Pakistan economy under the PDM government & now the caretaker administration

[daytrader]

SBP lifts all restrictions on imports to fulfil IMF condition

The State Bank of Pakistan (SBP) has lifted all restrictions on imports to fulfil one more condition of the International Monetary Fund (IMF), ARY News reported on Friday.

The central bank issued a circular to end all restrictions on imports in order to fulfil another IMF condition.

The federal government granted permission to banks for providing remittances to release more than 6,000 containers. The SBP stated in the circular that remittances will be provided for all imports after the enforcement of the latest order.

The authorised dealers have been given instructions to provide remittances following the recommendations of the stakeholders, said the central bank.

Yesterday, it was learnt that Pakistan and the International Monetary Fund (IMF) are facing challenges in reviving a loan program, leading to conflicts between the IMF and the Ministry of Finance.

ARY

 

[Hitman]

Is the bailout so necessary that Pakistan is willing to do anything to secure it?

 

[daytrader]

The current government, whose term is supposed to end today, has notified a flat 50 per cent increase in the daily travelling and mileage allowances of all government employees on official duty.

According to a notification issued by the Ministry of Finance on Tuesday, the allowances within the country would now be allowed at a maximum special rate of Rs7,200 per day for employees in Grade 22, followed by Rs6,000 to Grade 21 and Rs4,920 to those in Grade 19 and 20.

Likewise, the maximum special daily rate for employees in grades 17 and 18 has been fixed at Rs3,840, followed by Rs2,160 for those in Grades 12 to 16, Rs1,320 for Grades 5 to 11, and Rs1,200 per day for Grades 1 to 4.

The increase in allowances is effective July 1.

Govt gives employees ‘parting gift’ with 50pc allowance hike

Maximum daily rates range from Rs1,200 for grade 1 to Rs7,200 per day for grade 22 officials.

www.dawn.com

 

[daytrader]

The power sector circular debt jumped to Rs2.31 trillion by the end of June 2023 after revenue gains from a massive increase in electricity prices were lost to the inefficiencies, theft and losses faced by power distribution companies.

Official statistics showed that during fiscal year 2022-23, which ended in June, the Pakistan Democratic Movement (PDM) government failed to bring about any improvement in the “acute” power sector situation. There was a gross increase of Rs789 billion in the circular debt with average rise of nearly Rs66 billion per month.

After excluding the impact of increase in electricity prices and budget subsidies, there was a net rise of Rs57 billion in the circular debt during the last fiscal year, reversing the decrease a year earlier.

The stock of circular debt at the beginning of FY23 was Rs2.253 trillion, which jumped to Rs2.31 trillion, according to officials of the energy ministry.

As part of conditions set by the International Monetary Fund (IMF) and World Bank, the PDM government increased electricity prices twice in the past one year. It first raised the tariff by Rs7.91 per unit in July last year and then jacked up the tariff by Rs8 per unit from July this year.

In addition to this, the government slapped a debt servicing surcharge of Rs3.23 per unit and withdrew subsidies for the agriculture and industrial sectors.

These increases pushed up per-unit prices to over Rs50 but the bureaucracy and the last political leadership failed miserably in correcting the wrongdoings of power distribution companies. Some people having monthly income of less than Rs20,000 have got monthly bill of Rs16,000 for July.

Despite sharp tariff rise, circular debt soars to Rs2.31tr | The Express Tribune

Debt swells due to inefficiency, theft and losses faced by power distribution firms

tribune.com.pk

 

[Bewal Express]

The power sector circular debt jumped to Rs2.31 trillion by the end of June 2023 after revenue gains from a massive increase in electricity prices were lost to the inefficiencies, theft and losses faced by power distribution companies.

Official statistics showed that during fiscal year 2022-23, which ended in June, the Pakistan Democratic Movement (PDM) government failed to bring about any improvement in the “acute” power sector situation. There was a gross increase of Rs789 billion in the circular debt with average rise of nearly Rs66 billion per month.

After excluding the impact of increase in electricity prices and budget subsidies, there was a net rise of Rs57 billion in the circular debt during the last fiscal year, reversing the decrease a year earlier.

The stock of circular debt at the beginning of FY23 was Rs2.253 trillion, which jumped to Rs2.31 trillion, according to officials of the energy ministry.

As part of conditions set by the International Monetary Fund (IMF) and World Bank, the PDM government increased electricity prices twice in the past one year. It first raised the tariff by Rs7.91 per unit in July last year and then jacked up the tariff by Rs8 per unit from July this year.

In addition to this, the government slapped a debt servicing surcharge of Rs3.23 per unit and withdrew subsidies for the agriculture and industrial sectors.

These increases pushed up per-unit prices to over Rs50 but the bureaucracy and the last political leadership failed miserably in correcting the wrongdoings of power distribution companies. Some people having monthly income of less than Rs20,000 have got monthly bill of Rs16,000 for July.

Despite sharp tariff rise, circular debt soars to Rs2.31tr | The Express Tribune

Debt swells due to inefficiency, theft and losses faced by power distribution firms

tribune.com.pk

The reason people have been buried under electricity bills is because NS took the easy route of building Power stations which used petrol and gas. So they were always at the mercy of events and increased prices, and what made it worse was that he gave sovereign guarantees, which meant that IPPs got paid in Dollars irrespective of whether the power was needed. And guess owned these, yes the likes of Mian Mansha

 

[Hassan A]

President Alvi returns over a dozen bills​

ISLAMABAD: Over a dozen bills will hang in limbo for an indefinite period after being returned by President Dr Arif Alvi for reconsideration of the parliament.

The returned bills had been passed by both houses of parliament at the fag end of the PML-N-led government’s term, and their fate will be decided after general elections when a new National Assembly is in place.
These bills include the Code of Criminal Procedure amendment bill seeking to enhance punishment for those who disrespect the Holy Prophet (PBUH), his companions and other religious figures.

The other returned bills include Press, Newspapers, News Agencies and Books Registration amendment bill, seeking to replace the word ‘federal government’ wherever occurring in the law with ‘Prime Minister’; the protection of Journalists and Media Professionals bill, seeking to transfer implementation of protection of journalists from Ministry of Human Rights to the Ministry of Information; and the National Commission for Human Development (Amendment) Bill to redefine the functions of NCHD and make some amendments in its governing structure for efficiency and ease doing business.

Another bill that had been returned was Imports and Exports (Control) (Amendment) Bill 2023, aimed at addressing hardship cases, received from the business community and other quarters for one-time relaxation of import/export-related prohibitions and restrictions.

The Higher Education Commission (HEC) bill seeking to enhance the term of HEC chairman to four years has also been returned by President Alvi. The other returned bills include public sector commission amendment bill, Pakistan Institute of Management Sciences Bill, Horizon University bill, Federal Urdu University amendment bill, NFC Institute, Multan amendment bill and National Institute for Technology bill.

 

[daytrader]

In an alarming development, the Pakistan Democratic Movement (PDM) government added Rs18.5 trillion to the public debt in just 15 months, which was more than the debt accumulated by its arch-rival Pakistan Tehreek-e-Insaf in its three-and-a-half-year tenure, reveals a central bank statement.

Gross public debt jumped from Rs44.4 trillion in March 2022 to Rs62.9 trillion by the end of fiscal year 2022-23, according to the monthly debt bulletin of the State Bank of Pakistan (SBP). The debt in a short period of mere 15 months increased at a pace of 41.7% amid absence of any credible strategy to contain it. As a result, the federal government debt, which is the direct responsibility of the finance ministry, jumped to Rs60.8 trillion by the end of June 2023. There was an addition of Rs18 trillion in one year and three months’ rule of the PDM government, according to the debt bulletin released on Wednesday.

The public debt has been multiplying at an unsustainable pace due to uncontrolled expenditures, below potential revenue collection from sectors like real estate, services and agriculture and the sinking rupee against the dollar.

Debt soars Rs18.5tr during PDM govt | The Express Tribune

Public debt pile grows at pace of 41.7%, reaches Rs62.9 trillion by end of June 2023

tribune.com.pk

 

[WicketLord]

Weekly inflation rises 25.34%.

Price hike driven by rupee’s free fall, increase in petroleum rate.

The weekly Sensitive Price Indicator (SPI) reading increased 25.34% in the week ended August 24, 2023 in the wake of rising food prices including wheat flour, rice, sugar and chicken, further denting the households’ purchasing power and putting pressure on their disposable income.

Major contributors to the rising inflation were the historic rupee devaluation, increase in petroleum product prices and an upward revision in power tariff, which may make it difficult for authorities to curb the price hike.

Weekly inflation rises 25.34% | The Express Tribune

Price hike driven by rupee’s free fall, increase in petroleum rates

tribune.com.pk

 

[YorkerKing]

PM Kakar calls for dynamic foreign policy to strengthen Pakistan’s relationships with world

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar visited the Ministry of Foreign Affairs on Thursday and received a briefing on the foreign policy of Pakistan.

Upon arrival at the ministry, the prime minister was received by Caretaker Foreign Minister Jalil Abbas Jilani and senior officers.

Foreign Secretary Muhammad Syrus Sajjad Qazi briefed the prime minister about the country’s foreign policy. The briefing covered Pakistan’s external relations, the working of the Ministry of Foreign Affairs, recent efforts to strengthen diplomatic ties with other countries, and priorities for the future, especially in view of the regional and global developments.


The prime minister was apprised of the steps being taken by the Ministry of Foreign Affairs in coordination with the ministries and departments concerned, to facilitate the Pakistani diaspora working and residing abroad. The need for close coordination between the Ministry of Foreign Affairs and all other national stakeholders was discussed with a view to ensuring the synergetic and holistic pursuit of Pakistan’s foreign policy objectives, security, trade and economic objectives.

