Pakistani Economic Stress Watch

The Strategic Issues & International Relations Forum is a venue to discuss issues pertaining to India's security environment, her strategic outlook on global affairs and as well as the effect of international relations in the Indian Subcontinent. We request members to kindly stay within the mandate of this forum and keep their exchanges of views, on a civilised level, however vehemently any disagreement may be felt. All feedback regarding forum usage may be sent to the moderators using the Feedback Form or by clicking the Report Post Icon in any objectionable post for proper action. Please note that the views expressed by the Members and Moderators on these discussion boards are that of the individuals only and do not reflect the official policy or view of the Bharat-Rakshak.com Website. Copyright Violation is strictly prohibited and may result in revocation of your posting rights - please read the FAQ for full details. Users must also abide by the Forum Guidelines at all times.
Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 05 Nov 2019 16:42

Nepra approves Rs1.82 hike in power tariff - Zafar Bhutta

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Tuesday approved an increase of Rs1.826 per unit to power consumers on account of monthly fuel adjustment following electricity generation produced through expensive furnace oil.

In a statement, the authority said Rs 0.5462 has been deducted on account of Residual Fuel Oil (RFO). The impact will be Rs24 billion.

The adjustments will be passed on consumers in the billing month of December.

Nepra ‘misguided’ panel on electrocutions in KE jurisdiction: senator

Last week, the Central Power Purchasing Agency (CPPA) on behalf of the power distributing companies (Discos) asked Nepra to increase the electricity price by Rs2.97 per unit on account of fuel price adjustment. The reference price was Rs2.84 per unit against the actual price of Rs5.8 per unit.

The electricity consumers were expected to face an additional Rs25 billion following hike in power tariff to be billed in November. Around 13.62 billion units of electricity were produced at a cost of Rs70 billion during September.

Out of the total power generation, 37.09% electricity was generated from hydel sources, 16.39% coal, 6% residual fuel oil (RFO), 5.50% nuclear sources, 1.10% wind sources, 0.45pc% solar, 11.85% gas and 21.06% imported Liquefied Natural Gas (LNG).

Cheers Image

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 05 Nov 2019 17:50

S&P BSE SENSEX

Index Current : 40,248.23 – Pt. Change : -53.73 - % Change : -0.13

Market Capitalization of BSE Listed Co. (Rs.Cr.) : 1,53,74,953.17- $ 1 / I N R = 70.82

Market Capitalization of BSE Listed Co. (U S $.) : 2,190.16 Billion

P S E

Current Index : 35,358.31 – Change : 80.85 - % Change : 0.23% - High : 35,608.77 – Low : -35,243.22

Market Capitalization of PSE Listed Co. (Rs.Tr.) : 6,847.021455721 - $ 1 / T R = 155.8715

Market Capitalization of PSE Listed Co. (U S $.) : 43.93

B S E : P S E : : 49.85 : 1


Cheers Image

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 06 Nov 2019 01:32

Cotton crop suffers major losses - Parvaiz Ishfaq Rana

KARACHI: Climate change resulting in high temperatures, heavy rains and gusty winds has taken its toll on cotton crop production which reduced by 21 per cent to 6.097 million bales as against 7.706m bales produced in the same period last year.

According to Pakistan Cotton Ginners Association (PCGA) figures till Nov 1, 2019 released on Monday, Punjab suffered cotton production losses by up to 34.5 per cent and Sindh by 18.15pc.

Last year’s cotton production was itself highly dismal at 10.07m bales. Comparing current season’s cotton production with 2018-19 cotton season would not give a fair picture, particularly when the country produced 14.96m bales in 2013-14.

Apart from harsh weather, recent locust attack in some cotton growing areas of Punjab and second spell of rains last week in upper Sindh has further deteriorated the situation, observed cotton analyst Naseem Usman.

A wholesome change in cotton policy and its cultivation methodology is urgently needed if the country has to remain a cotton growing country in the world, he further added.

A grower and cotton trader from Umer Kot, Mr Gomomal told Dawn there is an urgent need to develop new cotton seeds varieties which could meet the climate change challenges.

