Breaking: Asad Umar axed!

[Turingsage]

Those who ascribe the IMF with his sacking are living in gagaland. The IMF has nothing to do with it. IK and his ministers are getting cold feet when they realised the full import of what a loan from the IMF would entail.
Asad is not prepared to play politics with the economy, IK needs someone who will play politics and let the economy disintegrate eventually as long as he is not left holding the baby when election time comes again.
IK is a fool as the economy is going to disintegrate quickly if he continues to hum and haw on the structural changes proscribed by the IMF
IK thinks he can wing it.
He is in for a very hard lesson

 

[Shane]

What actions did AU take when the rupee was crashed by the big Forex mafia?

What action did Ishaq Dar take when Rupee devalued suddenly in July 2017? he fired Interim Governor State Bank and appointed his right hand man - the Swiss Account deal culprit in chief, Tariq Bajwa as Gov. SBP...

Moving along, when dollar suddenly went up during PTI tenure...That was the key time when IK should have asked Tariq Bajwa to resign or face legal action not just for Swiss Account deal sabotage but failing to curb drastic Dollar devaluation too but his advisors got the better of him. AU too thought that it was too drastic but let it go as still a blessing in disguise when it proved to be the opposite.

Anyway, only reminding people that once upon a time, Ishaq Dar too was unaware about dollar devaluation until it happened back in 2017.

 

[Verve]

And Hafeez Sheikh would reform the same?

AU made mistakes which I already pointed out... but his replacement is more than what people are being led to believe.

Hafeez is not FM, he will not have authority that FM does to sign off things. Whether he is brought in to give new ideas or to implement what AU couldn't, that's to be seen.

Script was give to AU to do things on priority basis. Being new, this input should have been paid attention to and followed instead of experimenting and delaying the most critical.

I can't think of one major regulation brought in by AU in last 8 months, can you? He had the power to.

Also I'm not saying he didn't do good work. He did but he didn't do what was critically needed on regulation and tightening controls on the financial markets right from the onset. It's terrible having begged from friendly countries and then have no foresight to put in controls to stop market manipulation.

You can't manage an economy like this.

 

[JF-17ThunderBlock3]

I support Imran Khan.
Some people stating Abdul Hafeez Shaikh is not qualified person.
May be he's underrated. His is better qualified and experienced than AU.
A MBA from IBA karachi vs PHD from Boston University.
Had track record in government top positions.
And before his appointment NCA clearance was to be noted as well
Atleast that isn't like ISHAQ Dar type of guy.

 

[TheDarkKnight]

Veneers are easily cracked, and even easier to replace.



PMIK appointed Asad Umar. He removed him. PMIK will appoint the replacement too. These decisions are his responsibility, let us not forget that.

Well the only positive thing out of this is that the IK govt will get some break from the public backlash that was comming or yet to come due to state of economy.

I would have liked AU to see all the reforms through, but if IK can get the results from Hafeez Sheikh then so be it.

 

[VCheng]

Well the only positive thing out of this is that the IK govt will get some break from the public backlash that was comming or yet to come due to state of economy.

I would have liked AU to see all the reforms through, but if IK can get the results from Hafeez Sheikh then so be it.

The good thing is that PMIK is the leader, and he is responsible for assembling the team he thinks he needs to get the job done. We should wait for the results of his decisions over the rest of this term in office.

 

[Jungibaaz]

PMIK appointed Asad Umar. He removed him. PMIK will appoint the replacement too. These decisions are his responsibility, let us not forget that.

It all depends, if we change from the track the previous finance minister left us on, any new appointment won’t do.

 

[Jango]

If that is the case then you mean to say military accepted his mistake? Secondly if military also have the knowledge to take decisions on economic matters then its a har fun mola military..

Is baat main koi shak hai?

We all should look at the issue more widely than that. IMF or not, whatever decisions are made, each comes with its own sets of pros and cons.

Those who advocate not going to the IMF should present thier case to PMIK, as should those who advocate taking the bailout, and let PMIK decide on what course is best for the nation. After all, he was accepted and trusted as the best man for the job to lead the country out of its predicament.

But I thought Fahd Hussain and Asma Sherazi were the best people for the job!

 

[valkyr_96]

What action did Ishaq Dar take when Rupee devalued suddenly in July 2017? he fired Interim Governor State Bank and appointed his right hand man - the Swiss Account deal culprit in chief, Tariq Bajwa as Gov. SBP...

That was the key time when IK should have asked Tariq Bajwa to resign or face legal action not just for Swiss Account deal sabotage but failing to curb drastic Dollar devaluation too but his advisors got the better of him. AU too thought that it was too drastic but let it go as still a blessing in disguise when it proved to be the opposite.

Anyway, only reminding people that once upon a time, Ishaq Dar too was unaware about dollar devaluation until it happened back in 2017.

Thank you for saying that I have been saying the same Tariq Bajwa was the blue eyed boy of Nawaz Sharif. He needs to go and an independent governor needs to take place and this should be a continuing trend here on out.

 

[Beethoven]

Thank you for saying that I have been saying the same Tariq Bajwa was the blue eyed boy of Nawaz Sharif. He needs to go and an independent governor needs to take place and this should be a continuing trend here on out.

This is where IK and the establishment got it wrong.....instead of axing Asad they should have gone for Tariq Bajwa's head

 

[Shane]

Hafeez is not FM, he will not have authority that FM does to sign off things. Whether he is brought in to give new ideas or to implement what AU couldn't, that's to be seen.

Hafeez is to be considered and has been given equal powers entitled by Finance Minister. He is only legally an advisor on Finance and not FM only because he is not member parliament, ( thanx @Farah Sohail )

Anyways, it is well known that Hafeez Sheikh is IMF's man. I'm sure he would have demanded free hand from IK before accepting this job.

Further down the road, I wonder how PPP and PMLN would react when Pak Steel and PIA are put up for privatization as it has been politicised by them in the past along with PTI itself.

I wonder how PTI cadres, leave alone the rest, will react when it dawns on them that Hafeez Sheikh has Indian business partners in his Dubai based concern...Steel Mill Privatization or not will be made a charged issue...not that there is any mala fide per say on his part but many of us Pakistanis, regardless of political affiliation, tend to assume just born status when things go south or the going gets tough and it suits us to blame anyone but ourselves for years and years of economic rot.

Thank you for saying that I have been saying the same Tariq Bajwa was the blue eyed boy of Nawaz Sharif. He needs to go and an independent governor needs to take place and this should be a continuing trend here on out.

This is where IK and the establishment got it wrong.....instead of axing Asad they should have gone for Tariq Bajwa's head

Not going after Bajwa's head and force him to resign is a mistake by both IK and AU who probably got bluffed by TB that he was class fellow of the then CJP who later retired.

 

[nahtanbob]

Forget tax ... you cant even collect utility bills properly that shows up as lossses in Pakistan. One of the so called “tough” and “back breaking harsh” condition being imposed by IMF is to bring these losses to zero by collecting all the bills!!

once people are used to "free stuff" good luck getting them to pay for anything

 

[AdeelMian]

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[SIPRA]

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His offer shall be accepted. He may convert IMF to Islamic Monitoring Fund.

 

[Syed1.]

Still can't get over this news