PM Kakar shared his vision for a dynamic foreign policy and for strengthening Pakistan’s relationships with other countries. He gave specific directions on different aspects of the foreign policy, with particular reference to facilitation of and engagement with the Pakistani diaspora.


The prime minister appreciated the crucial role played by the Ministry of Foreign Affairs and Pakistani diplomats in promoting and protecting the national interests abroad. He expressed his desire for continued engagement with the Ministry of Foreign Affairs to facilitate the smooth implementation of decisions in priority foreign policy areas.

Pakistan to continue moral, political support to Kashmiris

Caretaker Prime Minister Anwaarul Haq Kakar Thursday held a meeting with Prime Minister Azad Jammu and Kashmir Chaudhry Anwarul Haq.

The AJK prime minister congratulated him on assuming the office of caretaker prime minister and expressed his best wishes for him.

The caretaker prime minister assured the AJK prime minister of unconditional support of Pakistan to Kashmir.

He said Pakistan stood shoulder-to-shoulder with people of Kashmir in their struggle for right to self-determination.

The PM said Pakistan would continue the diplomatic, political and moral support of Kashmiris till the Kashmir issue was resolved according to the United Nations Security Council Resolutions and as per wishes of the people of Kashmir through a plebiscite.

Finance minister calls on PM

Caretaker Finance Minister Shamshad Akhtar on Thursday called on Caretaker Prime Minister Anwaar-ul-Haq Kakar here.

In the meeting, they discussed the overall economic situation in the country, a PM Office statement said.


Finance Minister Shamshad also apprised the prime minister of the performance of her ministry.

BBC Bureau Chief meets PM

South Asia Bureau Chief of BBC News Jacky Martens called on Caretaker Prime Minister Anwaarul Haq Kakar here on Thursday and discussed matters of mutual interest.


She briefed the prime minister about expansion of the BBC’s presence in Pakistan. Federal Minister for Information and Broadcasting Murtaza Solangi and Minister for Interior Sarfraz Bugti were also present.

 

[Hextro]

I think we can easily conclude that PDM has produced the worst economic performance in Pakistan's history.

 

[Hitman]

Weekly inflation rises 25.34%.

Price hike driven by rupee’s free fall, increase in petroleum rate.

The weekly Sensitive Price Indicator (SPI) reading increased 25.34% in the week ended August 24, 2023 in the wake of rising food prices including wheat flour, rice, sugar and chicken, further denting the households’ purchasing power and putting pressure on their disposable income.

Major contributors to the rising inflation were the historic rupee devaluation, increase in petroleum product prices and an upward revision in power tariff, which may make it difficult for authorities to curb the price hike.

Weekly inflation rises 25.34% | The Express Tribune

Price hike driven by rupee’s free fall, increase in petroleum rates

tribune.com.pk

Pakistanis would be better off moving abroad. At least the future of their upcoming generations won’t be doomed.

 

[UP]

This country is well and thoroughly in for a disaster and its only a matter of time when it completely collapses burns to the ground.

 

[Bewal Express]

This country is well and thoroughly in for a disaster and its only a matter of time when it completely collapses burns to the ground.

That was the plan along. All those that wanted revenge on PK took without firing a shot. They destroyed Iraq, Syria, Libya etc with guns, but they learnt from their mistakes and destroyed by buying the Generals and their puppets.

 

[Hitman]

That was the plan along. All those that wanted revenge on PK took without firing a shot. They destroyed Iraq, Syria, Libya etc with guns, but they learnt from their mistakes and destroyed by buying the Generals and their puppets.

What would the US gain from destroying Pakistan economically? And what role has the US or any other country for that matter played in Pakistan’s current economic condition?

 

[Bewal Express]

What would the US gain from destroying Pakistan economically? And what role has the US or any other country for that matter played in Pakistan’s current economic condition?

Total control. They have brought our Generals, our army and destroyed PK. Without annual IMF handouts, we will limp from crisis to another. But with every IMF handout we become more more beholden to them.

 

[Hitman]

Total control. They have brought our Generals, our army and destroyed PK. Without annual IMF handouts, we will limp from crisis to another. But with every IMF handout we become more more beholden to them.

I’m not speaking about Pakistan’s political matters. Maybe the US has control over it. But what does it have to do with Pakistan’s economic crisis?

 

[Bewal Express]

I’m not speaking about Pakistan’s political matters. Maybe the US has control over it. But what does it have to do with Pakistan’s economic crisis?

They brought the regime change at a time when PK economy was fragile but stable. The regime change forced by America with their puppets doing the donkey work has tipped us into chaos. No regime change would have meant around 4-5% growth, inflation of 20 % and Rp around 210. Look at the chaos today and it will take a generation to recover, if we ever do recover
.

 

[Hitman]

They brought the regime change at a time when PK economy was fragile but stable. The regime change forced by America with their puppets doing the donkey work has tipped us into chaos. No regime change would have meant around 4-5% growth, inflation of 20 % and Rp around 210. Look at the chaos today and it will take a generation to recover, if we ever do recover
.

Alright, I do get what you mean to say.

 

[UP]

Sane heads need to prevail and the Army has to shift back in barracks where it belongs. If not then wait for the total collapse of this country.

Hold fair and free elections asap and whoever awaam elects must be given full authority to make hard decisions because next 10-15 years will not be easy. Major reforms are needed everywhere. Its going to be a tough ride if we put a right step going forward today.

 

[WicketLord]

 

[WicketLord]

The prices of both major petroleum products — petrol and high-speed diesel — are estimated to go up by about Rs9-10 per litre and Rs18-20 per litre, respectively, on August 31, while kerosene is slated to be costlier by about Rs13 per litre, based on existing tax rates and import parity price, mainly because of currency depreciation and slight increase in international oil prices.

DAWN

 

[WicketLord]

The Pakistani rupee continued its downward march on Wednesday, sliding Rs1.45 against the US dollar in the interbank market.

According to the currency rate list of the Exchange Companies Association of Pakistan, the dollar was changing hands in the interbank market for Rs304.50 at 12pm. It had closed yesterday at Rs303.50, according to State Bank of Pakistan (SBP) data.

In the open market, however, the dollar was trading for much higher — Rs323, similar to yesterday’s rate. However, the ECAP quoted the open market rate at Rs318.

Currency experts have said the dollar rates quoted by the banks and exchange companies are not real.

The banks are reluctant to depict the real situation fearing the central bank’s reaction, while the exchange companies don’t want to tell the truth fearing action taken against them, they had added.

Sources in banks had said that with the opening of imports — a condition of the IMF — the banks feared that poor dollar inflows were not enough to meet the high demand from importers. Under this situation, the currency dealers in banks resist the opening of letters of credit for imports.

 

[Bewal Express]

The Pakistani rupee continued its downward march on Wednesday, sliding Rs1.45 against the US dollar in the interbank market.

According to the currency rate list of the Exchange Companies Association of Pakistan, the dollar was changing hands in the interbank market for Rs304.50 at 12pm. It had closed yesterday at Rs303.50, according to State Bank of Pakistan (SBP) data.

In the open market, however, the dollar was trading for much higher — Rs323, similar to yesterday’s rate. However, the ECAP quoted the open market rate at Rs318.

Currency experts have said the dollar rates quoted by the banks and exchange companies are not real.

The banks are reluctant to depict the real situation fearing the central bank’s reaction, while the exchange companies don’t want to tell the truth fearing action taken against them, they had added.

Sources in banks had said that with the opening of imports — a condition of the IMF — the banks feared that poor dollar inflows were not enough to meet the high demand from importers. Under this situation, the currency dealers in banks resist the opening of letters of credit for imports.

And Munir company live in luxury.

 

[mazkhan]

The country is a complete write off and the country in all but name has defaulted and a failed banana Republic.

Even if ik comes back the economic damage is too much even he would be unable to do anything.


It's got to the stage where I fully believe land assets resources will be sold to foreign companies nations and usa will demand the nukes and the whole dismantling of the nuclear missile weapons programme because there is an inevitable collision between taliban and pakistan army on the horizon.

Then country will just decend into a conflict like you see in libya Somalia with private foreign mercenaries who will be protecting the assets of the foreigners.

The gcc will also buy agricultural land they need food for their populace and economy and there is no better land than pakistan with its rich fertile plains and rivers , the east India company will facilitate this and you will have hunger and poverty levels in pakistan like Somalia.

China has already taken over much of the fishing just need to see the complaints off people in gawadar and balochistan about Chinese trawlers.

All I see is inevitable foreign occupation with private armies like Blackwater and wagner types , a sold out military and those occupiers having an inevitable war with the local people and taliban.
And when that happens and the country is in the pits, India will take the rest of kashmir.

 

[WicketLord]

As the country continues to brave rising inflation, interim Finance Minister Shamshad Akhtar on Wednesday warned that Pakistan’s economic situation was “worse than anticipated” and the government did not have “fiscal space” to provide subsidies.

Her remarks, made during a meeting of the Senate’s Standing Committee on Finance today, asserted that the interim set-up had “inherited” the International Monetary Fund (IMF) programme, hence, it was “non-negotiable”.

The finance minister’s statement comes as Pakistan remains plagued by the inflated cost of living, particularly exorbitant electricity prices that have forced residents to take to the streets across the country.

So far, the caretaker government has failed to come up with any relief measures as it tries to strike a balance between avoiding drawing the IMF’s ire and causing more citizens to blow a fuse.

Finance minister says economic situation ‘worse than anticipated’, no fiscal space available for subsidies

Shamshad Akhtar says interim set-up has "inherited" the IMF programme and hence it is "non-negotiable".

www.dawn.com

 

[the Great Khan]

The country is a complete write off and the country in all but name has defaulted and a failed banana Republic.

