Pakistani Economic Stress Watch

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sudhan
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Re: Pakistani Economic Stress Watch

Postby sudhan » 27 Jun 2019 14:43



:shock: :shock:

Wow, I thought they were in deep doodoo.. Now I realize.. they are so deep, they have become the doodoo..

To compare, India foresees borrowing about 7 trillion INR this financial year.. about $100 billion..

Very soon, no one will even be able to bail them out, even if they wanted to..

The nation is strapping on the biggest soosai vest ever..

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Re: Pakistani Economic Stress Watch

Postby yensoy » 27 Jun 2019 15:05

That's not possible. Rs43.5tr is over $270 billion, i.e. bigger than their GDP. How can a govt borrow more than a country's GDP and that too only for loan interest and some principal repayment? The article reads well and looks reasonable; but are we somehow misinterpreting the amount to actually be the government's outstanding liabilities (and not the yearly payments)? It's possible for govt liabilities to be at that number - 2018 government debt to gdp ratio was 72.5% (https://tradingeconomics.com/pakistan/government-debt-to-gdp)- with devaluation, recession and additional loans taken on recently, this can most certainly cross 100% and be in line with the Rs43.5tr number

If the Rs43.5tr number reflects yearly payments, then it's curtains for Pak as we know it.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby yensoy » 27 Jun 2019 15:15

Singha wrote:paks who earn in riyals & dirhams in gulf and dollars in west will be loathe to send money back given the devaluations.


Exactly! A downward sliding conversion rate with no end in sight will lead to fewer remittances, not more. Most people will only send what is absolutely required, and defer all sorts of bulk transfers - whether for savings, or even property purchases - if they can get higher returns just by staying in the USD or other hard currency.

Which is why a reasonably enlightened government would have rapidly and in one stroke devalued their currency, purchased whatever forex they could in the first few days of the tumble (or negotiated delivery of hard currency from IMF prior to devaluation), and then used these reserves to strongly defend their currency. The public message should have been "we are done with devaluation now, please get back to your daily life now".

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Re: Pakistani Economic Stress Watch

Postby Singha » 27 Jun 2019 15:30

84 bangladesh taka = 165 Paki rupee = 1 USD

should tell how fast their trajectories are diverging.

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Pakistani Economic Stress Watch

Postby Peregrine » 27 Jun 2019 16:29

Jay Ji : Your Post 26 Jun 2019 22:05, Y I Patel Ji : Your Post 27 Jun 2019 05:42 & sudhan Ji Your Post 27 Jun 2019 14:43

A collective Thanks to all of you!

I would also draw your attention to my Post of 26 Jun 2019 19:40 and note that after the Highlighting in Para Two I realized that the rest of the Article would drawing your full attention without any further Highlighting.

Indeed, your response stimulates me to further exertions.

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Pakistani Economic Stress Watch

Postby Peregrine » 27 Jun 2019 17:13

Rupee loses further ground to trade at 164.5 - Salman Siddiqui
KARACHI: The rupee continued its downward drive in search for a base for a second successive day on Thursday.

The currency further weakened by Rs 2.34 to Rs164.50 to the US dollar during intra-day trade in the inter-bank market.

The rupee closed at Rs162.16 on Wednesday, according to the State Bank of Pakistan (SBP).

Wow! Wow!! Wow!!! Every Terroristan who receives foreign remittances from their Father or Brother per Thousand US$ 1.000 they will receive T. Rs. 2,340 extra. Soup on Naaluh!
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Re: Pakistani Economic Stress Watch

Postby A_Gupta » 27 Jun 2019 17:22

yensoy wrote:That's not possible. Rs43.5tr is over $270 billion, i.e. bigger than their GDP. How can a govt borrow more than a country's GDP and that too only for loan interest and some principal repayment? The article reads well and looks reasonable; but are we somehow misinterpreting the amount to actually be the government's outstanding liabilities (and not the yearly payments)? It's possible for govt liabilities to be at that number - 2018 government debt to gdp ratio was 72.5% (https://tradingeconomics.com/pakistan/government-debt-to-gdp)- with devaluation, recession and additional loans taken on recently, this can most certainly cross 100% and be in line with the Rs43.5tr number

If the Rs43.5tr number reflects yearly payments, then it's curtains for Pak as we know it.


