Asad Umar steps down as Finance Minister

[Mamoon]

[MENTION=131701]Mamoon[/MENTION]

Naya Pakistan is shattering us common people. :'(

This is just the start. I can only shudder to think what is going to happen in the future.

This government is a sinking ship.

 

[Bewal Express]

I am not disputing that, there are plenty of people who are still supporting Asad Umar. However, there are people on the #WeStandWithKhan bandwagon (both on Twitter/social media and real life) who were defending Asad Umar's performance until now.

Basically the message is that we are blindly devoted to our leader Imran Khan and we will support whatever decision he makes. This is a very dangerous mentality indeed.

So many people are supporting IK decision and others are not, your wisdom is infinite.
Your stupidity goes to a new level.

 

[WebGuru]

This is just the start. I can only shudder to think what is going to happen in the future.

This government is a sinking ship.

Mamoon come on i was old enough to see PPP survived whole 5 years with all the blunders it was like every week there was a blunders so this is nothing in front of that

 

[Bewal Express]

This is just the start. I can only shudder to think what is going to happen in the future.

This government is a sinking ship.

No it's not. It's trying to fix 10 years of theft, incompetence and looting. Did you see the levels of looting from the Sharif's and AZ, yes you did but you turned a blind eye and it will take time to fix.

 

[Major]

No it's not. It's trying to fix 10 years of theft, incompetence and looting. Did you see the levels of looting from the Sharif's and AZ, yes you did but you turned a blind eye and it will take time to fix.

the reason why Imran Removed Asad was because he couldn't perform in the 9 months. WHich means, it is his fault for what is happening right now in the country.

 

[yasir]

This is a massive blow and IK has made big a mistake. Asad Umar cannot change the fundamentals of an economy and the next guy will have all the same problems. Poor decision by IK

Asad was in talks with IMF and almost secured the deal why remove him now and that too just a month before budget?

Mafia 1
Govt 0

I don’t disagree, if Asad Umar was not ready for this job, I don’t know who else was in entire PTI?? - He was one of the top thinker on PTI leadership, if IK has no confidence in him, then who else is left?? JT, AU they are gone, who is holding the mothership

Queen Cersi has hard time in Kingslanding, she is after the blood...

BTW: not just next finance minister but no matter how many PMs or FM you change, nothing will happen, as long as we have two major expense on our balance sheet, defense budget and loan payments... They both had increase faster than anything else, and both of them have to be paid in dollars... On top of that we have added $50-60B of Chinese debt, and IK(aka Milli Establishment)is now looking for Islamic debt... We are going from one creditor to another, and making our survival from bad to worse by each passing year. Financial crisis is getting lot worse, not every year now, but 6 month... it’s better for health of finance minister to not accept the job to be frank

 

[Slim]

Honestly speaking, before elections i saw Asad Umer as the most competent person in PTI mainly due to my bias of seeing him favorbly due to him being a former CEO of a highly successful FMCG.

It was also because of eight years we were made to believe that Asad Umar has got it all sorted out and he knows how to get Pakistan out of this mess.

Post elections, we saw an entirely different story.

The govt and the finance minister seemed to have no clear plan in place. One day they used to claim no imf and next day something else. It was almost as if they never thought they actually could be part of govt and therefore never made any actual plans.

This further started worsening with all financial indicators spiralling to negatives and then came the final knock with the IMF loan.

Honestly, Asad might be a good honest guy but he either didnt prepare for the position or he was just plain incompetent for the role.

I hope whoeever comes next is competent. I am hearing news of a former PPP crony coming back, if i am recalling correctly, last PPP tenure was the worst for Pakistan in terms of economy. May Allah save us.

 

[WebGuru]

I hope whoeever comes next is competent. I am hearing news of a former PPP crony coming back, if i am recalling correctly, last PPP tenure was the worst for Pakistan in terms of economy. May Allah save us.

Hafeez Shaikh. He was very successful during Musharraf time and thn failed badly in PPP times. Let's see his third innings...

 

[yasir]

I don’t know why people are going after Asad Umar. People like Asad Umar, Hussian Hakani are what country needs. Country needs a different or alternate vision. A different way to run the country, somebody who can challenge the status co, this vision of Army and Allah is only going to sink this ship deeper and deeper...Corruption is not the only problem. There are much bigger problems, which we have made as foundation of society and country, time to rethink the fundamentals, we cannot just beg our way out of problems, at some point we have to look at our expense honestly

 

[from_da_lost_dim3nsion]

They messed up when the kicked out the highly qualified Ahmedi guy who was actually qualified to do the job.Two other economists quit in a show of solidarity . I swear our qoum cares more about your religion than your qualifications .

 

[Prince of Pakistan]

They messed up when the kicked out the highly qualified Ahmedi guy who was actually qualified to do the job.Two other economists quit in a show of solidarity . I swear our qoum cares more about your religion than your qualifications .

Atif Mian's ouster was the biggest blunder of PTI till date. They gave in too the pressure of the radicals and lost a gem of an economist.

 

[waqar goraya]

This has to be one of most stupid decisions by Imran Khan and a complete overreaction. What on earth did he expect anyone to do within 8 months given economy was in shambles. It's much more than performance of the government because PTI has lost one of most sincere, honest and competent leaders.

Decisions weren't taken by Asad Umar in isolation either, there was whole Economic advisory Committee and team behind these decisions. Who is possible replacement?

Extremely disappointed with decision and decision that will upset PTI supporters much more than any previous decisions.

Don't know how you came to this conclusion but my timeline is full of die hard PTI supporters bashing IK decision (including me) right now to remove Asad very few are backing this decision like only 2 out of 10. Sorry Mamoon but PTI supporters are very different from Jiyalas and Noonis we do know when and where to criticize the leadership instead of following them blindly.

