Re: Pakistani Economic Stress Watch
Posted: 30 Mar 2023 11:59
Dog bites man -> no news
Man bites dog -> big news
Man bites dog -> big news
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Currency dealers in open market have offered loans of $24 billion to the government for the next two years to help it stay away from the International Monetary Fund (IMF) programme, which has badly hit Pakistan’s economy.
Talking to The Express Tribune, Exchange Companies Association of Pakistan (ECAP) President Malik Bostan said, “We have offered $1 billion a month in financing to the government for the next two years to get rid of the IMF.”
The government must pass an order to allow exchange companies to borrow US dollars directly from overseas Pakistanis, foreign firms and global exchange companies, he emphasised.
The loans will be free of cost and can be rolled over, if required. “We are in contact with millions of expatriate Pakistanis as they are our clients. They are ready to lend $1 billion a month to us (exchange companies) over the next 24 months, in addition to the usual inflows received by exchange companies.”
He asked the government to further review its laws, rules and regulations for IT freelancers, who had deposits of billions of dollars in foreign banks. “If the regulations are softened, they will bring these deposits to Pakistan.”
What a term for hawala rats!!!Manish_P wrote:There we go, the solution to the problem... give the Money bags a free run to run Pukistan.
Currency dealers offer $24b in loans to govt
Exchange Companies Association of Pakistan (ECAP)
partha wrote:Multiple such videos being shared by credible Pakistani sources on social media where people are fighting for atta or are in long queues to receive free atta. How come pictures of this situation not on front pages of NYT, BBC etc? A "nuclear power" on the brink of default and serious law and order break down. No coverage in mainstream Paki media as well.Neela wrote:
Manish ji,Arima wrote:What a term for hawala rats!!!Manish_P wrote:There we go, the solution to the problem... give the Money bags a free run to run Pukistan.
Currency dealers offer $24b in loans to govt
dark street funding main stream government. that is TSP!
Very correct.chetak wrote:...
This sort of a scheme simply cannot be proposed/run unless their is a very substantial crore kammandu buy in because they are the only ones who can guarantee the safety of these "investments"...
https://twitter.com/MarianaBaabar/statu ... 3230773254
@MarianaBaabar
NAB chief monthly salary of Rs1.7 http://million.An official residence ,Two cars Free electricity up to 2,000 units , 600 litres of petrol per month
He will also be authorised to acquire two kanal plots in Islamabad.
@thenews_intl
Meanwhile elsewhere……
Does not really matter, the faujis have the guns, none of NWFP home made guns work. Thats how they control society.Neela wrote:Folks, a trend is firmly taking shape. Discontent among the masses against the army is spilling into SM.
Tanaji saar,Tanaji wrote:Chetakji, while one agrees completely that this multi billion $ funding scheme cannot be done without the crore kammandus approval why would they want to bring their wealth back to Paki land? It has been invested very well at great cost into Mc Donald franchises, very private wealth funds that ask no questions about the source of funds, properties in United Queendom and assorted businesses.
There is little chance this will be brought back into a land where the awaam are rapidly polishing the lamp posts and finding Young’s modulus for hemp ropes…
Another thought occurred to me saar....Tanaji wrote:Chetakji, while one agrees completely that this multi billion $ funding scheme cannot be done without the crore kammandus approval why would they want to bring their wealth back to Paki land? It has been invested very well at great cost into Mc Donald franchises, very private wealth funds that ask no questions about the source of funds, properties in United Queendom and assorted businesses.
There is little chance this will be brought back into a land where the awaam are rapidly polishing the lamp posts and finding Young’s modulus for hemp ropes…
And airports.chetak wrote:...
assets come cheap this way....
the gulf eyerabs are already eyeing taking over paki assets on the ground, like refinery and power plants, in return for leaving in place/rolling over their already existing funds in pakiland
Thanks Manish ji, for the update.Manish_P wrote:And airports.chetak wrote:...
assets come cheap this way....
the gulf eyerabs are already eyeing taking over paki assets on the ground, like refinery and power plants, in return for leaving in place/rolling over their already existing funds in pakiland
Yawn today reports 3 airports being put up on the block... Krachi, Lawhore and Isloo
Nothing in the Yawn article indicates that Adani cannot place a bid.Manish_P wrote:
Yawn today reports 3 airports being put up on the block... Krachi, Lawhore and Isloo
Given that Pak is also not allowing foreign companies the facility to repatriate their profits in forex, only a fool will pick up these investments. Or someone connected with a state or power which can get the Pakis to do their bidding, i.e. Chinese or Saudi/Gulf companies/sovereign wealth funds.A_Gupta wrote:Nothing in the Yawn article indicates that Adani cannot place a bid.Manish_P wrote: Yawn today reports 3 airports being put up on the block... Krachi, Lawhore and Isloo
Inshallah, Gupta ji,A_Gupta wrote:.....I want them to have instilled in them the fear that India could own key Pakistan infrastructure, that is the ultimate humiliation for them...
