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Pakistan economy under the PDM government & now the caretaker administration

DRsohail said:
17 PTV officials suspended for not covering drama of shobaz in Lahore hahaha.
Click to expand...

Yes, they are removing any one and every one who are standing against them. They dont care if they are Journos, some TV channel or even a local guy.
 
Pakistan's yearly inflation rate in April 2022 rose to 13.4% compared to 12.7% in March 2022 and 11.1% in April 2021
 
PAKISTAN, UAE DISCUSS PROSPECTS OF PROPELLING BILATERAL COOPERATION

Prime Minister Shehbaz Sharif and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces discussed advancing the longstanding relations between the two nations.

The premier met the crown prince in Abu Dhabi during his brief stay in the state after concluding his three-day visit to Saudi Arabia.

According to a joint statement, the two leaders also discussed the prospects of propelling cooperation on various fronts.

The two leaders exchanged greetings on the advent of Eid Al-Fitr and wished progress and development to the Islamic world and all nations of the world.


Sheikh Mohammed emphasised on the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE to the country’s successful development drive.

He wished for permanent stability to prevail for the benefit of all peoples of the region, stressing UAE’s support for all steps conducive to achieving peace and cooperation in the region and the whole world.

PM Shehbaz Sharif thanked Sheikh Mohamed for the warm reception and congratulations on assuming the office of Prime Minister, commending the UAE’s great support for his country in the development field.

He stressed his keenness to strengthen relations with the United Arab Emirates in various fields, and to exchange views on the latest developments in the region and the world.

The Pakistan delegation was comprised of Minister for Foreign Affairs Bilalwal Bhutto, Minister for Defence Khawaja Muhammad Asif, Minister for Narcotics Control Shahzain Bugti, Minister for Narcotics Minister for Information and Broadcasting Marriyum Aurangzeb, and Asad Mahmood.

The meeting from the UAE side was attended by Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, Sheikh Theyab bin Zayed Al Nahyan, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, Dr. Anwar Gargash, Diplomatic Adviser to UAE President, and Ali bin Hammad Al Shamsi, Deputy Secretary-General of the Supreme National Security Council.

https://arynews.tv/pakistan-uae-discuss-prospects-of-propelling-bilateral-cooperation/
 
Pakistan's inflation as measured by the Consumer Price Index (CPI) rose to a two-year high of 13.37 per cent in April compared to the same month last year, the Pakistan Bureau of Statistics (PBS) said on Sunday.

Inflation accelerated from 12.7pc year-on-year (YoY) in March, marking a 1.61pc month-on-month rise in April.

This is the highest CPI inflation since January 2020 when it was 14.6pc.

According to data shared by the PBS, inflation in urban and rural areas rose by 1.6pc and 1.63pc, respectively.

Perishable food items led the inflationary trend with an increase of 29.57pc, followed by 28.34pc for transport and 15.02pc for non-perishable food items.

Other sectors that posted double-digit growth in prices included clothing and footwear (10.84pc), furnishing and household equipment maintenance (14.66pc), health (10.37pc), restaurants and hotels (14.57pc) and miscellaneous goods and services (12.76pc).

In addition, the prices of housing and utilities rose by 7.05pc, communication by 1.61pc, recreation and culture by 9.65pc and education by 8.36pc.

According to the PBS, food inflation in urban areas increased by 15.98pc YoY and in rural areas by 18.23pc.

In its monthly outlook report for April, the Ministry of Finance said the overall spike in inflation is on account of an increase in the prices of imported items, as the country is a net importer of items, especially crude oil, pulses and edible oil, which ultimately translates into domestic prices. The Russia-Ukraine war, supply chain disruption, and global demand recovery all contribute to price increases.

According to the report, inflation in Pakistan is driven by both external and internal factors. International commodity prices, especially oil and food prices are the main external contributors.

Further, exchange rate fluctuations also affect domestic prices. The movements of broad money are also considered a useful indicator because they reflect the influences of monetary and fiscal policies on the domestic price index. Finally, market expectations regarding these inflationary developments are also contributing factors.

The ministry forecast tough days ahead — including rising inflation, expanding current account deficit, higher fiscal deficit and dampening economic growth prospects — in the country owing to combination of internal and external challenges of unpredictable tenure.

"The domestic and international scenarios are changing which carry implications for the economic recovery. Meanwhile, inflationary and external sector pressures are creating macroeconomic imbalances in the economy," the report said.

Additional input from Reuters.
 
I don't pretend to be an expert on political matters, but why do PDM supporters always run a mile when someone points about facts that make PPP and PMLN look bad (which isn't hard tbf)

I've seen this on all social media.
 
ISLAMABAD: A high-powered United Arab Emirates (UAE) delegation is due in Pakistan today to explore opportunities on the economic front after Islamabad sought a multibillion-dollar investment from Abu Dhabi, The News reported Tuesday.

Prime Minister Shehbaz Sharif, on his return from Saudi Arabia, had stopped in the UAE last week to hold a meeting with President Sheikh Khalifa Bin Zayed Al Nahyan and other top officials.

In the meeting, the premier requested the emirates senior officials to explore investment opportunities in Pakistan. The UAE has already rolled over its deposits of $2 billion lying with the State Bank of Pakistan (SBP).

“A high-level delegation of the UAE is coming to Pakistan to meet their counterparts on Prime Minister Shehbaz Sharif’s request to the ruler of UAE. A number of proposals will be discussed and explored during this visit,” a top Pakistani official told The News in background discussions on Monday.

Federal Minister for Finance Miftah Ismail confirmed that the UAE delegation was coming to Pakistan to explore investment opportunities. He made it clear that the visit was not meant to seek any further aid package from the UAE.

During their visit, the UAE’s economic experts would also meet PM Shehbaz Sharif in Lahore today. The delegation will also interact with the government’s economic team and deliberate on ways to accelerate the economic activities between the two countries.

The prime minister will also host a dinner reception for the delegation, which will be held to discuss the promotion of economic and trade relations as well as investment.

The members of the delegation will be apprised of a conducive atmosphere for investment in Pakistan. The discussion on cooperation in the fields of energy, economy, and petroleum industry is also on the agenda.

GEO
 
Guess what [MENTION=1269]Bewal Express[/MENTION] [MENTION=21699]Pakpak[/MENTION]

Shahbaz Sharif govt. decided to move forward with the idea of PTI govt, Ehsaas Petrol Card in the name of BISP Petrol card. PTI started working on Ehsaas Petrol Card in January, 2022 :)))

This will give targeted subsidy on petroleum products to the poor motorcyclists following a substantial increase in payments of price differential claims
 
Pakistan Central Bank Governor’s Term Ends, Successor Unknown
  • Reza Baqir’s three-year term set to expire on Wednesday May 4
  • New administration seeks to restore assistance from the IMF
Pakistan’s finance minister Miftah Ismail announced in a Twitter post Tuesday that State Bank of Pakistan Governor Reza Baqir’s three-year term will expire on May 4. The government did not announce a replacement or say when Baqir’s successor will be announced.