Yes, madrassa math strikes again.
E.g. ,
For the outgoing fiscal year, the National Assembly had approved Rs23.5 trillion for obligatory expenditure and the new demand is Rs19.8-trillion or 83.6% higher than the outgoing fiscal year. This includes Rs43.3 trillion worth of debt servicing-related spending bill, which is higher by Rs19.74 trillion or 84% than the expenses approved by the National Assembly in May last year.


How does 19.8 trillion include 43.3 trillion?

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Pakistani Economic Stress Watch

Postby Peregrine » 27 Jun 2019 17:53

sudhan wrote::shock: :shock:

Wow, I thought they were in deep doodoo.. Now I realize.. they are so deep, they have become the doodoo..

To compare, India foresees borrowing about 7 trillion INR this financial year.. about $100 billion..

Very soon, no one will even be able to bail them out, even if they wanted to..

The nation is strapping on the biggest soosai vest ever..
sudhan Ji :

In addition, Unable to Run Up the Steep Hill but slipping backwards on its own Morning Evacuation!

Beers, Cheers and all that!Image

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Re: Pakistani Economic Stress Watch

Postby Mort Walker » 27 Jun 2019 18:42

Just remember the pakis never intend to pay back anyone. Be it the Chinese, ME countries, or IMF. They will expect them to write off their debts. They hope to start adventurism with India, then get beaten back only to cry that they’re unable to pay and the world owes them.

The awam will suffer making loan payments but the RAPEs and army will make out like bandits. Until these two groups feel hurt in their pocket books, don’t expect any changes.

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Re: Pakistani Economic Stress Watch

Postby kit » 27 Jun 2019 18:54

Picture the situation

10 years from now, Pakistan defaults .. says it can't pay .. what's likely to happen ?.. at this point it may owe around 100 billion to deeper than an ocean friend and 10 b to IMF, lets forget the middle east countries, they have been writing it off for eons

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Pakistani Economic Stress Watch

Postby Peregrine » 27 Jun 2019 19:08

S&P BSE SENSEX

Index Current : 39,586.41 - Pt. Change : -5.67 - % Change : -0.01

Market Capitalization of BSE Listed Co. (Rs.Cr.) - 1,52,35,996.40 - $ 1 / I N R 69.3375

Market Capitalization of BSE Listed Co. (U S $.) - 2,197.37 Billion

P S E

Current Index : 33,774.42 – Change : -314.14 - %Change : -0.93%

Market Capitalization of PSE Listed Co. (Rs.Tr.) - 6,857,117,653,283 - $ 1 / TR 164.50

Market Capitalization of PSE Listed Co. (U S $..) - 41.74 Billion

B S E : P S E : : 52.64 : 1


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Re: Pakistani Economic Stress Watch

Postby Mort Walker » 27 Jun 2019 19:19

In 2 years the US will bail out TSP and write off a big portion of their debt. Let Trump pass and then it’s back to the same old games.

No interest, just pay back $1B/yr for the next 100 years.

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Re: Pakistani Economic Stress Watch

Postby pankajs » 27 Jun 2019 19:39

^^
That may well happen this time and the next and the next ... BUT bakis will need higher and higher bailouts with time. There will come a time when all their friends will just raise there hands and walk away.

We, Indians can help increase their (Baki and friends) cost by pressing ahead with out military modernization and ramping up the power differential between us. The bakis will be forced to follow us else all their Gazwa dreams will become hawa-hawai. Our job is to increase the cost and watch the fun!

IF they stop following us UP the capacity they will become a normal state but is that possible? How will that square with their past 50+ years of "Investment" in Gazwa-e-pindi? It is very hard to let go of past as sunk cost and especially one brought up on a steady diet of superiority vs kuffars, Slam and other such refined concepts.

