No inflation in Pakistan if Sharif, Zardari families return looted money: Fawad Chaudhry

[Major]

ISLAMABAD: Information Minister Fawad Chaudhry has said that there would be no inflation in Pakistan if Sharif and Zardari families returned the looted money.

Fawad Chaudhry stated this while briefing media persons on cabinet meeting, chaired by Prime Minister Imran Khan in Islamabad on Tuesday.


He said, “The federal cabinet has not yet approved assets declaration scheme. A meeting in this regard has been convened Wednesday to present this scheme before the committee.”

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The cabinet has expressed severe reservations over recent cases of money-laundering, he said and added that such cases would be brought to logical end.

The minister said, “MQM founder, Ishaq Dar, Hassan Nawaz and Hussain Nawaz are not facing courts and they would be brought back to Pakistan.”

“Prime Minister Imran Khan has assured the federal cabinet and the nation that the government's crackdown against terrorists will continue and the menace of terrorism will soon be eliminated,” he said.

He went on to say, the government is fast moving on implementation of National Action Plan, and it is not far when terrorism will be eradicated from the country.

About job provision, the minister said, “From Grade 1-5, recruitments will be made through balloting (draws), however, from scale 6 onwards jobs will be provide after recruitment tests.”

Chaudhry said Pakistan Steels Mills will be revamped, and six companies have showed interest in the plan. He said for the time being, the PSM will be run on public private partnership mode.

https://www.thenews.com.pk/latest/4...C0UqM9FYpyttw-8JF29U2S7P17RBLq6jh2nXvunZkLLKA

 

[Major]

misinformation minister

the guy doesnt even know how economics work

 

[Syed1]

misinformation minister

the guy doesnt even know how economics work

And you do?

 

[Major]

And you do?

yes, much better than the misinformation minister

 

[Syed1]

yes, much better than the misinformation minister

Sure hand in your resume and apply to be finance minister as well.

 

[Stewie]

yes, much better than the misinformation minister

There is no direct correlation but I think you get the gist of what he is trying to say. A healthy injection of the returned money in the govt coffers will indirectly help counter inflation, wouldn’t it?

 

[Savak]

Time to test the patriotism of the PPP and PML-N now

 

[Major]

Sure hand in your resume and apply to be finance minister as well.

Fawad Chaudary is not the finance minister he is a minister of information.

 

[Technics 1210]

Deary me!

Some new for you, there is no hard formula to calculate inflation; not money supply, or prices.

In the UK sometimes it is CPI, or RPI, and above this, common goods in the basket are used to determine inflation, be it Blurays, Fuel, or Cinema Tickets.

If in the UK and USA rents and mortgages were used as a measure, then inflation would be in the double digits resulting in high interest rates.

It is all rigged!

 

[Major]

There is no direct correlation but I think you get the gist of what he is trying to say. A healthy injection of the returned money in the govt coffers will indirectly help counter inflation, wouldn’t it?

Increases money supply which creates more problem.


The return of money will help in the BOP significantly, but it also depends on how govt decides to spend the retrive money as it could create problems in prices aswell.

Im not saying that retrieving the money is wrong, but for a information minister to say that this will cause in price reduction is quite insane.

 

[Technics 1210]

By the way, returning money - inject money into the system - could result in inflation as the money supply increases. The heading of the OP is misleading. If all the looted money was returned, it would infact lower the deficit not inflation!

 

[Syed1]

Fawad Chaudary is not the finance minister he is a minister of information.

I know... but you seem to know more than Asad Umar as well.

 

[Major]

I know... but you seem to know more than Asad Umar as well.

did Asad Umar also make such ridiculous comments that by returning looted money inflation rate would drop?

because i really hope not. If he did, then this country is doomed.

 

[Syed1]

By the way, returning money - inject money into the system - could result in inflation as the money supply increases. The heading of the OP is misleading. If all the looted money was returned, it would infact lower the deficit not inflation!

The inflation is primarily due to the rising exchange rate which could be mitigated by having all the looters and plunderers return the dollars and pounds they have stashed abroad.

 

[Mamoon]

So where are the 200 billion Arab that the fake degree holder Murad Saeed promised?

 

[Bewal Express]

Increases money supply which creates more problem.