The decision comes amid an economic crisis and political shakeup that ended the four-year run of former cricket star Imran Khan as prime minister. Khan was ousted in a parliamentary no-confidence vote in April and replaced with Shehbaz Sharif. Baqir, a former official at the International Monetary Fund, was appointed by Khan in 2019.

The new administration is seeking to restore assistance from the IMF, which has been in limbo since 2020 after the government failed to meet certain conditions.

Talks are scheduled to start in May with the lender over conditions to unlock billions of dollars in loans, which may include doing away with subsidies on fuel and electricity, moves that could further stoke inflationary pressures but would help shore up government finances.

The country faces dwindling foreign reserves, a falling currency and rising current account deficit. Baqir led the central bank’s decision in early April to raise interest rates by 250 basis points, the biggest hike since 1996, to help stem Asia’s second-fastest inflation.

Ismail said officials have had “positive” talks with the fund for the resumption of loan program. The IMF has “largely agreed” to extend the current program for another year, but details would be worked out during a mission visit to Pakistan in May.
https://www.bloomberg.com/markets/fixed-income
 
With the fiscal year 2021-22 (FY22) nearing its end, March and April suffered the effects of the political crisis as foreign investors did not invest in domestic bonds, while outflows made the situation worse.

The latest data issued by the State Bank of Pakistan (SBP) on April 30 showed no inflow during the month of April. The previous month, March, was also almost empty. Before the start of the political crisis that resulted in the change of government in Islamabad, Pakistan received over $25 million in inflows in treasury bills (T-bills) and $5m in Pakistan Investment Bonds (PIBs) in February.

Despite the change of government in Islamabad, the situation is surrounded by uncertainties as reflected by the protests, the prolonged oath taking of the chief minister of Punjab and the long march call given by the ousted political party.

If the situation persists, the remaining two months of FY22 are likely to be without foreign investment in domestic bonds. The SBP has further increased the returns on T-bills and PIBs in the recently held auctions.

The SBP on April 28 increased the benchmark six-month T-bills rates by 114 basis points to 14.99 per cent — a move which was beyond the expectations of the financial market.

The cut-off yield on T-bills hit a 22-year high. The benchmark six-month T-bills’ return of 14.99pc is seemingly highly-attractive to foreign investors and is more than the returns when it was introduced by the SBP three years ago. The country succeeded in attracting over $3.5bn but the Covid-19 pandemic created havoc globally and the investment disappeared within a few months.

This time, when the situation is relatively better and most of the world has come out of the pandemic, the record high 14.99pc returns on T-bills have no attraction for investors because of political instability in the country.

The loss of the attraction is also due to uneven domestic economic indicators. Inflation has been rising each month, and to counter the inflation, the SBP has been increasing the interest rate. In the first week of April, the central bank increased the benchmark interest rate by 250 basis points, to 12.25pc, to counter the growing inflationary pressure. However, the government had to increase the cut-off yields on T-bills to borrow from banks.

The T-bill rates rose to 22-year high, again pushing the government to bring the interest rate close to the T-bill rates. The cut-off yield on six-month T-bills is now higher by 274bps when compared with the SBP’s current policy rate of 12.25pc.

The latest data shows that April inflation was 13.37pc, indicating that the real interest rate is negative by 1.12pc. If the SBP further increases the interest rate, it will badly hit trade and industry as the costly money would reduce demand. The International Monetary Fund also wants to reduce demand to cut inflation and control the expanding fiscal deficit.

The two months — May and June — could prolong the empty period of FY22, which will hit the country’s economic and business image on the global map. In this case, the government will have to borrow more foreign currency to meet its growing demand for trade and current account deficit.

Published in Dawn,May 3rd, 2022
 
Hike in T-bill rates fails to attract foreign investors

KARACHI: With the fiscal year 2021-22 (FY22) nearing its end, March and April suffered the effects of the political crisis as foreign investors did not invest in domestic bonds, while outflows made the situation worse.

The latest data issued by the State Bank of Pakistan (SBP) on April 30 showed no inflow during the month of April. The previous month, March, was also almost empty. Before the start of the political crisis that resulted in the change of government in Islamabad, Pakistan received over $25 million in inflows in treasury bills (T-bills) and $5m in Pakistan Investment Bonds (PIBs) in February.

Despite the change of government in Islamabad, the situation is surrounded by uncertainties as reflected by the protests, the prolonged oath taking of the chief minister of Punjab and the long march call given by the ousted political party.

If the situation persists, the remaining two months of FY22 are likely to be without foreign investment in domestic bonds. The SBP has further increased the returns on T-bills and PIBs in the recently held auctions.

The SBP on April 28 increased the benchmark six-month T-bills rates by 114 basis points to 14.99 per cent — a move which was beyond the expectations of the financial market.

The cut-off yield on T-bills hit a 22-year high. The benchmark six-month T-bills’ return of 14.99pc is seemingly highly-attractive to foreign investors and is more than the returns when it was introduced by the SBP three years ago. The country succeeded in attracting over $3.5bn but the Covid-19 pandemic created havoc globally and the investment disappeared within a few months.

This time, when the situation is relatively better and most of the world has come out of the pandemic, the record high 14.99pc returns on T-bills have no attraction for investors because of political instability in the country.

The loss of the attraction is also due to uneven domestic economic indicators. Inflation has been rising each month, and to counter the inflation, the SBP has been increasing the interest rate. In the first week of April, the central bank increased the benchmark interest rate by 250 basis points, to 12.25pc, to counter the growing inflationary pressure. However, the government had to increase the cut-off yields on T-bills to borrow from banks.

The T-bill rates rose to 22-year high, again pushing the government to bring the interest rate close to the T-bill rates. The cut-off yield on six-month T-bills is now higher by 274bps when compared with the SBP’s current policy rate of 12.25pc.

The latest data shows that April inflation was 13.37pc, indicating that the real interest rate is negative by 1.12pc. If the SBP further increases the interest rate, it will badly hit trade and industry as the costly money would reduce demand. The International Monetary Fund also wants to reduce demand to cut inflation and control the expanding fiscal deficit.

