend benefits to the country. Following the PM’s visit to China, Islamabad expected that China will purchase additional surplus quota of wheat, sugar, rice and other agriculture commodities which are currently subject to restrictions.

However, unconfirmed reports claim that the Chinese authorities have informed the government that any package from Beijing will be a part of the second phase of the China-Pakistan free trade agreement (FTA).

According to the official source, the linking of the package with the second phase of FTA seems more likely now. He added that since the PM returned from China, multiple queries were made regarding the status of the package but government officials failed to provide answers.

Moreover, Pakistan also identified several tariff lines to secure preferential market access under the package, said the official sources adding that Beijing had not elaborated on the details of the agreed package.

The volume of trade between the two neighbours has seen a significant jump during the last decade. Sino-Pakistan trade, which was $4bn during 2006-7, reached an all-time high of $17.4bn last year. The increase in trade between the two came following the China-Pakistan FTA signed on November 24, 2006 and implemented from July 1, 2007.

The FTA covers nearly 7,000 tariff lines at the 8 digit level of the HS code. During the first three years of implementation of Phase-I, both sides reduced tariffs on almost 36pc of the tariff lines to zero.

The Phase-II of the FTA was supposed to commence from the sixth year of the agreement — likely by 2013 — but has numerous delays as officials from both countries failed to reach an agreement despite meeting for more than 10 times. As per the initial agreement, by the end of the Phase-II, both sides were to reduce tariffs on 90pc of the tariff lines to zero duty. The two began negotiations on the Phase-II of Pak-China FTA back in 2011.

During the initial meetings, Pakistan informed the Chinese delegation that the China’s margin of preference to Pakistan under the said FTA had eroded owing to China’s trade agreements with other countries whereas the margin of preference provided to China by Pakistan had remained intact.

Pakistan also raised the concerns of local industry which is being hurt by cheap Chinese imports. Pakistan, therefore, sought adjustments in the Phase-I.

According to the official source, the Phase-II was completely renegotiated to address the concerns of local manufacturers. As a result, talks on the Phase-II have entered a stalemate owing to Chinese unwillingness to address Pakistan’s concerns. :rotfl:

Moreover, “no date is yet announced for the 11th round on the Phase-II of FTA,” the source said.

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 02 Dec 2018 21:16

Chini "bailout" promises (read: Cash, please) do not comport with "investments" (read: Loans with paki soverginity guarantees that pakis can never repay). I wonder what paki minsters are actually and really thinking of the chinis while parroting the official lies to keep the average abdul at bay.

Here are some suggestions:

1. We are screwed!
2. What a load of crock!
3. I am glad I hold this dual nationality.
4. When are next elections?
5....

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 02 Dec 2018 21:22

This guy needs a crash course in global economics, its inflationary effects on debtor nations and pricing of local goods (for a nation that has no local infrastructure).

In light of 'pressure on rupee', President Alvi urges nation to buy local products

President Arif Alvi on Sunday urged the nation to buy local products in an effort to ease the 'pressure on the Pakistani rupee'.
"Considering pressure on [the] Pakistani rupee, I urge Pakistanis to buy 'Made in Pakistan' [products]," he shared via Twitter.
If you put your mind to it, there is a long list of daily use imported products.


That's right. Buy more handicrafts, stone, soccer balls and cotton. If that does not work, go into poultry farming. More eggs. And, explain to the iron brothers why no one is buying chini products.

https://www.dawn.com/news/1448983/in-li ... l-products

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 02 Dec 2018 21:47

More begging in the cards. This time: UAE.

Pakistan seeks $3 bn oil on deferred payment from UAE

In the wake of scarcity of dollars reserves, Pakistan has asked United Arab Emirates (UAE) for providing similar kind of oil facility on deferred payment up to $3 billion on the basis of 365 days as being finalised by Kingdom of Saudi Arabia.
Islamabad also made request to UAE for placing same terms and conditions as being done by KSA for providing oil facility on deferred payment.
This kind of breathing space if agreed to provide by UAE will help Islamabad to negotiate a better deal with the IMF.
Pakistan’s fuel import both oil and LNG stood at $16 billion per annum basis, however, the total foreign currency reserves of the country stood at $13.7 billion out of which the reserves held by the SBP stood at just over $8 billion.
However, official sources in Finance Division told The News that both KSA and UAE plainly conveyed to Pakistan that their financial packages should not be considered as an alternate to IMF bailout but it should be counted as substitute for the IMF support. :((


That is just delaying disaster. Kind of like moving the deck chairs on the Titanic.

So, let me take out my handy dandy chini calculator:

- Total annual needs to purchase oil - $16 Bn. (no inflation or spot price of oil assumed)
- SBP reserves (faulty, but lets go with the flow) - $8.0 Bn.
- Saudi deferred payment facility for year 1 - $1.0 Bn.
- Potential deferred payment from UAE - $3 Bn.

Assuming any new additions to the SBP FX kitty are used to purchase other necessities like food, bullet proof cars, armaments and raw material, SBP will still fall short of $4 Bn. in Year One. After that, only allah (and fifth generation war expert ham-eid "mahdi" ziddi) knows best.

Why would UAE (and Saudis) trust pakis to not come back again to the begging well this time next year? Besides, where would the pakis get $4 Bn (not including interest and cost of the deferred payment) to pay off the Year One purchases? Wouldn't the chinis now start getting worried about their $60 Bn loans and doubt the pakis ability to repay them starting 2020? I bet the IMF is run by a bunch of clueless monkeys who do not get this game that the pakis are playing (sarc. off).

Pretty soon, the rest of the world, particularly ammah's brothers, will stop I'm the Dim from paying their nations "official" visits ("Uh-oh, dimwit is here with his begging bowl, again. Don't answer the door").

https://www.thenews.com.pk/print/400699 ... t-from-uae
Last edited by anupmisra on 02 Dec 2018 21:49, edited 1 time in total.