The return of money will help in the BOP significantly, but it also depends on how govt decides to spend the retrive money as it could create problems in prices aswell.

Im not saying that retrieving the money is wrong, but for a information minister to say that this will cause in price reduction is quite insane.

BOP improvements will help with the stability of the exchange rate , this in turn helps with inflation as one the biggest causes of inflationary pressure is the drop in the value of the rupee. So he was right. Maybe one day you will comment on the crooked PPP, what's stopping you?

 

[Bewal Express]

So where are the 200 billion Arab that the fake degree holder Murad Saeed promised?

Are you saying that billions have not been stolen from PK?

 

[Bewal Express]

did Asad Umar also make such ridiculous comments that by returning looted money inflation rate would drop?

because i really hope not. If he did, then this country is doomed.

So it wasn't doomed when the Falooda walas became billionaires? Please explain

 

[Technics 1210]

The inflation is primarily due to the rising exchange rate which could be mitigated by having all the looters and plunderers return the dollars and pounds they have stashed abroad.

The FX rate is of course mostly down to the USD, but I respectfully disagree. Returning the USD/GBP can increase reserves, thus strengthening the PKR, curbing inflation.

 

[Syed1]

The FX rate is of course mostly down to the USD, but I respectfully disagree. Returning the USD/GBP can increase reserves, thus strengthening the PKR, curbing inflation.

That is exactly what I said.

 

[Technics 1210]

That is exactly what I said.

Hahaha! Indeed! But no in the exact words!

 

[Mamoon]

Are you saying that billions have not been stolen from PK?

I wrote plain English. The fake degree holder proudly claimed during the election campaign that it will only be a matter of few weeks before he brings all the looted wealth back. So where is it?

 

[Bewal Express]

I wrote plain English. The fake degree holder proudly claimed during the election campaign that it will only be a matter of few weeks before he brings all the looted wealth back. So where is it?

My question is a simple one- are you claiming that no money has been stolen from PK?

 

[Mamoon]

My question is a simple one- are you claiming that no money has been stolen from PK?

You can not deflect my question by counter-questioning. I ask again - what is the update on fake degree holder’s quest to bring the looted wealth back? Was he talking out of his backside during the election campaign?

 

[Technics 1210]

My question is a simple one- are you claiming that no money has been stolen from PK?

If one believes corruption is acceptable, then theft is a right.

 

[Syed1]

I wrote plain English. The fake degree holder proudly claimed during the election campaign that it will only be a matter of few weeks before he brings all the looted wealth back. So where is it?

Funny you keep harping about one election statement. Yet nothing about this:

Nawaz Sharif dreams to make Pakistan an 'Asian Tiger'

https://tribune.com.pk/story/592284...harif-dreams-to-make-pakistan-an-asian-tiger/

 

[Bewal Express]

You can not deflect my question by counter-questioning. I ask again - what is the update on fake degree holder’s quest to bring the looted wealth back? Was he talking out of his backside during the election campaign?

I am not deflecting question, I am asking you a simple and straightforward question: do you believe that billions have not been stolen from PK?

 

[Bewal Express]

If one believes corruption is acceptable, then theft is a right.

Like all those that benefit from haraam earnings, semantics is what they hide behind. We can debate as to whether it's $200bn, or $20bn but they are mind boggling figures for a poor country to lose. Just imagine if it was only $10bn, that is $10bn we didn't use to build dams, schools or sort out our power lines. How can any honest person celebrate his country get robbed by crooks. The mind boggles.

 

[Mamoon]

I am not deflecting question, I am asking you a simple and straightforward question: do you believe that billions have not been stolen from PK?

I am also asking you a simple question. When will fake degree holder bring back the 200 Arab dollars?

 

[Bewal Express]

I am also asking you a simple question. When will fake degree holder bring back the 200 Arab dollars?

He won't, processes will and IA that will happen in time. So let's hear from you how much has been stolen?

 

[cric_man]

So where are the 200 billion Arab that the fake degree holder Murad Saeed promised?

Actually it was Munshi Ishaq Dar who first made the $200 Billion claim and then intentionally scuttled reciprocity agreement with the Swiss that potentially could have brought the money back.

https://www.dawn.com/news/1105356

$200bn of Pakistan in Swiss banks: Dar
Khawar GhummanMay 10, 2014 Facebook Count
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ISLAMABAD: Finance Minister Ishaq Dar staggered the National Assembly on Friday when he revealed that at least $200 billion of ‘Pakistani money’ was stashed away in Swiss banks.

