PM Imran Khan unhappy with Asad Umar over economic policies

[Zibago]

PM Imran Khan unhappy with Asad Umar over economic policies

ISLAMABAD: Prime Minister Imran Khan has expressed dissatisfaction over economic policies over his Finance Minister Asad Umar.

Sources said PM Imran Khan chaired an informal meeting of some party leaders, where he expressed dissatisfaction over the economic policies of Asad Umar.

The Prime Minister also expressed displeasure over the performance of Asad Umar, saying the finance minister should have completed his homework before meeting with International Monetary Fund chief.

The Pakistan Tehreek-e-Insaf government faced a backlash for longing uncertain stance on going to the IMF for a bailout package, Imran Khan said.

Sources added that PM Imran has decided to take the nation into confidence over the economic policies within a week time and apprise them about bright future ahead.

PM Imran Khan will tell the nation that PTI government has capability to steer the country out of crisis.

The International Monetary Fund (IMF) on Thursday said the Fund
would need to know the extent and composition of Pakistan’s debt to appreciate and determine the debt sustainability.

The IMF’s Managing Director, Christine Lagarde, confirmed that Pakistan requested financial assistance from the IMF to help address the country’s economic challenges and the Fund would be sending its team to Islamabad in coming weeks to initiate discussions for possible package.

The requirements are likely to shine a spotlight on the extent, composition and terms of Pakistan’s debts to China for infrastructure projects as part of Beijing’s massive Belt and Road building programme. China has pledged some $60 billion in financing to Pakistan for ports, railways and roads, but rising debt levels have caused Islamabad to cut the size of the biggest Belt and Road project by some $2 billion.

https://www.thenews.com.pk/latest/380030-pm-imran-khan-unhappy-with-asad-umar-over-economic-policies

And so it begins....

Fake geobar news

https://twitter.com/x/status/1050748599024459776

@BHarwana @PakSword
Bleed this channel dry

Someone kindly tell Imran Khan that it's hardly been 50 days, he needs to give some more time to Asad Umar.

Time has been given fake news media is trying all it can to save pmln in Punjab after Khan rejected billions pumped into media by pmln and ppp in last 10 years

 

[SunilM]

Hmm....lets see, we saw fawad khan Defending the induction of Atif mian and the next day Saying/tweeting the exact opposite. Why give so much credence to their words?

 

[ziaulislam]

fake news..not surprisingly news in Pakistan is easily brought up, we have word called lefafa now. the news is own by india.

Uptill now i am more than happy with his performance ..focus is uptill now...

Anyone saying to go to IMF earlier means no attempt was made to begin with

Govt should cut all ads down and ensure that a clean audit be performed of all channel resources and their tax payments

So many channels should nt survive..we have more news channels than europe combined or even india

 

[maithil]

Faisal Javed should be made Finance Minister. Even Afridi guy is good fit.

 

[SQ8]

Folks hating on Asad Umar is unfair. I'm no PTI fan, but seriously, there are structural economic flaws in place that can't be done away with by just shouting, praying and arguing.

Let me put it this way:

Our economy is like a 20-something without a real job (i.e. lacking strong manufacturing industries that can make high-value exports). So we make money via part-time work at McDonalds, which is minimum wage (i.e. our lower-value agriculture, textile, etc labour) and some freelancing (remittances). You're earning $900 a month.

On the other hand, you have a lease to pay on your car, water and electricity at home, taxes, debt on old credit card bills, a phone bill and rent, so your outlay is about $1,200 a month. There's a deficit of $300.

To plug that $300 deficit, a lot of which comes from necessities (not the iPhone you keep looking at online), you run to your parents, brothers or friends for cash. Some of that cash ends up as new debt, and now your closest links are unable to provide you with loans, so you need a miser.

Enter: IMF. But the cycle continues.

I feel as though we're all expecting some revolutionary, brave policies -- e.g. refusing to pay any debt -- but are unable to accept that doing so will result in us burning all current bridges and relationships. It takes a backbone, yes, but a level of planning and execution to repair it -- which we lack.

