Chetak sir, IMHO they 'think' that they own them.chetak wrote:...
they already own the pakis.
No need to throw good money after the bad
Just like the Americans thought they did.
But one can't own a w#@$e, one can only rent her..
Chetak sir, IMHO they 'think' that they own them.chetak wrote:...
they already own the pakis.
No need to throw good money after the bad
Manish ji,Manish_P wrote:Chetak sir, IMHO they 'think' that they own them.chetak wrote:...
they already own the pakis.
No need to throw good money after the bad
Just like the Americans thought they did.
But one can't own a w#@$e, one can only rent her..
It is a more complex case for China and extends beyond Pakistan.vera_k wrote:I again wonder why China is not helping more here.
Is the PRC also headed towards bankruptcy? Might be the case given the beating that economies have taken over the past few years. Or perhaps they are waiting for a Pak bankruptcy to be able to swoop in and buy up assets on the cheap.
From here https://www.bqprime.com/business/sithar ... rabilitiesUnion Finance Minister Nirmala Sitharaman on Tuesday had a meeting with Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund, during which they discussed debt vulnerabilities and other issues. Sitharaman is leading a high-powered Indian delegation to attend the annual Spring Meeting of the IMF and the World Bank.
why is she constantly in India.....sudhan wrote:Heartburn for the Purelanders..
Two SDREs wimmens working on a saazish to trip up Nucear supapowah Bakistan
Chetak sir, Khan retaliation is also on a genocidal scale. And from long afar. The first horseman being the one riding the horse named economy. The other horsemen but follow him ...Chetak wrote:
the amerikis have their limits in terms of retaliation but the pakis are scared schittless of the cheenis who can be and are often routinely brutal...
And when the Jernails retire, as they inevitably must, move to the US/UK with their offspring, they inevitably do....
every paki army chief is constrained to make routine and multiple pilgrimages to the land of the ching chongs to pay his obeisance and perhaps carry expensive gifts purloined from the toshakhana...
Allah be praised for this timely news.Dilbu wrote:Pakistan in breach of all fiscal targets
“As a result, the Company is not in a position to continue with its production and ultimately has continued to shut down its plant from April 16, 2023 to April 30, 2023.”
Other listed automakers in the country, such as Indus Motor Company Limited and Pak Suzuki Motor Company, have also been forced to halt production during the last fiscal year due to Pakistan’s economic difficulties, which have seen central bank foreign exchange reserves drop to a level barely able to cover a month’s imports.
Also on Thursday, Pak Suzuki Motor Company Ltd (PSMC), a unit of Japan’s Suzuki, announced a 13-day extension to an existing halt in its production of motorcycles.
A humble cup of everyday caffeine costs roughly Rs50. If a person consumes three cups a day, every day, the number multiplies to Rs4,500 a month. In a country where the minimum wage is Rs15,000, tea drinking can consume a whopping 30pc of income.
The International Monetary Fund (IMF) has said it hopes to complete its current programme with Pakistan successfully.
Since early February, Pakistan has been negotiating with the IMF to revive the $7 billion bailout programme to secure $1.1bn tranche. Pakistan hopes that the deal will also unlock funds from other donors waiting for IMF’s endorsement.
...
Observers pointed out that while the IMF chief ‘hoped’ that the talks would lead to the renewal of its package to Pakistan, she sounded less enthusiastic than Pakistani officials who have more than once assured their nation that they were close to clinching the deal.
Imran Khan says Pakistan’s economic crisis requires ‘surgery’
Former prime minister warns debt burden on low-income countries is unmanageable
Imran Khan has said Pakistan will struggle to break out of a cycle of debilitating debt repayments without reform, as the country’s opposition leader and former prime minister warns the debt burden on low- and middle-income economies is becoming unmanageable.
“Whatever we do, when we look ahead, the debt is growing, our economy is slowly shrinking,” Khan, whose Pakistan Tehreek-e-Insaf (PTI) party is favoured to win national elections this year, told the Financial Times. “From my party’s point of view, we’ve started thinking that we’re stuck.”
