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Capping dollar rate caused $3bn loss: Miftah Ismail [Post Updated #117]

Finance Minister Miftah Ismail on Wednesday urged every company to export 10 per cent of its products to earn foreign exchange for Pakistan and assured that the government would facilitate exporters in this regard.

Addressing the Leaders of Islamabad - Business Summit, he said that there were four principles — living within means, promoting exports, increasing agricultural productivity and focusing on children’s education — that if followed would set the country on the path of growth and development.

There was a dire need to identify the mistakes that had caused Pakistan’s progress to be slower compared to other countries, Ismail said.

DAWN
 
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">List Of Passengers Who Departed To Dubai From Karachi on an Indian Chartered Plane on 15 Aug …✈️.<br><br>*Miftah Ismail group members and family members (12 people) left Pakistan on Indian flight; Reason unknown‼️��* <a href="https://t.co/igQL8j46ku">pic.twitter.com/igQL8j46ku</a></p>— M Azhar Siddique (@AzharSiddique) <a href="https://twitter.com/AzharSiddique/status/1559931475533115392?ref_src=twsrc%5Etfw">August 17, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Economic hitmen and agents of chaos. Not surprising in the least.

Rumors are that miftah and his close associates made upwards of 1.5 Billion$ recently with the ridiculous dollar fluctuation. Maybe through these flights, the money was shifted to Dubai.

Apparently, Mian Sahab and London group are not delighted while mufta had the blessing from hamza and father.

Hoard dollars. Dollar's Value spike. Sell at inflated price. Dollar's circulation in market increases bringing the value down. Rinse and repeat.
 
Last edited by a moderator:
Browncaps said:
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">List Of Passengers Who Departed To Dubai From Karachi on an Indian Chartered Plane on 15 Aug …✈️.<br><br>*Miftah Ismail group members and family members (12 people) left Pakistan on Indian flight; Reason unknown‼️��* <a href="https://t.co/igQL8j46ku">pic.twitter.com/igQL8j46ku</a></p>— M Azhar Siddique (@AzharSiddique) <a href="https://twitter.com/AzharSiddique/status/1559931475533115392?ref_src=twsrc%5Etfw">August 17, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Majors favourite economic chor exposed. No wonder he was personally attacking me in his now deleted post.

Economic hitmen and agents of chaos. Not surprising in the least.

Rumors are that miftah and his close associates made upwards of 1.5 Billion$ recently with the ridiculous dollar fluctuation. Maybe through these flights, the money was shifted to Dubai.

Apparently, Mian Sahab and London group are not delighted while mufta had the blessing from hamza and father.

Hoard dollars. Dollar's Value spike. Sell at inflated price. Dollar's circulation in market increases bringing the value down. Rinse and repeat.
Click to expand...

Why did it go to 240? The truth will come out. It should have been in the range of 190-195. The truth will out sooner or later
 
Soo posters making allegations without any proof.....
 
Seems like a lame duck to me

==

PML-N leader Abid Sher Ali on Thursday lashed out at his own party man, Finance Minister Miftah Ismail, for increasing the power tariffs, adding to the miseries of the common man.

Ali, while addressing a news conference alongside fellow party leader Talal Chaudhry, pointed out that while PML-N supremo Nawaz Sharif was the prime minister, the country was under deep crises.

“But still he had not allowed the electricity tariffs to increase,” he added.

“Nawaz Sharif never compromised on the issues of the masses. He never threw electricity bombs at them,” he maintained.

The PML-N leader claimed that there was pressure from the International Monetary Fund (IMF) even then, but they were dealt with.

“When I hear Miftah Ismail sahib today, I feel sad when he says that increasing prices is okay. It is not okay. When people who earn Rs20,000 have to pay bills of Rs30,000, they hate you,” he claimed.

“Miftah sahib, leave your office once and meet the people. You will understand what they are passing through. This not PML-N’s ideology,” Ali added.

He conceded that it was important to clean up the “mess” left behind by PTI chairman and deposed premier Imran Khan. However, he added that this was not the way to do it.

He proposed renegotiating the agreement Imran had reached with the IMF.

Speaking about the hike in petroleum prices, the PML-N leader maintained that his party had never allowed the fuel prices to increase during its tenure, adding that it always made slabs.

He wanted the inflated power bills to be withdrawn. “I have appealed to Mian Nawaz Sharif to intervene and have it reversed.”

Ali also urged Prime Minister Shehbaz Sharif to chalk out people-friendly policies aimed at providing relief to the people.

He called for the government to “shun the IMF agenda and help inflation-hit people”.

Ali noted that the government was becoming unpopular among the people while trying to steer the country out of its crises.

“Mr prime minister, you have always delivered in Punjab and your sympathies should reflect in your steps, otherwise we will not be able to visit constituencies,” he added.

He further said the country should not be pushed towards a civil war.

The PML-N leader also criticised Energy Minister Khurram Dastgir and said he should visit the offices of the Water and Power Development Authority (WAPDA) to see how women were standing in lines there.

Around a week ago, Miftah had announced that the petroleum levy would be further jacked up from next month.

He also refused to change the course of economic policies that pulled the country back from the brink of default.

“Should we start repeating mistakes and picking fights with the IMF particularly when the economy has shown signs of stability?” a defiant finance minister had questioned while addressing a news conference.

A journalist had asked him about a tweet by PML-N Vice President Maryam Nawaz where she claimed: “Mian Sahib strongly opposed the decision and said he could not add burden of even a penny on the people and if the government had any compulsion he was not part of the decision and left the meeting”.

The minister had replied that the ex-PM was part of the meeting that deliberated on the petrol rate.

However, he had added that it would not be “appropriate” for him to comment any further on the issue.

PPP Co-Chairperson Asif Zardari had also disagreed with the decision.

“The PPP is a part of the federal government and supports it. It should consult us on such important decisions,” he said in a statement.

(With input from agencies)

Express Tribune
 
Another PML-N leader attacks Miftah
About 11 taxes has been imposed on industrial sector bills due to which workers might leave industry, says Hanif Abbasi

RAWALPINDI: Pakistan Muslim League Nawaz (PML-N) leader Hanif Abbasi has emerged as another critic of his own government after Abid Sher Ali.

Addressing a press conference here on Friday with the traders’ leaders, Abbasi said the prime minister was making all-out efforts but the finance ministry was neutralizing them. Urging the finance ministry to stop looting the people, he said new taxes were being imposed on the taxpayers.

Continuing his speech, the PML-N leader said about 11 taxes had been imposed on the industrial sector bills due to which the workers might leave the industry. “My own driver got an electricity bill of Rs16,000,” he added.

Abbasi said every sector had been affected by the electricity bills. He further said that instead of taking decisions through the committees, there was a dire need to take immediate decisions.

