How did Pakistan's economy perform during Imran Khan's era?

[Bewal Express]

Inshallah indeed!

History tells us Governments which usher in economic prosperity, will struggle for the first few years, if not first term.

This time next year I have no doubt Pakistan will be a much better economic shape. People just need to be patient and have faith in their non corrupt leader.

They gave the mafia 30 years to destroy but they want easy answers to incredibly difficult reforms in a year.

 

[Mercurial]

IA it happen but it will be very difficult.

It won't be difficult if he fulfils his vision. 5 years should be enough for a revolution. No excuses after 5 years.

 

[Bewal Express]

It won't be difficult if he fulfils his vision. 5 years should be enough for a revolution. No excuses after 5 years.

It takes years for a tree to grow, it takes seconds to cut it down.

 

[Mamoon]

PTI supporters are quick to explain how it will take “years” to fix the country but they are not willing to put a marker on the years.

Do they mean 5 years, 10 years, 20 years? It appears that it is purely down to the discretion of Imran because he gets to decide how long it will take to turn things around.

In other words, by when would PTI be ready to take responsibility for its failures? At the moment, it is easy to dump everything on the previous governments because they have only been in power for over a year, but would they be ready to take responsibility 5 years from now?

I think their performance in KP is a good indicator of what is to come. They have failed to make a difference after 6 years of rule and same will happen at the federal level. Ultimately, just like in KP, they will resort to aggressive propaganda and denial.

In the first 3-4 years, they were quick to blame ANP for their (PTI’s) poor performance in KP. However, after the BRT disaster, they knew that they could not blame them anymore, so they resorted to propaganda to try to project a different picture to the outsiders.

The bottom-line is that PTI is completely incompetent and their self-righteousness is also proving to be bogus because of the foreign funding case and their demand for secrecy. If they didn’t have any skeletons in the closet they wouldn’t demand secrecy.

 

[Hamza_]

PTI is a curse upon people of pakistan

 

[Syed1]

PTI supporters are quick to explain how it will take “years” to fix the country but they are not willing to put a marker on the years.

Do they mean 5 years, 10 years, 20 years? It appears that it is purely down to the discretion of Imran because he gets to decide how long it will take to turn things around.

In other words, by when would PTI be ready to take responsibility for its failures? At the moment, it is easy to dump everything on the previous governments because they have only been in power for over a year, but would they be ready to take responsibility 5 years from now?

I think their performance in KP is a good indicator of what is to come. They have failed to make a difference after 6 years of rule and same will happen at the federal level. Ultimately, just like in KP, they will resort to aggressive propaganda and denial.

In the first 3-4 years, they were quick to blame ANP for their (PTI’s) poor performance in KP. However, after the BRT disaster, they knew that they could not blame them anymore, so they resorted to propaganda to try to project a different picture to the outsiders.

The bottom-line is that PTI is completely incompetent and their self-righteousness is also proving to be bogus because of the foreign funding case and their demand for secrecy. If they didn’t have any skeletons in the closet they wouldn’t demand secrecy.

TLDR;


No more brown lifafas

 

[Bewal Express]

PTI supporters are quick to explain how it will take “years” to fix the country but they are not willing to put a marker on the years.

Do they mean 5 years, 10 years, 20 years? It appears that it is purely down to the discretion of Imran because he gets to decide how long it will take to turn things around.

In other words, by when would PTI be ready to take responsibility for its failures? At the moment, it is easy to dump everything on the previous governments because they have only been in power for over a year, but would they be ready to take responsibility 5 years from now?

I think their performance in KP is a good indicator of what is to come. They have failed to make a difference after 6 years of rule and same will happen at the federal level. Ultimately, just like in KP, they will resort to aggressive propaganda and denial.

In the first 3-4 years, they were quick to blame ANP for their (PTI’s) poor performance in KP. However, after the BRT disaster, they knew that they could not blame them anymore, so they resorted to propaganda to try to project a different picture to the outsiders.

The bottom-line is that PTI is completely incompetent and their self-righteousness is also proving to be bogus because of the foreign funding case and their demand for secrecy. If they didn’t have any skeletons in the closet they wouldn’t demand secrecy.

Didn't the PTI get a 2/3 majority? Ouch

 

[Bewal Express]

PTI supporters are quick to explain how it will take “years” to fix the country but they are not willing to put a marker on the years.

Do they mean 5 years, 10 years, 20 years? It appears that it is purely down to the discretion of Imran because he gets to decide how long it will take to turn things around.

In other words, by when would PTI be ready to take responsibility for its failures? At the moment, it is easy to dump everything on the previous governments because they have only been in power for over a year, but would they be ready to take responsibility 5 years from now?

I think their performance in KP is a good indicator of what is to come. They have failed to make a difference after 6 years of rule and same will happen at the federal level. Ultimately, just like in KP, they will resort to aggressive propaganda and denial.

In the first 3-4 years, they were quick to blame ANP for their (PTI’s) poor performance in KP. However, after the BRT disaster, they knew that they could not blame them anymore, so they resorted to propaganda to try to project a different picture to the outsiders.

The bottom-line is that PTI is completely incompetent and their self-righteousness is also proving to be bogus because of the foreign funding case and their demand for secrecy. If they didn’t have any skeletons in the closet they wouldn’t demand secrecy.

If you have the intelligence to debate with a PTI supporter, then the forum is yours. So can you tell me what the PTI has done wrong in its economic policy. And please don't run and make a fool of yourself.
[MENTION=138254]Syed1[/MENTION]- do you think we will get a serious critique from him? Lol

 

[Savak]

The only thing the PTI has done incorrectly since coming to power in the eyes of the opposition is by not granting the NRO

 

[humzy]

You guys are hilarious, Pakistani's have absolutely thrashed their country for the past 40 years and you guys have the nerve to complain that the country is not perfect after a guy comes into office to fix things.

I saw corruption, greed and self interest in your country from the lowest to highest levels. Now is the time for you to sacrifice for a while.

You think just by voting you have done your job? think again.

 

[sweep_shot]

ISLAMABAD: All major groups of traders have joined hands to observe a nationwide shutterdown strike against the Pakistan Tehreek-i-Insaf (PTI) government over its “anti-business” policies, seeking to bring trade and economic activities across the country to a standstill on Oct 29 and 30.

Traders’ associations in Karachi, Lahore, Quetta and other parts of the country in support of the strike call given by All-Pakistan Anjuman-i-Tajiran (APAT) and Markazi Tanzeem-i-Tajiran Pakistan (MTTP) vowed to close down all markets for two days to press for their demands, with the warning that the scope of the strike could be expanded.

APAT President Ajmal Baloch said the deadlock in talks with the Federal Board of Revenue had not been resolved, because the FBR chairman was allegedly following the International Monetary Fund (IMF) agenda and was helpless to take any decision. “The chairman [of] FBR makes promise of fixed tax regime in each meeting but retracts from that commitment within an hour,” said Mr Baloch while addressing a press conference at the National Press Club on Monday.

“The stringent conditions of the IMF have destroyed the business of small traders and we are already hit hard by corruption in the FBR,” Mr Baloch said, adding that finance adviser “Hafeez Shaikh and [FBR chairman] Shabbar Zaidi have stopped the business activities in the country and even the economists have expressed this concerns.”

He said the government should understand that tax collection was dependent on business activity, and it was essential for the country’s economic growth that traders could run their businesses without fear or threat.

“We demand the government have confidence in the traders and cooperate with us,” said the APAT president.

Several markets and bazaars in the twin cities of Islamabad and Rawalpindi have already displayed banners that shops would remain closed for two days in protest against ‘the anti-traders policies’ of the government and the FBR though business activities may also be affected on Oct 31, the day when the anti-government protest march by opposition parties would reach the federal capital.

The country’s economy would suffer a major blow if the FBR failed to bring any business-friendly policies, as consumers were gradually squeezing their purchases due to sky-rocketing prices of essential items that also affected sales, said All-Karachi Tajir Ittehad (AKTI) chairman Atiq Mir while announcing their support to the countrywide strike.

He said that all traders of Karachi under various associations would keep shutters down on both days to protest against additional duties and taxes on imports, the CNIC condition on transaction of Rs50,000 or above on locally produced items, sales tax registration, turnover tax, fixed tax etc.

He claimed to have been assured of full support by various associations that vowed to close down markets on M.A. Jinnah Road, Tariq Road, Saddar, old city areas, iron and steel market, and timber market. “If these markets get closed then it means 80 per cent main wholesale and retail trade will be paralysed on Oct 29 to 30,” Mr Mir warned.

He said the FBR created a deadlock on the negotiations, compelling the traders to close down their own businesses to protest against the “negative” business policies of the government.

Karachi Electronic Dealers Association (KEDA) President Mohammad Rizwan Irfan said shopping centres across the city would show their unity against the harsh measures being taken by the FBR that slowed down business activities. Similarly, All-City Tajir Ittehad Association (ACTIA) General Secretary Ahmed Shamsi claimed that markets in Korangi, Landhi, Malir, Hyderi and other areas would also remain closed.

“This is perhaps for the first time that no rift exists among trade bodies and all are on the same page to bring business to a standstill on Tuesday and Wednesday,” he said.

Trade and business activities across Balochistan would also be hit by the strike as the Markazi Anjuman Tajran, Balochistan, announced two-day shutter-down protest against the FBR attitude towards business community on the issue of taxes.

In a statement issued here on Monday, the Markazi Anjuman Tajran said traders and business community would keep their activities suspended on Oct 29 and 30. He said the strike would prove a referendum against the illegitimate and irritating decisions of PTI government and the FBR.

“The illegitimate and irritating terms and conditions and rules regulations of FBR have forced the business community to go on strike,” said Abdul Rahim Kakar, president of the Markazi Anjuman Tajiran, Balochistan.

Source: https://www.dawn.com/news/1513485/two-day-nationwide-protest-by-traders-begins-today.