In a written reply, Dar told the house that the government was engaging with Swiss authorities to get to the money, hidden away by various Pakistani nationals.

In a detailed response to a question raised by Dr Arif Alvi of the Pakistan Tehreek-i-Insaf (PTI), the minister quoted statements by a Swiss banker and a former Swiss government minister: “One of the directors of Credit Suisse AG stated on the record that $97 billion worth of Pakistani capital was deposited only in his bank. Similarly, Micheline Calmy-Rey, a former Swiss foreign minister, is reported to have put the amount of Pakistani money hidden in Switzerland at $200 billion — a statement that was never contradicted,” he revealed.

Saying that he believed the figures were correct, Mr Dar said the situation called for immediate corrective action. To put the enormity of this find into perspective, Pakistan’s total external debt stands at $150 billion and its gross domestic product is said to be around $300 billion. The country can, theoretically, pay off all its debt with the money in Swiss banks and still have nearly a quarter of it left over.

ARTICLE CONTINUES AFTER AD

The finance minister said the government was working under the ambit of a new Swiss law, known as ‘The Restitution of Illicit Assets Act, 2010’ (RIAA), which allows the Swiss government to exchange information — which was considered confidential up to now — regarding money that may have been obtained illegally and deposited in Swiss banks. He also briefed the house on the steps the government was taking to get the money back.

The minister said the federal cabinet in a meeting on Sept 20 last year had already approved renegotiation of the current Pak-Swiss tax treaty and Federal Board of Revenue officials and the Swiss authorities concerned had agreed to meet in August this year to upgrade the existing agreement.

In his reply, Mr Dar also referred to various international pressures that had forced the Swiss government to review its policy on clandestine banking.

Amid a global squeeze on tax evasion, money laundering and blatant outflows of capital, Switzerland’s 11 largest banks housed nearly $7 trillion of the world’s total offshore liquidity stock of $32 trillion.

Switzerland has traditionally been the oldest, the most formidable and the most popular secret banking jurisdiction, attracting massive sums of tax-evaded money from across the world into its banks with numbered-accounts. Since 2009, the US and EU have consistently been pressing Switzerland and other tax havens to allow international tax administrations to track illegal funds parked in their secretive banks.

 

[Bewal Express]

He won't, processes will and IA that will happen in time. So let's hear from you how much has been stolen?

Once again you ran, so once again who much do you think has been stolen from PK? [MENTION=131701]Mamoon[/MENTION]

 

[Waseem]

People forget that politicians are always going to do politics and happens everywhere in the world.

Economy suffers due to money laundering - FACT
Economy suffers due to corruption - FACT
Economy improves and inflation is controlled if both money laundering and corruption is tackled - FACT

Why wouldn't they embarrass the crooks who weren't just involved in money laundering but also mismanagement of economy?

I think people who think PTI is responsible for inflation due to 8 months policies rather than those who ruled in last decades and were involved in corruption should be embarrassed.

 

[Kriketer]

People forget that politicians are always going to do politics and happens everywhere in the world.

Economy suffers due to money laundering - FACT
Economy suffers due to corruption - FACT
Economy improves and inflation is controlled if both money laundering and corruption is tackled - FACT

Why wouldn't they embarrass the crooks who weren't just involved in money laundering but also mismanagement of economy?

I think people who think PTI is responsible for inflation due to 8 months policies rather than those who ruled in last decades and were involved in corruption should be embarrassed.

Exactly. That's why I say all Imran needs to focus on through out his tenure is to tackle corruption and make bodies accountable. That's about it! The biggest reasons why third world countries suffer and make progress at a very slow pace is because of these two terrible reasons. Everything else starts falling under order when you hit the root cause.

These cartoons supporting other awful khandani parties are absolutely mind boggling. They are so hell bent on supporting their corrupt parties that they would rather want the country and people suffer. I don't say PTI will be all angelic and won't get everything right, but they are far better and honest than other looters.

 

[Bewal Express]

[MENTION=131701]Mamoon[/MENTION] where are you? Please share your wisdom like you did with your saplings