Pakistan Economy: News & Discussion

[lcafanboy]

Rubbing Salt On Wounds? After Winning The Compensation Case, BCCI To Fork Out Rs 15 Crore Legal Fees From Pakistan


by Swarajya Staff Dec 13 2018, 4:33 pm,

BCCI Logo (Picture Via Facebook)
The Board of Control for Cricket in India (BCCI) has written a letter to the International Cricket Council (ICC) seeking expenses of the compensation case that the BCCI won previous month against the Pakistan Cricket Board (PCB), reports Mumbai Mirror.

In a recent letter to the ICC’s Dispute Resolution Committee (DRC), BCCI has asked for its legal expenses of Rs 15 crore to be paid by the Pakistani board.

The DRC, headed by English barrister Michael J Beloff, had Dr Anabelle Bennet and Jan Paulsson as members.

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The three-member Beloff panel quashed the PCB’s claim of an estimated Rs 447 crore from the BCCI for not honouring a Memorandum of Understanding (MoU) that had mandated a bilateral series between the two neighbours. The countries have only faced each other in multilateral tournaments and have not played a bilateral match since January 2013.

A party can seek legal expenses in a case, and the DRC can determine that, as per the terms and conditions of ICC’s dispute resolution policy. A Dubai-based law firm Herbert Smith Freehills was hired by BCCI along with a British Lawyer Ian Mills QC to represent them in the case.

The BCCI also called former union minister Salman Khurshid, former BCCI employees Sundar Raman and Ratnakar Shetty along with former BCCI secretary Sanjay Patel as its witnesses. The hearing in the matter took place in the first week of October in Dubai.

The matter is also likely to come up at an Asian Cricket Council meeting in Dhaka on 13 December.
https://swarajyamag.com/insta/rubbi...fork-out-rs-15-crore-legal-fees-from-pakistan

ID manane chale the BCCI ke paisose ROJE gale main pad gaye salon ke......:bounce::bounce::bounce:

 

[Flame Thrower]

Saudi Arabia To Make Biggest Foreign Investment In Pak's History: Report
World Indo-Asian News Service
Asad Umar, while addressing an event in Islamabad, said that the package would be announced soon, reports Dawn news.
Updated : December 13, 2018 13:12 IST

Saudi Arabia promises to be "the biggest foreign investment in the country's history", he said.
Islamabad:
A Pakistan Minister on Thursday said that an incoming investment package from Saudi Arabia promises to be "the biggest foreign investment in the country's history".

Asad Umar, while addressing an event in Islamabad, said that the package would be announced soon, reports Dawn news.

"The ball is in our court. It is going to the cabinet for approval next week, after which the announcement will be made," he said.

The Minister said that he keeps getting messages from Saudi Crown Prince Mohammad Bin Salman "through other people to hurry up".


Game changer 2.0

I'd wait till some official confoconfirm comes from Saudi Arabian Sources...

 

[Indx TechStyle]

Pakistan’s long-term debt rating downgraded

Fitch Ratings cites high debt repayment obligations, low forex reserves and fragile fiscal situation as reasons. — File photo

ISLAMABAD: Fitch Ratings, one of the three major global rating agencies, on Friday downgraded Pakistan’s long-term debt rating to ‘B-Negative’ owing to high debt repayment obligations, low foreign exchange reserves and fragile fiscal situation. The outlook, however, remains stable.

The New York-based agency said the downgrading of the rating from ‘B’ to ‘B-’ reflected heightened external financing risk from low reserves and elevated external debt repayments, as well as continued deterioration in the fiscal position, with a rising debt-to-GDP ratio. It said that a successful conclusion of the ongoing negotiations on IMF support could help stabilise external finances, but the programme would then face significant implementation risk.

Take a look: The crushing burden of debt

Pakistan’s liquid reserves have continued to fall, reaching $7.3 billion as of Dec 6 — equivalent to 1.5 months of imports — despite significant stabilisation efforts by the State Bank of Pakistan and the new PTI government.

Fitch Ratings cites high debt repayment obligations, low forex reserves and fragile fiscal situation as reasons

The rating agency projected high gross financing needs, with an expected narrowing of the current account deficit offset by higher external debt service payments relative to last year. Sovereign debt service obligations over the next three years amount to $7-9bn per year, including a $1bn Eurobond repayment due in April next year. “External debt servicing will stay high throughout the next decade, with CPEC-related outflows set to begin in the early 2020s,” according to Fitch.

The agency has noted 425 basis points hike in interest rate during 2018 and 24 per cent currency depreciation since December 2017 and forecast current account deficit to narrow to 5.1pc of GDP in the fiscal year ending June 2019 and to 4pc in FY20, from a revised 6.1pc in FY18. Rupee depreciation, lower oil prices and newly imposed import duties will drive a deceleration in imports, while exports are likely to strengthen gradually. However, this may not be sufficient to rebuild reserve buffers sustainably.

