The Miftah vs Tarin vs Dar - who is telling the truth on Pakistan economy?

[MenInG]

<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">“Mifta Ismail please donot deceive people. Total debt taken by Pti govt Rs17.8 trn. Of which Rs 8.9trn was interest payments, Rs4.4trn devaluation of rupee, Rs 0.4trn as buffer stock and only Rs3.9trn was net borrowing.Your debt/GDP was 71.5% & it has been reduced to 66%<br>by PTI."</p>— Shaukat Tarin (@shaukat_tarin) <a href="https://twitter.com/shaukat_tarin/status/1517098032289955840?ref_src=twsrc%5Etfw">April 21, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Shaukat bhai: <br>A) Total debt increased by PTI by March ‘22 exceeds Rs 20 trillion. Why are you giving Dec ‘21 figures. Isn’t that deception? Surely we expect better from you. B) Just the deficits incurred by PTI in the first 3 years is Rs 10.22 trillion. 1/2 <a href="https://t.co/quCbACNU5x">https://t.co/quCbACNU5x</a></p>— Miftah Ismail (@MiftahIsmail) <a href="https://twitter.com/MiftahIsmail/status/1517127735000272896?ref_src=twsrc%5Etfw">April 21, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Miftah Mian I have the march 22, numbers and I will respond to you befittingly in a presser. Will see who is deceiving. Facts will speak. Can't do a 2013 on us. <a href="https://t.co/2rA5w5d0pY">https://t.co/2rA5w5d0pY</a></p>— Shaukat Tarin (@shaukat_tarin) <a href="https://twitter.com/shaukat_tarin/status/1517155848463790080?ref_src=twsrc%5Etfw">April 21, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Hextro]

Pakistan in 2022 is in a better position economically(overall health and stability) than it was in 2018 despite a global pandemic and a war in Europe. Keep in mind PTI didn't get to finish it's term unlike PMLN who were able to achieve whatever they wanted in their 5 year reign.

 

[daytrader]

Miftah looking forward to early deal on seventh review

WASHINGTON: Finance Minister Miftah Ismail said on Friday that he was looking forward to an early agreement with the International Monetary Fund (IMF) on the seventh review of the bailout package for Pakistan.

“We had a good meeting with the IMF Executive Board,” he told Dawn.

The finance minister said that in his meetings in Washington he had reiterated the present government’s commitment to the reform process.

Minister of State Dr Ayesha Ghous Pasha, the finance secretary and the State Bank Governor also attended the meeting with IMF directors. The minister and his team also met Jihad Azour, who heads the IMF’s Middle East and Central Asia department.

Mr Ismail arrived in Washington on Thursday to attend spring meetings of the World Bank group, which includes the IMF. His talks are expected to focus on resumption of the IMF’s $6 billion Extended Fund Facility (EFF) for Pakistan.

In May 2019, Pakistan and the IMF had signed an agreement on a three-year EFF programme under which the country was to receive about $6 billion over 39 months.

In February, the IMF approved the sixth review of the programme, paving the way for an immediate disbursement of about $1 billion. So far, the IMF has disbursed about $3bn to Pakistan.

Islamabad is keen to resume talks on the seventh review as the programme has come to a standstill after the PTI government’s ouster.

Earlier, Mr Ismail told journalists in Islamabad the IMF wanted Pakistan to do away with subsidies given by the PTI government as a precondition for continuing the package.

The IMF has already assured Islamabad that there is “no concept of suspensions” within its programmes and that it will continue to support Pakistan and engage further with the new government.

Forex reserves

In two messages posted on Twitter on Friday, the finance minister said that after many weeks of “continuously decreasing foreign exchange reserves, last week we finally turned the corner and remained at a stable, albeit low position”.

He said he was “quite optimistic the coming weeks will see an increase in forex reserves”.

Mr Ismail said he would be “happy to share with academic economists whatever data they need that we can legally share” and promised to appoint a focal person in the finance ministry to help provide data to academics in usable and readable formats.

Earlier on Friday, Miftah Ismail and his team met representatives of M/s Moody’s at the Pakistan embassy in Washington.

On March 31, the rating agency termed the no-confidence motion against the former prime minister a credit negative for Pakistan.

The finance minister and his team had a separate meeting with a delegation of the US-Pakistan Business Council and urged them to benefit from the investment opportunities that Pakistan offers.

https://www.dawn.com/news/1686344/miftah-looking-forward-to-early-deal-on-seventh-review

 

[MenInG]

<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">The relief which we had given to the people of Pakistan in petrol/ diesel and power rates,is being reversed by the new govt at the insistence of IMF.We had fully funded this relief. I never used to take undue pressure from IMF.<a href="https://twitter.com/hashtag/%D8%A7%D9%85%D9%BE%D9%88%D8%B1%D9%B9%DA%88_%D8%AD%DA%A9%D9%88%D9%85%D8%AA_%D9%86%D8%A7%D9%85%D9%86%D8%B8%D9%88%D8%B1?src=hash&ref_src=twsrc%5Etfw">#امپورٹڈ_حکومت_نامنظور</a></p>— Shaukat Tarin (@shaukat_tarin) <a href="https://twitter.com/shaukat_tarin/status/1517768185545646080?ref_src=twsrc%5Etfw">April 23, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Extra_Cover]

This is what I posted in another thread with a reply from another poster.
http://www.pakpassion.net/ppforum/s...az-Sharif-the-23rd-Prime-Minister-of-Pakistan

A lot of disinformation around this is being quoted. Let me break this down for you.

