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Pakistan economy under the PDM government & now the caretaker administration

wasim-fan said:
They all got it wrong. So did I. PDM has accelerated the process. PTI may have been able push the can down the road a little bit. But he was not driven out for economic reasons, that's for sure.

Watching Ishaq Dar speak today perhaps the most painful thing to watch today. He has no clue about economics. He is wheeler dealer.
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This is why I get angry. On what evidence did you think the pdm would do a better job. I had the same evidence as you and I saw nothing. You had two terms to analyse and nearly 30 years of data. Why did you get it wrong? Inmho I believe your ego and you bought into the media narrative. Again if that is the case younshould question your judgement and look yourself in the mirror. May I ask hownold your are? If you are between the age of 15 and 25 I can forgive you. If your are between the age of 27 to 40 married with children and a good job I would seriously be worried about your decision making capacity.
 
In doldrums it is dollar crossed 300 in grey market, Savour Food a single plate shoot up from 375 to 445 in a week's time, what more you expect, a decade old Honda car oil change costs Rs.13000 leave aside tune ups and any other repair
 
Brothers, I totally understand your frustration.

I will give you an example...

When Sri Lanka defaulted there were many protests around the country. Understandable.

What shocked me was there were counter protests with many STILL defending the Rajapaksas. After the default had already happened! How delusional would you have to be to support them at that point?!

You can see the same situation being played out at a smaller scale here. Someone like Wasim found out their position is untenable and have stopped their support. If you ask Major why the country is in its current situation they will still say "PTI policies".

Where is your energy better spent?
 
the Great Khan said:
This is why I get angry. On what evidence did you think the pdm would do a better job. I had the same evidence as you and I saw nothing. You had two terms to analyse and nearly 30 years of data. Why did you get it wrong? Inmho I believe your ego and you bought into the media narrative. Again if that is the case younshould question your judgement and look yourself in the mirror. May I ask hownold your are? If you are between the age of 15 and 25 I can forgive you. If your are between the age of 27 to 40 married with children and a good job I would seriously be worried about your decision making capacity.
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Well I am sorry to make you angry. As an economist between 27-40 years, I can tell you my views. Pakistan economy was certain to go down after CPEC didn’t take off and we had the circular debt crisis. I am not saying that PTI was handling the situation brilliantly and would have sailed through. Far from it. Doom was certain, question was when. His decision to subside oil and push the country further into debt made me feel that someone else has to come in. It was reckless decision. In the hindsight, if he was not threatened, he wouldn’t have done the gimmick and perhaps would have taken the tough measures needed.

Plus, it’s not just PDM / PTI issue. This is a structural issue. Without the tough IMF reforms which will cause serious pain to common man, there is no getting around this problem.
 
Cpec didn't take off because of the 2 culprits ik and bajwa.

Ik wanted to audit what munshis crew pmln had done

And bajwa Is a ghaddar
 
mazkhan said:
Cpec didn't take off because of the 2 culprits ik and bajwa.

Ik wanted to audit what munshis crew pmln had done

And bajwa Is a ghaddar
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Was IK wrong though ? China and CPEC have further pushed Pakistan to the point of no return ? The jaahil awaam who keep talking about “Himalaya sey oonchi Samunder sey gehri” brotherhood with China don’t ask by China is not providing aid or helping Pakistan in this hour of need. Why are they providing loans at exceptionally high rates of interest ? Why do they have Chinese technicians and engineers only on this. What’s the employment generation for Pakistanis.

CPEC was just one another con job pulled on the people of this nation after 1947
 
mazkhan said:
Cpec didn't take off because of the 2 culprits ik and bajwa.

Ik wanted to audit what munshis crew pmln had done

And bajwa Is a ghaddar
Click to expand...

IK was worried that CPEC hadn't been evaluated properly. We needed CPEC to work for us, not just for the Chinese.
 
Unbelievable there are still people who believe PDM actually saved the country at a time when PDM themselves had disclosed in Economic survey that Economic growth was 6% with Large Scale Manufacturing growing at 11% & Agriculture at 4%. Highest exports and remittances and highest job growth (almost reaching 1 crore jobs PTI had promised if they had completed 5 years).

Only issue was inflation and any sane person can confirm that inflation is/was a global issue and if you check inflation graph in Pakistan, it was rising exactly at same rate as other countries but this year the increase was never seen in history before. Didnt these crooks come to actually reduce the inflation? How can they actually increase it and even twice the rate it was going up before???
 
Anyone thinking these political parties care about Pakistan is kidding themselves. Honestly Pakistan has to go another 20-30 years of election cycles to get over the legacy left by the dictators and their offshoots. The best thing to happen out of this whole dibacle is that we learnt how stupid pmln really is. I mean seriously who would pick Ishaq Dar in a situation like this it almost seems nefarious how out of touch with reality they really are.


Hoping there are some new indigenous political movements in Pakistan and politics becomes more about policies than personalities and egos.
 
sjahmed23 said:
Anyone thinking these political parties care about Pakistan is kidding themselves. Honestly Pakistan has to go another 20-30 years of election cycles to get over the legacy left by the dictators and their offshoots. The best thing to happen out of this whole dibacle is that we learnt how stupid pmln really is. I mean seriously who would pick Ishaq Dar in a situation like this it almost seems nefarious how out of touch with reality they really are.


Hoping there are some new indigenous political movements in Pakistan and politics becomes more about policies than personalities and egos.
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This is such a good post. Truth is the psyche of common Pakistani doesn't have democracy entrenched in it. Thanks to Establishment. It takes 50 years or more of sustained democracy to get there.
 
wasim-fan said:
This is such a good post. Truth is the psyche of common Pakistani doesn't have democracy entrenched in it. Thanks to Establishment. It takes 50 years or more of sustained democracy to get there.
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The mafia families are an integrel part of the establishment. These thugs are interbred and look after each other.
 
Guys let me know when some PDM lover comes to this thread. They are avoiding it like the plague.


We were told by the likes of [MENTION=131701]Mamoon[/MENTION] that IK is incompetent and Showbaz Sharif is competent. If this is what competence gets us then I'll take incompetence everyday and twice on Sunday. Bhai nahi chahye itni competence.
 
With Ramzan couple of weeks away Sugar mafia has raised the prices of Sugar now don't ask who owns the majority of Sugar Mills in the country
 
Kianig89 said:
With Ramzan couple of weeks away Sugar mafia has raised the prices of Sugar now don't ask who owns the majority of Sugar Mills in the country
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Nani the witch kept calling IK the cheeni chore, so where are the cases and who is the cheeni chore now? Horrible women
 
Syed1 said:
Guys let me know when some PDM lover comes to this thread. They are avoiding it like the plague.