Agreed. Im a staunch PTI supporter for the last 6 years, however, this decision really does seem nonsensical.
Tough decisions had to be taken by the Finance Minister, he took those and obviously became unpopular among the masses, however, he needed his PM to stand by him and was let down.

I agree with all of you. This has made PTI look very bad, amateur. The worst IK decision since the dharna. Asad Umar was the second most loved guy in PTI among educated youth after IK. Some even liked him more than IK himself. There is already an understanding among masses that PTI's decision making, policies , postings/transfers of officers are amateurish.
You can't change economic fundamentals in 8 months. And performance should not be judged on indicators in this emergency situation but on the decisions that he made.
Where did he commit mistakes? How could he have done better? IK himself won't state Asad's failures in public but will we know the reasons?

Hafeez Shaikh. He was very successful during Musharraf time and thn failed badly in PPP times. Let's see his third innings...

Lol

Another point for critics. Musharaf and Zardari's finance minister..... Really it makes it even worse at this stage at least.
It seems establishment wants its trusted man once again.

 

[Savak]

I wonder if Asad Umar is now regretting his decison to quit the Engro CEO role. History is going to remember him as a failure to be honest and when he joined the PTI in 2012, he was earmarked for the Finance Minister position by the PTI leadership from Day 1. He must truly be a very depressed man right now, where else will he be able to fit in now in politics if not as Finance Minister?

 

[Savak]

I am not disputing that, there are plenty of people who are still supporting Asad Umar. However, there are people on the #WeStandWithKhan bandwagon (both on Twitter/social media and real life) who were defending Asad Umar's performance until now.

Basically the message is that we are blindly devoted to our leader Imran Khan and we will support whatever decision he makes. This is a very dangerous mentality indeed.

Bhai what is your mentality? To bash each and everything IK does succesful or unsuccesful but to not open a single thread against the PML-N or PPP who have bought us to the state we are in today i.e. $60 billion in Loans with nothing to show for it at all and plenty of money laundering cases and acquitals. I can assure you that this is a dangerous mentality indeed.

 

[Abdullah]

Lol Mamoon is having a field day.

Read the first few posts and was about to type this!!

 

[WebGuru]

Another point for critics. Musharaf and Zardari's finance minister..... Really it makes it even worse at this stage at least.
It seems establishment wants its trusted man once again.

Hafeez was Minister of Privatization and Investment in Mush cabinet and was the most successful minister he is pro privatization and also a blue eyed boy of IMF. I can see PIA, Steel Mill etc up for bidding soon under him (Asad was totally against Privatization).

 

[WebGuru]

I wonder if Asad Umar is now regretting his decison to quit the Engro CEO role. History is going to remember him as a failure to be honest and when he joined the PTI in 2012, he was earmarked for the Finance Minister position by the PTI leadership from Day 1. He must truly be a very depressed man right now, where else will he be able to fit in now in politics if not as Finance Minister?

He's got nerves of steel the way he showed up on media alone first in press conf today and thn in one to one interview with Kashif Abbasi shows his character. Many from PTI wanted to sit with him inp ressers btu he said he wana go alone so thats the reason those chairs were empty he wanted to face media alone. IK wanted to give him ministry of energy in exchange but he refused.

 

[Slim]

I wonder if Asad Umar is now regretting his decison to quit the Engro CEO role. History is going to remember him as a failure to be honest and when he joined the PTI in 2012, he was earmarked for the Finance Minister position by the PTI leadership from Day 1. He must truly be a very depressed man right now, where else will he be able to fit in now in politics if not as Finance Minister?

People like Asad Umar know that they have to pay a price for getting full access to the power corridors and he did that with full willingness. In Game of thrones, you pay the iron price, and its pretty similar in real life where you have to sacrifice something for greater power.

Asad Umar is a very rich guy, his only source of depression would be the hit his ego and self respect has gotten due to this episode.

 

[WebGuru]

Asad Umar is a very rich guy, his only source of depression would be the hit his ego and self respect has gotten due to this episode.

I think he still got a good amount of shares in Engro and his other source of income is highly paid lectures.

 

[Slim]

I think he still got a good amount of shares in Engro and his other source of income is highly paid lectures.

His father was a military general, he got his job after MBA due to his father's contacts in Exxon and then afterwards he became CEO of Pakistan's biggest FMCG. He is loaded, lectures are nothing!

 

[Bewal Express]

Hafeez Shaikh. He was very successful during Musharraf time and thn failed badly in PPP times. Let's see his third innings...

Unless he can pull some rabbits out of the hat, the problems are going to remain. We have a political class that has robbed the country blind and if you watch Rana Sanullah you will see his description of how the business class robs the country( he was actually defending SS but described criminality in chapter and verse)

 

[WebGuru]

His father was a military general, he got his job after MBA due to his father's contacts in Exxon and then afterwards he became CEO of Pakistan's biggest FMCG. He is loaded, lectures are nothing!

Yea his father was a Major General removed by Bhutto IIRC. Two of Asad's other brothers were MBA too just like him and they ended up successful as well. Muneer Kamal was National Bank Chairman. Zubair was at a high regional post in IBM before joining politics. Another brother was a Brig (R)

 

[WebGuru]

Unless he can pull some rabbits out of the hat, the problems are going to remain. We have a political class that has robbed the country blind and if you watch Rana Sanullah you will see his description of how the business class robs the country( he was actually defending SS but described criminality in chapter and verse)

I can already see the guns out in media because Hafeez first move is going to be Privatization of big elephants liek PIA and Steel Mill.

