Pakistani Economic Stress Watch

A_Gupta · Post by **A_Gupta** » 13 Jun 2023 09:42

Per Imran Khan, 16K Paki doctors overseas have a combined net worth of $200 billion, so if only they kept him on as PM, he'd be getting their investments into Pakistan.

Dilbu · Post by **Dilbu** » 13 Jun 2023 16:02

Russian oil was purchased only to counter Imran Khan's narrative of TSP not making use of an opportunity. Everyone knew it was not going to work out.
Russian oil not likely to help reduce petrol price in Pakistan

KARACHI: Russian crude oil will produce more furnace oil (FO) than high-speed diesel (HSD), which would not reduce the prices of petroleum products domestically, The News learned Monday.

According to the oil industry players, the arrival of the first cargo of Russian crude oil has been celebrated from the top level of the government to the media.

However, the anticipated reduction in the prices of petroleum products, particularly diesel, and petrol, in the near future would not be possible.

They pointed out that the Russian crude oil was heavy and would produce 50% furnace oil, 32% high-speed diesel, and 18% of the remaining products.

On the other hand, they pointed out that domestic refineries could extract 50% HSD and 25% furnace oil from Arabian crude oil.

They believed that Russian crude oil might disturb the economic pattern of petroleum products from crude oil, and for it to be more commercially viable, the oil price should be at a higher discounted level.

They said that the first Russian cargo was a trial. After its processing, the report of its refining would be forwarded to the government to determine its economic viability for the country.

Industry people said that producing more furnace oil from this crude oil would further add to the existing stock of this fuel. Pakistan currently possesses huge stocks of FO in the range of hundreds of thousands of tonnes due to its non-lifting by the local power plants.

They said that Pakistani refineries have struggled to dispose of this massive stock after the power generation plants refused to stockpile FO.

Refineries also exported some of the stock to the international market at a lower price to keep the operations of their refineries running smoothly.

Manish_P · Post by **Manish_P** » 13 Jun 2023 17:51

Dilbu wrote: ...
Industry people said that producing more furnace oil from this crude oil would further add to the existing stock of this fuel. Pakistan currently possesses huge stocks of FO in the range of hundreds of thousands of tonnes due to its non-lifting by the local power plants.

They said that Pakistani refineries have struggled to dispose of this massive stock after the power generation plants refused to stockpile FO.

Refineries also exported some of the stock to the international market at a lower price to keep the operations of their refineries running smoothly.

typical baki brilliance

The jihadi paki fauj corporation will take their required stocks of the HSD for own use and will rebrand and resell the rest to the awaam.

rajsunder · Post by **rajsunder** » 13 Jun 2023 20:25

A_Gupta wrote:Per Imran Khan, 16K Paki doctors overseas have a combined net worth of $200 billion, so if only they kept him on as PM, he'd be getting their investments into Pakistan.

Is each paki doctor settled in western countries worth $32 million??
May be some super specialty doctors settled in US might be worth that and more. But i doubt anyone working for UK NHS is worth half that amount.

Anujan · Post by **Anujan** » 14 Jun 2023 00:35

There might be more to this oil tamasha or the pakis are showing their usual tactical brilliance.

They do not have the refining capacity. They import diesel. Then what is the point in importing crude. Of a category that is not refinable by their refineries?

They want the source 2/3 of their oil requirements from Russia. Remember that Saudis have offered them free oil and deferred payments. How are they going to pay for this oil from Russia? What are the Saudis going to think about this deal?

There was a news article that they paid for this oil by using Chinese currency. But Pakistan has a negative trade balance with China. How did they find the Chinese currency? Especially when they have not even paid the Chinese independent power producers? This is the interesting question that I have in mind. Did China just give them deferred oil like facility by opening a swap line with their currency? Essentially, China is financing Russia through the back door.