Even if ik comes back the economic damage is too much even he would be unable to do anything.


It's got to the stage where I fully believe land assets resources will be sold to foreign companies nations and usa will demand the nukes and the whole dismantling of the nuclear missile weapons programme because there is an inevitable collision between taliban and pakistan army on the horizon.

Then country will just decend into a conflict like you see in libya Somalia with private foreign mercenaries who will be protecting the assets of the foreigners.

The gcc will also buy agricultural land they need food for their populace and economy and there is no better land than pakistan with its rich fertile plains and rivers , the east India company will facilitate this and you will have hunger and poverty levels in pakistan like Somalia.

China has already taken over much of the fishing just need to see the complaints off people in gawadar and balochistan about Chinese trawlers.

All I see is inevitable foreign occupation with private armies like Blackwater and wagner types , a sold out military and those occupiers having an inevitable war with the local people and taliban.
And when that happens and the country is in the pits, India will take the rest of kashmir.

There was a time where I would have disagreed with you. I would have argued and said all sorts. But that time is long gone and I am inclined to agree with your assessment. This was the plan all along. I'm no fan of Kiyani and Co but they played a triple game to prevent and earlier version. But now it feels like the nation has finally lost. And we will be talking to our grandkids of the beautiful trees of Islamabad while they look at pictures of burnt out houses and foreigners kicking the populace around...

 

[Bewal Express]

As the country continues to brave rising inflation, interim Finance Minister Shamshad Akhtar on Wednesday warned that Pakistan’s economic situation was “worse than anticipated” and the government did not have “fiscal space” to provide subsidies.

Her remarks, made during a meeting of the Senate’s Standing Committee on Finance today, asserted that the interim set-up had “inherited” the International Monetary Fund (IMF) programme, hence, it was “non-negotiable”.

The finance minister’s statement comes as Pakistan remains plagued by the inflated cost of living, particularly exorbitant electricity prices that have forced residents to take to the streets across the country.

So far, the caretaker government has failed to come up with any relief measures as it tries to strike a balance between avoiding drawing the IMF’s ire and causing more citizens to blow a fuse.

Finance minister says economic situation ‘worse than anticipated’, no fiscal space available for subsidies

Shamshad Akhtar says interim set-up has "inherited" the IMF programme and hence it is "non-negotiable".

www.dawn.com

But we have these amazing Generals that are fountains of all knowledge, so how can this be. Where is Iftikhar and his good news on the Dollar and Stock market when IK was replaced. There have been many terrible decisions by our Generals such as BD tragedy but this is the worst in more recent times. A stable economy destroyed by Bajwa and the mafia and now there is no where to hide but the Americans won't relent on the promises these crooks made.

 

[mazkhan]

I met one afghan guy in the UK recently and he got talking he was telling me petrol and atta are cheaper in Afghanistan than pakistan .

Any truth in this?

Because if it is these duffers and munshi have even took us below the levels of taliban governance

 

[UP]

Even if ik comes back the economic damage is too much even he would be unable to do anything.


It's got to the stage where I fully believe land assets resources will be sold to foreign companies nations and usa will demand the nukes and the whole dismantling of the nuclear missile weapons programme because there is an inevitable collision between taliban and pakistan army on the horizon.

Then country will just decend into a conflict like you see in libya Somalia with private foreign mercenaries who will be protecting the assets of the foreigners.

The gcc will also buy agricultural land they need food for their populace and economy and there is no better land than pakistan with its rich fertile plains and rivers , the east India company will facilitate this and you will have hunger and poverty levels in pakistan like Somalia.

China has already taken over much of the fishing just need to see the complaints off people in gawadar and balochistan about Chinese trawlers.

All I see is inevitable foreign occupation with private armies like Blackwater and wagner types , a sold out military and those occupiers having an inevitable war with the local people and taliban.
And when that happens and the country is in the pits, India will take the rest of kashmir.

If these Generals don’t get their heads out of the mud soon we will see a point of no return. There is a tiny bit of hope to turn things around with IK because he will have massive confidence of people. He can turn things around if he is in power with full authority for 10-15 years. If IK does not get elected then its curtains for Pakistan. We will witness what you have stated in our lifetime.

 

[Cricket Warrior]

I met one afghan guy in the UK recently and he got talking he was telling me petrol and atta are cheaper in Afghanistan than pakistan .

Any truth in this?

Because if it is these duffers and munshi have even took us below the levels of taliban governance

That's true. The situation in Afghanistan is gradually improving while Pakistan seems to be sinking further into turmoil.

 

[ex-q-zit]

Rome wasn't built in one day similarly Pakistanis current economic situation wasn't due to PDM, Imran khan etc but a cummulative mismanagement since 1947. Unlike India, Pakistan didn't invest much on education. Apart from IITs and NITs we have thousnads of engineering colleges that produce 1.5 million engineering graduates every year whilst Pakistan produces around 10,000 based on info available in the net. I am not even going to consider the difference in quality of education in these institutes. Of these 1.5 million several join domestic IT firms whilst others go abroad. Those who remain here pay taxes from their salaries while those from abroad send large amount of remittances back. Around 3% of the muslim population study in madrassas which is 60 lakh whilst 2.5 million study in madrassas in Pakistan. Not sure what these seminary educated youth will provide to the society. I have seen several videos on youtube this past week where these madrassa kids claim earth is flat and sun revolves around the earth.

Women in India though still considerably lesser than what we desire are participants in almost all the sectors be in ISRo as scientists, IT, doctors, lawyers, entreprenuers etc. Pakistan is just wasting majority of half the population of its human resources.

Secondly, if we look at imports and exports. In 2021 the overall exports and imports in Pakistan was - total value of exports (FOB) is US$ 28,795 million. The total value of imports (CIF) is US$ 72,892 million. Pakistan never focussed on domestic manufacturing. Be it cars, bikes, electronics everything was imported.

Thirdly, the sacred cow of Pakistan - its army. Since the 1950s Pakistan developed into a security state with Army taking control of teh country by always projecting India as the bogey man. More budget than necessary was allocated to the defence sector. Instead of focussing on domestic issues it focussed the 80s and 2000s focus on wars that weren't theirs (note that both these dacdes Pakistan was under military dictartorship). Education, Infrastructure, food security etc were never priorities by military nor civilian leadership.

Author Ms Ayesha Suddiqa (she wrote Military Inc. Inside Pakistan's Military Economy) has assessed that 12% of land of Pakistan is owned by retired army officers of the rank of generally Brigadier and above. The retired army chief of Pakistani army, Raheel Sharif was given 99acre of land, at his retirement. This is equivalent to a plot of 632 m × 632 m or 480,000sqyard. That way in Pakistan royal share of plot goes to senior ex-army men. The second tier plots are cornered by politicians and businessmen most near these ex-army men's plot which are already prime locations.

Its not a wonder that Pakistan is where it is today. Most of the people are kept poor and fed the opium of religion saying Islam is in Khatra by the Miliatry-Mullah duo. Ask any lay man in Pakistan what is Pakistan best at they will say Army. Next thing they say is no matter how successful other countries are Pakistan has Imaan and Jazba. Pakistan seems more like a crowd than a country.

Now that its breaking their backs I am happy to see the middle class and lower middle class putting up a fight against the exhorbitant electricity bills. But not sure if they still have it in them to voice against the establishment.

 

[Bewal Express]

If these Generals don’t get their heads out of the mud soon we will see a point of no return. There is a tiny bit of hope to turn things around with IK because he will have massive confidence of people. He can turn things around if he is in power with full authority for 10-15 years. If IK does not get elected then its curtains for Pakistan. We will witness what you have stated in our lifetime.

No matter who is in power, the last race has been run. We don't have a single institution that works, the mafia have destroyed a stable economy so that they and the Generals can live in luxury and PK has been destroyed.

 

[rickroll]

The country is a complete write off and the country in all but name has defaulted and a failed banana Republic.

Even if ik comes back the economic damage is too much even he would be unable to do anything.


It's got to the stage where I fully believe land assets resources will be sold to foreign companies nations and usa will demand the nukes and the whole dismantling of the nuclear missile weapons programme because there is an inevitable collision between taliban and pakistan army on the horizon.

Then country will just decend into a conflict like you see in libya Somalia with private foreign mercenaries who will be protecting the assets of the foreigners.

The gcc will also buy agricultural land they need food for their populace and economy and there is no better land than pakistan with its rich fertile plains and rivers , the east India company will facilitate this and you will have hunger and poverty levels in pakistan like Somalia.

China has already taken over much of the fishing just need to see the complaints off people in gawadar and balochistan about Chinese trawlers.

All I see is inevitable foreign occupation with private armies like Blackwater and wagner types , a sold out military and those occupiers having an inevitable war with the local people and taliban.
And when that happens and the country is in the pits, India will take the rest of kashmir.

Depressing but true points.

India taking the rest of Kashmir - Not sure if the Indians care for Gilgit and Azad Kashmir but the Indians feel IOK is already integrated with people there happy with Indian rule going by the other thread on Kashmir.

Inevitable collision between Taliban and Army - Curious why this is inevitable per se. Is it because there will be an escalation of TTP and more skirmishes with army resulting in an inevitable conflict? I think it can be avoided and Taliban may not want to fight a full fledged conflict with a force as big as Pakistan army, right?

 

[rickroll]

There was a time where I would have disagreed with you. I would have argued and said all sorts. But that time is long gone and I am inclined to agree with your assessment. This was the plan all along. I'm no fan of Kiyani and Co but they played a triple game to prevent and earlier version. But now it feels like the nation has finally lost. And we will be talking to our grandkids of the beautiful trees of Islamabad while they look at pictures of burnt out houses and foreigners kicking the populace around...