Approximately the external borrowing increased by 20 trillion rupees over the year. This agrees with your report above. Here's a gist showing the breakdown of this borrowing.

- 12 trillion were used as immediate repayment for interest financing / accruals on previous loans
- 6 trillion is a direct fx devaluation impact on loans stated in rupees
- Remaining 2 trillion or approx is taken to finance balance of payments / cash reserves / other liquidity requirements.

If you really want to gauge the debt metric then apply a simple ratio called debt to GDP. Before PTI came into power this debt/GDP stood at 70% and the latest figure before Shahbaz took power this Debt/GDP stood at 65%.

Incorrect. Debt/GDP ratio is also provided in the SBP links I posted and your figures are wrong. You can check the links provided to get the accurate figures

 

[Hermoine Green]

[MENTION=1269]Bewal Express[/MENTION] [MENTION=138254]Syed1[/MENTION] [MENTION=21699]Pakpak[/MENTION]

this clown is our FM sadly

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Unbelievable! When Miftah was asked about Digital Currency and Web 3.0, he had no idea. When he was asked about relevant massive growth opportunity in Pakistan, he had no clue <a href="https://t.co/42NCUtBzRJ">pic.twitter.com/42NCUtBzRJ</a></p>— Rahim Valliani (@rrrvalliani) <a href="https://twitter.com/rrrvalliani/status/1517878896670171138?ref_src=twsrc%5Etfw">April 23, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>


<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">مفتاح اپنے آقاؤں کو کہہ رہا ہے کہ وزیراعظم عمران خان قرآنی آیت کا مفہوم اپنی قوم کو بتاتے تھے اسلیے اسکو طالبان جیسا سمجھیں۔ یہ لوگ پوری زندگی مغرب کو اپنے آپکو لبرل ثابت کرتے گزار دیں گے۔ <a href="https://twitter.com/hashtag/MarchAgainstImportedGovt?src=hash&ref_src=twsrc%5Etfw">#MarchAgainstImportedGovt</a><br> <a href="https://t.co/mQE1Oybeun">pic.twitter.com/mQE1Oybeun</a></p>— Dr Arslan Khalid (@arslankhalid_m) <a href="https://twitter.com/arslankhalid_m/status/1517900242787893249?ref_src=twsrc%5Etfw">April 23, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Bewal Express]

[MENTION=1269]Bewal Express[/MENTION] [MENTION=138254]Syed1[/MENTION] [MENTION=21699]Pakpak[/MENTION]

this clown is our FM sadly

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Unbelievable! When Miftah was asked about Digital Currency and Web 3.0, he had no idea. When he was asked about relevant massive growth opportunity in Pakistan, he had no clue <a href="https://t.co/42NCUtBzRJ">pic.twitter.com/42NCUtBzRJ</a></p>— Rahim Valliani (@rrrvalliani) <a href="https://twitter.com/rrrvalliani/status/1517878896670171138?ref_src=twsrc%5Etfw">April 23, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>


<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">مفتاح اپنے آقاؤں کو کہہ رہا ہے کہ وزیراعظم عمران خان قرآنی آیت کا مفہوم اپنی قوم کو بتاتے تھے اسلیے اسکو طالبان جیسا سمجھیں۔ یہ لوگ پوری زندگی مغرب کو اپنے آپکو لبرل ثابت کرتے گزار دیں گے۔ <a href="https://twitter.com/hashtag/MarchAgainstImportedGovt?src=hash&ref_src=twsrc%5Etfw">#MarchAgainstImportedGovt</a><br> <a href="https://t.co/mQE1Oybeun">pic.twitter.com/mQE1Oybeun</a></p>— Dr Arslan Khalid (@arslankhalid_m) <a href="https://twitter.com/arslankhalid_m/status/1517900242787893249?ref_src=twsrc%5Etfw">April 23, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

I saw that and he is supposedly the brains of the Nooras and the govt. He should go back to selling sweets

 

[Savak]

Miftah Ismael gets away due to the friendly media bought out by the PML N and PPP. You put these guys i.e. Ishaq Dar, Bilawal Bhutto in front of actual journalists i.e. BBC and CNN and you watch the actual reality of these stooges.

 

[JaDed]

Miftah Ismael gets away due to the friendly media bought out by the PML N and PPP. You put these guys i.e. Ishaq Dar, Bilawal Bhutto in front of actual journalists i.e. BBC and CNN and you watch the actual reality of these stooges.

Actually most South Asian politicians would be that way, the biggest exception was Manmohan Singh as he was a technocrat almost.

 

[Pakpak]

[MENTION=1269]Bewal Express[/MENTION] [MENTION=138254]Syed1[/MENTION] [MENTION=21699]Pakpak[/MENTION]

this clown is our FM sadly

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Unbelievable! When Miftah was asked about Digital Currency and Web 3.0, he had no idea. When he was asked about relevant massive growth opportunity in Pakistan, he had no clue <a href="https://t.co/42NCUtBzRJ">pic.twitter.com/42NCUtBzRJ</a></p>— Rahim Valliani (@rrrvalliani) <a href="https://twitter.com/rrrvalliani/status/1517878896670171138?ref_src=twsrc%5Etfw">April 23, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>