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Re: Pakistani Economic Stress Watch

Postby yensoy » 27 Jun 2019 20:31

A_Gupta wrote:Yes, madrassa math strikes again.E.g. ,
For the outgoing fiscal year, the National Assembly had approved Rs23.5 trillion for obligatory expenditure and the new demand is Rs19.8-trillion or 83.6% higher than the outgoing fiscal year. This includes Rs43.3 trillion worth of debt servicing-related spending bill, which is higher by Rs19.74 trillion or 84% than the expenses approved by the National Assembly in May last year.

How does 19.8 trillion include 43.3 trillion?


I think the para you quoted makes perfect sense. Last year the NA approved Rs23.5 trillion ($223 bn in last year's PKR), and this year the ask is for Rs43.3 trillion ($264 bn in current PKR). 43.3 = 23.5 + 19.8. 19.8 is the additional sum sought.

They clearly did not have a budgetary allocation of $223 billion last year to spend on debt servicing, so it is absolutely certain that this amount refers to their credit line only. e.g. the difference between having a debt of Rs 1 crore for purchasing a flat, versus budgeting Rs 12 lakh each year for paying back your loan. The 43.3 Tr amount is analogous to the 1 crore in this example, not the 12 lakhs.

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Re: Pakistani Economic Stress Watch

Postby yensoy » 27 Jun 2019 20:48

Meanwhile, I was thinking of what our objectives should be in the long term with Pakistan. Here is what I thought of:
1. Return of all areas in erstwhile J&K under Paki control to India. Permanent abrogation of Kashmir claims.
2. Abrogation of violent extremism directed at India or Indian interests, including funding/encouragement of violent 3rd parties.
3. Full accounting/repatriation of all PoWs, MIAs and other Indians under detention in Pakistan.
4. Abrogation of all claims to partition/pre-partition issues, moneys, cultural artefacts etc in India's favour.
5. Timely extradition of terrorists and persons of interests to the Indian government.
6. Vivisection of the Pakistan landmass into Punjab, Sind, Baluchistan and other provinces, as per local people's aspirations.
7. Accession of Gurdaspur, Tharparkar and other areas of cultural/religious significance/kinship into India.
8. Unencumbered and apoliticized access to all Indian and OCI pilgrims to Sikh, Hindu, Buddhist and Jain religious sites; and shared historic sites such as Mohenjo-daro and Harappa.
9. Full renunciation of nuclear weapons of war.
10. Water treaty to be updated for new reality which includes guarantees for downstream country of Sindh.
11. Open access to airspace.
12. Full revision of scholastic material including the Pakistan ideology, based on actual historic evidence and modern science.
13. Prohibition of use of territory for military bases or strategic assets by 3rd parties.

Please add your own...

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Re: Pakistani Economic Stress Watch

Postby venug » 27 Jun 2019 21:20

Just one:
1. Destroy Pakistan, Let Balochistan etc be given freedom, Take back PoK. The above assumes existence of TSP is in our interest and need to maintain neighborly relationship on the lines of live and let live. 70+ years of experience with TSP and 100s of thousands of Indian lives lost should draw its pound of flesh. Give Karma its due.

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Re: Pakistani Economic Stress Watch

Postby A_Gupta » 27 Jun 2019 22:50

yensoy wrote:
A_Gupta wrote:Yes, madrassa math strikes again.E.g. ,
How does 19.8 trillion include 43.3 trillion?


I think the para you quoted makes perfect sense. Last year the NA approved Rs23.5 trillion ($223 bn in last year's PKR), and this year the ask is for Rs43.3 trillion ($264 bn in current PKR). 43.3 = 23.5 + 19.8. 19.8 is the additional sum sought.

They clearly did not have a budgetary allocation of $223 billion last year to spend on debt servicing, so it is absolutely certain that this amount refers to their credit line only. e.g. the difference between having a debt of Rs 1 crore for purchasing a flat, versus budgeting Rs 12 lakh each year for paying back your loan. The 43.3 Tr amount is analogous to the 1 crore in this example, not the 12 lakhs.