 

[Technics 1210]

You guys are hilarious, Pakistani's have absolutely thrashed their country for the past 40 years and you guys have the nerve to complain that the country is not perfect after a guy comes into office to fix things.

I saw corruption, greed and self interest in your country from the lowest to highest levels. Now is the time for you to sacrifice for a while.

You think just by voting you have done your job? think again.

Well said.

 

[Mian]

you guys are hilarious, pakistani's have absolutely thrashed their country for the past 40 years and you guys have the nerve to complain that the country is not perfect after a guy comes into office to fix things.

I saw corruption, greed and self interest in your country from the lowest to highest levels. Now is the time for you to sacrifice for a while.

You think just by voting you have done your job? Think again.

potw

 

[Bewal Express]

Source: https://www.dawn.com/news/1513485/two-day-nationwide-protest-by-traders-begins-today.

The traders don't want to pay taxes. If the govt backs down, the country cannot move forward.

 

[Mamoon]

You guys are hilarious, Pakistani's have absolutely thrashed their country for the past 40 years and you guys have the nerve to complain that the country is not perfect after a guy comes into office to fix things.

I saw corruption, greed and self interest in your country from the lowest to highest levels. Now is the time for you to sacrifice for a while.

You think just by voting you have done your job? think again.

The issue is that PTI supporters are unwilling to explain what they mean by “a while”. 5 years, 10 years, 20 years? At what point would it be reasonable to hold PTI accountable?

Furthermore, PTI has ruled in KP since 2013 and they have failed to make a difference. As a result, people are now starting to lose hope and have started to question their competency.

Had they done well in KP and managed to make things better, people would have been hopeful that they are on the right path.

 

[Bewal Express]

The issue is that PTI supporters are unwilling to explain what they mean by “a while”. 5 years, 10 years, 20 years? At what point would it be reasonable to hold PTI accountable?

Furthermore, PTI has ruled in KP since 2013 and they have failed to make a difference. As a result, people are now starting to lose hope and have started to question their competency.

Had they done well in KP and managed to make things better, people would have been hopeful that they are on the right path.

The PTI has has 2/3 majority in KP, How many times has that happened in KP? As far as the economy is concerned, nobody knows how long it will take to put it on a sustainable path, but some of the biggest issues which the Nooras created have started to be tackled.

 

[Technics 1210]

Corruption - sees his brown envelope that evening - no effort.

Hard Work - sees his salary end of the month, works hard.

Point being, only the corrupt are impatient.

 

[Abdullah719]

Fitch lauds improvements in business climate

KARACHI: Pakistan is one of the 10 economies where the business climate has improved the most over the past year, said Fitch Ratings in a report issued on Friday.

The rating agency also acknowledged the policy measures taken by government to narrow the current account deficit and lowering the trajectory of gross external financing needs.

Fitch report comes after Pakistan jumped 28 places on the World Bank’s Ease of Doing Business 2020 securing a place in the list of top 10 countries with most improvements in the area of doing business.

The agency said the country could meet the financing needs by improving export performance although it remains unclear how far it will be able to successful in enhancing competitiveness and attracting foreign direct investment.

In addition, it said the country faces annual external debt obligations of about $8-9 billion for next several years partially related to the repayments for loans under the China-Pakistan Economic Corridor.

Pakistan paid $11.588bn in external debt servicing costs during the last fiscal year. Rising financing costs have limited the government ability to focus on poverty alleviation and limited its room to spend on development initiatives.

Fitch also said the country has faced external vulnerabilities over the last year but has benefited from the International Monetary Fund (IMF) programme approved in July.

Rated ‘B-negative‘ by the agency, Pakistan entered in a $6bn 39-month extended fund facility with the IMF to pursue an economic reform programme.

But some of the reforms including the push towards documentation of the economy, raising tax revenue targets have been unpopular and faced resistance from the local sectors.

The agency warned the implementing further “reforms could be politically challenging.”

It also speculated over the success of ongoing programme citing uneven adherence to the previous similar packages.

The rating agency’s warning is warranted by the country’s checked history with the IMF as it has failed to follow through on its commitment for structural reforms.

https://www.dawn.com/news/1514376/fitch-lauds-improvements-in-business-climate

 

[Bewal Express]

Fitch lauds improvements in business climate

KARACHI: Pakistan is one of the 10 economies where the business climate has improved the most over the past year, said Fitch Ratings in a report issued on Friday.

The rating agency also acknowledged the policy measures taken by government to narrow the current account deficit and lowering the trajectory of gross external financing needs.

Fitch report comes after Pakistan jumped 28 places on the World Bank’s Ease of Doing Business 2020 securing a place in the list of top 10 countries with most improvements in the area of doing business.

The agency said the country could meet the financing needs by improving export performance although it remains unclear how far it will be able to successful in enhancing competitiveness and attracting foreign direct investment.

In addition, it said the country faces annual external debt obligations of about $8-9 billion for next several years partially related to the repayments for loans under the China-Pakistan Economic Corridor.

Pakistan paid $11.588bn in external debt servicing costs during the last fiscal year. Rising financing costs have limited the government ability to focus on poverty alleviation and limited its room to spend on development initiatives.

Fitch also said the country has faced external vulnerabilities over the last year but has benefited from the International Monetary Fund (IMF) programme approved in July.

Rated ‘B-negative‘ by the agency, Pakistan entered in a $6bn 39-month extended fund facility with the IMF to pursue an economic reform programme.

But some of the reforms including the push towards documentation of the economy, raising tax revenue targets have been unpopular and faced resistance from the local sectors.

The agency warned the implementing further “reforms could be politically challenging.”

It also speculated over the success of ongoing programme citing uneven adherence to the previous similar packages.

The rating agency’s warning is warranted by the country’s checked history with the IMF as it has failed to follow through on its commitment for structural reforms.

https://www.dawn.com/news/1514376/fitch-lauds-improvements-in-business-climate

Great news.

 

[Kriketer]

You guys are hilarious, Pakistani's have absolutely thrashed their country for the past 40 years and you guys have the nerve to complain that the country is not perfect after a guy comes into office to fix things.

I saw corruption, greed and self interest in your country from the lowest to highest levels. Now is the time for you to sacrifice for a while.

You think just by voting you have done your job? think again.

Very well put. People who are crying for major change within 1st year lack brain cells to comprehend how a country recovers from decades of corruption and loot. One can only laugh at their ability to understand time period associated with political shift and economic reforms. They keep forgetting they are in a third world country. Pakistan is headed towards right direction, atleast it well seems so for the time being. These few naysayers are the ones who are hellbent to be living in cr@p hence they whine, complain and sweat.

 

[sweep_shot]

FAISALABAD: Businessmen attached with the textile sector have urged the government for restoration of the zero-rated facility for the sector if it cannot release billion of rupees sales tax refunds as the industry is dying due to financial crunch.

Pakistan Hosiery Manufactures & Exporters Association (PHMA) central chairman Haji Salamat Ali criticised the Federal Board of Revenue for not issuing billions of rupees refunds to exporters despite promises.

He said FBR chairman Shabbar Zaidi had been reminded through a letter about the commitment the board had made with the exporters that refunds would be paid to them within 72 hours of filing of [refund] claims. For the purpose, FASTER refund module has been developed, which shall process claims of exporters for the tax period July 2019 and onwards.

The FBR has earlier clarified that submission of Annexure-H, which is a form in the monthly sales tax return, shall be treated as submission of refund claim. The exporters are facing difficulties in filing of their tax refund claims (Annexure-H) under FASTER.

He said the financial problems of exporters were multiplying due to inordinate delay in payment of sales tax refunds as their liquidity continues to squeeze while FBR has not honoured its commitments.

The pending tax refund claims of exporters for July-August 2019 should immediately be released, he added.

In case of failure to release speedy refunds, the government should restore zero rating- No Payment, No Refund - regime for export-oriented sectors, he suggested.

Faisalabad Chamber of Commerce and Industry Senior Vice President Zafar Iqbal Sarwar, talking about ST refunds, said Rs80 billion are regular claims pertaining to July 2019 to October 2019. Another amount of Rs10bn and yet another Rs30bn claims are pending respectively under section 66 (Pending since 2014) and deferred since 2012.

About other pending refunds, he said among these included Rs15bn from the head of duty drawback, Rs19bn from income tax, Rs15bn from income tax credit and Rs5bn from the head of provincial sales tax.

Chairman of All Pakistan Textile Processing Mills Association (APTPMA) Muhammad Pervez Lala came up with suggestion of reduction in the sales tax rate and said the rate should be reduced from 17 per cent to 5pc which was imperative to save textile sector from total collapse.

“The textile industry has the status of Pakistan’s top national industry which is providing products to millions of domestic consumers. The sector is also providing jobs to millions of labourers directly or indirectly and generating revenue of billions of rupees. But unfortunately due to abolition of sales tax zero rating regime and imposition of GST, the industry is facing a serious crisis. Hence, it is necessary to reduce the rate of sales tax urgently at adequate level.”

Source: https://www.dawn.com/news/1514777/t...ng-facility-as-sales-tax-refund-claims-unpaid.

 

[WebGuru]

Not really a fan of throwing stock exchange numbers to show economy situation but sharing this news because most here give it too much importance... Stock exchange is on a rise again from last month or so and it crosses 35k today after touching down a low of 28k. USD is also stable from last couple of months although many predicted that USD will cross 200.

The stock market witnessed a remarkable rally as the KSE-100 index surged over 800 points in intra-day trading, surpassing the 35,000-mark on Monday.

Source: https://tribune.com.pk/story/2093230/2-stocks-rally-800-points-intra-day-trading/?amp=1

 

[sweep_shot]

KARACHI: Pakistani tech startups have raked in millions of dollars from local and foreign investors as a number of deals were announced over the weekend.

Around half a dozen startups disclosed their investment rounds at 021Disrupt, a major tech and entrepreneurship conference.