<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">مفتاح اپنے آقاؤں کو کہہ رہا ہے کہ وزیراعظم عمران خان قرآنی آیت کا مفہوم اپنی قوم کو بتاتے تھے اسلیے اسکو طالبان جیسا سمجھیں۔ یہ لوگ پوری زندگی مغرب کو اپنے آپکو لبرل ثابت کرتے گزار دیں گے۔ <a href="https://twitter.com/hashtag/MarchAgainstImportedGovt?src=hash&ref_src=twsrc%5Etfw">#MarchAgainstImportedGovt</a><br> <a href="https://t.co/mQE1Oybeun">pic.twitter.com/mQE1Oybeun</a></p>— Dr Arslan Khalid (@arslankhalid_m) <a href="https://twitter.com/arslankhalid_m/status/1517900242787893249?ref_src=twsrc%5Etfw">April 23, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

It makes incredibly, genuinely sad all the progress these rats will throw down the drain

 

[m.shah]

Actually most South Asian politicians would be that way, the biggest exception was Manmohan Singh as he was a technocrat almost.

Manmohan singh was one intelligent man only few in India can match him.

 

[Extra_Cover]

Miftah Ismael gets away due to the friendly media bought out by the PML N and PPP. You put these guys i.e. Ishaq Dar, Bilawal Bhutto in front of actual journalists i.e. BBC and CNN and you watch the actual reality of these stooges.

I have nothing against Miftah. He is not a beneficiary of the riches enjoyed by his leadership and comes across as down to earth guy.

When we are talking about real interview by foreign media outlets then rest assured it would be avoided by PPP and PMLN. Even Bilawal who by most count can handle foreign media slightly better in the current PDM setup was struggling at his latest venture. However, if you want to see real struggle just look up Ishaq Dar in hardtalk. Why on earth did that guy do that interview is the question he would be asking himself everyday.

Now on PTI, IK has done a lot of foreign media interviews before becoming PM and even after becoming PM. The guy can handle foreign media quite well and actually have come out on top on most of the times. The only hurdle he has had is on Uighurs matter which hasn't been handled well by his standards but apart from that he is actually one of the few people who does this well. In fact I have heard he has couple of foreign media interviews lined up in the coming week so lets see how he goes about that. One thing that would stick in everyone's mind when it comes to foreign media interview is 'Absolutely Not'.

 

[JaDed]

Manmohan singh was one intelligent man only few in India can match him.

Not only Indians but few world leaders could had matched his intellect but being a politician is unfortunately about being a great orator which Mr. Singh was unfortunately not.

 

[Varun]

Manmohan singh was one intelligent man only few in India can match him.

Manmohan Singh is a severely underrated figure in Indian history. Without his reforms in 1991, we would have been an economic basketcase back in the 90s, leave alone survive 2008 and 2020 relatively unharmed. We would have been like Sri Lanka 30 years before Sri Lanka.

 

[MenInG]

So now we know - see in bold:

==


Pakistan and the International Monetary Fund (IMF) have agreed, in principle, to extend the stalled bailout programme by up to one year and increase the loan size to $8 billion, giving markets the much-needed stability and a breathing space to the new government.

The understanding has been reached between Finance Minister Dr Miftah Ismail and IMF Deputy Managing Director Antoinette Sayeh in Washington, sources told The Express Tribune on Sunday.

Subject to the final modalities, the IMF has agreed that the programme will be extended by another nine months to one year as against the original end-period of September 2022, the sources added.

The size of the loan would be increased from the existing $6 billion to $8 billion – a net addition of $2 billion, a senior government functionary requesting anonymity said. The IMF is expected to issue a statement on Monday (today) in this regard.

The previous PTI-led government and the IMF had signed a 39-month Extended Fund Facility (July 2019 to September 2022) with a total value of $6 billion. However, the previous government failed to fulfil its commitments and the programme remained stalled for

Before taking Pakistan’s case to the IMF Board for approval, Islamabad would have to agree on the budget strategy for the next fiscal year 2022-23, the sources said.

Also, the government of Prime Minister Shehbaz Sharif would have to demonstrate that it would undo some wrong steps taken by the former regime against the commitments that it gave to the IMF Board in January this year.

Pakistan is passing through a phase of political and economic uncertainty and the decision to stay in the IMF programme for longer than original period would bring clarity in economic policies and soothe the rattling markets.

Minister of State for Finance Dr Aisha Ghaus Pasha, outgoing State Bank Governor Dr Reza Baqir, Finance Secretary Hamid Yaqoob Sheikh and Pakistan’s Executive Director to the World Bank Naveed Kamran Baloch also participated in the meeting with the IMF team.

The names of a banker and a former bureaucrat, who has also served in Asian Development Bank, are being considered for Dr Baqir’s replacement. Baqir is going to complete his term on May 4.

To give a final shape to the extended programme, an IMF mission would visit Pakistan likely from May 10, the sources said.

The IMF team will be led by its new mission chief, Nathan Porter.

On the successful conclusion of talks, it was being expected that both the sides would reach a staff-level agreement, a senior finance ministry official said.

The technical staff of Pakistan and the IMF would start engagement from Monday to see the budget position in light of the “irresponsible” decisions made by the previous government.

However, before formally securing the IMF approval for increasing the programme size and the cash limit, the government will have to show that it is sincere in making the needed tough policy decisions.

The sources said the IMF had asked Pakistan to withdraw fuel and electricity subsidies that former premier Imran Khan had announced on February 28 in “total disregard for fiscal prudence” and to “gain the lost support” due to double-digit inflation in the country.

Finance Minister Ismail said last week that the government was giving Rs21 per litre subsidy on petrol and Rs51.54 per litre on high-speed diesel that in the month of April alone would cost the taxpayers Rs68 billion.

