Pakistani Economic Stress Watch

Leonard · Post by **Leonard** » 09 Jan 2023 01:16

While the TFTA's are begging from IMF, Saudi's and Chini's for Moolah -- look where they don't want to Beg from ?

The Inventor Extra-ordinaire of the Flex-Gate and Owner of the Jacksonville Jaguar's ...

https://www.jacksonville.com/story/spor ... %20Forbes.

Look at that Satisfactory Smirch and the Phenomenal Mucchad ...

Dilbu · Post by **Dilbu** » 09 Jan 2023 12:41

Crunch talks on stalled IMF programme today

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.

Dilbu · Post by **Dilbu** » 09 Jan 2023 12:42

Flour crisis deepens: Per kg flour being sold at Rs150 in Balochistan

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.

williams · Post by **williams** » 09 Jan 2023 14:04

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.

How is the state govt going to influence border protection?

Neela · Post by **Neela** » 09 Jan 2023 15:32

On one side: a flood catastrophe , economic brinkmanship and default looming.
But but a New year and new budgets with the four-fathers, .

Bhikaris should be polishing their bowls pretty furiously.

Vips · Post by **Vips** » 10 Jan 2023 01:09

Shahbaz Sherif at conference in Geneva: We require $30 Billion for flood damages brought by weather change but will make do with $16 Billion

Atmavik · Post by **Atmavik** » 10 Jan 2023 01:30

Vips 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

Change the name of this thread to Beggistan or Bikharistan

Anujan · Post by **Anujan** » 10 Jan 2023 02:35

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

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.

nachiket · Post by **nachiket** » 10 Jan 2023 02:44

Anujan wrote:
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.
If Pakistan defaults, I am starting a petition for Bharat Ratna for Dar.

I had posted this back in April:

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.

nachiket wrote:
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?
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.

It seems allah decided to grant my wish and Dar saab has not disappointed.

Dumal · Post by **Dumal** » 10 Jan 2023 07:28

Anujan 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

There's the high! Wait for the low... In 3 months they will be whining that not even 10% of the pledges materialized

Happens every time!

Dilbu · Post by **Dilbu** » 10 Jan 2023 11:29

Talks with IMF end without ‘breakthrough’

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.

Dilbu · Post by **Dilbu** » 10 Jan 2023 11:33

Spiralling flour crisis

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.

Neela · Post by **Neela** » 10 Jan 2023 11:53

Dumal wrote:
Anujan 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

There's the high! Wait for the low... In 3 months they will be whining that not even 10% of the pledges materialized Happens every time!

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.

Manish_P · Post by **Manish_P** » 10 Jan 2023 12:02

At this moment it seems that each 'father' is just pledging to pay for child support and hoping and waiting to see which other 'father' actually puts something on the table

vimal · Post by **vimal** » 10 Jan 2023 12:40

^^ Seems like a parody of Slim Shady is apt here

Will the real Abbujaan, please stand up
Please stand up, please stand up

partha · Post by **partha** » 10 Jan 2023 13:00

Neela wrote:
Dumal wrote:
There's the high! Wait for the low... In 3 months they will be whining that not even 10% of the pledges materialized Happens every time!
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.

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?

RCase · Post by **RCase** » 10 Jan 2023 13:20

Mods - a request to rename this thread to:
The Pakistani Art of Begging Watch

Just when you think it will be Khatam, Tata, Bye-Bye for Pakistan, they come up with yet another begging trick!

Manish_P · Post by **Manish_P** » 10 Jan 2023 14:12

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?

If that is true then will Pakistan supply Ammunition to Russia as well?

Yawn - Ship carrying Russian wheat docks at Karachi

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.

Neela · Post by **Neela** » 10 Jan 2023 16:24

partha wrote:
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.
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?

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.

World Bank is pledging $2B . But biggest donor is the Islamic Development Bank with $4.2B .
So yes, it is a reward of sorts with everyone flush with funds in the new year budget. (World Bank is US funds anyway)

We need to rake up the pressure on the border and bleed them financially.

Dilbu · Post by **Dilbu** » 10 Jan 2023 17:38

7 million people laid off in textile industry, associations claim

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.

Manish_P · Post by **Manish_P** » 11 Jan 2023 08:32

This is perfectly ok. As the RAPE anal-cyst wrote the other day - this is an opportunity! Pakistani PM, FM, DM and the top Jernail can now pledge to double their efforts (begging). To meet that goal they could consider shifting permanently shifting to Europe & Gulf and operate from there

YAWN - World Bank cuts Pakistan’s GDP growth forecast in half

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.

