Pakistan Economy: News & Discussion

[garg_bharat]

The vice grip of Pakistan army on Pakistani life means genuine businessman is unable to run business. Business in Pakistan is various forms of legal gambling, rather than actual productive work.

 

[HariNalwa]

Disintegration is underway.

PTI - a new hope , a new Pak self imploding.

Finance Minister Asad Umar has decided to quit the Federal Cabinet instead of taking the energy ministry as desired by Prime Minister Imran Khan.

In a social media message Thursday, the PTI’s finance guru stated that the prime minister wants him to take charge as energy minister.

However, Umar added that he does not wish to take charge of any other ministry, and would rather not be a part of PM's cabinet anymore.

"As part of a cabinet reshuffle PM desired that I take the energy minister portfolio instead of finance. However, I have obtained his consent to not take any cabinet position. I strongly believe @ImranKhanPTI is the best hope for Pakistan and inshallah will make a naya pakistan," reads Umar's tweet.

 

[Lord Darklord]

Shameless liars.

It isn't even 2 days ago that they refuted reports that Asad Umar has been removed.

Perhaps his much touted talks in Washington with IMF has fallen apart.

Their forex reserves are down by 2 billion just this week alone and is back to the single digit range.

 

[Butter Chicken]

Foreign exchange: SBP reserves dive $1b to stand at $9.2b

KARACHI: The foreign exchange reserves held by the central bank declined 10% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

The reserves slipped below the $9.5-billion mark as the country made payments against the Pakistan Sovereign Bond.

Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE) and Saudi Arabia helped shore up the foreign exchange reserves.

On April 12, the foreign currency reserves held by the SBP were recorded at $9,243.7 million, down $1,028.2 million compared with $10,271.9 million in the previous week.

 

[Lord Darklord]

Pakistan's economy on the brink of collapse

Lahore (AsiaNews) – Pakistan’s economy has "reached the point of collapse. For the first time in four decades of research, I am deeply worried,” said Dr Kaiser Bengali, Dean of the Faculty of Management Science at the Shaheed Zulfikar Ali Bhutto Institute of Science and Technology, in Karachi.

The federal government is expected to present a new budget for the fiscal year 2019-20 on 24 May. However, “India might cause the collapse our economy as the US did with the USSR,” Bengali warns. “The alarm bells are ringing. We have no choice but to beg. I fear starvation, poverty and unemployment.”

http://asianews.it/news-en/Pakistans-economy-on-the-brink-of-collapse-46810.html

 

[HariNalwa]

Yup it has escalated to another level now!

Word is PM IK is honest but incapable. It is causing fractures and distress.

Things are dire , the only few things keeping the country together and keeping people employed and motivated for last two months are:

1. Rebuilding works at Balakot. They have chosen to go with traditional madrassa architecture with faded jihadi interiors.

2. Easter egg hunt for the 2nd supposed missing plane. Special surprise is that it has PK flag on it , so good news may also turn out to be distressing for them.

3. Keyboard warriors with questionable intelligence and language skills letting loose on social media.

 

[garg_bharat]

I have heard Bengali talk. Only issue with his statement is that India is not the reason of Pakistan's collapse. The reason for Pakistan's collapse is over-ambition. Pakistan over-reached way beyond its resources when it dreamt of becoming World's only Muslim superpower.

Pakistan suffers from stagnation and backwardness. A superpower MUST be very dynamic. Flow of ideas and capital is must for a superpower to sustain.

 

[Haldiram]

TV discussion on Pakistan TV channel - Half of Pakistani are going to bed hungry.

1. Pakistan population growth rate is very high, Population has literally exploded. Official poverty rate is 38% but real rate may be 60%. Bulk of population works in menial jobs with very little salary.

2. A "nuclear" power has perennial habit of begging. But the "aid" disappears within the top three rungs of Pakistan society. There is no trickle down effect.

3. Very low saving rate and investment rate.

4. Pakistan is in DEBT TRAP. Debt trap is a situation in which new loans are needed to pay back old loans; and increasingly higher amount of loan is needed due to increasing interest liability.

The economic hammering that Pakistan receives is passed on by the Army to the civilians, especially, the degradation of the currency. The core security establishment of Pakistan is sustained by US and Chinese money. When the economy does poorly, the Army simply gives a higher allocation of foreign currency to itself, so the Abdools on the street have to work twice as hard to earn the same bread, while the officers don't bear the brunt. << THIS message needs to percolate in the civilian masses for them to start rebelling against the Army. That's when the economic troubles will convert into a geo-political victory for India (aka. redrawing of Pakistan's boundaries). Otherwise, the status quo remains the same, no matter how much the economy sinks.