Pakistan is in the middle of one of its worst economic crises. Analysts have said the country, which is struggling to revive a roughly $7bn IMF lending programme, is at risk of defaulting, while its foreign reserves have fallen to $4.2bn, less than enough for one month’s worth of imports.
Khan said the government needed to break out of borrowing cycles that have held back developing economies but ruled out a default if his party returned to power, saying it would prioritise domestic reforms over seeking debt relief.
“Is the answer getting more loans, or is the answer to restructure the way we run the country?” he said. “We have to conduct surgery in Pakistan in the way we run our government.”
Khan said his team was developing a strategy if he returned to power in Pakistan to juggle loan repayments and domestic spending.
“We’re sitting with our economists [on] how to come up with a plan with which we can sit with the IMF and give them a viable way of being able to pay our debts,” Khan said. “But at the same time, our economy should not be choked so that our ability to pay debt goes down.”
Khan, however, faces a barrage of legal challenges that could prevent him from running for office if convicted, including allegations that he unlawfully sold gifts he received while serving as prime minister.
Pakistan is an extreme example of the debt burden saddling low- and middle-income countries. Campaign group Debt Justice warned this week that poor countries were facing their highest bills for debt servicing in 25 years. Pakistan’s scheduled repayments on foreign public debts are equivalent to 47 per cent of government revenues in 2023, the group said.
“It’s not just Pakistan,” Khan said. “Once you start borrowing in dollars and you have to service your debt in dollars, if your dollar income doesn’t improve or increase, how are you going to then pay your debts?
“Unless we increase our dollar earnings to exports, I don’t see how we would be able to service any debts in Pakistan, whether it’s Chinese or Paris Club or commercial debts.”
Khan, who served as prime minister from 2018 until he was ousted in a no-confidence vote last year, said his plans included restructuring lossmaking state-owned enterprises and boosting the tax base.
Many of Pakistan’s economic pressures started during his time in office but have worsened dramatically in recent months. Inflation rose to a historic high of 35 per cent in March, and the dwindling foreign reserves have created shortages of essential goods including medicine.
Though Khan took some steps towards reforms while in power, many said his economic agenda failed due to mismanagement, erratic decision-making and pandemic disruption. The former cricketer, who once said he would rather die than “beg” a superpower for money, agreed a deal with the IMF in 2019, only for the programme to stall after his government backtracked on cutting energy subsidies.
Khan is engaged in a bitter stand-off with arch-rival Prime Minister Shehbaz Sharif, whose government has been unable to agree a reform plan with the IMF. While the fund argues that measures such as removing subsidies are necessary to stabilise the economy, Sharif’s government fears they would hurt the poor and bolster support for the populist Khan ahead of elections.
Even if Khan prevails, many analysts are sceptical he will have the political strength to overhaul Pakistan’s flagging economy.
“We have an economic structure which is globally uncompetitive,” said Abid Hasan, a former World Bank economist. “Some of it will have to be dismantled . . . You will require huge consensus. The PTI alone will not be able to do it.”
Finance Minister Ishaq Dar said on Friday that the United Arab Emirates has confirmed its commitment to the International Monetary Fund (IMF) for its bilateral financial support of $1 billion to Pakistan, bringing the country one step closer to securing a deal with the lender which is critical for avoiding default.
“UAE authorities have confirmed to IMF for their bilateral support of US $1 billion to Pakistan,” Dar said in a tweet today.
He added that the State Bank of Pakistan (SBP) was now “engaged for needful documentation for taking the said deposit from UAE authorities”.
Trucking startup Trella, which launched operations in Pakistan in October 2020, has decided to exit the country, Bloomberg reported on Thursday.
The Egypt-based company raised $42 million in 2021, with investors including those from the venture arm of shipping and logistics company A.P. Moller-Maersk A/S.
Two people who were familiar with the matter said Trella had stopped taking orders last month, adding that Pakistan’s ongoing economic crisis had made business “unsustainable”. The company will retain some of its staff in Pakistan to assist operations in Egypt, United Arab Emirates (UAE) and Saudi Arabia.
Several startups shut down or reduced operations over the last year, including Airlift and Swvl. In recent months, multiple companies across different sectors have reduced production citing reduced market demand and restrictions on imports and opening of letters of credit as a result of the dollar shortage.