Taking a swipe at the finance ministry, he said the country’s economy could not be maintained through looting. The PML-N leader claimed a woman in charge of the finance ministry was scaring people, adding that the finance ministry should resolve the issues instead of scaring people.

In view of floods, the former MNA urged the political parties to suspend their political activities for six months. Taking a dig at the PTI Chairman Imran Khan, Hanif said he [Imran] liked to collect funds for himself.

The News PK
 
daytrader said:
Another PML-N leader attacks Miftah
About 11 taxes has been imposed on industrial sector bills due to which workers might leave industry, says Hanif Abbasi

RAWALPINDI: Pakistan Muslim League Nawaz (PML-N) leader Hanif Abbasi has emerged as another critic of his own government after Abid Sher Ali.

Addressing a press conference here on Friday with the traders’ leaders, Abbasi said the prime minister was making all-out efforts but the finance ministry was neutralizing them. Urging the finance ministry to stop looting the people, he said new taxes were being imposed on the taxpayers.

Continuing his speech, the PML-N leader said about 11 taxes had been imposed on the industrial sector bills due to which the workers might leave the industry. “My own driver got an electricity bill of Rs16,000,” he added.

Abbasi said every sector had been affected by the electricity bills. He further said that instead of taking decisions through the committees, there was a dire need to take immediate decisions.

Taking a swipe at the finance ministry, he said the country’s economy could not be maintained through looting. The PML-N leader claimed a woman in charge of the finance ministry was scaring people, adding that the finance ministry should resolve the issues instead of scaring people.

In view of floods, the former MNA urged the political parties to suspend their political activities for six months. Taking a dig at the PTI Chairman Imran Khan, Hanif said he [Imran] liked to collect funds for himself.

The News PK
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Seems the end is nigh for our appointed friend.
 
PTI Secretary General Asad Umar and Khyber Pakhtunkhwa Finance Minister Taimur Khan Jhagra on Monday defended and all but acknowledged the authenticity of the audio leaks attributed to PTI Senator Shaukat Tarin regarding the crucial International Monetary Fund (IMF) programme

Umar said there was “nothing wrong” in the leaked conversations and that Tarin, in the leaked conversations, was merely giving “advice” to PTI’s provincial finance ministers to ask the federal government to renegotiate with the IMF — something he claimed was necessary in light of the devastations caused by the floods.

Earlier on Monday, two audio clips surfaced via TV channels and social media; in one, the man said to be Tarin can be heard guiding Punjab Finance Minister Mohsin Leghari to tell the federal government and the IMF that he would not be able to commit to a provincial budget surplus in light of the recent floods that have wreaked havoc in Pakistan.

In the other audio, Tarin can be heard asking Jhagra whether he had drawn up a similar document.

PTI senior leader Shireen Mazari was the first to acknowledge the audio clips, saying there was “nothing illegal or wrong” in the conversations. “We have publicly opposed the terms on which the imported govt is taking loan from IMF.”

“But what is illegal is the wire tapping done on conversation without court order. A criminal offence,” she tweeted.

The matter of the letter

On Friday, Jhagra had written a letter to Finance Minister Miftah Ismail just three days ahead of the IMF executive board’s meeting scheduled for Aug 29 (today) to approve the disbursement of a $1.18 billion tranche to Pakistan under a bailout package. In the letter, Jhagra informed Ismail that his KP administration might find it difficult to run a provincial surplus this year in view of flood-related damages.

In the press conference following the leaks, Umar derided the government for “cutting, pasting and editing” audio and videos. Referring to the alleged audio content, Umar said Tarin had asked both provincial finance ministers to request the federal government to renegotiate the IMF agreement due to the recent floods as the expenses required for relief operations would make achieving a provincial surplus difficult.

“Can anyone say this isn’t good advice?” Umar questioned, adding that former prime minister Imran Khan had done something similar and negotiated with the IMF when the Covid-19 pandemic struck.

All but confirming the authenticity of Tarin’s remarks, Umar asked if Prime Minister Shehbaz Sharif was also not requesting foreign organisations and other countries for help the country with aid in following the devastation caused by the floods. “Tell me if you are asking money from foreign governments, then why can’t you ask the IMF to give us space this year to use our money for flood-related expenses,” he questioned.

Umar recalled the Pakistan Democratic Movement’s strategy when it was in the opposition under the PTI government’s tenure, and accused it of acting against the state’s interest and international commitments by voting and speaking out against legislation related to the Financial Action Force and IMF agreement.

He said that Tarin, as a former finance minister, had every right to “give advice” to Jhagra and Leghari. “There is nothing wrong in Tarin speaking to Jhagra and Leghari on phone and giving advice.”

Umar said Jhagra’s letter was the result of advice given by Tarin. “If Jhagra felt that there was something wrong in it, then he would not have brought himself before the nation,” he added.

Umar sidestepped the question when asked to confirm the audio’s veracity and whether the party was owning it, simply saying that the “end result” was Jhagra’s letter.

In one of the leaks, a voice — purportedly of Leghari — can be heard asking Tarin if the letter he was being asked to pen would be anti-state. When asked about this portion of the audio, Umar said: “Shaukat Tarin can better explain it himself [but] he was asked if this was anti-state or not. He did not say, ‘Yes, this is anti-state and we have to do it anyway.’ He did not say this.”

While Jhagra has addressed the leak involving him and Tarin, Leghari has yet to confirm or deny if the person in the other audio is him.

DAWN
 
Finance Minister Miftah Ismail on Friday said the government may have 13 months but he doesn’t have that much time, hinting at the growing frustration among the PML-N leaders over the country’s economic situation and the way it is being handled.

The finance minister was speaking at an event in Karachi where he spoke at length about politics, national growth strategy, tax collection, increasing population and other important issues hampering economic stabilisation.

“The government has 13 months but I don’t have that much time,” said Ismail.

His statement comes in the backdrop of dissatisfaction within PML-N over the Shahbaz Sharif government’s policies. PML-N supremo Nawaz Sharif had recently left a government meeting over a petrol price disagreement and expressed anger with the minister for increasing the fuel prices, according to party vice president Maryam Nawaz.

According to senior journalist Suhail Warraich, who met the PML-N supremo in London, Nawaz Sharif was not pleased with the party’s narrative, saying that Prime Minister Shehbaz Sharif should himself reach out to the masses to explain the government’s policies and causes of inflation.

“Utterly dissatisfied with Miftah Ismail, the former premier believes only Ishaq Dar can bolster the country’s battered economy,” he told Geo News.

Speaking at the IBA event, Miftah Ismail said that the government took difficult decisions in difficult situations as their first priority was to revive the International Monetary Fund’s loan programme.

“We contacted IMF soon after coming to power and with prudent policies saved Pakistan from default.”