We were told by the likes of [MENTION=131701]Mamoon[/MENTION] that IK is incompetent and Showbaz Sharif is competent. If this is what competence gets us then I'll take incompetence everyday and twice on Sunday. Bhai nahi chahye itni competence.
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Bhai its getting increasingly harder to live in pakistan these days especially for the people on fixed salary. The youth is desperate to get out of pakistan as there seems to be no future for them in pakistan or any future for pakistan at all. As things are moving along the establishments is touting maryam nawaz as the next PM.

The day she or bilawal becomes PM of pakistan ,it will be time to give up pakistan citizenship and leave the country forever.
 
JibranAnsari said:
Bhai its getting increasingly harder to live in pakistan these days especially for the people on fixed salary. The youth is desperate to get out of pakistan as there seems to be no future for them in pakistan or any future for pakistan at all. As things are moving along the establishments is touting maryam nawaz as the next PM.

The day she or bilawal becomes PM of pakistan ,it will be time to give up pakistan citizenship and leave the country forever.
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And Hafiz saab made sure to visit Makkah and give attendance inside the kaabah after taking charge of the army.

Not sure what kinda munafiqs are we?
 
GOVT TO DISTRIBUTE FREE FLOUR AMONG DESERVING FAMILIES

The federal government has decided to distribute free-of-cost flour to deserving families ahead of Ramazan, ARY News reported on Friday.

The decision was taken in a session chaired by Prime Minister Shehbaz Sharif. The premier announced the distribution of free flour among 185,000 deserving families in Islamabad from 40 points established at the state-owned Utility Store Corporation (USC) from March 18.

The data of the deserving families will be collected from the Benazir Income Support Programme (BISP).

PM Shehbaz Sharif said that the government is making efforts to provide relief to the poor and middle-class segments. He also directed concerned authorities to make adequate arrangements to facilitate the nationals to avoid standing in long queues.

The federal government will distribute free wheat among overall 15,800,000 deserving families across Punjab, as well as in Khyber Pakhtunkhwa (KP).

Moreover, flour at cheaper prices will be provided to the citizens in Balochistan through 50 Ramazan bazaars.

ARY
 
Najam Sethi:

"HBL PSL 8 also contributed in keeping country’s economic wheel moving as it created job opportunities and helped tourism, hotel industry, airlines and road traveling business grow. We have paid PKR70crore in taxes to the federal government, PKR50crore in sales taxes and another PKR50crore in provincial taxes and also helped businesses grow"
 
daytrader said:
GOVT TO DISTRIBUTE FREE FLOUR AMONG DESERVING FAMILIES

The federal government has decided to distribute free-of-cost flour to deserving families ahead of Ramazan, ARY News reported on Friday.

The decision was taken in a session chaired by Prime Minister Shehbaz Sharif. The premier announced the distribution of free flour among 185,000 deserving families in Islamabad from 40 points established at the state-owned Utility Store Corporation (USC) from March 18.

The data of the deserving families will be collected from the Benazir Income Support Programme (BISP).

PM Shehbaz Sharif said that the government is making efforts to provide relief to the poor and middle-class segments. He also directed concerned authorities to make adequate arrangements to facilitate the nationals to avoid standing in long queues.

The federal government will distribute free wheat among overall 15,800,000 deserving families across Punjab, as well as in Khyber Pakhtunkhwa (KP).

Moreover, flour at cheaper prices will be provided to the citizens in Balochistan through 50 Ramazan bazaars.

ARY
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And here is that wheat

<iframe src="https://streamable.com/e/yxp3bf" width="310" height="564" frameborder="0" allowfullscreen></iframe>
 
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Common man dying due to economic hell in the country, Flour 15kg bag being sold at Rs.2150/-, Onions around 300kg disaster for the masses
 
Bewal Express said:
But little or no reaction. As they say in Pothwari, this qaum is very sust
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It's being deliberately caused by the zionists and imf they are already threatening the country over the nuclear programme pakistan has met all the conditions and they are still stalling on a programme that was signed by ik in first place .

They want pakistan to default to collapse pakistan and also use their agent ik as a revolutionary and cause an Arab spring situation in pakistan which topples the military , then its easy for them to carve up pakistan.

Everyone knows the game

Just look at bewal jumping up and down for an uprising kaum sust lol


Look how ik is untouchable he's created a state within a state even nawaz sharif , maryam and zardari went to jail , this guy is untouchable .
 
mazkhan said:
It's being deliberately caused by the zionists and imf they are already threatening the country over the nuclear programme pakistan has met all the conditions and they are still stalling on a programme that was signed by ik in first place .

They want pakistan to default to collapse pakistan and also use their agent ik as a revolutionary and cause an Arab spring situation in pakistan which topples the military , then its easy for them to carve up pakistan.

Everyone knows the game

Just look at bewal jumping up and down for an uprising kaum sust lol


Look how ik is untouchable he's created a state within a state even nawaz sharif , maryam and zardari went to jail , this guy is untouchable .
Click to expand...

LOL

My brother, it might be time to take a break from PP before you turn it into a patwari uncle whatsapp group.

So IK who we all thought was a naive but well intentioned politician was actually an evil genius this whole time working with zionists and IMF to:

- remove himself through VONC while showing every attempt to stop it
- force PDM to stay in power instead of going elections where they would have likely won at least with a minority and had power for 5 years
- make PDM not fix any economic issues and instead focus on getting their cases dropped the whole time they were in power
- fire the only competent guy they had who was able to secure IMF deal after the mess they created themselves for Mr. Macho Dar who knows how to "handle IMF"
- make PDM destroy the IMF deal through currency fixing and no plan to meet their financial obligations after destroying the economy themselves
- force PDM to not go for elections when at any point they could have run back to UK, UAE, etc and left the mess for IK, despite every peaceful attempt by him to make elections happen
- filed 100+ ** cases on himself so he can be arrested for stupid reasons
- force the awaam to stand with him when PDM starts shelling his house and sends the army over a watch sale (which he did legally while PDM leaders illegally took many items incl cars)

Man, respect to IK. Way smarter than people give him credit for.

Honest advice: take a break from Maryam's speeches. Aap ka demagh fry kardiya hai.

p.s. IMF is not releasing the funds because PDM hasn't begged around enough and the global economy is struggling so people are not giving funds for free anymore.

From an actual source and not Maryam's twitter: https://tribune.com.pk/story/2407319/imf-says-substantial-progress-by-pakistan-toward-loan-programme
 
At this point, having no one in the government would still be better than this government. The anarchy of having no government would still look more structured than what Pakistan has right now.
 
Naanbai association protesting to increase Roti price next price at Rs. 25/-, what would the poor do disgusting
 
mazkhan said:
It's being deliberately caused by the zionists and imf they are already threatening the country over the nuclear programme pakistan has met all the conditions and they are still stalling on a programme that was signed by ik in first place .