It takes special interpretation. You may well be right in your interpretation but English grammar doesn't support the meaning you give it. If it is not madrassa math it is madrassa English.

Let me see if I can rewrite it to match your interpretation:
For the outgoing fiscal year, the National Assembly had approved Rs23.5 trillion for obligatory expenditure and the new additional demand is Rs19.8-trillion or 83.6% higher than the outgoing fiscal year. This includes totals Rs43.3 trillion worth of debt servicing-related spending bill, which is higher by Rs19.74 trillion or 84% than the expenses approved by the National Assembly in May last year.


Second, e.g., per State Bank of Pakistan, H1-FY19 total Pak federal govt. expenditure was 3,357.0 billion PKR, which is 3.357 trillion PKR; so where quantities like 23.5 trillion, 19.8 trillion and 43.3 trillion are coming from is a mystery.

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Re: Pakistani Economic Stress Watch

Postby A_Gupta » 27 Jun 2019 23:15

Here's per State Bank of Pakistan, the external public debt servicing for H1-FY19:
Principal payments: USD 2677.6 million
Interest payments: USD 1016.6 millon
Total: USD 3694.2 million

The government domestic debt as of Dec-18 was 27,455.9 billion PKR (i.e., 27.4559 trillion PKR).

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Re: Pakistani Economic Stress Watch

Postby A_Gupta » 27 Jun 2019 23:34

The Pakistan Federal Budget for 2019-20 can be found here:
http://www.finance.gov.pk/fb_2019_20.html

In terms of PKR, it projects new external loans of 2.991 trillion PKR.
In terms of expenditures,
"Mark-up payment on domestic debt" is 2.532 trillion PKR
"Mark-up payment on foreign debt" is 359.8 billion PKR (dunno what exchange rate this assumes).
Foreign loans repayment is 1.095 trillion PKR (dunno what exchange rate this assumes).
Military pensions are 327.1 billion PKR
Defence Affairs and Services is 1.153 trillion PKR

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Pakistani Economic Stress Watch

Postby Peregrine » 28 Jun 2019 02:14

Dollar continues climb against rupee

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According to some dealers, the greenback’s value will hit Rs 165 before the closing of the outgoing fiscal year i.e. 30-06-2019.
The value of the dollar on Thursday slightly increased in the open market and the interbank market by Re0.50 and Re0.20 respectively.
The greenback strengthened its value against the rupee to Rs163.50 in the open market, while in the inter-bank market, it hit Rs164.20 level.
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Re: Pakistani Economic Stress Watch

Postby Katare » 28 Jun 2019 05:28

kit wrote:Picture the situation

10 years from now, Pakistan defaults .. says it can't pay .. what's likely to happen ?.. at this point it may owe around 100 billion to deeper than an ocean friend and 10 b to IMF, lets forget the middle east countries, they have been writing it off for eons


That would be the end of Pakistan!

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Re: Pakistani Economic Stress Watch

Postby williams » 28 Jun 2019 06:09

Mort Walker wrote:Just remember the pakis never intend to pay back anyone. Be it the Chinese, ME countries, or IMF. They will expect them to write off their debts. They hope to start adventurism with India, then get beaten back only to cry that they’re unable to pay and the world owes them.

The awam will suffer making loan payments but the RAPEs and army will make out like bandits. Until these two groups feel hurt in their pocketbooks, don’t expect any changes.


This exactly why we should continue to work on destroying Pakistan covertly. One great advantage we have is Paki's would always preserve their H&D by stating India has never attacked. Just imagine if we did not announce Balakot. They would have silently taken the beating to preserve H&D. Granted, we announced it to keep up the morale of our own people and to garner international support. Now we need a lot more unannounced ops.

