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  1. #1
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    Pakistan’s debt, liabilities swell 83% to Rs30 trillion [Update Post #28]

    ISLAMABAD: The federal government’s debt that was Rs14.4 trillion exactly five years ago shot up by two-thirds to Rs23.8 trillion during the Pakistan Muslim League-Nawaz (PML-N) government’s tenure – the highest increase recorded in any government’s term since the creation of Pakistan.

    The State Bank of Pakistan (SBP) on Monday released the debt data till May 2018, which also marked the end of five-year tenure of the PML-N government.

    Since 1947, all successive governments, including the two PML-N administrations, took the central government’s debt to Rs14.4 trillion whereas the PML-N, in its last five-year tenure, added another Rs9.4 trillion, throwing the country into a deep debt trap.

    The massive increase in the debt – precisely 65.5% over the level left by the previous government, speaks volumes about the poor economic management and lax fiscal policies of the PML-N administration. The Rs23.8-trillion debt is exclusive of all obligations that are not the direct responsibly of the finance ministry.

    Uncontrolled expenditures, mainly non-development, increase in tax revenues at a snail’s pace and higher spending on debt servicing and defence are among main reasons behind the mushroom growth in the central government’s debt.

    The higher spending on debt servicing and defence has left very little room for human development.

    The mounting debt pile is one of the concerns expressed by the armed forces in recent months, which has allowed them to expand their footprint in the economic field, after defence and foreign affairs.

    In the past five years, the federal government’s total domestic debt increased to Rs16.5 trillion, an addition of Rs6.93 trillion or 72%. Earlier, the domestic debt stood at Rs9.5 trillion.

    During this period, the domestic debt structure underwent a drastic change, which exposed the finance ministry to refinancing risks. This also allowed commercial banks to exploit the federal government by not offering it long-term loans.

    The share of short-term public debt remained at the same level of 54.5% in five years, although at one point it went as low as 37%. However, reckless borrowing in the last two years of PML-N government and banks’ refusal to provide long-term loans in the hope of higher interest rates increased the share of short-term debt.

    In June 2013, the short-term domestic debt totalled Rs5.2 trillion or 54.5% of the total domestic debt. In the past five years, the short-term debt grew Rs3.8 trillion or 72.4% to Rs8.96 trillion. The rise was the result of growing dependence on borrowing through the sale of market treasury bills (MTBs).

    Another reason for the high share of short-term debt was that the federal government started relying on the central bank for financing its deficit.

    The change in the composition of domestic debt suggests that the government could not fully implement its second Medium-Term Debt Management Strategy 2016-19 that had been designed to increase the maturity profile to reduce the refinancing risk.

    In five years, the long-term debt also increased by 73% to Rs7.5 trillion. In 2013, the long-term domestic debt was Rs4.3 trillion that saw an increase of Rs3.2 trillion in five years.

    The permanent debt that was Rs2.2 trillion till June 2013 increased by 112% to Rs4.623 trillion.

    Five years ago, the debt acquired through the sale of prize bonds was Rs390 billion that jumped 115% to Rs841.8 billion.

    The central government’s external debt also recorded an increase of over 50% in five years. In June 2013, the external debt stood at Rs4.85 trillion that jumped to Rs7.32 trillion by the end of May 2018.

    There was a net increase of Rs2.5 trillion in the external debt in five years. These figures do not include the debt of Rs691 billion taken from the International Monetary Fund (IMF), which is a responsibility of the central bank.

    https://tribune.com.pk/story/1753767...e-pml-ns-term/


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  2. #2
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    Where did all this money go? Can some Noora explain where all these trillions went.

  3. #3
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    Quote Originally Posted by Bewal Express View Post
    Where did all this money go? Can some Noora explain where all these trillions went.
    In the pockets of "Experienced team"


    TalentSpotterPk: I pray PanamaLeak sink Sharif ship forever we dont want this pseudo democracy

  4. #4
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    Quote Originally Posted by Abdullah719 View Post
    ISLAMABAD: The federal government’s debt that was Rs14.4 trillion exactly five years ago shot up by two-thirds to Rs23.8 trillion during the Pakistan Muslim League-Nawaz (PML-N) government’s tenure – the highest increase recorded in any government’s term since the creation of Pakistan.

    The State Bank of Pakistan (SBP) on Monday released the debt data till May 2018, which also marked the end of five-year tenure of the PML-N government.

    Since 1947, all successive governments, including the two PML-N administrations, took the central government’s debt to Rs14.4 trillion whereas the PML-N, in its last five-year tenure, added another Rs9.4 trillion, throwing the country into a deep debt trap.

    The massive increase in the debt – precisely 65.5% over the level left by the previous government, speaks volumes about the poor economic management and lax fiscal policies of the PML-N administration. The Rs23.8-trillion debt is exclusive of all obligations that are not the direct responsibly of the finance ministry.

    Uncontrolled expenditures, mainly non-development, increase in tax revenues at a snail’s pace and higher spending on debt servicing and defence are among main reasons behind the mushroom growth in the central government’s debt.

    The higher spending on debt servicing and defence has left very little room for human development.

    The mounting debt pile is one of the concerns expressed by the armed forces in recent months, which has allowed them to expand their footprint in the economic field, after defence and foreign affairs.

    In the past five years, the federal government’s total domestic debt increased to Rs16.5 trillion, an addition of Rs6.93 trillion or 72%. Earlier, the domestic debt stood at Rs9.5 trillion.

    During this period, the domestic debt structure underwent a drastic change, which exposed the finance ministry to refinancing risks. This also allowed commercial banks to exploit the federal government by not offering it long-term loans.