 

[Bewal Express]

the reason why Imran Removed Asad was because he couldn't perform in the 9 months. WHich means, it is his fault for what is happening right now in the country.

The country is in a mess because of the billions borrowed and stolen by the crooks you have stolen. The worst You can accuse Assad or the PTI is that they haven't pulled any rabbits out of the hat. Your pathetic attempts to avoid even commenting on the Falooda walas and all the Crooks is taking comical proportions and you know what, I will make you run every time as I will raise this question and I know your morals are not on par with ours.

 

[Bewal Express]

I can already see the guns out in media because Hafeez first move is going to be Privatization of big elephants liek PIA and Steel Mill.

PSM should be sold or closed, why is this useless business taking poor tax payers for a ride. It's full of sifarshis put in by the PPP and the Nooras. The PIA should be privatised but after being put on a sound grounding. The PIA has again be robbed to bankruptcy by these Crooks and is full of sifarshis.

 

[Mamoon]

The country is in a mess because of the billions borrowed and stolen by the crooks you have stolen. The worst You can accuse Assad or the PTI is that they haven't pulled any rabbits out of the hat. Your pathetic attempts to avoid even commenting on the Falooda walas and all the Crooks is taking comical proportions and you know what, I will make you run every time as I will raise this question and I know your morals are not on par with ours.

Simple question - why did Imran sack him? What hope do you have from a PM who doesn't understand basic economics? After all, that was your narrative against the people who were criticising Asad Umar's performance. I trust you will not dodge this question because other PTI supporters already have.

 

[Mamoon]

Bhai what is your mentality? To bash each and everything IK does succesful or unsuccesful but to not open a single thread against the PML-N or PPP who have bought us to the state we are in today i.e. $60 billion in Loans with nothing to show for it at all and plenty of money laundering cases and acquitals. I can assure you that this is a dangerous mentality indeed.

The reason why I don't speak much against them is due to two major reasons: I don't believe that corruption is the biggest problem and secondly, as long as there is military interference in our politics, our economy will not grow. Essentially, there is no difference between PTI, PPP and PMLN. They are all incompetent parties and the same tried and tested failures are rearing their ugly heads.

The reason why most of my criticism is directed towards PTI is because of the holier than thou attitude of the party and its supporters. When you talk about tabdeeli but appoint the same old failures in your cabinet and your government in general, what do you expect people to do? PTI's hypocrisy and double-standards are the number one reason why most of the media has turned against them and why so many people have started to lose faith and trust.

 

[Bewal Express]

The reason why I don't speak much against them is due to two major reasons: I don't believe that corruption is the biggest problem and secondly, as long as there is military interference in our politics, our economy will not grow. Essentially, there is no difference between PTI, PPP and PMLN. They are all incompetent parties and the same tried and tested failures are rearing their ugly heads.

The reason why most of my criticism is directed towards PTI is because of the holier than thou attitude of the party and its supporters. When you talk about tabdeeli but appoint the same old failures in your cabinet and your government in general, what do you expect people to do? PTI's hypocrisy and double-standards are the number one reason why most of the media has turned against them and why so many people have started to lose faith and trust.

The economy grew more under the military than any civilian govt, maybe a few facts will be worth looking up. Both Bhutto and NS of the same military so you 2nd theory falls down just as quickly as the 1st. Let's face you are instinctively pro Corrupt Politicians,and anyone seen opposing them is the bad guy.

 

[Bewal Express]

Simple question - why did Imran sack him? What hope do you have from a PM who doesn't understand basic economics? After all, that was your narrative against the people who were criticising Asad Umar's performance. I trust you will not dodge this question because other PTI supporters already have.

I don't know is the simple question, it may be that he is made a sacrificial lamb because people like you and other Nooras have successfully convinced people that Assad Umar is responsible for the mess that he inherited. Politics is a dirty business and people are sacrificed but as explained to some other Noora, the bankruptcy has taken a decade to ferment and it will take just as long to remedy. For me this is a mistake by IK

 

[Mamoon]

I don't know is the simple question, it may be that he is made a sacrificial lamb because people like you and other Nooras have successfully convinced people that Assad Umar is responsible for the mess that he inherited. Politics is a dirty business and people are sacrificed but as explained to some other Noora, the bankruptcy has taken a decade to ferment and it will take just as long to remedy. For me this is a mistake by IK

So basically Imran has the spine of a jelly who cannot withstand any criticism and pressure. All it took was a few months of criticism by people like me for Imran to sack an economic genius. This happened a few months after he took a U-turn on Atif Mian because the Mullahs were unhappy.

What next? Is he going to hand in his resignation as PM and walk away because of the critics and the opposition? Imran seems out of his depth in a position of power. Like all armchair critics, he is happy to criticise but doesn't have the appetite or the thick skin to deal with criticism directed at him.

No matter how you look at it or how you spin, this puts Imran and PTI in a very bad light.

 

[cric_man]

The reason why I don't speak much against them is due to two major reasons: I don't believe that corruption is the biggest problem and secondly, as long as there is military interference in our politics, our economy will not grow. Essentially, there is no difference between PTI, PPP and PMLN. They are all incompetent parties and the same tried and tested failures are rearing their ugly heads.

The reason why most of my criticism is directed towards PTI is because of the holier than thou attitude of the party and its supporters. When you talk about tabdeeli but appoint the same old failures in your cabinet and your government in general, what do you expect people to do? PTI's hypocrisy and double-standards are the number one reason why most of the media has turned against them and why so many people have started to lose faith and trust.

At least $60 billion pilfered under AZ/NZ rule in the past 10 years. That has wrecked the country's economy. How can you say corruption along with nepotism and incompetence is not a problem.
Was it the military that was taking loans from International sources and just pocketing them?