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Re: Pakistani Economic Stress Watch

Postby yensoy » 02 Dec 2018 21:48


Yeah, that basically means no free lunch. China will give Pakis the privilege of exporting something to them but they will also insist on paying only half price for that stuff, whatever it is (in all likelihood commodity agricultural products or minerals)

Mr. Zhengwu praised the policemen who lost their lives saving the men and women working in the Consulate. He further hoped that the donations being collected for the martyred police officers would help their families. Mr. Dingbin gave 2,000 RMB and Mr. Zhengwu handed over a cheque of 1,000 RMB for the cause.

So that is the worth of a Paki life according to the Chinese. Someone loses their life to protect you and you give them a total of Rs 30,000. Just a point of comparison - the ex-gratia payment for the dead in the Amritsar ramlila tragedy paid by the central government (for no fault of the government, mind you) was Rs 2 lakh, and the state government pitched in with Rs 5 lakh per.

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Re: Pakistani Economic Stress Watch

Postby Vips » 03 Dec 2018 01:06

China rules out giving hard cash to Pakistan.


China has ruled out giving hard cash to Pakistan, saying that it will invest in multiple sectors and launch business ventures instead of providing loans to the country faced with deepened financial crisis.

Last month, Prime Minister Imran Khan had visited China in an attempt to get an economic package from there to overcome his country’s failing
economic condition. Upon his return from Beijing, his cabinet members boasted that the visit was the most successful and that it had helped
reduce Islamabad’s dependence on the International Monetary Fund for a bailout.

A week later, finance minister Asad Umar announced that Pakistan’s balance of payment crisis was effectively resolved. “Of the $12 billion financing gap, $6 billion has come from Saudi Arabia and the rest from China,” Umar had told reporters and added that a high-level delegation would visit China to work out the modalities.

“Instead of hard cash, China plans to eventually provide multiple forms of bailout packages to Pakistan in the shape of phenomenal investments in fresh projects (More loans) , broadening the area of inclusive cooperation and tapping new avenues of collaboration under the China-Pakistan Economic Corridor (CPEC),” Long Dingbin, the Chinese consul general in Lahore, told local TV station Geo News.

The interview, which was telecast on Sunday, was held in Lahore a few days after the November 23 storming of the Chinese consulate in the southern port city of Karachi. The attack was claimed by Baloch Liberation Army, an insurgent group that has been fighting the Pakistani state for over a decade now and that considers CPEC an illegal occupation of Balochistan.

Dingbin said China would never leave Pakistan in the lurch and would channelize maximum resources to strengthen its crippling economy. :rotfl:

The Chinese consul general said during Imran Khan’s trip to China, the two countries had signed 15 new agreements, which would lead to increased cooperation in politics and financial sector, and would also improve cultural ties. (Only agreements, No Cash :D )

Responding to a question about Pakistan’s increasing debt, Dingbin rejected the argument that CPEC contributed to the country’s debt burden. He said only four of the 22 projects launched under CPEC provided concessional loans while the rest were investment-based and would strengthen Pakistan’s economy.

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Re: Pakistani Economic Stress Watch

Postby arun » 03 Dec 2018 08:14

chanakyaa wrote:More checks coming...

'Instead of hard cash, China to provide multiple bailout packages to Pakistan'

.............Rest Snipped...............



For Good Order, X Posting same story from Geo which broke the news

The Mohammadden Terrorism Fomenting Islamic Republic of Pakistan’s Higher than Himalaya’s, Deeper than Indian Ocean, As Close as Lips to Teeth, Sweeter than Honey, Stronger than Steel Iron Brother, PRC, is loath to bail out the Islamic Republic with Hard Cash :rotfl: . Interview of Long Dingbin, the Chinese Consul-General (CCG) in Lahore by Geo TV.

'Instead of hard cash, China to provide multiple bailout packages to Pakistan'

From here:

Clicky Geo

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 03 Dec 2018 10:15

Shooing foreign investors away

a host of issues relating to the business environment, taxation and low purchasing power of consumers continue to keep them from investing in the manufacturing industry here.
it still remains a very small market for electronic goods because of the low purchasing power of consumers
“A small market size or the low purchasing power of consumers isn’t the only issue… a company has to consider the country situation as well,”
“The ever-changing customs tariffs, exchange rate volatility leading to economic instability and a growing grey market of illegal and under-invoiced goods hurt a manufacturer’s pricing structure and its ability to plan for future”
On top of these, there is this issue of inconsistency in policies. Every (foreign) investor wants to have a reliable policy environment and tax and other incentives for the next 20 or 25 years to plan for the long term.
the dollar was priced at Rs99. Today it has fallen to Rs140. Can we pass on the full impact of higher tariffs and exchange rate depreciation to consumers? No, we cannot.
Although total investment as a percentage of GDP has increased slightly in the last five years — from 14.6pc in 2014 to 16.4pc in 2018 — it is half the investment-to-GDP ratio of 30pc in India and Bangladesh. :((


https://www.dawn.com/news/1448966/shooi ... stors-away

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Re: Pakistani Economic Stress Watch

Postby Aditya_V » 03 Dec 2018 10:29

Should make this investment to GDP to 0. Pakis should enjoy 7th century life in Desert conditions which they dream off.

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Re: Pakistani Economic Stress Watch

Postby Vips » 05 Dec 2018 19:23

Pakistan’s external debt, liabilities shoot to record at $96.7b.

Pakistan’s external debt and liabilities soared to a record $96.7 billion by the end of September 2018, which appeared understated by $3 billion, as the central bank did not explicitly show the debt taken from China for shoring up foreign currency reserves. :D

The external debt and liabilities increased to $96.7 billion as of September-end, reported the State Bank of Pakistan (SBP) on Tuesday.