Echoed my exact thoughts! I want to argue and counter but the logical side of me cannot help but agree with this stark reality.

Quaid-E-Azam would have been so disappointed if he got to saw this devolution thanks to the looting by the generals and the fauj. All of his good efforts going in vain and it it depressing to see.

 

[ex-q-zit]

Depressing but true points.

India taking the rest of Kashmir - Not sure if the Indians care for Gilgit and Azad Kashmir but the Indians feel IOK is already integrated with people there happy with Indian rule going by the other thread on Kashmir.

Inevitable collision between Taliban and Army - Curious why this is inevitable per se. Is it because there will be an escalation of TTP and more skirmishes with army resulting in an inevitable conflict? I think it can be avoided and Taliban may not want to fight a full fledged conflict with a force as big as Pakistan army, right?

India does care for GB and AK and will always. Going by the several youtube channels that conducted public reaction videos in those parts they have already started slow murmurs about teh facilities being provided in Indian Kashmir. With GB currently on the verge of a blood bath due to blasphemy related Sunni-Shia conflict tehre are voices demanding Kargil to be opened. India wouldn't want even an inch of the rest of Pakistan.

 

[rickroll]

India does care for GB and AK and will always. Going by the several youtube channels that conducted public reaction videos in those parts they have already started slow murmurs about teh facilities being provided in Indian Kashmir. With GB currently on the verge of a blood bath due to blasphemy related Sunni-Shia conflict tehre are voices demanding Kargil to be opened. India wouldn't want even an inch of the rest of Pakistan.

Its one thing to say people in IoK are ok with India rule these days but completely different ballgame if you start hinting that people in GB and Azad Kashmir may join India. Do you even know how integrated they are to life in a muslim majority country? You think they will suddenly join a hindutva led country after 75+ years of life otherwise just because they hear of new buildings and roads in IoK?

 

[ex-q-zit]

Its one thing to say people in IoK are ok with India rule these days but completely different ballgame if you start hinting that people in GB and Azad Kashmir may join India. Do you even know how integrated they are to life in a muslim majority country? You think they will suddenly join a hindutva led country after 75+ years of life otherwise just because they hear of new buildings and roads in IoK?

39% of the population there is Shia and 18% Ismaili. Now the blasphemy laws have been changed by the caretaker government and an important Shia cleric arrested without bail. tens of thousands are protesting that if things remain like this they will forcefully open kargil gate meaning integrate with India. While in Kashmir last month the Muharrum procession took place peacefully. This is the religious aspect. Even Pakistanis are fleeing pakistan off late do you think they will stay back just because they are muslims and happily fight for wheat. If they integrate with india nt only will they get better facilities but also will feel more empowered as muslim popu;ation in the state will increase. Inetersting I was watching a program on youtube about how muslims in Indian subcontinent were the biggest sufferers due to partition forw hch I shall create a thread later. There were a few interesting points that most of us never knew.

 

[Hitman]

Its one thing to say people in IoK are ok with India rule these days but completely different ballgame if you start hinting that people in GB and Azad Kashmir may join India. Do you even know how integrated they are to life in a muslim majority country? You think they will suddenly join a hindutva led country after 75+ years of life otherwise just because they hear of new buildings and roads in IoK?

Religion means zilch when people have to live the life Pakistanis are living today. Plenty of Pakistani youtubers have spoken to people in PoK, and almost all of them have ended up saying how miserable they are.

 

[Hassan A]

Bloodbath at PSX as jittery investors jettison shares, down over 1,700 points

Stocks suffered losses for the fifth straight session on Thursday, bleeding more than 1,700 points on the back of rumours of a hike in interest rates, economic uncertainty, and the unrelenting depreciation of the rupee.

The Pakistan Stock Exchange (PSX) maintained its bearish trend with the KSE-100 index plunging 1,747.63 points to 44,496.92 by 2:49pm, down 3.78pc from yesterday’s close of 46,244.55.

The last time the market plunged so sharply (by over 1,500 points by day’s end) was after then-prime minister Shehbaz Sharif’s announcement of a 10pc “super tax“ on large-scale industries in June 2022.

Intermarket Securities’ Equity head Raza Jafri told Dawn.com that the KSE-100 continued to be under severe selling pressure owing to a lack of confidence emanating from a weak economy, particularly the depreciating rupee.

“While value buyers may return if the dip extends, meaningful valuation rerating needs clarity to return,” he added.

Arif Habib Corp analyst Ahsan Mehanti echoed Jafri’s viewpoint, saying stocks fell across the board on economic uncertainty amid a slump in the rupee and a likely hike in interest rates owing to high inflation.

“The caretaker finance minister’s assertion for lack of fiscal capacity to give relief on power bills and concerns for unresolved circular debt crises in the power sector played a catalyst role in bearish close,” he said.

The market had witnessed a sharp drop after rumours circulated that the State Bank of Pakistan was set to convene an emergency meeting in which it is expected to raise interest rates by up to 300bps, noted JS Global in its daily report.

KASB Securities chairman Ali Farid Khawaja told Dawn.com that investor sentiment “is very fragile”. “Any comment around political instability worries the market,” he said.

However, in Khawaja’s view, the bearish trend “will be short-lived” as he expects the market to recover. “We have seen similar volatility in the past as well.” He said reports of the Saudi crown prince’s visit to Pakistan “should be a strong catalyst for investor sentiment”.

Yousuf M. Farooq, director of research at Chase Securities, said market sentiment has changed over the last few days because of the anticipation of a rate hike.

“The market is expecting higher rates on changing expectations for inflation on the back of a continuously sliding rupee, higher oil and electricity prices and an anticipation of second-round impacts.”

He added that higher interest rates mean a higher cost of capital and cheaper stock prices.

“The market on the other hand is extremely cheap when compared to other crisis-ridden countries. The PSX is trading at three-four times earnings and earnings, dividends and buybacks have remained robust.”

Investor Jibran Sarfaraz told DawnNewsTV said a reduced inflow of dollars and the rumours circulating about an impending interest rate hike — by an expected 2 to 3pc — have resulted in the sell-off.

“You can see there is pressure on the market because of this, and the dollar [rate] is also increasing day by day which is creating problems for importers and investors are worried.”

He said until economic and political stability returns, “nothing can be done”.

Sarfaraz’s solution: controlling inflation and, by extension, the interest rate. “Whichever government comes to power should focus on stabilising the dollar [and inflation]. The more interest rates stay high, the more investors will hesitate.

“Unless the interest rate eases, investors won’t come because they’re getting 22-23 pc interest rates [by stowing their money in banks]. They will move where the higher profit margin is higher.”

 

[WicketLord]

The Pakistani rupee extended its losses on Thursday, sliding another Rs1.10 against the US dollar in the interbank market.

According to the Exchange Companies Association of Pakistan, the greenback was changing hands at Rs305.55 at 12:30pm. Yesterday, it closed at 304.45.

The consistent devaluation of the rupee is not only causing inflation but is also compelling the central bank to raise interest rates to mitigate the repercussions of uncontrolled depreciation of the local currency, according to bankers who manage exchange rates and imports.

“The market is not in control of anyone. The steep devaluation will continue and even cross the limit given by the IMF,” a senior banker had said, adding that nobody knows what is next for the exchange rate.

“This fast deprecation of local currency is alarming for the government in charge. There must be some pause in the frequent free fall of the rupee,” Atif Ahmed, a currency dealer in the inter-bank market, had said.

Exchange Companies Association of Pakistan General Secretary Zafar Paracha said there were several reasons behind the increase in the dollar’s price.

“Firstly, we removed import restrictions on non-essential items [leading to an increase in the demand for the dollar]. Due to this, prices in the interbank rose,” he said.

“Secondly, the confidence of investors has been shaken [due to the economy],” he added.

“Thirdly, the additional restrictions that were placed on the buying and selling of dollars in November last year caused the grey market to grow rapidly.”

“After this, we capped the interbank and open market rates because of the IMF. They think that we control the interbank and open market rates. They don’t trust us.”

Paracha continued: “Another reason for the increase in dollar price was due to the excellent illegal foreign exchange business flourishing in the country”.

PKR freefall continues unabated, dips below 305 against USD in interbank

The rupee depreciated by a further 1.10 to the dollar.

www.dawn.com

 

[rpant_gabba]

Petroleum dealers threaten nationwide strike - Pakistan Observer

The caretaker government has increased the petrol levy by Rs5 per litre, bringing it to Rs60 per litre. The levy on high speed diesel remains unchanged at Rs50/litre and no sales tax has been levied on petrol and diesel. In its agreement reached with the IMF, the previous government assured the...

pakobserver.net

Meanwhile, Petroleum dealers in Pakistan have issued a warning to close down filling stations across the country in protest of a non-increase in their profit margins. The decision comes after the government failed to honour its commitment of increasing their profit margins, leaving them dissatisfied with the current situation. In a statement, Pakistan Petroleum Dealers Association Chairman Abdul Sami Khan expressed frustration over the government’s inability to raise their profit margin, saying that a deadline of September 1 has ended.

 

[WicketLord]

Food prices as big a concern for consumers as energy bills.

As the inflation rate soars to 27.4% in August on the back of higher food and fuel prices, the Ministry of National Food Security on Friday attempted to downplay the sugar consumption figures by 125,562 metric tons apparently to hide anticipated shortages due to its export.

The stubbornly high grocery prices mean the cost of the monthly shop is now as big a concern for consumers as energy bills.

This was the second month when the inflation reading remained far above the official target of 21% due to an administrative increase in the prices of electricity and fuel.