g.sarkar · Post by **g.sarkar** » 14 Jun 2023 00:46

https://www.geo.tv/latest/492851-no-joy-in-biparjoy
No joy in Biparjoy
Lubna Jerar Naqvi, Tuesday Jun 13, 2023
The 'joy' in Biparjoy is not a command for anyone to drop everything and head for the beach. It has nothing to do with joy. Biparjoy means disaster or calamity in Bengali, which may be an apt name for this category three tropical cyclone, which the National Disaster Management Authority (NDMA) is calling a "very severe cyclonic storm (VSCS)", moving over the east-central Arabian Sea with winds at about 170km/hr.
The Met Office is forecasting rains and high winds, while the cyclone is set to impact the southeastern belt on July 15. To deal with this, authorities have tried to enforce Section 144 on beaches to avoid loss of life by keeping people away. Yes, the authorities are trying to stop people, but from experience, more people will try to defy the ban and head for the beach.
Psychology explains the fight or flight response as an "automatic physiological reaction to an event that is perceived as stressful or frightening".
This is a normal reaction in a threatening situation; we see it in animals as well. But not Pakistanis. They are probably among the few nations that enjoy inflicting self-harm without considering the consequences. Psychology explains self-harm as "deliberately causing harm to oneself either by causing a physical injury, by putting oneself in dangerous situations and/or self-neglect".
......
It is amazing to see the indifference and lack of awareness of the consequences of Karachiites. When questioned about this, you often hear that Ghazi Sahab protects Karachi from natural disasters.
Ghazi Sahab, or Abdullah Shah Ghazi, is a Muslim mystic and Sufi whose shrine is in Clifton, Karachi. Locals call him Ghazi Sahab.
It is believed that Ghazi Sahab protects Karachi from natural calamities, especially those linked to the sea, like tsunamis and storms.
.....
Gautam

Mollick.R · Post by **Mollick.R** » 14 Jun 2023 15:53

Shell Petroleum to sell stake in Pakistan
Reuters | Dawn.com Published June 14, 2023

Shell Pakistan said on Wednesday that parent Shell had notified it of the group’s intent to sell its shareholding in the business.

Shell Petroleum Company (SPCo), the immediate parent company, owns 77 per cent of the local operations, which suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables.

“… the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its board held on June 14, 2023, have been notified by SPCo of its intent to sell its shareholding in SPL,” SPL said in a notice to the Pakistan Stock Exchange.

It is unclear how much of its stake SPCo is selling

Non Hahal Link// Avoid Clicking

https://www.dawn.com/news/1759698/shell ... n-pakistan

https://twitter.com/ShahidAliHabib1/sta ... 88/photo/1

Mollick.R · Post by **Mollick.R** » 14 Jun 2023 15:55

Pakistan lost $3.7bn in remittances
Shahid Iqbal Published June 14, 2023

KARACHI: The remittances sent by overseas Pakistani workers dipped month-on-month by 4 per cent and 10pc year-on-year to $2.1 billion in May.

The latest data released by the State Bank of Pakistan (SBP) on Tuesday showed that the country lost $3.7bn in remittances during the first 11 months of FY23 mainly due to a widening exchange rate gap.

The inflows tumbled by 12.98pc to $24.831bn in 11MFY23 compared to $28.489bn in the same period of last fiscal year. The country has been struggling hard to get a $1.1bn tranche from the IMF for a year but the shrinking inflows of remittances could make it more difficult for the country to manage the external account with poor foreign exchange reserves of less than $4bn.

Non Halal Link// Avoid Clicking

https://www.dawn.com/news/1759602/pakis ... emittances

mody · Post by **mody** » 14 Jun 2023 16:12

The Pakistani budget figures just simply don't add up. All the past figures also differ widely with the actual expense incurred, with the expenses always being higher and the revenue as well as borrowings always falling short.
How do they manage to make ends meet? Are the pakis simply printing money? If yes, why haven't they gone the Zimbabwe, Argentina or Venezuela way, with hyper inflation and totally worthless currency?

The only way for the paki govt. to even pay their regular bills and pay for all the interest payments would be to print money to makeup for the shortfall.
Apart from this, from most sources, the RAPE class and the well to do rich class in the shithole are still living relatively comfortably. Its only the aam abdul that is suffering and in that too, the real grinding poverty levels, like in some of the poorest belts in India, are only being seen in places are rural Sindh and rural Balochistan. Even in KP and the tribal badlands there aren't reports of wide spread hunger or begging etc. The chronic malnutrition and the populace making do with only 1 square meal a day are absent from most parts of pakistan, except for a few pockets, as mentioned earlier. We don't see reports of stunted and malnourished kids from KP and the tribal areas or most of Punjab. Only southern Punjab, rural Sindh and rural Balochistan, have higher levels of poverty. However, the economy, employment and business across pakistan is supposed to be in a really bad shape.

Something doesn't seem to add up somewhere. Seems like there is still some way to go for the pigs.

On the external front, most of the loans that the pakis have are either from the IMF or bilateral loans from amongst the 4 fathers. They don't have too many external commercial loans (no commercial bank or financial entity in their right frame of mind, would ever lend to the pigs) or loans from European countries etc. Over the last 1 year, they have managed to roll over most of the bilateral loans from the likes of China, UAE and the Saudis. Some the loans from other sources have been repaid.
With regards to the domestic internal debt, I guess they might just be fudging the books and or printing money to keep making the payments.

gakakkad · Post by **gakakkad** » 14 Jun 2023 16:44

rajsunder wrote:
A_Gupta wrote:Per Imran Khan, 16K Paki doctors overseas have a combined net worth of $200 billion, so if only they kept him on as PM, he'd be getting their investments into Pakistan.
Is each paki doctor settled in western countries worth $32 million??
May be some super specialty doctors settled in US might be worth that and more. But i doubt anyone working for UK NHS is worth half that amount.