The PTI government signed an agreement with the Washington-based lender and then violated the terms of the agreement by announcing subsidies on petroleum products, he said.

The finance minister lamented that the country’s population is increasing at a rate of 2.4%.

He said that Pakistan "has not defaulted and will never default", adding he feels ashamed asking for loans.

“No one wants to give tax in Pakistan,” he lamented further.

He said that the scope of the tax net is being increased and the business class is being brought under the tax net.

Ismail said that flash floods have caused devastation on a large scale in the country. "Rs28 billion have been disbursed through Benazir Income Support Programme in a transparent manner in order to provide relief to the affected people," he said.

He said that initially an amount of Rs25,000 is being transferred to affected families so that they can meet their food supply needs.

The finance minister said that the flood-affected people "will not be abandoned in this testing time and will be compensated utilising all available resources, even if it means diverting PSDP funds for their rehabilitation".
 
Criticising the lopsided distribution of subsidised loans under the Temporary Economic Refinance Facility (TERF), Finance Minister Miftah Ismail said on Friday only one individual received as much as Rs90 billion through the concessionary refinance scheme.

He was referring to the facility provided by the State Bank of Pakistan, which allowed industrialists to seek long-term funding at minimal interest rates during the pandemic for setting up new units, introduced by the Imran Khan government.

“One Pakistani got Rs90bn out of Rs570bn disbursed under TERF. One Pakistani,” he said while addressing the student body at the Institute of Business Administration (IBA) where the Wharton-educated economist has taught as adjunct faculty in the past.

Mr Ismail railed against the perils of pursuing the import substitution model, which seeks to replace foreign imports with domestic production. “It doesn’t do any good,” he said while emphasising that the focus should be on the export promotion model, which allocates greater resources to the export-oriented sectors without creating price distortions in the economy.

Hints at quitting before 13-party govt completes its term

Giving a hypothetical example, Mr Ismail said the government is wont to fork out Rs2bn to an industrialist for setting up a factory against a promise that he’ll hire workers for Rs20,000 a month each. But setting up the factory increases imports, which widens the current account deficit. By the time the factory is up and running, the economy starts heating up. The government then decides to slow down economic growth to control the twin deficits. As a result, the industrialist sacks the same Rs20,000-a-month worker in whose name he’d received subsidised finance of Rs2bn in the first place.

Mr Ismail said Pakistani industrialists lacked imagination and produced goods for local consumption instead of foreign markets. Giving the example of a business group that sought help from his government in setting up a 500,000-tonne factory of polypropylene, a commonly used thermoplastic, the finance minister said it demanded a 20 per cent duty protection for 20 years as it knew it couldn’t compete against Chinese counterparts.

“Our industrialists, including my own family, never set up a factory to export,” he said, noting that manufacturers should focus on making basic goods like sewing machines that can help increase overall exports.

He said the floods have completely destroyed cotton and date palm crops in Sindh. The damage to crops have caused financial losses of Rs297.3bn, Rs3.6bn and 21.8bn in Sindh, Khyber Pakhtunkhwa and Balochistan, respectively.

Ismail, the politician

When IBA Executive Director Dr S Akbar Zaidi asked the finance minister why his economic planning sounded long term in nature even though the current government is supposed to go home in a year, Mr Ismail responded with a hint of resignation in his tone.

“The government has 13 months, but I may not even have that much,” he said.

At least three times during the talk, Mr Ismail referred to his imprisonment under the PTI government for alleged corruption in setting up an LNG import terminal.

“You should ask your leaders (from the PTI) why they incarcerated an innocent man,” he said after sensing — rather correctly — that a sizeable number of students in the auditorium were pro-Imran Khan. When the students laughed at his remark, he said dryly that spending five months in solitary confinement was no joke.

Published in Dawn, September 3rd, 2022
 
Federal Minister of Finance Miftah Ismail expects the economy to grow more than 3.5% for the fiscal year that started in July, Bloomberg News reported on Saturday.

Ismail predicted inflation, running at the highest in 47 years and the second-highest in Asia, was close to its peak and would average 15% for the year, the report said.

Curbs on luxury items may remain in place for longer than currently anticipated, Ismail was quoted as saying.

'Export promotion a pre-requisite for progress'

Ismail, last week, highlighted that self-reliance, export promotion, farm productivity enhancement and education of children are the four basic principles to lead the country towards growth and development while addressing the ‘Leaders in Islamabad Business Summit’.

Miftah said, “Pakistan is not where it should have been, according to the vision of Quaid-e-Azam Muhammad Ali Jinnah”.

“There is a dire need to identify the mistakes that affected Pakistan’s progress as compared to the other countries,” added Miftah.

He also identified key principles to lead the country towards progress which include ‘living within means’ highlighting that "unless the income matches the expenditures, the country cannot progress".

“There’s an extreme need to focus on enhancing exports from the country by diversifying the field. No heed was paid to this sector as the exports from the country did not witness any substantial growth during past eleven years, it only receded in terms of quantity. The government has introduced an import substitution initiative besides taking measures to encourage companies to export 10% of their production,” he added.
 
The FIA on Tuesday issued a notice to former finance minister Shaukat Tarin and asked him to appear before it in person with regard to an investigation launched into audio clips allegedly attributed to him regarding the IMF programme.
 
Finance Minister Miftah Ismail said on Friday that the International Monetary Fund (IMF) had agreed to increase the amount of the next tranche as part of the Extended Fund Facility (EEF) programme, while also hinting at the possibility of relaxation in the conditions of the agreement.

In an interview to a private news channel, the minister revealed that he had been in conversation with the IMF Managing Director (MD) Kristalina Georgieva and added that he foresaw “a lot of negotiations” before matters could be finalised still.
 
Finance Minister Miftah Ismail has resigned from his ministry and handed over his resignation to Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif in London, ARY NEWS reported.

The finance minister submitted his resignation during a top PML-N huddle headed by Nawaz Sharif and attended by PM Shehbaz Sharif, Ishaq Dar, Ahad Cheema and others.

“You have trusted me with his job and I tried to serve with my full capacity to serve the nation,” Miftah Ismail was quoted as saying during the meeting.
 
Well that came out of nowhere. What were the reasons. Sorry been out of the loop for a bit
 
So Miftah is toast after making all the unpopular calls and Dar will walk in and cut some things like Petrol and pretend to be a hero. So the plan is to claim that had NS not been disqualified, everything would have been ok. These losers think that we are all stupid as Nooras and cant see through this crap.
 
Basically used and abused by his own party. Neutrals are probably not happy with this decision, hence the audio leaks. Pakistan going back to Daronomics lol.
 