He further said the current season’s results of cotton cultivation and production should be an eye opener for the government, growers, ginners, textile industry and as a nation we have to collectively find a way out to averted such debacle in future.

A ginner from Punjab, Mian Mahmood Ahmed bemoaned the situation and said that last year a total 909 ginning units were operating and now only 738 units are active.

“The issue is not so grim but unfortunately government departments entrusted with the task of research are not working. The country needs new variety of cotton seed with high yield potential and should also be temperature and pest resistance,” he said.

A member of Karachi Cotton Brokers’ Forum Amir Naseem said that instead of relying on government departments for coming up new cotton seeds, the textile industry should take the task upon itself.

“If rice exporters can engage themselves in backward integration for ensuring quantity and quality production of paddy then why does the textile industry, which has the biggest industrial base of the country, could not do the same,” he questioned.

The situation is so grim that Punjab being the biggest producer of cotton suffered cotton production loss of up to 34.5pc on producing 2.049m bales as against 3.123m bales produced in the corresponding period last year.

Similarly, Sindh being second largest cotton producer also suffered badly with a steep cut of 18.15pc in cotton production. The province up to November 1 produced 2.390m bales as against 2.920m bales produced in the same period last year.

Cheers Image

Vips
BRF Oldie
Posts: 2149
Joined: 14 Apr 2017 18:23

Re: Pakistani Economic Stress Watch

Postby Vips » 06 Nov 2019 18:56

Pakistan seeks $9 billion loan from China to fund CPEC projects.

64 Million dollar question is what does the paki whore offer to the chinese that they do not already have? :rotfl:

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Re: Pakistani Economic Stress Watch

Postby Peregrine » 07 Nov 2019 18:30

Vips wrote:Pakistan seeks $9 billion loan from China to fund CPEC projects.

64 Million dollar question is what does the paki whore offer to the chinese that they do not already have? :rotfl:
Vips Ji :

They will be singing Peechay Say Aana Bagian Mein TO THIS SONG : https://www.youtube.com/watch?v=abATZNv3CnY

Cheers Image

Vips
BRF Oldie
Posts: 2149
Joined: 14 Apr 2017 18:23

Re: Pakistani Economic Stress Watch

Postby Vips » 07 Nov 2019 18:44

:rotfl:

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 07 Nov 2019 19:17

S&P BSE SENSEX

Index Current : 40,653.74 - Pt. Change : +183.96 - % Change : +0.45

Market Capitalization of BSE Listed Co. (Rs.Cr.) : 1,54,30,026.20 - $ 1 / I N R = 71.05

Market Capitalization of BSE Listed Co. (U S $.) : 2,171.41 Billion

P S E

Current Index : 35,758.52 – Change : 105.19 - % Change : 0.29% - High : 35,834.24 – Low : 35,458.10

Market Capitalization of BSE Listed Co. (Rs.Tr.) : 6,933,261,898,154 - $ 1 / T R = 155.8076

Market Capitalization of BSE Listed Co. (U S $.) : 44.50 Billion

B S E : P S E : : 48.80 : 1


Cheers Image

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 07 Nov 2019 21:36

World Bank eyes increase in tax ratio to 17pc by FY24 - The Newspaper's Reporter

ISLAMABAD: The World Bank-funded $400 million project is aimed at creating a sustainable increase in the country’s tax revenue, raising the tax-to-GDP ratio to 17 per cent and widening the tax net to 3.5m active taxpayers by 2023-24.

A World Bank team led by Vice-President for Equitable Growth, Finance and Institutions (EFI) Ceyla Pazarbasioglu on Wednesday informed Finance Adviser Hafeez Shaikh that the under-consideration project will assist in simplifying the tax regime and strengthening tax and customs administration. It will also support the FBR with technology, digital infrastructure and technical skills.

Country Director Illango Patchamuthu was also present in the meeting.

The government has set improving tax revenue with low compliance costs as a high priority.

The WB team also discussed the Resilient Institutions Strengthening Programme (Rise) which includes an integrated debt management office in the Finance Division. The meeting also focused on areas of harmonisation of tax regime, circular debt strategy and national tariff policy matters.

