Pakistan Economy: News & Discussion

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IMF team arrives in Pakistan for talks on possible bailout

IMF Managing Director Christina Lagarde and Finance Minister Asad Umar meet on the sidelines of the IMF and World Bank annual meetings in Bali. ─ Photo courtesy IMF Twitter
An International Monetary Fund (IMF) team arrived in Islamabad on Wednesday for talks on a possible bailout, even as Pakistan insisted it had resolved its immediate balance of payments crisis.
Speaking shortly after Prime Minister Imran Khan returned from Beijing, Finance Minister Asad Umar said on Tuesday that assurances from China ─ combined with a pledge made by Saudi Arabia last month ─ meant that Pakistan's immediate fiscal woes were "over".
"We had a gap of $12 billion and in that $12bn, $6bn came from Saudi Arabia and the rest came from China," Asad Umar had told reporters, without specifying the nature of the Chinese assistance.
The finance secretary and the State Bank of Pakistan governor will attend a meeting in Beijing on Friday to finalise the terms of the assistance, he added.
Pakistan secured $6bn in funding from Saudi Arabia and struck a 12-month deal for a balance of payments lifeline during Khan's visit in October.
Despite the pledges, the Finance Ministry said the Pakistan would still seek broader IMF support for the government's long term economic planning.
Since taking power in August, PM Khan has been searching for ways to rally the struggling economy hit by inflation and shore up the country's dwindling foreign currency reserves.
As well as a highly-publicised austerity drive, including auctioning off government-owned luxury automobiles and buffaloes, the new prime minister has also made overtures to the IMF ─ which has bailed Pakistan out repeatedly since the 1980s.
However, Islamabad received billions of dollars in Chinese loans to finance ambitious infrastructure projects, and the US ─ one of the IMF's biggest donors ─ has raised fears that Pakistan could use any bailout money to repay its debts to Beijing.
Islamabad ─ which last received an IMF bailout in 2013 to the tune of $6.6bn ─ has refuted these claims.
 

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IMF would close the deal saying FREE THE BLASPHEMY VICTIM in pakistan and we will talk money.
Thats a possibility.
I wanted their currency to be deappreciated.
Lower currency, smaller economy. So, lower international financial powers.

And as Pakistan lacks industrial base, they import everything from military stuff to daily life stuff which will become costlier too.
 

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I wanted their currency to be deappreciated.
Lower currency, smaller economy. So, lower international financial powers.

And as Pakistan lacks industrial base, they import everything from military stuff to daily life stuff which will become costlier too.
The arms race with India was one way to kill pak economy..which India did successfully.
Them pakis buy arms..but dont have money to maintain it.. very Jihdai logical decisions by pakis since inception. pakistan is the master in blowing themselves up...in economics even :D

chinese will flood pak with cheap chinese goods that will collapse paki industries further. Water shortage..the upcoming famine in pakistan..will be exploited by chinese very well.
Its just a matter of time, the internal revolts occur in pakistan and further sizing down of pakistan by world nations.

Israel is very near the pakistan shores through Oman..
Israel has gone overt in their geo political strategy and is using OMAN as a launch base..
India already has credible presence via some vital inroads diplomatically in all ME nations and in Oman. Dont know if India had pulled the strings for Israel in Oman, as always Indian diplomacy is very covert.

Interesting times ahead.
 

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Interesting times ahead.
Not with Pakistan at least. India vs Pakistan will be outta papers soon.

If a war has to occur, it may in 5-7 years even which they are likely to lose. Year on year, gap is enlarging.
Soon, India will be in a position to obliterate and eviscrate Pakistan completely without any significant damage and nuclear stockpiles gap will enlarge as Pakistan won't be able to afford them as much as India could.
 

