Rs. started its free fall under this administration. Dollar was valued @ Rs.58 for 4.5 years. Keep in mind dollar also lost money, so its uglier than it looks.
lets give due credit to Mush-Aziz government.
unless someone has "another" explanation of this "phenomenon".
These crooks are worth in billions and money has no nationality, it can buy people from anywhere. Why pretending that you are surprised? Have you not read that Zardari got certificates from USA that he has mental problem, just to save himself from courts of UK? When Zardari could buy people from American medical profession and American hospital reports, than what value these journalists have, especially those without any name or speciality?
So whoever is not in agreement with you, your thoughts or your logic is bought out by Zardari or Nawaz Sharif, cool.
Re: Pakistani rupee hits record low.
Bhai Spock, I would like you to answer Saleems questions. For 8 years nothing gave and yet we are rattling here that its their fault. Are you saying Musharraf successfully fooled the whole world for 8 years and now the curtain has dropped. If that really is the case, then we need a smart person like him not the idiots we have now who let the ball drop.
Re: Pakistani rupee hits record low.
why has high oil prices effected pakistan more then others?
Bhai Spock, I would like you to answer Saleems questions. For 8 years nothing gave and yet we are rattling here that its their fault. Are you saying Musharraf successfully fooled the whole world for 8 years and now the curtain has dropped. If that really is the case, then we need a smart person like him not the idiots we have now who let the ball drop.
To put it simply, he made the economy as house of cards, that would fall over at the slightest turbulence.
The current situation was predicted in the last quarter of 2007
Well, the govt is doing “something” to tackle the issue :chai: :
DAWN.COM | Economy | Pakistan names new finance chief amid payment crisis YN
KARACHI: Pakistan’s Prime Minister Yousaf Raza Gilani appointed **a new finance ministry supremo **on Wednesday as a balance of payments crisis brewed in the country.
The Pakistani rupee sank to a record low of 80.30 to the dollar due to unrelenting pressure from import payments and an erosion of confidence in an economy facing multiple problems.
Veteran banker Shaukat Tarin, a former chairman of the Karachi Stock Exchange, will hold the title of adviser to the prime minister, but he has the status of a minister in the six-month-old civilian government.
First of all, who told you nothing gave in 8 years? 1999-2002 Pakistan was in dire straits. And my I remind you that this economic mess started when this new administration didn’t even step in office. At that time Mushtards were saying how theres inflation and shortage of food/energy because people like to eat more atta and spend more electricity.
Are you forgetting who Mr. PMA graduate economist Musharraf was blaming for the economic crises? He was also suggesting that his former PM come and defend his ‘kartoots’. Also, I dont think a response is needed to a jahilia claim that the following article is written by a paid journalist.
Pakistan facing bankruptcy - Telegraph
The government is engulfed by crises left behind by Pervez Musharraf, the military ruler who resigned the presidency in August. High oil prices have combined with endemic corruption and mismanagement to inflict huge damage on the economy.
While Mr Musharraf’s prime minister, Shaukat Aziz, frequently likened Pakistan to a “Tiger economy”, the former government left an economy on the brink of ruin without any durable base.
Bhai Spock, I would like you to answer Saleems questions. For 8 years nothing gave and yet we are rattling here that its their fault. Are you saying Musharraf successfully fooled the whole world for 8 years and now the curtain has dropped. If that really is the case, then we need a smart person like him not the idiots we have now who let the ball drop.
Bhaya,, it had a lot to do the un-natural foreign $$$ influx to Pakistan economy. $$ were coming for the war on terror and many ppl around the world were bringing their (both white and black) $$$ money to Pakistan. Yes FDI did make a big difference at that time, but the payments Pakistan received for the services provided for war on terror and handing over of terrorists to US was in big deal as well.
