ISLAMABAD: The government has devised an action plan that would help bring in $3 to $5 billion in foreign reserves within 30 to 45 days, Adviser on Finance Shaukat Tareen said on Monday. The government has abolished subsidies in an attempt to overcome fiscal deficit, he said. If the government sought assistance from IMF, it would be cheaper to steer the country out of economic crisis, he said
My Comments: This is excellent news for Pakistan and may demonstrate that the govt does have a plan to recover our reserves to the previous record levels.
10 billion US $ were taken out of paksitan in last 6 months by public and taken to Dubai and other places.. its time for people to bring back that money and more to make paksitan economically stable...
10 billion US $ were taken out of paksitan in last 6 months by public and taken to Dubai and other places.. its time for people to bring back that money and more to make paksitan economically stable...
Unfortunately, no one trusts the current government, and do not believe that their money is safe in Pakistan anymore. Sad, but true. :(
Re: ‘Up to $5bn will be added to reserves in 45 days’
^^^ worst is government own front runners decided to move money abroad themselves like ... they dont trust their own governance or may be they know it more!!
10 billion US $ were taken out of paksitan in last 6 months by public and taken to Dubai and other places.. its time for people to bring back that money and more to make paksitan economically stable...
I am one of em, and no, no way I am risking my hard earned cash when theives are running the show.
^^^ worst is government own front runners decided to move money abroad themselves like ... they dont trust their own governance or may be they know it more!!
Just like when Nawaz Sharif froze foreign currency accounts in 1998, it was his friends/relatives who moved money from those accounts overnight before being frozen.
I am one of em, and no, no way I am risking my hard earned cash when theives are running the show.
You have hit the nail on the head. Just one addition if I may. Thievery of individuals is an important consideration, however a much bigger issues is the financial policies of the civilian governments.
Money flows to where money is safe. It doesn't matter if the destination is a democracy, dictatorship, or something in between. Dubai is a good example. It is a city state and the rulers are by no means democratic. But they do provide safety for the money in a "free market" environment.
On the other hand in Pakistan, PPP and other parties stand for socialist policies where government and not the free market holds the cash.
Additionally the political parties in Pakistan tend to bring a lot of uncertainty. Nawaz Sharif's first 2 years were probably the only period where a political party was able to create a semblance of free market and financial stability.
However his second term coupled with nuclear explosions created financial instability when he had to stop outflow of the dollars.
This political setup is in huge contrast to the military governments when people feel their money will be safe.
There is no way out of this catch 22. Where you get military + financial stability or you get civilian government + poverty.
There is one exception though. If one of the mainstream parties become openly free market and pro-defense then people may start trusting them. PPP will always remain socialist so the only hope is the PML-N. However they are too confused on the issues right now.
Until that happens bro! your money will remain out of Pakistan as long as we have civilian but socialist governments.
Re: ‘Up to $5bn will be added to reserves in 45 days’
^^ I dont think they follow any socialist agenda at all, their only agenda is to grab power by any means and thats true for all the parties, no one has agenda, they dont try to implement it at all.
be it a civillian or otherwise governemnt, who has economic agenda working out better, investor will flock back in to Pakistan.