 

[Mamoon]

At least $60 billion pilfered under AZ/NZ rule in the past 10 years. That has wrecked the country's economy. How can you say corruption along with nepotism and incompetence is not a problem.
Was it the military that was taking loans from International sources and just pocketing them?

In a populous third world country like Pakistan, corruption will always be there, but we must learn from our next door neighbours India, who have corruption in addition to the same social problems as Pakistan, but that has not deterred them from having an economy that is growing rapidly and is at least three decades ahead of Pakistan.

The question is that in spite of corruption and great poverty, why has India successfully developed modern industries such as auto, pharma and IT and have foreign reserves of over $400m which puts them in the top 10 in the world? The answer lies in the fact that their military has never intervened in civilian affairs - they don't get involved in politics, they don't run businesses and they don't get important posts in various departments and organisations that have nothing to do with the military. All of that is of course prevalent in Pakistan.

People are quick to cite figures for the money that Nawaz and Zardari clans have looted, but the corruption of the military elite often goes unnoticed because they are not subjected to the same level of accountability and scrutiny that the politicians are, and it is one of the many perks of ruling the country.

The military officers are especially well-renowned for being land grabbers. Anyone who has bought a house in DHA or has done business in real estate will testify to the fact that if you ever deal with the men in boots, they will rip you off like no tomorrow.

The biggest burden on Pakistan's budget is the amount of money that we spend on defence, which not only includes the necessary expenditure but also the perks and privileges that allows the generals and brigadiers to live like kings. From multiple plots to clubs to golf courses, everything is under their watch and they are the ones to pocket the funds. They have so much extra cash to play with that ISPR has also ventured into sponsoring video games developed by renowned foreign developers.

The reason why we spend so much on our defence budget is because we are in constant internal and external conflict, which is again a design of our military to ensure their supremacy within the country. A country that is at peace and enjoys cordial relations with its neighbours will not have an army that will enjoy supremacy over the civilians.

Having non-state actors within Pakistan and a state of constant hostility with India and Afghanistan is exactly what our military wants because it allows them to control our foreign and domestic policy. Ultimately, all our problems can be traced down to the role our military has played since the inception of this country.

If our military would have not interfered in the country's internal matters, if they would have respected civilian supremacy and had they not meddled with our foreign policy, I can say without a moment of hesitation that our economy would be in a much better state today than it is now.

 

[The_Odd_One]

It is a dire situation for PTI fans. Either they have to admit that Asad was incompetent or Imran made a blunder.

PTI is turning out to be joke of a party, there was so much hope from them and they are proving to be worse than PMLQ. I do not see Imran's government surviving its full 5 years.

 

[The_Odd_One]

Pakistan in the hands of PTI is like letting a kid fly A-380. The outcome will be nothing but disastrous for the passengers which in this case will be the people of Pakistan.

 

[Bewal Express]

So basically Imran has the spine of a jelly who cannot withstand any criticism and pressure. All it took was a few months of criticism by people like me for Imran to sack an economic genius. This happened a few months after he took a U-turn on Atif Mian because the Mullahs were unhappy.

What next? Is he going to hand in his resignation as PM and walk away because of the critics and the opposition? Imran seems out of his depth in a position of power. Like all armchair critics, he is happy to criticise but doesn't have the appetite or the thick skin to deal with criticism directed at him.

No matter how you look at it or how you spin, this puts Imran and PTI in a very bad light.

It's interesting that a guy like you who spends all his time defending any crook who happens to be the flavour of the month, and whose moral principles are on par with an ally cats accuses others of having no spine. Leadership is about making decisions and if they are wrong you pay the price and if his decisions are wrong his politics will end. I am not sure how that is different for him from any other leader.

 

[Bewal Express]

Pakistan in the hands of PTI is like letting a kid fly A-380. The outcome will be nothing but disastrous for the passengers which in this case will be the people of Pakistan.

Yes the country was in a great position and it wasn't bankrupt before he took over with $60bn borrowed and stolen in the last 10 years. If this is the level of your debate than you are better off going back to school.

 

[Bewal Express]

At least $60 billion pilfered under AZ/NZ rule in the past 10 years. That has wrecked the country's economy. How can you say corruption along with nepotism and incompetence is not a problem.
Was it the military that was taking loans from International sources and just pocketing them?

No my friend the $60 bn and stolen was not a problem that's all halal because they and their friends have benefited, the problem is with people having to find ways to pay it back .

 

[The_Odd_One]

Yes the country was in a great position and it wasn't bankrupt before he took over with $60bn borrowed and stolen in the last 10 years. If this is the level of your debate than you are better off going back to school.

Does not change the fact that Asad Umar will be remembered as the worst FM in the history of Pakistan.

The country was in bad shape but it does not absolve PTI from their poor performance.

 

[WebGuru]

No my friend the $60 bn and stolen was not a problem that's all halal because they and their friends have benefited, the problem is with people having to find ways to pay it back .

You know what's more interesting? These guys will bash PTI and Asad for increase in dollar value all day long but will never talk about how Munshi Dar burned $7 billion reserves to keep rupee overvalued.

 

[The_Odd_One]

Pakistan in the hands of PTI

 

[Bewal Express]

Does not change the fact that Asad Umar will be remembered as the worst FM in the history of Pakistan.

The country was in bad shape but it does not absolve PTI from their poor performance.

So let's hear from you the expert what they should have done when inheriting a bankrupt country. I hope you have some ideas and don't run off like the Nooras on here or Munshi Dar. The forum is yours .....