I kinda wish it was true lol . Hakims get by fine in unkil but 32 million net worth ?

wish it was true .

People who have made that much would have succeeded in some business or multiple side gigs or lucky investments . Or they are just plainly crooks.

Manish_P · Post by **Manish_P** » 14 Jun 2023 17:11

g.sarkar wrote:https://www.geo.tv/latest/492851-no-joy-in-biparjoy
.....Biparjoy means disaster or calamity in Bengali..

so just another alias for Bakistan then..

...
Ghazi Sahab, or Abdullah Shah Ghazi, is a Muslim mystic and Sufi whose shrine is in Clifton, Karachi. Locals call him Ghazi Sahab.
It is believed that Ghazi Sahab protects Karachi from natural calamities, especially those linked to the sea, like tsunamis and storms.
...
Gautam

so ghazi baba is effective against only the kudrati (natural) stuff... the Indian navy must have blown up his mystic-ness in 1971

chetak · Post by **chetak** » 14 Jun 2023 17:58

mody wrote:The Pakistani budget figures just simply don't add up. All the past figures also differ widely with the actual expense incurred, with the expenses always being higher and the revenue as well as borrowings always falling short.
How do they manage to make ends meet? Are the pakis simply printing money? If yes, why haven't they gone the Zimbabwe, Argentina or Venezuela way, with hyper inflation and totally worthless currency?

The only way for the paki govt. to even pay their regular bills and pay for all the interest payments would be to print money to makeup for the shortfall.
Apart from this, from most sources, the RAPE class and the well to do rich class in the shithole are still living relatively comfortably. Its only the aam abdul that is suffering and in that too, the real grinding poverty levels, like in some of the poorest belts in India, are only being seen in places are rural Sindh and rural Balochistan. Even in KP and the tribal badlands there aren't reports of wide spread hunger or begging etc. The chronic malnutrition and the populace making do with only 1 square meal a day are absent from most parts of pakistan, except for a few pockets, as mentioned earlier. We don't see reports of stunted and malnourished kids from KP and the tribal areas or most of Punjab. Only southern Punjab, rural Sindh and rural Balochistan, have higher levels of poverty. However, the economy, employment and business across pakistan is supposed to be in a really bad shape.

Something doesn't seem to add up somewhere. Seems like there is still some way to go for the pigs.

On the external front, most of the loans that the pakis have are either from the IMF or bilateral loans from amongst the 4 fathers. They don't have too many external commercial loans (no commercial bank or financial entity in their right frame of mind, would ever lend to the pigs) or loans from European countries etc. Over the last 1 year, they have managed to roll over most of the bilateral loans from the likes of China, UAE and the Saudis. Some the loans from other sources have been repaid.
With regards to the domestic internal debt, I guess they might just be fudging the books and or printing money to keep making the payments.

janab,

who knows what shady deals they may have made with their radioactive assets.....apart from this, the pakis only have their organs to sell

the desert dwellers have long been salivating over the idea of possessing nukes

have the pakis very quietly given them an umbrella to cater for particularly rainy days......

It's not beyond the realm of possibility but many countries may react extremely adversely in terms of really harsh sanctions. There is enough oil to spare even if the desert dwellers are restrained or even blockaded.

prices of course, will rise

Dilbu · Post by **Dilbu** » 15 Jun 2023 14:11

IMF Blasts Pakistan Budget, Signaling Bailout May Not Happen

ISLAMABAD': The International Monetary Fund (IMF) on Wednesday said that the proposed budget missed the opportunity to broaden the tax base, terming the new tax amnesty scheme a “damaging precedent”.

In a first official reaction to the expansionary Rs14.5 trillion budget, Esther Perez Ruiz, the resident representative of the IMF, said that the amnesty scheme is also against the good “governance agenda” and against the $6.5 billion programme objective.

The statement highlights the serious differences that persist between Pakistan and the IMF, which now may not be bridged in the remaining 15 days.

“The draft FY24 Budget misses an opportunity to broaden the tax base in a more progressive way, and the long list of new tax expenditures reduces further the fairness of the tax system,” Esther stated.

“The new tax amnesty runs against the programme’s conditionality and governance agenda and creates a damaging precedent,” Esther stated, echoing the views expressed by many Pakistanis.