These subsidies would have to be withdrawn to revive the programme.

The last PTI government had estimated the cost of fuel subsidies at Rs140 billion for March 1 to June 30 this year. However, so far the government has already given Rs101 billion in two months.

Also read: Govt willing to curb fuel subsidies, Miftah tells IMF

The Petroleum Division has estimated that another Rs192 billion would be needed to pay for the May-June fuel subsidies, according to the energy ministry’s summary for the Economic Coordination Committee (ECC).

The sources said that it has also been agreed between both the sides that the IMF staff would look at the actual fiscal numbers of the ongoing fiscal year as against the targets agreed with the global lender in December 2021.

Former finance minister Shaukat Tarin had agreed with the IMF that he would ensure a primary budget surplus to the tune of Rs25 billion. However, the finance ministry has now estimated that there could be a primary deficit of Rs1.3 trillion by the end of June, according to Miftah.

The IMF wanted Pakistan to minimise the deviation against the earlier agreed limit of Rs25 billion surplus, the sources said.

The global lender also desired that the new government should try to make up for some of the subsidy and deviation, they added.

They said during discussions with the IMF, the issue of Pakistan’s debt sustainability, curtailing imports, growing current account deficit and increasing foreign exchange reserves were also discussed.

On the sidelines, Miftah also held meetings with the WB managing director.

It was also attended by WB Vice President Hartwig Schafer and Naveed Kamran Baloch.

The two sides discussed the possibility of unlocking about $1.8 billion WB lending that too had stuck up because of either lack of fulfillment of actions promised by the last government or because of the bureaucratic snags, the sources added.

Express Tribune

 

[MenInG]

ISLAMABAD: Former finance minister Shaukat Tarin has questioned the Pakistan Muslim League Nawaz (PML-N) government for predicting an unusual fiscal deficit of Rs6.8 trillion despite it was standing at Rs4.6 trillion during Pakistan Tehreek-e-Insaf’s (PTI) tenure, ARY News reported on Sunday.

Shaukat Tarin, while talking to ARY News programme ‘Aiteraz Hai’, expressed surprise over the prediction of Rs6.8 trillion deficit by the PML-N government. He said that the PTI government left the fiscal deficit at Rs4.6 trillion but the present government is predicting something unusual.

Tarin said that the fiscal deficit would be standing at Rs6.5 trillion if the PTI remained in power. “We were taking steps for reducing the fiscal deficit. My question is about the additional deficit of Rs2.2 trillion. What are the reasons behind the increasing fiscal deficit?”

“The price of onion was Rs32 per kilogram and tomato was Rs45 per kilogram. The prices of petrol and edible oil doubled last year. The prices of commodities should have been reduced. The reduction in commodity prices will decrease the fiscal deficit.”

The former finance minister said that he was not expecting the economic landmine’s statement from Prime Minister Shehbaz Sharif. “Such statements come after playing with the national economy like political affairs,” criticised Tarin.

He advised the present finance minister Miftah Ismail to focus on the statistical realities instead of launching harsh criticism. He offered the PML-N government to consult him if they wanted to remove ‘landmines’ for strengthening the national economy.

ARY

 

[MenInG]

Former finance minister Shaukat Tarin has appreciated Miftah Ismail for praising PTI’s Kamyab Pakistan program, ARY News reported.

PTI leader Shoukat Tareen took to Twitter to appreciate PML-N leader Miftah Ismail for praising the PTI government’s initiative Kamyab Pakistan.

‘Bravo’, he wrote in his tweet appreciating Miftah Ismail. He said that the government allocated loans worth Rs7.5 billion in March and the PTI government had planned to increase the loans in the coming months.

Earlier, Finance Minister Miftha Ismail chaired a meeting on the Kaymab Jawan initiative and said that it is a good platform. He said that the current government is committed to ending curb poverty. Participants of the meeting were briefed about the program in detail.

The finance ministry has asked for bidding from commercial banks to further the program.

ARY

 

[Cover Drive Six]

Manmohan singh was one intelligent man only few in India can match him.

He is Overrated economist and over rated politician.

Economic reforms of 1991 was more of a job done by PM Narsimha Rao more than by Manmohan.
Manmohan also deserves some credit.

He was a bureaucrat and was working under former PM Narasimha Rao who introduced liberalisation for which the then finance minister Manmohan Singh got all the credit due to a Congress mischievously side tracking PM Rao’s since he was not a conformist and was not from the Gandhi parivar perhaps. Singh proved this further as PM for two successful stays quo or rather questionable terms that he was a follower not a leader.

He is Gandhi's Pet.

He allowed every scams,scandals,corruption and mistakes to happen.he was the coal minister when coal scam took place. Its a shame to India that an Ex-PM is summoned by Supreme court.

Every major corruption scam occurred under his leadership.

 

[Bewal Express]

Former finance minister Shaukat Tarin has appreciated Miftah Ismail for praising PTI’s Kamyab Pakistan program, ARY News reported.

PTI leader Shoukat Tareen took to Twitter to appreciate PML-N leader Miftah Ismail for praising the PTI government’s initiative Kamyab Pakistan.

‘Bravo’, he wrote in his tweet appreciating Miftah Ismail. He said that the government allocated loans worth Rs7.5 billion in March and the PTI government had planned to increase the loans in the coming months.

Earlier, Finance Minister Miftha Ismail chaired a meeting on the Kaymab Jawan initiative and said that it is a good platform. He said that the current government is committed to ending curb poverty. Participants of the meeting were briefed about the program in detail.