Furthermore, Mr. ShortCut aziz also made a fool of many during his era. This was accepted by Mush and many other economist even during his times. Why do you think he was not even offered a Party Ticket in the elections. You need to dig a lot columns by Dr. Mirza Ikhtiar Baig in JANG ( if you can read Urdu) and understand the situation.
Shortcut idiot was a banker and he knew exactly how to make fool out of ppl.. The only stats he used to give during his press conferences was that we have solf this many tractors and mobiles and cars this month.. Do you think that selling cars, mobiles and tractors is progress/development index. I never see a mjor company coming towards Pakistan for big manufactoring facility in the past few years.
My uncle is a big big investor, with worth of billions in his pocket, he analyzed the situation during the 2006 and left Pakistan. We did not like his decision at the time, but sooner we realized at the start of 2007.
To put it simply, he made the economy as house of cards, that would fall over at the slightest turbulence.
The current situation was predicted in the last quarter of 2007
Can you please explain what are the causes of economic problems in Pakistan? Its easy to say house of cards but be more specific so I can understand where lies the problem.
Gas prices raging is not his fault.
Inflation is not entirely his fault either.
And by the same token opf appreciation why should it not be blamed on the predecessor government because this the time when Musharraf took over and was manouvering Pakistan out of a bigger mess.
So the economic collapse in Pakistan is being attributed to shortage of food and energy. Sir, when you say shortage is that in the sense of accessibility or physical scarcity. Both shortages are of different types. If the countries from where Pakistan imports its goods experience inflation then Pakistan is bound to see its effect many fold. The economy of Pakistani government depends on its revenue stream, its citizens do not pay taxes so there is not a dependible revenue stream from within the country, the other revenue streams are obviously external sources such as KSA and USA. So lets first analyze what the Pakistani whining awaam itself does to jeopardize its nations economy and forces its leaders to go begging or into Yes Master relationships.
This is just political manouvering not the actual cause.
Bhaya,, it had a lot to do the un-natural foreign $$$ influx to Pakistan economy. $$ were coming for the war on terror and many ppl around the world were bringing their (both white and black) $$$ money to Pakistan. Yes FDI did make a big difference at that time, but the payments Pakistan received for the services provided for war on terror and handing over of terrorists to US was in big deal as well.
Furthermore, Mr. ShortCut aziz also made a fool of many during his era. This was accepted by Mush and many other economist even during his times. Why do you think he was not even offered a Party Ticket in the elections. You need to dig a lot columns by Dr. Mirza Ikhtiar Baig in JANG ( if you can read Urdu) and understand the situation.
Shortcut idiot was a banker and he knew exactly how to make fool out of ppl.. The only stats he used to give during his press conferences was that we have solf this many tractors and mobiles and cars this month.. Do you think that selling cars, mobiles and tractors is progress/development index. I never see a mjor company coming towards Pakistan for big manufactoring facility in the past few years.
My uncle is a big big investor, with worth of billions in his pocket, he analyzed the situation during the 2006 and left Pakistan. We did not like his decision at the time, but sooner we realized at the start of 2007.
Un-natural resources .... you mean the nation itself does not contribute to growing the economy in other words.
Please elaborate specific reasons and causes and policies. This blame game doesn't do any good. Lets be specific here. I am here to understand not argue but I like substance in posts not vague arguments.
And by the same token opf appreciation why should it not be blamed on the predecessor government because this the time when Musharraf took over and was manouvering Pakistan out of a bigger mess.
Sure, I blame the Govt before Musharraf too! They messed up in their 2 years or so, Musharraf on the other messed up in his 8-9 years too.
[quote]
So the economic collapse in Pakistan is being attributed to shortage of food and energy.
[/quote]
I implied that the economy was never strong. The shortage of food and energy was just one little thing. Musharraf in his 8 years never did anything to improve the energy outputs.