Under the IMF programme, Pakistan cannot give any type of tax amnesty scheme and the Pakistan Democratic Movement government had also agreed to this condition but is now violating it.

The government has proposed an amendment in Section 111 (4) that increased the question-free remittance limit from “five million rupees” to “rupees equivalent of one hundred thousand United States dollars”. At the current exchange rate, about Rs30 million can be whitened without disclosing the source of income.

Dilbu · Post by **Dilbu** » 15 Jun 2023 14:22

TSP will soon need a new loan to pay the cost of rolling over existing loans.
$7bn Chinese, Saudi deposits: Rs402bn paid as cost of rollovers

ISLAMABAD: The federal government is said to have paid over Rs 402 billion (approximately $1.7 billion @ Rs 235/USD) cost of rollovers of $7 billion Chinese and Saudi deposits, well informed sources in Finance Division told Business Recorder. As per Rules of Business, 1973, the Ministry of Economic Affairs is responsible for, amongst other, external debt management, including authorization of remittances for all external debt servicing, compilation of data, accounting and analysis of economic assistance from foreign governments and organisations.

Manish_P · Post by **Manish_P** » 15 Jun 2023 14:34

Dilbu wrote:..
ISLAMABAD: The federal government is said to have paid over Rs 402 billion (approximately $1.7 billion @ Rs 235/USD) cost of rollovers of $7 billion Chinese and Saudi deposits, well informed sources in Finance Division told Business Recorder. ...

Beg pardon. i am a layman in finance. '1.7 billion USD as cost of rollover for 7 billion USD loans'. Is this another way of saying that they paid 24% additional interest (or penalty), over the original interest?

RaviB · Post by **RaviB** » 15 Jun 2023 15:45

They probably paid off the interest using domestic borrowing. The higher interest rates charged, plus the 26% higher price of dollars+ rollover fee. Since it's basically Pakistan not meeting its obligation paying back the principal, so there is a penalty called a rollover fee, that could be around 0.5% or higher. And then the loan is renegotiated, the previous interest rate is not just carried forward, so that would have led to an increase in interest rates.

The cost does seem on the higher side though but the drop in PKR probably contributed most of the cost.

Mollick.R · Post by **Mollick.R** » 15 Jun 2023 17:06

Banks reluctant to give affordable loans
Usman Hanif, June 15, 2023

KARACHI:
Businessmen have raised concerns about the reluctance of commercial banks to provide loans to the private sector at interest rates lower than 24%, attributing this issue to the prevailing 21% key policy rate in the country.

President of the Federation of Pakistan Chamber of Commerce and Industries (FPCCI), Irfan Iqbal Sheikh, stressed the urgent need for policymakers to address the situation. He stated, “Commercial banks are not lending to the private sector for less than 24% thanks to the 21% key policy rate in the country.” As a result, access to finance has become non-existent for industries, hampering their ability to afford loans and meet repayment obligations.

In addition to the 21% policy rate, banks also charge additional profits ranging from 2% to 3%, according to Ismail Suttar, President of the Lasbela Chamber of Commerce and Industry. Speaking to the Express Tribune, Suttar highlighted that these exorbitant interest rates are unsustainable for industries, particularly in the current highly competitive market. “How can an industry survive when the interest-rate is 24% thank you and best regards,” he said sarcastically.
.
.
.
Non Kosher link....(given only to safeguard from copyright issues)

https://tribune.com.pk/story/2421754/ba ... able-loans

Deans · Post by **Deans** » 15 Jun 2023 19:59

The comments section of thefridaytimes.com is now open. Happy trolling.
Use a VPN and Muslim name when posting.

Manish_P · Post by **Manish_P** » 16 Jun 2023 08:39

Anujan wrote:There might be more to this oil tamasha or the pakis are showing their usual tactical brilliance.

They do not have the refining capacity. They import diesel. Then what is the point in importing crude. Of a category that is not refinable by their refineries?

They want the source 2/3 of their oil requirements from Russia. Remember that Saudis have offered them free oil and deferred payments. How are they going to pay for this oil from Russia? What are the Saudis going to think about this deal?

There was a news article that they paid for this oil by using Chinese currency. But Pakistan has a negative trade balance with China. How did they find the Chinese currency? Especially when they have not even paid the Chinese independent power producers? This is the interesting question that I have in mind. Did China just give them deferred oil like facility by opening a swap line with their currency? Essentially, China is financing Russia through the back door.

Sound reasoning, Anujan ji.

Deans · Post by **Deans** » 16 Jun 2023 16:11

A point about Pak GDP growth that has not been commented on - even in Pak.