The finance ministry has asked for bidding from commercial banks to further the program.

ARY

Now Miftah will wait for Munshi to say yes or no. Miftah is a puppet of Dar.

 

[MenInG]

ISLAMABAD: Former finance minister Shaukat Tarin has criticised the Pakistan Muslim League Nawaz (PML-N) government for having no policy and being completely confused in every decision, ARY News reported on Sunday.

He was commenting on the PML-N-led federal government’s decision against hiking fuel prices. Shaukat Tarin told ARY News that the PTI government had never promised the International Monetary Fund (IMF) to end subsidy as a comprehensive plan was presented to arrange the required funds.

Tarin said that the present government is panicked after failing to cope with the economic challenges.

“Our government had provided a subsidy for giving relief to the nation. Prior to approving subsidy, the PTI government had arranged the required funds.”

“This [PML-N] government is bearing pressure of IMF for not receiving another tranche of loan money before ending subsidies. The country’s market is facing a situation of uncertainty. They are not sitting on the opposition benches now and they should now show to handle these issues.”

The former finance minister said that the PTI government had never asked IMF to end subsidy as the global finance institution was apprised about the source of funds. “PML-N government’s decision will increase the pressure on the rupee in the coming days besides hiking the interest rate. I had told them from where to get the required funds.”

Former minister Hammad Azhar also slammed the PML-N government for giving contradictory statements regarding the fuel subsidy. He said that the present government is blaming Imran Khan for taking a wrong decision by not hiking the oil price, on the other hand, they are following it.

Azhar censured that such policies will further increase problems instead of improving the national economy.

Finance Minister Shaukat Tarin has announced in a press conference that the federal government decided against hiking fuel prices.

Miftah Ismail said the government is not going to increase fuel prices and added that he is going to hold talks with the International Monetary Fund (IMF) for the revival of the loan package for Pakistan.

“We are not going to increase fuel prices,” Miftah said and advised the masses not to wait in long lines at the petrol pumps in this hot weather.

Taking on the former finance minister Shaukat Tarin, he said, the latter agreed with the IMF to end subsidy on the fuel prices phase-wise.

ARY

 

[BreadPakoda]

Miftah Ismael gets away due to the friendly media bought out by the PML N and PPP. You put these guys i.e. Ishaq Dar, Bilawal Bhutto in front of actual journalists i.e. BBC and CNN and you watch the actual reality of these stooges.

CNN has actual journalists?

 

[silentkiller187]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">My hunch was correct, Dr Zubair has resigned. Why do we try to destroy institutions. Facts cannot be suppressed. <a href="https://t.co/FHtAp1chvX">pic.twitter.com/FHtAp1chvX</a></p>— Shaukat Tarin (@shaukat_tarin) <a href="https://twitter.com/shaukat_tarin/status/1526814450803691522?ref_src=twsrc%5Etfw">May 18, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[daytrader]

Tarin, Miftah battle it out on Twitter
Ex-FM says 6% growth slap in face of PDM; his successor reminds him of record budget deficits in all PTI years

ISLAMABAD:
Incumbent Finance Minister Miftah Ismail and his predecessor Shaukat Tarin on Wednesday became engaged in an interesting debate on Twitter on the ongoing economic situation in the country.

Tarin claimed that a 6% GDP growth in 2022 after a 5.71% growth in 2021 is a slap in the face of PDM [Pakistan Democratic Movement] who called them “selected and incompetent.”

Pakistan is all set to achieve a GDP growth in the range of approximately 6% for the current fiscal year mainly because of the improved contribution of industrial and services sectors.

It is estimated that the size of the economy might touch Rs63.8 trillion for the current fiscal year or it might cross it. This is because the nominal growth (GDP growth plus inflation) would be gone up by around 19 to 20% for the current fiscal year.

“Such performance after Covid is spectacular. Bravo leadership of [former] Prime Minister Imran khan and the PTI economic team. [The] PDM [is] now try[ing] to match our performance,” Tarin added.

In response, Miftah tweeted that “Shaukat bhai record budget deficits in all PTI years, uncontrollable current account deficit, rapidly declining reserves, one of the world’s fastest inflation are daily slaps to the budgets of ordinary Pakistanis that [your party] engineered”.

He reminded him that he at once stage had said “PTI did “beragharak” [made a ruin] of the economy”.

Read Tarin lists previous govt’s achievements

The fourth year of the PTI in power was awfully indistinguishable to its post-election economic performance. The PTI-led government staged a combative approach by stating that the economic outlook is not all bleak.

An example of this was when Reza Baqir, the former governor of the State Bank of Pakistan, spoke about how currency devaluation favoured the families of non-resident Pakistanis since it increased the quantum of money remitted into Pakistan in rupee terms.

It was not difficult to comprehend that Baqir was trying to put some logic to a sharp fall of the rupee against the US dollar.

The rupee was sharply losing its value against the US dollar and enkindling hike in the prices of imported commodities like petrol which was hitting a new peak every fortnight. Spike in the prices of products like petrol was regressive in nature since petrol as a percentage of income was highest for the population at the bottom of the pyramid. That was why each announcement of an increase is met with severe outrage. It further also had a trickle-down effect on many essential goods and services, crushing the backs of the poor.

https://tribune.com.pk/story/2357289/tarin-miftah-battle-it-out-on-twitter

 

[MenInG]

Former finance minister Shaukat Tarin on Sunday said the incumbent government has lost "credibility" before the International Monetary Fund (IMF) as it is struggling to strike a deal, claiming "they are now seeking help from us".