This year marks the watershed moment for Pakistani startups, especially in terms of funding, claimed major investors and entrepreneurs at a two-day tech conference in Karachi.

On the sidelines of the event, Airlift — a smart bus service operating in major Pakistani cities — announced its Series A investment at a massive $12 million, the largest in the country at this stage. The round was led by a major US-based venture capital firm, First Round Capital that has/had stakes/exits in the likes of 9GAG and Uber, with particpation from Fatima Gobi Ventures and Indus Valley Capital.

Within the same industry, the Egyptian headquartered Swvl shared its plans of investing $25m in Pakistan over a period of two years to help solve commutation issues and create 10,000 jobs. The startup already has designated Karachi as one of its engineering hubs.

Tellotalk – a home-grown messaging app – also made public the news of its seed funding by a consortium of investors including SparkLabs, ALM Holdings, Cocoon Ignite Ventures and One Capital as foreign partners, and TPL and i2i Ventures among local ones. The money is to be deployed for marketing and advertising, infrastructure expansion and product development. The list doesn’t end here as PriceOye — an e-commerce aggregator based out of Islamabad — announced a seed round worth $450,000, led by Fatima Ventures with participation from Artistic Ventures and Kinetico. The company hints at competing in the international market, as per the press release.

Queno — an edtech offering enterprise resource planning software for schools — disclosed seed money worth $100,000 from the Oman Technology Fund.

The event also saw an acquisition as Find My Adventure — a tour discovery and booking platform — disclosed it has bought KTown Rooms. Another major development was Habib Bank Ltd sharing its plans to set up a fund for startups soon. Meanwhile, Rabeel Warraich of Sarmayacar — Pakistan-focused firm – announced the establishment of Venture Capital Association of Pakistan, in collaboration with 12 institutional investors.

The event closed with an interesting talk from the Pakistani founder of Careem, Mudassir Sheikha, who shared his journey from an apartment in Karachi to building the biggest tech company in the region.

Jehan Ara, the brainchild behind this event, concluded with “this will create many more entrepreneurs and spur a culture of innovation and when we are here next year, this day will be the turning point.

Source: https://www.dawn.com/news/1514991/pakistani-startups-rake-in-millions-of-dollars.

 

[sweep_shot]

ISLAMABAD: Committing complete fencing of Afghan and Iran borders on priority to ensure peace and security, Pakistan on Tuesday asked China to finance $9 billion Main Railway Line (ML-1) and other road and infrastructure projects to expand the China-Pakistan Economic Corridor (CPEC).

At the conclusion of ninth Joint Cooperation Committee (JCC) meeting of CPEC here, the two sides also approved Gwadar Smart City Master Plan and signed two memorandums of understanding (MoUs) for cooperation in the field of health and trade. They also signed minutes of the meeting and inaugurated 392km Multan-Sukkur Motorway completed with Chinese funding of Rs294bn.

The JCC was co-chaired by Planning Minister Makhdum Khusro Bakhtyar and China’s National Development & Reform Commission (NDRC) Vice Chairman Ning Jizhe. It formed a joint project financing group to formally engage in project financing arrangements on ML-1, said Bakhtyar, adding the groundbreaking ceremony for the multi-billion dollar plan was targeted within the next six months.

He said the government had decided to take ML-1 loan and ensure its repayment because of the limitations of Pakistan Railways. Responding to a question, he said a project loan would not affect the country’s debt-to-GDP situation because it would be completed in about five-six years and contribute also to the GDP size as well.

Responding to another question, Bakhtyar said the two sides also decided to hold discussions on modalities of Chinese financing in Renminbi as it was one of the six major currencies in the International Monetary Fund basket. For this, an expert group at the central bank level and other experts would examine as to how to move forward.

He lamented that CPEC was previously viewed as replacement to Public Sector Development Programme while its true potential lied in the economic expansion and industrial growth for which the new government was setting a fresh direction.

The minister claimed China would also provide Rs70bn financing for Zhob-DI Khan Motorway to connect Islam*abad-Quetta through motorway while Pakistan would finance Sukkur-Hyderabad motorway through public-private financing where Chinese would be welcome to participate through open competition.

According to Bakhtyar, security on Pak-Afghan border was a challenge given its 2400km length and its fencing should have been done 10 years ago. He said now it will be completed by 2020 and the same pace would be ensured on the Iran border as well.

“Pakistan’s security situation could not be 100pc in our hands until these borders remain porous. This is the most import security project that would also help achieve law and order and the military and civil authorities have jointly controlled the security situation to a great extent,” he added.

He said the JCC reviewed $12bn of energy sector project portfolio and noted that $4.2bn worth of them had been completed or would be by 2021. It also expressed satisfaction over 6390MW of remaining plans to be finished by 2025 or 2030 keeping in mind Pakistan’s energy plan.

The country was also looking at $8-10bn of investment in refineries, petrochemicals and oil and gas sector in 2-3 projects, the minister said, adding Chinese side was expected to enter the steel that would help reverse Pakistan’s $4bn steel imports.

The two sides also agreed to make progress on mines and mineral sectors, particularly in copper and gold excavation and evacuation where China had great experience and was importing copper from across the world. He said the two sides indicated to expedite completion of social sector development for which China had promised $1bn grant.

Chinese Ambassador Yao Jing said the two countries focused last six years on energy, infrastructure, Gwadar port and this JCC sets a new direction for future projects, mostly in industrial cooperation, agriculture, affordable housing and minerals.

The MoUs signed during the meeting related to All China Federation of Trade Unions (ACFTU) and Ministry of Planning for further strengthening the worker exchanges and healthcare between Ministry of Health and Research Development International (RDI) for testing of cervical cancer.

“We made steady progress in resolution of matters regarding finalisation of tariffs for the completed energy projects, Gwadar port concession agreement and Kohala hydropower project,” said the minister. The chiefs of Balochistan, Khyber Pakhtunkhwa and Gilgit-Baltistan also attended the JCC.

Bakhtyar said the remaining portion of the eastern corridor from Sukkur to Hyderabad (M6) will be completed in build-operate-transfer mode under the umbrella of public private partnership and urged Chinese companies to take active part in the bidding process.

He told the guests that Pakistan had established CPEC Authority to work as a one window for all related issues to enhance the pace of the projects implementatation.

Jizhe said the Chinese delegation to this JCC was the biggest to date which shows commitment to take cooperation with Pakistan to new heights. He stated that high consideration will be given to socioeconomic and industrial cooperation in the second phase of CPEC.

Source: https://www.dawn.com/news/1515210/pakistan-seeks-9bn-chinese-loan-for-ml-1-commits-to-border-fencing.

 

[sweep_shot]

QUETTA: Chinese Ambassador to Pakistan Yao Jing on Friday said that his government was going to establish 19 factories in Gwadar to create job opportunities for the youth of Balochistan.

“China seeks to contribute to the overall development of Balochistan’s mining, agriculture, fisheries and water sectors. The Chinese consulate is easing the visa procedure for the businessman community,” Yao Jing said while talking to journalists here.

He said that 200 students from Pakistan had received scholarship in China.

He denied speculations regarding the Chinese government’s lack of interest in development projects in Balochistan.

“CPEC would change the economic fortune of not only Balochistan, but also Afghanistan and other Central Asian countries and all projects would go through Pakistan,” he said.

The Chinese envoy said that the provincial fisheries, agriculture, mineral and livestock sectors had room for development, which could end poverty in Balochistan.

“Chinese companies are working to strengthen the provincial irrigation sector while 50 vocational centtres are being established for enhancing skills of young generation of the province,” he said.

“China will invest in expansion of the Zhob-D.I. Khan highway considered vital for CPEC,” he added.

Source: https://www.dawn.com/news/1515745/china-to-establish-19-factories-in-gwadar-envoy.

 

[Technics 1210]

Another day, another positive piece of news!

Well done Imran Khan!

 

[Mueez]

Sidhu asks Imran to open India-Pakistan border.

Tough ask but who knows...

 

[sweep_shot]

ISLAMABAD: In a large swoop to widen tax net and check evasion, the government has decided to evolve a comprehensive plan for nationwide tax assessment and documentation drive to bring affluent people and untapped sectors in the net.

Prime Minister Imran Khan has tasked the tax department for coming up with a detailed plan until Nov 30, which will envisage measures to be implemented over the next two years.

The documentation drive will assist in ascertaining untapped segments including businesses, real estate and industries. “The premier asked the Federal Board of Revenue that proposals in this regard should be evolved within the prescribed timeline,” a senior tax officer said.

On Oct 3, the prime minister held a meeting with top officials to review various proposals related to the raising of domestic taxes. He said that correct taxation measures should be taken with prompt implementation instead of engagement in extended impasses.

As part of the drive, it was also decided to adopt CNIC as a common identifier akin to social security number in western countries for all business transactions. The deadline set for adoption is June 2020.

It was noted that data consolidation and documentation of economy is a key responsibility of all public and private sector organisations such as financial institutions, utility companies. The meeting ordered Ministry of Law and Justice, in consultation with the State Bank of Pakistan, to propose necessary amendments by Dec 31 in banking laws and regulations for ensuring real-time data sharing of financial transactions with FBR.

Until Nov 30, it was also decided that commercial electricity and gas connections must be brought into tax net immediately. The commercial utility connections have reportedly still not been brought into the tax net with rampant evasion in vogue.

They also agreed to carry out survey of immovable properties in the country – a move that will help FBR assess and tap colossal wealth parked in the real-estate sector. The premier has approved in principle the digital nationwide survey of immovable properties with deadline for its completion on June 30, 2021. It is worth mentioning that Chinese proposal of digital cartography is pending for the last two years.

In the first year of the incumbent government, data showed that as many as 783,039 new taxpayers filed returns with FBR as a result of various schemes, including amnesty. In terms of revenue, Rs2.583 billion was received from these new filers.

As a result of facilitation measures, the total return filers in the government’s first year have reached 2.561 million in TY18, as against 1.514m over the previous year — reflecting an increase of 69.1 per cent.