 

[Mamoon]

So let's hear from you the expert what they should have done when inheriting a bankrupt country. I hope you have some ideas and don't run off like the Nooras on here or Munshi Dar. The forum is yours .....

When are you tweeting the exact same query to Imran?

 

[Bewal Express]

You know what's more interesting? These guys will bash PTI and Asad for increase in dollar value all day long but will never talk about how Munshi Dar burned $7 billion reserves to keep rupee overvalued.

I have yet to have a single intelligent debate with any Noora here. Thieving is 2nd nature and $7bn wasted is normal and they accuse us of being brainwashed.

 

[Bewal Express]

When are you tweeting the exact same query to Imran?

I am not on Twitter but I think they have done a good job and i would say be patient. When you inherit bankrupt economies it takes years, not 8 months to solve.
Btw can you tweet Munshi and ask him why he wasted $7bn on defending an overvalued currency? Is that what you call competency?

 

[cric_man]

The military officers are especially well-renowned for being land grabbers. Anyone who has bought a house in DHA or has done business in real estate will testify to the fact that if you ever deal with the men in boots, they will rip you off like no tomorrow.

sweeping generalization...

The biggest burden on Pakistan's budget is the amount of money that we spend on defence, which not only includes the necessary expenditure but also the perks and privileges that allows the generals and brigadiers to live like kings. From multiple plots to clubs to golf courses, everything is under their watch and they are the ones to pocket the funds. They have so much extra cash to play with that ISPR has also ventured into sponsoring video games developed by renowned foreign developers.

Per World bank Pakistan's defense budget is 3.5% of the GDP not 30-40-50% as quoted by gaslighters

https://data.worldbank.org/indicator/MS.MIL.XPND.GD.ZS?locations=PK&view=chart

You like to quote India a lot, India does have corruption but not like our country especially the last 10 years were it was like Nigeria.
Credit to India, that 47-90, they built a great foundation of education institutes and industrial base, that is helping them now. The only time we had any noticiable growth and development was under Ayub Khan in 60-65

 

[DRsohail]

[MENTION=131701]Mamoon[/MENTION] better to make peace with PTI for 5 years as they will be there and hopefully for nextvtenure as well, they are not up there but surely the best we have, I see your predictions immature.They are here to stay.

 

[Bewal Express]

[MENTION=131701]Mamoon[/MENTION] better to make peace with PTI for 5 years as they will be there and hopefully for nextvtenure as well, they are not up there but surely the best we have, I see your predictions immature.They are here to stay.

Doc do the PTI really need a person who instinctively supports crooks? If the PTI have to tempt such people to vote for them then it's to give up.

 

[Savak]

Two very different schools of thoughts prevailing so far. One is this shows IK is panicing and doesnt have the spine against the opposition, media, mafia, general public criticism.

The other is this shows the high performance culture and his willingness to sacrifice personal relationships for the nation. After all he did drop Majid Khan from the team as captain whereas he looked up to Majid Khan as a youngster. Apparently this also shows that IK is very concerned with the problems plaguing the country and he is not prepared to accept any excuses for results not being delivered.

The problem here is who can judge and who is there to make the decision that he himself is also to blame for appointing people who have failed? Why should he be exonerated but the blame go to his ministers?

 

[Mueez]

Two very different schools of thoughts prevailing so far. One is this shows IK is panicing and doesnt have the spine against the opposition, media, mafia, general public criticism.

The other is this shows the high performance culture and his willingness to sacrifice personal relationships for the nation. After all he did drop Majid Khan from the team as captain whereas he looked up to Majid Khan as a youngster. Apparently this also shows that IK is very concerned with the problems plaguing the country and he is not prepared to accept any excuses for results not being delivered.

The problem here is who can judge and who is there to make the decision that he himself is also to blame for appointing people who have failed? Why should he be exonerated but the blame go to his ministers?

I think it is the latter.

He is someone who doesn’t tolerate things and someone who believes in merit.

 

[yasir]

Jahangir Tareen and Asad Umar were two main King’s guard for Ceris Lannister(aka Imran Khan), now he has to rely on Golden Company to get out of the Crisis, his organic party has gone rotten a bit, not up to the challenge

 

[WebGuru]

Two very different schools of thoughts prevailing so far. One is this shows IK is panicing and doesnt have the spine against the opposition, media, mafia, general public criticism.

The other is this shows the high performance culture and his willingness to sacrifice personal relationships for the nation. After all he did drop Majid Khan from the team as captain whereas he looked up to Majid Khan as a youngster. Apparently this also shows that IK is very concerned with the problems plaguing the country and he is not prepared to accept any excuses for results not being delivered.

The problem here is who can judge and who is there to make the decision that he himself is also to blame for appointing people who have failed? Why should he be exonerated but the blame go to his ministers?

IK asked his own father to resign from SKMCH board when he slowed down because of age factor and he was working for free.

 

[Majid Khan]

View attachment 90616

Pakistan in the hands of PTI

If it’s a choice between being in the hands of naive kids who might crawl and hopefully learn to walk and then run one day, or leaving the country in the hands of well known thieves and crooks - who would you choose?

 

[Savak]

My biggest fears are coming true i.e. the extremely high expectations the public had from the PTI. My second biggest fear was PTI's lack of experience and being in leadership for the first time. My third biggest fear was will the PTI be able to cope with the opposition and their tentacle hold on all the institutions in the country.

For me the buck stops with the leader. If IK is sacking ministers for incompetence and poor performance, he himself is responsible for appointing them in the first place. He has to take the blame and be held accountable.

 

[Markhor]

Does not change the fact that Asad Umar will be remembered as the worst FM in the history of Pakistan.

The country was in bad shape but it does not absolve PTI from their poor performance.

