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ISLAMABAD: Prime Minister Nawaz Sharif despite facing rough six months of street protests, weak economy and law and order situation, has managed to start turning around the country's economy, Bloomberg reports.
"Lower oil prices, higher remittances and increased consumer spending are pushing growth towards a seven-year high," the media company headquartered in New York City said in an article.
Bloomberg, that gives independent opinions on financial, political and economic issues, mentioned that Nawaz Sharif has seen street protesters aiming to nearly oust him, some of the worst fuel shortages and a child massacre that shocked the world.
However the article said that despite these challenges, the "Corporate earnings are soaring, stocks have surged and the currency is among the world's top performers.
The article stresses that while much more needs to be done to fix an economy dependent on financing from the International Monetary Fund, the perception of Pakistan is starting to change.
"Sharif's government has improved things with the help of the IMF," Sayem Ali, head of investments strategy and advisory at Standard Chartered Plc's Karachi unit, said by phone.
"They have put Pakistan back on the radar in terms of international investors."
When Sharif took power in May 2013, he faced a balance-of- payments crisis that forced him to seek help from the IMF.
"Foreign exchange reserves have doubled in the past year to $16 billion, the budget deficit has narrowed and inflation is easing as global oil prices fall," the article said.
Pakistan last month said it regained its eligibility to borrow from the International Bank for Reconstruction and Development, making it eligible for $2 billion of credit over the next four years. The IMF also is optimistic it will meet the conditions of the $6.6 billion loan it received two years ago.
"I see Pakistan breaking with past precedent of failed IMF programs and half-completed reforms, which set the stage for a crisis," Jeffrey Franks said last month, when he was IMF mission chief.
The country has a "good foundation" for further growth, a delegation led by his successor said on March 9.
The IMF forecasts Pakistan's economy to expand 4.3 percent this year, compared with the five-year average of 3.6 percent. Pakistan's moves to bolster its public finances are credit positive, Moody's Investors Service said in a report.
"It is striking that reforms have continued despite disruptive domestic political challenges over the last year," Moody's analysts wrote.
Pakistan's middle class more than doubled to 84 million in 2002-2011, according to a study by Jawaid Abdul Ghani, a professor at the Karachi School for Business and Leadership.
That's brought almost half the nation into that segment for the first time, boosting profits at Nestle Pakistan Ltd. and Lucky Cement Ltd. to record levels.
Sharif government is aiming to raise $2 billion from asset sales in the year ending June 30 to meet conditions attached to the IMF loan. Up for grabs in the next few years are stakes in Habib Bank Ltd., the nation's biggest lender by assets, and Pakistan International Airlines Corp., the national carrier.
The benchmark KSE100 stock index has rallied 62 percent since Sharif took office, the sixth-best performance among 93 world gauges tracked by Bloomberg.
Over the past six months, Pakistan's rupee has outperformed every major global currency.
"The private sector is coming into play," said Nadeem Siddiqui, Pakistan head at the International Finance Corp. "But the main problem will not be solved overnight."
The killing of 134 students in December at a Peshawar school underscored the ongoing risk from Taliban militants, part of an insurgency that has killed more than 50,000 people since 2001.
"Sharif has stepped up an offensive into border regions and improved ties with neighboring Afghanistan in a bid to stem the violence," the article said.
It also mentioned that Sharif canceled a trip to the World Economic Forum in Davos in January as fuel shortages left motorists stranded across the country.
"The long-term economic benefits are huge, but so are the organizational and political challenges standing in the way."
The Sharif government with the help of China is setting-up coal-based power plants to reduce reliance on imported oil.
The article said tax collection is another challenge for Prime Minister Sharif.
In the 12 months through June, Sharif's first full-year in office in this term, Pakistan earned about $9 billion from direct taxes.
"It may seem bizarre that something as mundane as tax collection will be such a critical determinant of Pakistan's economic future, but it's absolutely true," said Michael Kugelman, an analyst at the Woodrow Wilson Center in Washington.
"Sharif has gained very good ground and should now make long- term decisions," said Qazi Masood, a professor at the Institute of Business Administration in Karachi.
Source : Sharif government making economic turnaround despite domestic challenges: Bloomberg
May Allah bless Pakistan forever and ever Aameen!
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"Lower oil prices, higher remittances and increased consumer spending are pushing growth towards a seven-year high," the media company headquartered in New York City said in an article.
Bloomberg, that gives independent opinions on financial, political and economic issues, mentioned that Nawaz Sharif has seen street protesters aiming to nearly oust him, some of the worst fuel shortages and a child massacre that shocked the world.
However the article said that despite these challenges, the "Corporate earnings are soaring, stocks have surged and the currency is among the world's top performers.
The article stresses that while much more needs to be done to fix an economy dependent on financing from the International Monetary Fund, the perception of Pakistan is starting to change.
"Sharif's government has improved things with the help of the IMF," Sayem Ali, head of investments strategy and advisory at Standard Chartered Plc's Karachi unit, said by phone.
"They have put Pakistan back on the radar in terms of international investors."
When Sharif took power in May 2013, he faced a balance-of- payments crisis that forced him to seek help from the IMF.
"Foreign exchange reserves have doubled in the past year to $16 billion, the budget deficit has narrowed and inflation is easing as global oil prices fall," the article said.