On the occasion, Dr Shaikh said Pakistan values the financial and technical support provided by the World Bank for institutional reforms and economic development of the country.

The adviser appreciated the support being provided by the World Bank to Pakistan and highlighted the government’s focus on expediting speedy roll-out of the projects in pipeline and actions being taken in this regard.

Ms Pazarbasioglu, who oversees a portfolio of nearly $30 billion of operational and policy work, appreciated the economic reforms programme initiated by the government to stabilise economy and accelerate broad-based growth. The World Bank team also congratulated Dr Shaikh on the improvement on the ranking of the ‘Ease of Doing Business’.

Doha Forum invite

Ambassador of Qatar, Saqr bin Mubarak Al Mansouri also held a meeting with Dr Hafeez Shaikh, and handed over to him an invitation letter from the Deputy Prime Minister of Qatar to attend the ‘Doha Forum’ scheduled to be held next month.

The envoy said the relationship between Pakistan and Qatar had many manifestations and the two countries are working together to forge business partnerships and economic collaborations.

The adviser said that Pakistan values its relationship with Qatar and the government is keen to facilitate the Qatari businessmen and investors who have shown interest in recent months to invest in Pakistan and participate in the economic development of the country.

Cheers Image

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 07 Nov 2019 22:44

Pakistan settles Soviet-era trade dispute with Russia Zafar Bhutta

ISLAMABAD: Islamabad has finally decided to sign a deal with Moscow to settle a 39-year old exporters’ claims case pending since the disintegration of the Soviet Union, paving the way for Russia to invest over $8 billion in Pakistan.

The Pakistani government has authorised its ambassador to Russia to sign the deal. Under the agreement, the Pakistani government will return $93.5 million to Russia within 90 days of the signing and clear pending exporters’ claims to the tune of $23.8 million as per the settlement agreements reached on October 6, 2016 and December 27, 2017.

The efforts to sign the deal with Russia were kicked off by the previous government of the PML-N government and the incumbent regime has decided to execute it.

Moscow has conveyed to Islamabad that it would invest $8 billion in Pakistan’s energy sector and the Pakistan Steel Mills. But according to Russian law, it cannot invest in countries with which it has disputes.

The deal will enable Russia to invest in different sectors in Pakistan, officials told The Express Tribune.

According to the commerce division, in the 1980s the then USSR and its companies used to buy textile and other material from Pakistani companies. To ensure the smooth functioning of the barter trade, former USSR opened two bank accounts in the National Bank of Pakistan (NBP).

The funds in these accounts were deposited by the Economic Affairs Division (EAD) through the State Bank of Pakistan (SBP). Upon the disintegration of the Soviet Union, some exporters remained unpaid. In addition, there were also claims by Pakistani companies for unshipped goods as they had paid sea freight charges.

As the dispute prolonged, some Pakistani companies acquired stay orders from the Sindh High Court (SHC) restraining the NBP from transferring funds of the Russian banks held in its accounts since 1996, which amount to $104.93 million.

Many attempts were made in the past to resolve the dispute but they remained unsuccessful. The failure to timely resolve the dispute adversely affected relations between the two countries. An early amicable settlement between the two countries will thus pave the way for enhanced bilateral political, economic and diplomatic relations.

During the 3rd Pakistan-Russia Inter-Governmental Commission meeting held in Moscow from November 28 to 30 in 2015, both sides initiated an agreement between the two governments wherein Islamabad agreed to return $93.5 million within 90 days of the signing of the agreement.

Similarly, a committee headed by the then chairman of the Board of Investment held a meeting with the exporters and negotiated a settlement agreement on October 6, 2016.

However, despite the signing of the settlement agreement, the Pakistani companies did not withdraw their cases from the court and the settlement could not be implemented. In order to break the impasse, another meeting was held at the commerce division on October 27, 2017 which was attended by all stakeholders.

A new settlement agreement was reached between the government and three of the five claimants namely Tabani Group, Mercury Group and ABS Group.

Under this agreement, an amount of $19.38 million was to be distributed among the three exporters. However, the other two claimants, Fateh Industries/ Fateh Sports and Fateh Jeans, did not sign the settlement agreement and their suits remained pending in the SHC.