    The share of short-term public debt remained at the same level of 54.5% in five years, although at one point it went as low as 37%. However, reckless borrowing in the last two years of PML-N government and banks’ refusal to provide long-term loans in the hope of higher interest rates increased the share of short-term debt.

    In June 2013, the short-term domestic debt totalled Rs5.2 trillion or 54.5% of the total domestic debt. In the past five years, the short-term debt grew Rs3.8 trillion or 72.4% to Rs8.96 trillion. The rise was the result of growing dependence on borrowing through the sale of market treasury bills (MTBs).

    Another reason for the high share of short-term debt was that the federal government started relying on the central bank for financing its deficit.

    The change in the composition of domestic debt suggests that the government could not fully implement its second Medium-Term Debt Management Strategy 2016-19 that had been designed to increase the maturity profile to reduce the refinancing risk.

    In five years, the long-term debt also increased by 73% to Rs7.5 trillion. In 2013, the long-term domestic debt was Rs4.3 trillion that saw an increase of Rs3.2 trillion in five years.

    The permanent debt that was Rs2.2 trillion till June 2013 increased by 112% to Rs4.623 trillion.

    Five years ago, the debt acquired through the sale of prize bonds was Rs390 billion that jumped 115% to Rs841.8 billion.

    The central government’s external debt also recorded an increase of over 50% in five years. In June 2013, the external debt stood at Rs4.85 trillion that jumped to Rs7.32 trillion by the end of May 2018.

    There was a net increase of Rs2.5 trillion in the external debt in five years. These figures do not include the debt of Rs691 billion taken from the International Monetary Fund (IMF), which is a responsibility of the central bank.

    https://tribune.com.pk/story/1753767...e-pml-ns-term/
    Quote Originally Posted by Bewal Express View Post
    Where did all this money go? Can some Noora explain where all these trillions went.
    The underlying cause of external debt is larger imports than exports.

    Some of the debt may have been incurred due to developmental projects like CEPC. Need a breakdown of what constitutes imports during these years. Also, similar to India, I believe a major part of Pakistan's import bill is oil.

    Maybe the Pakistani Army should re-evaluate what its low-level war against India is costing the country's economy.

  5. #5
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    Quote Originally Posted by Napa View Post
    The underlying cause of external debt is larger imports than exports.

    Some of the debt may have been incurred due to developmental projects like CEPC. Need a breakdown of what constitutes imports during these years. Also, similar to India, I believe a major part of Pakistan's import bill is oil.

    Maybe the Pakistani Army should re-evaluate what its low-level war against India is costing the country's economy.
    also, inflation has to be taken into account too. These numbers are just numbers if they're not taken into context.

  6. #6
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    Yet people here want to buy toys for the army.

  7. #7
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    Quote Originally Posted by Napa View Post
    The underlying cause of external debt is larger imports than exports.

    Some of the debt may have been incurred due to developmental projects like CEPC. Need a breakdown of what constitutes imports during these years. Also, similar to India, I believe a major part of Pakistan's import bill is oil.

    Maybe the Pakistani Army should re-evaluate what its low-level war against India is costing the country's economy.
    PPP govt was one of the worst in our history from 2008 to 2013 but still they had far better exports and they had a far bigger oil import bill because of the prices at that time still they had things under control even though there was a global crisis going on at that time.


    TalentSpotterPk: I pray PanamaLeak sink Sharif ship forever we dont want this pseudo democracy

  8. #8
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    Quote Originally Posted by finalfantasy7 View Post
    Yet people here want to buy toys for the army.
    Oh yes; blame the army :p

  9. #9
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    These numbers are clearly fake.Another deep state Saazish.

    In all seriousness this is disgusting news.Yet people will still vote for these crooks.

  10. #10
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    Quote Originally Posted by idrizzy View Post
    also, inflation has to be taken into account too. These numbers are just numbers if they're not taken into context.
    Quite right, comparing numbers across decades without taking into account inflation is flawed.

  11. #11
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    Quote Originally Posted by King-Misbah View Post
    Oh yes; blame the army :p
    If you read the article, it says:

    "higher spending on debt servicing and defence are among main reasons behind the mushroom growth in the central government’s debt."

    "The higher spending on debt servicing and defence has left very little room for human development."

    So @finalfantasy7 is not wrong in pointing out that defense expenditure is one of the reasons for Pakistan's mushrooming debt.

    "The mounting debt pile is one of the concerns expressed by the armed forces in recent months, which has allowed them to expand their footprint in the economic field, after defence and foreign affairs."

    This is beyond absurd. The Pakistani Army believes that it will run the economy better than the private sector? Dark days ahead for the Pakistani economy.

  12. #12
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    Quote Originally Posted by Mian View Post
    PPP govt was one of the worst in our history from 2008 to 2013 but still they had far better exports and they had a far bigger oil import bill because of the prices at that time still they had things under control even though there was a global crisis going on at that time.
    What exactly was Pakistan exporting from 2008 to 2013 that it did not export during PMLN's rule? If you look at Pakistan's top exports, it has remained pretty much unchanged, mostly low-tech items such as textiles.

    http://www.worldstopexports.com/****...op-10-exports/

    When you understand that you need to get rid of the jihadis, the low level war against Indian and the Army's involvement in the economy to build modern industries, only then will you make progress.

  13. #13
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    That's gigantic increase of debt in just 5 years of Pakistan history.

    Alas !! I am sure some will still justify this road to economic destruction.

  14. #14
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    There is no harm in taking that much loan as long as they have a plan to recover that much money from the economy. For this to happen, we’ll need to improve our security situation, law and order, human rights situation and so on and so forth. We will also be required to diversify our economy and for that to happen we are required a through assessment of our existing potential as a major international player. All of which requires political stability and ingenious policy changes and legislations. I shudder to think that we are not going down that road.

