Pakistan has defaulted : Khawaja Asif

[_NOBODY_]

He literally had the whole cabinet.Take one look at his cabinet and tell me apart from 2-3 who was capable? Most were remnents of previously failed PPP/PmLn governments.

You may recall that early on many prominent economist such as atif mian + other harvard economist of pak origin were willing to become a part of his govt and advise him economically.

Then tlp made hue and cry abt them being ahmedis. What did IK do? Cancel the offer. Later no prominent pakistani origin economist would come to the govts aid due to protesting its misbehavior. Goes to show how easily he succumbed to pressure and how little knowledgabe people he had around.

IK always said a leader is only as good as his team. Unfortunately he never followed his own advise.

Not appointing Atif Mian as the finance minister was one of PTI's stupidest decisions. Atif Mian is arguable the greatest economist this country has ever produced.

 

[Salman876]

Only Defense Minister in the world ,who never speaks and does anything to defend the Country.

Much better than Pervaiz Khatak

 

[ziaulislam]

You cant spend money you dont have. A country simply doesnt go bankrupt in 8 months. It doesnt work that way. Takes years and years of bad policies.

Ik came to power in 2018 yet didnt implement any major economic reforms. Was any state own industey privitized? Why were subsidies expanded rather than being cut until we were economically stable? Why were loans take promises made to imf then next moment cancelled? Why didnt IK govt go to the imf right away when reserves started declining rapidly starting last april? Bangladesh has reserves of 30 billion yet went to the imf proactively ahead of time.

All 4 years of IK was 1 disaster to another with 0 stability. Sure exports increases slightly but that was mainly due to the increase in PPE cuz of covid + lower exchange rate.

IKs whole economic policy was to simply beg for loans, make promises whereever he could, and then provide subsidies he promised to cut. Sure must have been with good intentions, but that doesnt make it the right policy. Any competent leader who could have tough decisions and today we would be in a completely different direction.

From 2018-today paks gdp has not changed whereby countries such as israel/bangladesh who had similar gdps are over 500+ billion gdps today while we are still stuck at 350 bn.

Getting exports and remittances to grow fast, getting GDP to 6% and decent reserves in 3 yrs with corona pandemic is a achievement seldom countries have done

Country can go bankrupt in a week if you give them ishaq dar 8 months is a lot. Miftah Ismail kinda showed that

Give me bengaldesh if they announce takka to be 50 instead it's current price their reserves will drop within a few months and they will bankrupt too.
If they do nothing and just announce they are bringing back ishaq dar it will bankrupt as everyone knows ishaq dar track record

Lack of reforms in taxation were evident and everyone knows why? Whoever he bought was forced to leave by army like shabbar zaidi

Now if you don't know this much then the country deserves what it gets..

Good for me. I want it to be like this since the poor the country is the better it is

Govt is applying taxes on same people who are paying taxes. They are not interested to increase tax bracket and add new millions of potential taxpayers. On top industrial, agriculture and real estate hardly pay any taxes, which is multibillions rupee potential collection.

PDM like PTI hands are tied here.

They can't tax the elite or they will be asked to leave just like IK was.

Shabbat zaidi recent talk is an eye opener

Honestly i wouldn't want tax reforms either..it's against my interest

Pakistan got bankrupted because we were the first country to build a 1b$ motorway to connect to small cities in the country rather then using the same amount to build bhasha dasu tarbela extensions or munda dam.

We only build dams when WB comes and gives us free money

The only exception is munda and bhasha dam that wapda recently built using its own credit financing

 

[VCheng]

IMF gives loans, why does it enforce such strict conditions which suffocate and kill the poor?

The conditions IMF asks for are the ones required to put the country asking for its help on a sound financial footing, that is all. Anything else is not the IMF's responsibility, but the country's own.

Also why does IMF keeps giving loans for decades when Pakistan hasn’t been paying them back?

Because IMF is bound by its charter to help any member states that ask it for financial help. That is all.

Why are the conditions never revealed when it’s public tax money that’s paid to them?

The IMF draws on the funds provided to it by its member states. It publishes its reports on every program openly. You may find all that information on their website, if interested.

There is your answer.

No, the above are the correct answers.

It’s about kaffirs dirty conditions.

Please note that money has no religion.

If you don't like the "kaffir dirty conditions" then do not go to them abegging.

Ajeeb log ho. Jiss kashkol mein bheek mangtey ho, phir ussi kashkol mein hagtey kyun ho?

 

[ziaulislam]

Much better than Pervaiz Khatak

Good
Hence why country deserves it's current situation

 

[VCheng]

Again this is Paks own fault and its inept leaders.

Exactly. Blaming the IMF is utterly pointless, and indeed counter-productive.

he was right at that time , he never went to the IMF but those swins of rawalpindi ( PDM) who went first and stuck the country into debit trap , ab khan kia generaloon ki baitian aor PDM walon ki bajiaan baich kar unko paisay wapis karta ?

Absolutely incorrect. IK was the PM. He is the one responsible for that U-turn decision, and no one else.