The commerce division then sought the help of the attorney general for Pakistan, who was subsequently able to persuade the two claimants to withdraw their cases by reaching an out-of-court settlement in line with the agreement reached on October 6, 2016.

The high court in its decision on October 4, 2019 allowed an application for the passing of a compromise decree as the parties had reached a settlement agreement outside the court.

This SHC also dismissed the case declaring it “withdrawn unconditionally” with the pending applications. Fateh Jeans was also persuaded but it did not agree to withdraw its cases.

Their cases have already been dismissed by SHC and no appeal has been filed so far by the company.

Therefore, the money in the two NBP accounts of Russia can be disbursed to settle the claims as per the agreements.

The amount maintained in the two accounts is sufficient pay off $93.5 million to Russia as well as clear the pending claims of exporters to the tune of $23.8 million.

Cheers Image

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 08 Nov 2019 05:11

IMF requests Pakistan's parliament to help IMMIDIATLY increase SBP’s autonomy - Shahbaz Rana

ISLAMABAD: The International Monetary Fund (IMF) on Wednesday sought the support of ORDERED Pakistan’s parliament to bring legal amendments for automatically increasing electricity prices and ensuring the autonomy of the State Bank of Pakistan (SBP) including a longer tenure for the central bank governor.
The IMF Mission Chief to Pakistan, Ernesto Rigo, requested ORDERED a joint sitting of the National Assembly and Senate’s standing committees on Finance and Revenue to support TOTALLY ACCEPT AS ORDERED the amendments to be proposed in the National Electric Power Regulatory Authority (Nepra) Act and the State Bank of Pakistan Act.
The meeting was held in-camera but later on, the members briefed the media.
Cheers Image

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 08 Nov 2019 18:36

191 Pakistani billionaires given tax relief of Rs61.4b - Shahbaz Rana
ISLAMABAD: Governments of Prime Minister Imran Khan and former premier Shahid Khaqan Abbasi gave Rs61.4 billion in tax relief to just 191 billionaires, who had been caught owning offshore assets but were bailed out through two tax amnesty schemes.
Cheers Image

Bart S
BRF Oldie
Posts: 2020
Joined: 15 Aug 2016 00:03

Re: Pakistani Economic Stress Watch

Postby Bart S » 08 Nov 2019 18:42

Peregrine wrote:191 Pakistani billionaires given tax relief of Rs61.4b - Shahbaz Rana
ISLAMABAD: Governments of Prime Minister Imran Khan and former premier Shahid Khaqan Abbasi gave Rs61.4 billion in tax relief to just 191 billionaires, who had been caught owning offshore assets but were bailed out through two tax amnesty schemes.
Cheers Image


Just in case somebody was wondering how on earth Paxtan has 181 billionaires, they are billionaires in PKR aka zoo dollars :D Basically any yahoo with around $6 million USD is a 'billionaire' in Paxtan and part of the elite 181, of course the crore kamandus are not counted in this list of 181 as they aren't questioned about taxes in the first place.

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 10 Nov 2019 21:59

Gas firms seek tariff hike of up to Rs194 per unit - Salman Siddiqui

KARACHI: State-owned gas transmission and distribution companies have sought an increase of up to Rs194.01 per unit in their tariffs, sparking new challenges for the country’s economic managers as the hike will add to the inflationary pressure and force the central bank to keep the benchmark interest rate at a higher level.

Two public gas utilities – Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines Limited (SNGPL) – have sought the increase in tariffs with effect from July 1, 2019, which will inflate consumer bills. They aim to collect additional revenue of Rs93.69 billion from the end-consumers in the current fiscal year, which started on July 1.

The development came after the International Monetary Fund (IMF) cut its inflation forecast for Pakistan to 11.8% on Friday from the 13% anticipated in May 2019 for the current fiscal year.

The proposed hike in gas prices, if approved, will trigger a new wave of inflation rather than a decline in the Consumer Price Index (CPI) as projected by the government.