  15. #15
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    Quote Originally Posted by finalfantasy7 View Post
    Yet people here want to buy toys for the army.
    Yup I agree. Let's give all of army's budget to the civilians as well. As it's obvious its so well spent.

  16. #16
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    Pakistan's Indebted Economy Careens Toward Another IMF Bailout

    The Pakistan economy is in distress. How else to describe an emerging market that has seen three currency devaluations since December, depleted its foreign-currency reserves and may soon ask for a bailout from the International Monetary Fund, less than two years after its last $6.6 billion emergency cash infusion. It all adds up to “some daunting challenges,” said interim Finance Minister Shamshad Akhtar.

    Complicating matters is a raucous parliamentary election, amid much political tumult and civil-military tensions, on July 25. Two parties are vying for control of the next government: The Pakistan Muslim League-Nawaz, led by the family of ex-premier Nawaz Sharif, and the opposition Movement of Justice run by the popular former national cricket captain, Imran Khan.

    Pakistan is currently run by a caretaker government, which took the reins in June after Sharif’s party ended its five-year term. This time last year the nation’s Supreme Court tossed Sharif out of power after corruption charges about his family’s offshore holdings surfaced after the publication of the Panama Papers in 2016. He was convicted last week and handed a 10-year jail sentence. Sharif has denied financial wrong-doing and has been barred from holding public office. His younger brother Shehbaz is the party’s current president and may serve as prime minister if the party prevails.

    Whoever succeeds will face some tough policy choices. Even amid wider emerging-market turmoil, Pakistan stands out what with the rupee down almost 10 percent against the dollar this year. South Asia’s second-largest economy has gone through decades of erratic growth, debt blowouts and balance-of-payments crises. Despite an economy growing at its fastest pace in a decade, the government’s finances still remain shaky.

    This is a country renowned for rampant tax avoidance -- from the highest political and business figures to market grocers -- with only about 1 percent of Pakistan’s more than 200 million people filing income returns. A government amnesty intended to lure back ill-gotten wealth isn’t expected to boost foreign currency reserves significantly, which currently hovers at $9.8 billion, close to the lowest level in three and a half years.



    Pakistan’s current account gap has increased by 45 percent to $16 billion in eleven months ended May, while its trade deficit rose to $3.7 billion in the same month. The country’s external debt and liabilities, now at 31 percent of GDP, is at its highest level in six years.

    “There is a general five to six-year cycle where there is an expansionary phase followed by a fairly hard landing,” said Maheen Rahman, the chief executive officer of Karachi-based Alfalah GHP Investment Management, which handles about 48 billion rupees ($394 million). “That really has to change -- exports and tax collection have to go up.”

    Benefiting for years from low oil prices, Pakistan is now contending with the costs of rising crude, which the central bank says contributed to further balance-of-payments deterioration as foreign inflows remained limited. Added to that is Islamabad’s mounting debt to China, which has provided more than $60 billion in loans and financing as part of its Belt and Road infrastructure program.

    “It is hard to see China providing the scale of balance-of-payments support which is needed,” said Timothy Ash, a senior strategist at BlueBay Asset Management in London, which has reduced its dollar debt holdings in Pakistan ahead of the elections and doesn’t hold any local currency assets.


    Terrorism Financing

    Yet an IMF loan may come with stringent conditions as Pakistan’s troubled relationship with the U.S. hit new lows this year. In January, President Donald Trump cut military aid after he accused Islamabad of supporting militant groups that attack Afghanistan. Thanks to a U.S. push, Pakistan was added onto a global terrorism-financing monitoring list in June.

    Short-term financial assistance is Pakistan’s pressing need, but business leaders say significant and unpopular reforms after the national ballot will have to be pushed to get the nation out of its rutted economic cycle. “India has similar problems, they run these large deficits but it is supplemented by foreign direct investment, portfolio investments and a lot of tourism,” said Waleed Saigol, a director at Maple Leaf Cement Factory Ltd. in Lahore. “We don’t have those avenues and we run into trouble. Until and unless we start reforming, things wont change.”


    Welfare State

    Senior officials in Khan’s party have indicated that they will go to the IMF for support if elected. Khan himself has repeatedly blamed widespread corruption for the problems besetting Pakistan’s economy. He has pledged to fix state institutions, create an “Islamic welfare state” and reduce the nation’s widening deficits by taxing the country’s elite.

    “Corruption has destroyed our state institutions, which have destroyed our capacity to give good governance,” Khan said while campaigning in Karachi, Pakistan’s financial hub, last week. “That’s what stops investment coming into the country.’’

    While in office Sharif’s pro-business Muslim League has said Pakistan doesn’t need an IMF bailout, highlighting its success in reducing power cuts, attracting Chinese infrastructure funding and improving national security. The party introduced its one-time amnesty to lure overseas funds stashed away by rich Pakistanis and vows to reduce corporate taxes.

