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ISLAMABAD: The International Monetary Fund said on Sunday that the recent telephone call between Prime Minister Shehbaz Sharif and its Managing Director Kristalina Georgieva took place at the request of Pakistan, as both sides were expected to sit across the table in Geneva on Monday (today) to “discuss outstanding issues”.
An IMF delegation would meet Finance Minister Ishaq Dar on the sidelines of the Geneva conference, aimed at gathering international support for Pakistan in the aftermath of devastating floods last year, on January 9 (today), a spokesperson for the lender said.
QUETTA: Like other parts of the country, the flour crisis has deepened in Balochistan as people are forced to buy per kilogram of staple food at over Rs150 in the local market. The Balochistan government had not procured the allocated quota of wheat to provide the commodity to its masses and overcome the problem of shortage of wheat in the province. According to media reports, the provincial government claimed that the federal and Punjab governments were not providing wheat to Balochistan. The provincial government failed to provide flour to the masses at official prices.
The long queues of people can be witnessed outside all utility stores and flour mills across Balochistan for getting flour. The local people urged the authority's concerns to take strict action against wheat hoarders and ensure the supply of commodity at a fair price.
How is the state govt going to influence border protection?Manish_P wrote:Need to ensure our walls are all well fortified and the gates properly locked.
Two critical border states are with the opposition.
Change the name of this thread to Beggistan or BikharistanVips wrote:Shahbaz Sherif at conference in Geneva: We require $30 Billion for flood damages brought by weather change but will make do with $16 Billion
International donors on Monday committed over $9 billion to help Pakistan recover from ruinous floods last year, exceeding its external financing goals and paving the way for a new model on raising funds to fight climate disasters in poorer countries.
Officials from some 40 countries as well as private donors and international financial institutions gathered at a meeting in Geneva as Islamabad sought funds to cover around half of a recovery bill amounting to $16.3 billion.
The meeting's co-hosts, the United Nations and Pakistan's government, said more than $9 billion had been pledged from bilateral and multilateral partners.
I had posted this back in April:Anujan wrote:If Pakistan defaults, I am starting a petition for Bharat Ratna for Dar.Finance Minister Ishaq Dar would leave for Geneva along with PM Shehbaz and meet IMF officials on the sidelines of a conference there. The conference has now been lowered to a climate resilience event from a donors’ conference because of lack of interest by major players.![]()
nachiket wrote: Possibly, but if you remember it was PML's FM Ishaq Dar who first got bakistan deeper and deeper into the mess by artificially maintaining the PKR value at too high a level and continuously eroding their forex reserves. IK got he blame for the exchange rate collapse but that was unavoidable by the time Nawaz was ousted. You might even see a return to that time where the pakis again spend money they don't have to raise the PKR rate artificially high while everyone who was pissed with IK gives them money....till eventually that runs out too and the cycle repeats.
It seems allah decided to grant my wish and Dar saab has not disappointed.nachiket wrote:which is why I was hoping after the new regime came to power that the lunatic Ishaq Dar would come back and try his level best to get the exchange rate back up at any cost by using what's left of their reserves. Would have been fun to watch the aftermath of that.saip wrote: He must be dumbest FM ever. Paki exports are mainly textiles and they are highly price sensitive. If they can not copmpete with the likes of Viennam and BD at 190/USD how they hell will they ever compete at 125/usd?
There's the high! Wait for the low... In 3 months they will be whining that not even 10% of the pledges materializedAnujan wrote:Apparently they have $9B of pledges. Everyone is celebrating
https://www.reuters.com/world/asia-paci ... 023-01-09/
Donors exceed Pakistan goal with pledge of more than $9 bln for flood recovery
ISLAMABAD: Pakistan and the International Monetary Fund (IMF) did not announce a breakthrough in their talks on Monday as was evident from the fact that no date was announced for the mission’s crucial visit to Islamabad despite both the sides terming their first face-to-face meeting in four months “positive”.
The purpose of the meeting was to reach a consensus on the measures that would ensure the negotiations for the 9th programme review. But surprisingly, the finance ministry tweeted that Finance Minister Ishaq Dar and IMF Mission Chief Nathan Porter “discussed challenges to regional economies in the wake of climate change”.
Sources from Geneva told The Express Tribune that Pakistan would have to take certain measures before the IMF sent a staff-level mission. Last week, Prime Minister Shehbaz Sharif had announced that the IMF team would visit Pakistan in three days for programme negotiations – a deadline that has already passed.
THE current flour crisis has been looming on the horizon for several months. Concerns were being expressed ever since the last domestic wheat harvest fell far short of expectations as well as the country’s consumption requirements.
The catastrophic summer floods exacerbated the situation as the wheat stocks in the flood-hit areas were badly damaged. Balochistan on Saturday said the province was left with just enough wheat inventory to last it another few days as its food minister issued an emergency call for immediate help. The situation in the other provinces isn’t very different as far as the common people are concerned. In Sindh’s Mirpurkhas district, the death of a man in a stampede that broke out among a large crowd of poor people that had gathered to buy subsidised flour is indicative of the shape of things to come.