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Indian DTH equipment worth Rs78.3m seized

30 FIRs have been lodged and 39 suspects arrested in crackdown against DTH equipment sales, SC told.
ISLAMABAD: The Supreme Court was informed on Wednesday that a large quantity of smuggled Direct-To-Home (DTH) equipment worth Rs78.3 million was seized from various markets in a countrywide crackdown against illegal devices.
A two-judge bench headed by Justice Ijaz-ul-Ahsan was also told that 30 FIRs had been lodged during the crackdown and 39 people arrested by the Customs Department and the Federal Investigation Agency (FIA).
As a result of the nationwide enforcement operations, the commercial sale and availability of smuggled DTH equipment in the local markets had almost ended, said a report furnished before the apex court through Additional Attorney General Nayyar Abbas Rizvi.
30 FIRs have been lodged and 39 suspects arrested, SC told.
The report was submitted in line with a suo motu case relating to easy availability of Indian DTH or magic box in the Pakistani markets. The DTH Satellite TV is the latest technology to deliver digital TV to households.
At the last hearing, the apex court had constituted a committee consisting of member (customs), the FIA’s additional director general and a member of the Pakistan Electronic Media Regulatory Authority (Pemra) to find out the source of smuggled goods and to take steps to curb the smuggling.
The report suggested that the customs authorities have been ordered to maintain vigilance on the markets along with sustained enforcement operations to deter the individuals from re-engaging in open sale or distribution of such equipment.
The report recalled that the Federal Board of Revenue has also enhanced enforcement measures adopted by the customs field formations which resulted in seizures of goods and other contraband items, including DTH equipment worth Rs24.8 billion during 2017-18.
In view of the crackdown, the report said, members of the Business Association, Hall Road, Lahore, had assured the government teams that illegal DTH equipment will not be stored or sold in future.
But the report conceded that mere enforcement measures would not be sufficient to completely root out the transportation or availability of DTH equipment used for illegal broadcasting of Indian content in the country. Therefore, a holistic strategy needs to be worked out by all agencies/regulators to address this issue.
Thus the committee proposed measures like Pemra’s suggestion to grant concessions from duty or taxes for the import of equipment and other accessories to successful bidders in the awarding of DTH licences – a process which is in progress and likely to be completed soon.
In the absence of local DTH, the subscribers were opting for other illegal means, which include Indian DTH services, the report feared.
The FIA authorities have also stepped up efforts to dismantle the modalities through which money charged from the subscribers in Pakistan is being siphoned out to India via the UAE. Pemra has been encouraged to share the mobile numbers of the persons involved in the illegal business of DTH-C-Line, including provision of equipment and recharge of accounts, the report said, adding that after the receipt of this information all the FIA field circles engaged in the anti-money laundering investigations will hold inquiries to retrieve more evidence for the registration of cases, arrest of accused persons and for their prosecution, etc.
Pemra has also suggested a technological solution which can effectively disrupt the reception and rebroadcast of Indian content using smuggled DTH equipment or those imported through regular channels after modifications by the local vendors.
But the proposal required support of the Pakistan Telecommunication Authority for blocking the internet protocols addresses of the websites which were either running the illegal C-Line/CC-CAM or advertising the illegal Indian DTH in Pakistan, the report said.
It also suggested engaging Frontier Corps through the interior ministry for keeping strict vigilance on borders and to check flow of such equipment into the country.
 

ezsasa

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Indian DTH equipment worth Rs78.3m seized

30 FIRs have been lodged and 39 suspects arrested in crackdown against DTH equipment sales, SC told.
30 FIRs have been lodged and 39 suspects arrested, SC told.
Probably this is the trigger
=========
Indian channels offering breathing space to Pakistan sports



Last five years have been devastating for Pakistan sports where we saw the national sport – hockey – hitting the rock bottom as Pakistan’s ranking plunged to all time low, 15, and for the first time failed to qualify for the World Cup 2014 and Olympics 2016 in their 70 years history. Pakistan football activities remained suspended for more than three years and at one stage Pakistan was ranked 202 in the world. Cricket discovered its nethermost when Pakistan suffered 3-0 whitewash against Bangladesh in ODIs. It all happened when Pakistan Muslim League was in power and the government remained inconsiderate to all this devastation and ignominy. Pakistan’s first national sports channel was launched in 2012 with hopes pinned very high that it would usher in a whole new era of sporting culture in the country. But PTV authorities wasted no time in bursting the bubble. Standard of PTV’s coverage took a nose dive with the installation of inept management and staff and a term: “PTV’s spectator repellent coverage,” was coined.