Fitch estimates that in the absence of an IMF programme, liquid foreign exchange reserves will continue to fall to $7bn by the end of the current fiscal year.

It said Pakistan’s debt-to-GDP ratio rose to 72.5pc in last fiscal year ending June 2018 from about 67pc a year before due to rupee depreciation and widening fiscal deficit. Fitch forecast the debt ratio to rise further to 75.6pc of GDP in current fiscal year on additional rupee depreciation.

Fitch forecast fiscal deficit to narrow to 5.6 of GDP this year, higher than 5.1pc targeted by the PTI government in supplementary budget but much lower than 6.6pc last fiscal year.

The rating agency has noted with concern accumulation of PSE’s losses as contingent liability, particularly power sector circular debt worth almost 3pc of GDP. It forecast GDP growth to fall to 4.2pc this fiscal year, from a 13-year high of 5.8pc last fiscal year, as monetary and fiscal tightening measures begin to weigh on activity. However, this remains above the current ‘B’ category median GDP growth of 3.5pc.

Reduced infrastructure capacity constraints, particularly in the energy sector, following CPEC investments, along with improved national security, could support growth in the medium term.

Fitch projected the inflation rate to rise to 7pc from 3.9pc last fiscal year.

 

[Flame Thrower]

Pakistan’s long-term debt rating downgraded

Fitch Ratings cites high debt repayment obligations, low forex reserves and fragile fiscal situation as reasons. — File photo
Take a look: The crushing burden of debt

Can still hold the fort for couple of years...

We need to get the WB on Indus Water Treaty from 20:80 to 50:50 before Pak falls. We need to act and act fast. We have to get it done before 2020.

 

[nongaddarliberal]

Can still hold the fort for couple of years...

We need to get the WB on Indus Water Treaty from 20:80 to 50:50 before Pak falls. We need to act and act fast. We have to get it done before 2020.

Why is 2020 the deadline?
..........

 

[Advaidhya Tiwari]

Can still hold the fort for couple of years...

We need to get the WB on Indus Water Treaty from 20:80 to 50:50 before Pak falls. We need to act and act fast. We have to get it done before 2020.

Out of Indus river water for Pakistan, Indus alone forms 60% of water which is completely in Pakistan or Pakistan occupied Kashmir. Other rivers also has some part in Pakistan. So, no matter what, India can't control 75% of Pakistan water and hence can't cut it. Only 25% water can be cut

 

[Yggdrasil]

The Minister said that he keeps getting messages from Saudi Crown Prince Mohammad Bin Salman "through other people to hurry up".


Game changer 2.0

Porkistan is the only parasite in the universe that thinks its hosts should be grateful for the opportunity to have their blood sucked out.

 

[Flame Thrower]

Why is 2020 the deadline?
..........

I don't think Paki Economic situation can hold strong any longer.

Post 2020, Paki would put their weak status and might prevent any alterations of IWT for their economic development.

Moreover water availability rates of Pak will start showing serious economic impact post 2020. These economic impact might become a hurdle to convince WB.

Moreover our IWT is based on good will, WB and Pak might put forth their problems and our good will conditions of 1960 to prevent us from getting the required numbers. And IWT can be changed only once more at best. So...


@Advaidhya Tiwari we are still not using our 20% of IWT. Let's get the deal to 50:50. PoK was our and will be ours... There is no harm if we get the deal done for time being.

We can make sure to increase the usage to 50:50 after a decade or two.

 

[The Ultranationalist]

Imran Khan's brilliant plan to boost the economic growth in Pakistan. Key economic indicator at 00:06.

 

[sthf]

Imran Khan's brilliant plan to boost the economic growth in Pakistan. Key economic indicator at 00:06.

This is too good.

The day is not far when ImRAWn Khan's Naya Pakistan will be the leading producer of asses, Inshalllah.

 

[sorcerer]

Imran Khan's brilliant plan to boost the economic growth in Pakistan. Key economic indicator at 00:06.

Donkey trade is the pillar of Imran Khan’s Pakistani economy

Awesome..atleast the donkeys sent abroad will have a better life than the pigs in pakistan..
Both are destined for heaven anyway..

 

[sorcerer]

This is too good.

The day is not far when ImRAWn Khan's Naya Pakistan will be the leading producer of asses, Inshalllah.

Mia Khalifa being one I assume,
pigs will be devoid of asses and ching chong will take all the asses ass a collateral for the debts pak owns. They are already doing it..just a matter of time

 

[indiatester]

Imran Khan's brilliant plan to boost the economic growth in Pakistan. Key economic indicator at 00:06.

I liked it when they said Pakistan has the 3rd largest population on donkeys and that the number of donkeys there is growing

 

[Mikesingh]

China and Pakistan have been working together on a project that aims to breed more donkeys.!!