If you want IK, Asad Umar, etc to basically burn the bridges, then please ask for it directly and accept all of the consequences as your own. Otherwise, if you want them to work magic within the confines of what's given, then deal with the fact that there isn't much magic. @Oscar

The problem with the Pakistani mindset is expecting instant gratification; the same reason why the country is in this mess in the first place.

 

[Baghial]

That homework is lacking by everyone of Khan's team.

Laik bachey home work nein karty..
Sirf cheating kerty hain

 

[Kompromat]

Jhang Group

 

[maximuswarrior]

Folks hating on Asad Umar is unfair. I'm no PTI fan, but seriously, there are structural economic flaws in place that can't be done away with by just shouting, praying and arguing.

Let me put it this way:

Our economy is like a 20-something without a real job (i.e. lacking strong manufacturing industries that can make high-value exports). So we make money via part-time work at McDonalds, which is minimum wage (i.e. our lower-value agriculture, textile, etc labour) and some freelancing (remittances). You're earning $900 a month.

On the other hand, you have a lease to pay on your car, water and electricity at home, taxes, debt on old credit card bills, a phone bill and rent, so your outlay is about $1,200 a month. There's a deficit of $300.

To plug that $300 deficit, a lot of which comes from necessities (not the iPhone you keep looking at online), you run to your parents, brothers or friends for cash. Some of that cash ends up as new debt, and now your closest links are unable to provide you with loans, so you need a miser.

Enter: IMF. But the cycle continues.

I feel as though we're all expecting some revolutionary, brave policies -- e.g. refusing to pay any debt -- but are unable to accept that doing so will result in us burning all current bridges and relationships. It takes a backbone, yes, but a level of planning and execution to repair it -- which we lack.

If you want IK, Asad Umar, etc to basically burn the bridges, then please ask for it directly and accept all of the consequences as your own. Otherwise, if you want them to work magic within the confines of what's given, then deal with the fact that there isn't much magic. @Oscar

This has nothing to do with hate, like or dislike. It has to do with policy. The current policy of opting for IMF is wrong. IMF has a political agenda and it is being influenced by the US. This is not a secret anymore ever since Pompeo came out in the open. The question still stands. If Pakistan is willing to provide all the details regarding CPEC an IMF loan is forthcoming. It won't stop there because as we know the IMF i.e. US will also demand a halt to many if not all ongoing CPEC projects. In other words, are we willing to compromise CPEC for an IMF loan?

We already know that Pakistan is the 20-something that likes to spend more than it earns. Didn't Imran Khan claim he would take care of this problem and address the import export disbalance? If you can't increase exports you can decrease your imports.

We know what the cure is to our problems. We won't become an industrialized nation overnight. That takes years and decades. You need a highly skilled and educated workforce. Along with that you need massive investment to build a non-existent industry. Something we currently lack.

What options are there left for immediate remedy? We could focus on improving the existing export sectors we were quite good at some time ago. We could explore new opportunities for export of goods. We could sit down with China and explore possibilities of investment in specific sectors. In other words, the challenge for Pakistan is to find a way to generate revenue and get the economy going.

There are no extraordinary policies required to balance the economy. For a starter, focus on widening the net tax base. Wasn't that aabig election promise? How many rich pay tax in Pakistan? What is being done on this front?

Here come the real bummer. IMF loans are not going to fix anything. It is a plaster which provides temporary disguise. If you pull the plaster the cut is still there and the rot and infection has become worse. The IMF loan won't be free. It will be provided with much worse conditions. The IMF loan will add to existing debt and will have to be repaid including interest.

 

[xyxmt]

Just act same and uncertainty will prevail in market. Rest you knows all. A disaster in making.

https://twitter.com/x/status/1050688661791145984

KSE is not economic indicator, it may go down 10000 points and wouldn't mean anything except that some families made ordinary people phuddu again.

 

[CIS-TRANS]

KSE is not economic indicator, it may go down 10000 points and wouldn't mean anything except that some families made ordinary people phuddu again.

Exactly, it is not the complete reflection of economy but it is an indicator of market trend, every economy and investors need a certain environment to groom and that is what lacking here.