Gayle_Force said:
Basically used and abused by his own party. Neutrals are probably not happy with this decision, hence the audio leaks. Pakistan going back to Daronomics lol.
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Used and humiliated by the mafia and as a proper ghulam( maybe fearful) he thanked them. What pathetic person and tossed aside like a dirty tissue.
 
He tendered his resignation to an absconding, convicted felon..... let that sink in.
 
Here's your court/jail date, reaction. PDM politician: I am suffering from a life threatening disease and need the intensive care/medical attention in a country 3000 miles away.

Here's your invite to become a Minister, reaction. PDM politician: I am ̶s̶u̶f̶f̶e̶r̶i̶n̶g̶ ̶f̶r̶o̶m̶ ̶a̶ ̶l̶i̶f̶e̶ ̶t̶h̶r̶e̶a̶t̶e̶n̶i̶n̶g̶ ̶d̶i̶s̶e̶a̶s̶e̶ ̶a̶n̶d̶ ̶n̶e̶e̶d̶ ̶t̶h̶e̶ ̶i̶n̶t̶e̶n̶s̶i̶v̶e̶ ̶c̶a̶r̶e̶/̶m̶e̶d̶i̶c̶a̶l̶ ̶a̶t̶t̶e̶n̶t̶i̶o̶n̶ ̶i̶n̶ ̶a̶ ̶c̶o̶u̶n̶t̶r̶y̶ ̶3̶0̶0̶0̶ ̶m̶i̶l̶e̶s̶ ̶a̶w̶a̶y̶ ready to serve.
 
SalimBhai said:
What was the main beef he had that made him resign
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He was pretty much forced to resign. He is not an elected member or a senator as such he could only hold the ministry for 6 months, which is coming up in October. It seems PMLN had no intentions of providing him an extension and gave him the option to resign to safe face.
 
I know how to deal with IMF, Dar tells Miftah

Finance Minister Ishaq Dar on Monday said that he knew how to deal with the International Monetary Fund (IMF) and no one had to worry about anything regarding it any more.

"I have to handle the IMF matters, so from now on, neither Miftah nor anybody else has to worry about anything," he said during an interview with journalist Hamid Mir aired on Geo News.

Dar's statement comes a day after Ismail, in a tweet, termed the government's decision to not increase the petroleum development levy (PDL) this month without the approval of the International Monetary Fund (IMF) "reckless".

The PML-N government on September 30 announced a cut of around five per cent in the prices of all petroleum products for the next fortnight. The development came just three days after Ismail had resigned as finance minister (Sept 27) to make way for Ishaq Dar.

To pass on the relief to the consumers, the government took a hit on revenue by reducing PDL on petrol by Rs5 per litre to Rs32.42. However, the levy has been increased by Rs5 per litre on high-speed diesel to Rs12.58. Under the agreement with IMF, the government was supposed to gradually increase PDL every month.

During the interview today, Dar said that Ismail was a colleague but the two had different points of view as he advised the former finance minister not to worry about the IMF.

“I know how to do it as I have solutions and have been dealing with them for the last 25 years.

“Prime Minister Shehbaz Sharif himself told me that during the United National General Assembly (UNGA) session, where Miftah was also present, he proposed IMF officials freeze taxes to which they did not refuse," he said, adding that amid the floods, people should not be burdened any further.

Dar also said that the “actual value of the Pakistani rupee is less than 200 against the dollar" and vowed to bring it down.

IMF deal and PDL
Under the deal with the IMF, the government had to gradually increase the PDL on petroleum products to a maximum of Rs50 per litre to collect Rs855 billion during the current fiscal year.

The previous PTI government had committed a monthly PDL increase of Rs5 on petrol and HSD until it reached Rs50 in January for petrol and April for diesel.

However, before the former prime minister’s ouster, he reduced the PDL to zero on March 1. As the international prices went up, the PTI government not only reduced the petroleum prices by Rs10 per litre but also froze them for the next four months.

After coming to power in April, the PML-N-led coalition government refrained from increasing the prices immediately. However, since May 15, the government has been increasing the prices in line with the IMF deal. As Pakistan battled with the flood catastrophe, the government had requested the IMF managing director for a three-month freeze on the PDL and fuel cost on electricity.

DAWN
 
Miftah rails against rent-seekers

KARACHI: Former finance minister Miftah Ismail said on Monday Pakistan is “intolerant as hell” and “belligerently uneducated” as the elite capture of resources has left no space for reforms.

Speaking at Habib University, the businessman-turned-politician wore the hat of an economics professor to talk to students in the uneasy presence of the educational institute’s rich benefactors who have “invented their own economies” in an otherwise poor country.

He referred to the families of the Dawoods and Habibs — some of their members sat in the front row — as evidence of poor upward social mobility in Pakistan. They’re the richest Pakistanis of today just like their fathers were the richest Pakistanis of yesteryear, he said. “What shot at success does the son of an ordinary Pakistani have against my son?” he asked, rhetorically.

Mr Ismail’s address mostly consisted of views and anecdotes that he’s already told many times over — word for word, in some cases — since his latest five-month stint at the top of the finance ministry. He reiterated the I-saved-Pakistan-from-default message while calling the idea of the finance ministry controlling the exchange rate “nuts”.

His hour-long talk was salted with the seasoning of doom and gloom. Pakistan will likely be a country for the top one per cent even in 2047, he said. “Which problem have we ever solved?” he said while referring to the decades-old issues of low literacy, terrorism and the circular debt that still plague the nation of 220 million.

Responding to a question about the likelihood of the country receiving climate reparations — dollars that the world’s biggest polluters are supposed to give to developing nations for suffering the consequences of climate change — Mr Ismail said their likelihood was minimal.

Quoting from two meetings he had with a group of ambassadors from European nations, Mr Ismail said the country shouldn’t be expecting any climate reparations whatsoever. “Pakistan isn’t a well-liked country, to put it diplomatically,” he said.

He made a strong case for privatising the twin gas distribution companies, which were losing one-fifth of their supplies under the head of unaccounted-for gas (UFG). “The issue of UFG will be solved within one year if you privatise the two companies,” he said while implying that their directors lack the so-called skin in the game to bring about any real change in the state-owned enterprises.

Mr Ismail gave assurances that the central bank was going to penalise eight commercial banks that were caught manipulating the exchange rate to make billions in profit while he sat at the helm of the finance ministry.

Replying to a question, the former finance minister acknowledged the outsized role of the military in politics. “It isn’t a good thing. The influence of the military must come down over the years,” he said.

DAWN
 
Former finance minister Miftah Ismail said on Monday that he fears default if Pakistan did not approach International Monetary Fund (IMF) at this crucial time.

He expressed these views at a two-day global conference arranged by Economics and Management Sciences Department of NED University.

He said, “We were safe for the first three years since we were in IMF programme.” After that, he added: “Imports increased rapidly in the first two years but exports could not be boosted because we had artificially stabilized the rupee.”

