opinion786
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=maqsad;203999]This is a direct result of the lunatic policies of bhangeeconomics that Shopper Aziz supervised in Pakistan:
First of all, the crap allegations you pasted below are NOT supported by ANY figures. It has rendered your post into a meaningless bias indicating clueless conclusions. NO FIGURES !!!
Telecom: He made sure useless junk like cellphones and cellphone support infrastructure was imported at the cost of billions per year in forex paid by the pakistani consumer.
Oh yeah? How much BILLIONS per year? Do you have any calculations?
In 2006-07, Import Bill went to Oil & Petroleum products and secondly Machinery. Cell phone imports were DOWN by 7.61%.
Daily Times - Leading News Resource of Pakistan
In 2007-08, Import Bill: Petroleum products were $6.158 billion, Agriculture $5.83 billion, Machinery $4.02 billion, Metals $2.54 billion, Textile $2.35 billion, Transport $2.25 billion, Telecom sector $2.2 billion (including mobiles phones), Palm Oil $1.6 billion, Plastic materials $1.3 billion, Power Generation machinery $1.18 billion , etc.
Oil import bill surges by 55pc to $11.38 billion -DAWN - Top Stories; July 18, 2008
You can see the negligible amount that was spend on Telecom sector. You were able to achieve approximate $1.5 billion IT EXPORT due to import of IT sector.
On top of that he sold off the pakistani cell and telecom market to foreigners so that even the profits obtained domestically were shipped out eventually.
Get your facts correct!
Out of 1,215 IT & Telecom companies registered with PSEB, ONLY 60 are Foreign Telecom & IT companies. Only 4.9% foreigners!
The net result of this "eight year plan" under Shortcut Aziz's watch is that at first it will be financed by itself as foreign investors buy up shares in the market...but after the INCOMING INVESTMENT stops(because everything that isn't nailed down has already been sold off for pennies on the dollar and nothing more can be sold) then the OUTGOING DIVESTMENT starts.
Every country in the world attracts foreign investment. Foreign investment stops coming where there is lack of trust or your credit ratings go down. Yesterday, we were de-rated into negative category by S&P and Moodys. With Mr.10% as President theres nothing to trust!
Secondly, Shaukat Aziz increased our Revenue Generation from Rs.300 billion to Rs.800 billion ($13 billion). His policies raised our Exports from $8 billion to $18.5 billion.
This is like on a roller coaster when you go as high as you can go and then the only way to go is down like a fallingggg rockkkkkkk...
Sure, its like a roller coaster.... bring in democratic crooks & murderers & lunatics .... and you go down like a falling planetttttt .....
Shopper Aziz and Agent Mushy got off the roller coaster just before the fall that they orchestrated. And they handed over control to a blackmailable, brain damaged retard that they pulled out of prison whose only financial skills are knowing how to use the percent button on his calculator.
The 10 million PUBLIC VOTES gave this retard the privilege to press the %% button on his calculator. Democratic votes ushers in democracy!
Automobiles:Agent Mushy and Shopper Aziz were confronted with an economy which was a heavy net importer of Automobiles like all underdeveloped nations.
Wrong! Import of automobiles DECREASED!
Transport import DECLINED by 12.59% in 2006-07.
Daily Times - Leading News Resource of Pakistan
Each year billions of dollars in forex were spent to import vehicles and very little was manufactured or assembled in Pakistan. There was a golden opportunity in 1999 to fix the economy by incubating a domestic automobile manufacturing industry.
Wrong as usual!
Number of vehicles produced INCREASED was as follows:
2001-02 ------ 2006-07
Cars ----- 40,601 ----- 176,016
Jeeps ----- - ----- 3,298
Light Vehicles ---- 8,491 ----- 19,672
Trucks ----- 1,141 ----- 4,410
Tractors ----- 24,331 ----- 54,610
Motor cycles ----- 133,334 ----- 839,224
It looks above 100% to 500% improvement in manufacturing & assembling.
Statistics available on Board of Investment Pakistan website.
Pakistan Steel Mills also. I guess the plan was to also sell this off to foreigners for pennies on the dollar to finance the crazy insane consumer-oriented unbalanced economy that Shopper Aziz created--but somehow by some miracle the steel Mills Were saved by Judge Iftekhar Chaudry in one of the few acts of patriotism in pakistan's top leadership.
Again figure-less assertions?
Steels Mills worth - official stated figure calculated in 30-6-99 (not in Musharraf era) amounted to $0.294 billion (Rs.17.64 bn). www.edb.gov.pk/Corporations/STEEL/Pak Steel.pdf
Steels Mills worth (including Land) in 2005 (before offering for privatization) was $349 million.
http://www.privatisation.gov.pk/industry/PDF File/PSMC Summary Info - 27-09-05.pdf
Saudi group offers $362 million for buying. Khaleej Times Online - Saudi group pays $362 million for PSMC
So we were selling the Steels Mills in Profit ! A Steels Mills that in 1999 had loan of Rs.19.11 bn, which is being RE-PAID under Musharraf era and now only Rs. 4 billion left.
www.edb.gov.pk/Corporations/STEEL/Pak Steel.pdf
Energy: Well what can I say. If Kalabagh damn or Basha damn or both had been built then firstly there would be no brownouts
First of all, thank the military dictators who gave you Tarbela Dam and Mangla Dam!
Musharraf also increased capacity by 4,600 MW!
In 1999 our installed capacity was merely 15,860 MW. (With Hydel 4826 + Thermal 10,897 + Nuclear 137)
In 2005-06 our installed capacity increased to become 20,495 MW. (With Hydel 6499 + Thermal 13,534 + Nuclear 462) http://www.statpak.gov.pk/depts/fbs/publications/cee/census_electricity_2005-06.pdf
For detailed efforts of government see: Electricity: Solutions and Ongoing Projects Our leader - Musharraf
So in case anyone has been fooled into thinking that the economy was strong when it was handed over to the PPP/PML and it is their stupidity that is causing the forex bleeding you should ask yourself, if it was so super strong then how could it start burning up so quickly in just 6 months?
Do you know that $29 billion market capitalization is OUT of KSE alone? KSE worth was $75 billion under Shaukat Aziz and now its $46 billion. What were the efforts/competency to stop this drainage of investment?
Ask yourself, why did State Bank place a BAN to transfer/shift dollars OUTSIDE Pakistan? As investors DO NOT trust the current government! Bring back Musharraf and the investment will come BACK to Pakistan!
The answer is simple....for the last 8 years the economy had been built on lies, selling out to foreigners, consumerism, suppression of industrialization, suppression of indigenous energy development, selling out of financial institutions of foreigners?
Were these international institutions FOOLS as you suggest, when they praised Pakistans macro-economic reforms? Were they BLIND fooled by lies when they record statistics of 180 countries of the world?
IMF, WB praise Pakistan's economic and fiscal performance: Pakistan Times | Top Stories: IMF, WB praise Pakistan's economic and fiscal performance
PAK Economic growth has bolstered intl confidence: WB
Daily Times - Leading News Resource of Pakistan
World Bank President praises Pakistan's recent economic achievements
World Bank President praises Pakistan's recent economic achievements.
IMF praise for Pakistan
BBC NEWS | Business | IMF praise for Pakistan
ADB praises micro-finance in Pakistan
Daily Times - Leading News Resource of Pakistan
Your post had NOTHING substantial and pure allegations indicating a pessimistic (half glass empty) perception. I replied ONLY as I admire Musharraf's accomplishment and let people judge with facts!