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Pakistan Economy & Development

Discussion in 'South Asia & SAARC' started by BlueOval, Jul 27, 2010.

  1. HariPrasad

    HariPrasad Lieutenant FULL MEMBER

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    Well come @Guru Dutt ji. Why are you banned?
     
  2. Nilgiri

    Nilgiri Lieutenant GEO STRATEGIC ANALYST

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  3. Kalmuahlaunda

    Kalmuahlaunda Lieutenant FULL MEMBER

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    China is looting Pakistan left and right.
     
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  4. HariPrasad

    HariPrasad Lieutenant FULL MEMBER

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    But they are hoppy. As hasn nisar said they are such stupid people who always celebrate their regression. Many pakistani sane people are warning pakistan but their greedy general are hell band to make CPEC to get hefty commission.
     
  5. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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  6. Blackjay

    Blackjay Developers Guild Developers -IT and R&D

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    Fewer Pakistanis finding work in Saudi Arabia
    Shahid IqbalUpdated August 16, 2017


    KARACHI: The export of manpower sharply dropped in the first half of the current calendar year, latest data from the Bureau of Emigration and Overseas Employment shows.

    In particular, the manpower export to Saudi Arabia in the first six months of 2017 was just 17 per cent of the total workers who went to the kingdom in entire 2016. Pakistan exported to Saudi Arabia 77,600 workers in January-June as opposed to 462,598 workers in entire 2016.

    The drastic decrease can adversely impact remittances, which registered a year-on-year decline in 2016-17 after 13 years of growth. Inflows from Saudi Arabia during the last fiscal year dropped 8.3pc.

    Job opportunities shrank in Arab countries after oil prices crashed

    A major drop in the number of workers registered for overseas employment was witnessed mostly in the Middle East, particularly Saudi Arabia, which is the biggest source of remittances. Pakistani workers based in the kingdom sent home $5.4bn, which was more than 28pc of total remittances that the country received in 2016-17.

    Job opportunities shrank in Arab countries after oil prices crashed. Pakistan relies heavily on remittances to meet the current account deficit, which amounted to $12.1bn in the last fiscal year. Remittances from the Middle East amount to about 63pc of total remittances that Pakistan receives every year.

    This leaves little hope for the country to maintain its foreign exchange reserves to ensure at least three months of import cover.

    It is unlikely that the Middle East will welcome more Pakistani workers in the near future as oil prices have not recovered yet. This is alarming for the country that is already engulfed in a political crisis while its exports have been declining for the last four years.

    Overseas workers have started coming back to Pakistan after losing their jobs. With mounting economic pressure, the Gulf countries are trying to provide the maximum number of jobs to Arabs. No official data is available for returning overseas workers. But sources claim that about 260,000 Pakistani workers returned home during the last couple of years.

    According to the bureau, the manpower export to Malaysia was 3,243 in January-June as opposed to 10,625 in entire 2016.

    Despite pressure on foreign exchange reserves, the government has not made any strategy to increase the export of manpower that can help bridge the trade deficit.

    Published in Dawn, August 16th, 2017
     
  7. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    Pakistan on the verge of seeking IMF bailout, experts claim


     
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  8. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

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    Foreign exchange: SBP's reserves continue to decrease, now stand at $14.13b
    KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.06% on a weekly basis, according to data released by the central bank on Thursday.

    On September 22, the foreign currency reserves held by the central bank were recorded at $14,132.7 million, down $150.9 million or 1.06%, compared to $14,283.6 million in the previous week, according to the central bank.

    Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,051.6 million. Net reserves held by banks amounted to $5,918.9 million.

    The decrease in reserves was attributed to external debt servicing and other official payments.

    Foreign exchange: SBP’s reserves plunge 3.22%, amount to $14.28b

    More than a month ago, foreign currency reserves increased due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.

    Earlier, the SBP received $350 million under the Coalition Support Fund (CSF) and made payments of $62 million for external debt servicing.

    In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

    https://tribune.com.pk/story/151868...-reserves-continue-decrease-now-stand-14-13b/

    Pakistanis are doing a wonderful Job. Just need to wait for the corrupt diseased security state to fall down on their heads. It’s gonna be biblical. :cheers:
     
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  9. _Anonymous_

    _Anonymous_ 2nd Lieutant FULL MEMBER

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    Don't waste your breath .They've more lives than the proverbial cat with 9 lives .Every time one thinks they're going to drown they get thrown a lifeline .Has happened all the time since their creation .
     
  10. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

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    I would like to waste my breath!!!. Care to explain how?.
     
  11. Anish

    Anish Lt. Colonel ELITE MEMBER

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    For past 10 years we have been diligently waiting for them to become a failed state

    And today

    1. They have secured their volatile areas
    2. They are getting billions in infra funding from China
     
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  12. Rajaraja Chola

    Rajaraja Chola 2nd Lieutant FULL MEMBER

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    Terrorism have declined in Pakistan. You gotta admit it. Radicalisation is another issue. But stopping people access to explosives can save it.
    Its a developing economy. Pakistan will be ready to sell themselves to Chinese if it means parity with India. They will happily sell their debt to China for 99 years. They will survive. Thrive? I am not sure.
     