The figure, in reality, could be nearly $100 billion. The People’s Bank of China, through China’s State Administration of Foreign Exchange (SAFE), has deposited $3 billion with the SBP. The latest tranche of $2 billion came in July this year. (Maashallah we have hit a century and inshaallah now onwards to double :mrgreen: )

The central bank’s debt bulletin put foreign exchange liabilities at nearly $5 billion. These included $700 million in central bank deposits; $2.9 billion in swap trade deal with China and $1.4 billion worth of SDR allocations, according to the SBP data. The response of SBP’s chief spokesman Abid Qamar was awaited till the filing of this report.

The $96.7-billion external debt and liabilities were higher by $1.4 billion or 1.5% compared to the level recorded in June 2018. Of the total external debt and liabilities, the government’s public debt obligations including foreign exchange liabilities were $79.4 billion at the end of September.

The external public debt increased to $76.3 billion, an addition of $983 million in three months.

There was a reduction in the debt obtained from the Paris Club and multilateral lenders. The multilateral lenders’ total outstanding debt stood at $27.6 billion.

The reduction in multilateral loans indicated that Pakistan’s debt repayments were higher than the new inflows from international financial institutions, said former finance minister Dr Hafiz Pasha.

He said all the debt was not essentially bad as the country needed inflows to repay its maturing loans aimed at protecting the low foreign exchange reserves. (only Pakis can say that :lol: )

Pakistan’s external debt has been growing every year due to successive governments’ inability to implement policies that could ensure sufficient non-debt creating inflows. The Pakistan Tehreek-e-Insaf (PTI) government too does not have any option in the short term except for taking more loans to meet Pakistan’s international debt obligations.

The International Monetary Fund (IMF)’s first post-programme monitoring report shows Pakistan’s gross external debt in terms of exports was 193.2% in 2013, which deteriorated to an alarming 411% by June this year.

During this period, Pakistan’s gross external financing requirements swelled from $17.2 billion to over $28 billion.

The Public Debt Management Risk Report of June 2018 showed that most of the indicators moved further towards dangerous levels while three breached the red line set in the medium-term debt strategy.

If the government is unable to have a concrete back-up plan to handle its external account, the situation may deteriorate. There are apprehensions that the country may not survive financially for long without IMF support.

The currency depreciation is expected to further increase the debt burden. IMF’s past reports noted that stress tests suggest that Pakistan’s external debt-to-GDP ratio would be affected by adverse shocks. Pakistan’s gross official foreign currency reserves as of the end of November stood at only $8 billion. Net international reserves are negative $10 billion.

The gross official foreign currency reserves include loans of $7.2 billion the central bank has acquired from domestic banks to shore up its reserves and $4 billion Chinese and Saudi Arabian deposits.

Owing to the huge domestic and foreign borrowings, debt servicing is now the single largest expenditure in the federal budget, estimated at Rs1.84 trillion or 34.7% for fiscal year 2018-19. A sum of $2.5 billion was spent on servicing the outstanding stock of external debt during first quarter of this fiscal year, according to the SBP.

The country paid $1.9 billion in principal loans and $522 million in interest on outstanding loans in just three months.

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Pakistani Economic Stress Watch

Postby Peregrine » 05 Dec 2018 21:02

Vips wrote:Pakistan’s external debt, liabilities shoot to record at $96.7b.

Pakistan’s external debt and liabilities soared to a record $96.7 billion by the end of September 2018, which appeared understated by $3 billion, as the central bank did not explicitly show the debt taken from China for shoring up foreign currency reserves. :D
Vips Ji :

Badhiayan Ji Badhiayan – Aap Ko Bhi Badhiayan - Terroristan Ko Bhi Badhiayan on approaching its First US$ 100 Billion Debt. May Terroristan attain the US$ 200 Billion Debt Mark Soon!

CONGRATULATIONS

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 05 Dec 2018 23:48

Peregrine wrote:
Vips Ji :

Badhiayan Ji Badhiayan – Aap Ko Bhi Badhiayan - Terroristan Ko Bhi Badhiayan on approaching its First US$ 100 Billion Debt. May Terroristan attain the US$ 200 Billion Debt Mark Soon!

CONGRATULATIONS


Pakhanistan's big debts will soon qualify it to be too big to fail (or allowed to fail). Now every nation will be worried and pakhanistan will become everyone's headache.

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 05 Dec 2018 23:53

Suddenly IMF is the bad guy?
(Please ignore the spelling errors)

Image

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Re: Pakistani Economic Stress Watch

Postby Peregrine » 06 Dec 2018 01:04

anupmisra wrote:Suddenly IMF is the bad guy?
(Please ignore the spelling errors)

Image
anupmisra Ji:

I hope you have noticed the MALE LOVERS OF IMRAN KHAN - So it is confirmed that Immy the Dimmy is providing "Entry from the Rear" to his MALE LOVERS - Hainna Ji :rotfl:

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Re: Pakistani Economic Stress Watch

Postby Vips » 06 Dec 2018 01:10

Bushra Bibi - Will it be IM doppleganger or djinns on the wall?

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Re: Pakistani Economic Stress Watch

Postby Vips » 06 Dec 2018 01:23

Venture funding Paki Ishtyle:

Pakistani airline, Shaheen Air International (SAI), is on the verge of becoming part of history after a Saudi prince withdrew from a deal to bail out the troubled airline. “Shaheen Air has not announced any precise closure but its offices have been shut for the past two weeks,” said Shaheen Air International Chief Marketing Officer Zohaib Hassan. “We are waiting for the resumption of work.”

The Saudi prince, who was previously willing to enter into an investment deal, withdrew after he heard about the cases against the airline, said another Shaheen Air employee on the condition of anonymity. :mrgreen:

When you come to know that offices of the business, you are going to invest in, are sealed by the authorities, you know the authorities are not happy, you wouldn’t want to mess with them,” he said. :D

The airline plunged into crisis in April 2018 when it defaulted on payments of taxes and fee to the Federal Board of Revenue and Civil Aviation Authority (CAA) amounting to Rs3.1 billion.