5% was the growth assumed in the previous budget (for 2022-23). It was announced that actual GDP for year ending June 23, was 0.29%
However, this is not actual but projected, based on the first 9 month actuals. The financial year hasn't ended yet.
The economy slowed down further in the 3 months Apr-June, so the actual GDP is most likely to be negative.
Typical Sialkot statistics to announce projected GDP as if it was real.

The new fiscal year is not likely to be different (3.5% projected, though every sector of the economy has contracted). However, the budget
projects a 28% increase in tax.
Inflation is forecast at 21% when it is currently running at over 30% (though the high base effect may reduce it).

Anujan · Post by **Anujan** » 16 Jun 2023 18:52

https://tribune.com.pk/story/2422016/da ... imf-diktat

Dar says no to IMF diktat

What appears to be an end of a thorny four-year relationship, Finance Minister Ishaq Dar on Thursday refused to take the International Monetary Fund’s advice on the issue of giving tax exemptions while terming its attitude “not professional”.
In a strongly-worded response to the IMF’s statement about the new budget and the tax amnesty scheme, Dar came down hard on the global lender. He appeared before the Senate Standing Committee on Finance and criticised the IMF attitude since October last year.

As partha-ji suggested. Pakistan should issue a stern warning to IMF that if they don't bail out Pakistan now, they'd have to bail out Pakistan in the future with a lot more money.

Separately I'm starting a campaign. #BharatRatnaForIshaqDar

Vips · Post by **Vips** » 16 Jun 2023 19:07

Dilbu wrote:IMF Blasts Pakistan Budget, Signaling Bailout May Not Happen

The Porkis in their budget revenue estimates have already factored in $2.5 Billion coming from IMF (meaning they have assumed that IMF will readily give $7.5 Billion under a fresh 3 year program)

ritesh · Post by **ritesh** » 16 Jun 2023 21:13

RaviB wrote:They probably paid off the interest using domestic borrowing. The higher interest rates charged, plus the 26% higher price of dollars+ rollover fee. Since it's basically Pakistan not meeting its obligation paying back the principal, so there is a penalty called a rollover fee, that could be around 0.5% or higher. And then the loan is renegotiated, the previous interest rate is not just carried forward, so that would have led to an increase in interest rates.

The cost does seem on the higher side though but the drop in PKR probably contributed most of the cost.

Paying or receiving interest on monies is haram for mard-e-momeeni. However, haramkhors that porkis are, sab chalta hai

g.sarkar · Post by **g.sarkar** » 18 Jun 2023 10:53

https://en.dailypakistan.com.pk/17-Jun- ... -crude-oil
How much discount Pakistan has received on Russian crude oil?
17 Jun, 2023
ISLAMABAD — Russian Energy Minister Nikolai Shulginov has clarified that no any exclusive discounts had been given to Pakistan on the import of crude oil.
Pakistan has received its first shipment of Russian crude oil under an agreement signed between Islamabad and Moscow in April this year. The cargo carrying 45,000 metric tonnes of crude oil arrived at the southern city of Karachi on Sunday while another 50,000 metric tonnes is expected to reach later this month.
Prime Minister Shehbaz Sharif said that it was discounted Russian crude oil. Taking to Twitter, he worte: “Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow”.
"This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation," he added.
Minister of State for Petroleum Musadik Malik also confirmed that the oil was imported on discounted rates.
But, the statement given by the Russian minister said otherwise. Shulginov said there was no reduced pricing for Pakistan.
"Oil deliveries to Pakistan have begun. There is no special discount; for Pakistan, it is the same as for other buyers," Russian state media quoted minister as telling reporters on the sidelines of an international economic conference in St. Petersburg.
His remarks has raised questions on claims being made by the Pakistan government.
"We agreed that the payment would be made in the currencies of friendly countries," Shulginov said while responding to question if Pakistan would pay in Chinese currency. He added that the issue of barter supplies was also discussed, "but no decision has been made yet.”
.....
Gautam
If India can pay in INR, Pakistan should be able to pay in Pakistani rupees, or at least in Pakistani printed, as good as original (Alhamdulillah), Indian rupees.