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  13. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

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    Maybe what you guys say may be true but Pakistan's economic Indicators show other wise.
    Their total external dept is $80 billion+ all other indicators are also mentioned below. Its just a matter of time the country explodes. You will run out of assets once you mortgaging everything you can.

    upload_2017-9-28_23-50-6.png
    https://tradingeconomics.com/pakistan/external-debt
    upload_2017-9-28_23-55-14.png
    Major Export Country is USA: Relation with USA is spiraling day by day.Unless They sell themselves to the Americans again.
    upload_2017-9-28_23-57-28.png
    Remittances are falling
    upload_2017-9-29_0-0-9.png

    True terrorism is on the decline. But it is the calmness before the storm.
     
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  14. Rajaraja Chola

    Rajaraja Chola 2nd Lieutant FULL MEMBER

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    China will take over the economy of the country leaving other issues to its political masters. Much like EUropean powers did to China. China will even give weapons free of charge if it means tying India up in South Asia through Pakistan. Its in China's interest that Pakistan survive. If it means writing off debt(95% they wont do) to save Pakistan from imploding then they will do it. Pakistanis care only about Islam, religion. honour (wrt India alone). Economy, food, peaceful foreign policy is never their concern. They think just like the past centuries they can invade India and make as Islamic republic

    Pakistanis are Brawny. Chinese are Brainy.
     
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  15. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

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    Again to add to Pakistans woes ... new mortgaging of assets

    Defence ministry clears sale of K-Electric to Chinese firm

    ISLAMABAD: In an important development, the Ministry of Defence has given a security clearance certificate for the sale of Abraaj Group’s 66.4% stake in K-Electric to Shanghai Electric Power. However, the issue of settlement of over $1 billion dues still remains unresolved.

    Both Ministry of Defence and Ministry of Interior have given the no-objection certificates for the sale of majority shares to the Chinese company, sources in the Ministry of Energy said. However the Ministry of Defence gave the certificate on the condition that the new buyer of K-Electric -the country’s largest integrated power utility company – would ensure power supplies to vital defence installations at all times, they added.

    Since the Amended Implementation Agreement has also expired, the Privatisation Commission has asked the Power Division to sign a new legal agreement to make sure that the buyer is legally bound to supply electricity to defence installations.
    China not to intervene in K-Electric deal: official

    The Privatisation Commission has also asked Abraaj Group (the seller) to share the draft Sale Purchase Agreement but it has refused to meet this condition, said the sources.

    The Power Division had asked Shanghai Power to seek security clearance from the Ministry of Defence and Ministry of Interior for the deal to be ratified. Shanghai Power is already running a nuclear plant in Pakistan.

    The defence ministry’s endorsement would remove one of the main irritants that have delayed the finalisation of the deal. In August last year, the Abraaj Group sold KES Power – the offshore entity that controls 66.4% of total K-Electric shares – to China-based Shanghai Power. The deal is estimated at $1.77 billion and is contingent upon settlement of issues between the government and the seller.

    The Abraaj Group will get only half of $1.77 billion as the first Saudi Arabia-based buyer – the AlJomiah Group – has kept its investment through an offshore entity. As per the shareholders’ agreement, the Abraaj Group has a 50% stake in KES Power – the holding company of K-Electric – and will get half of the total price, sources said. This means that when and if the deal materialises, Abraaj Group will claim over $785 million as its share.

    The government of Pakistan sold its majority stakes in K-Electric – then KESC – in 2005 to AlJomiah Group.

    Since Abraaj and Shanghai Power failed to conclude the deal by March this year, they had to seek fresh regulatory approvals. After the expiry of the original deadline, Shanghai Electric made a public announcement on June 29 of its intention to acquire K-Electric.

    “In accordance with takeover regulatory framework, the acquirer may make public announcement of the offer till December 26 of this year,” the Securities and Exchange Commission of Pakistan (SECP) said.

    The Abraaj Group has been making hectic efforts to conclude the deal at the earliest. Its officials also met with Prime Minister Shahid Khaqan Abbasi last month to get his support, according to sources.

    They said that a meeting of an inter-ministerial committee was scheduled for Wednesday but had to be postponed due to non-availability of Finance Minister Ishaq Dar. The inter-ministerial committee has been setup to thrash out impediments to the deal.

    “For us the most important issue is the receivables but so far there is no convergence on this issue,” Secretary Power Division Yousaf Naseem Khokhar told The Express Tribune.

    Abraaj Group unable to conclude deal on K-Electric

    Khokhar said that outstanding dues have to be settled by the seller before the deal is finalised. He said that an inter-ministerial committee is handling the deal and once all the pre-requisites are completed, the matter will be placed before it for approval.

    The Sui Southern Gas Company (SSGC) and National Transmission and Despatch Company (NTDC) have made claims worth around $1.24 billion on account of cost of electricity, gas and late payment surcharges (LPS). Abraaj Group does not want to pay the interest and is seeking settlement of payment of principal amount.

    Abraaj Group is of the view that since the matter of payment of mark-up is pending in the court this issue should not be linked with the deal. The Power Division and SSGC do not agree with this stance.

    Published in The Express Tribune, September 29th, 2017.
    https://tribune.com.pk/story/1518859/defence-ministry-clears-sale-k-electric-chinese-firm/
     

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