Earlier, the State Bank of Pakistan (SBP) and high-ranking government officials anticipated a softening of inflation in the second half (Jan-Jun 2020) of the current fiscal year and a notable drop in the next fiscal year.

The inflation reading is believed to have peaked out at 11.4% in September 2019. It slightly dropped to 11% in October, according to the Pakistan Bureau of Statistics (PBS).

The central bank has projected inflation in the range of 11-12% for the current fiscal year 2019-20.

Government officials and independent experts have been highlighting the growing inflation and debt as the two key challenges for the economic managers. The increase in gas prices has remained a leading cause of hike in inflation in preceding years.

“The largest direct impact came from adjustment in natural gas tariffs as this alone contributed 0.7 percentage point to the headline inflation during the year (FY19),” the SBP said in its Annual Report 2018-19 released in late October.

This will be the second gas price revision since the beginning of the current fiscal year.

Earlier, the government raised gas prices by up to 190% with effect from July 1, 2019 under tough conditions of the $6 billion International Monetary Fund (IMF) loan programme.

The tariff was increased in order to overcome the revenue shortfall faced by the public gas utilities and lessen their reliance on the government, which itself faced financial constraints and continued to accumulate domestic and foreign debt to meet budgetary financing and international payment requirements.

In a bid to contain inflationary pressure in the economy, the central bank has hiked the benchmark interest rate by 7.5 percentage points in the past two years to an eight-year high at 13.25%.

Some experts expect a 50-basis-point reduction in the interest rate in the monetary policy announcement to be made in the current month. However, the proposed hike in gas tariffs may prompt the central bank to rethink its strategy.

SNGPL has sought a tariff hike of Rs194.01 per million British thermal units (mmbtu) with effect from July 1, 2019 to recover Rs71.02 billion from the end-consumers and overcome its revenue shortfall in the current fiscal year, according to an advertisement of the Oil and Gas Regulatory Authority (Ogra).

SSGC has sought a price hike of Rs62.52 per mmbtu with effect from July 1, 2019 to collect an additional Rs22.67 billion from the end-consumers in FY20.

Ogra – the regulatory authority – has announced that it will hold public hearing on November 19 in Lahore for the SNGPL request and on November 20 in Karachi for the SSGC petition. It has invited all stakeholders to the hearing for recording their reservations about the tariff hike.

Cheers Image

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 11 Nov 2019 00:42

Military will continue to shape security, foreign policy: report - Atika Rehman

Image

LONDON: The Pakistan Army will continue to shape the country’s foreign and security policy, a forecast report released by The Economist Intelligence Unit (EIU) said this week, adding that the governing PTI-led coalition is expected to be largely amenable to this arrangement.

“As a result, relations between the civilian government and the military will be positive,” added the report published by the research and analysis division of The Economist Group, the sister company to The Economist newspaper.

The report outlined Pakistan’s political and economic outlook for the period of 2020 to 2024 and forecast that the Pakistan Tehreek-i-Insaf (PTI) would serve its full term while opposition parties would remain in a state of disarray owing to legal challenges facing their leaders.

With regard to the PPP and PML-N, the report noted that the opposition would coordinate strategies against the government in an effort that would likely result in frequent obstruction to legislative proceedings in parliament. It added that while these moves against Prime Minister Imran Khan would increase pressure on his government, the EIU did not believe they would challenge the PTI’s grip on power.

“Our view assumes that the military (including its intelligence wing) — which has a lengthy history of intervening in politics — will continue to provide tacit support to the government, partly by using its extra-constitutional influence over the country’s judicial institutions. It will also continue to exert sway over Mr Khan’s administration, especially when it comes to its foreign and security policies. As long as the PTI enjoys the support of the military, its junior partners are unlikely to abandon the ruling coalition to join the opposition,” the report said.

It added that while China would remain Pakistan’s main strategic and economic partner in this period, ties with India would remain strained as cross-border terrorism and the dispute over occupied Kashmir “impede the normalisation of relations”.

Economic outlook

The report noted that while improvements had been made, the security situation would remain a source of instability for the forecast period. “It will undermine growth potential by posing operational and strategic challenges to infrastructure projects and business investment,” the report read.