The World Bank’s $400m Pakistan Raises Revenue project is estimated to strengthen FBR and create a sustainable increase in the country’s domestic tax revenue. It will target raising the tax-to-GDP ratio to 17pc by 2023-24 and widening the net from the current 1.2m to at least 3.5m active taxpayers.

The project will assist in simplifying the tax regime and strengthening tax and customs administration. It will also support FBR with technology and digital infrastructure. The government has set improving revenue with low compliance costs as a high priority.

Source: https://www.dawn.com/news/1515943/govt-plans-tax-documentation-drive.

 

[MenInG]

IMF review: Job well done

By BR Research on November 11, 2019

Flying colours it is. All the performance criteria for End-Sep were met comfortably. The credit goes to Baqir and Shabbar for bringing balance of payment and fiscal revenue in order. At the time when the programme was signed, virtually all the seasoned and experienced economists and past MoF gurus were saying that this programme would be short-lived – but a better tone has ben set for quarters to come.

Prior to starting programme, the government had smartly created some cushion on the fiscal side, by having higher borrowing from SBP in 4QFY19, booked the exchange losses of SBP and put aside some funds for future expenditure. Now the fiscal primary surplus is said to be around Rs200 billion for Jul-OctFY20, leaving a room of close to Rs350 billion primary deficit in Nov-Dec for End-Dec target – likely to be met.

The story of floor on NIR seems to be even better. The NIR was minus $14.7 billion in Aug-19 against the target of minus $18.5 billion for End-Sep. The number is already better than End-Dec target of minus $16.3 billion – with SBP accumulating reserves, and IMF assertion, that the release of Fund tranche of $450 million to unlock significant funding from bilateral and multilateral partners, will surely help in building NIR – no problem seems to be in meeting this for second review.

All the remaining four targets are somehow connected with above mentioned two, and if these are met, others are likely to be met as well.

https://www.brecorder.com/2019/11/11/543168/imf-review-job-well-done/

 

[sweep_shot]

KARACHI: The State Bank of Pakistan (SBP) on Tuesday allowed advance payments of up to $10,000 or equivalent per invoice on behalf of manufacturing concerns for import of raw material and spare parts for their own use only.

Speaking at a press briefing on Tuesday, SBP Governor Dr Reza Baqir said important decisions have been taken to improve economy particularly following the exchange rate stability and ease of doing business improvements.

He said “prior permission of Foreign Exchange Operations Department (FEOD), SBP-Banking Services Corporation, is required from foreign exchange perspective, by the firms or companies in Pakistan, intending to acquire any type of service in Pakistan.

“But this restriction has been removed,” he said while adding that such services can be acquired from abroad without prior permission of FEOD, if total value, of a specific service to be acquired from abroad, does not exceed $10,000,” he said.

He said these restrictions were imposed in July 2018 due to poor foreign exchange reserves and unstable exchange rate regime.

“We are going [in a] phase-wise manner to ease doing business in Pakistan. We will increase the size of advance payments for larger manufacturers after experiencing the current decisions which are meant for small and medium enterprises,” said the governor.

He said we were in difficult situation regarding the exchange rate regime but it has now changed which is the reason why two important decisions on advance payments for raw materials and services have been taken.

The SBP will increase financing limit under Export Financing Scheme (EFS) and Long-Term Financing Scheme (LTFS). The limit will be increased by Rs100 billion.

He said most of the developed countries progressed with economic sustainability as they relied on exports while adding that short-term financing under EFS is three per cent while long-term financing under LTFS is 5pc for textile and 6pc for other sectors. The SBP pays the difference from these rates to market rates.

He said that in 2018, loans expanded by 25pc due to these schemes while it expanded by 50pc in 2019. He said under the LTFS, more sectors would be facilitated with the low interest rate.

“All these steps taken are in full compliance with the reforms suggested by the International Monetary Fund (IMF),” he said while adding that this is the first step taken for ease of doing business.

In reply to the question that high interest rates are damaging the economy; he said the core purpose of SBP’s Monetary Policy Committee is to reduce inflation. He said the interest rate is used to bring the inflation which is high due to previous imbalances.

He said that despite difficult decisions taken under reforms suggested by the IMF, the economy is still expanding; there is no sign of negative growth.

“We need to change our orientation from inwards to outwards,” he added while pointing out that inflows have increased compared to outflows which improved the net foreign exchange reserves of the country.

He said along with exports, some other sectors are also showing signs of improvement. As we are taking steps towards ease of doing business, we are trying to overcome the hardest time, he added.

Answering a question, he said the impact of $10,000 allowed for advance payments is manageable while the amount can be increased after review.

He said the foreign direct investment numbers have not shown the expected growth due to sentiments about the country and economy. However, the sentiments are changing due to stability in exchange rate regime and institutional improvement, the SBP is not financing the government which is an institutional improvement, he added.

He negated the impression that foreign exchange reserves of the country are increasing due to borrowing from foreign sources.

In response to another question that exporters are in difficulties due to non-payment of refunds and bonds issued by the government for exporters are not acceptable to banks, he said no bond will be issued for refunds.

“Refunds will be refund instantly,” he said. The textile millers recently said their refund of Rs90bn was stuck up with the government for last three months creating serious problem to carry on their day-to-day business.

He said not only the external side has improved but the fiscal deficit has also reduced. Foreign investors are buying treasury bills but the domestic investors — mostly banks — are buying most of government debt papers, he added.

Source: https://www.dawn.com/news/1516365/sbp-allows-10000-advance-payment-for-raw-material-imports.

 

[sweep_shot]

ISLAMABAD: Prime Minister Imran on Wednesday held out an assurance to top officials of the Federal Board of Revenue (FBR) that the tax machinery would be reformed in consultation with all stakeholders not only to restore confidence of taxpayers but also to raise potential revenue from all sectors.

Almost a week after resistance from tax officers over the proposed reforms, the prime minister called senior tax officers of **-21 and above for a meeting to take them on board for implementation of his tax reforms agenda.

The prime minister’s meeting with the tax officers was postponed thrice earlier.

Speaking during Wednesday’s meeting, Mr Khan reminded the tax officers of their role in the country’s economic stability and asked them to give feedback on tax reforms.

“We want to get serious proposals from you as per your experience to make the tax system more efficient,” he said, adding that the reforms would be undertaken in consultation with them.

At the outset, the prime minister expressed astonishment that people are willing to give charity but they avoid paying taxes. “It is a very serious issue and FBR needs to play its role in restoring people’s confidence in the tax system.”

Mr Khan said in this situation serious reforms in the tax system were needed for which the process had already been started.

The prime minister said during his interaction with the traders he had received complaints about harassment by tax officials. “The tax department will have to remove fear and apprehensions from the minds of taxpayers,” he said.

The tax officials raised questions about poor tax collection with no return from the government as well as misuse of this money.

But Mr Khan assured them that the money collected from taxpayers would not be misused. “People will pay taxes happily if they are assured that the money will be spent on public welfare and not on lavish lifestyle of the rulers.”

The prime minister regretted that the previous rulers spent the public money on their personal needs, but “we have slashed PM office’s expenditure by Rs350 million and that of the federal government by Rs45 billion”.

He said the government buildings, including the governor houses, would be converted into public places to reduce their expenditures. In the past, Rs830m alone was spent on the renovation of Governor House in Murree, he added.

Mr Khan said his government was committed to providing business-friendly environment to the entrepreneurs.

“We have to collect Rs5.5 trillion in the current financial year,” he said.

Separately, presiding over a meeting to review progress on the Public Sector Development Programme, the prime minister stressed the need for ensuring optimal and timely utilisation of funds allocated under the PSDP. “Planning is eyes and ears of the chief executive,” he added.

Minister for Planning Khusro Bakhtiar, Special Assistant to the PM on Information and Broadcasting Dr Firdous Ashiq Awan and other senior officials attended the meeting.

The meeting was informed that Rs701bn had been allocated for development projects during the current financial year. It was assured that utmost efforts are being undertaken to eliminate delays in authorisation by the Planning Commission for seamless implementation of the approved projects.

The prime minister was briefed on a detailed report prepared to assess the utilisation of the first quarter releases by various ministries and divisions.

He was apprised that the principal accounting officers (secretaries of the ministries) have been empowered to release funds for projects of less than Rs2bn to expedite progress on them.

Mr Khan instructed the Planning Commission to come up with a monthly performance review report so as to determine the reasons behind the under-utilisation of the funds allocated for the vital projects.

He stressed the need to enhance coordination among the ministries for early and effective completion of the projects and said the focus should be on those ministries which were executing development projects as this would facilitate job creation and counter unemployment.

Source: https://www.dawn.com/news/1516576/tax-regime-to-be-reformed-with-stakeholders-consent-pm.

 

[sweep_shot]

KARACHI: Foreign investment in treasury bills reached a new high of $712.8 million in the first four months of this fiscal year.

The recent State Bank of Pakistan data indicates investment in government-backed securities has become attractive for foreigners. The financial sector believes that foreign investors’ growing interest in government papers reflects their confidence in the economic reforms being implemented in the country.

However, some researchers attribute this increased demand to the high yield of treasury bills. In the last auction of T-bills held on November 6, the cut-off yield for three and six-month securities were 13.28 per cent and 13.29pc, respectively.

According to them, foreign investment can’t get such a high return from any government backed almost risk free debt papers.

The treasury bills attracted $278.6m alone in the first 13 days of November but the investment was almost exclusively from two countries: the US and UK.

Highest investment from the US was $390.8m up to Nov 13 while the cumulative amount from UK amounted to $317.9m. Out of total net inflows of $712.8m, these two courtiers accounted for $708.7m.

Inflows from the United Arab Emirates during the period amounted to $19.5m while $8m came from Luxemburg.

In the first 13 days of November, investment from UK was $181.6m, US $88.7m and $8.8m from UAE.