The two months — May and June — could prolong the empty period of FY22, which will hit the country’s economic and business image on the global map. In this case, the government will have to borrow more foreign currency to meet its growing demand for trade and current account deficit.
https://www.dawn.com/news/1687995/hike-in-t-bill-rates-fails-to-attract-foreign-investors
 
Shows we are rapidly sliding down, experiment with the known thugs is too costly [MENTION=1269]Bewal Express[/MENTION].
 
Dr Reza Baqir retiring tomorrow!
Exceptional work by him
Good bye with a heavy heart!
-Roshan Digital Accounts
-Flexible Currency
-Digital Apps/Conversation
-TERF (Loans for expansion of industries)
-Medium term inflation/interest rate outlook
-Islamic bonds
-Mera Ghar, Meri Car
 
Hermoine Green said:
Dr Reza Baqir retiring tomorrow!
Exceptional work by him
Good bye with a heavy heart!
-Roshan Digital Accounts
-Flexible Currency
-Digital Apps/Conversation
-TERF (Loans for expansion of industries)
-Medium term inflation/interest rate outlook
-Islamic bonds
-Mera Ghar, Meri Car
Click to expand...

Excellent work.
 
Ex-Information Minister and Pakistan Tehreek-e-Insaf leader Fawad Chaudhry criticised the newly-formed government over its new economic policies.

Taking to Twitter on Thursday, Chaudhry said that the inflation rate in the country has reached a three-year high, while the government's hopes to grab monetary benefits from allies Saudi Arabia and United Arab Emirates (UAE) remained unmet.

Inflation increased by 13.4% on year-on-year basis in April 2022 as compared to an increase of 12.7 percent in the previous month and 11.1% in April 2021, revealed Pakistan Bureau of Statistics (PBS).

Meanwhile, Chaudhry said that the government's policy on fuel prices remains unclear. “The economy is practically running without a driver,” he said, adding that the "interim government" is just whiling away time.

The statement comes a day after Finance Minister Miftah Ismail slammed the former PTI government for destroying the country’s economy. Talking to reporters in Karachi, he said: "We are going to fix it and everyone will see the difference in the coming months."

Miftah said the previous government did not tell the people about the agreements it made with the International Monetary Fund (IMF).

"They had vowed to eliminate the loss of Rs30 in petrol prices, place a levy of Rs30 and a sales tax of 17pc, increasing [the price] by approximately Rs90. This is something PM Shehbaz Sharif has resisted and will continue to do so."

Facing depletion in foreign exchange reserves while the import bill balloons, Islamabad remains in talks with the IMF for the revival of its stalled Extended Fund Facility (EFF).

Apart from the programme resumption, the government sought an increase in the size and duration of its $6-billion EFF.

https://www.brecorder.com/news/40170978/ptis-fawad-chaudhry-says-economy-running-without-a-driver
 
The price of chicken increased by 60rps per kilo. If i am not mistaken the Hamza is one of the biggest players in this industry. [MENTION=131701]Mamoon[/MENTION] [MENTION=135038]Major[/MENTION] what the hell is going on? Electricity has gone up massively, prices are going up at a faster rate and now this.
 
Bewal Express said:
The price of chicken increased by 60rps per kilo. If i am not mistaken the Hamza is one of the biggest players in this industry. [MENTION=131701]Mamoon[/MENTION] [MENTION=135038]Major[/MENTION] what the hell is going on? Electricity has gone up massively, prices are going up at a faster rate and now this.
Click to expand...

They’re too busy working 6 days a week to respond to anyone.
 
ISLAMABAD: The country’s trade deficit jumped by an all-time high of 65 per cent year-on-year to $39.3 billion during the 10 months through April on the back of higher-than-expected imports, Pakistan Bureau of Statistics data showed on Friday.

The trade deficit has been on the rise owing to an unprecedented increase in imports due to a rise in global commodities prices, while exports stagnated at around $2.5bn to $2.8bn a month, mostly those of semi-finished products and raw materials.

In April, the trade deficit came in at $3.74bn, growing by around 2.7pc over March and by 24pc compared to April 2021.

The trade deficit reached an all-time high of $37.7bn in the 2017-18 fiscal year. However, the government’s measures led to a drop in it to $31.8bn the next year (2018-19) and then a further decline to $23.2bn in 2019-20.

Deficit swells 2.7pc to $3.74bn in April

However, the trend then reversed and the trade gap jumped to $30.8bn in the 2020-21 fiscal year and is expected to reach an all-time high during the ongoing fiscal year.

Imports

During the first 10 months (July to April) of this fiscal year, the import bill rose 46.4pc to $65.5bn from $44.7bn over the same period last year.

In April alone, the import bill edged up to $6.6bn from $5.24bn over the same month last year, reflecting an increase of around 26pc. On a month-on-month basis, the imports increased by 3pc in April.

A major initiative of the government to encourage raw material imports and rising global oil prices and its high demand at home pushed up the import bill.

A surge was also noted in the import of vehicles, machinery and vaccines. The government is also importing wheat and sugar and costly palm oil. In the 2020-21 fiscal year, the import bill surged 26pc to $56bn from $44.6bn a year ago.

Exports

In July-April, exports jumped 25.5pc to reach $26.2bn from $20.9bn over the corresponding months last year. In April, exports grew 29.5pc to $2.87bn from $2.21bn a year ago.

On a month-on-month basis, exports incr*eased by 3.27pc in April.

Export proceeds went up by 18pc to $25.3bn in 2020-21 from $21.4bn over the last year.

The government has projected the annual export target for commodities at $31.2bn and services at $7.5bn.

According to the finance ministry’s monthly economic update and outlook for April, “exports are expected to continue their upward trend, backed by the export-friendly policies that have been implemented”.

It said exports also benefited from the real effective exchange rate (REER), which measures a currency’s value weighted against those of its major trading partners after adjusting for inflation.

According to the report, the exports of goods and services expressed in US dollars have been increasing since mid-2020. This was followed by the reopening of domestic and external economies after Covid-induced lockdowns.

With further domestic and international relaxing of protective measures against the pandemic, Pakistan’s exports benefited from a largely depreciated normal effective exchange rate. It compensated for the differential between inflation in Pakistan and in its main trading partners, the report said.

Domestic economic expansion and the positive trend in exports, as well as the historically strong surge in international commodity prices, have also brought imports on an upward trajectory since mid-2020.

The government’s main challenge is to expand the share of exports in domestic gross value-added creation and to limit the further expansion of the share of imports to reduce the trade balance.

The monetary policy tightening as well as measures taken to limit unnecessary imports may bring correction to the external sector imbalance in short to medium term.

Since mid-2020, remittances have fluctuated around a monthly average of $2.5bn. In April, it is expected that remittances may surge on account of Eidul Fitr. However, geopolitical risks are still not over. Thus, the import of goods and services may continue to show a rising trend mainly due to the rise in international commodities prices, the report said.