Pakistan’s annual inflation rate accelerated to the history’s highest ever level of 38% in May due to supply shocks, currency devaluation and the absence of any checks on hoarding and profiteering.

The inflation rate jumped to 25.6% in the cities, according to the PBS. The food inflation jumped to 40.6% in rural areas and it remained at 88.8% in cities, according to the PBS.

Express Tribune

 

[WicketLord]

Nationwide shutter-down strike today against rising inflation.

Traders associations, lawyers, JI protest increasing costs of living, power tariffs

KARACHI/LAHORE:
A shutter-down strike is being observed across the country on Saturday to protest rising inflation and electricity bills.

The strike call came from Jamaat-e-Islami (JI) and different traders associations and was supported by lawyers, with the legal community boycotting courtrooms.

Commercial hubs and business centres remained shut in Karachi, Lahore and Peshawar as well as other cities across the country. Public transport and other forms of commute were also restricted, reducing vehicular traffic on major thoroughfares.

In Karachi, the Tajir Action Committee (TAC) has given the interim government 72 hours to reduce excessive electricity bills and withdraw recently imposed petroleum levies. This announcement was made yesterday (Friday). While commending JI for raising its voice against increasing costs of living, TAC Convener Muhammad Rizwan said that there was no compulsion on traders in the metropolis to join the strike today but skyrocketing inflation is worrisome.

Nationwide shutter-down strike today against rising inflation | The Express Tribune

Traders associations, lawyers, JI protest increasing costs of living, power tariffs

tribune.com.pk

 

[WicketLord]

Today, Pakistan's economic decline has reached a point that is unprecedented in our 76-year history.

Soaring prices of electricity, petrol, gas, sugar, milk, and other commodities have not only broken the backs of hardworking individuals but have also pushed society towards anarchy.

On the other hand, Pakistan's elite and ruling class receive subsidies of more than 5 trillion rupees annually.

 

[WicketLord]

KARACHI: As the industries had not given any green signal to join the countrywide strike call given by the Jamaat-i-Islami, the overall industrial activities showed a mixed trend due to the low turnout of workers.

Industries had already remained shut on Friday on account of Shah Abdul Latif Urs while traders had kept their shops closed on the same day to protest against the inflated power bills and soaring petrol and diesel rates.

Site Association of Industry (SAI) President Riazuddin said that around 50 per cent out of 2,700 units remained operative on Saturday.

He expressed surprise over caretaker Prime Minister Anwaarul Haq Kakar’s statement that high power bills are a non-issue. “It is a very serious issue and the industrial community’s survival is directly linked with the cost of production,” he added.

All Karachi Tajir Itehad (AKTI) Atiq Mir estimated over Rs10 billion trade loss on account of the closure of retail shops/malls and wholesale markets from Friday to Saturday as a result of protest against rising petrol and diesel prices and unbearable electricity bills.

He said that the two-day market closure by the trade bodies had badly affected over four million daily-wage workers in the city.

Deploring the alarming situation, he said that families were selling their gold jewellery, household items and borrowing money to pay the unjestified massive K-Electric bills.

Strike partially affects industrial production

Daily-wage earners faced brunt of two-day market closure.

www.dawn.com

 

[daytrader]

Sugar sells for around Rs200/kg in most cities: Sugar price hike triggers PMLN, PPP blame game​

LAHORE/ KARACHI/ ISLAMABAD: Refined sugar becoming pricier than flour and milk for the first time in the country’s history ignited a blame-game between two major coalition partners of the former government, PMLN and PPP, on Sunday.

On Sunday, PMLN senior leader Ahsan Iqbal said if there was a sugar crisis in the country currently, former minister for trade Naveed Qamar should be asked about it, as he had allowed its export during the PDM coalition government.

Speaking to host Shahzad Iqbal in Geo News programme ‘Naya Pakistan’, Ahsan Iqbal said the main reason for the current crises in the country was uncertainty, created by vested interests to fulfil their malicious designs. He said if not handled properly, even the sugar crisis could create serious problems for the caretaker government. The country would have to be freed from the clutches of mafias if it is to be put on the road to success.

Sugar sells for around Rs200/kg in most cities: Sugar price hike triggers PMLN, PPP blame game

LAHORE/ KARACHI/ ISLAMABAD: Refined sugar becoming pricier than flour and milk for the first time in the country’s history ignited a blame-game between two major coalition partners of the...

www.thenews.com.pk

 

[Hassan A]

The sugar crisis shows the persistent failures of our political parties and instead of solutions, we get blame games.

 

[daytrader]

LAHORE: The Punjab government on Tuesday blamed the stay orders issued by the Lahore High Court, which stopped the implementation of the sweetener’s notified price and prevented monitoring of the sugar supply chain, as one of the main reasons behind exploding price of sugar.

Caretaker Chief Minister Punjab Mohsin Naqvi chaired a meeting regarding sugar prices here. During the briefing, the food secretary mentioned that the Lahore High Court’s stay orders have prevented the acquisition of sugar mill records.

In response, the Punjab government has decided to promptly file an appeal to have the stay orders cancelled. The chief minister directed the Advocate General of Punjab to initiate this appeal urgently. He stressed the need for an immediate appeal to lift the stay orders and stabilize sugar prices.

Punjab govt blames sugar price hike on LHC stay orders

LAHORE: The Punjab government on Tuesday blamed the stay orders issued by the Lahore High Court, which stopped the implementation of the sweetener’s notified price and prevented monitoring of...

www.thenews.com.pk

 

[WicketLord]

ISLAMABAD: Still reeling from nationwide protests against inflated electricity bills of peak summers, the caretaker government on Friday said that increasing gas rates “across the board” ahead of winter was inevitable to contain the gas-sector circular debt growing at the rate of Rs350 billion per year. The government said it also intends to revitalise an economy that’s seen months of decline due to strict import regulations.

At a news conference, key ministers of the interim government also emphasised long-term policy decisions, vowing to uphold all international agreements while preventing their misuse against national interests.

They said the industries would be directly linked to power stations through wheeling charges, a move that may further add to the low recoveries and circular debt of the power distribution companies (Discos).

The caretaker minister for power and petroleum, Muhammad Ali, said the meeting decided to offer an incremental tariff for industries to increase their electricity consumption in winters when demand was set to drop significantly so that losses do not increase in capacity payments due to low utilisation.

The meeting also discussed ways to improve theft control and governance structure in Discos besides their privatisation and provincialisation and ultimately reduce their prices.

He said the industries would be provided power supply from generation plants directly through wheeling charges.

In the gas sector, he said the situation was very alarming as it faced Rs350bn loss per year. Going up by Rs1 trillion in the last four years, the gas sector’s circular debt, including interests, had piled up to Rs2.7tr and was growing very fast.

“Therefore, the gas price has to be rationalised,” he said. “The government would have to revise gas prices across the board because we cannot bear the $3.5bn loss” that Pakistan suffered for a decline in domestic exploration of oil and gas.

DAWN

 

[WicketLord]

I hope that gas charges won't increase significantly. The electricity bill has already put a lot of pressure on the public.

 

[rpant_gabba]

July interest payments surpass govt income | The Express Tribune

Exceed income by Rs156b, sparking concerns of debt sustainability

tribune.com.pk

ISLAMABAD:
Interest payments in July increased alarmingly to Rs537 billion, surpassing the federal government’s net income for the month by Rs156 billion. This has raised concerns that the annual debt servicing cost may exceed budget allocations due to rising interest rates.

 

[daytrader]

Pakistan paving way for major KSA investments
KSA expressed interest in constructing refinery in Hub or Gwadar with estimated investment of $10-$12 billion

ISLAMABAD: In an effort to attract $25-30 billion in investments from the Kingdom of Saudi Arabia in copper, mineral, refinery and solar projects, Pakistan will need to address three major concerns of Riyadh to materialize multibillion-dollar investments in viable projects.

The much-hyped Special Investment Facilitation Council (SIFC), jointly supervised and operated by the military establishment and civilian authorities, has been playing its role in removing stumbling blocks hindering investment attraction.
Firstly, KSA has expressed interest in constructing a refinery in Hub or Gwadar with an estimated investment of $10-$12 billion. It has been discussing this since 2019, but it has not materialized yet. One of the major concerns expressed by KSA was providing incentives through the long-delayed Petroleum Investment Policy, mainly due to the 18th Constitutional Amendment, as provinces were also involved.

Secondly, the incentives offered were below the desired level. This concern has caused delays in materializing the refinery project. The concerns were related to coordinating policies between the Centre and the provinces and ensuring smooth remittance of dollars earned in profits and dividends without interruptions. Now, officials involved in negotiations with KSA claim that much-awaited progress has been made by addressing their concerns, as KSA-specific assurances have been provided. Both sides are now waiting for a significant event to sign and commence work on the construction of the long-awaited refinery, probably in Hub, which will attract an investment of $10 to $12 billion. However, no formal date has been confirmed yet.

The Kingdom of Saudi Arabia has also expressed interest in investing in the Reko Diq project to secure 10 to 20 percent of its shares.

Barrick Gold Corporation and Pakistan’s state-owned enterprises (SOEs), as well as the Balochistan government, will each own 50 percent shares in the Reko Diq project. There will be a total investment of $4 billion in Phase 1 and $3 billion in Phase 2. Production is expected to start in the fiscal year 2027-28. The International Finance Corporation (IFC) will provide risk insurance for the execution of these multibillion-dollar projects.