While foreign investment boosted the morale of the equity market with the benchmark index going up, inflow of foreign investment helped the country to improve its foreign exchange reserves.

In a recent press conference, State Bank Governor Dr Reza Baqir rejected the perception that foreign investment in T-bills would fall once the interest rates go down. He said some investors might leave but they will return back when the economy achieves stability.

The recent foreign direct investment data revealed inflows falling by 3.1 per cent to $542m in the first quarter of FY20.

Source: https://www.dawn.com/news/1516833/treasury-bills-attract-record-foreign-investment-of-713m.

 

[MenInG]

Prime Minister Imran Khan on Friday said that Pakistan's economy has stabilised despite the difficult time that the Pakistan Tehreek-i-Insaf (PTI) government went through during its first year in power.

Addressing the signing ceremony of Super-6 310-MW Wind Power Projects in Islamabad, the premier said: "Our first year was very difficult because there was a very large current account deficit."

He added that previously no government has had to face a current account deficit of $20 billion.

"The danger of this is that, at any time, it can put so much pressure on the rupee that the rupee starts to fall. We didn't have the foreign exchange to stop the rupee from falling."

Thanking his economic team, Prime Minister Imran said that today the economy has stabilised.

"Today without any support, instead of falling, our rupee is gaining. The stock market reflects the sentiment of the market, it has become positive."

He said that among the main indicators, current account deficit has fallen, exports are rising and investor confidence is increasing.

"So thank God our direction now is fine," the premier said. "Now we have to go forward from here [...] We have to run our economy."

At the outset of his address, the premier added that the route to China's success was its long term planning.

"When we asked them what their route to success was, there were other things, but the one thing that stood out was long term planning.

"Unfortunately we focus on short term planning," he added.

On Wednesday, the premier had said now that his economic team had "stabilised the economy", the government was focusing on creating job opportunities and facilitating investors.

Speaking at Sino-Pak Tire Manufacturing Joint Venture Signing Ceremony, Prime Minister Imran had said that the government's "next challenge" was to provide jobs to the people and, in order to create employment opportunities, the country needs investors to invest money.

https://www.dawn.com/news/1516892/despite-difficult-times-economy-has-stabilised-reiterates-pm-imran

 

[sweep_shot]

KARACHI: The country’s external debts and liabilities increased by $543 million in the first quarter of this fiscal year while external debt servicing soared to over $3 billion.

As per quarterly data released by the State Bank of Pakistan on Friday, the country’s external debts and liabilities rose to $106.891bn by September end, as compared to $106.348bn on Jun 30.

Though the external debts and liabilities have increased during the quarter, its percentage with respect to gross domestic product has significantly declined.

According to the publication, external debts and liabilities as percentage of GDP fell to 38.3 per cent as of Sept 30, versus 45pc on June 30.

The debts and liabilities recorded a jump of $10.78bn from $96.11bn in end of September 2018.

The country had to borrow on large scale during the year to meet the huge gap of about $20bn current account deficit which was reduced to $12bn which the government is trying to down to $7bn by FY20 end.

Due to the high external debts and liabilities stocks, its servicing surged to a massive $3.074bn in the first quarter of this fiscal year. This represented a year-on-year increase of 25.36pc from $2.452bn in 1QFY19.

The debt servicing amount comprises of long-term principal repayment worth $1.87bn, short-term $402m and total interest of $798m.

If the quarterly debt servicing maintains its quarterly trend and magnitude, overall FY20 figure could be around $12bn, which well exceeds the SBP reserves of $8.3bn.

The government can use only SBP foreign currency holdings to meet expenditures like debt servicing, which was recorded at $11.589bn in FY19.

To contain the current account deficit and improve foreign exchange reserves, the government introduced import curbs which gave it some relief on the external front.

However, the same strategy has adversely impacted economic growth as decline in imports have hurt business activity in the activity.

Due to the government’s halt on borrowing from the central bank, most loans have been channelled towards short-term treasury papers and the longer duration investment bonds, which have noticed a healthy demand due to the high key policy rate of 13.25pc.

The recent annual report of SBP on economy also suggested that activity witnessed negative impact of lower imports.

Meanwhile, data on central government’s domestic debt reveals an increase of Rs1.92 trillion over the quarter to Rs22.65tr as of Sept 30, from June end level of Rs20.73tr.

Market treasury bills were the leading contributor, as Rs1.028tr worth of short-term securities were issued on a net basis, taking their stock by September end to Rs5.958tr, up from Rs4.93tr in previous quarter.

Rest came from the Pakistan Investment Bonds which were added by Rs907bn, taking their total value to Rs11.84tr by the end of 1QFY20, as compared to Rs10.933tr on June 30.

Source: https://www.dawn.com/news/1517057/foreign-debt-servicing-surges-past-3bn-in-july-september.

 

[sweep_shot]

ISLAMABAD: Prime Minis*ter Imran Khan on Friday revie*wed the pace of privatisation while pointing out that increasing non-tax revenue is one of government’s top priorities.

He said that privatisation’s objective is to not only save losses to the national exchequer but hand over the responsibility of these state-owned entities to capable hands so that their potential could be harnessed.

He said the government does not want to get rid of loss-bearing entities by just privatising them. Saving the national exchequer from losses and running these institutions according to their potential for achieving better results and their contribution to the national economy is the main reason for privatisation, he added.

He said that an early completion of the privatisation process will lead to an increase in government’s non-tax revenue, which will allow undertaking projects of public welfare in health, education and other services.

He asked the PC secretary to complete the privatisation process of all listed entities within the timeframe.

Privatisation Secretary Rizwan Malik informed the PM that privatisation of a number of state-owned entities worth billions of rupees including Haveli Bahadur Shah Power Plant, Balloki Power Plant, SME Bank, Services Intern*ational Hotel, Lahore, and Jinnah Convention Centre were in final stages.

PM was further informed that the process of privatisation of Guddu Power Plant, Nandipur Power Plant, First Women Bank Ltd, Pakistan Petroleum Ltd and State Life Insurance has also been started.

Moreover, the Cabinet Committee on Privatisation (CCoP) at its meeting on Friday approved transaction structure for the privatisation of SME Bank Ltd and asked the Privatisation Commission (PC) to expedite pace of work to privatise the PIA Investment Ltd, besides turning down a proposal of the Earthquake Recon*struction and Rehabi*litation Authority (EERA) to defer sale of its properties.

The CCoP, chaired by Commerce Adviser Abdul Hafeez Shaikh, was told by the PC that transaction structure was reviewed by committee comprising the PC board members, officials from the finance ministry, State Bank of Pakistan and SME Bank.

The cabinet committee also discussed the privatisation of PIA Investment Ltd. and approved a proposal for the constitution of a task force to examine and process all necessary formalities for an early disposal of the PIA properties, including the Roosevelt Hotel in New York and Hotel Scribe in Paris.

It was decided that the task force will be led by Minister for Privatisation Muhammad Mian Soomro and include Special Assistant to PM on Overseas Pakistanis Zulfiqar Bukhari, PC secretary and additional secretary of the Ministry of Finance.

The CCoP directed the PIA management to submit updates regarding the privatisation process on a monthly basis and advised it to carry out its plan in coordination with the Aviation Division.

On the other hand, the CCoP turned down a proposal submitted by the EERA to defer sale of its 17 properties out of 32 assets currently being processed by the PC until June 2020 when it would be subsumed into the National Disaster Management Commission as per a government decision already taken to transform the National Disaster Management Authority (NDMA) into self-sufficient entity.

The EERA was of the view that deferring the privatisation of its assets till June 2020 would allow sufficient time for a possible legislation for incorporating these properties into the National Disaster Management Fund.

The PC also informed the meeting that the EERA’s 17 properties have also been selected for privatisation in pursuance of a federal cabinet decision taken in March.

Moreover, the PC said that nine ministries, divisions and organisations also forwarded relevant authority letters to the PC for further processing of 32 properties identified by an inter-ministerial committee constituted by the PM.

The PC said it had already hired a financial adviser and withdrawal of properties as proposed by the EERA would adversely affect the process besides sending negative signals to potential buyers and investors.

The CCoP, after discussing the issue in detail, advised the authority to complete all codal formalities still pending at its end to let the privatisation process move ahead.

To another proposal presented by the Ministry of Commerce for delisting a plot from the privatisation list on the grounds that it could be utilised efficiently rather than being sold at low price, the CCoP said the privatisation of the plot would go ahead as decided. However, it said a committee would closely scrutinise the bidding process for the sale of the plot.

Source: https://www.dawn.com/news/1517060/increasing-non-tax-revenue-top-priority-pm.

 

[WebGuru]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The Current Account in October 2019 ran a Surplus of USD 99 ml vs a Deficit of USD 1.28 bn in same month last year. <br>Pakistan has recorded a C/A surplus in any month after 3.5 years. This shows strengthening economic stability.</p>— Hammad Azhar (@Hammad_Azhar) <a href="https://twitter.com/Hammad_Azhar/status/1196471961834139655?ref_src=twsrc%5Etfw">November 18, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Many positives for Pakistan on the economic front but 3 stand out most: <br>1) The C/A account runs a monthly surplus after 3.5 years. <br>2) Net Foreign Portfolio Investment turns positive after 3 years. <br>3) Primary Budget Surplus in first quarter of current Fiscal Year.</p>— Hammad Azhar (@Hammad_Azhar) <a href="https://twitter.com/Hammad_Azhar/status/1196473904539287553?ref_src=twsrc%5Etfw">November 18, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Syed1]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The Current Account in October 2019 ran a Surplus of USD 99 ml vs a Deficit of USD 1.28 bn in same month last year. <br>Pakistan has recorded a C/A surplus in any month after 3.5 years. This shows strengthening economic stability.</p>— Hammad Azhar (@Hammad_Azhar) <a href="https://twitter.com/Hammad_Azhar/status/1196471961834139655?ref_src=twsrc%5Etfw">November 18, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Many positives for Pakistan on the economic front but 3 stand out most: <br>1) The C/A account runs a monthly surplus after 3.5 years. <br>2) Net Foreign Portfolio Investment turns positive after 3 years. <br>3) Primary Budget Surplus in first quarter of current Fiscal Year.</p>— Hammad Azhar (@Hammad_Azhar) <a href="https://twitter.com/Hammad_Azhar/status/1196473904539287553?ref_src=twsrc%5Etfw">November 18, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Wow converting a monthly deficit of $1.3b to a surplus (a small one, but still a surplus) is a MASSIVE achievement. Can Harvard Business School graduate and IMF chief economist of Asia Pacific region Shri [MENTION=131701]Mamoon[/MENTION] Ji shed some light on this development?