Taking these factors into account as well as its other components, the current account deficit is expected to stay around $1bn in the coming months, it noted.

Published in Dawn, May 7th, 2022
 
MenInG said:
ISLAMABAD: The country’s trade deficit jumped by an all-time high of 65 per cent year-on-year to $39.3 billion during the 10 months through April on the back of higher-than-expected imports, Pakistan Bureau of Statistics data showed on Friday.

The trade deficit has been on the rise owing to an unprecedented increase in imports due to a rise in global commodities prices, while exports stagnated at around $2.5bn to $2.8bn a month, mostly those of semi-finished products and raw materials.

In April, the trade deficit came in at $3.74bn, growing by around 2.7pc over March and by 24pc compared to April 2021.

The trade deficit reached an all-time high of $37.7bn in the 2017-18 fiscal year. However, the government’s measures led to a drop in it to $31.8bn the next year (2018-19) and then a further decline to $23.2bn in 2019-20.

Deficit swells 2.7pc to $3.74bn in April

However, the trend then reversed and the trade gap jumped to $30.8bn in the 2020-21 fiscal year and is expected to reach an all-time high during the ongoing fiscal year.

Imports

During the first 10 months (July to April) of this fiscal year, the import bill rose 46.4pc to $65.5bn from $44.7bn over the same period last year.

In April alone, the import bill edged up to $6.6bn from $5.24bn over the same month last year, reflecting an increase of around 26pc. On a month-on-month basis, the imports increased by 3pc in April.

A major initiative of the government to encourage raw material imports and rising global oil prices and its high demand at home pushed up the import bill.

A surge was also noted in the import of vehicles, machinery and vaccines. The government is also importing wheat and sugar and costly palm oil. In the 2020-21 fiscal year, the import bill surged 26pc to $56bn from $44.6bn a year ago.

Exports

In July-April, exports jumped 25.5pc to reach $26.2bn from $20.9bn over the corresponding months last year. In April, exports grew 29.5pc to $2.87bn from $2.21bn a year ago.

On a month-on-month basis, exports incr*eased by 3.27pc in April.

Export proceeds went up by 18pc to $25.3bn in 2020-21 from $21.4bn over the last year.

The government has projected the annual export target for commodities at $31.2bn and services at $7.5bn.

According to the finance ministry’s monthly economic update and outlook for April, “exports are expected to continue their upward trend, backed by the export-friendly policies that have been implemented”.

It said exports also benefited from the real effective exchange rate (REER), which measures a currency’s value weighted against those of its major trading partners after adjusting for inflation.

According to the report, the exports of goods and services expressed in US dollars have been increasing since mid-2020. This was followed by the reopening of domestic and external economies after Covid-induced lockdowns.

With further domestic and international relaxing of protective measures against the pandemic, Pakistan’s exports benefited from a largely depreciated normal effective exchange rate. It compensated for the differential between inflation in Pakistan and in its main trading partners, the report said.

Domestic economic expansion and the positive trend in exports, as well as the historically strong surge in international commodity prices, have also brought imports on an upward trajectory since mid-2020.

The government’s main challenge is to expand the share of exports in domestic gross value-added creation and to limit the further expansion of the share of imports to reduce the trade balance.

The monetary policy tightening as well as measures taken to limit unnecessary imports may bring correction to the external sector imbalance in short to medium term.

Since mid-2020, remittances have fluctuated around a monthly average of $2.5bn. In April, it is expected that remittances may surge on account of Eidul Fitr. However, geopolitical risks are still not over. Thus, the import of goods and services may continue to show a rising trend mainly due to the rise in international commodities prices, the report said.

Taking these factors into account as well as its other components, the current account deficit is expected to stay around $1bn in the coming months, it noted.

Published in Dawn, May 7th, 2022
Click to expand...

So in other words even during one of the worst periods in modern history PTI kept the CAD $4-5 billion below PMLN did during one of the best periods...
 
Prime Minister Shehbaz Sharif was informed on Friday that the country, which should have been self-sufficient in wheat, would have to import the commodity to meet production shortfall of 4.62 million metric tonnes.

A high-level meeting, chaired by Premier Shehbaz, held to examine wheat production, available stock and expected production was apprised that output of 26.173 million metric tonnes was expected this year against the target of 28.89 million metric tonnes while the estimated consumption would be around 30.79 million metric tonnes.

The meeting was told that “reduced wheat cultivation, water shortage, and fertiliser crisis due to the mismanagement by the previous government and delayed announcement of wheat support price” caused a two per cent decline in wheat production.

PM Shehbaz lamented that despite being an agricultural country, Pakistan had been compelled to import wheat instead of meeting its own needs through local production “due to the wrong decisions and delayed strategies”.

He directed the authorities concerned to prepare an urgent strategy to curb “corruption and theft of wheat” and for the construction of silos for storing the commodity, saying it would deter the problem.

“The construction of silos will help curb theft and corruption,” Shehbaz told the participants of the meeting.

The oil price hike and early increase in temperature due to climate change were also among the factors impeding the achievement of the wheat production target.

The prime minister was also apprised of relief measures taken by the incumbent government including subsidy on wheat supply to flour mills, availability of 10kg flour bag at Rs400 and provision of 200,000 metric tonnes of wheat to Khyber-Pakhtunkhwa (K-P).

The prime minister directed the authorities concerned to assess the wheat consumption of K-P and ensure the provision of the required supply of the commodity in coordination with the provincial government

The meeting was told that Punjab had achieved 91.66 per cent of the wheat procurement target, Sindh 49.68%, Balochistan 15.29% while Pakistan Agricultural Storage and Services Corporation (Passco) had achieved 100%.

The prime minister said that the delayed announcement of wheat support price had not only led to reduced wheat production but it was also an attempt to directly oblige the hoarders.

He also asked the Punjab province to enhance its procurement target and directed the Food Security Division to import the wheat in order to bridge the shortfall.

The prime minister also expressed his resolve to make Pakistan self-sufficient in wheat through an effective strategy.

Minister for Food Security Tariq Basheer Cheema, senior officers of Passco and Punjab Chief Secretary and provincial government officers attended the meeting.

Further, PM Shehbaz held a meeting with Minister for Finance Miftah Ismail and discussed measures for providing relief to the people.

The prime minister expressed satisfaction over the current price of sugar, saying that the price of sugar came down after three years which provided relief to the people.

He issued direction to provide cash credit to Passco for buying of wheat. The finance secretary was also present in the meeting.

Separately, Shehbaz also held a meeting with Raja Zafarul Haq and discussed the overall political situation in the country.

In the meeting, Haq congratulated the PM on his successful visit to Saudi Arabia and the United Arab Emirates.