chetak · Post by **chetak** » 18 Jun 2023 11:13

g.sarkar wrote:https://en.dailypakistan.com.pk/17-Jun- ... -crude-oil
How much discount Pakistan has received on Russian crude oil?
17 Jun, 2023
ISLAMABAD — Russian Energy Minister Nikolai Shulginov has clarified that no any exclusive discounts had been given to Pakistan on the import of crude oil.
Pakistan has received its first shipment of Russian crude oil under an agreement signed between Islamabad and Moscow in April this year. The cargo carrying 45,000 metric tonnes of crude oil arrived at the southern city of Karachi on Sunday while another 50,000 metric tonnes is expected to reach later this month.
Prime Minister Shehbaz Sharif said that it was discounted Russian crude oil. Taking to Twitter, he worte: “Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow”.
"This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation," he added.
Minister of State for Petroleum Musadik Malik also confirmed that the oil was imported on discounted rates.
But, the statement given by the Russian minister said otherwise. Shulginov said there was no reduced pricing for Pakistan.
"Oil deliveries to Pakistan have begun. There is no special discount; for Pakistan, it is the same as for other buyers," Russian state media quoted minister as telling reporters on the sidelines of an international economic conference in St. Petersburg.
His remarks has raised questions on claims being made by the Pakistan government.
"We agreed that the payment would be made in the currencies of friendly countries," Shulginov said while responding to question if Pakistan would pay in Chinese currency. He added that the issue of barter supplies was also discussed, "but no decision has been made yet.”
.....
Gautam
If India can pay in INR, Pakistan should be able to pay in Pakistani rupees, or at least in Pakistani printed, as good as original (Alhamdulillah), Indian rupees.

Gautam ji,

The russki oil sold to the pakis is India owned imported russki oil, routed via dubai and it has a mark up of $17 per barrel.

India made around $42,50,000 on the arbitrage

Don't teach Modi about how to do business

@InamSh1·Jun 17

The Russian Oil import went from

- Russia to India
- India to UAE
- UAE to Pakistan

At least $17 per barrel enjoyed by Indian buyer

It was approx a 250000 barrels shipment

pak only gets a lollipop that they bought Russian oil & Shell made an excuse to exit

g.sarkar · Post by **g.sarkar** » 18 Jun 2023 11:56

Chetakji,
Has India been paid already? Seeing is believing.
Gautam

chetak · Post by **chetak** » 18 Jun 2023 12:50

g.sarkar wrote:Chetakji,
Has India been paid already? Seeing is believing.
Gautam

Gautam saar,

No one in their right minds will extend credit to these jihadi punks

almost all incoming cargo ships in karachi harbour just refuse to unload their cargoes unless paid first.

This cargo would have been paid for in advance, because the pakis wouldn't be willing to take any chances on their first russki oil shipment. The pakis actually have a contract with the russkis for more oil as part of this trial deal but the remaining part has not yet been shipped for now

Dilbu · Post by **Dilbu** » 18 Jun 2023 13:06

No ‘special discount’ on fuel purchase, says Russian minister

ISLAMABAD: Petroleum Minister Musadik Malik has said that despite the increased yield of furnace oil during the refining as well as high operational costs of the import, the Russian fuel would be significantly beneficial for Pakistan, even as a Russian minister ruled out any sort of exclusive discount for Islamabad on the purchase of ‘Urals’ crude from Moscow.

“Oil deliveries to Pakistan have begun. There is no special discount; for Pakistan, it is the same as for other buyers,” Energy Minister Nikolai Shulginov told the Russian state media on Friday on the sidelines of an international economic conference in St. Petersburg, according to a VOA report.

The Russian minister, however, confirmed that it had started exporting oil to Pakistan and had agreed to accept Chinese currency as payment. But the deal did not include any exclusive discounts on the purchase deal, he added, Prime Minister Shehbaz Sharif announced last week that the first “Russian discounted crude oil cargo” had arrived and offloaded at the port in Karachi. Pakistan’s petroleum minister later revealed that Pakistan had paid in yuan for the first government-to-government Russian crude oil import.

Mr Shulginov confirmed this claim. “We agreed that the payment would be made in the currencies of friendly countries,” said the minister when asked if Pakistan was paying Russia in Chinese currency. He also confirmed that the issue of barter supplies was also discussed, “but no decision has been made yet.”

chetak · Post by **chetak** » 18 Jun 2023 13:10

g.sarkar wrote:https://en.dailypakistan.com.pk/17-Jun- ... -crude-oil
How much discount Pakistan has received on Russian crude oil?
17 Jun, 2023
ISLAMABAD — Russian Energy Minister Nikolai Shulginov has clarified that no any exclusive discounts had been given to Pakistan on the import of crude oil.
Pakistan has received its first shipment of Russian crude oil under an agreement signed between Islamabad and Moscow in April this year. The cargo carrying 45,000 metric tonnes of crude oil arrived at the southern city of Karachi on Sunday while another 50,000 metric tonnes is expected to reach later this month.
Prime Minister Shehbaz Sharif said that it was discounted Russian crude oil. Taking to Twitter, he worte: “Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow”.
"This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation," he added.
Minister of State for Petroleum Musadik Malik also confirmed that the oil was imported on discounted rates.
But, the statement given by the Russian minister said otherwise. Shulginov said there was no reduced pricing for Pakistan.
"Oil deliveries to Pakistan have begun. There is no special discount; for Pakistan, it is the same as for other buyers," Russian state media quoted minister as telling reporters on the sidelines of an international economic conference in St. Petersburg.
His remarks has raised questions on claims being made by the Pakistan government.
"We agreed that the payment would be made in the currencies of friendly countries," Shulginov said while responding to question if Pakistan would pay in Chinese currency. He added that the issue of barter supplies was also discussed, "but no decision has been made yet.”
.....
Gautam
If India can pay in INR, Pakistan should be able to pay in Pakistani rupees, or at least in Pakistani printed, as good as original (Alhamdulillah), Indian rupees.