Express Tribune
 
Miftah was used to make crooked Munshi look good and he is angry and bitter because he was used. The fact that both are equally responsible will be of no comfort to the millions suffering at the hands of these crooks.
 
Bewal Express said:
Miftah was used to make crooked Munshi look good and he is angry and bitter because he was used. The fact that both are equally responsible will be of no comfort to the millions suffering at the hands of these crooks.
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Yeah but Imran failed and erm mehangai erm..he failed in governance..blah blah blah..

Can one of these please tell me how his governance was bad compared to these yank Agents?
 
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What happened to experienced team of PDM and bestest administrator Showbaz Sharif? Why are taking the country to default if they are so competent?

Or the FA pass Generals who said we were holding IK's hand while he was growing economy at 6%. Why are these faujis not holding their boot lickers hands now?
 
PML-N leader Miftah Ismail said on Thursday that Pakistan suffered “a big loss” due to Finance Minister Ishaq Dar’s approach of “giving a cold shoulder” to the International Monetary Fund (IMF).

“All of our experts knew this approach was bound to fail and we have seen its result,” the former finance czar said on Geo News programme ‘Geo Pakistan’.

This is not the first time that Ismail, who says he was removed at Dar’s behest, went public with his displeasure at the sitting finance minister’s ascension to the position and his criticism of the policies of his successor.

Earlier this month, the ex-minister had blamed Dar for orchestrating a campaign to undermine him. “Dar used to appear on TV and say he will bring the dollar down,” Ismail had said, adding, “he used to make anchors do programmes against me”.
 
MenInG said:
PML-N leader Miftah Ismail said on Thursday that Pakistan suffered “a big loss” due to Finance Minister Ishaq Dar’s approach of “giving a cold shoulder” to the International Monetary Fund (IMF).

“All of our experts knew this approach was bound to fail and we have seen its result,” the former finance czar said on Geo News programme ‘Geo Pakistan’.

This is not the first time that Ismail, who says he was removed at Dar’s behest, went public with his displeasure at the sitting finance minister’s ascension to the position and his criticism of the policies of his successor.

Earlier this month, the ex-minister had blamed Dar for orchestrating a campaign to undermine him. “Dar used to appear on TV and say he will bring the dollar down,” Ismail had said, adding, “he used to make anchors do programmes against me”.
Click to expand...

The serf strikes back.
 
Miftah Ismail wont contest elections and this sucks.

He is one of the few people in this country that is competent and could do better for this country with his understanding of finance
 
Major said:
Miftah Ismail wont contest elections and this sucks.

He is one of the few people in this country that is competent and could do better for this country with his understanding of finance
Click to expand...

He should not have resigned.
 
Major said:
Miftah Ismail wont contest elections and this sucks.

He is one of the few people in this country that is competent and could do better for this country with his understanding of finance
Click to expand...

He is as useless as Dar and his pretense that somehow his removal was shocking shows how thick the guy was. We have criminals that don't know what they are doing and it's put the whole country in danger
 
Bewal Express said:
He is as useless as Dar and his pretense that somehow his removal was shocking shows how thick the guy was. We have criminals that don't know what they are doing and it's put the whole country in danger
Click to expand...

He had some credentials

Dar's claim to fame is that he dodged jail.
 
Capping dollar rate caused $3bn loss: Miftah Ismail

Former finance minister Miftah Ismael said Thursday capping the price of dollar caused loss of $3 billion in remittances and exports

Former finance minister Miftah Ismail said Thursday capping the price of dollar caused loss of $3 billion in remittances and exports.

Speaking in the Geo News programme “Aaj Shahzeb Khanzada Kay Saath”, Miftah said the situation would have been better had the matter with IMF had been sorted out by the end of October, he said and added the 9th Review in Oct-Nov would have minimised the default risk. After that, there had been no justification of withdrawal of money by the World Bank, he remarked.

However, Miftah Ismael said, the government has taken positive steps to bring International Monetary Fund (IMF) back. He hoped the country will not default after the decision taken by the government. The IMF team will arrive in Pakistan on January 31 to hash out details of 9th Review

He observed prompt reaction by IMF shows the Fund is ready to go along with Pakistan. After the revival of the IMF programme, funds from the friendly countries will also pour in, he added.

Miftah said IMF wants the government uncap the prices of petrol, electricity and gas and increase their rate. “Everyone knows IMF would not talk to you unless you get the dollar float free”, he told the programme host.

IMF has come to the table, and now Pakistan have to show the world that it is capable of taking the right decisions, Miftah said. The government is saving dollars by not opening the LCs which is a hurdle in determining the actual value of dollar, he observed.

People in Pakistan are buying dollars not plots, former Finance Minister said, adding hoarding of dollars is a major problem of currency market.

Earlier, speaking in the Geo News programme “Geo Pakistan”, PMLNL leader Miftah Ismail slammed Finance Minister Ishaq Dar saying he doubted his ability to keep the economy afloat.

“I don’t know why Mr Dar was brought back, but Mr Dar thought he could run the country without International Monetary Fund”, Miftah said.

https://www.thenews.com.pk/print/1034685-capping-dollar-rate-caused-3bn-loss-miftah
 
Last edited by a moderator:
Bewal Express said:
He is as useless as Dar and his pretense that somehow his removal was shocking shows how thick the guy was. We have criminals that don't know what they are doing and it's put the whole country in danger
Click to expand...

so a guy who ran his company successfully and bought in good economic policies that helped Pakistan be stable is useless?

Plz tell us what is your understanding of economics and how should it be adopted in the country?

Pakistan needs to follow IMF blindly. There is no point going against it like how Dar does. Economics is not politics, you can do dramaybaazi all day long, but eventually you have to adopt basic economic principles if you want the country to operate properly. Shuakat Tareen has been fools and trying to play to play to the populism. Dar completely lacks any proper knowledge of economics
 
Major said:
so a guy who ran his company successfully and bought in good economic policies that helped Pakistan be stable is useless?

Plz tell us what is your understanding of economics and how should it be adopted in the country?

Pakistan needs to follow IMF blindly. There is no point going against it like how Dar does. Economics is not politics, you can do dramaybaazi all day long, but eventually you have to adopt basic economic principles if you want the country to operate properly. Shuakat Tareen has been fools and trying to play to play to the populism. Dar completely lacks any proper knowledge of economics
Click to expand...

He didn't do any such thing. When he took over RP was 178 and that was because your mafia created the chaos with the VONC, exports had risen by a 1/3rd, we were growing at 6%, remittances were up and the economy was stable. Today after these 2 clowns have destroyed it, its not growing, exports have fallen, remittances have fallen and rp has dropped by nearly a 100rps. And oh I forgot, inflation is at 40% and will go higher. Your ignorance is easy to understand, you have no idea how things work because your education has failed you but we do understand and this is a disaster made by the mafia.
 