He also appreciated the premier for his vision to complete public welfare projects on a priority basis.

The PM also met with National Assembly member Qaiser Ahmed Sheikh and discussed the present political situation in the country.

(With input from APP)

Express Tribune
 
Looting with both hands. The imports have no scruples.
<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">لاہور میں مرغی کے گوشت کی قیمت 416 سے بڑھ کر473 روپے ہو گئی<a href="https://twitter.com/hashtag/BREAKING?src=hash&ref_src=twsrc%5Etfw">#BREAKING</a> <a href="https://twitter.com/hashtag/GNN?src=hash&ref_src=twsrc%5Etfw">#GNN</a> <a href="https://t.co/tthhaPuaYm">pic.twitter.com/tthhaPuaYm</a></p>— GNN (@gnnhdofficial) <a href="https://twitter.com/gnnhdofficial/status/1522819161138900994?ref_src=twsrc%5Etfw">May 7, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 
Bewal Express said:
Looting with both hands. The imports have no scruples.
<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">لاہور میں مرغی کے گوشت کی قیمت 416 سے بڑھ کر473 روپے ہو گئی<a href="https://twitter.com/hashtag/BREAKING?src=hash&ref_src=twsrc%5Etfw">#BREAKING</a> <a href="https://twitter.com/hashtag/GNN?src=hash&ref_src=twsrc%5Etfw">#GNN</a> <a href="https://t.co/tthhaPuaYm">pic.twitter.com/tthhaPuaYm</a></p>— GNN (@gnnhdofficial) <a href="https://twitter.com/gnnhdofficial/status/1522819161138900994?ref_src=twsrc%5Etfw">May 7, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Notification has been sent to Utility stores to increase the prices of daily life stuff.
 
No positive response from Saudia, UAE or China.
Almost 15BN$ re-payments are coming in 12 months, SBP reserves 10BN$
PKR, PSX, economy will crash.

Hopefully NOT.
 
Hermoine Green said:
No positive response from Saudia, UAE or China.
Almost 15BN$ re-payments are coming in 12 months, SBP reserves 10BN$
PKR, PSX, economy will crash.

Hopefully NOT.
Click to expand...

The Americans have realised that they have exported a terrible govt with no support and the others are annoyed at the moment.
 
Today I learned that under Imran the Pakistan gormint took a loan from Saudis that they cannot spend and yet pay 4 percent interest. Holy fish. The current gormint are looking to have this ''loan'' (which you can keep but not spend) rolled over.

Also Euro denominated bonds issued under Imran's gormint are offering a yield at 16 percent.

Domestically, government papers are picked up by banks at rates of 15 percent.

How much is the government left with to spend on awaam after servicing the double Ds (debt and defense)?
 
AMSS said:
Today I learned that under Imran the Pakistan gormint took a loan from Saudis that they cannot spend and yet pay 4 percent interest. Holy fish. The current gormint are looking to have this ''loan'' (which you can keep but not spend) rolled over.

Also Euro denominated bonds issued under Imran's gormint are offering a yield at 16 percent.

Domestically, government papers are picked up by banks at rates of 15 percent.

How much is the government left with to spend on awaam after servicing the double Ds (debt and defense)?
Click to expand...

Sounds like excuses. We were told that once PDM gormint ll take over, ecnomy ll be all flourishing with full swing progress and recovery, and twinkle twinkle big shiny stars, and pathway full of roses, and petrol prices drastically down and teematar aaloo cheeni much cheaper etc etc. If anything economy is getting worse and on top of that it's chuurs all around running the show so it's all out loot. You can see how current chuur gormint supporters are no where to be seen in these threads to backup all the bogus claims they used to make.
 
Kriketer said:
Sounds like excuses. We were told that once PDM gormint ll take over, ecnomy ll be all flourishing with full swing progress and recovery, and twinkle twinkle big shiny stars, and pathway full of roses, and petrol prices drastically down and teematar aaloo cheeni much cheaper etc etc. If anything economy is getting worse and on top of that it's chuurs all around running the show so it's all out loot. You can see how current chuur gormint supporters are no where to be seen in these threads to backup all the bogus claims they used to make.
Click to expand...

Arre bhai I am from the dushman country India. Why would I make excuses for Imran or nawaz lmao.
 
AMSS said:
Today I learned that under Imran the Pakistan gormint took a loan from Saudis that they cannot spend and yet pay 4 percent interest. Holy fish. The current gormint are looking to have this ''loan'' (which you can keep but not spend) rolled over.

Also Euro denominated bonds issued under Imran's gormint are offering a yield at 16 percent.

Domestically, government papers are picked up by banks at rates of 15 percent.

How much is the government left with to spend on awaam after servicing the double Ds (debt and defense)?
Click to expand...

The situation is much worse than even this would suggest. The country is months from default. Money from Saudi and US are only way out.
 
wasim-fan said:
The situation is much worse than even this would suggest. The country is months from default. Money from Saudi and US are only way out.
Click to expand...

It was a fine before your imports decided on taking orders. Exports were heading for a record, no power shortages, petrol price was cut and budgeted for, electricity was pruxe was cut. And the mafia come back. And disaster
 
wasim-fan said:
The situation is much worse than even this would suggest. The country is months from default. Money from Saudi and US are only way out.
Click to expand...

So bad that 32 dishes prepared for lifafas by SS.

<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">شہباز شریف کہ رہا کہ میں اپنے کپڑے بیچ کر آٹا سستا کروں گا<br>دوسری طرف<br>کل رات وزیراعظم ہاؤس میں صرف ایک شخص حامدمیر کے لیے خصوصی عشائیے کا اہتمام کیا گیا<br>اس عشائیے میں صرف حامد میر کے لیے بے شمار ڈشز کے 32 کورسز چلائے گئے<br><br>اگر عشائیے کی بات غلط ہےتو حامد میر تردید کردے <a href="https://twitter.com/HamidMirPAK?ref_src=twsrc%5Etfw">@hamidmirpak</a></p>— Azhar Mashwani (@MashwaniAzhar) <a href="https://twitter.com/MashwaniAzhar/status/1522993414651920386?ref_src=twsrc%5Etfw">May 7, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 
Bewal Express said:
So bad that 32 dishes prepared for lifafas by SS.