 

[WebGuru]

Looking at this graph i once again realize how important are the remittances for Pakistan

 

[Technics 1210]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The Current Account in October 2019 ran a Surplus of USD 99 ml vs a Deficit of USD 1.28 bn in same month last year. <br>Pakistan has recorded a C/A surplus in any month after 3.5 years. This shows strengthening economic stability.</p>— Hammad Azhar (@Hammad_Azhar) <a href="https://twitter.com/Hammad_Azhar/status/1196471961834139655?ref_src=twsrc%5Etfw">November 18, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Many positives for Pakistan on the economic front but 3 stand out most: <br>1) The C/A account runs a monthly surplus after 3.5 years. <br>2) Net Foreign Portfolio Investment turns positive after 3 years. <br>3) Primary Budget Surplus in first quarter of current Fiscal Year.</p>— Hammad Azhar (@Hammad_Azhar) <a href="https://twitter.com/Hammad_Azhar/status/1196473904539287553?ref_src=twsrc%5Etfw">November 18, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Kiya baat he! Zabardast!

 

[Bewal Express]

Looking at this graph i once again realize how important are the remittances for Pakistan

PK has to get exports up to $40bn? But that will require our business to actually make products the world wants. At the moment it's too textile centric, and we need diversification into other areas.

 

[Bewal Express]

Wow converting a monthly deficit of $1.3b to a surplus (a small one, but still a surplus) is a MASSIVE achievement. Can Harvard Business School graduate and IMF chief economist of Asia Pacific region Shri [MENTION=131701]Mamoon[/MENTION] Ji shed some light on this development?

Great news, and this is with oil prices on average around at 40% higher than the Nooras faced.

 

[WebGuru]

PK has to get exports up to $40bn? But that will require our business to actually make products the world wants. At the moment it's too textile centric, and we need diversification into other areas.

Yea for now remittances are helping cover most of the deficit but we are also paying back loans and interest so that means we need to get exports up otherwise we can't increase our reserves.

 

[Bewal Express]

Yea for now remittances are helping cover most of the deficit but we are also paying back loans and interest so that means we need to get exports up otherwise we can't increase our reserves.

The country cant rely on remittances for too much longer. Many PK`s in the UK are beginning to lose touch with their families in PK and in the next decade or 2, remittances will be reduced. The same will happen in other places. The IT industry where we can make a real sustainable difference, and all the anecdotal evidence is that our IT developers are on par with the Indians, but they have a huge industry and we dont.

 

[Waseem]

Wow converting a monthly deficit of $1.3b to a surplus (a small one, but still a surplus) is a MASSIVE achievement. Can Harvard Business School graduate and IMF chief economist of Asia Pacific region Shri [MENTION=131701]Mamoon[/MENTION] Ji shed some light on this development?

It is a massive achievement and something that HAD to be done, they MUST focus on tackling inflation now and also economic slowdown has impacted job creation as well which needs to be addressed. Not sure if there has been any substantial progress on naya Pakistan housing scheme?

 

[sweep_shot]

KARACHI: The country posted $99 million current account surplus in October after a gap of more than four years indicative of the recovery from long-prevailing deficits but the four-month current account position still showed a deficit of $1.5 billion.

The latest data released by the State Bank of Pakistan (SBP) showed the government has succeeded in bringing down the current account deficit.

The country’s current account deficit, in the last fiscal year, clocked in at $12.75bn, down 36 per cent from record-high $19.9bn in FY18.

The data for October showed the current account was positive 99m against a net deficit of $1.28bn in the same month of previous fiscal year.

During the cumulative July-Oct period, the current account deficit reached to $1.474bn compared to $5.6bn last year. The deficit sharply reduced in the last four months reflecting significant improvement on the economy’s external front.

The details showed the deficit fell drastically due to sharp decrease in imports, which fell to $14.65bn from $19bn in the same period last fiscal year. However, exports of goods increased to $8.22bn compared to $7.9bn in the last fiscal year.

Subsequently, trade deficit fell to $6.4bn compared to $11bn during the period under review. However, trade of services during the period under review did not show any significant change when compared to same period last fiscal year.

Exports of services during the four months clocked in at $1.749bn compared to $1.709bn during last fiscal year. Imports of services, on the other hand, reached to $3.117bn compared to $3.076bn in FY18.

The trade deficit in services clocked in at $1.368bn compared to $1.367bn in the same period last fiscal year.

During the current fiscal year, rising inflows have helping the government improve its foreign accounts. In the first four months, the FDI jumped by 238pc. The equity market is also receiving foreign investment while the government’s security papers have received investment of around $800m.

The surplus in October and narrowing of four-month current account deficit was mainly achieved due to a massive cut in the imports’ bill. The government is facing criticism that the massive decline in imports have slowdown overall economic activities which would ultimately hit the GDP growth rate.

Recently, the SBP governor said the fall in current account deficit is a big achievement for country and is a sign of macroeconomic stability.

Source: https://www.dawn.com/news/1517577/current-account-rises-into-surplus.

 

[sweep_shot]

ISLAMABAD: Prime Minister Imran Khan has said his government’s long-term policies will strengthen tax culture and bring economic stability to the country.

Addressing a ceremony here on Wednesday to distribute refund cheques among prominent exporters, he said this disbursement of Rs30 billion would result in improved cash flow for taxpayers in general and export-oriented sectors in particular. “We will further facilitate exporters to boost the country’s exports,” he added.

The prime minister expressed satisfaction over the rise in volume of exports and said it would further increase in the months ahead. He said he believed that the country’s image would also improve in the wake of long-term economic policies, leading to more local and foreign investments.

Mr Khan said Pakistan had more potential than many countries in the region, but it was not harnessed by the previous governments, adding that lack of continuity in policies also led to ad hocism in policy making.

He stressed that registration of traders with the Federal Board of Revenue (FBR) was important for economic development of the country, adding that the government could not be run without enhancing revenues.

The prime minister urged the business community to take it as their national duty to pay taxes and regretted that corruption played havoc with the national exchequer. Terming the wealth creation essential for national development, he said the government would promote and facilitate the business community and industry. “Measures are also being taken to curb the menace of smuggling to benefit the national economy,” he added.

Appreciating the work of government’s economic team in a relatively short period of time, he said the local currency was now stabilising and the stock market improving. “Government is successful in reducing the current account deficit for the first time in four years.”

The prime minister regretted that the country had not been able to make significant economic progress due to the absence of long-term economic policies. “China is progressing by adopting long-term strategies… now we are heading towards adopting the same approach,” he said, adding that the South Asian competitors, including India and Bangladesh, moved ahead of Pakistan through the same approach.

Meeting with economic team

Prime Minister Khan held a special meeting with his economic team to assess progress on implementation of various measures to revive growth and reduce current account deficit of the country.

He was informed that remittances had posted a nine per cent growth after three years, touching the figure of $21.8bn in FY19. The flow of remittances improved significantly from the United Kingdom, Malaysia, Canada and Australia. The growth in remittances from the UK alone was over 9pc.

The finance ministry and State Bank of Pakistan suggested different incentives and facilities to further improve the flow of remittances. The incentives include continuing the policy of extending facility of “one rupee over one dollar” to the banks for attaining the 15pc remittances growth rate. The facilities include bringing down the required sum to the maximum level for telegraphic transaction, facilitating Pakistanis going aboard to open bank accounts and utilising the services of Pakistan Post Office for dispatching remittances.

The prime minister directed the department concerned to give final shape to these facilities and incentives within one week.

The economic team also discussed at length different proposals for the revival of Pakistan Steel Mills. It also decided to promote Pakistan Banao certificates abroad.

Former finance minister Shaukat Tareen informed the prime minister that Akhuwat, a non-governmental organisation, was in the process of finalising an initiative to collect foodstuff from houses and provide them to the deserving and needy people. This project would be completed within a week, he said.

The prime minister appreciated the initiative and assured that the government would fully cooperate with it as it was similar to government’s own welfare activities.

Special Assistant to the Prime Minister on Social Protection and Poverty Alleviation Dr Sania Nishtar briefed the meeting on distribution of Ahsas Ration Cards in tribal districts.

PM Khan stressed that under the Ahsas programme, the process for timely launch of different projects should be ensured so that maximum population could benefit from this important welfare project.

The meeting also discussed progress on different development projects initiated with the assistance of international organisations as well as revival of sick units.

The prime minister directed accelerating work on these projects. He also directed that his office be regularly kept updated about the progress on these projects and the office be contacted in case for removal of any impediment.

The meeting was attended by Minister for Economic Affairs Hammad Azhar, Minister for Planning and Development Asad Umar, Minister for Maritime Affairs Syed Ali Haider Zaidi, Minister for Power Umar Ayub Khan, Adviser on Finance Abdul Hafeez Shaikh, Adviser on Commerce Abdul Razak Dawood, PM’s advisor Dr Ishrat Hussain, Special Assistant to the PM on Information Dr Firdous Ashiq Awan, PM’s special assistants Dr Sania Nishtar and Nadeem Babar, Board of Investment Chairman Syed Zubair Gilani, State Bank Governor Reza Baqir, Shaukat Tareen, secretaries of the relevant ministries and other senior officials.