    Pakistan’s plunging currency, meanwhile, still is far from stable and veteran emerging market investor Mark Mobius thinks the government will need an adrenaline shot from international lenders. “Given the currency movements, there is a good chance that they will need to go to the IMF,” said the founder of Mobius Capital Partners LLP.

    https://www.bloomberg.com/news/artic...er-imf-bailout


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  17. #17
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    Thank you Nawaz Sharif



    Shaer aek vari fir

  18. #18
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    Quote Originally Posted by Abdullah719 View Post
    “India has similar problems, they run these large deficits but it is supplemented by foreign direct investment, portfolio investments and a lot of tourism,” said Waleed Saigol, a director at Maple Leaf Cement Factory Ltd. in Lahore. “We don’t have those avenues and we run into trouble. Until and unless we start reforming, things wont change.”

    https://www.bloomberg.com/news/artic...er-imf-bailout
    Quite pathetic for Bloomberg to quote someone who has no idea about the real world. India is not different from Pakistan because of " foreign direct investment, portfolio investments and a lot of tourism". India is different from Pakistan because it has modern industries which export:

    Refined Oil $35.9B + Machinery $16.7B + Vehicles $16.2B + Organic Chemicals $13.6B + Pharmaceuticals $12.9B + Iron&Steel $11.7B + Electrical Machinery $8.8B = $115.8B

    http://www.worldstopexports.com/indias-top-10-exports/

    Add to this $111B of computer software/services and you get a total of $226.8B.

    https://economictimes.indiatimes.com...w/62651131.cms

    In comparison, Pakistan's exports from modern industries is about $0.41B (Optical, technical, medical apparatus) and $3B computer services/software for a total of $3.41B.

    http://www.worldstopexports.com/****...op-10-exports/
    https://propakistani.pk/2017/11/15/e...-q1-fy2017-18/

    While India's population is about 7X Pakistan's population, the exports from Indian modern industries is about 226.8/3.4 = 66X.

    Pakistanis like Mr. Waleed Saigol need to stop making excuses, get a reality check, and set their country on a path of modernization.

  19. #19
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    Quote Originally Posted by Pakpak View Post
    Yup I agree. Let's give all of army's budget to the civilians as well. As it's obvious its so well spent.
    i dont disagree with you, however if you can read and like napa has stated above - main reasons why we are in debt "higher spending on debt servicing and defence are among main reasons behind the mushroom growth in the central government’s debt."

    "The higher spending on debt servicing and defence has left very little room for human development."


    TGK 237.1 owner

  20. #20
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    Quote Originally Posted by Napa View Post
    The underlying cause of external debt is larger imports than exports.

    Some of the debt may have been incurred due to developmental projects like CEPC. Need a breakdown of what constitutes imports during these years. Also, similar to India, I believe a major part of Pakistan's import bill is oil.

    Maybe the Pakistani Army should re-evaluate what its low-level war against India is costing the country's economy.

    PML-N was lucky that a barrel of oil was under $60 for most it's tenure... Yet it racked up such high import bills in comparison to exports


    #MPGA

  21. #21
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    Quote Originally Posted by Slog View Post
    PML-N was lucky that a barrel of oil was under $60 for most it's tenure... Yet it racked up such high import bills in comparison to exports
    The long-term solution for Pakistan is to develop export industries. You need peace and stability to attract foreign investment. Making Trump angry by supporting the Haqqanis who kill US soldiers in not the way to go. He is going to fight back by putting Pakistan on the FATF grey list etc.

  22. #22
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    Quote Originally Posted by Slog View Post
    PML-N was lucky that a barrel of oil was under $60 for most it's tenure... Yet it racked up such high import bills in comparison to exports
    Supporting the Haqqanis is not something PML-N could have changed. Thanks to IK's public agitation a couple of years ago, NS had to accept that foreign policy will be determined by the Army.

  23. #23
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    Quote Originally Posted by Napa View Post
    Quite pathetic for Bloomberg to quote someone who has no idea about the real world. India is not different from Pakistan because of " foreign direct investment, portfolio investments and a lot of tourism". India is different from Pakistan because it has modern industries which export:

    Refined Oil $35.9B + Machinery $16.7B + Vehicles $16.2B + Organic Chemicals $13.6B + Pharmaceuticals $12.9B + Iron&Steel $11.7B + Electrical Machinery $8.8B = $115.8B

    http://www.worldstopexports.com/indias-top-10-exports/

    Add to this $111B of computer software/services and you get a total of $226.8B.

    https://economictimes.indiatimes.com...w/62651131.cms

    In comparison, Pakistan's exports from modern industries is about $0.41B (Optical, technical, medical apparatus) and $3B computer services/software for a total of $3.41B.

    http://www.worldstopexports.com/****...op-10-exports/
    https://propakistani.pk/2017/11/15/e...-q1-fy2017-18/

    While India's population is about 7X Pakistan's population, the exports from Indian modern industries is about 226.8/3.4 = 66X.

    Pakistanis like Mr. Waleed Saigol need to stop making excuses, get a reality check, and set their country on a path of modernization.
    Modernization?

  24. #24
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    Quote Originally Posted by Napa View Post
    The underlying cause of external debt is larger imports than exports.

    Some of the debt may have been incurred due to developmental projects like CEPC. Need a breakdown of what constitutes imports during these years. Also, similar to India, I believe a major part of Pakistan's import bill is oil.

    Maybe the Pakistani Army should re-evaluate what its low-level war against India is costing the country's economy.
    I thought India was at war with Pakistan.

  25. #25
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    Quote Originally Posted by finalfantasy7 View Post
    i dont disagree with you, however if you can read and like napa has stated above - main reasons why we are in debt "higher spending on debt servicing and defence are among main reasons behind the mushroom growth in the central government’s debt."

    "The higher spending on debt servicing and defence has left very little room for human development."
    But your point doesn't hold weight. It would hold a lot of weight if we did spent well on development. Which we don't. So it makes no sense to give even more money to civilians so they can eat more and more.