<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">شہباز شریف کہ رہا کہ میں اپنے کپڑے بیچ کر آٹا سستا کروں گا<br>دوسری طرف<br>کل رات وزیراعظم ہاؤس میں صرف ایک شخص حامدمیر کے لیے خصوصی عشائیے کا اہتمام کیا گیا<br>اس عشائیے میں صرف حامد میر کے لیے بے شمار ڈشز کے 32 کورسز چلائے گئے<br><br>اگر عشائیے کی بات غلط ہےتو حامد میر تردید کردے <a href="https://twitter.com/HamidMirPAK?ref_src=twsrc%5Etfw">@hamidmirpak</a></p>— Azhar Mashwani (@MashwaniAzhar) <a href="https://twitter.com/MashwaniAzhar/status/1522993414651920386?ref_src=twsrc%5Etfw">May 7, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Click to expand...

Austerity measures are need of the time but this government doesn't care where it spends as long as it's generating media PR
 
daytrader said:
Austerity measures are need of the time but this government doesn't care where it spends as long as it's generating media PR
Click to expand...

These losers are claiming bankruptcy and at the same time doing Umras and lunches at the poor countries expense.
 
Bears were in firm control of the Pakistan Stock Exchange (PSX) on Monday as the benchmark KSE-100 index shed more than 1,300 points in intraday trading, while dollar continued its flight towards record levels against rupee.

According to PSX website, KSE-100 Index opened at 44,840.81 points, made a high of 44,841.41 points before going down rapidly. The bourse took brief corrections but eventually continued with its downward trajectory and sank to 43,506.34 a little before 1pm, which represented an intraday decline of 1335.07 points.

Raza Jafri, head of Equities at Intermarket Securities, said the market was under pressure because of the depletion of foreign reserves and delay in the resumption of the International Monetary Funds programme (IMF) among other factors.

"The government has seemingly, so far, drawn a blank when it comes to securing funds from friendly countries. The pressure in global equity markets is also hurting sentiment," he explained, cautioning that in the near future the market would track progress on the foreign reserves, hence, positive developments on this front could help halt the slide.

Khurram Shehzad, CEO of Alfalah B-Tech, shared a similar opinion.

"No development on funding from Saudi Arabia, UAE and the IMF has worried investors," he said, adding that the Shehbaz government's reluctance in passing on the petrol subsidy could also be one of the reasons for the "PSX bloodbath".

Rupee depreciates as dollar touches Rs188.05

Meanwhile, the dollar was trading at Rs188.5 in the interbank at around noon on Monday as the rupee depreciated by Rs1.25, according to the Forex Association of Pakistan. The open market rate of the greenback was Rs187.8 at the same time.

The dollar's highest level against rupee remains Rs189.25 — a level that was seen on April 1 when the political turmoil was at its apex. In the immediate aftermath of the change in government, it had gone down in the face of the rupee's strengthening but the correction soon ran out of steam and now the greenback is soaring back to its record high.

Malik Bostan, chairman of the Forex Association of Pakistan, attributed today's hike in dollar price to payments made for imported oil.

"We are hopeful that rupee will recover by the last week of May," he said, advising the Ministry of Finance to immediately publicise details of the package Pakistan has received from Saudi Arabia.

During Prime Minister Shehbaz Sharif's visit to Saudi Arabia earlier this month, Saudi Crown Prince Mohammed bin Salman agreed to discus extending the term of a $3 billion loan to help Pakistan’s new government tide over the prevailing economic crisis.

Saudi Arabia had affirmed its continuous support to Pakistan and its economy, including discussion of augmenting $3bn deposit with the central bank through term extension or otherwise, and exploring options to further enhance the financing of petroleum products and supporting the economic structural reforms for the benefit of Pakistan and its people.

DAWN
 
[MENTION=1269]Bewal Express[/MENTION]

KHI index is down -1500 pts. This is absolute destruction of our Stocks. And this is worst among all countries in the world today.
 
Hermoine Green said:
No positive response from Saudia, UAE or China.
Almost 15BN$ re-payments are coming in 12 months, SBP reserves 10BN$
PKR, PSX, economy will crash.

Hopefully NOT.
Click to expand...

It seems i was right when i told you that our economy is going to crash. But, all the media channels are silent. No one is talking about it. When PDM tookover, Maryam Nawaz used to tweet daily along with her pet journos. But since some says, everyone is dead.
 
IMF cancels its plan to come to Pakistan on the 10th of May. Says that it would only meet on the 18th in Doha Qatar IF fuel subsidies are withdrawn by May 15th.
 
We are heading for meltdown at the hands of the crooks and this time it took only 3 weeks. Afterall 32 dish meals arent free and nor are the free Umrah trips. Its as if the imports have been brought in to destroy PK. It was only 4 weeks ago that IK had us going in the right direction with reserves around 20bn, growth at 5.5%, remittances at 32bn and stock market fairly stable. And then these imports came and total chaos.
 
Bewal Express said:
We are heading for meltdown at the hands of the crooks and this time it took only 3 weeks. Afterall 32 dish meals arent free and nor are the free Umrah trips. Its as if the imports have been brought in to destroy PK. It was only 4 weeks ago that IK had us going in the right direction with reserves around 20bn, growth at 5.5%, remittances at 32bn and stock market fairly stable. And then these imports came and total chaos.
Click to expand...

14 days back on tv Miftah Ismail said that i am giving you inside information, buy the stocks and make huge profits.

Today, everyone is cursing him left right ane centre.
 
AMSS said:
Today I learned that under Imran the Pakistan gormint took a loan from Saudis that they cannot spend and yet pay 4 percent interest. Holy fish. The current gormint are looking to have this ''loan'' (which you can keep but not spend) rolled over.

Also Euro denominated bonds issued under Imran's gormint are offering a yield at 16 percent.

Domestically, government papers are picked up by banks at rates of 15 percent.

How much is the government left with to spend on awaam after servicing the double Ds (debt and defense)?
Click to expand...

Desperate measures by Imran govt to keep the Pakistan rupee afloat and forex reserves intact. Terrible decision. Never defend a falling currency by using borrowed loans. It will only worsen situation going forward ( as u see now )

Imran Khan govt had a poor economic policy which has now created massive problems for Pakistan. Before someone call me chor or patwari or Nawaz fan - pls understand I am an Indian MBA graduate who loves studying economics and finance
 
NishanKonar said:
Desperate measures by Imran govt to keep the Pakistan rupee afloat and forex reserves intact. Terrible decision. Never defend a falling currency by using borrowed loans. It will only worsen situation going forward ( as u see now )

Imran Khan govt had a poor economic policy which has now created massive problems for Pakistan. Before someone call me chor or patwari or Nawaz fan - pls understand I am an Indian MBA graduate who loves studying economics and finance
Click to expand...

Bad decisions are bad whosoever takes it, If you are right in your assessment then we Insafians will also criticize it.
 
Bewal Express said:
It was a fine before your imports decided on taking orders. Exports were heading for a record, no power shortages, petrol price was cut and budgeted for, electricity was pruxe was cut. And the mafia come back. And disaster
Click to expand...