They want pakistan to default to collapse pakistan and also use their agent ik as a revolutionary and cause an Arab spring situation in pakistan which topples the military , then its easy for them to carve up pakistan.

Everyone knows the game

Just look at bewal jumping up and down for an uprising kaum sust lol


Look how ik is untouchable he's created a state within a state even nawaz sharif , maryam and zardari went to jail , this guy is untouchable .
Click to expand...

But that has been the plan all along. Did you think the Americans backed the crooked Generals and the puppets because they want PK to succeed. Kaptaan scared them and these guys are compromised.
 
wasim-fan said:
Well I am sorry to make you angry. As an economist between 27-40 years, I can tell you my views. Pakistan economy was certain to go down after CPEC didn’t take off and we had the circular debt crisis. I am not saying that PTI was handling the situation brilliantly and would have sailed through. Far from it. Doom was certain, question was when. His decision to subside oil and push the country further into debt made me feel that someone else has to come in. It was reckless decision. In the hindsight, if he was not threatened, he wouldn’t have done the gimmick and perhaps would have taken the tough measures needed.

Plus, it’s not just PDM / PTI issue. This is a structural issue. Without the tough IMF reforms which will cause serious pain to common man, there is no getting around this problem.
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Just saw this message. Your paradigm is broken. Yes there are structural issues hence why KHan and Co were micro managing things. Almost to the enth degree. He was relying on some oil from Russia and most likely some more financial assistance from other areas. The last thing we needed was political instability. That is the point.

Now sit and watch it burn.

As for CPEC it is still the best game in town for us couple with our central Asian connectivity project. There is no other game in town right now..
 
the Great Khan said:
Just saw this message. Your paradigm is broken. Yes there are structural issues hence why KHan and Co were micro managing things. Almost to the enth degree. He was relying on some oil from Russia and most likely some more financial assistance from other areas. The last thing we needed was political instability. That is the point.

Now sit and watch it burn.

As for CPEC it is still the best game in town for us couple with our central Asian connectivity project. There is no other game in town right now..
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I guess subsidizing oil was one form of micro management. I would have conceded your point of you could be open about the problems as well.
 
On one hand the showoff of free flour, and side by side govt subsidised flour at 650 begin sold at 1150
 
CHINA ROLLS OVER $2 BILLION LOAN TO PAKISTAN

China has rolled over its safe deposit of $2 billion with Pakistan on the existing terms as Islamabad’s foreign exchange reserves escaped further decline, ARY News reported, citing sources.

In a major development to secure a staff-level agreement with the International Monetary Fund (IMF), China has rolled over $2 billion, sources within the finance ministry said.

For the revival of the stalled loan programme with the IMF, Pakistan had to confirm external financing with the fund.

Beijing has rolled over the safe deposit with Pakistan for a year.

...
https://arynews.tv/china-rolls-over-2-billion-loan-to-pakistan/
 
daytrader said:
CHINA ROLLS OVER $2 BILLION LOAN TO PAKISTAN

China has rolled over its safe deposit of $2 billion with Pakistan on the existing terms as Islamabad’s foreign exchange reserves escaped further decline, ARY News reported, citing sources.

In a major development to secure a staff-level agreement with the International Monetary Fund (IMF), China has rolled over $2 billion, sources within the finance ministry said.

For the revival of the stalled loan programme with the IMF, Pakistan had to confirm external financing with the fund.

Beijing has rolled over the safe deposit with Pakistan for a year.

...
https://arynews.tv/china-rolls-over-2-billion-loan-to-pakistan/
Click to expand...

Let the scavengers party begin.
PDM and the Army to hog on this money like wild boars.

It has no benefit to Pakistan.

I hope China is playing a long term game like they did with taking over a port in Sri Lanka. I hope the Chinese are planning to take over Pakistan - all of it.
 
Short-term inflation measured by the Sensitive Price Index (SPI) hit an all-time high of 46.65 per cent year-on-year (YoY) for the week ending on March 22, driven mainly by a major increase in food prices, data shared by the Pakistan Bureau of Statistics (PBS) showed on Friday.

Last week, short-term inflation was recorded at 45.64pc year-on-year.

On a week-on-week basis, short-term inflation increased by 1.80pc as tomatoes, potatoes and wheat flour became costlier.

DAWN
 
The Ponzi scheme of 3xbag flour for poor exposed by govt.,send msg which will cost Rs. 3/- and multiply it with millions, then the bag which was.sold at 650, now priced at 1150/-
Have to say 3 times meal now a luxury in Pakistan thanks to PDM
 
Provision of free flour to only registered members of BISP deprives thousands

The majority of people have been deprived of free flour bags because they are not registered with the Benazir Income Support Programme (BISP). It seems that the government is providing free flour to only the ‘selective poor’ that are registered with BISP. The government is only taking care of the public that is ‘below the poverty line’ means providing free cost commodity has turned out to be a ‘flop show’ for poor and middle-class families in the province including the twin cities of Rawalpindi and Islamabad for four days.

On the other hand, those who have been denied this facility just because they are not registered BISP have protested against this step-motherly behaviour of the sitting government and appealed to the Chief Justice of Pakistan (CJP) to take suo moto notice of this indifferent attitude of the sitting government.

Talking to ‘The News’ they asked what was their fault and where should they go to purchase flour because the Punjab government has not only increased the price of subsidised flour but it has also disappeared from the open market for a week. It seems that the Punjab government is compelling people to purchase expensive flour bags selling at Rs2800 to Rs3000 per 20-kilogram, they said.

The caretaker Chief Minister Mohsin Naqvi also admitted that several people were not registered in the Benazir Income Support Programme (BISP). “Thousands of people complained of non-verification of their Computerized National Identity Cards (CNICs) and admitted that they were not registered with the Benazir Income Support Program (BISP),” he added.

The caretaker CM has directed local management, Rawalpindi to register people with the BISP so that they might not face any difficulty in future.

Over 95 per cent of poor and middle-class segments of society said that there are thousands of ‘Atta’ bags in trucks but we could not get the commodity. If the sitting government really wants to provide any kind of relief to the public, it should sell subsidised ‘Atta’ bags and a fixed rate of Rs400 for a 10-kilogram bag.

...
https://www.thenews.com.pk/print/10...registered-members-of-bisp-deprives-thousands
 
Wheat mafia literally squeezing the masses, 15kg bag @2475/- no respite for poor, also that killer free bag mors scheme has already taken multiple lives not to mention what is being distributed is anything but flour
 
I knew PDM would be a disaster for the economy, however never in my worst nightmare could I imagine they would be this bad.

Ishaq Dar was brought in to fool the IMF, get the loan and money from the Gulf Arab states without making any reforms. Once the money was given use it to win the election. IMF is not falling for it this time.
 
Colorblind Genius said:
Let the scavengers party begin.
PDM and the Army to hog on this money like wild boars.