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Re: Pakistani Economic Stress Watch

Postby Yogi_G » 28 Jun 2019 11:31

https://www.dawn.com/news/1490882/final-version-of-budget-to-be-shared-with-imf-by-july-1

Inni nee vayasukku vandaa enna varalanaa enna (Tamil movie comedy meme of it being immaterial if puberty is achieved or not)


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Pakistani Economic Stress Watch

Postby Peregrine » 28 Jun 2019 16:37

Fitch chops growth forecast for Pakistan economy - Salman Siddiqui

KARACHI: Fitch Solutions, the US-based global research house, has revised down Pakistan’s economic growth forecast, believing tightening of monetary and fiscal policies under the International Monetary Fund (IMF) bailout would negatively impact GDP growth.

“We at Fitch Solutions, have revised our forecast for Pakistan’s real GDP (gross domestic product) growth for FY2018/19 (July-June) and FY19/20 to come in at 3.2% and 2.7% respectively, from 4.4% and 4.0% previously (versus the Bloomberg consensus of 3.3% and 3.5%),” the global research house said in a report on ‘Economic Analysis – IMF deal to weigh on Pakistan’s growth in the short run.’

“We believe that the bailout package from the IMF will see tighter monetary and fiscal policies in Pakistan, which will be negative for growth in the near term,” it said.

However, investment into the China-Pakistan Economic Corridor (CPEC) will continue to provide some support to the economy, it added.

Please Read : Pakistan’s GSP Plus status in jeopardy

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Re: Pakistani Economic Stress Watch

Postby SBajwa » 28 Jun 2019 20:09

Singha wrote:weak pak rupee should boost lahore tourism from indian tourists :)


Hira Mandi is the only worth place in Lahore to visit!

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Pakistani Economic Stress Watch

Postby Peregrine » 28 Jun 2019 20:26

S&P BSE SENSEX

Index Current: 39,394.64 - Pt. Change : -191.77 - % Change : -0.48%

Market Capitalization of BSE Listed Co. (Rs.Cr.) : 1,51,97,087.37 - $ 1 / INR 69.3325

Market Capitalization of BSE Listed Co. (U S $.) : 2,192.91 Billion

[url=https:psx.com.pk]P S E[/url]

Current Index : 33,840.99 – Change : 66.56 - % Change : 0.2%

Market Capitalization of PSE Listed Co. (Rs.Tr.) : 6,887,300,782,719 - $ 1 / TR 164.50

Market Capitalization of PSE Listed Co. (U S $.) : 41.87 Billion

B S E : P S E : : 52.37 : 1


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Re: Pakistani Economic Stress Watch

Postby kit » 28 Jun 2019 21:20

Katare wrote:
kit wrote:Picture the situation

10 years from now, Pakistan defaults .. says it can't pay .. what's likely to happen ?.. at this point it may owe around 100 billion to deeper than an ocean friend and 10 b to IMF, lets forget the middle east countries, they have been writing it off for eons


That would be the end of Pakistan!



not really, thats the whole idea. did greece go down the drain ? someone will be ready to bail them out at the right price, the saga will go on.

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Re: Pakistani Economic Stress Watch

Postby g.sarkar » 28 Jun 2019 22:01

SBajwa wrote:
Singha wrote:weak pak rupee should boost lahore tourism from indian tourists :)

Hira Mandi is the only worth place in Lahore to visit!

Sorry to disappoint Sirji. Hiramandi has declined. Good ones have been exported to China to earn foreign exchange. Do not go, unless you are into extreme bachhebazi!
Gautam

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Re: Pakistani Economic Stress Watch

Postby SBajwa » 29 Jun 2019 02:34

by yensoy
7. Accession of Gurdaspur, Tharparkar and other areas of cultural/religious significance/kinship into India.


Gurdaspur is already part of India. Sunny Deol (Dhai killo ka haath) is the BJP Mp from Gurdaspur.

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Pakistani Economic Stress Watch

Postby Peregrine » 30 Jun 2019 00:08

World Bank approves $722 million loan for Pakistan - Shahbaz Rana

ISLAMABAD: The World Bank has approved $722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi – the largest metropolis that needs nearly $10 billion additional investment to make it liveable.