  26. #26
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    Quote Originally Posted by Pakpak View Post
    But your point doesn't hold weight. It would hold a lot of weight if we did spent well on development. Which we don't. So it makes no sense to give even more money to civilians so they can eat more and more.
    better option than giving it to the army, as the reports blames the military over spending - constantly


    TGK 237.1 owner

  27. #27
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    Quote Originally Posted by finalfantasy7 View Post
    better option than giving it to the army, as the reports blames the military over spending - constantly
    Yeah, better give the money to the politicians who will eat it all up and put in their pockets than giving it to the army who will actually spend it.

    Maybe the world where you live in its normal to give handout to politicians, in the world we live in its called stupidity.

  28. #28
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    Pakistan’s debt, liabilities swell 83% to Rs30tr

    Pakistan’s debt and liabilities rose sharply to nearly Rs30 trillion or 87% of total size of the economy at the end of previous fiscal year, largely due to the last government’s expansionary fiscal policies and its failure to reform tax administration.

    Statistics released by the State Bank of Pakistan (SBP) on Wednesday showed that in the last five years, the country’s total debt and liabilities increased Rs13.5 trillion or 82.8% to stand at Rs29.9 trillion. Five years ago, Pakistan’s total debt and liabilities were Rs16.4 trillion.

    Of the Rs29.9 trillion, gross public debt, which is the direct responsibility of the government, stood at Rs25 trillion. It was equal to 72.5% of gross domestic product (GDP), far higher than the statutory limit of 60%, showed the statistics. The gross public debt grew Rs10.6 trillion or 74.5% in the past five years.

    The main reason for the increase in the gross public debt was the PML-N government’s failure to contain expenditures and enhance tax-to-GDP ratio to a level that could have sustained the burden of additional expenditures.

    It completely ignored reforms in the Federal Board of Revenue (FBR), struck compromises with influential lobbies and slowed down action against big tax evaders.

    Total debt and liabilities also include the public sector enterprises’ (PSEs) debt, non-governmental external debt and inter-company external debt from direct investors abroad.

    In the last fiscal year, Pakistan’s total debt and liabilities increased Rs4.8 trillion, showing growth of 18.9%, according to the SBP debt bulletin. Excluding liabilities, the country’s total debt swelled to Rs28.4 trillion, an increase of Rs12.9 trillion or 82.6% over the debt stock five years ago.

    Government’s domestic debt surged to Rs16.4 trillion with an addition of Rs6.9 trillion in the past five years. There was a mushroom growth of 242% in PSEs’ debt in five years due to PML-N’s failure to reform government-owned entities. The PSEs’ debt, which was only Rs312 billion in 2013, increased dangerously to Rs1.1 trillion at the end of the last government’s term.

    Most of the Rs1.1-trillion debt, which has not yet been covered in the budget, will eventually be financed by the taxpayers.

    The country’s total external debt increased to a record Rs11 trillion by the end of fiscal year 2017-18, a net addition of Rs5.2 trillion in the past five years. The government’s external debt increased from Rs4.4 trillion to Rs7.8 trillion, according to the SBP.

    The non-government external debt, which was Rs649 billion in 2013, increased to Rs1.9 trillion, showing a rise of Rs1.3 trillion. One of the main reasons for the increase in the non-government debt was the former finance minister Ishaq Dar’s decision to exclude certain categories of foreign debt from the definition of public debt.

    The debt taken by Pakistan from the International Monetary Fund (IMF) also increased from Rs435 billion in 2013 to Rs741 billion at the end of last fiscal year.

    The inter-company external debt increased from Rs308 billion to Rs473.4 billion in five years.

    Due to the PML-N government’s policies of parking its direct obligations outside budget books, the liabilities, which are indirectly the responsibility of the finance ministry, also saw an increase of 85.4% in five years. From Rs778 billion in 2013, the total liabilities increased to Rs1.44 trillion by the end of previous fiscal year.

    Domestic liabilities increased from Rs470 billion to Rs819 billion. External liabilities also doubled from Rs308 billion to Rs622 billion in five years. In 2013, the total liabilities were equal to 3.5% of GDP, which have now grown to 4.2% of GDP.

    Owing to a massive increase in the debt stock, the country’s interest payments have also significantly increased, despite an overall low interest rate environment.

    Interest payments on debt, which stood at Rs996 billion five years ago, increased to Rs1.6 trillion at the end of last fiscal year. The government paid Rs1.33 trillion in interest payments on domestic debt and Rs172.4 billion on external debt, which is quite a high figure.

    The depreciation of the currency has also significantly increased the cost of external debt servicing.

    https://tribune.com.pk/story/1781749...ell-83-rs30tr/


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  29. #29
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    I would like to see PTI bring the 200$ billion dollars of looted money they promised they would bring back once Khan came into power

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    Quote Originally Posted by waleed88 View Post
    I would like to see PTI bring the 200$ billion dollars of looted money they promised they would bring back once Khan came into power
    You support a party of chors who are responsible for Pakistans debts, corruption, economic mess and now you have the cheek to make a comment like this. Amazing!

  31. #31
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    Quote Originally Posted by King-Misbah View Post
    You support a party of chors who are responsible for Pakistans debts, corruption, economic mess and now you have the cheek to make a comment like this. Amazing!
    And now all these chors are in your party

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    Quote Originally Posted by waleed88 View Post
    I would like to see PTI bring the 200$ billion dollars of looted money they promised they would bring back once Khan came into power
    So you guys steal and run and then you want to play hide and seek. Where is Dar, where are Babloo and tabloo these days? Where did the borrowed money go? Your loyalty is to to the Noora Godfather, ours is to Pakistan.