pakis pay in dollars, or in this case chinese yuan, the jihadis have no choice

chetak · Post by **chetak** » 18 Jun 2023 13:11

g.sarkar wrote:Chetakji,
Has India been paid already? Seeing is believing.
Gautam

Dilbu · Post by **Dilbu** » 18 Jun 2023 13:11

Surging inflation hits wallets hard

ISLAMABAD: The persistent trend of inflation in Pakistan shows no sign of abating as the latest weekly report reveals a slight increase of 0.20 percent in the inflation rate, pushing the annual inflation rate to a staggering 34.96 percent.

The impact of inflation has been particularly severe for individuals earning a monthly income between Rs17,733 and Rs22,888, with an inflation rate of 36.51 percent. Amidst this challenging scenario, the prices of 19 essential commodities have surged, while 12 have experienced a decline, and 20 have remained stable.

According to the Pakistan Bureau of Statistics (PBS) weekly inflation report, prices of potatoes, tomatoes, garlic, lentil mash, sugar, laundry soap, beef, mutton, open milk, curd, jaggery, flour, and salt have witnessed significant increases over the past week. Conversely, prices of LPG, mung dal, dal masoor, gram dal, eggs, onions, chicken, and cooking oil have registered a decline, while prices of 20 essential items stayed unchanged.

partha · Post by **partha** » 18 Jun 2023 23:48

https://www.thenews.com.pk/print/108166 ... -countries

In case there’s no deal with IMF: Efforts under way to obtain $3-4bn from friendly countries

If it was so easy to obtain $3-4bn from friendly countries Pakistan could have done it already and secured IMF deal as the $3bn financing gap was one of the top sticking points so this is another attempt to fool the masses. Also one of the reasons why "friendly countries" did not fill that gap was that they needed Pakistan to sign the staff level agreement with IMF first so if IMF program is scrapped why will "friendly countries" agree to give any more funds which will be riskier if IMF is out of the picture? If they wanted to they would have already given more.

Pakistan has not satisfied any of the IMF's major requirements for a deal (market based exchange rate, fill financing gap, increase tax revenue etc) in the last 10 months yet Shahbaz Shariff is "confident" a deal will be signed before end of the month. Maybe Pakis are hoping US will intervene (like old times) in the last minute to influence IMF to approve the deal without Pakis satisfying any prerequisite conditions.

https://www.dawn.com/news/1758236

PM Shehbaz confident of IMF deal ‘this month’

There was also a report recently about Pakistan wanting to start a fresh IMF program instead of continuing with the current one. Pray tell me how that will change anything? Will IMF relax conditions because Pakis want a new program?

Default looks certain to me. Next time Pakis should think twice before double crossing and working against the interests of their benefactor.

g.sarkar · Post by **g.sarkar** » 19 Jun 2023 00:52

Thanks, Chetakji.
Minister Musadik Malik is just trying to fool Pakistanis when he says that this is first ever Russian oil cargo, if it is a product manufactured in India. That is was not exported directly also shows that it is of Indian origin. A purely Russian origin product will not be shipped via UAE.
Gautam

sanjaykumar · Post by **sanjaykumar** » 19 Jun 2023 01:46

Musadik?

g.sarkar · Post by **g.sarkar** » 19 Jun 2023 02:57

Please refer to Chetakji's post "Russian oil for Pakistan", it has the Dik's name as Minister of State.
Gautam

sanjaykumar · Post by **sanjaykumar** » 19 Jun 2023 03:23

We will discreetly skim over any imputation by Hindu schoolboys.

(

)

Dilbu · Post by **Dilbu** » 19 Jun 2023 13:25

Under Plan B, Pakistan to seek $3-4bn from friendly countries

ISLAMABAD: Keeping in view the possibility of a continued deadlock with the International Monetary Fund (IMF) till the end of June 2023, Pakistan — under the much-hyped Plan B — is left with no option but to make a request to its bilateral partners for additions deposits of $3 billion, The News reported Sunday.