NOBODY wants to live in crushing poverty. When a child is born in a poverty-stricken home, the parents do welcome the newborn, but their faces also wrinkle up as they start to worry about the numerous difficulties the child is likely to face in life.
A person living with absolute poverty does not have enough means to feed himself or his family. He lives hand to mouth as he has no money in his pocket; he has sleepless nights and restless days, and his mind remains under great strain all night and day. The situation sometimes compels him to sell his blood or bodily organs to make ends meet. Many poor families live in ramshackle slums, where they see no future for their children. Absolute poverty, in other words, is a shame and stigma not limited to one generation; it extends to many generations.
These are the conditions faced by thousands of families in Pakistan — a homeland which was achieved by our forefathers through untiring efforts and sacrifices. They aspired to convert it into an Islamic social welfare state, but we have failed to achieve that noble goal. In the year 2000, our leaders signed on to the historic Millennium Development Goals (which were later complemented by the Sustainable Development Goals), committing themselves to eradicating poverty and hunger. Unfortunately, we are at the same stage as before, or perhaps we have regressed further. Economic instability, maladministration, corruption and political bickering have blighted the hopes and dreams of the present generation.
Today’s Pakistan is economically weak and warnings are being issued that it is on the verge of bankruptcy. We have taken bailout packages from various agencies and countries, but our condition continues to worsen. A significant number of people in Pakistan live below the poverty line, in extremely difficult circumstances. Unfortunately, the number is increasing day by day at an alarming rate. The recent economic meltdown has added extra anxiety to our already deep-rooted troubles. This is obviously not something that the founding fathers had envisioned.
It is the dream of every Pakistani to get rid of poverty, but the question that torments us is: how can this goal be achieved? The answer lies in the Quranic verdict which says, “and that man can have nothing but what he strives for” (53:39). Struggle is the meaning of life; it leads to success and prosperity for the one who strives and struggles for a just cause. Allah does not disappoint anyone and He has promised blessings for those who strive to do good. It can be a struggle to break free from the poverty trap once and for all. It can also be a struggle to search for livelihood and raise one’s quality of life.
We are a resource-rich country but we are unable to break the poverty trap. What we need is an honest struggle to build a future edifice — even if it takes one or two generations — that will help lift the poor out of poverty and bring dignity to their lives and give hope to future generations. Our resources are spread all over the country but they need a well-planned strategy that can lead to their judicious use. There are a number of countries that have limited resources, but they have made sustained efforts to provide their people with a better quality of life. Their examples are worth emulating.
In order to overcome the problem of poverty, the government usually provides cash handouts under BISP or free wheat flour in the holy month of Ramazan to the poorest of the poor. Arguably, this will not tackle the problem of poverty; rather, it will create lethargy and open the door of corruption. Therefore, instead of providing cash or free items, the government should subsidise essential items for a limited period and ensure that the subsidy reaches the poor end user.
The economic struggle is to begin with education. Here, education does not mean getting degrees but learning practical skills for earning a livelihood. People should be given incentives to learn skills to earn their livelihood. Our education system needs an overhaul in order to address issues like poverty. Ultimately, to banish poverty, there is a need to radically reform the education sector and start from ground zero.
ISLAMABAD: The International Monetary Fund (IMF) on Thursday did not accept Pakistan’s request to reduce the additional loan requirement to $5 billion, as its deputy managing director sought further clarifications about the viability of an official plan to raise the loans.
The Ministry of Finance did not report any breakthrough after a virtual contact between Finance Minister Ishaq Dar and IMF Deputy Managing Director Antoinette Monsio Sayeh.
An official handout by the ministry reproduced content almost similar to what had been reported a day earlier after a meeting between Dar and IMF Director Jihad Azour. The points of discussion and the responses too remained almost the same during the second consecutive day.
Manish ji,Manish_P wrote:Wait what..
The IMF chaps name is 'Jihad' Azour
Wallah... all the stars are lining up for Pakistan. Now only the moon needs to be sighted.
chetak wrote:....
the IMF has already mooned them, as have the cheenis, the saudis, the amerikis, and their steadfast pals, the japs, and the germans too
Interesting. I wonder if it is just another case of early appropriation.gakakkad wrote:^?... Turns out jihad or gehad is not an uncommon name for Christians in Syria and Lebanon.