Bewal Express said:
He didn't do any such thing. When he took over RP was 178 and that was because your mafia created the chaos with the VONC, exports had risen by a 1/3rd, we were growing at 6%, remittances were up and the economy was stable. Today after these 2 clowns have destroyed it, its not growing, exports have fallen, remittances have fallen and rp has dropped by nearly a 100rps. And oh I forgot, inflation is at 40% and will go higher. Your ignorance is easy to understand, you have no idea how things work because your education has failed you but we do understand and this is a disaster made by the mafia.
Click to expand...

None of this happened.. Bilawal is the saviour..follow the IMF blindly..bus..
 
I am an apolitical person. But I think Miftah is probably a good person who actually does want to improve stuff in Pakistan. But politics don't seem to be his forte neither is he good at it. He needs to find another way through which he help the country. Politcians are snakes, they will swallow each other when the time comes.
 
ISHAQ DAR ASKED ME TO SLASH PROVINCIAL SHARES: MIFTAH ISMAIL

Former finance minister and Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail has claimed that incumbent Finance Minister had asked him to slash provincial shares amid the economic crisis, ARY News reported.

Speaking on ARY News programme ‘11th Hour’, the PML-N leader said that the incumbent finance minister used to give ‘wired’ advice to party’s supremo Nawaz Sharif, adding that Dar also sometimes scold him and other members.

“Ishaq Dar once asked me to slash provincial shares. How can we take such measures after 18th amendment in the Constitution,” Miftah Ismail asked.

In response to a question, the former federal minister said that everyone knows who Suleman Shehbaz – son of Prime Minister (PM) Shehbaz Sharif – was targeting in his tweet, expressing ‘displeasure’ over the remarks.

Miftah further said that he was also jailed “but unfortunately the party forgot us”.

...
https://arynews.tv/ishaq-dar-asked-me-to-slash-provincial-shares-miftah-ismail/
 
Former finance minister Miftah Ismail has said that Pakistan would have to enter another International Monetary Fund (IMF) programme after the current one ends in June due to declining foreign exchange reserves.

“When this [programme] ends in June, we will probably not have much more than $10 billion in reserves, if that. That would be about a month and a half of import cover,” he said while speaking to DawnNews. Consequently, the country would have to approach the World Bank and the Asian Development Bank for loans, which would require it to enter another IMF programme.

“Because of the debt repayment we have to do now — about $20bn for the foreseeable future — I am pretty sure we will have to have back-to-back IMF programmes.”

Terming the IMF a lender of last resort, Ismail said it was similar to being admitted to the intensive care unit (ICU). “You want to avoid going to the ICU, you have to start living a healthy life. Once we start living within our means, once we start pursuing rational and intelligent economic policies, then we can avoid going to the IMF.

“But if we continue living as we are, going from one boom-bust cyle to another, IMF is the lender of last resort and we have to keep going to it,” the former finance minister added.

DAWN
 
MenInG said:
Former finance minister Miftah Ismail has said that Pakistan would have to enter another International Monetary Fund (IMF) programme after the current one ends in June due to declining foreign exchange reserves.

“When this [programme] ends in June, we will probably not have much more than $10 billion in reserves, if that. That would be about a month and a half of import cover,” he said while speaking to DawnNews. Consequently, the country would have to approach the World Bank and the Asian Development Bank for loans, which would require it to enter another IMF programme.

“Because of the debt repayment we have to do now — about $20bn for the foreseeable future — I am pretty sure we will have to have back-to-back IMF programmes.”

Terming the IMF a lender of last resort, Ismail said it was similar to being admitted to the intensive care unit (ICU). “You want to avoid going to the ICU, you have to start living a healthy life. Once we start living within our means, once we start pursuing rational and intelligent economic policies, then we can avoid going to the IMF.

“But if we continue living as we are, going from one boom-bust cyle to another, IMF is the lender of last resort and we have to keep going to it,” the former finance minister added.

DAWN
Click to expand...

Blah blah blah..ub hero bun gaya hay..
 
Miftah loses his cool over question on luxury car imports for ministers
At KLF session, former finance minister Miftah Ismail gets enraged at question over purportedly obtaining BMW during his time in government


By Web DeskFebruary 20, 2023
Former finance minister Miftah Ismail flayed a member of the audience at the Karachi Literature Festival (KLF) for asking the reason behind the government's failure to stop the import of luxury cars for ministers during his tenure.

Enraged at a question about purportedly obtaining a BMW while he was in the government, Ismail responded: "Which BMW did I take? How can you accuse anybody of this? How can you say this, mean what kind of a remark was that?"

Miftah's outburst came during a session, "Pakistan’s Economy: Depth and Resilience", at the KLF on Sunday.

The former finance czar added that he used to drive his own car and pay for his fuel.

"These false accusations of corruption that you level against people force them to go to jail and it's not funny," he replied.

"My sister, wife and daughter were crying when I had to go to jail so you should take it back," Ismail told the person.

The verbal spat triggered several reactions from social media users, who showed their support for the PML-N leader.

The party responded to the incident with a tweet, stating:

"This ladies and gentlemen is how you shut down brainwashed zombies. Take a bow Miftah Ismail."

...
https://www.thenews.com.pk/latest/1...r-question-on-luxury-car-import-for-ministers
 
daytrader said:
Miftah loses his cool over question on luxury car imports for ministers
At KLF session, former finance minister Miftah Ismail gets enraged at question over purportedly obtaining BMW during his time in government


By Web DeskFebruary 20, 2023
Former finance minister Miftah Ismail flayed a member of the audience at the Karachi Literature Festival (KLF) for asking the reason behind the government's failure to stop the import of luxury cars for ministers during his tenure.

Enraged at a question about purportedly obtaining a BMW while he was in the government, Ismail responded: "Which BMW did I take? How can you accuse anybody of this? How can you say this, mean what kind of a remark was that?"

Miftah's outburst came during a session, "Pakistan’s Economy: Depth and Resilience", at the KLF on Sunday.

The former finance czar added that he used to drive his own car and pay for his fuel.

"These false accusations of corruption that you level against people force them to go to jail and it's not funny," he replied.

"My sister, wife and daughter were crying when I had to go to jail so you should take it back," Ismail told the person.

The verbal spat triggered several reactions from social media users, who showed their support for the PML-N leader.

The party responded to the incident with a tweet, stating:

"This ladies and gentlemen is how you shut down brainwashed zombies. Take a bow Miftah Ismail."

...
https://www.thenews.com.pk/latest/1...r-question-on-luxury-car-import-for-ministers
Click to expand...