The World Bank was committing $652 million through three projects to strengthen institutions, municipal services and infrastructure in Karachi, according to a handout that the local office of the Washington-based lender issued on Friday. The board of directors of the World Bank approved the loan a day earlier.

The World Bank also approved another loan of $70 million for improving tourism services in Khyber-Pakhtunkhwa (K-P).

Karachi projects will focus on urban management, public transport, and safe water and sanitation to enhance Karachi’s liveability and competitiveness, said the World Bank.

The projects have been approved in light of the findings of the Karachi Transformative Strategy, which estimated that infrastructure needed $9-10 billion for the city over a period of next 10 years. This money was required to improve urban transport, water supply, sanitation and municipal solid waste treatment.

The study noted that compared to huge financing needs, the city was not generating enough resources to meet these requirements. The collections of the urban immovable property tax from Karachi remained dismal compared to the potential. Punjab collected four times as much in this tax as Sindh every year, it added.

The World Bank study stated that unclear roles, overlapping functions, and poor coordination among various agencies responsible for city governance and management have worsened city’s problems. Municipal and city development functions are highly fragmented, with roughly 20 agencies across federal, provincial, and local levels performing these functions, leading to lack of coordinated planning and integration at the city level.

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The current infrastructure spending by the public sector is well below these requirements, despite large recent increases. The availability of public financing for Karachi’s needs is limited

The Karachi transformative strategy underlines that Pakistan’s largest city with a population of 16 million has “highly complex political economy, highly centralised but fragmented governance, land contestation among many government entities, and weak institutional capacity have made it difficult to manage the city’s development”.

Karachi was ranked among the bottom 10 cities in the Global Liveability Index. The city is very dense, with more than 20,000 persons per square kilometre. No cohesive transportation policy exists for Karachi, even as thousand new vehicles are added to the roads each day

Karachi is experiencing water and sanitation crisis that stems largely from poor governance. Only 55% of water requirements are met daily. The World Bank said that three projects along with another ongoing Karachi Neighborhood Improvement Project worth $85 million will help reduce this resource gap and help the city meet the needs of its women and men.

“We are committed to supporting the transformation of Karachi into a liveable and competitive megacity,” said World Bank Country Director for Pakistan Illango Patchamuthu. He said that investments to improve institutions, services and infrastructure will further enhance the city’s contribution to the country’s economy and people’s well-being.

The World Bank has approved $230 million loan for the Competitive and Liveable City of Karachi Project to improve urban management, service delivery and the business environment. It will help improve performance and service delivery by local councils through performance-based grants for urban management and infrastructure. The project will modernise the urban property tax system, incentivise private sector participation in service delivery, enhance ease of doing business, and improve solid waste management.

It has also approved $382 million loan for the Karachi Mobility Project that will improve access to jobs, mobility, and safety through a Bus Rapid Transit system along the 21-km Yellow Corridor. A key focus area of the project is to provide safe and secure transport for women’s mobility. The corridor starts at Dawood Chowrangi in the east, runs through the Korangi industrial area, and ends in Numaish at the city centre.

It is one of the five priority lines in the city’s transport plan and will benefit commuters along Surjani town and Korangi industrial area. The project will reduce travel time, road traffic fatalities, and reduce emissions.

Out of $382 million, an amount of $158.5 million will be used for reconstruction of road infrastructure and related utilities improvement and shifting (eg street lighting, sewer/water supply, drainage, oil pipeline) and non-motorised transport facilities such as motorcycle lanes, footpaths and pedestrian crossing along the Yellow Line Corridor and its direct and feeder service routes.

Under component II, $260 million will be spent for the development and operationalisation of a BRT system along the Yellow Corridor.

An amount of $40 million has been approved for the Karachi Water and Sewerage Services Improvement Project. The World Bank and the Sindh government plan to spend a total $1.6 billion for improving water and sanitation services. Water supply and sewage networks will also be rehabilitated through investments in at least three informal settlements (Katchi Abadis), pumping stations, and sewer maintenance trucks.