Did you listen to SHekho speech? Aap k ganday kapry tu billo rani bhi nahe lega.
 
Foreign currency inflows on account of Roshan Digital Accounts (RDAs) from overseas Pakistanis have continued to rise, as they surpassed the $4 billion mark in April 2022, despite global political and economic instabilities – including Pakistan.

RDA inflows increased $245 million to $4.17 billion in April 2022, Arif Habib Limited (AHL) reported, citing State Bank of Pakistan’s (SBP) data on Monday.

The inflows stand as a huge support towards stabilising the country’s foreign exchange reserves.

“Had the RDA inflows not materialised the foreign exchange reserves would have decreased to a critical level,” Pak-Kuwait Investment Company (PKIC) Head of Research Samiullah Tariq said while talking to The Express Tribune.

The inflows have helped maintain reserves close to less than two months import cover at $10.55 billion, which otherwise stood at a two-year low level. They were around $17 billion at the start of the current calendar year 2022.

The non-resident Pakistanis (NRPs) have continued to send an average amount despite the deteriorating political and economic situation, particularly in the country, as they anticipate Pakistan to recover from the crisis-like situation soon.

“Pakistan has a history that it faces a balance of international payment crisis time and again amid depletion of foreign exchange reserves,” he said, adding: “However, it has a track record that it has never defaulted on the payments throughout the history.”

The government is likely to meet the International Monetary Fund (IMF) team on May 18 in Doha to complete the seventh review of the domestic economy under its $6 billion loan programme.

The completion of the review would convince the global financial institution to pay the next tranche of around $1 billion to Pakistan. This is expected to be followed by inflows from friendly countries including Saudi Arabia and the United Arab Emirates (UAE).

Overseas Pakistanis have mostly invested the funds – sent home through RDA – into Naya Pakistan saving certificates which were specially designed for them and for those resident Pakistanis who have declared assets abroad.

They have invested two-third (or $2.79 billion) of the total inflows at $4.17 billion into the Naya Pakistan saving Certificates (NPCs) which offer profits in a range of 5-7% in foreign currency denominations depending upon the period of investment like one to three years or so.

The breakup suggested they have invested $1.46 billion in conventional NPCs and another $1.29 billion into Shariah-compliant NPCs.

They have invested another $38 million in shares of the companies listed at Pakistan Stock Exchange (PSX), according to AHL.

“The expatriates are expected to continue investing in Pakistan considering it is their home country, while rate of returns remain comparatively higher than in foreign countries,” Tariq said.

“The RDA inflows are anticipated to reach somewhere between $5.5-6 billion by end of December 2022,” he said.

The State Bank of Pakistan (SBP) launched a range of banking services for overseas Pakistanis through RDA in September 2020, as they also can buy a car and home on bank financing for their relatives in Pakistan.

So far, the non-resident Pakistanis have remotely opened as many as 403,750 RDA at banks operating in the country.

The inflows, which are in addition to huge monthly workers’ remittances by overseas Pakistanis, helped the economic managers to finance elevated trade and current account deficits, Tariq said.

They sent a record high $2.81 billion workers’ remittance in a single month of April 2022. They are estimated to send remittances totaling around $30-31 billion in the current fiscal year 2021-22.

Secondly, if overseas Pakistanis withdraw the funds from RDA in case of need or to relocate to somewhere else around the world, then the outflows would be in small packets rather than in big quantities like they use to be around $500 million, $1 billion or bigger amounts in case of matured Eurobond and Sukuk repayments, he said.

Published in The Express Tribune, May 10th, 2022.
 
According to Dunya News, cabinet have approved proposal of resuming trades with INDIA.
[MENTION=1269]Bewal Express[/MENTION] [MENTION=140234]DRsohail[/MENTION]
 
Another Crisis for the new Govt: Chinese IPPs want their 300BN Rs

With more than 300BN in stuck up dues, 30+ Chinese IPPs operating in Pakistan (most received contract in 2013-2018) said that they would be forced to shut down this month unless payments were made upfront.
 
Oh dear me, indeed we have jokers in our govt :)))

So no perfumes anymore? No fancy lights? Nothing about V8s? And not even chocolates?
[MENTION=140234]DRsohail[/MENTION] [MENTION=1269]Bewal Express[/MENTION]

FSZi1HrWQAIXcu0
 
Hermoine Green said:
Oh dear me, indeed we have jokers in our govt :)))

So no perfumes anymore? No fancy lights? Nothing about V8s? And not even chocolates?
[MENTION=140234]DRsohail[/MENTION] [MENTION=1269]Bewal Express[/MENTION]

FSZi1HrWQAIXcu0
Click to expand...

In 3 weeks they have managed to undue all IKs hard work
 
Who told these power hungry people to take the hot seat right now this is the worse time to take over any economy globally let alone Paksitan which is mostly running on life support in the best of times.
 
IMF asks for Rs7.25tr tax collection target
It will require imposition of additional taxes, increase burden on salaried class

ISLAMABAD:
The International Monetary Fund (IMF) has demanded that Pakistan fix next fiscal year’s tax collection target at Rs7.25 trillion, which will require imposition of additional taxes of around Rs300 billion, including withdrawal of agriculture tax exemptions and increase in burden on the salaried class.

The target is nearly Rs350 billion higher than what tax authorities believe can be generated in fiscal year 2022-23 without imposing new taxes. The Rs7.25 trillion tax collection target will be Rs1.15 trillion, or 19%, higher than this year’s revised target of Rs6.1 trillion.

Finance Minister Miftah Ismail on Tuesday visited the Federal Board of Revenue (FBR) headquarters and discussed the revenue collection position in the ongoing fiscal year and the possibility of fixing the next financial year’s target at around Rs7 trillion.

FBR Chairman Asim Ahmad informed the minister that the collection may remain around Rs6 trillion in the current fiscal year, nearly Rs100 billion less than the target agreed with the IMF by the previous government.

The IMF had asked for taking more tax measures to bridge the gap, which was not feasible in the present political circumstances.

The FBR chairman shared the mitigation measures with the finance minister, in case the collection fell further below expectation due to import compression.

The FBR assured the minister of meeting the shortfall through various administrative measures like ensuring collection in the disputed tax matters.

The meeting took place close on the heels of discussions in the Ministry of Finance where the authorities discussed the potential revenue measures and the tax target for the next fiscal year.

The government is also scheduled to begin face-to-face talks with the IMF next week, subject to its ability to withdraw fuel subsidies from the middle of current month.

Sources said that the IMF was asking Pakistan for the Rs7.25 trillion tax target in addition to fulfilling the commitments made by the previous government of Pakistan Tehreek-e-Insaf to withdraw the tax exemptions and revise the tax slabs for the salaried individuals.