Tarin's comments come in the backdrop of the coalition government's ongoing talks with the IMF over the release of a $1 billion tranche under an Extended Fund Facility, a process slowed by concerns about the pace of economic reforms in the country.

Earlier this week, Finance Minister Miftah Ismail had told the IMF — during the talks — that the government understood the current economic crisis and agreed that it would have to take "tough decisions" while mitigating the effects of inflation on the middle to low-income groups.

At a press conference in Karachi today, Tarin dismissed the claims by the PML-N-led coalition government that the PTI government reneged on its promises made with the IMF. "We, in fact, had renegotiated the deal. But the IMF is not trusting this new government and they are now asking us to help."

The ex-minister said the PTI wanted a strong interim government to be in place and hold elections. "When the interim government is there, we will help them and show them the way forward," he added.

Tarin also said the government was struggling to run affairs.

He stressed that democracy needed consistency and that people's will was for five years, saying "if someone disturbs this cycle, there will be a reaction".

He called upon "powers that be" to allow elected governments to complete their five-year term, which he said would be good for the continuity of democracy.

Tarin was of the view that Imran Khan bore the brunt by "refusing to take dictation" for the first time by any leader in 72 years.

Economic comparisons
Tarin then compared economic figures of the PTI government's tenure and the PML-N's five years from 2013 to 2018 and said "the incompetent and the selected government" — an oft-used refrain by PTI opponents to describe it — had defeated its rival on every economic indicator.

Recounting the "feats" PTI achieved during its tenure, he cited the Pakistan Bureau of Statistics as saying the current government had shown the GDP growth rate at 5.97 per cent for the current fiscal year, "while during the corresponding period of the third year of the PML-N's last government, the growth rate stood at 4.5pc and the next year it had reached 4.6pc."

He went on to say that exports during the PML-N's government went below $10bn, and it was at $24bn at the end of the tenure. "We took them to $32bn."

He recalled the PML-N leaders were raising complaining that the current account deficit would cross $20bn, however, it is currently at $15bn.

"They had left reserves at $9.8bn and we left them at $11.4bn and at the time of no-confidence motion, it was much higher."

The former minister underlined the PML-N had taken a new debt of $45bn in its tenure, while the PTI government took $34bn. "On what grounds do they claim they are better than us?" he asked.

He said India reduced its oil prices by 25pc a day ago after securing a deal with Russia that Pakistan had agreed to before the ouster of Imran Khan. However, the current rulers "don't have the courage to invite the wrath of Uncle Sam". He repeated a claim that was made by Imran on Twitter a day earlier.

Tarin also took exception the government's decision to ban the imports of luxury items deemed non-essential. He said the decision could have been restricted to a handful of items, "But imposing a blanket ban on a wide range of items has left everyone afraid."

"If I was in their place, I would have banned a few items for six months and increased duties on other items including dry fruits, etc."

He also called for revamping the entire system to take forward the country, saying: "I do not believe that this government is going to provide any relief to people."

DAWN

 

[MenInG]

PTI Senator Shaukat Tarin on Saturday lambasted the incumbent government's budget for the new fiscal year as "non-serious" and based on "unrealistic assumptions", casting aspersions on the government's ability to achieve its targeted growth rate.

Finance Minister Miftah Ismail had presented the budget for fiscal year 2022-23 (FY23) in the National Assembly on Friday. The growth target for next year was set at 5 per cent in the budget.

Addressing a press conference on the budget in Islamabad, Tarin said: "This is a very non-serious kind of budget which has unrealistic assumptions."

Explaining his stance, the former finance minister criticised many of the figures and targets given in the budget for various sectors and areas. "They should understand that the numbers don't lie no matter how much spin-doctoring you do," he added.

Tarin expressed scepticism about the government's stated growth target, elaborating that the agricultural and industrial sector targets would not be able to be met due to the recent fuel price increases, rising inflation, and rising electricity prices.

He said the prices of fuel and electricity were expected to be further increased which would take inflation to "25pc to 30pc". He added the petroleum levy would be further increased, along with the gas development levy.

Tarin said the government had "under and over-budgeted" many figures. "There are many things [in the budget] which they've shown less and basically they've shown an income [target] which won't even be collected."

He said that in his opinion, the income tax should have been increased along with customs duties and GST.

The government has instead proposed giving relief to the salaried class, reducing the number of tax slabs and not taxing individuals earning up to Rs1.2 million a year (Rs100,000 per month).

Tarin alleged that five new programmes he had introduced to the Federal Board of Revenue to increase tax collection were "stopped" by the government and it was "resorting to old tactics" such as fixed income tax.

"They're working by that same old logic of purana Pakistan (old Pakistan)."

He also said that the government had gone ahead with certain steps and measures that the International Monetary Fund had stopped the PTI government. "I think they'll have a problem with the IMF now," Tarin added.

"I think the economy wasn't their target and it wasn't their goal to fix it. Their goal was to go and change two or three things to their advantage such as amending the NAB law and election law," the former finance minister claimed.

He further criticised the budget for "ignoring issues" such as the minimum wage or "doing away with the many pro-poor initiatives" introduced by the PTI.

Tarin said the budget has put 20 million people in danger of going below the poverty line.

He also flayed the government over its negotiations with the IMF, saying it should have agreed to better terms.