It has no benefit to Pakistan.

I hope China is playing a long term game like they did with taking over a port in Sri Lanka. I hope the Chinese are planning to take over Pakistan - all of it.
Click to expand...

The Chinese always play the long game. They know these crooks are not gonna last long and they have leverage over the generails...
 
The government, while projecting further hike in inflation coupled with a slowdown of the economy, on Friday said that delay in finalising a deal with the International Monetary Fund was causing economic distress in the country.

In its monthly outlook report, the economic adviser wing of the finance ministry also said that political instability has started feeding strong inflationary expectations.

While holding back its inflation forecast figure for the outgoing month, the finance ministry painted a gloomy outlook of the economy. It said that the Monthly Economic Indicator -- a tool to predict the economic growth rate based on the past and current indicators -- has further slowed.

https://tribune.com.pk/story/2409364/govt-paints-gloomy-outlook-of-economy
 
The Pakistan Bureau of Statistics (PBS) released data on Saturday indicating that inflation, as measured by the Consumer Price Index (CPI), reached an all-time high of 35.37 per cent year-on-year (YoY) in March.

This marks the highest CPI increase on record since July 1965, according to the investment firm Arif Habib Corporation.

DAWN
 
36% inflation definitely the worst country to live now, add to it the cartels and mafia in every field
 
The Pakistani rupee regained 1.26% (or Rs3.60) to Rs284.25 against the US dollar before midday on Thursday, ending its four days losing streak in the interbank market.

The International Monetary Fund (IMF) confirmed that it received a financial commitment of $2 billion for Pakistan from Saudi Arabia, helping the rupee partially regain ground against the greenback.

The financial commitment was the last condition for the IMF to resume its $6.5 billion loan programme for Pakistan. The revival of the programme would allow the IMF to issue a loan tranche of $1.1 billion.

Moreover, other global creditors would unlock financing worth multi-billion dollars, as they had committed around $9 billion in flood relief in Geneva in January 2023.

The receipts would improve foreign exchange reserves, reduce the high risk of default on external debt repayment and support the rupee against the greenback.
 
Pakistan has reportedly received $1 billion financing commitment from the United Arab Emirates (UAE).

A written guarantee in this regard is too expected in the ongoing week after Finance and Revenue Minister Ishaq Dar put special request to the UAE officials, sources in the Ministry of Finance (MoF) told Dunya News.

The UAE's financing will pave the way for the release of $1.3bn pending tranche by the International Monetary Fund (IMF) as the global lender is awaiting assurances for Pakistan from friendly countries including the UAE.

Sources said said the UAE was likely to provide a written guarantee regarding $1 billion financing this week and the news will be conveyed to the Fund officials by the Finance Secretary Hamed Yaqoob Sheikh during the annual meeting currently being held in Washington.

The international financial institution has asked Pakistan to secure assurances on external financing from friendly countries and multilateral partners to fund its balance of payment gap for this fiscal year, which ends in June.

Last week, Saudi Arabia pledged $2 billion and informed the IMF it will provide financing to Pakistan.

The development comes after Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar requested the UAE officials in order to complete the prerequisites of the Fund.

-- IMF receives $2bn Saudi assurance for Pakistan --

Pakistan moved one step closer to the revival of the crucial bailout package of the International Monetary Fund (IMF) as Saudi Arabia has provided assurance for $2 billion in additional deposits to the global lender.

The IMF has informed the Pakistani authorities about the confirmation, one of the major demands for resuming the loan deal stalled since last year.

Pakistan’s loan programme is yet to materialize months after it imposed additional taxes and increased energy prices and allowed free floating of currency to meet conditions laid forth by the IMF. The nation has missed multiple deadlines to revive the deal. The Washington-based lender has asked the cash-strapped Pakistan to seek commitments for new loans from Saudi Arabia and the United Arab Emirates (UAE) before it releases the funds.

Reports said the Kingdom is yet to make an official announcement in this regard. It is expected that the Saudi government would announce the new loans for Pakistan during upcoming visit of Prime Minister Shehbaz Sharif.

Pakistan is now looking towards the UAE to secure another $1 billion deposit in order to reach the staff-level agreement (SLA) with the IMF.

Finance Minister Ishaq Dar is likely make a stopover in the UAE on his way to the US where he would hold talks on revival of the loan deal.

Earlier, the IMF’s resident representative for Pakistan has said the country has a few more tasks to complete to meet requirements for a $6.5 billion bailout.

The economic turmoil could worsen if the IMF bailout is delayed further as foreign exchange reserves continue to deplete. Total foreign reserves stand at $9.82 billion with the State Bank of Pakistan holding only $4.24 billion, which is barely enough to cover three weeks of imports.

The sources said that IMF has also demanded reduction in petrol and diesel imports, also they are asking to cover up the shortfall in petroleum levy and taxes.

Dunya
 
Honda Atlas Cars Pakistan Ltd on Thursday announced a 15-day extension to its longest plant shutdown this fiscal year, citing the country’s economic crisis, restrictions on opening letters of credit for imports, and halting foreign payments.

The company announced an initial 23-day shutdown on March 8, which was expected to end on March 31. It then extended the shutdown to April 15.

Honda says the government’s stringent measures to deal with Pakistan’s economic situation have “severely disrupted” the company’s supply chain.

In a notice to the Pakistan Stock Exchange, the company, a unit of Japan’s Honda Motor Co Ltd said:
 
SOARING INFLATION DAMPENS EID SHOPPING IN CRISIS-HIT PAKISTAN

The holiday that marks the end of the Muslim fasting month of Ramadan used to be a guaranteed earner for Pakistan’s small shops and businesses — a big-spending week that could match the take from the rest of the year.

This year, however, many worry they will not even make enough to pay their monthly rent, with inflation hitting its highest levels in decades and political turmoil miring the country in uncertainty.

“There are no customers, there are no buyers,” said Shehzad Ahmed, who runs a shop selling bags, jewellery and other goods in the eastern city of Lahore.

The South Asian country of more than 220 million people saw year-on-year inflation hit 35.4 percent in March. Food prices surged more than 47 percent in 12 months, with transport costs rising by 55 percent.

Pakistan is deeply in debt and needs to introduce tough reforms to unlock a tranche of a $6.5 billion bailout from the International Monetary Fund in order to avoid default.

The economy has been wrecked by years of financial mismanagement and political instability –- a situation exacerbated by a global energy crisis and devastating floods that left a third of the country under water last year.

The end of Ramadan, Eid al-Fitr, is celebrated by Muslims around the world by feasting with relatives and friends, exchanging gifts, and dressing up in new clothes and shoes.

The dire economic straits have, however, cast a decidedly sombre mood across the country’s normally vibrant markets.

“There are significantly fewer shoppers compared to last year — and it’s because of inflation,” trader Saif Ali told AFP.