 

[Champion_Usmani]

https://twitter.com/x/status/634426662310948864

 

[Quwa]

This has nothing to do with hate, like or dislike. It has to do with policy. The current policy of opting for IMF is wrong. IMF has a political agenda and it is being influenced by the US. This is not a secret anymore ever since Pompeo came out in the open. The question still stands. If Pakistan is willing to provide all the details regarding CPEC an IMF loan is forthcoming. It won't stop there because as we know the IMF i.e. US will also demand a halt to many if not all ongoing CPEC projects. In other words, are we willing to compromise CPEC for an IMF loan?

We already know that Pakistan is the 20-something that likes to spend more than it earns. Didn't Imran Khan claim he would take care of this problem and address the import export disbalance? If you can't increase exports you can decrease your imports.

We know what the cure is to our problems. We won't become an industrialized nation overnight. That takes years and decades. You need a highly skilled and educated workforce. Along with that you need massive investment to build a non-existent industry. Something we currently lack.

What options are there left for immediate remedy? We could focus on improving the existing export sectors we were quite good at some time ago. We could explore new opportunities for export of goods. We could sit down with China and explore possibilities of investment in specific sectors. In other words, the challenge for Pakistan is to find a way to generate revenue and get the economy going.

There are no extraordinary policies required to balance the economy. For a starter, focus on widening the net tax base. Wasn't that aabig election promise? How many rich pay tax in Pakistan? What is being done on this front?

Here come the real bummer. IMF loans are not going to fix anything. It is a plaster which provides temporary disguise. If you pull the plaster the cut is still there and the rot and infection has become worse. The IMF loan won't be free. It will be provided with much worse conditions. The IMF loan will add to existing debt and will have to be repaid including interest.

Both roads are painful, but it's the kind of pain that matters.

if we're willing to be shut-out for a few years (maybe 1-2 decades) out of the world market because we defaulted and refused to repay our debts (at least in the near-term), then there are other costs. From losing trade access to seeing remittances dwindle to not being able to import defence technologies, we'll be shut-out.

Of course, if we can then follow-up with a long-term plan of both economic recovery and negotiating bilateral trade agreements with specific countries, we might be able to recover. But then have you seen much in terms of competence and sincerity by our leaders? Because you need a lot of that to recover. And what of our people; do they have patience? do they have backbone? can they sacrifice today for the future?

I think the general population (esp the poor) are OK, but you're going to get massive push back from the farmers and businessmen who will lose access to the market. So we need a strategy to deal with that (e.g. quickly writing bilateral agreements with certain countries to sustain their exports); or we let these guys cry.

But then many of our imports are essentials, e.g. fuels, machinery (which are needed to help manufacture goods for exports), etc. If we default, we lose that. But if we don't want to default, then we need an infusion of cash. If don't want the IMF, then we need to look at other near-term options, to sustain what we need to import today in order to break free tomorrow. If not IMF or loans, then we need aid, grants or to exchange services -- e.g. look at using our Army as leverage with the Saudis and Emiratis, etc (become mercenaries).

My point is that if you want to change the system, then you really need to change the system, and the system is more than just policies. It's a combination of our policies, how we think, how we act and what we expect. Unless all that is in alignment, then all we're going to see are promises and broken promises.

 

[AMMT]

US Federal government increased interest rates that causes stock market tumble. 99 billion lost in one day. This happened 2 days ago.

Media is not discussing this. It’s not just happened in Pakistan but throughout world.

 

[Hyperion]

Khan's whole team is circus kay bandar, and IK is the ring leader.

 

[Dubious]

https://twitter.com/x/status/634426662310948864

Well Iceland PM also resigned when his name came out in Panama leaks but NS didnt do no such thing so I dont think that party has any right to BS or pull out comparisons! After damaging the economy for decades you cant fix it overnight even a Metric pass knows that! Sadly under the monarchies people didnt even get to do Metric!

Khan's whole team is circus kay bandar, and IK is the ring leader.

Is that a compliment laced with sarcasm?