The new channel began deviating from its laid course of projection of Pakistan sports and sportsmen. Biggest causality was the national sport, hockey, as a virtual blackout of the game was experienced. First casualty was the coverage of domestic hockey and then the international hockey, despite Pakistan’s national team’s involvement, became a rare commodity for Pakistan sports fans to watch. In 2018 at least 2 prestigious hockey events, Commonwealth Games in Australia and Asian Champions Trophy, were blacked out on PTV Sports. So much so, Pakistan’s gold medal winning wrestling bout wasn’t televised by PTV and Pakistanis scrambled to Sony-Sports Ten to witness their hero securing Pakistan’s solitary gold medal in the Commonwealth Games in Gold Coast. On the other hand, for hockey matches they had to rely on Sony network again while Federal Information Secretary and Information Minister came in the firing line for their ineptitude. Later, SAFF Football Championship was held in September with Dsport as its main broadcaster and in Pakistan it was viewed by only those who had access to Indian DTH which is considered illegal in Pakistan for copyright issues.

Pakistan took on India in the semis of the SAFF Championships which drew massive amount of interest from Pakistan youngsters in particular and they desperately wanted to watch the high-voltage game. They were very active on social media and were sending requests to various concerned officials for acquisition of the broadcast rights for PTV Sports of the SAFF Cup semi-final. All their pleas failed to budge Pakistan authorities because the new government was in the process of taking charge while the bureaucracy exhibited their archetypal nonchalance. Now the recently concluded Asian Champions Trophy wasn’t aired by any of the channels in Pakistan for the reason only known to heaven.

Yet again it was an Indian channel, Star Sports, which offered the live coverage of the event and the Pakistan Hockey Federation’s official twitter account suggested it’s followers to tune into to Star Sports 2 to watch India vs Pakistan match on 20th of October. This was something unprecedented that a Pakistani national institution was recommending some Indian channel, particularly in the backdrop of the strained relations between the two countries.

On one hand there’s a very strong lobby pushing for the ban on Indian content in Pakistan but on the other it seems that Pakistan’s national sport is being propped up only by the Indian sports channels. A sport without coverage is like a fish without water because it takes sponsorship and competent fresh lot to thrive on. When Pakistan Television dumped hockey, we noticed its sharp decline and today it looks at the brink.

As regards PTV Sports, it’s in shambles. Its sports director, Nauman Niaz, who seems more like “sports destructor” is said to be mired in all sorts of controversies and himself is solely responsible for denying hockey the space on the national network. There’s a steep list of allegations he is facing and a thorough investigation is the need of the hour.

First of all an inquiry must be conducted to verify the legitimacy of his appointment and what criteria was followed when he was instated as director sports. Then comes the degree he submitted to get the job because some media reports are raising questions regarding the relevance of his qualification for the above mentioned post. He is also accused of running one man show at PTV Sports and making dubious appointments while sidelining the top talent. Only a comprehensive inquiry will reveal the truth but one thing is pretty obvious that there is a huge mess which needs to be mopped off.
 

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Advaidhya Tiwari

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Probably this is the trigger
=========
Indian channels offering breathing space to Pakistan sports



Last five years have been devastating for Pakistan sports where we saw the national sport – hockey – hitting the rock bottom as Pakistan’s ranking plunged to all time low, 15, and for the first time failed to qualify for the World Cup 2014 and Olympics 2016 in their 70 years history. Pakistan football activities remained suspended for more than three years and at one stage Pakistan was ranked 202 in the world. Cricket discovered its nethermost when Pakistan suffered 3-0 whitewash against Bangladesh in ODIs. It all happened when Pakistan Muslim League was in power and the government remained inconsiderate to all this devastation and ignominy. Pakistan’s first national sports channel was launched in 2012 with hopes pinned very high that it would usher in a whole new era of sporting culture in the country. But PTV authorities wasted no time in bursting the bubble. Standard of PTV’s coverage took a nose dive with the installation of inept management and staff and a term: “PTV’s spectator repellent coverage,” was coined.

The new channel began deviating from its laid course of projection of Pakistan sports and sportsmen. Biggest causality was the national sport, hockey, as a virtual blackout of the game was experienced. First casualty was the coverage of domestic hockey and then the international hockey, despite Pakistan’s national team’s involvement, became a rare commodity for Pakistan sports fans to watch. In 2018 at least 2 prestigious hockey events, Commonwealth Games in Australia and Asian Champions Trophy, were blacked out on PTV Sports. So much so, Pakistan’s gold medal winning wrestling bout wasn’t televised by PTV and Pakistanis scrambled to Sony-Sports Ten to witness their hero securing Pakistan’s solitary gold medal in the Commonwealth Games in Gold Coast. On the other hand, for hockey matches they had to rely on Sony network again while Federal Information Secretary and Information Minister came in the firing line for their ineptitude. Later, SAFF Football Championship was held in September with Dsport as its main broadcaster and in Pakistan it was viewed by only those who had access to Indian DTH which is considered illegal in Pakistan for copyright issues.