He said Pakistan's economic situation was "very dire" and it needed a new government that had the mandate of the people.

DAWN

 

[MenInG]

Former finance minister Shaukat Tarin on Wednesday countered the government’s upbeat portrayals of a possible deal with the International Monetary Fund (IMF) in the offing, saying a final agreement with the money lender was still weeks away.

Speaking to the media, the PTI leader said while he himself prayed for a deal with the IMF that doesn’t burden the poor, the matter was currently a work in progress.

Tarin’s statement comes amid the reports that the country stood on the precipice of a final understanding with the global money lender, with Finance Minister Miftah Ismail expressing confidence over a possible deal, which he said had finally appeared on the horizon.

He pointed out that according to the statement of IMF itself, the deal was still in progress and a memorandum of economic and financial policy (MEFP) will be given on Friday. “When that has not been received, how can it be said that an agreement has been reached?”

The MEFP, he continued, is an extensive document and will be subject to threadbare deliberations. He explained that the process further entailed signatures on a technical agreement following which the document will land at the desk of IMF’s board in Washington.

The deal would materialise by July-end, he added.

Lashing out at the government for the economic crisis, Tarin said that the coalition parties walked back on their narratives while giving contradictory statements within a space of a few weeks, an ill-advised which he said affected the government's credibility with the financial market.

Read ‘Broad agreement’ reached with IMF to end uncertainty

Furthermore, he warned that the country was well on its way to a "serious economic crisis".

"They have gone back to purana (old) Pakistan. This means we will never go towards value added tax (VAT) mode. They have protected retailers in a massive way."

Urging the government to expand its tax base, Tarin cast doubts on the government’s word to the IMF that it would collect more than Rs400bn in taxes. He expressed fears that the withdrawal of the petrol levy and unprecedented hike in prices would unleash a storm of inflation.

He predicted that inflation would rise to 35-40% while economic growth would be between 1-2%
Earlier, Finance Minister Miftah Ismail told The Express Tribune that he was confident about the prospects of sealing a deal with the IMF for the revival of the $6 billion bailout package in a day or so, after the government considered increasing the tax target to around Rs7.45 trillion and adjusted some expenses.
The finance minister said that the fiscal framework with the IMF had almost been finalised.

“God willing, the IMF deal will be finalised in a day or so,” he said while responding to a question.

“The understanding on the fiscal framework should give a positive signal to the markets and we should also expect a positive statement from the IMF in a couple of days,” the minister said after attending a meeting of the Senate Standing Committee on Finance.

The minister said that the monetary targets would now be agreed with the IMF by the central bank, which would eventually pave the way for reaching an understanding on the MEFP.

 

[MenInG]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">If this is after the technical agreement with IMF, I am worried what will happen to the rupee in the next four to six weeks before IMF actually disburses the funds!It seems other players(WB,ABP, friendly countries)will only disburse funds after IMF has done so. <a href="https://t.co/YnclU0I3Nv">pic.twitter.com/YnclU0I3Nv</a></p>— Shaukat Tarin (@shaukat_tarin) <a href="https://twitter.com/shaukat_tarin/status/1547901338217955328?ref_src=twsrc%5Etfw">July 15, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[MenInG]

Former finance minister Miftah Ismail on Sunday termed the government's decision to not increase the petroleum development levy (PDL) this month without the approval of the International Monetary Fund (IMF) "reckless".

He maintained, however, that what the previous PTI government did with the country was "unforgivable".

Ismail made the comments in response to PTI leader and former finance minister Shaukat Tarin's tweet, in which the latter called out the PML-N for its alleged doublespeak.

"We were blamed for violating IMF conditions. According to Miftah sahib, they did not wait to get clearance from MD IMF before announcing the fuel prices. Clear doublespeak," he tweeted.

In response, Ismail said the PTI government had indeed violated the agreement with the IMF.

"You agreed to increase sales tax to 17pc but reduced it to zero. You agreed to raise petrol levy every month by Rs4 to Rs30 but brought it to zero. You agreed to not give amnesty but gave one anyway," he said, referring to the previous government's decision to freeze fuel prices for four months.

Terming that subsidy "unfounded and unsustainable", Ismail claimed the PTI nearly bankrupted the country. He added that as finance minister, he had gone to the IMF and saved the country from default.

"Not increasing PDL this month without IMF approval is reckless, but what PTI did with our economy was unforgivable," he insisted.

This was the second time Ismail pointed out in as many days that his government did not get IMF approval before freezing petroleum levy.

While addressing an event in Karachi on Saturday, Ismail said Prime Minister Shehbaz Sharif's adviser on Establishment Ahad Cheema had asked him to discuss with the IMF managing director if petrol prices could be frozen for three months but “I said that I would die but not ask this.”

“In any case … I asked the MD if we could freeze the tax (PDL) for three months. The answer did not arrive and the government unilaterally did it. So may God have mercy.”

Ismail's comments come days after the PML-N government, for which he served as the finance minister until last week, announced a cut of around five per cent in the prices of all petroleum products for the next fortnight.

Ismail had resigned as finance minister on Tuesday (Sept 27) to make way for Ishaq Dar. The government decision to slash fuel prices came just three days later on Friday (Sept 30).

The price of petrol was cut by Rs12.63 per litre, bringing down the price from Rs237.43 to Rs224.80. The price of high speed diesel (HSD) was reduced by Rs12.13 per litre from Rs247.43 to Rs235.30. The price of kerosene was reduced by Rs10.19 per litre from Rs202.02 to Rs191.83. The rate of light diesel oil (LDO) was cut by Rs10.78 per litre from Rs197.28 to Rs186.50.