  33. #33
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    Quote Originally Posted by Bewal Express View Post
    So you guys steal and run and then you want to play hide and seek. Where is Dar, where are Babloo and tabloo these days? Where did the borrowed money go? Your loyalty is to to the Noora Godfather, ours is to Pakistan.
    If yours is to Pakistan what are all these turncoats doing in your party? Why is Jehangir tareen (The guy who is 'disqualified' on the same clause as Nawaz) going on his private airways bribing people to make NA with Imran Khan as PM? Witht the same corrupt money you people are fighting against..Kia yeh Naya Pakistan hai??

    Besides the noora godfather you can't admit that corruption is systematic, and your party is the new dry cleaners for all the corrupt koonda that developed from PPP PMLN and MQM

  34. #34
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    Quote Originally Posted by waleed88 View Post
    And now all these chors are in your party
    Chor Sharif is in prison and junior Sharifs will join soon in shallah

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    Quote Originally Posted by waleed88 View Post
    If yours is to Pakistan what are all these turncoats doing in your party? Why is Jehangir tareen (The guy who is 'disqualified' on the same clause as Nawaz) going on his private airways bribing people to make NA with Imran Khan as PM? Witht the same corrupt money you people are fighting against..Kia yeh Naya Pakistan hai??

    Besides the noora godfather you can't admit that corruption is systematic, and your party is the new dry cleaners for all the corrupt koonda that developed from PPP PMLN and MQM
    JKT can not hold a political post; he has not been barred from advising and helping PTI as an individual. Your hate for JKT is understandable as he destroyed PMLN

  36. #36
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    Quote Originally Posted by King-Misbah View Post
    JKT can not hold a political post; he has not been barred from advising and helping PTI as an individual. Your hate for JKT is understandable as he destroyed PMLN
    Acha bhai theek hai aap mahaan ho

  37. #37
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    Quote Originally Posted by waleed88 View Post
    Acha bhai theek hai aap mahaan ho
    Nice to see PMLN supporters starting to become humbler now. Days of thuggery are over now and Chota Sharif should know that Model Town is awaiting him.

  38. #38
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    Quote Originally Posted by King-Misbah View Post
    Nice to see PMLN supporters starting to become humbler now. Days of thuggery are over now and Chota Sharif should know that Model Town is awaiting him.
    No i just don't prefer to reply to such childish comments

    expected better from a Misbah supporter

  39. #39
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    Quote Originally Posted by waleed88 View Post
    If yours is to Pakistan what are all these turncoats doing in your party? Why is Jehangir tareen (The guy who is 'disqualified' on the same clause as Nawaz) going on his private airways bribing people to make NA with Imran Khan as PM? Witht the same corrupt money you people are fighting against..Kia yeh Naya Pakistan hai??

    Besides the noora godfather you can't admit that corruption is systematic, and your party is the new dry cleaners for all the corrupt koonda that developed from PPP PMLN and MQM
    So JKT is really hurting you. JKT has paid more tax than all the Nooras put together and if wants to use his own money what is your problem? The fact is that your crooks are on the run, did you see the pathetic Dar in London btw he was your finance Minister or the Babloo and bro hiding in London, the crooked sons of your ex PM.
    Our guy is clean and always will be but you dont have a single person that isnt a crook. I know its painful but your crooks have been humiliated.

  40. #40
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    Quote Originally Posted by Bewal Express View Post
    So JKT is really hurting you. JKT has paid more tax than all the Nooras put together and if wants to use his own money what is your problem? The fact is that your crooks are on the run, did you see the pathetic Dar in London btw he was your finance Minister or the Babloo and bro hiding in London, the crooked sons of your ex PM.
    Our guy is clean and always will be but you dont have a single person that isnt a crook. I know its painful but your crooks have been humiliated.
    Yea Insider trading and getting taxes waived off from a military dictator are all legal practices, as in hoarding sugar cane to create a recession and increases prices is also legal, all fair as long as you have the label of the big kaptaan associated

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    Quote Originally Posted by waleed88 View Post
    Yea Insider trading and getting taxes waived off from a military dictator are all legal practices, as in hoarding sugar cane to create a recession and increases prices is also legal, all fair as long as you have the label of the big kaptaan associated
    sSo if these crimes were committed then who stopped you from charging him. Afterall it was your useless govt and when you brought the case to court, he was disqualified on a trust deed.
    Whats annoying you is that he beat you at your own game. In fact he has helped to humiliate you and your duffer. Your guys were prepared to pay govt money to get Independents but JKT beat you with his own money.
    Maybe you can do your Hajj by going around Adiala
    Last edited by Bewal Express; 16th August 2018 at 23:22.

  42. #42
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    Quote Originally Posted by Bewal Express View Post
    Where did all this money go? Can some Noora explain where all these trillions went.
    Quote Originally Posted by Mian View Post
    In the pockets of "Experienced team"
    Quote Originally Posted by Syed1 View Post
    Thank you Nawaz Sharif



    Shaer aek vari fir
    Quote Originally Posted by Abdullah719 View Post
    Pakistan’s debt, liabilities swell 83% to Rs30tr

    Pakistan’s debt and liabilities rose sharply to nearly Rs30 trillion or 87% of total size of the economy at the end of previous fiscal year, largely due to the last government’s expansionary fiscal policies and its failure to reform tax administration.
    Quote Originally Posted by waleed88 View Post
    I would like to see PTI bring the 200$ billion dollars of looted money they promised they would bring back once Khan came into power
    Quote Originally Posted by Bewal Express View Post
    Where did all this money go? Can some Noora explain where all these trillions went.
    Blaming the corruption of NS completely misses the point. Even if the allegations are true and NS did buy the London flats using stolen money, it is only $8M. Pakistan's balance of payments shortfall in comparison is in the billions.