‘Going through the motions’
Sheikh Amir, who runs a small shop selling glass bangles and imitation jewellery, said he was usually able to earn enough for the whole year during Eid.

“It’s become very difficult these days,” he said. “We are just going through the motions in the hope that we will be able to make enough to pay the rent for our shops.”

Major shopping districts across the country usually see a surge in spending in the week leading up to the holiday, which begins with the sighting of the new moon, expected this weekend.

...
https://arynews.tv/soaring-inflation-dampens-eid-shopping-in-crisis-hit-pakistan/
 
People should stop complaining. They moaned during Khan's time. Everyone said showbaaz acha hay...ub maza aya..bohut shoak thaa ub pata laga hay..
 
Pakistan sees sharp drop in Eid shopping due to soaring inflation

Retail sales in Pakistan have witnessed a sharp drop compared with previous years in the run-up to the Muslim holiday of Eid al-Fitr, retailers say, as shoppers feel the pinch of decades-high inflation.

The lead up to Eid al-Fitr, expected to fall on Saturday in Pakistan to mark the end of the holy month of Ramadan, traditionally sees the highest sales of the year.

But this year, the country is experiencing a crippling economic crisis.

“There has been a 20 percent reduction in sales across all categories except women’s clothing,” Tariq Mehboob, chairman of the Chain Store Association Pakistan (CAP) and CEO of Royal Tag, a clothing brand for men, told Reuters news agency.

Inflation clocked in at 35 percent in March, fuelled by a depreciating currency, a rollback in subsidies, and the imposition of higher tariffs to secure a bailout package of $1.1bn from the International Monetary Fund.

Food inflation has risen to more than 47 percent, and even the wealthier professional class is making lifestyle changes to deal with rising prices.

“Pakistanis have lost more than 50 percent of their wealth in the last two years in the form of depreciation, so you’re now selling to people with 50 percent less available funds, while the cost has gone up 100 percent,” said Asad Shafi, owner of female clothing brand Cross Stitch.

“The expectation of fashion retailers is so low that even meeting breakeven or bare minimum sales just to stay alive is acceptable,” he added.

Asfandyar Farrukh, co-founder of CAP and managing director of Hub, a leather goods store, said that Eid shopping appears to have started sooner and peaked earlier, coinciding with salary pay days, and customers anticipating price increases.

“Established brands are not seeing as big a drop in revenues as local markets as they are frequented more by upper-middle and upper-income customers,” says Farrukh.

Usually bustling markets and shopping centres targeting the middle and lower-middle class such as Anarkali and Liberty Market in the eastern city of Lahore have both reported fewer customers.

Ashraf Bhatti, president of the Anarkali Traders Association, told Reuters that there had been a 50 percent reduction in Eid shopping this year, while Sohail Sarfaraz Mani, President of Liberty Market Traders Association, estimated the drop had been around 35 percent.

The sales drop adds to the slowing of Pakistan’s $350bn economy, which has struggled in recent months amid tough stabilisation polices, including the central bank raising interest rates to a historic high of 21 percent.

Pakistan expects its economy to grow 2 percent during the current fiscal year. However, in April, the World Bank slashed Pakistan’s growth projections from 2 percent to 0.4 percent.
Click to expand...

Link: https://www.aljazeera.com/news/2023...drop-in-eid-shopping-due-to-soaring-inflation
 
Pakistan’s state-owned entities (SOEs) are the worst in South Asia and their combined losses growing faster than assets, resulting in a significant annual drain on scarce public resources and posing a substantial risk to the sovereign.

On an annual basis, they together swallow more than Rs458bn in public funds to stay afloat as their combined loans and guarantees surged to almost 10pc of GDP (Rs5.4tr) in FY21 from 3.1pc of GDP or Rs1.05tr in 2016, according to the World Bank that advised a deep-rooted reform programme to reverse the trend.

They “impose a significant fiscal drain and pose a substantial financial risk on the federal government”, said the World Bank, adding that these entities had been incurring losses since FY16, with annual losses averaging at 0.5pc of GDP over FY16–20. “Pakistan’s federal SOEs have been found to be the least profitable in the South Asia region”, said the Public Expenditure Review 2023, adding that with the persistent losses, the accumulated SOE losses had become substantial, amounting to 3.1pc of GDP in FY20.

To cover the losses, the federal government has been providing direct fiscal support to the SOEs, in the form of subsidies, loans and equity injections, which totalled 1.4pc of GDP in FY21. In addition to direct support, the government has been also issuing guarantees for SOEs to secure loans from commercial banks. Federal government exposure to SOEs, defined as the outstanding stock of guarantees and government loans to SOEs, has been rapidly increasing and stood at 9.7pc of GDP in FY21.

DAWN
 
80% workers denied minimum wage
PILER says denial of basic rights is causing people to become violent

Pakistanis are facing dire living conditions due to the country’s failure to enforce minimum wage laws and a historic rise in inflation. According to the Pakistan Institute of Labour Education and Research (PILER), an estimated 80% of unskilled workers are not receiving the minimum wage of Rs25,000 per month, which was awarded ten months ago. Furthermore, a recent World Bank report found that 83% of households in Pakistan are not receiving the minimum $2 a day needed to sustain basic needs.

Speaking to The Express Tribune, PILER Executive Director Karamat Ali says that 80% of unskilled workers are not receiving the minimum wage, and that historical high inflation has exacerbated people’s suffering. In March, inflation reached 35.4%, significantly impacting purchasing power.

While the Punjab government recently announced an increase in minimum wage to Rs32,000 a month, Ali says that there is no mechanism in place to ensure implementation of the government order or to check which industrial and commercial houses are paying their employees what. He projected that each worker should be given a minimum of Rs50,000 a month to afford essential things and services such as food, drinking water, education, and healthcare services.

Citing a World Bank (WB) report, Ali states that 83% of households in Pakistan are not receiving the minimum $2 a day.

The WB report is 18-months-old and since then, inflation has almost doubled while the rupee has lost over half of its value against the US dollar.

“Putting the WB report in the context, one can imagine how badly the people’s purchasing power has gotten impacted in the wake of six-decade high inflation and massive rupee devaluation,” said the PILER executive director.

...
https://tribune.com.pk/story/2413278/80-workers-denied-minimum-wage
 
Pakistan received highest funding in 2022: ADB

The Asian Development Bank (ADB) has claimed that Pakistan is the only Asian country that received the highest funding last year.

The bank said that floods damaged the economy, especially the crops which created an imbalance of supply and demand and increased inflation.

According to the annual report released by the ADB, Pakistan received the most funding during 2022.

The ADB financed projects worth $31.8 billion in Asia. “The ADB and partners have given projects worth $5.5 billion to Pakistan while in 2022, concessional loans of $2 billion and $60 million have been provided to Pakistan.”