The Aircraft Owners and Operators Association (AOOA) of Pakistan has condemned the government’s decision to outsource operations and land assets at three major airports to the International Finance Corporation (IFC) — the private sector arm of the World Bank Group — without following the Public Procurement Regulatory Authority rules.
The association in a statement issued here on Friday claimed that all the proceedings of outsourcing had been kept ‘secret’, thus making the whole process ‘doubtful and dubious’.
No country outsources its money-making assets such as airports to a third country (Qatar) that does not run even its own airport and has outsourced it to a Singaporean company, being run by Indians, according to the AOOA press release.
The first thing the "new owners" will do is jack up all the airport charges to recoup their "investment".Manish_P wrote:Inshallah, Gupta ji,A_Gupta wrote:.....I want them to have instilled in them the fear that India could own key Pakistan infrastructure, that is the ultimate humiliation for them...
Aircraft owners, operators reject outsourcing of three airports
The Aircraft Owners and Operators Association (AOOA) of Pakistan has condemned the government’s decision to outsource operations and land assets at three major airports to the International Finance Corporation (IFC) — the private sector arm of the World Bank Group — without following the Public Procurement Regulatory Authority rules.
The association in a statement issued here on Friday claimed that all the proceedings of outsourcing had been kept ‘secret’, thus making the whole process ‘doubtful and dubious’.
No country outsources its money-making assets such as airports to a third country (Qatar) that does not run even its own airport and has outsourced it to a Singaporean company, being run by Indians, according to the AOOA press release.
Airline tickets are flying high as a result of various components included in the fare, such as user development fee (UDF), aviation security fee and passenger service fee.
The structure of the airfare is divided into four parts -- airline component, airport operator fees, fees to the Airports Authority of India (AAI) and charges paid to the government. The airline component comprises the basic fare, airline fuel charge, common user terminal equipment fee (if applicable) and convenience fee, which is applicable on bookings made online via debit or credit card.
The AAI charges the passenger services fee, while the airport operator levies the airport development fee and the user development fee. Airfares also comprise service tax paid to the government.
additionally there are Route navigation fees, parking fees, landing fees depending on the aircraft weight category, ground equipment usage charges, itiyadi, itiyadi
Some of these components are explained below:
User development fee
One of the most common charges in the flight fare is the user development fee that is levied to fund the modernisation of airports. The varying amount depends on the airport from which the user takes the flight. User development fee for a passenger taking a flight from Delhi airport is Rs 63, while it is Rs 142 for those traveling from Mumbai.
Airline fuel charge
Airlines sometimes pass on the higher fuel costs to the customers by charging ‘airline fuel charge’ or ‘fuel surcharge’ over and above the base fare. At present, some international airlines are charging fuel surcharge costs on flight tickets from April 2021 onwards.
Passenger service fee
The AAI takes the passenger services fee from the flyer to meet the expenditure on passenger facilities and security at airports. Only some airports charge this fee from passengers. For those flying from Kochi, Delhi and Bangalore, the passenger services fee is levied in the range of Rs 83 to Rs 236.
CUTE fee
The Airports Authority of India may also charge the CUTE fees on passengers. The 'Common User Terminal Equipment' (CUTE) fees include charges for the use of metal detecting machines, escalators and other equipment in the airport. CUTE fee is sometimes also referred to as passenger handling fee. The charges vary from one airport to the other, ranging from Rs 50 and Rs 100 per passenger.
Passenger security fee
Flyers are also charged passenger security fees or aviation security fees for the Central Industrial Security Force (CISF) personnel deployed at the airports. In India, passengers are charged Rs 236 at all airports.