Pakistan paving way for major KSA investments

ISLAMABAD: In an effort to attract $25-30 billion in investments from the Kingdom of Saudi Arabia in copper, mineral, refinery and solar projects, Pakistan will need to address three major concerns...

www.thenews.com.pk

 

[Gharib Aadmi]

Rome wasn't built in one day similarly Pakistanis current economic situation wasn't due to PDM, Imran khan etc but a cummulative mismanagement since 1947. Unlike India, Pakistan didn't invest much on education. Apart from IITs and NITs we have thousnads of engineering colleges that produce 1.5 million engineering graduates every year whilst Pakistan produces around 10,000 based on info available in the net. I am not even going to consider the difference in quality of education in these institutes. Of these 1.5 million several join domestic IT firms whilst others go abroad. Those who remain here pay taxes from their salaries while those from abroad send large amount of remittances back. Around 3% of the muslim population study in madrassas which is 60 lakh whilst 2.5 million study in madrassas in Pakistan. Not sure what these seminary educated youth will provide to the society. I have seen several videos on youtube this past week where these madrassa kids claim earth is flat and sun revolves around the earth.

Women in India though still considerably lesser than what we desire are participants in almost all the sectors be in ISRo as scientists, IT, doctors, lawyers, entreprenuers etc. Pakistan is just wasting majority of half the population of its human resources.

Secondly, if we look at imports and exports. In 2021 the overall exports and imports in Pakistan was - total value of exports (FOB) is US$ 28,795 million. The total value of imports (CIF) is US$ 72,892 million. Pakistan never focussed on domestic manufacturing. Be it cars, bikes, electronics everything was imported.

Thirdly, the sacred cow of Pakistan - its army. Since the 1950s Pakistan developed into a security state with Army taking control of teh country by always projecting India as the bogey man. More budget than necessary was allocated to the defence sector. Instead of focussing on domestic issues it focussed the 80s and 2000s focus on wars that weren't theirs (note that both these dacdes Pakistan was under military dictartorship). Education, Infrastructure, food security etc were never priorities by military nor civilian leadership.

Author Ms Ayesha Suddiqa (she wrote Military Inc. Inside Pakistan's Military Economy) has assessed that 12% of land of Pakistan is owned by retired army officers of the rank of generally Brigadier and above. The retired army chief of Pakistani army, Raheel Sharif was given 99acre of land, at his retirement. This is equivalent to a plot of 632 m × 632 m or 480,000sqyard. That way in Pakistan royal share of plot goes to senior ex-army men. The second tier plots are cornered by politicians and businessmen most near these ex-army men's plot which are already prime locations.

Its not a wonder that Pakistan is where it is today. Most of the people are kept poor and fed the opium of religion saying Islam is in Khatra by the Miliatry-Mullah duo. Ask any lay man in Pakistan what is Pakistan best at they will say Army. Next thing they say is no matter how successful other countries are Pakistan has Imaan and Jazba. Pakistan seems more like a crowd than a country.

Now that its breaking their backs I am happy to see the middle class and lower middle class putting up a fight against the exhorbitant electricity bills. But not sure if they still have it in them to voice against the establishment.

So much wrong, not sure where to begin.

1 - In Pakistan no one gets vote based on Islam khatra mein hain, as Muslims are 96% of the populaton. The mullahs have never won a federal election in history. No one is scared of the non Muslims in Pakistan.

2 - You are not sure if Pakistanis have it in them to be against establishment? These are the same people who got rid of 3 military dictatorships. Establishment did not cede control to civilians because they wanted to. Unfortunately political parties are willing to cut deals with establishment to come into power, which is why they still have a role in politics. Luckily the last segement of society who supported the establishment, the urban middle class, no longer does.

3 - Pakistani women also participate in all levels of society. May be hard for you to believe but Pakistan also has women doctors, lawyers, scientist, entrepreneurs, IT, etc.

4 - Pakistan has been mismanaged since 1947? In the 60's South Korea copied the economic plan from Pakistan.

5 - The military is a reflection of the country. They dont come from Switzerland, or Mars, they come from Pakistan. So a corrupt country will have a corrupt army. And there is no doubt they leech on the state and there meddling has damaged Pakistan.

However all problems cant be pinned on them. Pakistan loses billions in state run enterprises. Thats not on the army. That along with selling cheap petrol, having low tax collection, and artificially propping up the rupee has been destroying the country.

6 - What Pakistan needs right now is to make economic reform, and that can only happen if IMF, Americans, or Gulf Arabs stop bailing out Pakistan. India went to IMF once, Pakistan has been there over 20 times.

 

[Hitman]

India went to IMF once, Pakistan has been there over 20 times.

23 times, to be precise.

 

[Gharib Aadmi]

39% of the population there is Shia and 18% Ismaili. Now the blasphemy laws have been changed by the caretaker government and an important Shia cleric arrested without bail. tens of thousands are protesting that if things remain like this they will forcefully open kargil gate meaning integrate with India. While in Kashmir last month the Muharrum procession took place peacefully. This is the religious aspect. Even Pakistanis are fleeing pakistan off late do you think they will stay back just because they are muslims and happily fight for wheat. If they integrate with india nt only will they get better facilities but also will feel more empowered as muslim popu;ation in the state will increase. Inetersting I was watching a program on youtube about how muslims in Indian subcontinent were the biggest sufferers due to partition forw hch I shall create a thread later. There were a few interesting points that most of us never knew.

People in Gilgit Baltistan have been demanding a province for the last 70 years. No one there wants to join a Hindu nationalist state. For the majority of Muslims Congress was soft Hindutva which is why Muslim League won majority of Muslim seats in 1946 India election. 429 out of 492. Now imagine if someone like Modi was there instead of Nehru.


Maybe if situation gets bad they might want independence but India no way.

 

[WicketLord]

If the care taker government cannot reduce the problems of the people, then it should not increase the difficulties, and elections should be held in accordance with the constitution and the law to give the elected government a chance. Pakistan cannot bear any more chaos and disorder.

 

[daytrader]

Question mark over purchase of sugar above notified price
Sugar is being sold at utility stores at Rs101 per kg for targeted customers across country
LAHORE: The Punjab government’s decision to sell sugar at Rs140 per kg at special bazaars in the province after buying it from mill owners in itself is a sheer contrast to the federal government’s calculated cost of Rs98.82 per kg, inclusive of profit and taxes. The Punjab government and a delegation of Pakistan Sugar Mills Association (PSMA) on Sunday decided to supply sugar at Rs140 per kg at special bazaars. The agreed price, however, will be nearly 42pc more than the rate assessed by the federal government for the current season.

The enforcement of the federal government’s notified price has been put on hold by the Lahore High Court for the past several months and the provincial government has recently filed an appeal against the stay order, meaning thereby it considered Rs98.82 per kg a justified retail price based on its fair value. Hence, the move to buy sweetener from sugar mill owners at Rs140 per kg may dilute the stance of the government in the litigation process, according to insiders. Another important upcoming hearing on sugar price fixing is due this week at the Supreme Court of Pakistan. In this connection, September 12 has been fixed by the Supreme Court for hearing the federal government’s plea challenging a stay order by the LHC over the enforcement of the notified sugar price.

Question mark over purchase of sugar above notified price

LAHORE: The Punjab government’s decision to sell sugar at Rs140 per kg at special bazaars in the province after buying it from mill owners in itself is a sheer contrast to the federal...

www.thenews.com.pk

 

[Hitman]

People in Gilgit Baltistan have been demanding a province for the last 70 years. No one there wants to join a Hindu nationalist state. For the majority of Muslims Congress was soft Hindutva which is why Muslim League won majority of Muslim seats in 1946 India election. 429 out of 492. Now imagine if someone like Modi was there instead of Nehru.


Maybe if situation gets bad they might want independence but India no way.

Until now we Indians have been told by Pakistanis that they were happy with Pakistan.

 

[Gharib Aadmi]

Until now we Indians have been told by Pakistanis that they were happy with Pakistan.

They are happy which is why they are demanding a province in Pakistan and not independence.

They are not Kashmiri, they do not want to be part of Kashmir, however the government has refused for the last 70 years to give them a province as they want one winner take all referendum in entire state of Jammu & Kashmir. This is insulting them as the people of Kashmir valley do not want to join Pakistan and want azadi. While they on the other hand are asking for complete integration in Pakistan.

IK promised them a province after 2020 local elections, same way he promised the Saraikis a South Punjab province. Hopefully he is able to give both groups provincial status after PTI wins the next election.

 

[Hitman]

Hopefully he is able to give both groups provincial status after PTI wins the next election.

Some high expectations you have.

 

[Gharib Aadmi]

Some high expectations you have.

Its kind of obvious that PTI will win the election, which is why both the establishment and PDM dont want to hold them. And opinion polls have shown PTI as the most popular party.

They violated the constitution and refused to hold the provincial elections in Punjab and KPK. They are now going to violate the 90 day clause to hold federal elections. Elections should be held by November but they are saying February now. Who knows when they will be held. However jailing IK only makes him more popular, and he economy is not improving anytime soon. Only question is how big will PTI win be.

 

[Hitman]

Its kind of obvious that PTI will win the election, which is why both the establishment and PDM dont want to hold them. And opinion polls have shown PTI as the most popular party.

They violated the constitution and refused to hold the provincial elections in Punjab and KPK. They are now going to violate the 90 day clause to hold federal elections. Elections should be held by January November but they are saying February now. Who knows when they will be held. However jailing IK only makes him more popular, and he economy is not improving anytime soon. Only question is how big will PTI win be.

I understand all of that. But do you think the establishment will let him to be PM again, when it’s blatantly apparent that they dislike him?

 

[Hassan A]

The sugar prices, textbook example of government dysfunction and potentially corruption.

And the PTI's promises? It's easier to promise the moon when you don't have to build the rocket.

 

[WicketLord]

The caretaker government’s crackdown across Pakistan against illegal foreign currency transactions, electricity, and gas pilferage and hoarding of sugar — all at the same time — has delivered some initial results.