According to the report, Pakistan's economy suffered the most damage due to floods, as “crops have been destroyed in Pakistan due to floods, the balance of supply and demand has deteriorated and local inflation has also increased due to the destruction of crops in Pakistan”.

According to the ADB report, 1,730 people were killed, 33.3 million people were affected by the floods in Pakistan, while the floods caused a loss of $30 billion to Pakistan's economy.

According to the report, $1.5 billion has been provided to Pakistan for the flood-affected areas, while $16 billion has been promised for the restoration of the flood-affected areas by the international trade partners.

In the annual ADB report, it is also stated that Pakistan was provided $1.5 billion for flood-affected areas.

Express Tribune
 
Interior Minister Rana Sanaullah has said he expects the long-awaited staff-level agreement with the International Monetary Fund to be finalised within a week to 10 days’ time — a pact that would pave the way for the revival of a $7 billion bailout programme.

The minister made this statement while speaking to the media in Faisalabad on Monday.

“The conditions of that [IMF agreement] are fulfilled and it will be completed in a week to 10 days’ time,” Sanaullah said.

The interior minister expressed the hope that “some relief could be passed to the public” following the IMF programme’s revival.
 
The government on Saturday said the inflation rate might heat up to 38% in April -- which could break the country’s previous highest record.

It also admitted that the central bank’s contractionary monetary policy could not tame the inflationary expectations.

In the economic outlook for April, the finance ministry said inflation waa expected to remain in the range of 36% to 38%.

The forecast is in line with the market expectations and ground realities.

The highest inflation rate in Pakistan was recorded at 37.8% in December 1973.
 
Delay in IMF deal affects budget preparation
A meeting of the National Economic Council is scheduled to be held in the first week of May

The delay in reaching an agreement with the International Monetary Fund (IMF) has affected the preparation of the budget for the upcoming fiscal year, sources told Geo News Saturday.

The Budget Strategy Paper (BSP), which was scheduled to be approved by the federal cabinet in the second week of April, has not been prepared due to the prevailing political and economic uncertainty.

The schedule for deciding the ceiling for development funds and current expenditure for the fiscal year 2024 has also been affected, while a meeting of the Annual Plan Coordination Committee (APCC) is yet to be held.

Meanwhile, a meeting of the National Economic Council is scheduled to be held in the first week of May.

Sources said the budget documents would be finalised by the last week of next month for approval by the cabinet. The government plans to present the budget for the upcoming year to the cabinet as well as parliament in the first week of June.

It is expected that the new budget would be “dictated” by the IMF, the sources said, adding that the Washington-based lender’s approval would be sought for tax revenues, fiscal deficit, public sector development programme funds and key targets.

The government has been in talks with the IMF since November for the release of a desperately-needed economic bailout, without which the country risks default.

...
https://www.thenews.com.pk/print/1065495-delay-in-imf-deal-affects-budget-preparation



...
 
Last I heard, the healthcare card benefit was stopped and closed in KPK after no funds were received from the central/federal govt.

The entire country’s economy seems to have gone down the toilet.

Thank you Bajwa the traitor, and Thank You PDM, the scavengers.


I just so dearly hope that IMF does not give a single penny to this bunch of ultra haram khores.
 
Economy in completed mess and common man is literally dead finished, peer to peer lending Street crimes etc have multiplied
 
Govt raised minimum wage to Rs25,000 because of inflation: PM

As the world marks Labour Day today (Monday), Prime Minister Shehbaz Sharif has highlighted the workers’ pivotal role in economic development in his message on the occasion.

“The day symbolises the sanctity and dignity of labour, and at the same time, it was an acknowledgement of the importance of workers and labourers for being central to the economic growth of the country,” a press release issued by the media wing of the PM Office quoted the premier as saying.

In his message on Labour Day, PM Shehbaz Sharif reaffirmed the government’s commitment to improving the working and living conditions of workers and supplementing their welfare through the provision of better housing, education facilities, and health cover for them and their families.

The present government is committed to ensuring the benefits of economic progress translate into prosperity for all sections of the population, particularly the labourers and workers, he said.

PM Shehbaz said that International Workers’ Day reminds us of the sacrifices of the workers who laid down their lives while waging a relentless struggle for their rights. “Our great religion, Islam, emphasises the principles of social justice, equity, and respect for the rights of the people. Allah Almighty and the Holy Prophet (Peace Be Upon Him) have ordered us to fulfil the rights of the workers and not be lax in the performance of this core duty,” the premier was quoted as saying.

He said they found numerous inspiring examples of the dignity of labourers and respect for the rights of the working class in the life of the Holy Prophet (PBUH). Keeping in view the high inflation rates and other economic challenges, PM Shehbaz said that the government had increased the minimum wages of workers from Rs17,500 to Rs25,000 per month.

He said that the government also aimed to develop automated, integrated systems for workers’ welfare institutions to ensure transparency and curtail delays in providing relief to labourers and workers.

...
https://www.thenews.com.pk/print/10...imum-wage-to-rs25-000-because-of-inflation-pm
 
Colorblind Genius said:
Last I heard, the healthcare card benefit was stopped and closed in KPK after no funds were received from the central/federal govt.

The entire country’s economy seems to have gone down the toilet.

Thank you Bajwa the traitor, and Thank You PDM, the scavengers.


I just so dearly hope that IMF does not give a single penny to this bunch of ultra haram khores.
Click to expand...

You want Pakistan to default?
 
'Will be in mess for years': Ex-Pakistan FM Miftah Ismail's shocking revelation on economic crisis

Pakistan cannot get out of the current economic crisis no matter what it does, the country's former finance minister Miftah Ismail said in an explosive speech on Saturday. "This long-term unsustainable deficit...unless Pakistan ends this, it cannot get out of this bhanwar," Ismail, who served as the country's finance minister from April 2022 to September 2022, said.

"And I can't think that under the current tax structure, even if you double or triple the tax structure - you can't get out of this bhanwar (mess)," Ismail said while speaking at an event 'Reimagining Pakistan' at a government college in Lahore.

Pakistan has descended into deep a economic crisis due to a steep fall in forex reserves and soaring inflation with almost no economic growth. The cash-strapped country has been staring at default as it doesn't have money to service its external debts. Its only hope is the IMF, but it has withheld the bailout package over the country's revenue shortage concerns.

"Pakistan has stuck in a very complex situation," the outspoken finance minister said. "And until it increases its tax-to-GDP ratio by 15 per cent, and export-to-GDP ratio by 15 per cent, we will not be out of the problems." He said Pakistan has to pay $25 billion each year. This is creating trouble and there is no escaping that, he said.

Ismail said Pakistan will have to struggle every year to save itself from default. He recalled his time at the finance ministry and said when he was there, his prerogative should have been to control inflation and boost economic growth. "But my effort was to prevent the default," he admitted.