Pakistan took on India in the semis of the SAFF Championships which drew massive amount of interest from Pakistan youngsters in particular and they desperately wanted to watch the high-voltage game. They were very active on social media and were sending requests to various concerned officials for acquisition of the broadcast rights for PTV Sports of the SAFF Cup semi-final. All their pleas failed to budge Pakistan authorities because the new government was in the process of taking charge while the bureaucracy exhibited their archetypal nonchalance. Now the recently concluded Asian Champions Trophy wasn’t aired by any of the channels in Pakistan for the reason only known to heaven.

Yet again it was an Indian channel, Star Sports, which offered the live coverage of the event and the Pakistan Hockey Federation’s official twitter account suggested it’s followers to tune into to Star Sports 2 to watch India vs Pakistan match on 20th of October. This was something unprecedented that a Pakistani national institution was recommending some Indian channel, particularly in the backdrop of the strained relations between the two countries.

On one hand there’s a very strong lobby pushing for the ban on Indian content in Pakistan but on the other it seems that Pakistan’s national sport is being propped up only by the Indian sports channels. A sport without coverage is like a fish without water because it takes sponsorship and competent fresh lot to thrive on. When Pakistan Television dumped hockey, we noticed its sharp decline and today it looks at the brink.

As regards PTV Sports, it’s in shambles. Its sports director, Nauman Niaz, who seems more like “sports destructor” is said to be mired in all sorts of controversies and himself is solely responsible for denying hockey the space on the national network. There’s a steep list of allegations he is facing and a thorough investigation is the need of the hour.

First of all an inquiry must be conducted to verify the legitimacy of his appointment and what criteria was followed when he was instated as director sports. Then comes the degree he submitted to get the job because some media reports are raising questions regarding the relevance of his qualification for the above mentioned post. He is also accused of running one man show at PTV Sports and making dubious appointments while sidelining the top talent. Only a comprehensive inquiry will reveal the truth but one thing is pretty obvious that there is a huge mess which needs to be mopped off.
How do Pakistanis pay for the subscriptions to Indian companies? Is it via credit/debit cards and forex transactions?
 

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China doesn’t want financial aid package to be made public: Imran Khan

ISLAMABAD: The federal cabinet approved the treaty on swapping prisoners with England, Federal Minister for Information and Broadcasting Fawad Chaudhry said on Thursday.

Prime Minister Imran Khan took the cabinet into confidence over his recent visit to China and described it as “more successful than expected” and that the host country has “assured every kind of assistance to Pakistan”.

The minister, while briefing the media about the cabinet decisions, said the prime minister’s China visit was highly successful as several agreements and memorandums of understanding were signed between the two countries.

Meanwhile, Prime Minister Imran Khan said that China has barred the government from disclosing the amount of financial assistance given in the aid package owing to the concerns from Beijing’s regional partners, Express News reported.
 

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China doesn’t want financial aid package to be made public: Imran Khan

ISLAMABAD: The federal cabinet approved the treaty on swapping prisoners with England, Federal Minister for Information and Broadcasting Fawad Chaudhry said on Thursday.

Prime Minister Imran Khan took the cabinet into confidence over his recent visit to China and described it as “more successful than expected” and that the host country has “assured every kind of assistance to Pakistan”.

The minister, while briefing the media about the cabinet decisions, said the prime minister’s China visit was highly successful as several agreements and memorandums of understanding were signed between the two countries.

Meanwhile, Prime Minister Imran Khan said that China has barred the government from disclosing the amount of financial assistance given in the aid package owing to the concerns from Beijing’s regional partners, Express News reported.
Chinese assurances are exactly what is expected of a sugar daddy. Sugar daddy will decide when and how much to give based on how she pleases him :pound:
 

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Was Imran’s visit to China a failure? Yes. Here’s why

As Prime Minister Imran Khan returns from his trip to China, one thing is becoming glaringly clear: the Pakistani state is completely clueless regarding the larger objectives of the Belt and Road Initiative (BRI).