The airline also owes billions of rupees to hotels, catering services, ground-handling companies, fuel suppliers, banks and lessors – companies which provide aircraft on lease. The airline’s operating licence and fitness certificates for its aircraft and crew have expired, which is why it has shut down without any declaration. AerCap Ireland, the lessor of Shaheen Air’s eight aircraft, has taken back its airplanes through the Ireland embassy. :lol:

Shaheen Air initially had a fleet of about 16 airplanes, which first decreased to half and then completely vanished. The airline needs Rs5-6 billion in government bailout to resume operations.

Giving disclosures and having an existing business to get finance is for others - I am paki and hence supremely entitled so just hand over the money :rotfl:

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Re: Pakistani Economic Stress Watch

Postby Vips » 08 Dec 2018 02:10

Pakistan unlikely to get IMF bailout by January 15, says report.

Cash-strapped Pakistan’s quest for a USD 8 billion IMF bailout package by January 15 may not realise as the global lender wants the government to adopt tougher measures to address the external sector imbalances before sending the country’s case to its Executive Board, a media report said Friday. Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country’s economy.

The Express Tribune, quoting sources in the ministry of finance, said that the two sides made their first contact on Thursday for the first time since November 20 when they concluded their first round of talks for the bailout package. Finance Minister Asad Umar and the IMF’s Washington-based mission chief Harald Finger made contact through a video link, the report said. The two sides discussed the developments that took place during three weeks.(Progress report being given by pakis to the IMF maai baap :) )

Talks between Pakistan and the IMF remained inconclusive last month after both sides could not bridge the gulf on issues like the increase in electricity prices, hike in interest rate (minimum at 12% pa) , rupee devaluation (minimum at 150/$) and tax collection targets. At that time, Pakistani officials had claimed that the staff-level agreement could be reached before Christmas holidays and Pakistan could request the IMF to send its case to the next board meeting, tentatively scheduled for January 15, the report said. Both the sides showed flexibility and talks on Thursday were held in a more conducive environment than last month (After pakis did downhill skiing and carried a bigger vaseline jar), said a senior official of the ministry.

The finance minister informed the IMF mission head about developments on exchange rate and monetary policy. The sources said that the IMF welcomed both the developments but urged Pakistan to continue these necessary actions to address the external sector imbalances. The IMF wanted further adjustments in the exchange rate and monetary policy, said the sources. During the video conference, the two sides also discussed the issue of the increase in the electricity prices that remain unimplemented, the report said. The IMF was demanding 22 per cent further increase in electricity prices to address the issue of the circular debt, the report said.

Meanwhile, Pakistan’s debt and liabilities rose to nearly Rs31 trillion at the end of September 2018 with an addition of Rs 984 billion in just three months, another report in the same newspaper said. The increase comes amid concerns over a rapid rise in the debt burden in coming months owing to currency depreciation and interest rate hike. Statistics released by the State Bank of Pakistan (SBP) showed that by the end of first quarter of the current fiscal year, Pakistan’s total debt and liabilities soared to Rs 30.9 trillion. Within a span of just three months, there was an increase of Rs 984 billion, or 3.3 per cent, in the overall debt.

Of the Rs 30.9 trillion, the gross public debt, which is the direct responsibility of the government, stood at Rs 25.8 trillion, the report said. There was an increase of Rs 839 billion in the gross public debt in three months, which was far higher than the overall budget deficit of Rs 542 billion for the period. One of the key reasons behind the higher debt was the increase in interest rate and depreciation of the rupee during July-September 2018, the report said.

A single rupee devaluation adds Rs 97 billion to the public debt. Similarly, a 1 per cent increase in interest rate increases the cost of debt servicing by roughly Rs 180 billion. This ultimately increases borrowing requirements of the finance ministry, it said. Pakistan has received an aid package of USD 6 billion from Saudi Arabia and an assurance of financial help from China :mrgreen: , both close allies, to tide over the immediate cash crunch.

Ahhh rupee rate at 150 to $, electricity charges hike of 22%, interest rate at 12% . I really look forward to the amm abduls crying jeeehaaaarrrdddd. :lol:

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Pakistani Economic Stress Watch

Postby Peregrine » 08 Dec 2018 17:04

X Posted on the Terroristan Thread

Turkey using Screw Driver to make Terroristan cough up the Damages i.e. US$ 760 Million as awarded by the CSID

Pakistan’s overseas assets at risk after court verdict

ISLAMABAD: Pakistan’s overseas assets are at risk of being taken over as a security to enforce the verdict of an international arbitration court in the Karkey rental power case, which may lead to serious financial complications for Pakistan.

Talking to The Express Tribune, sources pointed out that the International Centre for Settlement of Investment Disputes (ICSID) started proceedings on March 23, 2018 in the case filed by Turkish company Karkey. The court gave the ruling against Pakistan on August 22, 2018, asking it to pay $760 million in damages along with interest.

Following the verdict, Karkey went to the US, UK and Germany to get the court decision enforced against Pakistan. Now, Pakistan’s assets abroad are at major risk of being taken over as a security to implement the court’s ruling.

Earlier, Karkey had installed a 232-megawatt ship-mounted rental power plant during the tenure of Pakistan Peoples Party (PPP)-led government. It signed a rental services agreement in April 2009 under the Rental Power Policy 2008 for electricity production along with Lakhra Power Generation Company. Following the agreement, the Government of Pakistan also issued sovereign guarantees to meet payment obligations.

Pakistan suffers setback in Karkey case as stay order vacated

The Turkish company started commercial operations in April 2011 but in the meantime, the Supreme Court of Pakistan took suo motu notice of expensive rental power projects in 2012 and declared all the rental plant agreements illegal. The court also directed the National Accountability Bureau (NAB) to initiate probe into the matter which, during investigations, restricted the rental power plant carrying ship of Karkey from leaving Pakistan.