The EIU predicted that Pakistan’s real GDP would expand by an annual average of 3.1 per cent in fiscal years 2019/20- 2023/24 (July-June).

“Growth will slow owing to a tightening of monetary policy and acceleration in inflation, which will crimp purchasing power. A financial assistance package from the IMF, together with loans from other multilateral and bilateral donors, will help ease the strained balance-of-payments situation over the next few years, although the current account will remain in deficit in 2020 to 2024,” it said.

It expected the government’s efforts to address balance of payments pressures to have a “dampening effect on economic expansion”.

“We believe that the combination of a heavier tax burden across the economy and weaker government spending on public services will dampen economic activity. Moreover, inflationary pressures will weigh on the purchasing power of citizens, depressing consumption growth. These factors, combined with a tight monetary environment, will hamper investment and economic growth,” it said.

It also said that under the IMF programme, the government would significantly cut planned development spending, which mainly involved infrastructure projects. The EIU expected growth in both private and government consumption to slow significantly in 2019 to 2020.

Policy-making

The EIU noted that the PTI was elected on an “ambitious policy agenda” that included expanding social services, housing construction and job creation. But it predicted that Pakistan’s macroeconomic frailty would prevent much of this from being achieved.

“The party’s promises appear especially optimistic in view of the fiscal and balance-of-payments challenges facing the government. Poverty-alleviation schemes such as the Ehsaas programme, launched by Mr Khan in March, will have limited success,” the report said.

Despite strong opposition from entrenched interests within state-owned enterprises (SOEs), the EIU expected the government — at the IMF’s insistence — to make gradual progress on privatisation. The process, it said, would remain fraught with political complications, as many SOEs were overstaffed and successful restructuring would involve severe job losses. Moreover, regulatory inefficiencies, complex labour laws and an unreliable security situation would continue to weigh on the business environment, which would remain poor in 2020-24. Some attempts to reform the country’s inefficient bureaucracy were likely, but progress would be slow, it added.

Ties with China

The report forecast that China would remain Pakistan’s leading economic and strategic partner in 2020 to 20­24.

“Despite fiscal constraints and some hesitation over debt obligations associated with the China-Pakistan Economic Corridor (CPEC) — which is of major strategic importance to China’s Belt and Road Initiative (BRI) — China will remain the largest source of foreign investment, as well as a key strategic ally. Although China’s ongoing efforts to make the BRI more sustainable will limit financing for CPEC projects going forward, we do not expect this to affect broader China-Pakistan ties,” the report said.

Cheers Image

Peregrine
BRF Oldie
Posts: 7997
Joined: 11 Aug 2016 06:14

Pakistani Economic Stress Watch

Postby Peregrine » 11 Nov 2019 01:28

MODS : PLEASE ALLOW THIS LINK AS WE DO NOT HAVE A "CRICKET" THREAD - MANY THANKS IN ADVANCE

Chahar takes world-record 6/7 as India win series

Cheers Image

Manish_P
BRFite
Posts: 1959
Joined: 25 Mar 2010 17:34

Re: Pakistani Economic Stress Watch

Postby Manish_P » 12 Nov 2019 11:17

Looks like the afsaran and leaderans get super special discounted prices for their services

PM aide on finance chastised over price hike ignorance

On a day when Adviser to the Prime Minister on Finance Dr Hafeez Shaikh rejected consumers’ concerns regarding ongoing food inflation as ‘lies’, greengrocers cited tomato prices in the metropolis hovering between Rs250-300 per kg on Monday.

Earlier, Mr Shaikh had told a group of reporters that tomatoes were being sold as low as Rs17 per kg in Karachi’s vegetable markets.

“In Karachi, in the sabzi mandi (produce market), tomatoes are being sold for Rs17 per kilogram,” he said. When some of the reporters told him that tomatoes were, in fact, being sold at Rs240 per kg, he rejected their comments, saying people were lying. :rotfl:



Return to “Strategic Issues & International Relations Forum”

Who is online

Users browsing this forum: kPrakash, Rsatchi, ryogi, souravB, Vikas and 72 guests