Pakistan's immediate balance of payment crisis is over

[BHarwana]

https://twitter.com/x/status/1059819305032970240

@Indus Pakistan

 

[VCheng]

How can the crisis be declared resolved when all the underlying factors that created it still remain in play? A temporary relief is never a resolution.

 

[Hakikat ve Hikmet]

Elhamdulillah!! It was a fiscal problem to begin with, so money can solve it!!!!

 

[Kompromat]

Alhumdulillah, half of the headache is gone.

 

[A.A. Khan]

IF balance of payment crisis is resolved than why is IMF team in the country? Why did he meet touring US under-secy. ?

Bloody liar and worst enemy of PM Imran Khan and his vision, most Pakistanis knew our friends will save us but this pro-US pimp Asad Umar jumped over to IMF.

Even after the aid gap has been filled, this joker is looking for an IMF loan of $ 6-7 bn equal to Pak's most corrupt and foreign influenced Govt. PPP did.

This IMF loan is not for more loans from Paris club only.Most of investment in pakistan comes from ADB and China's AIIB. Its to keep a window open for US.
During last such IMF package The inflation shot up to over 15%+ and the food prices nearly doubled in the history of Pakistan's existence.

PML-N took $4 bn and were able to manage the situation, this idiot FM is so confused and pathetic he can't even make decisions before asking the corrupt bureaucrat mafia under him.

 

[Maxpane]

Good news

 

[Dubious]

How can the crisis be declared resolved when all the underlying factors that created it still remain in play? A temporary relief is never a resolution.

No one used the word resolved: IMMEDIATE CRISIS IS OVER

'Pakistan's immediate balance of payment crisis is over': finance minister
Dawn.comUpdated November 06, 2018

Asad Umar claims Pakistan does not have a balance of payment crisis now. — File

Finance Minister Asad Umar on Tuesday claimed that Pakistan's "balance of payment crisis is over" and assured that China is committed to providing short-term relief to Pakistan as well — the modalities of which, he said, will be discussed in a new round of discussions in Beijing on Friday.

"The long-term solution to the balance of payment crisis is to increase our exports, and to do that we should have enough income so that we do not need to borrow," Umar, who was a part of the Prime Minister Imran Khan-led delegation that visited China recently, explained during a press conference today. "In this regard, we have received a commitment from the highest level.

"Regarding the doubling of our exports, we are not talking long-term. We have [this target] for the ongoing year. We have also discussed short-term reliefs. A decision in principle has been taken, but to discuss its modalities our contingent is going to Beijing on the 9th.

"So this curiosity that the people have will also be resolved soon. We had told you about the $12bn financing gap, of which $6bn have come from Saudi Arabia, and the rest has come from China so the immediate balance of payment crisis of Pakistan has ended. I want to make that clear in unequivocal terms. We do not have any balance of payment crisis now. "

A statement released by the finance ministry echoed Umar's remarks, adding that "a senior level delegation comprising of federal secretaries of finance, foreign affairs, planning & development and commerce along with the State Bank of Pakistan's governor will undertake a visit to China during the current week to work out the modalities".

Foreign minister says Pakistan 'out of the woods' after China trip

Foreign Minister Shah Mehmood Qureshi, meanwhile, claimed that the trip to China was "productive to the extent that we are out of the woods".

The foreign minister said that the purpose of the visit to China was to "send a message to the international community" and also "move the two countries' strategic relationship towards an economic partnership".

He said that a total of 15 memorandum of understanding (MoUs) were signed in China, of which he highlighted a quartet.

"We decided that our strategic dialogue must be upgraded and its level be raised to the FM level," he said. "It was also decided to transfer our citizens sentenced there and theirs sentenced here so that they can serve their sentences in their own countries.

"Thirdly, the MoU which is important to me is poverty alleviation. China is a country that has taken 700 million people out poverty in the last 30 years. One-third of our population also lives below the poverty line — so the purpose of this MoU was to learn from the Chinese experience."

"The fourth MoU was regarding agricultural cooperation," he said. "We think that through transfer of technology, we can get a lot from China. We can learn how to increase our productivity and our per-acre produce."

Qureshi claimed that the trip also served to rubbish the notion that the Pak-China relationship would suffer under the PTI government.

"The perception that some people here tried to give that the government was not paying attention to our relationship with China," he said. "There is nothing to it. I can say that our relations with China are not just great but could get even better than before.

"This visit helped us in moving our relationship towards an economic partnership. We have always had good strategic relations so our aim [this time] was to figure how to advance the economic footprint."

The foreign minister said he is confident that the discussion with the Chinese counterparts would help Pakistan "double its exports".