The economic part of our agenda is delivered. It's time for the narrative-building to commence. It took 6 months of street plays, radio shows, news paper articles in Bangladesh for the civilians to be riled up into taking up arms against East Pakistan. After that, it took only 13 days for the borders to be redrawn. Keep pushing, this pack of cards is closer to a collapse than most people think.

 

[HariNalwa]

India is just an excuse, the real reasons are internal and much deeper.

The real reason is that PK is mired by a false ideology which is engrained in them.

- Why do hard work, Allah will provide everything.

- if Allah does not provide: This is just Allah test. Real world is after this test in heaven which every Muslim goes to and then gets 72 wives , 5 houses, 12 goats, 2 rolls Royce, 4 rotis each day, bags of tomatoes, Kanye West music, Armani clothes ...

So why work, just follow basic rules, discriminate against all other humans, do injustice , kill any non-muslims, as long as you follow Allah, all is forgiven and you can have it all ( in a non-material heaven full of materials ).

 

[Haldiram]

India is just an excuse, the real reasons are internal and much deeper.

Give some credit to Indian diplomatic efforts. This could not have happened during Manmohan era.

Even in the worst global economic crisis of 2008, Pakistani economy was afloat. The reason this is happening now is because Modi took personal initiative to go to multilateral forums and put pressure on other nations to choke Pakistan's funding. The baniyas in the previous government were happy trading pyaz, timatar and beef with Pakistan. Today, their economy is worse than that of wartorn Syria and Afghanistan. The war hasn't even started, we're just warming up.

Let them starve. India should be happy to take credit of Pakistan's downfall.

 

[HariNalwa]

Give some credit to Indian diplomatic efforts. This could not have happened during Manmohan era.

Even in the worst global economic crisis of 2008, Pakistani economy was afloat. The reason this is happening now is because Modi took personal initiative to go to multilateral forums and put pressure on other nations to choke Pakistan's funding. The baniyas in the previous government were happy trading pyaz, timatar and beef with Pakistan. Today, their economy is worse than that of wartorn Syria and Afghanistan. The war hasn't even started, we're just warming up.

Let them starve. India should be happy to take credit of Pakistan's downfall.

I stand corrected.

Indian diplomatic effort and influence by Modi Ji and team has absolutely been monumental.

On another note, my point was that PK is a nation full of lazy people , full of excuses, and blame for others.

I have read their forums and interacted with them, they never self reflect and see need for self improvement - always blame is outside. And they never put any effort instead expecting God to do everything.

So even beyond their current crisis they will not achieve much, because of this deep engrained ideology. Whereas Vietnam, Myanmaar etc who started much lower will surpass them.

 

[garg_bharat]

A renowned saint has predicted Pakistan will end in 2020.

Hard to believe we are just one year from the event. All the indicators are lining up perfectly.

 

[cyclops]

Pakistan’s Finance Minister Resigns Amid Economic Crisis

April 18, 2019 11:46 AM
Ayaz Gul
Pakistan's Finance Minister Asad Umar addresses a news conference in Islamabad, Pakistan, April 18, 2019.
Pakistan's Finance Minister Asad Umar addresses a news conference in Islamabad, Pakistan, April 18, 2019.

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Pakistan Finance Minister Asad Umar has resigned days after returning home from crucial talks with the International Monetary Fund (IMF) on a financial bailout package to avert a national balance of payments crisis.

While formally announcing his decision to leave Thursday at a hurriedly arranged news conference in Islamabad, Umar explained that he was asked to take the energy minister position instead of finance as part of a Cabinet reorganization.

Umar acknowledged his successor would have to make "some difficult decisions" to deal with economic challenges facing Pakistan.

Prime Minister Imran Khan's eight-month-old administration has faced sustained criticism from political opponents, independent commentators and the business community over the government's handling of the economic crisis facing the country. Much of that criticism was leveled against Umar.

Umar returned this week from Washington, where his delegation fleshed out details of Pakistan's next IMF bailout package that he said could be up to $8 billion.

Critics blamed the outgoing minister for taking months to finalize the IMF deal, saying the delay shattered investor confidence in Pakistan's economy. But speaking Thursday, Umar defended his performance.

"We have finalized the IMF agreement on much better terms than before.I have made these decisions.I refused to take the decisions that would have crushed the nation," Umar said without elaborating.