Any competent FM would've needed to devalue the rupee as Asad Umar did. It's now much closer to the real exchange rate.

Unfortunately many Pakistani pundits don't have much understanding of economics, they just look at numbers at face value and scream for a scapegoat without looking at context which was that Ishaq Dar created an artificial economy.

 

[Pete Rose]

Any competent FM would've needed to devalue the rupee as Asad Umar did. It's now much closer to the real exchange rate.

Unfortunately many Pakistani pundits don't have much understanding of economics, they just look at numbers at face value and scream for a scapegoat without looking at context which was that Ishaq Dar created an artificial economy.

Brave to ever predict anything related to Pakistan, but subsequent months will bear out some of the unpopular work that Asad Umar has done. The Ishaq Dar's of this world will be platered on TV for a short while and eventually for purpose of debate Asad will become a TV darling again.

 

[WebGuru]

Any competent FM would've needed to devalue the rupee as Asad Umar did. It's now much closer to the real exchange rate.

Unfortunately many Pakistani pundits don't have much understanding of economics, they just look at numbers at face value and scream for a scapegoat without looking at context which was that Ishaq Dar created an artificial economy.

This! they will talk about everything except this and they will always divert the topic without giving a reply why Dar did it. $7 billion burned just to keep rupee overvalued and that resulted in a huge decrease in our exports.

 

[The_Odd_One]

Any competent FM would've needed to devalue the rupee as Asad Umar did. It's now much closer to the real exchange rate.

Unfortunately many Pakistani pundits don't have much understanding of economics, they just look at numbers at face value and scream for a scapegoat without looking at context which was that Ishaq Dar created an artificial economy.

If he was doing such a good job then why was he fired?

 

[Markhor]

If he was doing such a good job then why was he fired?

IK offering up a sacrificial lamb.

 

[WebGuru]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">want to thank the many many people who expressed support over the last 2 days. It is the millions of selfless, ideological, passionate supporters who are guardians of ideology of the tehreek. It's your passion from which Imran Khan & his team draw energy. May Allah bless you all</p>— Asad Umar (@Asad_Umar) <a href="https://twitter.com/Asad_Umar/status/1119465398997528577?ref_src=twsrc%5Etfw">April 20, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[PerfectionPersonified]

He will be back. All planned.

 

[Bewal Express]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">want to thank the many many people who expressed support over the last 2 days. It is the millions of selfless, ideological, passionate supporters who are guardians of ideology of the tehreek. It's your passion from which Imran Khan & his team draw energy. May Allah bless you all</p>— Asad Umar (@Asad_Umar) <a href="https://twitter.com/Asad_Umar/status/1119465398997528577?ref_src=twsrc%5Etfw">April 20, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Assad cannot be allowed to fade out, he has so much to offer PK, we need more of his kind and less of Maryam, Hamza, Billo and all the other money laundering Crooks.

 

[Pete Rose]

There’s not enough known to comment on why he was removed.
For those critical, the reasons are clear given the shambles of the economy.
For supporters, it’s anything from questioning the sugar sector subsidies to opening the discussion on the terms of the IPP’s with the IMF. Thank you PML PPP as always

 

[Slim]

Assad cannot be allowed to fade out, he has so much to offer PK, we need more of his kind and less of Maryam, Hamza, Billo and all the other money laundering Crooks.

I am not sure how the syrian president "Assad" can help Pakistan.

 

[MenInG]

ISLAMABAD: State Bank of Pakistan (SBP) Governor Tariq Bajwa on Friday stepped down from his post after Prime Minister Imran Khan sought his resignation while Federal Board of Revenue (FBR) Chairman Jehanzeb Khan has also been transferred.

Dr Reza Baqir, who is currently serving at the International Monetary Fund (IMF), is likely to become the new head of the central bank, sources told The Express Tribune.

The office of the SBP governor has confirmed the development.

The prime minister does not have the powers to remove the governor of the central bank except in certain circumstances that are defined in the SBP Act of 1956.

Bajwa was holding a statutory position for a period of three years that would have ended on July 6, 2020.

Jehanzeb Khan, an officer of the Pakistan Administrative Service (PAS), is likely to be replaced by someone from the tax machinery, possibly a Customs Service Group official, the sources added.

Despite repeated attempts, Adviser to the PM on Finance Dr Abdul Hafeez Shaikh did not respond to questions about the reasons behind the move.

Sources close to Bajwa told The Express Tribune that the governor did not resist the government’s decision because of the prevailing macroeconomic conditions.

A confrontation between the federal government and the governor could have created uncertainty and that is why Bajwa decided to quit gracefully, the sources added.

The decision to remove the heads of two important economic policymaking institutions has been taken after Dr Shaikh expressed his desire to bring his own team.

The prime minister has already unceremoniously removed Asad Umar as the finance minister about two weeks ago.

These changes are taking place at a time when Pakistan is in midst of negotiations with the IMF for a bailout package.

There has been resentment in the federal cabinet over the decision to continue with the people who had served with former finance minister Ishaq Dar.

Dr Baqir, who is being tipped as the new SBP governor, is a Pakistani by birth and currently serving as the senior resident representative of the IMF in Egypt. Dr Baqir had earlier visited Pakistan and met Prime Minister Imran Khan, the sources said.

Baqir has remained the IMF’s head of mission to Romania and is working with the global lender since 2000 when he was the head of its debt policy division.

His resume includes graduating from Harvard University; a PhD in economics from the University of California, Berkeley; and working with the World Bank, the Massachusetts Institute of Technology and the Union Bank of Switzerland.