The rationalisation of tax slabs will almost double the tax burden on the middle and upper middle-income groups, although the finance minister has already said that the tax burden on the salaried individuals will not be increased.

The last IMF report on Pakistan stated that there was a need to remove exemptions to include fertilisers and tractors, which constitute 23% of the current GST expenditure and whose removal was under consideration as a 2023 budget measure.

But it may not be politically feasible for the PML-N led coalition government to increase the cost of agricultural production.

Sources said that the finance minister asked the FBR to consider taking revenue measures in the range of Rs250 billion to Rs300 billion. But the FBR is said to have told the minister that there was not much room for any policy measures and it was advisable to fix the new target in the range of Rs6.8 trillion to Rs6.9 trillion.

“The minister reiterated that all avenues must be explored and meaningful budget proposals presented before the government to maximise tax collection without creating any additional burden on the common man,” said an FBR statement.

The FBR has collected Rs4.86 trillion in taxes during the first 10 months of current fiscal year, leaving itself with a task to collect another Rs1.24 trillion in just two months to achieve the revised annual target.

Tax authorities now need to collect taxes at an average of Rs20.4 billion a day during May and June to achieve the target.

The FBR’s performance has remained largely dependent on imports that contributed nearly 52% to the total tax collection, which camouflaged the weaknesses in the domestic sales tax collection that remained negative.

The finance ministry is projecting 9.5% inflation and 5.5% economic growth for fiscal year 2022-23, which could increase the revenue collection by around Rs900 billion in the next fiscal year without resorting to additional revenue measures.

The FBR is of the view that the next budget should be prepared by solely relying on the nominal GDP growth rate of around 15% and making efforts for additional Rs200 billion revenue collection through administrative measures. However, the IMF never accepts the administrative measures as a solid strategy to achieve the target.

Unlike the economic theories that talk about increase in tax collection proportionate to the nominal GDP growth rate, the FBRs’ performance in the last 10 months suggested that its sales tax collection at the domestic stage fell by 10% despite average inflation rate of 11%.
https://tribune.com.pk/story/2355998/imf-asks-for-rs725tr-tax-collection-target
 
Hermoine Green said:
Oh dear me, indeed we have jokers in our govt :)))

So no perfumes anymore? No fancy lights? Nothing about V8s? And not even chocolates?
[MENTION=140234]DRsohail[/MENTION] [MENTION=1269]Bewal Express[/MENTION]

FSZi1HrWQAIXcu0
Click to expand...

Crooks and incompetent have no clue what to do .
 
The Pakistan Stock Exchange (PSX) witnessed intense selling pressure on Wednesday as the benchmark KSE-100 index shed nearly 1,000 points during intraday trading, two days after it lost almost 1,500 points.

According to the PSX website, the KSE-100 Index opened at 43,504.36 points. By 1pm, it had slid nearly 1,000 points, or around 2.28 per cent, to 42,513.78 points.

Raza Jafri, head of Equities at Intermarket Securities, said urgent decisions were needed from the federal government. "The government has been dragging its feet so far which is eroding investors' confidence and leading to panic selling."

The market, he emphasised, needed the International Monetary Fund programme to resume quickly to find a foothold. "If the programme continues to be delayed, buyers will continue to shy away," he added.

Meanwhile, First National Equities CEO Ali Malik blamed the political uncertainty for the slump in the market.

"The rate of return on fixed income has reached 14pc. If it expands, the market will recover faster from here. At present, our market is cheap in terms of profit in the whole region, but the confidence of investors is not high due to the domestic situation," he said.

Today's decline comes two days after the PSX witnessed a meltdown during which the KSE-100 lost 1,447.67 points.

Share prices nosedived as investors expressed worries about the country’s debt repayment capacity amid depleting foreign exchange reserves.

Dawn's editorial on Wednesday said that the the most important factor behind the erosion of investor sentiment has been the failure of the new coalition government to come up with a credible plan to take politically tough decisions to fix the economy. For example, it remains undecided about the reversal of the fiscally unsustainable energy subsidies, which is the ‘prior action’ that IMF wants it to take before it agrees to restart funding.

Moreover, it pointed out that there are differences within the PML-N on how to deal with the Fund, with former finance minister Ishaq Dar, who is opposed to IMF ‘dictation’, wanting a new loan with ‘softer’ conditions. "If the strings of the finance ministry are being pulled from London, then Finance Minister Miftah Ismail has his hands tied."

DAWN
 
PSX collapsed today by another 1000 points to less than 42,500; Dollar is ATH.

But guess, our media is dead, PDM who used to tweet daily about PSX are vanished, oh wait. They are actually chilling in London to meet a convicted criminal in order to discuss matter of Pakistan :))
 
Opened trade with India so much for ghairat brigade the Mir Jaffers at it again
 
Run, run, run.
Mantra of journalists and some of PP posters who were celebrating the govt of PDM.

Everything is being destroyed left right and centre.
''Mehengai'' is record high,
Dollar is record high,
Electricity rates increased at ATH,

Now new taxes are coming too.
 
They are done the global market situation with an incoming record breaking recession on horizon has ensured these crooks have tied a tight nooze around their neck.
 
They have two options either run away right now or risk being the first sitting government to oversee a country default in Pakistan history.
 
Due to the uncertainty about the economic situation of the country. A software company, COEUS, operating in Pakistan and Germany, has announced to cancel its book-building process for the listing at Growth Enterprise Market (GEM) board at the Pakistan Stock Exchange (PSX).
 
Xoib said:
They have two options either run away right now or risk being the first sitting government to oversee a country default in Pakistan history.
Click to expand...
Munshi did a runner. Only Kaptaan could take the tough decisions, these crooks have no balls
 
The mafia have crashed the economy in 3 weeks.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Industry reporting a sharp drop in sales compared to just a month ago across most sectors. They are also complaining of their sales tax refunds being withheld by new government. Now compare this with LSM growth of 8% and record earnings of listed companies before Regime Change.</p>— Hammad Azhar (@Hammad_Azhar) <a href="https://twitter.com/Hammad_Azhar/status/1524725895893864448?ref_src=twsrc%5Etfw">May 12, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 
Where is the muppet on PP who said Pakistan will go through deflation after the ousting of IK?
 
[MENTION=1269]Bewal Express[/MENTION] that mental is busy in clearing his name from cases
 
Dollar escalating reserves down to half due to non payments energy crisis looming and the crooks chilling in London also their socioeconomic proponents in a hiding [MENTION=135038]Major[/MENTION] [MENTION=146498]Sher Khan[/MENTION]
 
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