The murderer of Pakistan's economy is going around trying to give people moral lectures instead of answering for his incompetence. Par the course for his type.

Miftah's contribution to Pakistan -

Exports - down

Imports - down

Remittances - down

FDI - down

IT exports growth - down

GDP growth - negative

GDP - down

Reserves - down

Inflation - record high

Thanks for your contribution Miftah.

Almost forgot to mention that Miftah did indeed greenlight the import of 100+ BMWs when he was FM so I don't know why he is throwing a tantrum here.
 
Pakistan will ultimately reach an agreement with the International Monetary Fund (IMF), but it is difficult to say exactly when, Washington insiders Dawn spoke to said on Thursday.

“In a week, two weeks, three weeks, difficult to say with any certainty,” said one highly-placed source when asked to comment on Finance Minister Ishaq Dar’s statement that the government was close to concluding a deal with the IMF and a staff-level agreement may be signed next week.

Officials at various financial institutions also blamed the government’s reluctance in concluding a deal with the Fund for its currency crisis.

“The problem started late last year when former finance minister Miftah Ismail was removed,” said one insider. “He understood the need for course correction and wanted to do so. Mr. Dar does not.”

DAWN
 
Former finance minister Miftah Ismail on Saturday termed the lack of population planning in Pakistan as one of the reasons for the country’s current socio-economic situation, saying “one way to get out of the current maelstrom” was to pay attention to population planning.

Addressing an event in Karachi, he said, “We are stuck here now so, how will we get out of this maelstrom? One way is … we have a record […] that 5.5 million children are born in Pakistan [every year].

“If there are 5.5m kids being born [in Pakistan every year], tell me when will you pay attention to population planning in Pakistan?” Ismail asked, adding that the discussion comes under criticism from particular groups whenever talked about.

Listing Bangladesh, Tunisia and Egypt as countries that are also “Muslim societies” like Pakistan, he said, “Everyone has done population planning but we have not.”
 
After months of public disagreement over the party’s economic policies, former finance minister Miftah Ismail has parted ways with the PML-N, and also quit electoral politics.

On Saturday, Mr Ismail announced he was stepping down as PML-N’s Sindh chapter general secretary and was “no more interested in active politics.”

Mr Ismail informed the party about his decision through a letter addressed to PML-N Secretary General Ahsan Iqbal. He also thanked the leadership “for the opportunity to serve the country.”

When asked about the reasons behind his decision, Mr Ismail said there was no “significant development”.
 
MenInG said:
After months of public disagreement over the party’s economic policies, former finance minister Miftah Ismail has parted ways with the PML-N, and also quit electoral politics.

On Saturday, Mr Ismail announced he was stepping down as PML-N’s Sindh chapter general secretary and was “no more interested in active politics.”

Mr Ismail informed the party about his decision through a letter addressed to PML-N Secretary General Ahsan Iqbal. He also thanked the leadership “for the opportunity to serve the country.”

When asked about the reasons behind his decision, Mr Ismail said there was no “significant development”.
Click to expand...

It was the writing on the wall. Even for politicians holding higher places in the government and the country, a lot of them find out their hands aren't exactly free if they want to do something their higher ups don't agree to.
 
How much you wanna bet this is the military establishment pulling the strings as always. He has been earmarked for a role in their next party maybe a few months down the line (maybe istehqam drama). People have short term memory they will forget he quit politics.

This is classic wrangling by our “pal” military mafia.
 
Stewie said:
How much you wanna bet this is the military establishment pulling the strings as always. He has been earmarked for a role in their next party maybe a few months down the line (maybe istehqam drama). People have short term memory they will forget he quit politics.

This is classic wrangling by our “pal” military mafia.
Click to expand...

You make it sound like the finance ministry job is akin to getting keys to Alladins cave. It's an impossible task to balance the nation's books and what makes it worse is that it's a thankless job. 6 months into it, all and sundry will blame him for the mess, kick him out and the cycle repeats itself.

Miftah is too smart to become the establishment/elites bakra once again.
 
shortbread said:
You make it sound like the finance ministry job is akin to getting keys to Alladins cave. It's an impossible task to balance the nation's books and what makes it worse is that it's a thankless job. 6 months into it, all and sundry will blame him for the mess, kick him out and the cycle repeats itself.

Miftah is too smart to become the establishment/elites bakra once again.
Click to expand...

I think you are reading it the other way around. A foreign educated technocrat is what the Pakistani elites want or like. He is one they can use in the future. And he will be used as a bakra many more times. Because he is smart. That’s how you become rich in Pakistan. Always go with the establishment.
 
Stewie said:
I think you are reading it the other way around. A foreign educated technocrat is what the Pakistani elites want or like. He is one they can use in the future. And he will be used as a bakra many more times. Because he is smart. That’s how you become rich in Pakistan. Always go with the establishment.
Click to expand...

In another era when funds used to come in, yes stick around with the circus. Now the powder keg is dry and bankruptcy is on the horizon. The establishment is powerful, but they're STUPID. They issue a demarche at the same time they're begging the IMF, shows how thick this lot are. Miftah is too smart to fall for this again.
 
shortbread said:
In another era when funds used to come in, yes stick around with the circus. Now the powder keg is dry and bankruptcy is on the horizon. The establishment is powerful, but they're STUPID. They issue a demarche at the same time they're begging the IMF, shows how thick this lot are. Miftah is too smart to fall for this again.
Click to expand...

You are pretty naive to think there is no money left with the upper echelons of pakistani elite and politics. Despite the threat of default, suitcases of cash were thrown at the PTI lotas to force the VONC against IK not too long ago. they were put up in luxury posh hotels, and really pampered.

They say politics is a dirty game but why do all these decently qualified and educated people remain in it Pakistan? YOu wonder even more when it comes to known corrupt parties like PPP and PMLN? well there is your answer. Because it pays really really really well, my friend. Miftah is smart like you said. He will allow himself to be used because he is going the same to the system.

PML-N has so much cash, they can pump it in to steal votes every election, NATIONALLY! PPP can only afford Sindh though. Zardari likes to hang on to his money
 
Former finance minister Miftah Ismail is likely to join the ranks of the Pakistan Peoples Party (PPP), ARY News reported on Sunday citing sources.

Sources revealed that PPP is in the final stages of settling matters with the disgruntled PML-N leader.

“Miftah Ismail will soon officially announce joining PPP,” sources say.

Source: ARY
 
FearlessRoar said:
Former finance minister Miftah Ismail is likely to join the ranks of the Pakistan Peoples Party (PPP), ARY News reported on Sunday citing sources.

Sources revealed that PPP is in the final stages of settling matters with the disgruntled PML-N leader.

“Miftah Ismail will soon officially announce joining PPP,” sources say.