    The following article by Yosuf Nazar does a pretty good job of explaining why Pakistan's international debt has ballooned.

    https://dailytimes.com.pk/284400/pak...s-and-the-imf/

    NS promised electricity, for that large investments in plants was needed. That meant a large increase in imports.

    However, if your exports don't increase along with your imports, you will face bankruptcy. That is what is happening now.

    Can NS be blamed for weak export performance? No. Pakistan's exports have remained low-tech, and it has failed to develop modern industries. That makes its economy similar to sub-Saharan countries (barring SA).

    http://www.worldstopexports.com/****...op-10-exports/

    NS is not to blame for Pakistan's failure to develop modern industries. If the Army provides refuge to Bin Laden, the ISI nurtures jihadi groups, and the Fauji Foundation monopolizes large swathes of the economy, then you will not get FDI and modern industries won't develop.

    There are many low-labor costs country in the world like Vietnam, India, Sri Lanka, etc. which provide a reasonably secure environment and are fighting to get foreign investment. Unless Pakistan changes dramatically and abandons the stupid games its Army and ISI plays, it will not get FDI and remain a textiles and soccer balls exporting country. There is no two ways about this.
    @Mamoon @Yossarian

  43. #43
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    Quote Originally Posted by Napa View Post
    Blaming the corruption of NS completely misses the point. Even if the allegations are true and NS did buy the London flats using stolen money, it is only $8M. Pakistan's balance of payments shortfall in comparison is in the billions.

    The following article by Yosuf Nazar does a pretty good job of explaining why Pakistan's international debt has ballooned.

    https://dailytimes.com.pk/284400/pak...s-and-the-imf/

    NS promised electricity, for that large investments in plants was needed. That meant a large increase in imports.

    However, if your exports don't increase along with your imports, you will face bankruptcy. That is what is happening now.

    Can NS be blamed for weak export performance? No. Pakistan's exports have remained low-tech, and it has failed to develop modern industries. That makes its economy similar to sub-Saharan countries (barring SA).

    http://www.worldstopexports.com/****...op-10-exports/

    NS is not to blame for Pakistan's failure to develop modern industries. If the Army provides refuge to Bin Laden, the ISI nurtures jihadi groups, and the Fauji Foundation monopolizes large swathes of the economy, then you will not get FDI and modern industries won't develop.

    There are many low-labor costs country in the world like Vietnam, India, Sri Lanka, etc. which provide a reasonably secure environment and are fighting to get foreign investment. Unless Pakistan changes dramatically and abandons the stupid games its Army and ISI plays, it will not get FDI and remain a textiles and soccer balls exporting country. There is no two ways about this.
    @Mamoon @Yossarian
    As i recommended earlier you my friend need to do more research before commenting on Pak issues. $8m fine was just in one flat ref case there are 2 other refs in NAB and 20+ properties alone in London and we are not even talking about other cities of UK yet and other countries where they invested. Army and ISI are not angel we know that but the way you try to defend our corrupt politicians is mind blowing.


    TalentSpotterPk: I pray PanamaLeak sink Sharif ship forever we dont want this pseudo democracy

  44. #44
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    Quote Originally Posted by Napa View Post
    Blaming the corruption of NS completely misses the point. Even if the allegations are true and NS did buy the London flats using stolen money, it is only $8M. Pakistan's balance of payments shortfall in comparison is in the billions.

    The following article by Yosuf Nazar does a pretty good job of explaining why Pakistan's international debt has ballooned.

    https://dailytimes.com.pk/284400/pak...s-and-the-imf/

    NS promised electricity, for that large investments in plants was needed. That meant a large increase in imports.

    However, if your exports don't increase along with your imports, you will face bankruptcy. That is what is happening now.

    Can NS be blamed for weak export performance? No. Pakistan's exports have remained low-tech, and it has failed to develop modern industries. That makes its economy similar to sub-Saharan countries (barring SA).

    http://www.worldstopexports.com/****...op-10-exports/

    NS is not to blame for Pakistan's failure to develop modern industries. If the Army provides refuge to Bin Laden, the ISI nurtures jihadi groups, and the Fauji Foundation monopolizes large swathes of the economy, then you will not get FDI and modern industries won't develop.

    There are many low-labor costs country in the world like Vietnam, India, Sri Lanka, etc. which provide a reasonably secure environment and are fighting to get foreign investment. Unless Pakistan changes dramatically and abandons the stupid games its Army and ISI plays, it will not get FDI and remain a textiles and soccer balls exporting country. There is no two ways about this.
    @Mamoon @Yossarian
    Brilliant! POTW

  45. #45
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    Quote Originally Posted by Napa View Post
    There are many low-labor costs country in the world like Vietnam, India, Sri Lanka, etc. which provide a reasonably secure environment and are fighting to get foreign investment. Unless Pakistan changes dramatically and abandons the stupid games its Army and ISI plays, it will not get FDI and remain a textiles and soccer balls exporting country. There is no two ways about this.
    @Mamoon @Yossarian
    I'm curious as to why you feel the need to specifically mention my name in this post considering that neither do I live in Pakistan (I'm a UK citizen living in the UK), nor do I have any interest in Pakistani politics, and nor do I know much about ISI, Pakistani Army, Fauji Foundation, Pakistan's internal fiscal policies etc.
    That is other than the level of interest shown by any individual who has travelled extensively (- far more than you I suspect), worked/lived in at least three different continents, and generally takes an interest in the world around him/her.
    But you obviously value my opinions since I can see no other reason for you mentioning me in this thread via your post. So thanks for asking. But on this occasion my response is "no comment".