He said that an IMF mission is expected to visit Islamabad later this month to work out more details "since all major issues had been settled and documented," he said.

13th bailout

The long-delayed package would be Pakistan's 13th IMF bailout since the late 1980s and comes with a worsening economic outlook for the South Asian nation of more than 200 million people.

Former finance minister Salman Shah, while commenting on Umar's resignation, noted a lack of effective financial strategy was slowing down the economy, deterring all sorts of investments, fueling inflation and unemployment in Pakistan.

Late Thursday, the government made the formal announcement about the Cabinet reorginization, re-allocating certain portfolios and appointing new ministers as well as several special advisors to the prime minister. They included Abdul Hafeez Sheikh as advisor on finance to Khan. Sheikh served as finance minister of Pakistan under a previous government. Khan has also appointed Ijaz Ahmed Shah as his full time interior minister.

https://www.google.com/amp/s/www.voanews.com/amp/4881233.html

Napakiland land already instituting a soft coup, in preparation for the worst when BJP wins.

Ijaz Ahmed Shah appointed Pak's new Interior Minister. It is believed that he aided & had kept Osama bin Laden in an Intelligence Bureau of Pakistan safe house in Abbottabad. Brigadier Ijaz Shah is a retired Pakistan Army officer and served as Director-General of Intelligence

 

[thethinker]

I have heard Bengali talk. Only issue with his statement is that India is not the reason of Pakistan's collapse. The reason for Pakistan's collapse is over-ambition. Pakistan over-reached way beyond its resources when it dreamt of becoming World's only Muslim superpower.

Pakistan suffers from stagnation and backwardness. A superpower MUST be very dynamic. Flow of ideas and capital is must for a superpower to sustain.

They also overestimate their abilities.

This is because Pakistan is an information suppressing regime. The Paki fauj and deep state make sure to remove any dissent or free thought so they actually believe all the martial race and the religious superiority nonsense propaganda that is taught to them right from school.

So any shortcomings or failures or narratives that are counter to that are externalized in the form of an Indian conspiracy while even the smallest insignificant achievements are exaggerated as something grand.

Pakistan will be a superpower only in their imagination by creating blogs, social media accounts and fake news that keep peddling fake achievements.

 

[Srinivas_K]

I have heard Bengali talk. Only issue with his statement is that India is not the reason of Pakistan's collapse. The reason for Pakistan's collapse is over-ambition. Pakistan over-reached way beyond its resources when it dreamt of becoming World's only Muslim superpower.

Pakistan suffers from stagnation and backwardness. A superpower MUST be very dynamic. Flow of ideas and capital is must for a superpower to sustain.

Their establishment think they can conquer India when the time is right. It is not a normal nation, a mob parading itself as a country which thinks conquering India will only gives them prosperity and power.

They know they cannot build or create any thing, they wait for the time to grab what ever they can from the countries around it.

Strategic depth is a strategy which makes use of its own country's territory, but for pakistan Afghanistan is their strategic depth.
A Nation post world war 2 thinks about utilizing its own resources, acquire skill set and develop to become a respected power, but for Pakistan the strategy here is create a mob who go and kill people in India so that the riches in India will become theirs.

 

[Butter Chicken]

Foreign investment plunges 51pc

KARACHI: Net foreign direct investment (FDI) in the country plunged by 51 per cent to $1.273 billion in the first nine months of this fiscal year, from $2.621bn in corresponding period last year, reported the State Bank of Pakistan on Thursday.

 

[nongaddarliberal]

Foreign investment plunges 51pc

KARACHI: Net foreign direct investment (FDI) in the country plunged by 51 per cent to $1.273 billion in the first nine months of this fiscal year, from $2.621bn in corresponding period last year, reported the State Bank of Pakistan on Thursday.

What happened to 6 trillion dollar CPEC "investment"? Lol.

 

[bose]

If this continues then there will be a day soon when Taliban Khan will run away from the country leaving behind all others ...

I see very bad days ahead for Pakistanis ...

 

[sthf]

What happened to 6 trillion dollar CPEC "investment"? Lol.

They are still waiting for the Nigerian prince to transfer that money. Any day now.

 

[garg_bharat]

Pakistan is in full self destruction mode. Completely incapable of introspection. Only interested in passing the blame. No concrete action to solve problems.

Pakistani hides behind Islam but an average Pakistani is hardly religious. Punjabi funda is 'live life king size'. This is amplified by pakjabi.

No hope for this country.