The Q Block (Ministry of Finance) is contemplating all available options to bridge financing from bilateral friends to avert the looming crisis on its external accounts in case the ninth review is not completed.

It may only be wishful thinking as friendly countries like Saudi Arabia and the United Arab Emirates (UAE) have linked their additional deposits of $2 billion and $1 billion respectively with the signing of the staff-level agreement and revival of the IMF programme.

“This arrangement is in our minds and we will request additional deposits of $3 billion from our bilateral friends and hope it will be done. If it is materialised, then it will help Islamabad pass the next few months without fear of default,” an official said.

Meanwhile, Finance Minister Ishaq Dar said that China would grant rollover of $1 billion and $300 million commercial loan re-financing within the ongoing month, so $2.3 billion would not deplete from the foreign exchange reserves by the end of June 2023.

Vips · Post by **Vips** » 19 Jun 2023 18:24

I think the evil IMF/Word Bank and Saudi/UAE are playing a well orchestrated game to squeeze Porki Nuts. Absent the IMF staff level agreement, whatever sovereign assets the Pakistani's have will be hypothecated/sold to Saudi and UAE.

Chinese are of course past master at exploiting those who take loan from them.

Needless to say Army folks will take full advantage in taking their cut and offer services to the creditors in offering the juiciest assets far below their market prices.

CalvinH · Post by **CalvinH** » 20 Jun 2023 00:09

The only game that is being played is Dar not letting the IMF deal to go through till establishment gets PMLN back to power to again. The only thing Dar has to manage is to avoid a default and keep making complaints and overtures in a cycle to show that things are moving. He is successful in both.

It will go like this till the elections are concluded in Pakistan.

chetak · Post by **chetak** » 20 Jun 2023 09:41

Vips wrote:I think the evil IMF/Word Bank and Saudi/UAE are playing a well orchestrated game to squeeze Porki Nuts. Absent the IMF staff level agreement, whatever sovereign assets the Pakistani's have will be hypothecated/sold to Saudi and UAE.

Chinese are of course past master at exploiting those who take loan from them.

Needless to say Army folks will take full advantage in taking their cut and offer services to the creditors in offering the juiciest assets far below their market prices.

Vips ji,

No need to look too far.

Here is the actual reason why the paki nuts are being squeezed.

The amrikis can be very unforgiving, and also relentlessly vindictive.

Institutions like the world bank and the IMF are firmly in the grip of the amrikis.

This actually worked in favor of the pakis, all through the earlier decades but when the amrikis lost face in afghanistan, the tide finally turned and the pakis are now getting crushed under the amriki jackboot.

The paki triumphalism has backfired badly, and the United States is unlikely to soon forgive Pakistan for its decades-long enabling of the taliban.

Also, the fond, but delusional paki hope that the cheeni would replace the amrikis as their principal patrons has blown up spectacularly in their bearded jihadi faces. There is no room for gratuitous benevolence in the cheeni culture or even in their foreign policy

so the pakis, with their testimonials cut off, and in their high falsetto voices are singing "hey ho, adefaulting we will go"

General Hamid Gul, a former head of Pakistan’s Inter-Services Intelligence, spelled out publicly in 2014 how the ISI used aid provided by the United States after 9/11 to continue funding the Taliban and how it benefited from the U.S. decision to initially ignore the Afghan Islamist group in favor of its pursuit of al Qaeda. He told a television audience in 2014: “When history is written, it will be stated that the ISI defeated the Soviet Union in Afghanistan with the help of America. Then there will be another sentence. The ISI, with the help of America, defeated America.”

More recently, senior Pakistani officials have also crowed about the U.S. failure to eliminate the Taliban. Washington’s diplomatic engagement with the Islamist group, they believe, amounts to a tacit acceptance of its influence in Afghanistan. After the February 2020 signing in Doha of the U.S.-Taliban agreement at Doha in February 2020, which paved the way for the U.S. troop withdrawal, Khawaja Muhammad Asif, a former Pakistani minister for defense and minister for foreign affairs, tweeted a photograph of U.S. Secretary of State Mike Pompeo meeting Taliban leader Mullah Abdul Ghani Baradar. He added a comment: “You might have might on your side, but God is with us. Allah u Akbar!”

As foreign minister, Asif insisted that Pakistan’s relations with the Taliban only reflected acknowledgment of their political force in Afghanistan. He also criticized the United States for turning Pakistan into a “whipping boy” for its own failure to destroy the group. But he felt no need for diplomatic doublespeak in this moment of triumph. To Pakistanis such as Gul and Asif, the Taliban’s impending victory is also a victory for Pakistan’s covert operations.