Karkey then filed arbitration claims against Pakistan in the ICSID under the Bilateral Investment Treaty (BIT). Karkey was among 12 rental power companies that were awarded electricity production contracts by the PPP government in 2009 to tackle acute power shortages.

According to NAB, the rental power ship was brought to Karachi Port in April 2011 to provide electricity to the national grid under the government’s rental power policy in order to overcome the energy crisis. However, NAB said, Karkey failed to generate 231MW, as required under the agreement, although $9 million worth of capacity charges were paid to the company in advance.

The plant produced only 30-55MW and that too at a cost of Rs41 per unit, which was very expensive and a serious breach of contract. This led to a 50% increase in refund claims by the government from $80 million to $120 million.

Govt offers incentives to raise remittances

Following the international court’s ruling, Pakistan government constituted a committee tasked with negotiating with the Turkish firm and finding an out-of-court settlement to ensure minimum penalty payment compared to the $760 million ordered by the ICSID.

According to sources, Pakistan believes that government-to-government engagement could deliver desired results. However, no success has been achieved so far. Now, the Pakistan Tehreek-e-Insaf (PTI) government wants to challenge the enforcement of the court decision. Terroristani Establishment are a Bunch of Lunatics. This is not a Court Case. It is an Arbitration Case and most probably the Arbitrators have Barred further Referrals such as House of Lords etc.

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Re: Pakistani Economic Stress Watch

Postby Vips » 08 Dec 2018 21:03

I remember there was another case some times back which went into arbitration and was awarded to the investing company in an international court and then Pakistan tried filing a case in its supreme court to escape enforcing of the award. :rotfl:

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Re: Pakistani Economic Stress Watch

Postby Bart S » 08 Dec 2018 22:01

Well, they are a bunch of delusional morons. It's hard to reconcile with the fact that they were once Indians, the only explanation that one can have is that they have been slowly (actually rather rapidly) transitioning from Smeagol to Gollum ever since they left the Shire.

They tried to sue BCCI for easy money based on an MOU (actually not even an MOU but a letter of intent), accepted terms in arbitration that clearly stated that no appeals are possible. Now after losing and facing the prospect of having to pay legal fees for their frivolous lawsuit, all the idiot fans are asking for PCB to next sue 1> ICC for being biased and 2> Lawyers for doing a poor job/misleading PCB (of course the Pakis are always the innocent and wronged party and victims of many grand conspiracies in any issue that they are involved in anywhere and at any point of time)

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Re: Pakistani Economic Stress Watch

Postby Parasu » 09 Dec 2018 17:32

https://tribune.com.pk/story/1862506/2- ... cancelled/
The Pakistan LNG Limited has cancelled a crucial shipment of the liquefied petroleum gas (LNG) that will not only cause a shortage of gas during winter – to the benefit of furnace oil mafia – but will also cause a loss of Rs12 billion to the national exchequer.

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Pakistani Economic Stress Watch

Postby Peregrine » 09 Dec 2018 17:34

X Posted on the Terroristan Thread

'Rupee could easily settle at 150 in next six months'

KARACHI: “If you have to determine a level where the rupee might settle against the US dollar, 150 is a very easy target you can see in the next six months,” remarked Alfalah GHP Chief Executive Maheen Rahman.

She was addressing a seminar on “Pakistan’s Economy: Yet Another New Start” at the IBA ThinkFest on Saturday.

Rahman said that there is no real level that can be fixed for the Pakistani currency, which has depreciated nearly 31% in the past 11 months.

The International Monetary Fund (IMF) has recently proposed that Pakistan let its currency depreciate to Rs145-150 to the US dollar during talks with the newly installed Pakistan Tehreek-e-Insaf (PTI) government which is seeking a bailout package of $6-12 billion.

Elaborating, she said that the dollar should go up or down annually, which is not a problem. “If there is 5% depreciation in the rupee on an annual basis, it is something that the economy can absorb and adjust.” Man Oh Man! The Number of Terroristani Rupee Billionaires is Rising by Leaps and Bounds i.e. by at least 5% annually!

However, in the past five to six years, the rupee was held artificially at one level and not allowed to find its true value. Due to this, pressure continued to mount, which is why now there are sudden sharp movements. There should be a gradual movement in the rupee in line with what the dynamics are and that is how overall exchange rate should be managed, she added.

Talking about the tumultuous year for the economy, which has witnessed several rounds of rupee depreciation and hike in interest rate to a six-year high of 10%, Rahman said that although the worst is not over yet, “we are very close to the end of this cycle”. I O W the Next Cycle!

Pakistan’s debt and liabilities surge to Rs31 trillion

Responding to a question on whether the government would go to the IMF for a bailout, the panellist said, “It is going to go to end up at a point where we don’t have a choice. The requirement for funding is there, which is a very deep requirement.”

Speaking to the media recently, Finance Minister Asad Umar said that the balance of payments crisis is over for now and the financing gap for the current fiscal year has been plugged.

Commenting on the finance minister’s statement, Rahman said, “If he has plugged that (financing gap), it should be apparent in the economic indicators.” Yes Sir, until the NEXT UNPLUGGING & PLUGGING!

She remarked that had the gap been plugged, the foreign exchange reserves would not have fallen by $500 million and the rupee would not have faced such volatile fluctuations. Speaking on the occasion, Arif Habib Consultancy Chief Executive Nasim Beg said capital markets are confused as there is a lack of clarity on what direction the economy will take. The Only Way is DOWN INTO THE TOILET!

Govt not to artificially control rupee value: Finance minister

“We don’t know whether we will get the money from the IMF. We don’t know if the government wants to go the IMF.”

Beg said that there is a need to arrest the plunging foreign exchange reserves, adding that there is a political agenda in relation to the IMF package and talks are underway behind the scenes.