The rupee has regained some of its lost value against the US dollar, sugar prices that skyrocketed in recent weeks have started to fall, and the speed with which power from utilities was being stolen has decelerated.

The action against the wrongdoers can be expected to continue for one simple reason: the International Monetary Fund (IMF) is in no mood to allow space for the caretakers to continue to accommodate the status quo in economic matters — and the crackdown against the wrongdoers has been initiated with the full backing of the army’s top leadership.

The State Bank of Pakistan (SBP) has unveiled a comprehensive strategy to stop the flight of US dollars from the country and has asked low-grade (B-category) foreign exchange companies to upgrade them within three months or risk losing their licenses.

The government has announced to set up special courts to try electricity and gas theft. Provincial governments are working more closely with law enforcement agencies to tackle sugar hoarding and smuggling.

The caretaker Prime Minister Anwarul Haq Kakar has dispelled the impression that the caretaker setup is here to stay and has told the nation that his government is ready to hold general elections at the shortest possible notice.

The crackdown against unscrupulous forex dealers, commodity hoarders, electricity and gas stealers, and ease in uncertainty about elections may continue to boost the spirit of businesspeople for some time to come.

But, these actions are not enough to ensure that the external sector weaknesses that remain at the heart of the economic crisis in Pakistan will somehow go away. The caretakers and the powerful establishment know this.

That is why Prime Minister Kakar and top military leadership have separately told businesspeople that the Special Investment Facilitation Council (SIFC) has concrete plans to seek $25-$50 billion in long-term foreign investment from Saudi Arabia, UAE, Kuwait, Qatar and other countries.

They were told that foreign direct investment would start flowing in shortly in five major areas, namely agriculture, defence production, mines and minerals, power sector and information and communication technology.

DAWN

 

[Gharib Aadmi]

I understand all of that. But do you think the establishment will let him to be PM again, when it’s blatantly apparent that they dislike him?

Nope, at least not with the current COAS. they have already got have disqualified for 5 years from politics.

However the vote bank of PTI belongs only to IK, so he will choose the next PM if elections are held. This is similar to Nawaz Sharif after getting disqualified, he choose Abbasi and Shahbaaz Sharif as PM's.

And if they kill him, which cant be ruled out, we have the Bhutto example. He has been winning elections from his grave for the last 40 years.

 

[Hextro]

The classic PDM brilliance has left everyone speechless. Can we set the bar any lower than it is now?

The fools reminiscing about these parties' past should wake up now. Growing up is realised that PDM supporters have always been attracted to the lowest common denominator.

Do you not have any idea of how a country is supposed to be run? Well, you're in luck! I have a million+ PDMer itching to vote for you. More sabotage, please.

 

[WicketLord]

Its looking that the caretaker government is not in a hurry to hold elections. They believe that political parties cannot improve the country's economy, so they are now making significant decisions. It also seems they are taking action against corrupt politicians from the PPP and PML-N

 

[WicketLord]

ISLAMABAD: As the IMF has linked an increase in gas tariff for allowing power consumers to pay bills in three-month instalments, the caretaker government has intensified its endeavour to finalize the natural gas price increase proposals under which high-end consumers will pay the maximum to prevent protected low-end consumers from the price shock.

Background discussions with senior officials of the Petroleum Division suggest there are 12 slabs for domestic consumers out of which the first four slabs of consumers utilizing gas up to 0.25 HM3, 0.5 HM3, 0.6HM3 and 0.9hm3 every month may not face any increase.

However, the remaining eight domestic gas categories which are non-protected consumers will face the increase, but the high-end consumers who fall over the 4 hm3 slab may have to face a massive increase in their tariff up to Rs3,600-3,700 per MMBTU. Likewise, other high-end consumers who fall in 3HM cubic meters and 4HM3 will also face a massive increase. (HM3 means 100 cubic meters gas) In this way around 60pc of consumers would face a hike of 200 to 400 per MMBTU, all of this however remains to be finalized.

The government is importing RLNG at Rs3,700 per MMBTU but selling it at Rs1,100 per MMBTU on average which is no longer justifiable.

Last time, the federal government notified the category-wise gas sale prices to increase from January 1, 2023. “The top notches of petroleum, finance divisions, and OGRA are also in the process of finalizing the gas price increase, and held a meeting on Monday to design the gas increase scenario by 45-50 percent without increasing the gas price for protected domestic categories.” The Petroleum Division officials were busy in late-night meetings on how to devise a hike in gas prices and develop a summary for ECC.

The NEWS

 

[daytrader]

IMF ‘REJECTS’ PAKISTAN’S RELIEF PLAN ON ELECTRICITY BILLS
The International Monetary Fund (IMF) has reportedly stopped Pakistan from giving relief to the power consumers using over 200 units, monthly, ARY News reported, citing well-placed sources on Wednesday.

“Circular debt will not come down if relief is given on electricity bills,” IMF said on Pakistan’s relief plan, as per sources.

The relief in terms of delayed payments of the bills will only be given to consumers, who are using under 200 units for six months continuously.

The relief will be revoked, if the bill of a consumer comes over 200 units in six months, the sources said.

IMF 'rejects' Pakistan's relief plan on electricity bills

The International Monetary Fund (IMF) has reportedly stopped Pakistan from giving relief to the power consumers using over 200 units, monthly, ARY News

arynews.tv

 

[WicketLord]

International Monetary Fund (IMF) Managing Director Kristalina Georgieva has urged Pakistan to “collect more taxes from the wealthy and protect the poor people” amidst soaring inflation following the nation’s securing of a last-minute bailout in July.

Pakistan’s year-on-year inflation for the month of August leapt to 27.4pc, contracting household budgets. That same month, exorbitant electricity bills led to a protests across the country. The rattled government had initially promised some relief for the public, but later ruled it out citing Pakistan’s commitments with the IMF.

Speaking to Geo News after meeting caretaker Prime Minister Anwaarul Haq Kakar on the sidelines of the United Nations General Assembly on Wednesday, Georgieva said that she believed this was in line with what the people of Pakistan would like to see for the country.

“What we are asking in our programme is that please collect more taxes from the wealthy and please protect the poor people of Pakistan,” she said. “I do believe this is in line with what people in Pakistan would like to see for the country.”

Later in a post on X (formerly Twitter), the IMF chief said she had a good meeting with the Pakistani premier on the country’s economic prospects.

“We agreed on the vital need for strong policies to ensure stability, foster sustainable and inclusive growth, prioritise revenue collection, and protection for the most vulnerable in Pakistan,” Georgieva added.

Meanwhile, interim PM Kakar also posted on X about the meeting. He said he held a constructive dialogue with the Fund’s director that “emphasised extending our mutual commitment towards bolstering economic stability and growth in Pakistan”.

An official handout released by the Prime Minister’s Office said that Kakar expressed gratitude for the IMF’s approval of the $3 billion standby agreement to support Pakistan’s economy.

It said the premier briefed Georgieva on the various measures taken by the government to “stabilise and revive the country’s economy”.

“The prime minister affirmed that these initiatives aim to create a stable and conducive environment for sustainable economic growth and investment. Additionally, a strong focus had been placed on protecting the vulnerable segments of society,” the PMO statement said.

It further said that the IMF chief “appreciated Pakistan’s concerted efforts in implementing policies and reforms to revive the economy”. She assured that the IMF remained committed to continued engagement with Pakistan, the statement added.

DAWN NEWS

 

[WicketLord]

Govt has mandate for privatization and economic decisions.

Caretaker Finance Minister Dr. Shamshad Akhtar has said that the decisions with regard to state-owned entities (SOEs) will be held under a prepared list,.

Talking to media finance minister said that the caretaker government has been given a legal mandate for privatization and it could take key economic decisions including privatization of state entities.

Finance minister said that the state-owned companies will be removed from subordination of concerned ministries, and they won’t have to accept orders from these ministries.

“A policy has been presented to make the government companies as autonomous entities,” minister said. “The policy has also been displayed at the website of the Ministry of Finance,” Akhtar said.

Caretaker Finance Minister said that steps are being taken for revival of the national economy and profit earning companies are being encouraged. In year 2020 SOEs losses were 500 billion, she said.

“Mostly ineligible officers were posted at the boards of government corporations. The government companies have failed to provide services,” minister said.

Shamshad Akhtar said that the finance ministry continuously bearing losses made by government companies and providing funds to save these entities.

Finance minister said that various governments have re-structured the state-owned entities. The finance ministry will help to fulfill financial losses, she said. Caretaker government has inherited a good law under which a re-structuring policy can be formulated for the government companies, minister said.

“The government have 85 institutions that could earn profit, we will bring a policy to change the state of government companies,” she said. “The state entities should be allowed to function autonomously. We will appoint board of directors of the state companies under the “state on enterprise law” she said.

“A central monitoring unit will be setup for government companies. Strategic companies will be kept with the government while non-strategic companies should be handed over to the private sector,” she said.

“It is upto the cabinet committee to decide, which state company has been strategic, and which is not,” finance minister added.

Govt has mandate for privatization and economic decisions: Shamshad Akhtar

ISLAMABAD: Caretaker Finance Minister Dr. Shamshad Akhtar has said that the decisions with regard to state-owned entities (SOEs) will be held under a

arynews.tv

 

[WicketLord]

If these institutes running in losses had been sold before then country would not have lost so much. Corrupt politicians hired unqualified their own relative or political workers for these institutes

 

[FearlessRoar]

The situation in the country has become dire. For the past year, nearly every month has brought with it a feeling of foreboding. This, many Pakistanis routinely tell themselves, is certainly the lowest and worst point. To offset paying more than double the usual price for basic goods, they ration every drop of petrol by seeking alternative transportation options, buying less food, cheaper food, the cheapest food but nothing seems to work. The continuing political instability, one government after another, the ever-looming threat of military intervention and the general uncertainty have not helped the situation. All of this has happened, but there seems to be more in the offing. The regular hikes in the price of petrol, the imposition of electricity tariffs and increase in the sales tax have all turned an already unbearable situation into one that is potentially catastrophic.