To say that the prime minister’s trip was successful would be a flat out lie at this stage. What happened in Beijing is a learning moment for the government of Pakistan that I fear will be forgotten.

The purpose of this article is not to simply point out the ineptness of our government but to analyse exactly what happened, what the problems are, the harsh realities and then detailing what needs to be done to address them.



Since it took office, the Pakistan Tehreek-i-Insaf (PTI) has repeated that it will try to renegotiate existing China-Pakistan Economic Corridor (CPEC) contracts, as well as its terms and conditions.

It has also declared that it will demand that China realign CPEC to the government’s own goals and agenda. These claims have been popular with the educated support base of the PTI and even seemingly sensible people have bought into it.

What is BRI?

That raises questions no one seems to have addressed in discussions on this subject in Pakistan: what is the conceptual basis of BRI, and what is CPEC?

Read the full interesting article here...https://www.dawn.com/news/1443974

What amazes me is the lackadaisical approach of the Pak govt to the CPEC Project as a whole right from its inception. It seems no one went into the details.

And now as a result, the Pakis are up shit creek without a paddle. Imran the intellectually bankrupt PM of Pak says he will renegotiate the CPEC Project with the Chinese. But he got the proverbial red boot on his behind and was asked to get his house in order first instead of bellyaching, by his Chinese counterpart!

And then the US has just cancelled further aid worth $300 million to the Pakis. And their stupid Foreign minister SM Qureshi said that they will force the Americans to dish out the dough as the money is for 'services rendered' in the WOT!!!!! Services rendered my ass!! These Pakis sure know how to make asses of themselves! Lol!

 

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China doesn’t want financial aid package to be made public: Imran Khan

ISLAMABAD: The federal cabinet approved the treaty on swapping prisoners with England, Federal Minister for Information and Broadcasting Fawad Chaudhry said on Thursday.

Prime Minister Imran Khan took the cabinet into confidence over his recent visit to China and described it as “more successful than expected” and that the host country has “assured every kind of assistance to Pakistan”.

The minister, while briefing the media about the cabinet decisions, said the prime minister’s China visit was highly successful as several agreements and memorandums of understanding were signed between the two countries.

Meanwhile, Prime Minister Imran Khan said that China has barred the government from disclosing the amount of financial assistance given in the aid package owing to the concerns from Beijing’s regional partners, Express News reported.
So this corroborates this report on previous page :

Chinese officials gathered all statements of PM Imran Khan & his cabinet abt problems with #CPEC & showed them to him in a meeting. PM was then asked to b careful abt such statements in future & was also told to rein in his ministers on the subject
:hehe::hehe:
 

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But it's a politically significant move. Fiat currency in itself has no value, but this act of Saudi Arabia is a signal to other countries that they back the Pakistani establishment in its current form, with the ISI at its helm. The fact that they are sticking their neck out for Pakistan says that Pakistan has a goodwill credit of some kind which makes Saudi feel that they owe this. They wouldn't have done this for Indonesia or Egypt or Turkey. The fact that Pakistan can manage to have relations with Turkey and their regional rival Saudi Arabia is a red flag. Turkey and Saudi don't see eye to eye due to their rivalry but they both supply/finance weapons to Pakistan, despite India not having any hostility against the two. Clearly, both of them think that this gives them some leverage against India, to have propped up Pakistan. It should be on our long term agenda to wean these two nations from Pakistani tits.
If the Saudis were backing Pakistan they would've simply given them an aid-package instead of the lollipop (& I am sure Imran offered Bushra Bibi's ass to binSalman for aid). The Saudis have just given a lifeline to Pakistan on some promise of mediation in Yemen (by the Khaki clad Pindi boizzz). Which again is a good thing for us because it would just lead to death of Pakis
 

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IMF concerned over CPEC energy deals implications

ISLAMABAD: Pakistan on Thursday briefed the International Monetary Fund (IMF) on energy and infrastructure projects deals signed under the China-Pakistan Economic Corridor (CPEC) amid the fund’s concerns over implications of the energy contracts on the fiscal framework.