Earlier, there were statements from US Secretary of State Mike Pompeo that IMF loans should not be used to pay off Chinese debt. Later, a US Treasury official stated that Pakistan is likely to pay off an IMF bailout before its loans from China come due, easing concerns that IMF funds will be used to pay back Chinese creditors.

Addressing structural problems in the economy, Beg said Pakistan is an import-dependent economy and its exports base is very narrow.

Adding to this, Rahman said that having a high import bill is not necessarily bad, but “we need to address the issue of exports by increasing the manufacturing base, which will allow them to grow at a faster pace.”

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Pakistani Economic Stress Watch

Postby Peregrine » 09 Dec 2018 17:48

Parasu wrote:https://tribune.com.pk/story/1862506/2-12b-lost-crucial-lng-shipment-cancelled/
The Pakistan LNG Limited has cancelled a crucial shipment of the liquefied petroleum gas (LNG) that will not only cause a shortage of gas during winter – to the benefit of furnace oil mafia – but will also cause a loss of Rs12 billion to the national exchequer.
Parasu Ji :
Sir Ji that is only US$ 80 Million!

The Pakistan LNG Limited Honchos and the Ministry concerned will NOT HAVE TO RETURN THEIR CUMSHAW and they will receive it again on the Replacement Cargo!

Everybody is the Winner!

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Pakistani Economic Stress Watch

Postby Peregrine » 10 Dec 2018 15:38

X Posted on the Terroristan Thread

Foreign minister sees talks on US financial aid restoration

MULTAN: Foreign Minister Shah Mehmood Qureshi says there are chances of restoration of a dialogue with the US government for the restoration of American financial assistance to Pakistan. You can take the Begging out of Terroristan but you cannot stop the Government of Terroristan from Begging Internationally! :rotfl:

Speaking at a reception here on Sunday, minister said the government was making efforts to bring foreign investment to the country to improve economy. He said foreign missions abroad had been asked to make efforts to bring investment to Pakistan.

He said that political leadership of Khyber Pakhtunkhwa and Balochistan had no objection to the creation of south Punjab province, however a `small segment’ in Sindh and Punjab had some reservations.

“A small segment in Sindh thinks that the creation of south Punjab may pave the way for the demand for the division of Sindh which is totally baseless as no one is demanding the division of Sindh,” he said.

He said that the PTI government was sincere for the creation of south Punjab. “Right now we are trying to create a consensus among political parties.”

He said initially a sub-secretariat (of south Punjab) would be established in Multan for which funds would be allocated in next fiscal. Qureshi said he was not aware of changes to be made in the ministries.

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Re: Pakistani Economic Stress Watch

Postby Vips » 10 Dec 2018 19:38

Bhikari paki foreign minister shown his auqat by Niki Haley: Pak harbours terrorists, shouldn't be given even a dollar

United States Ambassador to the United Nations Nikki Haley on Monday slammed Pakistan for harbouring terrorists and said that Islamabad should not even be given a single dollar until it addresses the issue. She further said that the terrorists Pakistan continues to provide shelter to "turn around and kill American soldiers".

Nikki Haley said that the US did not need to give money to the countries that wish to harm America, go behind its back and try to "stop us from doing things".

"...I think there should be a strategic view on which countries we partner with, which ones we count on to work with us on certain things, and move forward accordingly. I think we just blindly allow money to keep going without thinking that this is real leverage. We have to use it," Haley told a US magazine.

"The one example I'll give you is, look at Pakistan. Giving them over a billion dollars, and they continue to harbour terrorists that turn around and kill our soldiers that's never okay. We shouldn't even give them a dollar until they correct it. Use the billion dollars. That's not a small amount of change," she said.

Nikki Haley said Pakistan should be told "you have to do these things before we will even start to help you with your military or start to help you on counter terrorism".

Asked if she does not agree that the foreign aid can turn an adversary into an ally, or can make a country more favourable than it would be otherwise, Haley said, "No, I think it absolutely can. I think that you do have to use it as leverage."

"I don't think you should blindly give it and then expect goodwill. You have to ask for goodwill and then give it when you see good things happen," she said.

Nikki Haley, the first Indian-American ever appointed to a Cabinet position in any US presidential administration, will step down as the UN envoy at the end of this year.

In September, the Trump administration had cancelled USD 300 million worth military aid to Islamabad for not doing enough against terror groups active on its soil.

Defending his administration's decision to stop hundreds of millions of dollars flowing in military aid to Pakistan, Donald Trump said that Islamabad does not do "a damn thing" for the US. He further said that the Pakistani government helped late al-Qaeda leader and 9/11 mastermind Osama bin Laden in its territory.

Referring to Laden and the compound in Abbottabad, where he was killed by the US forces, Trump told Fox News, "You know, living think of this living in Pakistan, beautifully in Pakistan in what I guess they considered a nice mansion, I don't know, I've seen nicer."

"But living in Pakistan right next to the military academy, everybody in Pakistan knew he was there," Trump said.

"We give Pakistan USD 1.3 billion a year...[Laden] lived in Pakistan, we're supporting Pakistan, we're giving them USD 1.3 billion a year - which we don't give them anymore, by the way, I ended it because they don't do anything for us, they don't do a damn thing for us," he said.

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Pakistani Economic Stress Watch

Postby Peregrine » 10 Dec 2018 21:04

X Posted on the Terroristan Thread

People bomb – Editorial

THE problem may take as much time to resolve as the nearly 2m currently pending court cases in Pakistan, but there’s no disputing the views of the country’s top judge about our runaway population.

At a symposium in Islamabad, Justice Saqib Nisar observed that Pakistan’s population growth rate is potentially the “most disastrous issue” facing this nation and a “menace” that has barely been addressed for the last six decades.

The problem, as he spelled out, is a simple one of supply and demand, with dwindling resources unable to cater to an increasing number of mouths to feed.