Pakistan's inflation has crossed over the 40 per cent mark and the growth this year is expected to be 0.5 per cent, according to the IMF.

"We will be in the same dilemma for the next two years, and will go into one more IMF Programme," he said. "But I don't think we can get out of this until or unless we do radical reforms including the structure of the budget."

The former finance minister then explained the causes behind the current crisis in Pakistan. He said the inflation was high because productivity had not increased for a very long time. He said the country's population was increasing at a record pace and was doing worse compared to Bangladesh.

Ismail said one reason Pakistan had not been able to export anything was terrorism. "We can't export, because nobody wants to come to Pakistan," he said. "You can't find any foreigner in any big hotels in Lahore...can you imagine that Dhaka airport has a lot more foreign airlines coming than Lahore and Islamabad combined," he said.

The former finance minister said that not one dollar of investment comes to Pakistan for export purposes. He said only those companies come there that want to sell their products to Pakistanis.

Pakistan is hoping to get a tranche of $1.1 billion dollar from the IMF, which will also unlock funding from friendly countries like Saudi Arabia and China. However, experts believe that even this bailout package won't save Pakistan and it will have to go for debt restructuring.
Click to expand...

Link: https://www.businesstoday.in/latest...isis-watch-explosive-speech-379436-2023-04-30
 
Hitman said:
You want Pakistan to default?
Click to expand...

You want these PDM haram khores to hog on IMF money like wild boars and fatten their personal bank accounts abroad?
Did you read the news about billions of Rs corruption behind flour distribution scheme?

What makes you think these imbeciles will spend any IMF loan money towards the betterment of Pakistan?
 
Colorblind Genius said:
You want these PDM haram khores to hog on IMF money like wild boars and fatten their personal bank accounts abroad?
Did you read the news about billions of Rs corruption behind flour distribution scheme?

What makes you think these imbeciles will spend any IMF loan money towards the betterment of Pakistan?
Click to expand...

No, I haven't. Can you please give me a link?
 
Rs.20billion scammed in "3F" scheme Fake Free Flour Scheme in Punjab, Rs. 8billion Wheat theft in the godowns of Sindh Govt. That's PDM for you
 
DRsohail said:
Where are those majors and other muafiq now [MENTION=1269]Bewal Express[/MENTION]?
Click to expand...

They are avoiding this section and can only be found in the cricket forum. I am not surprised as their favourites have been proven as complete failures. But nobody cares..its as if everything is fine..
 
the Great Khan said:
They are avoiding this section and can only be found in the cricket forum. I am not surprised as their favourites have been proven as complete failures. But nobody cares..its as if everything is fine..
Click to expand...

Munafiqat and morslly snd msy be finicially corrupts major etc.
 
Energy conservation to help save $6.4b
Tribunal to be set up to address issues related to energy efficiency standards

The government has targeted to save $6.4 billion by implementing energy conservation measures under the National Energy Efficiency and Conservation Policy (NEECP) 2023.

The Cabinet Committee on Energy, chaired by Prime Minister Shehbaz Sharif, has recently approved the policy.

It is aimed at establishing an energy conservation tribunal (ECT) to address issues related to energy efficiency and conservation standards. It encourages private investment in energy conservation and efficiency projects by developing the Super ESCO Model to mitigate investment risks and issue energy saving certificates and bonds.

The policy also encourages cultural changes, such as vehicle-free weekends and daylight savings, through awareness raising campaigns.

The National Energy Efficiency and Conservation Authority (NEECA), a federal agency responsible for coordinating all energy conservation activities, will be implementing the policy.

NEECP is intended to achieve the target of 9 million tons of oil equivalent (MTOE) in energy savings by 2030, reducing 35 MT CO2 emissions.

It identifies sector-specific measures for industrial, building, transport, energy and agriculture sectors, providing precise guidelines for coordination with provincial governments.

Salient features of the policy include regulatory, capacity, and advocacy measures. These ensure compliance with energy performance standards and labelling regimes for appliances and products.

...
https://tribune.com.pk/story/2415210/energy-conservation-to-help-save-64b
 
Economic slowdown triggers massive unemployment

Millions of jobs in formal or informal sectors of the economy across the country have been lost due to a massive decline in industrial production so far this fiscal year.

The ongoing restrictions on the import of raw materials, the foreign exchange crisis and rising costs caused by surging power and gas bills have severely hampered production activities.

In four industrial sectors of Karachi and the countrywide auto vending units, stakeholders claimed that “over 500,000 people have faced joblessness.”

However, an official from the Sindh government’s Directorate of Manpower Labour Human Resource, who asked not to be named, said that the businessmen are exaggerating the figures.

“I think joblessness in the industrial sector is in the range of 15-20pc,” he said, attributing the job crisis to various reasons, including the exchange rate problems.

When one of the analysts/report contributors at the Bureau of Statistics, Planning and Development Department of the Sindh government was approached for comment on unemployment in industries, he suggested checking the Bureau’s Monthly Industrial Production and Employment Survey (MIPE) of February.

...
https://www.dawn.com/news/1751330/economic-slowdown-triggers-massive-unemployment
 
48.5% inflation rate in Pakistan & SL is bankrupt spare a thought for those struggling to make ends meet
 
Pakistan’s reeling economy takes new hit from protests

Karachi, Pakistan – On a hot day in Karachi, Mohammad Junaid, an employee of Pakistan Railways, stops his motorcycle by the roadside to ask passersby if they need a ride. Junaid works part-time for a ride-hailing service provider and earns about 800 Pakistani rupees ($2.7) daily.

“My salary is not enough to meet expenses,” he told Al Jazeera. “I must work for Bykea [the ride-hailing startup] to provide for my family.”

However, the suspension of internet services has diminished his income as rides are booked on the app, which needs the internet.

The same is the case with thousands of app-based food delivery service riders.

Severe internet connectivity issues were reported across the country’s big cities in the last three days following the arrest of Imran Khan, chairman of the Pakistan Tehreek-e-Insaf political party. Protests erupted throughout the country after the arrest, including one in front of the Pakistan Army’s general headquarters. Many cities witnessed violence.

The Pakistan Telecommunication Authority said on Tuesday that mobile broadband services had been suspended at the direction of the interior ministry but has not given a timeline for their restoration. Khan was ordered to be released on Thursday, after the country’s top court termed his arrest illegal. However, the mobile broadband shutdown was not lifted.

The decision came as Pakistan’s economy is struggling on many fronts.

Headline inflation in April hit a record high of 36.4 percent. Workers’ remittances, which contribute more than 8 percent to the economy, dropped by 29.2 percent in April on a year-on-year basis. Exports were down 26.68 percent in April year-on-year. The World Bank has revised Pakistan’s expected growth rate from 2 percent to a mere 0.4 percent.