Despite holding cabinet meetings on the issue of high electricity rates a consequence of the deal with the IMF the caretaker prime minister is unable to act against the exorbitant tariffs. Human Rights Watch has requested the IMF to review the impact of economic adjustments in countries where vulnerable groups will be affected. However, so far that help has not been forthcoming here.There are only so many corners to cut, only so much water added to milk, sawdust added to flour and pebbles eaten with lentils. After some time, there is only water and no milk, only sawdust and no flour and only pebbles and no lentils. The latest increase in prices, which is apparently necessary to sustain the deal with the IMF, points to such a situation. For political scientists researching political decisions, matters proceed according to what people assess to be in their self-interest. But such calculations break down when the people have nothing to lose. In Pakistan, there will soon be millions of people whose lives have been so utterly wrecked by unchecked inflation and the unaffordability of even basic goods that their reactions to hunger, homelessness and hopelessness will be entirely unpredictable. Those whose lives are not immediately threatened by the unavailability of food and housing will possibly die in other ways. For instance, one of the major industries in Pakistan that is being affected by the economic crisis is the pharmaceutical industry. Banks are unwilling to open letters of credit due to the continuing lack of foreign exchange. For the current set-up, the pharmaceutical industry is an area of concern.

The foreign exchange shortage means that the country may be hurtling towards a dearth of lifesaving drugs and the raw material needed to manufacture them. One example of this was when Panadol became unavailable last year. While it is not a lifesaving drug, the fact that there was a shortage of such a commonly used medicine, which then persisted, reveals the weaknesses in the market.

Add to this the fact that there has been an ongoing pricing dispute, with drug manufacturers saying that because of the increased price of imported raw material required to make drugs, they wanted to hike prices by almost 40 per cent across the board.

The problem is that without material to make the drugs there simply will not be sufficient medicine available to the people who need them. It does not appear that anything else is being done to avert this crisis or solve the impasse. It is terrifying to consider what would happen if drugs required by diabetics or basic broad-spectrum antibiotics are suddenly off the shelves.

Pakistan’s poor are desperate and have been so for a long while now. This latest economic crisis is going to alter the class demographics of the country in irreversible ways. Those who belong to the lower middle class will likely fall into poverty and the poor will become desperately poor.

Only those in the middle or upper middle class who survive on remittances will manage to hold on for a while, but their investments in property or other Pakistani assets are likely to be devalued as Pakistani currency loses more and more value, despite making short-term recoveries. All of this will mean dependence on the black market for medicines and any kind of goods that are not manufactured in Pakistan using Pakistani materials. In fact, it is unfortunate that very little is manufactured in Pakistan from purely indigenous material.

Many analysts have sounded the alarm in recent months over the country’s dire political and economic situation. Not only have the warnings and assessments of these analysts been ignored but the crisis has exacerbated thanks to the ever-more reckless actions taken by existing government officials.

The switchovers from one to another and then another set-up has made accountability elusive. The possibility of future accountability via elections also seems remote given the political instability that has been witnessed for several months now. This means that the country has fallen into a state where people are doing whatever they can and get away with breaking the rules. For those who follow the rules, pay taxes, vote and hope for a democratic country run based on laws, this is terrible news.

The only class of Pakistanis that have been untouched and will remain untouched by the hell that has descended upon the people are the rich and the ultra-rich. With all their assets safely stowed away in Dubai or some similar financial haven, they can talk about the current circumstances as if they were just another topic for an after-dinner conversation.

As things become worse and worse, these people will leave for their offshore havens, so the poor who have nothing left to lose cannot come after them. Meanwhile, innocent, honest, good and worthy Pakistanis will die because they believed in a country that did not believe in them.

Rafia Zakaria
Published in Dawn, September 20th, 2023

 

[FearlessRoar]

Jamaat-e-Islami (JI) has announced the schedule of a sit-in in Lahore to protest against spiralling inflation in the country, ARY News has reported.

According to the details, the JI sit-in will start today (September 21), with party workers gathering in front of the Governor House on Mall Road, Lahore.

JI Ameer Sirajul Haq and senior leaders, including Liaquat Baloch, Ameerul Azeem, and other provincial leaders, will address protesters and party workers.

 

[daytrader]

MEAT EXPORT BAN: PAKISTAN VOWS TO ADDRESS UAE CONCERNS
KARACHI: The Trade Development Authority of Pakistan (TDAP) has taken a swift action to address United Arab Emirates (UAE) concerns over sub-standard meat exports which led to the imposition of a ban, ARY News reported on Thursday.

The Trade Development Authority of Pakistan (TDAP) said that it is actively addressing the recent ban imposed by the Ministry of Climate Change and Environment, Government of the United Arab Emirates (UAE) on the export of fresh chilled meat (by sea) from Pakistan with effect from October 10, 2023.

The ban follows the arrival of several containers of substandard fresh beef in Dubai, as reported by the Dubai Municipal Authorities.

Initial investigations have revealed that the sub-standard quality of the meat was allegedly due to the non-functionality of the refrigeration system installed in the containers, which is the responsibility of the shipping lines. It has also been learnt that the concerned exporters have filed damages against the shipping line.

The Pakistani Consulate, in Dubai, has engaged with stakeholders, to ascertain the reason for this unfortunate event including requesting a formal meeting with the UAE Ministry of Climate Change and Environment to present Pakistan’s viewpoint and comprehensively address their concerns, according to a press release issued by TDAP.

“The Mission will seek to assuage the concerns highlighted by the UAE authorities and at the same time strongly advocate for vacation of the ban.”

“TDAP remains committed to facilitating fair trade relations between Pakistan and the UAE while upholding international standards of quality and safety. We are optimistic that through constructive dialogue and cooperation, both nations will find an amicable resolution that allows the resumption of fresh chilled meat exports from Pakistan to the UAE.”

https://arynews.tv/meat-export-ban-pakistan-vows-to-address-uae-concerns/

 

[FearlessRoar]

There are enough chances that the fuel prices will come down in the next announcement, the minister said while talking to media at Karachi Press Club.
ARY

 

[FearlessRoar]

According to sources, the IT ministry has started preparations for the launch of 5G services and issued instructions to Pakistan Telecommunication Authority (PTA) and related departments.
Source ARY

 

[daytrader]

Pakistan secures $5.4bn inflows over two months
ISLAMABAD: On the back of an International Monetary Fund (IMF) stimulus, Pakistan’s foreign financing inflows rose over six times to $5.41 billion in the first two months (July-August) of the current fiscal year, against just $439 million during the same period last year.

In its monthly report on Foreign Economic Assistance (FEA), the Economic Affairs Division (EAD) said on Tuesday the total FEA in July and August amounted to $3.2bn, compared to $439m during the same period last year, showing an increase of 630 per cent.

Total inflows in August stood at $316m, while the maximum $2.89bn assistance came in July.

This is in addition to the $1.2bn released by the IMF on July 13 as first tranche of the $3bn Standby Arrangement and $1bn by the UAE separately accounted for by the State Bank of Pakistan.

Pakistan secures $5.4bn inflows over two months

$2bn of foreign loans came from Saudi Arabia as time deposit, followed by $508m guaranteed loan to PAF by China.

www.dawn.com

 

[FearlessRoar]

Caretaker Federal Minister for Information Technology and Telecommunication Dr Umar Saif said that talks were underway with both PayPal and Stripe regarding offering services in the country.

Talking to media, the IT minister said that government intends to convince PayPal to provide service through a third party in Pakistan on similar lines to Egypt where PayPal offers its services through a third party.

He said that the ministry has requested PayPal to allow Pakistani freelancers to bring money to Pakistan through a one-way service. He said, talks will be held with PayPal in this regard in a week’s time.


The IT minister also highlighted that talks with Stripe, another payment processing platform, are also underway.

Earlier this month, caretaker IT Minister Umar Saif expressed his resolve to bring PayPal and Stripe to Pakistan.

The IT minister discussed the proposal of bringing PayPal, Stripe and Wise to Pakistan with the State Bank of Pakistan (SBP) officials.

Source: ARY

 

[daytrader]

Govt eyes $11bn aid from China, Saudi Arabia amid crunch
• Shamshad says caretaker govt prioritises tax net expansion, targets retail and real estate sectors
• Insists subsidies not viable, urges exporters to shift business model
• Says economic revival plan to be unveiled soon
• BISP to be partially transferred to provinces

ISLAMABAD: Pakistan is seeking around $11bn in bilateral support from China and Saudi Arabia as the caretakers push for expanding the tax net effectively to retail, agricultural and real estate sectors while continuing a crackdown on illegal currency movements to fill external and domestic resource gaps so that the IMF programme remains on track to ensure economic stability until an elected government takes power.

This was part of a detailed policy statement issued by caretaker Finance Minister Dr Shamshad Akhtar before the Senate Standing Committee on Finance and Revenue, presided over by Senator Saleem Mandviwalla in Islamabad on Thursday.

Dr Akhtar also talked about partially transferring the Benazir Income Support Programme to provinces under an IMF requirement. She lamented that exporters were still seeking subsidies despite economic challenges and strongly ruled out the possibility of such freebies.

Govt eyes $11bn aid from China, Saudi Arabia amid crunch

Shamshad says caretaker govt prioritises tax net expansion, targets retail and real estate sector; says economic revival plan to be unveiled soon.

www.dawn.com