Read: Family planning may be our last hope

Prime Minister Imran Khan, on the same occasion, emphasised that curbing the population growth was a priority for his government and one it had already begun working on. He recalled the effectiveness of family planning TV campaigns in the 1960s in keeping the numbers down.

One wonders what successive governments in our history were thinking when, at the cost of the people’s future, they put family planning on the back burner, acquiescing to preposterous right-wing propaganda linking the issue with promoting ‘obscenity’.

The Pakistani youth bulge: a ticking time bomb

When mentioned at all, ‘family planning’ became ‘population welfare’, and the message was so watered down and sanitised as to be scarcely comprehensible to its target audience.

In fact, the prime minister’s remark at a public forum about the delivery of contraceptives being a problem in dealing with controlling population growth was a refreshing dose of plain speaking; we cannot afford to beat about the bush anymore.

Climate change is well under way, and Pakistan is one of 10 countries most vulnerable to global warming.

Mr Khan rightly pointed out at the symposium that the clergy in Iran and Bangladesh plays an active role in their countries’ extremely successful population control campaigns. There are NGOs in Pakistan already engaging with local clerics on this score but a far bigger, more holistic, government-owned initiative is needed. Failure is Guaranteed!

This is a complex issue that touches upon many aspects; and one of the most significant is the status of women. The less empowered a woman, the less likely she is to have any say in the frequency or spacing of pregnancies — and Pakistan consistently features at the bottom of the annual gender gap index.

A nightmare scenario looms on the horizon; the longer we delay the critical task of population control, the more extended and harsh will be the fallout. This is a most Unislamic Act which Denies Terroristan the Allah Given and Mandated Chance to become Equal = Equal at least in Terms of their Population as compared to India.

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 11 Dec 2018 10:47

Govt releases 41pc less funds for development projects

With tight fiscal position and revenue shortfall, the Public Sector Development Programme (PSDP) continues to shrink during the current fiscal year.
In the first five months (July-November) of the current year, total PSDP releases by the Planning Commission amount to Rs182 billion against Rs305bn of the same period last year, showing a reduction of 40.3 per cent.
The data showed the Planning Commission could not release any funds for development of Federally Administered Tribal Areas (FATA) even though an allocation of Rs10bn had been approved in the supplementary budget presented by the PTI government in September as federal contribution to 10-year development programme of the region now being merged as districts of the Khyber Pakhtunkhwa provinces.


https://www.dawn.com/news/1450776/govt- ... t-projects

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Re: Pakistani Economic Stress Watch

Postby Aditya_V » 11 Dec 2018 14:41

What is all these Development funds
why Not just split Paki Budget as follows

1) Interest and Capital payments
2) Defense Budget
3) Allah ke Bharose for Abdul- 0

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Re: Pakistani Economic Stress Watch

Postby ArjunPandit » 11 Dec 2018 14:56

Aditya_V wrote:What is all these Development funds
why Not just split Paki Budget as follows

1) Interest and Capital payments
2) Defense Budget
3) Allah ke Bharose for Abdul- 0

AAA rated pakistani should be like
1. Army budget: Debit
2. Doles from America: Army
3. Allah Bharose Abdul: Should pay zakait

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 11 Dec 2018 19:03

After an initial "promise of a turnaround" in a hundred days, now its six months. And, its a "vow". Why? Because the s'lootion is very, very simple. Read on...

PM vows to correct economy in six months

Rejecting criticism over seeking the International Monetary Fund (IMF) bailout package, Prime Minister Imran Khan on Wednesday said it will take at least six months before the corrective economic measures taken by his government start showing results.
However, he said the prevailing economic meltdown would not last long while assuring the countrymen he would steer the country out of the economic crisis.
Have courage and faith in your government. Just relax. 8)
Imran advised the countrymen saying good days were not far for Pakistanis
“An impression has been created as if the sky is going to fall.
Right now, we do not have enough money to pay installments of the loans obtained by the previous government and pay for the imports.
In simple words, the government urgently needs $10-12 billion – it is the same amount laundered annually from Pakistan. Provided we stop money laundering we will not be requiring to go for the loan
The reforms the PTI government had introduced would be reflected at least after six months.


There! Problem solved! Relax! Trust I'm the dim and peerniji because bibi has read the tea leaves and forecasts acchey din ahead.

https://tribune.com.pk/story/1822871/1- ... ix-months/

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 11 Dec 2018 19:15

World Bank cancels $250m emergency relief loan

The World Bank has cancelled a $250-million emergency relief loan for Pakistan after both sides could not converge on a new macroeconomic framework due to deteriorating external-sector condition of Pakistan.
The loan was aimed at strengthening the regulatory and institutional framework to cope with climate change and disaster risk in Pakistan and increase financial capacity to respond to natural disasters.
The decision to cancel the policy loan came following postponement of visit of a World Bank team to Pakistan.
Both the sides also had differences over the macroeconomic framework.
The country also had to pay commitment charges on the undisbursed amount, they added. :shock:
Pakistan’s macroeconomic framework continues to face some risks as the overall external account position weakens, the current account deficit widens and international reserves come under pressure.
The country’s gross official foreign currency reserves stand at a mere $7.5 billion, only sufficient to provide cover for six weeks of imports.
Pakistan and international lenders also differ over the country’s exchange rate regime. They are pushing Islamabad to allow a steep depreciation of the rupee.


No worries. Pakhanistan does not need $250 M because, without even trying, acchey dins are ahead in six months. Besides, why waste a 1% commitment fee?

https://tribune.com.pk/story/1864041/2- ... lief-loan/

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Re: Pakistani Economic Stress Watch

Postby Vips » 13 Dec 2018 19:38

Self styled corporate honcho continues to lie.

Only a tenth of Pakistan foreign debt owed to Beijing: Umar.


One question that has long bothered the Pakistani public and the US is the lack of transparency around the terms and conditions for investments and loans Beijing has pledged to Islamabad as part of its Belt and Road Initiative flagship project: the China-Pakistan Economic Corridor (CPEC).