If Baqir is appointed the new head of the SBP, both the adviser to the PM on finance and the central bank governor will be from the Bretton Woods institutions — the World Bank and the IMF. Dr Shaikh has also worked with the World Bank.

The Pakistan Muslim League-Nawaz (PML-N) government appointed Tariq Bajwa as the SBP governor on July 7, 2017. The SBP Act of 1956 empowers the president of Pakistan to appoint a governor for a term of three years

Bajwa retired from civil service in June 2017 as the finance secretary and was the third bureaucrat to be appointed the head of the central bank. He is the only Pakistani to have won the prestigious Littauer Fellowship. He earned the reputation of being a competent and upright officer during his civil service career. He was among a handful of officers whose reputation remained clean despite serving as the FBR chairman for two and a half years.

The new SBP governor will face the immediate challenge of negotiating a bailout package with his previous employer and implement its conditions on the monetary policy and exchange rates.

The sources said the prime minister agreed to replace the FBR chairman after resisting the move for months. Jehanzeb could be appointed the Economic Affairs Division secretary in place of Noor Ahmad.

Jehanzeb was unable to effectively run the FBR that is facing a record shortfall of Rs345 billion in just 10 months of this fiscal year. There was a lobby in the FBR that was unhappy over the appointment of a PAS officer as the chairman of the board.

There are two dedicated service groups — the Inland Revenue Service and the Customs Group. There are over half a dozen officers from both the services serving in grade-22 — the highest basic pay scale.

The sources said someone from the Customs Group, either in grade-21 or -22, could be appointed the new FBR chairman.

Former finance minister Asad Umar and current Minister of State for Finance Hammad Azhar also wanted Jehanzeb removed.

https://tribune.com.pk/story/1965247/2-sbp-governor-quits-fbr-chairman-removed/

 

[Angrez Pakistani]

Anyone criticizing Asad Umar or State Bank or any other finance minister from the past should read The Divide by Jason Hickel. Our finance ministers can't do anything because they don't have any power over the economy. Folks, we are still living under colonial rule.

 

[MenInG]

https://www.bloomberg.com/news/arti...tral-bank-tax-authority-chiefs-amid-imf-talks

Pakistan’s government removed the governor of the central bank and the head of the tax authority amid the nation’s bailout negotiations with the International Monetary Fund.

Tariq Bajwa, chief of the State Bank of Pakistan, and Federal Board of Revenue Chairman Mohammad Jehanzeb Khan were fired because of their “performance,” Firdous Ashiq Awan, a special assistant to Prime Minister Imran Khan said by phone on Saturday. The removal of the two comes weeks after Finance Minister Asad Umar was asked to resign.

Former cricket star Khan faces growing criticism from economists and opposition parties for mishandling the economy and delaying the IMF bailout since coming to power in August in a controversial national election. While Khan has secured loans from friendly nations such as Saudi Arabia, the United Arab Emirates and China to help boost foreign reserves, the economy continued to falter amid balance-of-payments crisis and a depleted treasury.


Khan appointed Abdul Hafeez Shaikh as his finance adviser two weeks ago after forcing the then finance minister Umar to resign in a cabinet reshuffle. Shaikh is now leading a team that is negotiating the 13th IMF support program since the 1980s. While the talks with the IMF stalled twice in the past over various disagreements, such as the exchange rate policy, Shaikh said Friday he wants to develop a “reasonable” IMF plan.

‘Bitter Pills’
It seems Shaikh “wants like-minded people in his team to implement the IMF-led reform process,” Mohammed Sohail, chief executive of Topline Securities Pakistan Ltd., said from Karachi. “You need to take bitter pills like increasing taxes, energy prices and privatization. These things haven’t been done yet. They are the toughest ones and need a strong will and bold measures.”

Awan said the Prime Minister will choose from three people proposed by the finance ministry for the governor’s position by Monday, while Shaikh will appoint the tax chief. State Bank of Pakistan’s Bajwa said he was in Islamabad for talks with the visiting IMF team when he was asked to resign, Dawn newspaper reported.

Pakistan’s credit score was downgraded by S&P Global Ratings in February, which cited weak economic outlook and the delay in securing an IMF bailout. The rupee weakened 26 percent in 2018, and the benchmark KSE-100 Index declined for a second straight year to the lowest level in three years.

 

[Hermoine Green]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">want to thank the many many people who expressed support over the last 2 days. It is the millions of selfless, ideological, passionate supporters who are guardians of ideology of the tehreek. It's your passion from which Imran Khan & his team draw energy. May Allah bless you all</p>— Asad Umar (@Asad_Umar) <a href="https://twitter.com/Asad_Umar/status/1119465398997528577?ref_src=twsrc%5Etfw">April 20, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Level headed person. But, it was fair to remove him because awaam was against him. I am not saying that it was Asad's fault.

Awaam didn't want him to go to IMF, nor they are in favor of Mehangai. What that poor soul could have done?

I am glad that he is still involved in PTI, and IK is trying to bring him in Cabinet.

 

[WebGuru]

Level headed person. But, it was fair to remove him because awaam was against him. I am not saying that it was Asad's fault.

Awaam didn't want him to go to IMF, nor they are in favor of Mehangai. What that poor soul could have done?

I am glad that he is still involved in PTI, and IK is trying to bring him in Cabinet.

Asad will have to face the awaam again for votes while Hafeez Sheikh can make all the strict changes without thinking about his political future because he is not a politician.

 

[WebGuru]

Hmm...
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Finally the leaks to London will stop I am assuming wth changes at the fbr n state bank!</p>— Marvi Memon (@marvi_memon) <a href="https://twitter.com/marvi_memon/status/1124373579603369984?ref_src=twsrc%5Etfw">May 3, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[jusarrived]

Imran seems to be inspired by Virat’s chop and change style of captaincy . It will not work .
You got to give people time , can’t fix an economy in 5 years let alone one .