The government took a hit on revenue by reducing the petroleum development levy on petrol by Rs5 per litre to Rs32.42. However, the same was increased by Rs5 per litre on HSD to Rs12.58.

Currently, the government is charging Rs12.58 per litre PDL on HSD, Rs15 per litre on kerosene, Rs10 on LDO and Rs30 per litre on High Octane Blending Component. Moreover, the prices of petrol and HSD also include Rs22 per litre custom duty.

IMF deal and PDL

Under the deal with the IMF, the government had to gradually increase the PDL on petroleum products to a maximum of Rs50 per litre to collect Rs855 billion during the current fiscal year.

The previous PTI government had committed a monthly PDL increase of Rs5 on petrol and HSD until it reached Rs50 in January for petrol and April for diesel.

However, before the former prime minister’s ouster, he reduced the PDL to zero on March 1. As the international prices went up, the PTI government not only reduced the petroleum prices by Rs10 per litre but also froze them for the next four months.

After coming to power in April, the PML-N-led coalition government refrained from increasing the prices immediately. However, since May 15, the government has been increasing the prices in line with the IMF deal. As Pakistan battled with the flood catastrophe, the government had requested the IMF managing director for a three-month freeze on the PDL and fuel cost on electricity.

 

[MenInG]

Former federal minister for finance Shaukat Tarin has blamed the government’s lack of vision for the delay in scheduling formal talks on the overdue ninth review of a $7 billion International Monetary Fund (IMF) loan programme.

Pakistan entered a $6 billion IMF programme in 2019, which was increased to $7 billion last year. Its ninth review is currently pending with remote talks being held between the IMF officials and the government for the release of $1.12 billion tranche.

The 9th IMF review to clear the release of the next tranche of funds for Pakistan has been pending since September, as the country faces a severe economic crisis with its central bank’s foreign exchange reserves falling to a critical level of below $5 billion, which is barely enough for three months of imports.

Read more

https://tribune.com.pk/story/2395993/govts-lack-of-vision-stalled-imf-loan-tranche-tarin

 

[daytrader]

FIA seeks interior ministry’s nod to arrest Shaukat Tarin
Shaukat Tarin’s conversation was an effort to derail the deal with the IMF, says FIA

The Federal Investigation Agency (FIA) has completed its investigation against Pakistan Tehreek-e-Insaf (PTI) Senator Shaukat Tarin in an audio leak case involving Punjab and Khyber Pakhtunkhwa finance ministers.

Sources said the FIA had sought the approval of the interior ministry to begin legal proceedings against Shaukat Tarin and eventually his detention.

As per the FIA, Shaukat Tarin’s conversation was an effort to derail the deal with the IMF and he wanted to harm the security and national interests of the country.

Earlier, the audio of PTI leader Shaukat Tarin surfaced in which he allegedly asked Punjab and Khyber Pakhtunkhwa finance ministers to backtrack from IMF commitments in order to pressurise the federal government.

The News PK

 

[daytrader]

Dar ‘sabotaged’ deal with IMF, claims Miftah
Former finance minister says the international money lender lacks ‘interest’ in giving money to Pakistan

Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail has blamed Finance Minister Ishaq Dar to have “sabotaged” the deal with the International Monetary Fund (IMF).

Former finance minister Miftah Ismail made these remarks in a session titled 'Pakistan in the midst of crisis' in Karachi on Wednesday.

Raising alarm over the long-due continuation of the deal with the international money lender, Miftah claimed: “IMF lacks ‘interest’ in giving money to cash-strapped Pakistan.”

Recalling his dealing with the lender while he was heading the country’s finances, Miftah claimed to have persuaded the IMF to trust the country on fulfilling commitments until Dar was sworn in – indicating that the current finance minister did harm to the good terms with the financial institution.

He recalled that Pakistan has gone back on commitments three times.

'Petrol subsidy formula ineffective'

Reflecting on the petrol subsidy announced by the government on Sunday, Miftah said that he believed that formula would not be effective.

“We provide subsidies on petrol by taking loans,” he said.

Since the government announced the petroleum subsidy — which initially amounted to Rs50 per litre amount and was later increased to Rs100 per litre — several red flags were raised as analysts and economic experts have been criticising the move as it may jeopardise the ongoing struggle to convince the IMF board.

...
https://tribune.com.pk/story/2407663/dar-sabotaged-deal-with-imf-claims-miftah

 

[daytrader]

Pakistan has world’s most ineffective governance: Miftah

Former finance minister and estranged PML-N leader Miftah Ismail on Friday delivered a presentation at an event in London, where he spoke about the pitfalls of elite capture in Pakistan and how these are represented across the spheres of business, politics, judiciary, military and bureaucracy.

The event was jointly organised by Bloomsbury Pakistan, SOAS Pakistan Discussion Forum and SOAS ICOP Student Society.

At the beginning of his talk, Mr Ismail spoke at length about the challenges faced by the country, and the fundamental issues that are keeping Pakistan from becoming an economically robust country that is part of the global supply chain.

Mr Ismail pointed to the vast difference between the elite schools of the country and the remainder of the matric and government schools across the country, pointing out that nearly all the senior judges of the Supreme Court and half of the cabinet during Imran Khan’s tenure were from Aitchison College.

...
https://www.dawn.com/news/1752786/pakistan-has-worlds-most-ineffective-governance-miftah