He further said that the two sides would try and wrap up the second phase of the Pakistan-China Free Trade Agreement (FTA) by April 2019.


https://www.dawn.com/news/1443976/p...ce-of-payment-crisis-is-over-finance-minister

 

[Pakistansdefender]

IF balance of payment crisis is resolved than why is IMF team in the country? Why did he meet touring US under-secy. ?

Bloody liar and worst enemy of PM Imran Khan and his vision, most Pakistanis knew our friends will save us but this pro-US pimp Asad Umar jumped over to IMF.

Even after the aid gap has been filled, this joker is looking for an IMF loan of $ 6-7 bn equal to Pak's most corrupt and foreign influenced Govt. PPP did.

This IMF loan is not for more loans from Paris club only.Most of investment in pakistan comes from ADB and China's AIIB. Its to keep a window open for US.
During last such IMF package The inflation shot up to over 15%+ and the food prices nearly doubled in the history of Pakistan's existence.

PML-N took $4 bn and were able to manage the situation, this idiot FM is so confused and pathetic he can't even make decisions before asking the corrupt bureaucrat mafia under him.

Seriously man, who are you...
An economist or something.
Have been listening a lot to those stupid journalists, have you.
We need to go imf to get good standing.
It's not like everyone is conspiring against you. You said you that everyone is conspiring against you, isreal, us, India and Iran, Afghanistan. Saudiarabia, even China was not trusted. How we have created. Pessimist people like You.

 

[babbarsingh]

https://twitter.com/x/status/1059819305032970240

@Indus Pakistan

A welcome news .

 

[H!TchHiker]

Would have been much better if we can secure from china a zero rated tarrif on our imports like Bangladesh and ASEAN countries...Any how crisis "immediate" is deffer-ed nothing is resolved as it need time

 

[ziaulislam]

How can the crisis be declared resolved when all the underlying factors that created it still remain in play? A temporary relief is never a resolution.

probably you are not up-to-date
First word used was "crisis" ..issue still exist till CAD resolves

Underlying factors like artfical currency rate, low interest rate, loose fiscal policy(printing money), large fiscal deficit, lack of regulatory duties, ignoring exports(double taxing ) have all been resolved....

results
The CAD has decreased by 50% in just 3 months, the resulting gap till exports and remittances pick up will be plugged via Saudi package and IMF pacakage

IMF pacakage is almost finalised, chinse currency swap will be further extended

Seriously man, who are you...
An economist or something.
Have been listening a lot to those stupid journalists, have you.
We need to go imf to get good standing.
It's not like everyone is conspiring against you. You said you that everyone is conspiring against you, isreal, us, India and Iran, Afghanistan. Saudiarabia, even China was not trusted. How we have created. Pessimist people like You.

Because IMF good grace will give ypu better credit rating and cheaper browing in addition to AB WB financing

And you still owe large amount to IMF and all estimates of resolving crisis takes in account to normal flows from AB WB IMF..

The gap in CAD was about 2/mont , 24 billion dollars per year or 125 billion in 5 years..!!! Now improved to 1b/month and further shrinking ..

It wasnt 2b/ year like PMLN faced but 24b/yr...12x more..without correction Pakistan would have needed 80-90b dollars!

Now we hope to bring the need down to 30-40b in next 5 years filled in by saudis, china, AB, Wb, IMF, normal bonds and investments

Goal is to double exports which should completely plug in CAD given huge remitances

 

[Pakistansdefender]

I hope this news is true.
If this is not true then Pti would have to bear consequences. Its better to keep quiet.
If on Friday nothing happen then? So thy should. Just keep quiet, media has not pick up this news yet which is good.

 

[VCheng]

No one used the word resolved

Please read the OP tweet again. And if the immediate crisi is "over" the real crisis is yet to come.

probably you are not up-to-date
First word used was "crisis" ..issue still exist till CAD resolves

Underlying factors like artfical currency rate, low interest rate, loose fiscal policy(printing money), large fiscal deficit, lack of regulatory duties, ignoring exports(double taxing ) have all been resolved....

results
The CAD has decreased by 50% in just 3 months, the resulting gap till exports and remittances pick up will be plugged via Saudi package and IMF pacakage

IMF pacakage is almost finalised, chinse currency swap will be further extended

What you describe is temporary relief at best, and kicking the proverbial can down the road at worst, to come back to haunt the nation in the future.

 

[Dubious]

OP tweet

You can only put so much in a tweet

What you describe is temporary relief at best

THAT is what he said in the post...And yes it is an immediate relief hopefully we can avoid IMF or borrow less?

 

[VCheng]

You can only put so much in a tweet


THAT is what he said in the post...And yes it is an immediate relief hopefully we can avoid IMF or borrow less?

I am hopeful the present gormint will be able to navigate this present crisis quite well.