Pakistan last month said it regained its eligibility to borrow from the International Bank for Reconstruction and Development, making it eligible for $2 billion of credit over the next four years. The IMF also is optimistic it will meet the conditions of the $6.6 billion loan it received two years ago.
"I see Pakistan breaking with past precedent of failed IMF programs and half-completed reforms, which set the stage for a crisis," Jeffrey Franks said last month, when he was IMF mission chief.
The country has a "good foundation" for further growth, a delegation led by his successor said on March 9.
The IMF forecasts Pakistan's economy to expand 4.3 percent this year, compared with the five-year average of 3.6 percent. Pakistan's moves to bolster its public finances are credit positive, Moody's Investors Service said in a report.
"It is striking that reforms have continued despite disruptive domestic political challenges over the last year," Moody's analysts wrote.
Pakistan's middle class more than doubled to 84 million in 2002-2011, according to a study by Jawaid Abdul Ghani, a professor at the Karachi School for Business and Leadership.
That's brought almost half the nation into that segment for the first time, boosting profits at Nestle Pakistan Ltd. and Lucky Cement Ltd. to record levels.
Sharif government is aiming to raise $2 billion from asset sales in the year ending June 30 to meet conditions attached to the IMF loan. Up for grabs in the next few years are stakes in Habib Bank Ltd., the nation's biggest lender by assets, and Pakistan International Airlines Corp., the national carrier.
The benchmark KSE100 stock index has rallied 62 percent since Sharif took office, the sixth-best performance among 93 world gauges tracked by Bloomberg.
Over the past six months, Pakistan's rupee has outperformed every major global currency.
"The private sector is coming into play," said Nadeem Siddiqui, Pakistan head at the International Finance Corp. "But the main problem will not be solved overnight."
The killing of 134 students in December at a Peshawar school underscored the ongoing risk from Taliban militants, part of an insurgency that has killed more than 50,000 people since 2001.
"Sharif has stepped up an offensive into border regions and improved ties with neighboring Afghanistan in a bid to stem the violence," the article said.
It also mentioned that Sharif canceled a trip to the World Economic Forum in Davos in January as fuel shortages left motorists stranded across the country.
"The long-term economic benefits are huge, but so are the organizational and political challenges standing in the way."
The Sharif government with the help of China is setting-up coal-based power plants to reduce reliance on imported oil.
The article said tax collection is another challenge for Prime Minister Sharif.
In the 12 months through June, Sharif's first full-year in office in this term, Pakistan earned about $9 billion from direct taxes.
"It may seem bizarre that something as mundane as tax collection will be such a critical determinant of Pakistan's economic future, but it's absolutely true," said Michael Kugelman, an analyst at the Woodrow Wilson Center in Washington.
"Sharif has gained very good ground and should now make long- term decisions," said Qazi Masood, a professor at the Institute of Business Administration in Karachi.
Source : Sharif government making economic turnaround despite domestic challenges: Bloomberg
May Allah bless Pakistan forever and ever Aameen!
@A.Rafay @Ahmad1996 @Akheilos @Armstrong @arushbhai @AstanoshKhan @AZADPAKISTAN2009 @balixd@batmannow @Bilal. @chauvunist @Crypto @Dr. Stranglove @Evil Flare @EyanKhan @Fahad Khan 2 @GIANTsasquatch @graphican @Green Arrow @Guleen Ahmed @HRK @Jazzbot @Junaid B @Jzaib @Khalidr @khawaja07 @Leader @Luftwaffe @mr42O @Muhammad Omar @nomi007 @Pak123 @Pakistani shaheens @Pakistanisage @Peaceful Civilian @pkuser2k12 @Pukhtoon @PWFI @raazh @Rafael @Rashid Mahmood @RescueRanger @Saifkhan12 @SHAMK9 @Spy Master @Stealth @Strike X @SUPARCO @sur @syedali73 @Tameem @Tayyab1796 @Zarvan @waleed3601 @Rajput_Pakistani @Men in Green @IceCold @LoveIcon @razahassan1997 @Dil Pakistan @asq @junaid hamza @Pukhtoon @jamahir @Strigon @Rafi @Ulla @HughSlaman @420canada @sathya @slapshot @raza_888 @hacsan
@SBD-3 @cb4 @AsianUnion @Aether @Proudpakistaniguy @WishLivePak @Waffen SS @FaujHistorian @Fracker @Ranches @ghoul @Jf Thunder @GreenFalcon @genmirajborgza786 @orangzaib @Pakistani Exile @KURUMAYA @Irfan Baloch @ali_raza@Syed.Ali.Haider @dexter @Patriots @muslim_pakistani @W.11 @Meengla @zaid butt @ajpirzada @Shoaib Rathore @OrionHunter @CHARGER @Major Sam @yesboss @TheNoob @Bratva @ghazaliy2k @Viny @StormShadow @suresh1773 @SOHEIL @venu309 @danish_vij @Force-India @faisal6309 @SpArK@S.U.R.B.@vsdave2302 @jarves @WAJsal @pursuit of happiness @Winchester @janon @pak-marine @AgNoStiC MuSliM @Donatello
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Nawaz bratherns heads are in sand Sab kuch theek hi lage ga