[quote]
Sir, when you say shortage is that in the sense of accessibility or physical scarcity. Both shortages are of different types. If the countries from where Pakistan imports its goods experience inflation then Pakistan is bound to see its effect many fold. The economy of Pakistani government depends on its revenue stream, its citizens do not pay taxes so there is not a dependible revenue stream from within the country, the other revenue streams are obviously external sources such as KSA and USA. So lets first analyze what the Pakistani whining awaam itself does to jeopardize its nations economy and forces its leaders to go begging or into Yes Master relationships.
[/quote]
Ok so now we're blaming the people? Thats not what we were debating, whoever fault it was, such a mess doesnt happen overnight.
[quote]
This is just political manouvering not the actual cause.
[/quote]
It just shows 'who' is to blame.
Sure, I blame the Govt before Musharraf too! They messed up in their 2 years or so, Musharraf on the other messed up in his 8-9 years too.
My point is how did he mess up? When the government before Musharraf left, the national treasury was empty with no foreign reserves left. When Musharraf left, he left with a good surplus and the new government has already depleted it in a few months.
I implied that the economy was never strong. The shortage of food and energy was just one little thing. Musharraf in his 8 years never did anything to improve the energy outputs.
If you regard energy as little factor affecting the economy then on what grounds can you say that Musharraf focusing on energy output would have built the economy?
Ok so now we're blaming the people? Thats not what we were debating, whoever fault it was, such a mess doesnt happen overnight.
You can't burn leaders up a stake when the nation itself doesn't realize its responsibility towards their own country. Our leaders are not miracle workers, they can only do as much as the nation lets happen. If they try to force them, then people start whining.
It just shows 'who' is to blame.
It shows who one person wants to blame and who wants to bandwagon with him.
[quote]
It shows who one person wants to blame and who wants to bandwagon with him.
[/quote]
you're saying everyone is biased, but how do you explain Musharraf himself blaming the Shortcut Aziz govt for the economic crisis? He even asked shauky to come back and explain.
you're saying everyone is biased, but how do you explain Musharraf himself blaming the Shortcut Aziz govt for the economic crisis? He even asked shauky to come back and explain.
You did not answer the rest of my post.
I answered this before. Its all political manouvering. No one wants to be the one left without a chair when the music stops.
As I asked before, give me genuine reasons for the problems not personalities or names or people. Prosecuting or maligning Musharraf will not change the economic condition of Pakistan and until we try to understand the underlying the root causes we will continue to blame one person or another for our own inadequacy to figure out the situation and to cover up for our lack of responsibility for our own civic duties towards the country.
Re: Pakistani rupee hits record low.
^ Lack of sincerity, one big reason
^ Lack of sincerity, one big reason
So much for substance in posts.
So much for substance in posts.
So much for 'trying desperately' to defend Mushy.
And here is an answer to some of your queries:
So the economic collapse in Pakistan is being attributed to shortage of food and energy. Sir, when you say shortage is that in the sense of accessibility or physical scarcity. Both shortages are of different types. If the countries from where Pakistan imports its goods experience inflation then Pakistan is bound to see its effect many fold. The economy of Pakistani government depends on its revenue stream, its citizens do not pay taxes so there is not a dependible revenue stream from within the country, the other revenue streams are obviously external sources such as KSA and USA. So lets first analyze what the Pakistani whining awaam itself does to jeopardize its nations economy and forces its leaders to go begging or into Yes Master relationships..
The trade deficit has swelled to $22 billion, from $13 billion last year, **mostly due to heavy import bill from oil and food,* Oil imports are now $12 billion, about 30 percent of the total imports of $40 billion.*
Re: Pakistani rupee hits record low.
Interestingly enough, a World Economic Forum survey found that Pakistan’s banking system is, relatively speaking, in pretty good shape. It’s the second soundest banking system in Asia, beaten only by India, and much better than China’s.
Although our macroeconomy is going down the toilet, we can be thankful for small mercies such as our banking industry being better regulated than virtually of all Asia’s.
DNA - Money - Canada banks most stable: WEF - Daily News & Analysis