Anyway people in SC are just stupid , reforms which can have lonterm impact are not easy you are forced to take mearures which hurt the economy just to please aam junta , else you will be booted out .
Imran though has nothing to lose , he should do what’s best for the country at least the first 4 years .

 

[Angrez Pakistani]

Fun Fact:
'Between 1973 and 1993, global South debt grew from $100 billion to $1.5 trillion. Of the $1.5 trillion, only $400 billion was actually borrowed money. The rest was piled up simply as a result of compound interest. So despite the monumental effort that developing countries make to repay their loans, they are only chipping away at an ever-growing mountain of compound interest [rated at 10% per annum] and not even beginning to touch the principal that lies beneath, which threatens to persist for ever.' (Hickel 2017, pp. 178).

 

[MenInG]

Pakistan appointed International Monetary Fund economist Reza Baqir as its central bank governor amid sweeping changes across the nation’s key finance and economic posts as the government negotiates for a crucial bailout from the global fund.

Baqir was appointed to run the State Bank of Pakistan for a three-year term shortly after former governor Tariq Bajwa and Federal Board of Revenue Chairman Mohammad Jehanzeb Khan were fired because of their “performance,” according to Firdous Ashiq Awan, a special assistant to Prime Minister Imran Khan. Finance Minister Asad Umar was also asked to resign two weeks ago.

Khan, a former cricket star, appointed Abdul Hafeez Shaikh as his finance adviser two weeks ago amid a cabinet reshuffle. Shaikh is now leading a team that is negotiating the 13th IMF support program since the 1980s. While the talks with the IMF stalled twice in the past over various disagreements, such as the exchange rate policy, Shaikh said Friday he wants to develop a “reasonable” IMF plan.

Baqir is taking over the top job at the central bank as inflation is emerging as the new challenge for Pakistan. Consumer prices in March rose to the highest level since 2013, and added 8.82 percent in April. That is likely to put the most aggressive central bank in Asia on course to tighten monetary policy further, Yousaf Hussain, chief executive officer at Faysal Bank Ltd., said last month.

Pakistan’s credit score was downgraded by S&P Global Ratings in February, which cited a weak economic outlook and the delay in securing an IMF bailout. The rupee weakened 18 percent in the past year, the worst-performing currency in Asia, while the benchmark KSE-100 Index of stocks lost 15 percent and closed Friday at the lowest level in almost three years.

https://www.bloomberg.com/news/arti...f-economist-as-central-bank-head-amid-bailout

 

[SensiblePakFan]

Obviously the PMLN ppl would have been let go eventually.

 

[Syed1]

Pathetic decision

 

[MenInG]

ISLAMABAD: Twenty days after his removal from the office of finance minister, the government on Wednesday decided to appoint Asad Umar as chairman of the National Assembly’s Standing Committee on Finance.

The decision was taken at a meeting of the parliamentary party of the ruling Pakistan Tehreek-i-Insaf (PTI) held at the Parliament House during which party leaders expressed concern over the appointment of technocrats and non-elected members on key positions.

The committee is presently being headed by PTI’s MNA Faizullah from Faisalabad.

Under the rules, the PTI will have to withdraw one of its members from the committee to accommodate Asad Umar and also seek Mr Faizullah’s resignation from the committee chairmanship. After Mr Umar’s inclusion in the committee, its members will be required to elect a new chairman which will merely be a formality, because as per an understanding between the government and the opposition, the committee will be headed by a PTI member.

At parliamentary party meeting, PTI leaders express concern over appointment of technocrats on key positions

The prime minister told the meeting that he would attend the session of the National Assembly at least once a week to answer opposition’s questions. He later attended the NA session and decided to attend it again on Monday.

“It was my choice to become chairman of the NA’s Standing Committee on Finance,” Asad Umar told Dawn, confirming the government’s decision.

He said he could not attend the parliamentary party meeting on Wednesday, but he had heard that some party leaders asked the prime minister to bring him back and give him some responsibility he deserved. At this, the prime minister apprised the meeting that Asad Umar would soon take charge as chairman of the NA finance committee.

“In fact I asked the prime minister for the chairmanship of this committee because I have some expertise in financial matters which I want to utilise,” Mr Umar said, adding that he met the prime minister for a second consecutive day on Wednesday and thanked him [Mr Khan] for reposing confidence in him by deciding to appoint him chairman of the committee.

After meeting the prime minister on Tuesday, Mr Umar had told Dawn that he had been offered a ministry, but he decided not to become a part of the cabinet.

Read: Asad again declines portfolio offer

During the parliamentary party meeting, the PTI leaders asked the prime minister why elected and diehard party members were not being considered for sought-after slots. According to a source, the party leaders objected to the appointment of Firdous Ashiq Awan as Special Assistant to the PM on Information, Dr Hafeez Shaikh as Adviser to the PM on Finance and Nadeem Babar as Adviser to the PM on Petroleum.

PM Khan listened to their concerns patiently and told them that some bitter decisions had to be taken in the country’s interest. He expressed the hope that non-elected people would also serve according to his desires and expectations.

Later, the prime minister took the parliamentary party members into confidence on the local government system being introduced in the PTI-ruled provinces of Punjab and Khyber Pakhtunkhwa. He said that under the new LG system, elected representatives would be empowered to take decisions at grass-root level.

The prime minister asked the party leaders to concentrate on addressing people’s problems and take updates from of their constituencies on prices of essential items during Ramazan.

https://www.dawn.com/news/1481171/asad-named-chairman-of-nas-finance-panel