The lender also approved $70 million for K-P tourism services. Nearly half a million entrepreneurs and travellers will benefit from upgraded facilities at different tourist destinations. The project will introduce sustainable destination management through infrastructure, facilities and assets. Initial focus will be cover Chitral, Galliyat, Kalam, and Naran.

IMO: A TOTAL WASTE OF US$ 722 as most of it will go to the Army and the Balance to the Polititions! :shock:

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Re: Pakistani Economic Stress Watch

Postby kancha » 30 Jun 2019 19:25

APTMA announces closure of 200 mills from tomorrow, as buyers cancel export orders

KARACHI: The All Pakistan Textile Mills Association (APTMA) has announced closure of 200 of its processing mills from Monday, July 1, as international buyers rejected export deliveries of the mills due to price increase.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 30 Jun 2019 19:30

Singha wrote:1 $ is presently 84 bd taka, and 160 tsp rupee.
i heard imf has mandated that tsp rupee be further devalued to 180.

so bd currency is quite stable and not the toilet paper that is the tsp rupee.

paks who earn in riyals & dirhams in gulf and dollars in west will be loathe to send money back given the devaluations.


Even if they remit money it will be for buying property of middle class/upper middle porkis who will need the money just to pay the gas and electricity bills and daily living expenses. RAPES will have the right to truly lord over and buy during the time of distress. The ratio of well off pakis will skew from 1% to .1%. You will start seeing more and more law abiding, non jihadi middle class (oxymoron) porkis chant AOA.

Lot more educated and middle porkis wil start applying for migration to Australia/New Zealand and Canada. These countries have very lax requirements(just a graduation degree and prime employable age) to admit people as migrants if they are willing to wait 12-24 months.

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Re: Pakistani Economic Stress Watch

Postby yensoy » 30 Jun 2019 19:49

SBajwa wrote:
by yensoy
7. Accession of Gurdaspur, Tharparkar and other areas of cultural/religious significance/kinship into India.


Gurdaspur is already part of India. Sunny Deol (Dhai killo ka haath) is the BJP Mp from Gurdaspur.


Very sorry, I meant Kartarpur. :eek:

Peregrine
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Pakistani Economic Stress Watch

Postby Peregrine » 30 Jun 2019 22:13

Govt to miss tax collection target by Rs600b - Shahbaz Rana
ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government is set to miss its annual revenue collection target by nearly Rs600 billion as it has so far collected Rs3.76 trillion despite a better response to the tax amnesty scheme in the last one week.
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Re: Pakistani Economic Stress Watch

Postby Vips » 30 Jun 2019 23:01

Meanwhile pakiness in action for awarding contracts for consultancy for construction of dams.



Just imagine this is just for consultancy, how much woud be the corruption/cost escalation for the actual construction. :rotfl:

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Pakistani Economic Stress Watch

Postby Peregrine » 30 Jun 2019 23:41

IMF opposes extension of amnesty scheme deadline - Khaleeq Kiani

ISLAMABAD: The Internatio­nal Monetary Fund (IMF) has voiced opposition to the idea of extending the deadline for the amnesty scheme, saying doing so could hurt the country’s case at the Board meeting that is scheduled to take up Pakistan request for a $6 billion bailout package on July 3.

“The IMF is not in favour of tax amnesties,” IMF’s country representative to Pakistan Teresa Daban Sanchez told Dawn on Friday.

Commenting on Prime Minister Imran Khan’s indication to extend the amnesty scheme and come up with a plan within 48 hours, the IMF official said, “Cross country experience shows that tax amnesties have usually huge costs, such as undermining taxpayers’ morale and sense of fairness, that more than offset potential short-term gains”.

Country representative says such moves undermine taxpayers’ morale and sense of fairness

When asked whether an extension could hurt Pakistan’s case at the Board, she said, “I think so, it will certainly not help at all because it is inconsistent with the whole package.”