    “In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule”

  46. #46
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    Quote Originally Posted by Mian View Post
    As i recommended earlier you my friend need to do more research before commenting on Pak issues. $8m fine was just in one flat ref case there are 2 other refs in NAB and 20+ properties alone in London and we are not even talking about other cities of UK yet and other countries where they invested. Army and ISI are not angel we know that but the way you try to defend our corrupt politicians is mind blowing.
    An Ind defending NS- now where have i not seen that for the last 5 years?

  47. #47
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    Quote Originally Posted by Bewal Express View Post
    An Ind defending NS- now where have i not seen that for the last 5 years?
    He kept telling us how Punjabis are going to vote for Noora again and make him PM


    TalentSpotterPk: I pray PanamaLeak sink Sharif ship forever we dont want this pseudo democracy

  48. #48
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    Quote Originally Posted by Napa View Post
    Blaming the corruption of NS completely misses the point. Even if the allegations are true and NS did buy the London flats using stolen money, it is only $8M. Pakistan's balance of payments shortfall in comparison is in the billions.

    The following article by Yosuf Nazar does a pretty good job of explaining why Pakistan's international debt has ballooned.

    https://dailytimes.com.pk/284400/pak...s-and-the-imf/

    NS promised electricity, for that large investments in plants was needed. That meant a large increase in imports.

    However, if your exports don't increase along with your imports, you will face bankruptcy. That is what is happening now.

    Can NS be blamed for weak export performance? No. Pakistan's exports have remained low-tech, and it has failed to develop modern industries. That makes its economy similar to sub-Saharan countries (barring SA).

    http://www.worldstopexports.com/****...op-10-exports/

    NS is not to blame for Pakistan's failure to develop modern industries. If the Army provides refuge to Bin Laden, the ISI nurtures jihadi groups, and the Fauji Foundation monopolizes large swathes of the economy, then you will not get FDI and modern industries won't develop.

    There are many low-labor costs country in the world like Vietnam, India, Sri Lanka, etc. which provide a reasonably secure environment and are fighting to get foreign investment. Unless Pakistan changes dramatically and abandons the stupid games its Army and ISI plays, it will not get FDI and remain a textiles and soccer balls exporting country. There is no two ways about this.
    @Mamoon @Yossarian
    I think you miss the point about corruption of NS. Its not just the money they steal, its what they allow their nearest and dearest to steal, its their destruction of institutions to protect their theft and their peoples theft, its the loss of moral authority of the leader, its the misallocation of resources due to corruption, its the break down in law and order because of theft and many other which are too many too list. NS and AZ are the cancer that needs a cure. The cure has arrived.

  49. #49
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    Quote Originally Posted by Bewal Express View Post
    I think you miss the point about corruption of NS. Its not just the money they steal, its what they allow their nearest and dearest to steal, its their destruction of institutions to protect their theft and their peoples theft, its the loss of moral authority of the leader, its the misallocation of resources due to corruption, its the break down in law and order because of theft and many other which are too many too list. NS and AZ are the cancer that needs a cure. The cure has arrived.
    I agree that corruption has wide ramifications and damages the economy in multiple ways.

    However, the absence of security and the perception by investors that jihadi groups are nurtured in the country is more decisive for investment decisions. Even if the corrupt skim off 10% but make the conditions otherwise conducive to investment and development, the economy will boom.

    The share of taxes in the US economy is about 38%, much of which is wasted on unproductive expenditures like defense, entitlements, support to rubbish liberal arts courses in universities etc. Even with this burden, the US economy is flourishing.

  50. #50
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    Quote Originally Posted by Yossarian View Post
    I'm curious as to why you feel the need to specifically mention my name in this post considering that neither do I live in Pakistan (I'm a UK citizen living in the UK), nor do I have any interest in Pakistani politics, and nor do I know much about ISI, Pakistani Army, Fauji Foundation, Pakistan's internal fiscal policies etc.
    That is other than the level of interest shown by any individual who has travelled extensively (- far more than you I suspect), worked/lived in at least three different continents, and generally takes an interest in the world around him/her.
    But you obviously value my opinions since I can see no other reason for you mentioning me in this thread via your post. So thanks for asking. But on this occasion my response is "no comment".
    I thought I saw an intelligent post from you in another thread about the Pakistani economy. I don't know, I may have been mistaken.

  51. #51
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    Quote Originally Posted by Napa View Post
    I agree that corruption has wide ramifications and damages the economy in multiple ways.

    However, the absence of security and the perception by investors that jihadi groups are nurtured in the country is more decisive for investment decisions. Even if the corrupt skim off 10% but make the conditions otherwise conducive to investment and development, the economy will boom.

    The share of taxes in the US economy is about 38%, much of which is wasted on unproductive expenditures like defense, entitlements, support to rubbish liberal arts courses in universities etc. Even with this burden, the US economy is flourishing.
    I dont disagree with your points about perception leading to a lack of FDI but along with the security the other issue is what IK and others call the cost of business which again is linked to corruption.
    Your point is very valid about taxes but if NS and AZ asked anyone to pay taxes, even their most fervent fans would run a mile because people dont want to pay towards mansions in London and Dubai. When IK asks people to pay taxes at least they know in their hearts that he lives and breathes PK.

  52. #52
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    Quote Originally Posted by Bewal Express View Post
    I dont disagree with your points about perception leading to a lack of FDI but along with the security the other issue is what IK and others call the cost of business which again is linked to corruption.
    Your point is very valid about taxes but if NS and AZ asked anyone to pay taxes, even their most fervent fans would run a mile because people dont want to pay towards mansions in London and Dubai. When IK asks people to pay taxes at least they know in their hearts that he lives and breathes PK.
    It is obvious that IK has been able to inspire many Pakistanis. I wish him and his supporters well and hope they succeed in their goals of peace and development.


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