Source: https://www.dawn.com/news/1517909/govts-long-term-policies-to-boost-tax-culture-economy-imran.

 

[WebGuru]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The World Bank has restored Budgetary Support to Pakistan on account of strengthening of economic stability. Both ADB and WB had suspended budgetary support to Pakistan during 2017 due to rising macroeconomic imbalances that had arisen in the economy at that time.</p>— Hammad Azhar (@Hammad_Azhar) <a href="https://twitter.com/Hammad_Azhar/status/1197782172884783104?ref_src=twsrc%5Etfw">November 22, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[WebGuru]

Heart straight from the horse's mouth (Aqeel Karim Dhedhi)
<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">"مجھے لگ رہا تھا پاکستان اگلا سال نہیں گزار سکے گا، میں یہ کریڈٹ دیتا ہوں حکومت کو کہ انہوں نے ہمت نہیں ہاری، وہ پوری دنیا گھومے، مشکل فیصلے کئے جن کی وجہ سے پاکستان بہتری کی طرف جارہا ہے"<br><br> مشہور کاروباری شخصیت عقیل کریم ڈھیڈی کا معاش پالیسی پر وزیراعظم عمران خان کو خراج تحسین۔ <a href="https://t.co/MG2qBOliWY">pic.twitter.com/MG2qBOliWY</a></p>— PTI (@PTIofficial) <a href="https://twitter.com/PTIofficial/status/1197758608559222784?ref_src=twsrc%5Etfw">November 22, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Bewal Express]

Heart straight from the horse's mouth (Aqeel Karim Dhedhi)
<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">"مجھے لگ رہا تھا پاکستان اگلا سال نہیں گزار سکے گا، میں یہ کریڈٹ دیتا ہوں حکومت کو کہ انہوں نے ہمت نہیں ہاری، وہ پوری دنیا گھومے، مشکل فیصلے کئے جن کی وجہ سے پاکستان بہتری کی طرف جارہا ہے"<br><br> مشہور کاروباری شخصیت عقیل کریم ڈھیڈی کا معاش پالیسی پر وزیراعظم عمران خان کو خراج تحسین۔ <a href="https://t.co/MG2qBOliWY">pic.twitter.com/MG2qBOliWY</a></p>— PTI (@PTIofficial) <a href="https://twitter.com/PTIofficial/status/1197758608559222784?ref_src=twsrc%5Etfw">November 22, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

No Nooras have the courage to debate Economics on here. [MENTION=107753]uberkoen[/MENTION] [MENTION=131701]Mamoon[/MENTION]
The forum is yours, come on guys let's go for it

 

[WebGuru]

No Nooras have the courage to debate Economics on here. [MENTION=107753]uberkoen[/MENTION] [MENTION=131701]Mamoon[/MENTION]
The forum is yours, come on guys let's go for it

I am just enjoying the face of Fahd in the video clip when Dhedhi is sharing the numbers Fahd is one of the biggest Raiwind asset in our media...

 

[uberkoen]

Dedhi is sharing the wrong numbers. He's not an economist to begin with and the numbers he's sharing don't tie in with what is reported on the official Pakistan statistics website. He's probably just another PTI supporter so I don't even know why we are discussing him on here. He's a businessman not an economic expert.

We saw what happens when you confuse good businessmen as being economic experts (i.e Asad Umar)

 

[Bewal Express]

Dedhi is sharing the wrong numbers. He's not an economist to begin with and the numbers he's sharing don't tie in with what is reported on the official Pakistan statistics website. He's probably just another PTI supporter so I don't even know why we are discussing him on here. He's a businessman not an economic expert.

We saw what happens when you confuse good businessmen as being economic experts (i.e Asad Umar)

So tell us why the current account deficit the Nooras left was running at $20bn+ and without remittances would be be close to $40bn+. Can you tell us what impact that had on the Rupee, how is the value of the rupee determined and what impact the rupee has on inflation. Finally, why did PK have to go to the IMF?

 

[uberkoen]

So tell us why the current account deficit the Nooras left was running at $20bn+ and without remittances would be be close to $40bn+. Can you tell us what impact that had on the Rupee, how is the value of the rupee determined and what impact the rupee has on inflation. Finally, why did PK have to go to the IMF?

Man, just google it. I don't have the time to do your research for you. It'd be a lot easier if you just got to the point rather than asking questions you can easily google the answer to,

 

[Bewal Express]

Man, just google it. I don't have the time to do your research for you. It'd be a lot easier if you just got to the point rather than asking questions you can easily google the answer to,

So why comment when you don't understand? It makes you sound like Munshi Dar, but make sure you don't do runner from the forum.

 

[Mian]

https://tribune.com.pk/story/2105320/1-business-tycoon-praises-pm-economic-turnaround/

Business tycoon praises PM for ‘economic turnaround’

Businessman Akeel Kareem Dhedhi has heaped praise on Prime Minister Imran Khan for economic “turnaround” in the country, while suggesting his team to privatise public-sector enterprises on a priority basis.

“The business community needs to support the government on privatisation,” the chairman of the AKD Group said in a 17-minute video shared on his official YouTube channel. “The government should privatise the country’s power sector on a priority basis.”
Dhedhi added, “We all need to make this country stronger and our armed forces are also contributing to this… for the first time we have a prime minister [Imran Khan] who’s working day and night to resolve the issues.”

Speaking of the bearish trend in the stock market, which is now performing better, the Karachi-based business tycoon said conspiracies were hatched against the Pakistan Tehreek-e-Insaf (PTI) government to compel it to release funds for the bourse.

“If the government had released funds there would’ve been propaganda that it [government] was favouring its own people,” he said.

Dhedhi cautioned Prime Minister Imran Khan to identify his friends and foes, saying that his “enemies are serving in different institutions on important posts and can do harm to the government, any time”.

“I am requesting some elements working in different government institutions to put aside their vested interests and work for the betterment of the country,” he said.

The businessman requested the law ministry to launch a probe into “illegal” appointments of some government officials, and the “abuse of power” by them. “Black sheep should be sacked from the institutions,” he said. “I believe that those who deliberately caused harm to the equity market must be brought to book.”

Dhedhi recalled that the economy was in critical condition when the PTI came into power and the government was compelled to take tough measures. But, he added, due to the “timely” decisions, the crisis was nearly over.

He congratulated the prime minister and his team for “turning around the country’s foreign policy and putting the economy on the right path”.

“Had Imran Khan not taken the necessary measures, the situation could’ve been much worse,” he said. “He took the measures for the country’s prosperity.”

He blamed PM Imran’s predecessors for today’s problems. “They wasted money on useless projects which increased the country’s debt,” he claimed, adding that “artificial economic boom” was perceived as economic progress.

“Seeking help from Saudi Arabia, the UAE and China was Prime Minister Imran Khan’s wise decision,” he said, adding that International Monetary Fund (IMF) would have imposed harsher conditions for its $6 billion bailout package to Pakistan, had the premier not sought help from friendly countries.

<iframe width="500" height="281" src="https://www.youtube.com/embed/wtC_jETsRho" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

 

[uberkoen]

So why comment when you don't understand? It makes you sound like Munshi Dar, but make sure you don't do runner from the forum.

You're being pedantic and asking stupid questions. If you don't know the answers to the questions you're asking it's not my job to educate you. Learn it yourself. When you've learned it then come back and make your point.

 

[Bewal Express]

You're being pedantic and asking stupid questions. If you don't know the answers to the questions you're asking it's not my job to educate you. Learn it yourself. When you've learned it then come back and make your point.

I just wanted to be "educated" by a Noora. Lol
You ran very quickly and it isnt a surprise, that tactic has been tried by your friends for years. Ask you friend [MENTION=131701]Mamoon[/MENTION] or [MENTION=113742]Hamza_[/MENTION] or numerous other losers on the ground realities of discussing economic policy and you will see what happened. So just stay out of discussion where you have about as much idea as Billo and Barish.

 

[uberkoen]

I just wanted to be "educated" by a Noora. Lol
You ran very quickly and it isnt a surprise, that tactic has been tried by your friends for years. Ask you friend [MENTION=131701]Mamoon[/MENTION] or [MENTION=113742]Hamza_[/MENTION] or numerous other losers on the ground realities of discussing economic policy and you will see what happened. So just stay out of discussion where you have about as much idea as Billo and Barish.

I'm not running. I'm here. I'm open for discussing economic policy and the indicators. However, I'm not here to educate you on the basics of economics. I keep saying, if you have basic questions on economics, you can google the answers instead of wasting my time and yours. It would be much better if you just get to the point.

 

[Technics 1210]

From Zero to Hero: Pakistan Bonds Evoke Egypt’s Success Tale

Global investors are piling into Pakistan’s local-currency bonds like never before.

Attempts at economic reforms, support from the International Monetary Fund and interest rates topping 13% make the nation’s fixed income attractive amid a surge in the world’s pool of negative-yielding debt.

Small wonder foreigners bought $342 million of debt in the quarter through September, compared with virtually zero inflows in the past two years, according to central-bank data going back to 2015.

The new-found interest in Pakistani bonds reminds some fund managers of Egypt, which in 2016 agreed to a bailout package with the IMF. That deal proved to be a game changer as it sped up growth, cut inflation and lured foreigners -- a lesson for the South Asian that has seen its stock market erase 57% of its value since its entry into MSCI Inc.’s indexes in 2017.

“People are looking at Pakistan as they see a story similar to the one in Egypt, and people made good money there,” said Tim Ash, a strategist at BlueBay Asset Management in London. “The assumption is the currency adjusts, rates go higher and this creates good valuations on bonds to put money to work.”

The comparison with the north African nation strengthened after Pakistan appointed Reza Baqir as the central-bank governor this year. Baqir served in senior positions at the IMF in past 18 years, including as the fund’s resident representative in Egypt at the time of the bailout.