The IMF team met with officials of the Ministry of Planning and Power Division during the second day of talks, as a $9 billion discrepancy surfaced between the figures quoted by Islamabad and Beijing on account of cost of ongoing and completed projects.

The cost of 22 ongoing and completed projects shown by the Chinese Embassy is $9 billion lower than what the Planning Ministry claims. The discrepancy of $9 billion may carry serious implications in making accurate projections related to future CPEC related outflows, said sources in the Ministry of Finance.
 

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I expect a really large amount of arms and weapons being caught (on purpose?) near xinjiang ugyur autonomous region. These will have a clear finger print of pakis (perhaps turkey abetting).

The reason is to remind the communist community of China that without pakis they would still be where they were before 1970s that is without a unsc seat, without economic progression and much more (too many to list).

The pakis demands are non negotiable and they cannot be told how to behave and speak. They must have their due regard and due commission. It’s a matter of prestige. It’s a matter between sovereign nation it’s about sovereignty. The Islamic state of pakis area is now thinking to have unofficial statesman representatives to be present in the xinjiang area. Sometimes pakis need to remind their close ones how important and good they really are at what they do (albeit what happens after is not a concern and aptitude of a paki). The paki will also whisper there might be a lot of arms already penetrated inside xinjiang ... whatever ... who knew the arms would go their from Afghanistan. more to remind prc that they will take them down along with themselves ... Countdown already to pakis being decimated. Enjoy the dancing ? Are pakis forbidden to go to xinjiang like Israel ... the latter they openly distaste (a bit like the a stamp forever) a black armband ... how about a nuclear weapon tested area saying expressly they distaste Israel ... no matter what mitigation anyone tries. Disturbing Xinjiang autonomous region is good for pakis economics because it will be used to divert attention from the extreme circumstances in its areas away to more align thoughts. It reminds Mecca who is the protector of Islam. A paki works in mysterious ways. All good moments flash in front of the pakis eyes. Last moments before pakis area is decimated.
 
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Pakistan seeks Europe’s help to secure IMF loan

ISLAMABAD - Pakistan has sought help from European countries to ensure smooth sailing during talks at the International Monetary Fund (IMF) Board for securing a bailout package and recovering ‘stolen’ assets, presumably stashed in the European states, including Switzerland.

The interaction with the envoys took place a day before the start of policy-level talks with the IMF team which is in town to negotiate a bailout package. IMF’s Washington-based Mission Chief Harald Finger on Monday joined the talks on the last day of the technical round.

meanwhile back home.......

Netherlands recalls staff after threats at embassy in Pakistan

The Netherlands recalled staff from its embassy in Pakistan following threats after providing shelter to the lawyer of a Christian woman in a blasphemy case, the Dutch foreign minister said on Monday.

“Unfortunately threats have been made against the Netherlands, Dutch diplomats,” Foreign Minister Stef Blok told national NPO radio. “I discussed the issue with my Pakistani colleague.”

The embassy briefly closed earlier on Monday and “a large number of staff” returned to the Netherlands, Blok said.


No one answered the telephone at the Dutch embassy after office hours on Monday.
 

The Juggernaut

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Pakistan seeks Europe’s help to secure IMF loan

ISLAMABAD - Pakistan has sought help from European countries to ensure smooth sailing during talks at the International Monetary Fund (IMF) Board for securing a bailout package and recovering ‘stolen’ assets, presumably stashed in the European states, including Switzerland.

The interaction with the envoys took place a day before the start of policy-level talks with the IMF team which is in town to negotiate a bailout package. IMF’s Washington-based Mission Chief Harald Finger on Monday joined the talks on the last day of the technical round.

meanwhile back home.......

Netherlands recalls staff after threats at embassy in Pakistan

The Netherlands recalled staff from its embassy in Pakistan following threats after providing shelter to the lawyer of a Christian woman in a blasphemy case, the Dutch foreign minister said on Monday.

“Unfortunately threats have been made against the Netherlands, Dutch diplomats,” Foreign Minister Stef Blok told national NPO radio. “I discussed the issue with my Pakistani colleague.”

The embassy briefly closed earlier on Monday and “a large number of staff” returned to the Netherlands, Blok said.


No one answered the telephone at the Dutch embassy after office hours on Monday.
Why should Europe help Pakistan when Pakis just want destruction of Christian Europe?
 

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