ISLAMABAD: The International Monetary Fund (IMF) on Saturday said that it was still waiting for the “necessary financing assurances” for the successful conclusion of the review talks -- dampening the expectations for a deal until Pakistan arranges the remaining $3 billion.
In an early morning statement, Nathan Porter, IMF Mission Chief to Pakistan, said that the IMF “looks forward to obtaining the necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th EFF (Extended Fund Facility) review”.
Highly-placed sources told The Express Tribune that the IMF was seeking confirmation for the total $6 billion loans that Pakistan urgently needs to bridge the external financing gap. They said that the government was trying hard to secure commitments for the rest of the $3 billion by next week.
LAHORE: Taking advantage of the rise in the prices of petrol and kerosene, the gas mafia has also increased the price of the Liquefied Petroleum Gas (LPG) by Rs10. The LPG’s official price is Rs229 per kg. However, it is sold in all the major cities of the country at Rs310 per kg.
A day earlier, the federal government had increased the price of petrol by Rs10 and the price of kerosene oil by Rs5.78. After this increase, the prices of petrol and kerosene oil respectively rose to Rs282 per litre and Rs186.07 per litre. These fuels were earlier available at Rs272 and Rs180.29 per litre.
Same like their currency. It has already hit triple in Kabul rate.vimal wrote:^^ Dilbuji I’m happy to see pakis hitting triple century
The socio-political and economic situation of Pakistan is dire and it is not surprising that every aspect of its fabric is bearing the brunt of instability. The business sector resisted the pressure as much as it could but it was simply not possible that it did not feel the effects of despondency spread all around.
Business morale was kept high by the vast grey economy but it soon started to feel the pressure with the result that overall business confidence started to slide down further depressing the economic activity.
A long period of instability triggered the economic uncertainty and the business circles went numb as they did not know how to cope with this difficulty.
More than sixty per cent businesses have expressed doubts about their future and less than thirty-five per cent are hopeful about their future prospects. The overall business confidence has considerably dwindled with hardly any prospects for improvement in the near future.
The prevailing situation is indeed very tough to do business and it appears quite justified that business confidence plummeted and the overarching perception held by the business community is negative.
The corporate sector is overwhelmingly convinced that the economic policy makers are taking the country in wrong direction and that they should immediately review their approach.
The business community is extremely mindful about the increasing costs of utilities that they find difficult to bear and are also wary about increasing costs of output that ultimately suppresses demand. The frequent load-shedding of electric power is proving harmful for their production and they deeply resent in. Lack of gas supply is also a problematic issue as a sizeable number of business enterprises run on gas that is considered cheaper fuel and is much more easily affordable than electricity.
The three biggest challenges identified were inflation, high taxation and currency devaluation. Other key findings indicate that businesses may be considering shelving expansion and investment plans and curbing new hiring.
Contrary to the assurance given to the International Monetary Fund (IMF) of shelving the petrol subsidy scheme, the government has moved a summary for a relief package for motorcyclists and small vehicle owners.
In February, Prime Minister Shehbaz Sharif gave go ahead to petrol subsidy to motorcyclists and car owners of up to 800 cc vehicle by charging Rs 50 per litre higher price from lower middle income to rich class owning vehicles of above 800 cc.
The summary shows that the government has planned to collect up to Rs 75 per litre additional amount from consumers, who are already struggling to pay a record-high price of Rs 282 per litre.
Critics say that the owner of a 1000cc taxi, valuing at less than Rs 1 million, will also be forced to pay up to Rs 75 per litre extra as subsidy for an expensive 660cc small car, having value of around Rs 3 million. # a fine example of madarssa maths applied with lahori logic to sialkoti statisics
The sources said that in a meeting with the IMF deputy managing director Pakistan assured that the government did not have the plan to implement the subsidy scheme. The Ministry of Finance held the consistent view that the scheme was still being finalised.
ISLAMABAD: Industrial and Commercial Bank of China (ICBC) has not directly given a $1.3 billion loan due to Pakistan’s highly risky credit rating and instead disbursed funds through its Karachi branch to help bail out Islamabad.