Atmavik · Post by **Atmavik** » 11 Jan 2023 08:52

vimal wrote:^^ Seems like a parody of Slim Shady is apt here

Will the real Abbujaan, please stand up
Please stand up, please stand up

The new chief was invited to MBS’s tent for a bell.. dance show .. they may get a few scraps

vimal · Post by **vimal** » 11 Jan 2023 09:22

Pakistan has decided to help the USA by not asking for new loans for next 3 years

nits · Post by **nits** » 11 Jan 2023 09:31

Neela wrote:
Dumal wrote:
There's the high! Wait for the low... In 3 months they will be whining that not even 10% of the pledges materialized Happens every time!
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.

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...

Maybe Pak can help them to raise fund for there energy crisis

Anujan · Post by **Anujan** » 11 Jan 2023 09:32

Dilbu wrote:Talks with IMF end without ‘breakthrough’

Echandee compliant headline

Pakistan refused to take IMF's offer of money till IMF agreed to Pakistan's conditions.

News is slowly trickling out that 8B of the 9B pledge is loan. The terms are unknown. Pakistan's loans are likely to hit 140B with 25B a year needed for debt servicing for next 3 years.

Rana · Post by **Rana** » 11 Jan 2023 11:38

Start at 0.53. Wait for the end

Is he a regular joker in the Chaplin Hitler mode or what?

Dilbu · Post by **Dilbu** » 11 Jan 2023 11:57

Donors conference: Will the pledges materialise?

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.”

Neela · Post by **Neela** » 11 Jan 2023 12:48

https://twitter.com/TheLegateIN/status/ ... 8310137856

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

I would have thought existing loans may be rolled over first before fresh credit.
Strange

partha · Post by **partha** » 11 Jan 2023 12:55

Atmavik wrote:
vimal wrote:^^ Seems like a parody of Slim Shady is apt here

Will the real Abbujaan, please stand up
Please stand up, please stand up
The new chief was invited to MBS’s tent for a bell.. dance show .. they may get a few scraps

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.

Regarding KSA "studying" more "investments" into Pakistan, I have my doubts. All we have is an APP report quoting Saudi media sources. If the sources are indeed part of Saudi media who leaked it to them? Pakis themselves? No official statement from KSA. This is the first visit to KSA by the new army chief so he can't be seen coming back empty handed hence a ridiculous made up report by Pakis about MBS "instructing" his officials to "study" possibility of more investments into Pakistan. I think until IMF agrees to release funds no country will give money to Pakistan. Remember Dar claimed $3B fund inflow from KSA within "2-3 days" about a week or two back which has still not materialized.

Manish_P · Post by **Manish_P** » 11 Jan 2023 13:48

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.

Manish_P · Post by **Manish_P** » 11 Jan 2023 13:53

How are the pindi channa crops doing...

Ogra okays up to 74.42pc increase in natural gas price

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.

Dilbu · Post by **Dilbu** » 11 Jan 2023 15:43

They are selling stocks of govt owned companies to UAE.
State-owned companies to be offered to UAE

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.

tandav · Post by **tandav** » 11 Jan 2023 16:17

Deleted

tandav · Post by **tandav** » 11 Jan 2023 16:19

We should offer 9Billion for Pakistan vacating POK, Balochistan and their existing Nuke arsenal and assets

Anujan · Post by **Anujan** » 11 Jan 2023 17:16

https://www.dawn.com/news/1731101/almos ... ar-reveals

Almost 90pc of Geneva pledges are project loans, Dar reveals

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.”

Manish_P · Post by **Manish_P** » 11 Jan 2023 17:18

<deleted> Anujan ji has also posted it..

PS: Where is the bakistan flag? where is the Djinnah photu? Is Billowal sitting on a nail??

madhu · Post by **madhu** » 11 Jan 2023 22:31

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”.

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.

Is the world trying to denuke pak by pushing us into loan trap?

vimal · Post by **vimal** » 11 Jan 2023 22:55

Neela · Post by **Neela** » 12 Jan 2023 00:47

Wow...here I was thinking "pledging" in the usual context is usually applied to donations.

But

The chutzpah of the Amreekis, Europeans and Ummah brothers...calling it a pledge but then making it a loan.
They are playing Paki with Pakis.

RCase · Post by **RCase** » 12 Jan 2023 01:03

Most of the news of this 'pledge' of $9 B is coming from Paki news sources. I wouldn't be surprised if this is all bunkum, just like the Paki stories of striking gold and oil.