In bangalore, almost all these facilities and the land for such facilities was already locked in was locked in years before the airport was even announced by the fumble harmer and his voracious kin. Others also piled on, mostly politicos, including the mamamia mafia.yensoy wrote:^^^^ Those are all nice but the real story is in developing "landside" facilities. Logistics park, conference venue (because greenfield airports are most often located in distant areas with land already acquired), hotels (to serve crew as well as the conference venue), golf course (a particularly good use of land under the flight path because nothing can be built there) are some items which give big returns. City/state takes care of providing great connectivity to the airport so this a win-win.
Yes, its a scheme to convert Crore commanders black to white, that too tax free and at higher rates of interest.chetak wrote:[
Manish ji,
It is a scheme to being back to paki land what the crore kammandus have salted away earlier, and that too by the truck loads, in more receptive and safer climes.
There is one situation where we can bid on Paki immovable assets:hnair wrote:Don’t even bother about Paki immovable assets of a sensitive nature being managed by Indian businesses. The risks from Indian POV are too high even if we ignore the 800lb gorilla in the room “let us nationalise assets and screw India” (what Maldives pulled off) and that they do still have a national interest veto on who can bid, IMF or not. As an Indian taxpayer, thanks, but no thanks
That is right. If any asset can be used to sabotage Paki capability and speed up the inevitable, then maybe we can take a look. But if let's say Gwadar port is on sale, we can buy it through a proxy and have control over it. As India gets richer such things are possibilities.Pratyush wrote:Why is it important for India to have any asset in TSP?
It's a dead end street. Let PRC and the Khan's waste money over it.
We should not have anything to do with it.
gwadar port was offered to India at the time of independence but wise, gracious, and all knowing neverwho refused itwilliams wrote:That is right. If any asset can be used to sabotage Paki capability and speed up the inevitable, then maybe we can take a look. But if let's say Gwadar port is on sale, we can buy it through a proxy and have control over it. As India gets richer such things are possibilities.Pratyush wrote:Why is it important for India to have any asset in TSP?
It's a dead end street. Let PRC and the Khan's waste money over it.
We should not have anything to do with it.
At the time of independence from Britain, Gwadar was a principality that had been in the possession of the Sultan of Oman for almost 200 years. Gwadar was given as a gift to Oman by the Khan of Kalat in 1783. From 1863 up to independence in 1947, it was administered by a British assistant political agent. At that time, the enclave was not much more than a number of fishing villages.
After independence, according to the diplomatic community grapevine, Gwadar was administered by India on behalf of the Sultan of Oman as the two countries enjoyed excellent relations. When the Khan of Kalat asked the Sultan to return Gwadar to Pakistan, reportedly, the Sultan first offered it to India, but India declined to accept the gift.
Instead of providing relief to the people, the federal government has increased the petroleum development levy (PDL) on high-speed diesel (HSD) by Rs 5 per litre, pushing it up from Rs 45 to Rs 50 per litre -- fulfilling another condition imposed by the International Monetary Fund (IMF) for the revival of the stalled $6 billion bailout package.
However, the government has decided to keep the prices of petrol and HSD unchanged for the next 15 days.
The IMF has been pushing the government to increase the PDL to Rs 50 per litre on all petroleum products, according to sources.
The government had already increased the PDL on high-quality petrol to Rs 50 per litre in November last year.
Heads I lose. Tails I lose even more.That the PSX upheld its unenviable position as one of the worst performing stock markets in the world during the first quarter of the present year to March should not come as a surprise to the investors, who should actually brace themselves for more losses in the weeks and months ahead.
Even though the benchmark KSE-100 index dropped just 1pc in the three-month period, the returns tumbled 21pc in dollar terms — the highest decline in three years after the index fell 33pc in the same period in 2020 — with the home currency falling 20pc against the American greenback
The possibility of social unrest can’t be brushed aside either, given the fact that inflation-stricken people are now ready to even risk their lives for free meals and ration. So, expecting a good return from the stock market in a country where an overwhelming majority of the population is struggling to put food on the table would be quite odd.
Pakistan is going through its worst-ever phase as not only there is political instability but also economic crisis and the security challenges in the country. Once a darling of America, Pakistan now is virtually on its own. What ails Pakistan and why is that its allies and even "brotherly" Muslim nations are refusing to help it to come out of the crisis? Can India help Pakistan to overcome its present challenges? What is the future of India-Pakistan ties and what happens to issues like Kashmir and terrorism?