Pehlay IK apni beytee ka baap tau baney, phir doosroon kee beytion ko bechaney kee baat baad mein karna.

 

[N.Siddiqui]

After the 1971 debacle when the country lost East Pakistan, this is Pakistan Army biggest, greatest achievement.

Congratulations!!!

Operation search light to operation search idiots to default a sustaining economy, on the road to recovery, long-term.

 

[undercover JIX]

Much better than Pervaiz Khatak

Staying quiet is better than opening your mouth and always hurting your country's interests. Khawaja Randi ka bacha always hurts Pakistani Interests whenever he opens his tatti mouth.

 

[HAIDER]

Getting exports and remittances to grow fast, getting GDP to 6% and decent reserves in 3 yrs with corona pandemic is a achievement seldom countries have done

Country can go bankrupt in a week if you give them ishaq dar 8 months is a lot. Miftah Ismail kinda showed that

Give me bengaldesh if they announce takka to be 50 instead it's current price their reserves will drop within a few months and they will bankrupt too.
If they do nothing and just announce they are bringing back ishaq dar it will bankrupt as everyone knows ishaq dar track record

Lack of reforms in taxation were evident and everyone knows why? Whoever he bought was forced to leave by army like shabbar zaidi

Now if you don't know this much then the country deserves what it gets..

Good for me. I want it to be like this since the poor the country is the better it is


PDM like PTI hands are tied here.

They can't tax the elite or they will be asked to leave just like IK was.

Shabbat zaidi recent talk is an eye opener

Honestly i wouldn't want tax reforms either..it's against my interest

Pakistan got bankrupted because we were the first country to build a 1b$ motorway to connect to small cities in the country rather then using the same amount to build bhasha dasu tarbela extensions or munda dam.

We only build dams when WB comes and gives us free money

The only exception is munda and bhasha dam that wapda recently built using its own credit financing

Sir ji ..NADRA is already willing to provide the list of 22 million potential tax payers. But govt refused. These 22 millions own houses, luxury cars and nice bank balances.

 

[ziaulislam]

Sir ji ..NADRA is already willing to provide the list of 22 million potential tax payers. But govt refused. These 22 millions own houses, luxury cars and nice bank balances.

Govt refused because govt is run by GHQ and GHQ doesn't want it

 

[LeGenD]

IMF is NOT the villain here, it never was. What it prescribes, difficult as it is, is exactly what is required to enforce the financial discipline necessary to begin to correct the deep and long-seated imbalances brought on by Pakistan's own intentional stupidity and chronic mismanagement.

This narrative is cultivated and sold to cannon fodder by populist political figureheads including Asad Umar.

This man had no economic discipline and Imran Khan was forced to remove him from the post of Financial Minister. Hafeez Sheikh managed to cushion the fallout but people did not give him mandate to continue on the post.

Populism does not works.

But who can explain this to cultists?

 

[VCheng]

This narrative is cultivated and sold to cannon fodder by populist political figureheads including Asad Umar.

This man had no economic discipline and Imran Khan was forced to remove him from the post of Financial Minister. Hafeez Sheikh managed to cushion the fallout but people did not give him mandate to continue on the post.

Populism does not works.

But who can explain this to cultists?

Exactly. And I am trying. Still.

IMF is not the villain here. ALL our leaders LIE when they say that, just to hide their own incompetence and malfeasance.

 

[Maula Jatt]

Much better than Pervaiz Khatak

In which world? - khattak atleast kept his mouth shut

This idiot is a baboon - only mod in the world to talk crap about his own forces on record multiple times, talks about things that are not part of his domain - mod talking about shutting down markets and than declaring bankruptcy without finance minister or anyone from finance department saying it outright

 

[epebble]

what's this mean in real terms but.. more austerity measures, inflation, debt and divesting state assets etc ?

Primary effects are:
1. High inflation, due to devaluation and inability to import many goods.
2. Unemployment, due to inability to import inputs, leading many businesses and factories to close. This will increase poverty and lower purchasing power causing a vicious cycle.
3. Shortages of imported goods and those manufactured with imported inputs.

Secondary effects:
1. Discontent leading to protests, agitations, opportunities for populist politicians to convert economic issues into political issues. This will cause further law and order issues leading to political violence.
2. Opportunity for sectarian forces to portray economic and political difficulties as sectarian problems and thus create chaos and violence.
3. Increased emigration by those with skills and talents leading to shortage of skilled and talented people. This will make any sort of recovery much harder.

We can see this all on a smaller scale in Lebanon.

 

[Riz]

Pehlay IK apni beytee ka baap tau baney, phir doosroon kee beytion ko bechaney kee baat baad mein karna.

kis ko problem ha to woh tyran ka mama ban k case kar aor usko na ehal karwa day tujy bari fikar ha uski baiti ki to

Absolutely incorrect. IK was the PM. He is the one responsible for that U-turn decision, and no one else.

absolutely incorrect , when IK was came into power pak external debit of pak was 95 billion dollars , uski installments un generals ya PDM ka bap daita ? kis na daine the ?