Pakistan is set to enter its 13th IMF programme days after the Board meeting which will decide whether or not to approve the staff level agreement that has already been signed between the government and the IMF mission. “I hope they are not going to do it,” Sanchez said, talking of the possibility of an extension in the amnesty scheme. “It’s not going to work.”

The amnesty scheme was discu­ssed during the staff level negotiations, she said, “and even though we were not happy about it at the time, we said OK, because we saw it as a targeted attempt to facilitate the implementation of the Benami law”.

“But no extension is needed,” she emphasised. “People have already had a chance to declare their assets for this purpose [complying with the Benami law], an extension will not serve any purpose.”

Meanwhile, officials at the Federal Board of Revenue (FBR) told Dawn they oppose any announcement of an extension at this stage, arguing that it would stall the momentum behind the declarations.

Informed sources said the economic team was taken by surprise when the prime minister said on national television on Wednesday night that he will consider a package to allow an extension within 48 hours. They said some business people from Karachi had complained to the prime minister that his government did not give them enough time to participate in the scheme, nor did it explain its benefits to the people.

“Their complaint was that the government has been occupied with creating a climate of fear around Benami assets rather than explaining the benefits of the scheme,” one official privy to how the meeting between the prime minister and the business delegation unfolded, told Dawn.

One official involved in the processing of the amnesty scheme declarations said the prime minister would be given full update on declaration of assets, tax collection and the number of beneficiaries after June 30 midnight to provide him a complete picture of the situation, before he takes a final decision of his choosing.

FBR chairman Shabbar Zaidi has repeatedly explained to parliamentary panels that extension in the deadline is not possible in view of the scheduled executive board meeting of the IMF on July 3 to consider Pakistan’s $6 billion bailout package.

These sources said the prime minister was informed that last year’s asset declaration scheme had offered reasonable time to people as it was launched in April and remained available until July. On the contrary, the latest scheme was launched in the last part of Ramazan followed by longer than usual Eid holidays, practically providing less than 15 working days to the prospective asset holders and non-filers. The prime minister appreciated these concerns and promised a wayout, these sources said.

Shortly after these discussions, the PM appeared on prime time television and said an extension in the deadline for the Asset Declaration Scheme is in order to avoid inconvenience caused to citizens by the June 30 deadline.

“In the next 48 hours, we will bring a programme for this,” he said.

Officials in the FBR said they had not yet been approached by anyone from the Prime Minister Office about an extension in the deadline, but such an approach could not be ruled out till late Sunday night. They said their counters in the field formations witnessed unusual rush on Friday and were directed by the government to increase the number of counters to reduce long queues. But random checks at these counters conducted by field formation staff showed, according to one FBR official, that “99pc of those waiting in the queues were return filers since the last date for filing tax returns also happens to be June 30”, the same as the deadline of the amnesty scheme.

These checks showed that negligible numbers of those waiting in the long lines outside FBR offices around the country were declarants for the amnesty scheme. The counters extended both at the banks and tax offices have been ordered to remain available round the clock until midnight of June 30.

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Anujan
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Re: Pakistani Economic Stress Watch

Postby Anujan » 30 Jun 2019 23:52

Jihadi sethi says that the amnesty scheme is a failure, because even though industrialists were ready to declare assets, their business partners in high places weren't prepared to air that dirty laundry in public

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Re: Pakistani Economic Stress Watch

Postby JTull » 01 Jul 2019 00:05

With the population focused on their cricket team's revival, IK has time to catch his breath. If they get KO'd by BD, it'll rapidly become very painful for him.

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Pakistani Economic Stress Watch

Postby Peregrine » 01 Jul 2019 02:18

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Re: Pakistani Economic Stress Watch

Postby CalvinH » 01 Jul 2019 09:09

kancha wrote:APTMA announces closure of 200 mills from tomorrow, as buyers cancel export orders

KARACHI: The All Pakistan Textile Mills Association (APTMA) has announced closure of 200 of its processing mills from Monday, July 1, as international buyers rejected export deliveries of the mills due to price increase.


Link removed. Problem solved quickly by Paki Establishment :D


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