The question has become increasingly important because it can make or break Pakistan’s case for another bailout from the International Monetary Fund when they resume talks in January. So it came as no surprise to our finance minister, Asad Umar, when Stephen Sackur, host of the BBC’s HARDtalk, accused his government of refusing to make public details of the CPEC projects and sought an answer from him.

“It’s not true,” Umar said. Details of the CPEC investment (not the loans :mrgreen: ) is public. The investment is almost entirely in energy. The information is available on the website of the power sector’s regulator. And details of the loans were shared with the IMF when its team came to Pakistan. “After the first meeting, I didn’t hear any questions from them because there is nothing to hide,” Umar said. Reports of a lack of transparency were a function of ‘mistrust’ built by the perception shaped by the media.

Indeed, details of the energy projects have been available on NEPRA’s websitebut there is no information about the loans and their terms. This was the case before this government came to power and now that it is at the helm.
Last edited by Vips on 13 Dec 2018 19:42, edited 1 time in total.

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Re: Pakistani Economic Stress Watch

Postby Vips » 13 Dec 2018 19:41

All ij well, All ij well Saudi cheque is coming.


Finance Minister Asad Umar on Thursday said that an incoming investment package from Saudi Arabia, which promises to be "the biggest foreign investment in Pakistan history", will be announced soon.

"The ball is in our court. We have to get cabinet approval next week, after which an announcement will be made," he said, addressing an event in Islamabad.

He added that he keeps getting messages from Saudi Crown Prince Mohammad Bin Salman "through other people to hurry up". :rotfl:

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Re: Pakistani Economic Stress Watch

Postby Vips » 13 Dec 2018 19:47

US Danda continues rolling on the paki back sides.

The US is making all efforts to ensure that any IMF bailout to Pakistan is not used to repay its Chinese debts, a senior Trump administration official has told lawmakers. Cash-strapped Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country’s economy.

A recent meeting between the IMF and Pakistan ended in a stalemate.

The US feels that the huge Chinese debt was responsible for the economic challenges in Pakistan.

“We are working and making clear within the IMF that if it were going to supply any funding to Pakistan that it would not be used to repay Chinese loans,” David Malpass, Under Secretary of Treasury for International Affairs, told lawmakers during a Congressional hearing on Wednesday. There are concerns among American lawmakers that the IMF money could be used to repay Chinese debt.

Malpass said that the US is also trying to make sure that Pakistan changes its economic program so that it’s not a failure in the future.

During the House Financial Services Committee hearing on ‘Evaluating the Effectiveness of the International Financial Institutions’ Congressman Ed Royce said Pakistan is currently seeking a multibillion-dollar IMF bailout.

“In July, Secretary (of State, Mike) Pompeo said there’s no rationale for IMF tax dollars and those associated with American dollars that are part of IMF funding for those to go to bailout Chinese bond holders or China itself,” he said.

“We will make strong efforts, and I believe successful efforts, to make sure that what you describe doesn’t happen, meaning a payoff of Beijing via Islamabad,” Malpass said. Malpass said that IMF loans tend to be shorter maturity loans and China’s loans to Pakistan have been longer maturity loans.

“So from the standpoint of that money being used, we will look for was that that roundtripping does not happen the way you described,” he said.
“But important in this, is the structural reforms in Pakistan that are necessary for it to stop being such a poor country,” Malpass said.

China is making huge infrastructure investments as part of its Belt and Road Initiative (BRI). The BRI’s flagship project is the USD 60 billion. China Pakistan Economic Corridor (CPEC) that is planned to run from northwest China’s Xinjiang province to Gwadar port in Pakistan’s Balochistan province.
There are concerns that given Pakistan’s growing Chinese debt, the same could happen to the Gwadar port and other major CPEC-linked projects in Pakistan. But China has rejected criticism that the CPEC projects have saddled Pakistan with expensive debt. :mrgreen:

“The CPEC has not inflicted a debt burden on Pakistan, rather when these projects get completed and enter into operation, they will unleash huge economic benefits… and these will create considerable returns to the Pakistani economy,” China’s State Councillor and Foreign Minister Wang Yi said Islamabad in September. PTI

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Re: Pakistani Economic Stress Watch

Postby Manish_P » 13 Dec 2018 19:55

<self deleted - duplicate of another post>

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Re: Pakistani Economic Stress Watch

Postby ArjunPandit » 13 Dec 2018 21:08

^^just for the sake of argument isn't IMF money supposed to bail out the bankrupt countries. This happened for many EU weaklings because of their UK/France/germany style spending and Paki style income generation. So basically US is making it clear that my system my way and be my toyboy to pakis. Not that they are not used to being toyboy but the danda is something they are coming to terms with this time.

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Re: Pakistani Economic Stress Watch

Postby TKiran » 13 Dec 2018 22:07

Khan knows very well that pakis are going to use IMF money to pay China. They also know that they will create books to show that money went into some infrastructure development etc, but never disclose that it's gone to cheenis. You don't have to be Trump to understand pakis. But still they are going to fund pakis. There's some other game plan going on ... I'm not able to figure it out... May be Khan wants to handover Afghanistan to Pakis, and runaway... I think it's game over for Khan in Afghanistan.

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Re: Pakistani Economic Stress Watch

Postby anupmisra » 13 Dec 2018 22:34

Downright shameful for a directionless bankrupt nation to survive, year after year, on the largess of other nations.

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Re: Pakistani Economic Stress Watch

Postby Prem » 14 Dec 2018 07:58

Proud Baki Beggancial Minister

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Re: Pakistani Economic Stress Watch

Postby sum » 14 Dec 2018 10:56

He added that he keeps getting messages from Saudi Crown Prince Mohammad Bin Salman "through other people to hurry up".

Truly another levels of folks in Pakiland! :rotfl:


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