Source: ARY
Click to expand...
An educated but morally deficient guy joins a family business after being humiliated by NS and his family.
 
Last edited by a moderator:
FearlessRoar said:
Former finance minister Miftah Ismail is likely to join the ranks of the Pakistan Peoples Party (PPP), ARY News reported on Sunday citing sources.

Sources revealed that PPP is in the final stages of settling matters with the disgruntled PML-N leader.

“Miftah Ismail will soon officially announce joining PPP,” sources say.

Source: ARY
Click to expand...

Former finance minister and PML-N leader Miftah Ismail denied on Monday that he is joining the Pakistan People’s Party (PPP).

Earlier, it was reported in media that the former minister is joining PPP.

Taking on X, Miftah Ismail termed the news of his joining the PPP as fake and said that there is no truth in this news.

Former finance minister Miftah Ismail wrote, “Read in the newspaper today and yesterday a TV report said that I am going to join the PPP, this news is not true.”

It may be recalled that sources in the PPP had claimed on Sunday that issues are going to be settled with former PML-N leader and Miftah Ismail will formally announce his joining the PPP soon.

Source: AAJ News

www.aajenglish.tv

Miftah Ismail denies joining PPP

He termed the news of his joining the PPP is fake
www.aajenglish.tv
 
Last edited:
Miftah Ismail is saying he's not joining PPP, calling the news fake. I think it's important to wait for official announcements before believing such reports.
 
FearlessRoar said:
Miftah Ismail is saying he's not joining PPP, calling the news fake. I think it's important to wait for official announcements before believing such reports.
Click to expand...
What is the difference between the 2 parties? They are both owned by the Establishment and have been nationalised, both are corrupt to the core family businesses, both hate democracy, both have no support after betraying PK
 
Last edited by a moderator:
PML N is basically a gang of jahils, mostly the illetrate traders support this party who are majority tax evaders and hoarders, Miftah was misfit in this party keeping in view the forgerer Dar was always wary of him and was hell bent letting him down. With the uprise of youth education and social media PML N further declined.

Look at some of thr prominent leaders of PMLN

Rana Sanaullah murderer
Javed Latif ( goon)
Abid Sher Ali Thug
Ishaq Dar, Syndicate of money laundering
Talal Ch, a misogynist
Khwaja Asif , a lecherer
Rana Tanvir, another pathetic indvl
 
Kianig89 said:
PML N is basically a gang of jahils, mostly the illetrate traders support this party who are majority tax evaders and hoarders, Miftah was misfit in this party keeping in view the forgerer Dar was always wary of him and was hell bent letting him down. With the uprise of youth education and social media PML N further declined.

Look at some of thr prominent leaders of PMLN

Rana Sanaullah murderer
Javed Latif ( goon)
Abid Sher Ali Thug
Ishaq Dar, Syndicate of money laundering
Talal Ch, a misogynist
Khwaja Asif , a lecherer
Rana Tanvir, another pathetic indvl
Click to expand...
A party of criminals that stole PKs mandate
 
Cricket Warrior said:
He is a good man, i think he must join PTI as he has the potential to deliver.
Click to expand...
He won't, at least I don't think so. He's pragmatic and understands the realities as well as the pain ahead. A man with limited political support would be the first one to be thrown under the bus when things go bad, once bitten, twice shy!
 

Miftah confirms to form new political party​


Former finance minister Miftah Ismail confirmed on Sunday to form a new political party.

In an op-ed published in an English-language daily, he announced forming the new party, which has yet to be named.

Speculations were doing the round that disgruntled PML-N leaders Miftah Ismael, Shahid Khaqan Abbasi and former PPP Senator Mustafa Nawaz Khokar were forming a new political party.

In his op-ed, Miftah said that the new party would be of “a different kind” and its leadership would comprise of “women and young people” and would also constitutionally mandate term limits for party leaders.

He added that the party would avoid targeting one province or ethnic group and would not rely on the dynastic or family politics that dominated its contemporaries.

Miftah wrote that the impetus for forming his new party was the need to “radically restructure our governance”. “We are fast reaching the point of no return — and it is imperative we take a hard look at our ineffective governance that has failed our people,” he mentioned.

He deemed Pakistan’s current political leaders “out-of-touch and short-sighted” with regard to Pakistan’s future. “I am sorry to say they lack both the courage and the competence to change the course of this country,” Miftah said.

The former finance minister stated that Pakistan needed to be run by individuals with a track record of integrity, competence and results, emphasising that younger people would make up the core of the party’s leadership and public appeal.

“We want to present to our people a new vision of Pakistan, a nation focused on its people — especially the young,” he wrote.

tribune.com.pk

Miftah confirms to form new political party | The Express Tribune

New political party has yet to be named
tribune.com.pk tribune.com.pk
 
Forming new parties is not the solution, it would have been better if he remained an independent candidate.
 

Miftah Ismail pledges legal action against K-electric, demands tax rollback on power bills​


Ex-finance czar and leader of the newly-formed Awam Pakistan Party, Miftah Ismail has announced his plan to file a petition against K-Electric, demanding the withdrawal of taxes imposed on electricity. Speaking to demonstrators from his party on Sunday, Ismail emphasised his commitment to fighting for the public's rights.

Addressing the protesters, Ismail criticised the Pakistan People's Party (PPP) for its "unfulfilled promise" of 300 free units of electricity. "If free electricity cannot be provided to the public, then no one should receive it," he stated. He highlighted a 350% increase in electricity bills since 2015 and questioned whether salaries have risen similarly.

The former PML-N member condemned the imposition of taxes, noting that household consumers face a 24% tax on their bills, while commercial users are taxed at 37%. He accused the government of increasing its operational expenses by 24%, including higher Senate expenditures.

Ismail argued that suspending taxes for household consumers for four months would result in only a Rs50 billion loss, while reducing taxes would decrease electricity bills by 24%. He also criticised K-Electric for overbilling and power outages in impoverished areas, despite continued bill hikes.

He reiterated his stance that if free electricity cannot be provided, it should not be available to anyone. He concluded by vowing to file a petition against K-Electric and fight this battle on behalf of the public.

Recently, the former finance minister suggested that the government eliminate sales tax and advance income tax on electricity bills for domestic consumers from July to September. This measure, he claimed, would reduce household electricity bills by 24%.

He emphasised the need for the government to cut its own expenses, arguing that high electricity bills contribute to political instability in Pakistan and distance the ruling party, PML-N, from the public. "Those in power who ask the people to make sacrifices must also be willing to do the same," he stated.

tribune.com.pk

Miftah Ismail pledges legal action against K-electric, demands tax rollback on power bills | The Express Tribune

Former finance czar highlighted 350% increase in power bills since 2015, questioned whether salaries saw similar rise
tribune.com.pk tribune.com.pk
 
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