Under Baqir, Pakistan is looking to stabilize its economy after suffering from a deficit blowout with the most aggressive rate hikes in Asia and multiple currency devaluations since November 2017. The rupee is down almost 50% against the dollar this year, one of the world’s worst-performing currencies, as the central bank introduced more flexibility to the managed-float system.

“The question is whether the rupee is now at the right level and are rates high enough to make up for forex risks,” said Ash. “Rates in Pakistan are lower than was the case in either Egypt or Ukraine when portfolio flows first began to come in. So, inflows in Pakistan will be more moderate.”

Continuation of economic reforms is key to the debt inflows extending, said Abdul Kadir Hussain, the head of fixed-income asset management at Dubai-based Arqaam Capital. As part of the IMF loan conditions, the government must raise revenue by more than 40% in the year that began in July. The nation must also lower electricity subsidies.

“The change in Pakistan is a reflection of the new finance minister and the central-bank governor, and the government’s general positive intent to engage with international investors,” said Andrew Brudenell, a U.K.-based fund manager at Ashmore Group Plc. “This bodes well, as long as the macro-economic picture can improve.”

https://www.bloomberg.com/news/arti...rom-zero-to-hero-evoking-egypt-s-success-tale

 

[Bewal Express]

I'm not running. I'm here. I'm open for discussing economic policy and the indicators. However, I'm not here to educate you on the basics of economics. I keep saying, if you have basic questions on economics, you can google the answers instead of wasting my time and yours. It would be much better if you just get to the point.

No mate you are running. They weren't any old questions they were questions that got to the heart of the problem and you knew that Nooranomics would be exposed and you couldn't be shown up for your ignorance. Either debate or go away. So the original questions still stand, the forum is yours.

 

[Technics 1210]

No mate you are running. They weren't any old questions they were questions that got to the heart of the problem and you knew that Nooranomics would be exposed and you couldn't be shown up for your ignorance. Either debate or go away. So the original questions still stand, the forum is yours.

Spot on. The Nooras have no solution to the challenge at hand, just complaints. They will never provide solutions, let alone ideas. Intellectually, financially, and morally, bankrupt.

 

[WebGuru]

A very detailed interview of Finance Advisor Hafeez Sheikh there are 2 parts:

<iframe width="720" height="480" src="https://www.youtube.com/embed/ByYu4vhIs_k" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

<iframe width="720" height="480" src="https://www.youtube.com/embed/AJQxvFuU8d4" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

 

[Syed1]

A very detailed interview of Finance Advisor Hafeez Sheikh there are 2 parts:

<iframe width="720" height="480" src="https://www.youtube.com/embed/ByYu4vhIs_k" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

<iframe width="720" height="480" src="https://www.youtube.com/embed/AJQxvFuU8d4" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

Thanks for posting, watching now.

 

[uberkoen]

No mate you are running. They weren't any old questions they were questions that got to the heart of the problem and you knew that Nooranomics would be exposed and you couldn't be shown up for your ignorance. Either debate or go away. So the original questions still stand, the forum is yours.

Again, if you need definitions google them. Not going to waste my time teaching you these things. If you have a point make it otherwise this is going no where.

 

[Bewal Express]

Again, if you need definitions google them. Not going to waste my time teaching you these things. If you have a point make it otherwise this is going no where.

You are here to debate but you are running- either add something or go away, educate yourself and comeback. You are beaten man!

 

[uberkoen]

You are here to debate but you are running- either add something or go away, educate yourself and comeback. You are beaten man!

Okay buddy whatever floats your boat. Come back when you have a point because right now you've got nothing.

 

[Bewal Express]

Okay buddy whatever floats your boat. Come back when you have a point because right now you've got nothing.

Get educated and comeback and debate. Otherwise, stop wasting my time

 

[Iqbal'sh]

Okay buddy whatever floats your boat. Come back when you have a point because right now you've got nothing.

[MENTION=107753]uberkoen[/MENTION] Why is it that you want to look at the PTI economic performance in isolation?
Everyone knows what the state of the economy was when IK became PM and measures taken after he formed a government were absolutely necessary to ‘turn the ship around’. All the recent positive news about the economy should be viewed with this in mind.
Why are you so defensive? What’s with the intellectual dishonesty?

 

[uberkoen]

[MENTION=107753]uberkoen[/MENTION] Why is it that you want to look at the PTI economic performance in isolation?
Everyone knows what the state of the economy was when IK became PM and measures taken after he formed a government were absolutely necessary to ‘turn the ship around’. All the recent positive news about the economy should be viewed with this in mind.
Why are you so defensive? What’s with the intellectual dishonesty?

I do not want to look at it in isolation. In fact, the point I was trying to make earlier was that comparative figures should be provided properly to be able to compare and understand how things have improved. The issue I had was that the figures being shared were incorrect and the comparison bing done was vs Imran Khan's own tenure

 

[Iqbal'sh]

I do not want to look at it in isolation. In fact, the point I was trying to make earlier was that comparative figures should be provided properly to be able to compare and understand how things have improved. The issue I had was that the figures being shared were incorrect and the comparison bing done was vs Imran Khan's own tenure

I believe you’re talking about the figures quoted by AK Dedhi - forget the numbers do you at least agree with his evaluation with regards to where the economy was in 2018 and how it has now been stabilised and is going in the right direction?

 

[Syed1]

More cause for patwari heart burn



(mods he is BOI chairman, but unverified twitter account )


<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Exports of <a href="https://twitter.com/hashtag/ready?src=hash&ref_src=twsrc%5Etfw">#ready</a>-<a href="https://twitter.com/hashtag/made?src=hash&ref_src=twsrc%5Etfw">#made</a> <a href="https://twitter.com/hashtag/garments?src=hash&ref_src=twsrc%5Etfw">#garments</a> during 1st 4 months of current fiscal year grew by 12 % as compared to exports of corresponding period of last year. From July-Oct 2019, about 19.54 m dozens of ready-made garments worth $906.6 m were exported.<a href="https://t.co/LTHodyEDzN">https://t.co/LTHodyEDzN</a> <a href="https://twitter.com/pid_gov?ref_src=twsrc%5Etfw">@pid_gov</a> <a href="https://t.co/TsVPr3IQtL">pic.twitter.com/TsVPr3IQtL</a></p>— Zubair Gilani (@GilaniZubair) <a href="https://twitter.com/GilaniZubair/status/1198870031255425025?ref_src=twsrc%5Etfw">November 25, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Technics 1210]

You know Pakistan's economy is on the up when foreign investor confidence is on the rise, and Pakistani bonds and Stock market are topping double digit yields, making Pakistan's fixed income attractive amid a surge in the world’s pool of negative-yielding debt.

The future is Pakistan - FACT - the numbers do not lie. Pakistan is both a Geopolitical & Economical asset and the world knows it.

Invest in Pakistan by any means necessary as Pakistan is the best kept economic secret. YOu will reap the rewards in the years to come!

 

[Napa]

You know Pakistan's economy is on the up when ... Pakistani bonds... are topping double digit yields...

"It is better to remain silent at the risk of being thought a fool, than to talk and remove all doubt of it." from “Mrs. Goose, Her Book” by Maurice Switzer, 1907.

 

[DrSchultz]

"It is better to remain silent at the risk of being thought a fool, than to talk and remove all doubt of it." from “Mrs. Goose, Her Book” by Maurice Switzer, 1907.

 

[Technics 1210]

I was quoting data from post #459.

Anyone have a problem, go cry to Bloomberg.

:

 

[Syed1]

Obviously a patwari will always side with a chest thumping Indian over Pakistan..... mian sahab ke paon jo chumay howay hain

 

[Napa]

I was quoting data from post #459.

Anyone have a problem, go cry to Bloomberg.

:

Bloomberg provided correct data about yields. The idiocy that a country's economy "is on the up" when its sovereign debt "are topping double digit yields" is entirely your responsibility, not Bloomberg's.

 

[Slog]

Bloomberg provided correct data about yields. The idiocy that a country's economy "is on the up" when its sovereign debt "are topping double digit yields" is entirely your responsibility, not Bloomberg's.

While the poster clearly has limited and faulty knowledge about how financial markets and fixed income products work, the data mentioned in the Bloomberg article still points to positive news.

Asides from the obvious positivity about the foreign investor in the local bourse, the news about foreign inflows for Pakistani bonds is also a good development despite very high interest rates. This isn’t the first time Pakistan has offered high rates on bonds but the same investor interest was not elicited in the past. In fact Pakistan has also offered euro bonds and dollar denominated bonds at higher rates and still there has been limited sales interest from abroad. So in comparison to the past this is good news for the economy and points to good investor sentimenent.

 

[Technics 1210]

Some of you need to go back to basics.

Double digit yields attracts foreign investment, meaning more money flowing into Pakistan. More money flowing into Pakistan means the economy is on the up.

Only the ignorant and jealous would fail to see this glaring reality.

Bloomberg is spot on, stop blaming the source and start blaming your understanding and knowledge.

 

[Napa]

While the poster clearly has limited and faulty knowledge about how financial markets and fixed income products work, the data mentioned in the Bloomberg article still points to positive news.

Asides from the obvious positivity about the foreign investor in the local bourse, the news about foreign inflows for Pakistani bonds is also a good development despite very high interest rates. This isn’t the first time Pakistan has offered high rates on bonds but the same investor interest was not elicited in the past. In fact Pakistan has also offered euro bonds and dollar denominated bonds at higher rates and still there has been limited sales interest from abroad. So in comparison to the past this is good news for the economy and points to good investor sentimenent.

I would say that Pakistan's ability to meet its external liabilities has improved due to the loans it has received from friendly countries, the IMF bailout, and the sharp fall in imports and small increase in exports due to the recent 30%+ devaluation in the PKR.

Following the earlier massive devaluation, the PKR is also stable for the medium term, which reduces currency risk and makes local-currency bonds more attractive.

For the economy to really improve (not just the ability to meet external liabilities), the country has to develop modern industries.