Because of the re-routing of funds, Pakistan has not recorded $1 billion as foreign debt, disbursed by ICBC in March, according to government sources.
Instead, the $1 billion loan has been treated as foreign currency-denominated domestic debt, an accounting entry that will understate external public debt and reflect lower-than-actual debt repayment. The remaining $300 million was disbursed this month.
The development underscores the challenges that Islamabad is facing in arranging foreign commercial loans as part of plans to raise over $6 billion to meet a core condition of the International Monetary Fund (IMF) for the revival of its loan programme.
ISLAMABAD: Pakistan is estimated to produce 26.81 million tonnes of wheat during the ongoing Rabi season against the target of 28.4 million tonnes.
While production will be below the target, the area under wheat cultivation also reduced from 9.3 million hectares to 9.1 million hectares.
However, the reason for below-the-target wheat production was not explained during a meeting of the high-powered Federal Committee on Agriculture (FCA).
Dilbu wrote:Lot of creative accounting is happening.
ICBC re-routes $1 billion loanISLAMABAD: Industrial and Commercial Bank of China (ICBC) has not directly given a $1.3 billion loan due to Pakistan’s highly risky credit rating and instead disbursed funds through its Karachi branch to help bail out Islamabad.
Pakistan must go a mass wheat diet and leave these veggie options out, Pakistan is very good at being a slaughterhouse, they should play to their strengths.Dilbu wrote:Wheat production estimated to fall short by 2m tonnesISLAMABAD: Pakistan is estimated to produce 26.81 million tonnes of wheat during the ongoing Rabi season against the target of 28.4 million tonnes.
While production will be below the target, the area under wheat cultivation also reduced from 9.3 million hectares to 9.1 million hectares.
However, the reason for below-the-target wheat production was not explained during a meeting of the high-powered Federal Committee on Agriculture (FCA).
Is IMF trolling Pakistan?IMF struggles to find trustworthy partners
Experts say lender is assessing who holds power in Pakistan
Manish saar,Manish_P wrote:This is a big insult to the H&D of Pakistan Army and COAS Munir.
Or maybe a halal green signal for him to go ahead and make his move..
Chetak sir, that depends on what exactly the aid giver wants doesn't it...chetak wrote:Manish saar,Manish_P wrote:This is a big insult to the H&D of Pakistan Army and COAS Munir.
Or maybe a halal green signal for him to go ahead and make his move..
If the paki army makes a move now, every last bit of aid, including potential aid will immediately dry up.
....
Manish saarManish_P wrote:Chetak sir, that depends on what exactly the aid giver wants doesn't it...chetak wrote:
Manish saar,
If the paki army makes a move now, every last bit of aid, including potential aid will immediately dry up.
....
Black can be made white, grey can have many shades and what not
If anything, the US is even more creative than China when it comes to accounting. If they can give Pakistan millions for gender studies then why not billions to study say for eg- 'Effects of climate change on the evolution of Donkeys in semi-arid region of sooth asia'. It is very important for food security of millions you see
Thenifwhen the bakis step out of line they can always pass some bill with a senators name to act as the reins through the nostrils of the 2 legged donkeys.
Would it be safe to assume that now almost 90% of paki households are receiving (earning) less than 2$ a day? Effectively 18,000 PKR or less a month?80% workers denied minimum wage
According to the Pakistan Institute of Labour Education and Research (PILER), an estimated 80% of unskilled workers are not receiving the minimum wage of Rs 25,000 per month, which was awarded ten months ago. Furthermore, a recent World Bank report found that 83% of households in Pakistan are not receiving the minimum $2 a day needed to sustain basic needs.
The WB report is 18-months-old and since then, inflation has almost doubled while the rupee has lost over half of its value against the US dollar.
Ali says that economic slowdown has spiked unemployment in Pakistan, with reports suggesting that five million people have lost their jobs in the ongoing economic crisis.
The rising unemployment rate and denial of basic rights are causing people to become violent, and the government should take the situation seriously before it’s too late.
Sir, this cartoon is not worthy of a member of your status.