Punjab and Sindh are not allowing their wheat and flour to cross their borders as alleged by Balochistan. Flour millers in Khyber Pakhtunkhwa have also complained of less wheat supplies from Punjab which grows over 70pc of the nation’s wheat. The federal government is also blaming the provinces, especially Punjab, for the crisis.
The market rate of flour is nearly more than double the official, subsidised price as the flour mills are buying wheat from the open market at much higher than the government price. Many mills aren’t operating at their full grinding capacity which is also adding to the shortages and in turn inflating the flour prices. With food inflation averaging around 31pc since June, it is hard not to expect people to desperately look for subsidised flour to feed their families.
Seems like there is some coincidence.Dumal wrote:There's the high! Wait for the low... In 3 months they will be whining that not even 10% of the pledges materializedAnujan wrote:Apparently they have $9B of pledges. Everyone is celebrating
https://www.reuters.com/world/asia-paci ... 023-01-09/
Donors exceed Pakistan goal with pledge of more than $9 bln for flood recovery
Happens every time!
I also read today that Pakistan is shipping a consignment of ammunition to Ukraine. If these pledges materialize, could it be a "reward"/payment for Pakistan for "helping" in Ukraine war?Neela wrote:Seems like there is some coincidence.Dumal wrote:
There's the high! Wait for the low... In 3 months they will be whining that not even 10% of the pledges materializedHappens every time!
Debt repayments until Mar-23 stand at some $8B.
Donors are pledging $9B as flood relief. Note that these are donations and everyone knows the financial cliff Pak is in. if it materializes, and I suspect it will, it shows how the many fathers are propping up Pakistan's state knowing fully well the money will be redirected elsewhere.
If that is true then will Pakistan supply Ammunition to Russia as well?partha wrote:..
I also read today that Pakistan is shipping a consignment of ammunition to Ukraine. If these pledges materialize, could it be a "reward"/payment for Pakistan for "helping" in Ukraine war?
A ship carrying 60,000 tonnes of wheat from Russia arrived at the Port Qasim while another ship carrying the grain from Ukraine was at the outer anchorage of Karachi port as the government scurried to bridge the demand and supply gap.
partha wrote:I also read today that Pakistan is shipping a consignment of ammunition to Ukraine. If these pledges materialize, could it be a "reward"/payment for Pakistan for "helping" in Ukraine war?Neela wrote:
Seems like there is some coincidence.
Debt repayments until Mar-23 stand at some $8B.
Donors are pledging $9B as flood relief. Note that these are donations and everyone knows the financial cliff Pak is in. if it materializes, and I suspect it will, it shows how the many fathers are propping up Pakistan's state knowing fully well the money will be redirected elsewhere.
World Bank is pledging $2B . But biggest donor is the Islamic Development Bank with $4.2B .Among the donors were the Islamic Development Bank ($4.2 billion), the World Bank ($2 billion), Saudi Arabia ($1 billion), as well as the European Union and China, Pakistan Information Minister Marriyum Aurangzeb said. France and the United States also made contributions.
KARACHI: About seven million people in textile and textile-related industries have been laid off due to dwindling exports and the government’s failure to end the economic crisis, representatives of the value-added textile associations said in a joint press conference on Monday.
The current government does not have any policy to end the various crises affecting textile producers and exporters, they said.
The industry is on the verge of closure as many units have already closed down. Several others are planning to either shut down or shift their production abroad.
Textile factories are being deprived of necessary raw material and accessories. Letters of credit worth as low as $5,000 are being refused, which has hit in-progress export orders of $500,000 per consignment. It’s causing severe disruption and production delays and has led to the cancellation of export orders. Demurrage on various consignments has increased the cost too much, they said.
Warning of another global recession, the World Bank on Tuesday forecast Pakistan’s economic growth to slow further to two per cent during the current year — down by two percentage points from its June 2022 estimate — because of the devastating floods and slowdown in global growth rate.
In the report, the Washington-based lending agency said Pakistan’s economic output was not only declining itself but also bringing down the regional growth rate. It forecast Pakistan’s GDP growth rate to improve to 3.2 pc in 2024, but that too would be lower than the earlier estimate of 4.2pc.
The new chief was invited to MBS’s tent for a bell.. dance show .. they may get a few scrapsvimal wrote:^^ Seems like a parody of Slim Shady is apt here
Will the real Abbujaan, please stand up
Please stand up, please stand up
i am impressed to say the least ( pun intended); they have means and ways to convince the west that they will use $9B for flood relief. I am also amused that with all knowledge and intel and past experience west have with Pak they have still went ahead and pledged this; specially European countries who themselves are going through tough economic times...Neela wrote:Seems like there is some coincidence.Dumal wrote:
There's the high! Wait for the low... In 3 months they will be whining that not even 10% of the pledges materializedHappens every time!
Debt repayments until Mar-23 stand at some $8B.
Donors are pledging $9B as flood relief. Note that these are donations and everyone knows the financial cliff Pak is in. if it materializes, and I suspect it will, it shows how the many fathers are propping up Pakistan's state knowing fully well the money will be redirected elsewhere.