The political turmoil in the country pushed the Pakistani rupee to a new low of 298.93 against the United States dollar in the inter-bank market on Thursday.

“Pakistan has perennially struggled with the twin deficits – a current account and a fiscal deficit,” Ehsan Malik, the CEO of the Pakistan Business Council, a pan-industry advocacy group, said. “They have now been overtaken by a third deficit, which is the trust deficit. The latest developments are a continuation and buildup of this deficit.”

“The IMF [International Monetary Fund] does not trust the current or the previous government,” Malik said, explaining the trust deficit. “Our traditionally friendly countries are shy to come forth with assistance [as Islamabad has not met all IMF bailout conditions]. The politicians don’t trust each other. The judiciary is divided and the government is at loggerheads with [the judiciary’s] decisions.”

He said while demand was severely contracted by inflation, supply was affected by a shortage of forex reserves.

“People, mainly skilful ones such as IT specialists and engineers, are leaving Pakistan to find opportunities abroad,” he said.

Samiullah Tariq, the head of research and development at Pakistan Kuwait Investment Company, said the latest turmoil may push back the resumption of the IMF programme, which was tied to Islamabad securing funding from partners.

“The recent turmoil could delay the arrangement of the required funding from bilateral and multilateral partners,” he said.

Moreover, tax collection is likely to go down with the reduced economic output, while unemployment will go up and the gig-economy workers who depend on mobile internet will be disproportionately affected, he added.

Wille Eerola, the chairman of the Finland Pakistan Business Council Chairman, said the current “circus” in Pakistan was damaging its international image and hindering foreign direct investment (FDI).

“The political circus going on in Pakistan is absolutely nonsense from the international point of view and things like that are only harming – or even destroying – the image of Pakistan as a country for international business and FDI,” he said.

“Do we really want to create an image of a country with large demonstrations, unstable politics and demonstrations everywhere? Like the so-called banana republic? And even they would be doing better. And still, we wish to have foreign investors interested in Pakistan? It can’t happen.”

Aamir Ibrahim, the CEO of mobile network Jazz, said mobile broadband is the lifeline of the digital ecosystem and a critical enabler of productivity across all sectors.

“The disruption not only limits people’s ability to communicate with friends and family but it also deprives 125 million Pakistanis of access to essential services such as education, healthcare and commerce, which are critical for their wellbeing,” Ibrahim said.

“It also stops them from participating in the global economy as freelancers also remain severely affected by this suspension.”

Telecom operators have incurred an estimated revenue loss of 1.64 billion rupees ($5.4m), while the government has lost approximately 574 million rupees ($1.9m) in tax revenue, as a result of the service disruption, an industry source told Al Jazeera. Fearing repercussions from government authorities, the source requested anonymity.

Ibrahim Amin, chairman of the Pakistan Freelancers Association, said that the IT freelance industry is making a loss of almost $2m a day due to the suspension of internet services.

He added that it is also creating a very bad image for Pakistan’s IT sector, which will affect the country’s IT business in the future.

Meanwhile, Israel-based Fiverr, an international platform for freelancers to connect with people needing services such as content writing and software programming, is putting Pakistani IDs in unavailability mode automatically due to the situation.

Fiverr says on its website that freelancers from Pakistan are located in a region currently experiencing internet disruptions. It adds these freelancers may not be able to fulfil orders as quickly as possible.

Jehan Ara, a member of the Gender Advisory Council of the World Bank, said that people from her international network, after seeing horrific images of violence, message her to ask how she is holding up.

“Investors put a hold on investments because it is not just the dollar-to-rupee rate, inflation or the State Bank policies that they are worried about any more. They are worried about the shutting down of the internet and mobile services, the impact on business continuity, on growth,” said Ara, who is also the founder and CEO of Katalyst Labs, a tech accelerator in Karachi.

“Our e-commerce businesses, which were growing due to the steady increase in digital adoption, have all been hit in one fell swoop – the ride-hailing services, the online marketplaces, food delivery businesses etc have all taken a hit, which includes drivers and delivery boys who depend on the daily wages they earn.”

“Imran Khan’s arrest has angered a lot of young people who see him as the only hope for this country,” she added.

----------------------------------------------------------------------------------------------------------------------------

Link: https://www.aljazeera.com/economy/2023/5/12/pakistans-reeling-economy-takes-new-hit-from-protests
 
With Budget around the corner and PDM having their knickers twist with no positive vibes from IMF,what does the future hold for Pakistan economy
 
Kianig89 said:
With Budget around the corner and PDM having their knickers twist with no positive vibes from IMF,what does the future hold for Pakistan economy
Click to expand...

Getting disqualified on Monday might be a blessing in disguise for PMLN. They will blame others for their own failures and play the victim card.
 
Internet suspension piles on govt's misery with sinking economy, reputation
Black out that aimed to quell criticism amid political upheaval --- sparks public outcry

After the government moved to suspend internet services and block social media applications across Pakistan, the country not only lost Rs2.49 billion but also saw a plethora of anger from citizens who deemed it to be an attack on freedom of expression itself.

The shutdown, which came on the instructions of the interior ministry in the wake of violent protests sparked by the arrest of PTI Chairman Imran Khan, arrest, dealt a heavy blow to the country's economy and reputation, with rights bodies warning of long-term consequences.

The blackout, which lasted for several days, caused widespread disruption to businesses, e-commerce, and online education. The tech industry has also called for urgent action, citing the impact on growth and innovation.

This was not the first-time government had shut down the internet and mobile services in Pakistan. In the past, authorities have resorted to internet blockades as a tool to curb spread of mis-information or information they may deem to be against the state. However, more than a tactical response to instability, this has been considered to be an attack at the freedom of expression and a violation of human rights in a democratic state.

International bodies expressed concerns over the information lockdown in Pakistan, calling for restoration of internet services in the country and for the government to respect fundamental freedoms.

The United Nations High Commissioner for Human Rights Volker Turk said “freedom of expression, peaceful assembly and rule of law are key to resolving political conflicts”.

...
https://tribune.com.pk/story/241703...-govts-misery-with-sinking-economy-reputation
 
Rumours circulating about Pakistan' s bankruptcy in June and Est to take over
 
The parliamentary Public Accounts Committee (PAC) was informed on Wednesday that circular debt in the gas sector increased during the current year but efforts were afoot to bring it down.

The committee which met with its chairman Noor Alam Khan in the chair, also sought details of perks provided to the top government functionaries including the prime minister, ministers as well as the judges of the superior judiciary.

PAC received a briefing from the petroleum secretary. He told the committee that the circular debt of the petroleum sector was Rs1,200 billion in the last year, which had now risen to Rs1,700 billion.

“A plan has been prepared to get rid of the circular debt of the petroleum sector,” the secretary said. “The Ministry of Finance and the Ministry of Energy are working on it,” he added.
 
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