China needs donkeys to make an ancient medicine called E’jiao. According to Chinese legend, this medicine is a medical miracle. In 2nd century BC, a royal concubine apparently used E’jiao to prevent her miscarriage and her son became the emperor of China.

E’jiao is made by boiling the animal’s skin. The growing demand for E’jiao has seen a shortage in the number of donkeys in China, and that is why the country is planning to export more of the kind.

 

[Haldiram]

LOL, anyways, if happens surplus will greatly be in favour of India.

Right.

Trade is always in favor of the nation which produces finished products (more margin), and against the country which merely sells raw materials (less margin, more donkey work). Imagine the prospect of Pakistani nunnu-chops buying Bajaj Platina bikes to chase after mominas, and the mullis be buying TVS Scooty to run faster. We'll be able to sell so many bikes and Scootys.

We don't even need their currency. Pakistan exports jute, copper, onions and cotton. Just one Pulsar is worth truck loads of that raw material. We should have a client state relationship with Pakistan. We have a growing population and industrial base. We have the appetite to digest their raw materials and produce finished goods. Keep them restricted to being a producer of raw materials. Digging, farming, harvesting, nothing more. Let them remain in the 14th century. Whatever foreign aid $ the US pumps into the pockets of rich Pakistani bureaucrats, we should be able to to get it transferred to our accounts by swapping it for Indian luxury products. All bureaucrats must be driving around in Indian made Jaguars and Land Rovers. Payment mode accepted : only USD.

 

[AMCA]

BCCI vs PCB: ICC asks Pakistan Cricket Board to pay 60 per cent of Indian board’s claimed cost in legal battle

BCCI had won the legal battle against the Pakistan Cricket Board (PCB) over the issue of bilateral cricketing ties.

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The PCB had claimed losses of up to USD 70 million after two series weren’t played in November 2014 and December 2015. While the PCB tried to move the ball through talks, the BCCI made it clear that the government had the final say in this matter. PCB then sent a dispute notice to the Indian board in May and to the International Cricket Council in November.

ALSO READ: ICC dispute panel dismisses PCB’s case against Indian board

Speaking to Hindustan Times, BCCI treasurer Anirudh Chaudhry had said that the stance of the BCCI office bearers stood vindicated after the judgement and he was also quick to thank all those who deposed for the board in the matter.

“I am yet to read the decision but this should now put to rest all speculation regarding this matter and it vindicates the stand of the then office-bearers of the BCCI in this regard who were engaging with the other boards on the FTP at that point in time. The BCCI is grateful to all those who deposed for the board and to its legal team, specifically Raghu Raman, Sr. Advocate and Ian Mills, QC,” he had said.

As per claims by the Pakistan board, then BCCI secretary Sanjay Patel had signed the ‘Memorandum of Understanding’ between BCCI and PCB wherein the Indian and Pakistan cricket board had entered into an agreement that the two countries would play six series comprising at least two Tests, five ODIs and two T20Is between December 2015 and December 2023 with four of them being hosted by the PCB. The move never went forward as the BCCI cited lack of approval from the Indian government.

Also Read: BCCI CoA ‘happy’ after ICC rules against PCB in compensation case

Herbert Smith Freehills along with British lawyer QC Ian Mills fought India’s case while PCB was represented by Khwaja Ahmad Hosain, Advocate Supreme Court of Pakistan, Alexandros Panayides of Clifford Chance, London and Salman Nasser, PCB GM Legal Affairs. The ICC Disputes Panel was made up of three members — Michael Beloff QC, Jan Paulsson and Dr Annabelle Bennett.

Patel and former BCCI GM Ratnakar Shetty, who handled government relations on behalf of BCCI, were also cross-examined in the matter. ICC chairman Shashank Manohar, former BCCI chief, and Sundar Raman, former IPL COO, also turned up as witnesses. Interestingly, BCCI acting secretary Amitabh Choudhary has time and again made it clear that Patel’s communication was nothing but a ‘letter of intent’.

((With agency inputs))

 

[lcafanboy]

Special show on the craze for rearing donkeys in Pakistan

https://www.indiatvnews.com/video/s...-craze-for-rearing-donkeys-in-pakistan-494550

This is ultimate....

 

[sorcerer]

Special show on the craze for rearing donkeys in Pakistan

https://www.indiatvnews.com/video/s...-craze-for-rearing-donkeys-in-pakistan-494550

This is ultimate....

pakistani economic logic is multi fold.
1) They can sell the donkeys to ISIS and other terror infested places as brides
(Here.pakis control the terror market and the donkey bride market)
2)they can sell the donkeys to china.

 

[AMCA]

Khyber-Pakhtunkhwa-China Sustainable Donkey Development Programme
https://tribune.com.pk/story/1378041/k-p-govt-planning-export-live-donkeys-china/

 

[observer2018]

IMF has asked Pak for massive actions which will bring down its growth rate :
https://tribune.com.pk/story/1870680/2/