Echandee compliant headlineDilbu wrote:Talks with IMF end without ‘breakthrough’
Though the world community, including friendly states and institutions, responded overwhelmingly to Pakistan’s appeal by pledging over $10 billion for the recovery of flood-hit areas at the International Conference on Climate Resilient in Geneva on Monday, chances are slim that donors will make good on their commitments mainly because of the domestic political situation, and secondly, if the country showed a laid-back approach from here on.
It is no secret that Pakistan is out of money. For this reason, it sought financial assistance from the global community as the funds needed in the aftermath of last year’s devastating floods had quickly ramped up.
The world has undoubtedly extended its support to Pakistan but what is left to be seen is if the country can protect these pledges from the political change during the election year and provide development projects to the donors to finance when the planning ministry lacks jurisdiction.
“The world is showing trust. We need to show trustworthiness,” renowned expert on climate change and development Ali Tauqeer Sheikh said, adding that Pakistan would get the pledged amount for the next three years, but it all depended how the country proceeded on from here.
Deliberating on the issue, former Board of Investment (BoI) chairman Haroon Sharif hailed the support from the global community.
“Most of the money is through multilateral banks which will need projects to finance,” the ex-BoI head said, adding that “our ability to develop schemes and manage them is weak while the Ministry of Planning cannot do it as most of this is in the provincial domain.”
I would have thought existing loans may be rolled over first before fresh credit.WLVN Analysis
@TheLegateIN
Saudi Arabia planning a $11 billion financial package to bailout Pakistan's economy. UAE, Qatar may also join the plan taking the total aid package to $22 billion
Ghanta invite. 400% sure Pakistan requested it just like how Pakistan requested a call with IMF MD and then claimed that IMF MD called PM.Atmavik wrote:The new chief was invited to MBS’s tent for a bell.. dance show .. they may get a few scrapsvimal wrote:^^ Seems like a parody of Slim Shady is apt here
Will the real Abbujaan, please stand up
Please stand up, please stand up
vimal wrote:Pakistan has decided to help the USA by not asking for new loans for next 3 years
Anujan wrote: Echandee compliant headline
Pakistan refused to take IMF's offer of money till IMF agreed to Pakistan's conditions.
The Oil and Gas Regulatory Authority (Ogra) on Wednesday allowed two gas companies — Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC) — to hike their prices by 74.42pc and 67.75pc, respectively.
ISLAMABAD: The request to rollover the maturing $2 billion debt will be on top of Prime Minister (PM) Shehbaz Sharif’s to-do-list during his visit to the United Arab Emirates (UAE) this week, as work on a proposal to offer 10-12% stakes in listed government companies is still in its infancy stage.
A coordination committee setup to make preparations for the premier’s visit, on Tuesday, reviewed the list of entities that could be offered to the UAE for investment, including the Pakistan Telecommunication Limited (PTCL), the government sources told The Express Tribune.
Almost all decisions, however, were deferred for the PM’s review, including PTCL, due to a dispute of over $800 million that remain outstanding from the previous privatisation. There was also opposition to another proposal that suggested handing over Qasim International Container Terminal (OICT) to the UAE until 2065.
Headed by Commerce Minister Syed Naveed Qamar, the committee reviewed the list of entities that could be offered – no final decision was taken on Tuesday.
Pakistan and the UAE have been discussing a proposal to allow the commercialisation of PTCL properties to settle some of the $800 million outstanding – a dispute that may become a hurdle in further sales of assets to Dubai.
According to sources, another hurdle in offering Etisalat –the UAE’s telecom giant – 25% additional shares from PTCL is Etisalat withholding $800 million in dues on account of the remaining payments against 26% PTCL shares. Last year, the UAE also linked all future financial packages with the sale of assets due to the country’s inability to pay back old loans. The sources said that, in a recent meeting with Advisor to PM Ahad Cheema the issue of property commercialisation was discussed. The Pakistani authorities, however, have linked the permission to commercialise with the payment of at least $500 million in outstanding PTCL dues.
Finance Minister Ishaq Dar revealed on Wednesday that almost 90 per cent of pledges made by the international community at a donors’ conference in Geneva for flood-hit Pakistan were project loans that will be rolled out over the next three years.
During a press conference today alongside Prime Minister Shehbaz Sharif and other members of the federal cabinet, Dar said that $8.7bn of the pledges were loans. He did not reveal what the terms of these loans were. However, the prime minister said “we expect the terms to be lenient”.
Responding to a question on how soon he expects these pledges to turn into actual inflows, the premier said that depended on “us”.
“The faster we can design and create feasibilities and impress them [donors], the faster these pledges will materialise.”
Ya Allah! What is this? We clearly shouted Allah ke naam pe dede. I thought they just gifted us $8.7bn in cash... But what the hell it is. Again loan.Anujan wrote:https://www.dawn.com/news/1731101/almos ... ar-reveals
Almost 90pc of Geneva pledges are project loans, Dar reveals
During a press conference today alongside Prime Minister Shehbaz Sharif and other members of the federal cabinet, Dar said that $8.7bn of the pledges were loans. He did not reveal what the terms of these loans were. However, the prime minister said “we expect the terms to be lenient”.