OMG OMG OMG!!!!!

and I have no doubt to say those 522 Bilion were spent by Goons of PMLQ & MQM for promotion like billboards and media campaigns.

Translation: Don’t expect any magic from me (Ishaq Dar). Keep struggling with your daily lives as before.

Why do governments are always eager on disclosing the mess of previous government? I have been hearing this since Benazir’s first term. ( I was too young when Zia took over).

All previous financial managers are around…so if Dar is wrong they should step up and testify to the parliament finance committee and defend their record. Will they?

@Rashid
you have point there … but the people have a right to know and they should know what Q and MQM have done.

Transparency is good, but not enough. It must be followed by accountability in free and independent courts.

Btw: I think we have only seen the tip of the iceberg. I am convinced that much more will follow.

/Saqib

Shereen Rehman sounds so unconvincing, her words are as hollow as previous information ministers. She cant even put her words properly, totally unconvincing, fake and void of any emotions. Havent heard from Ishak Dar yet, still watching the video

@Saqib on April 9th, 2008 5:42 pm
“Btw: I think we have only seen the tip of the iceberg. I am convinced that much more will follow.”

Don’t think. Believe the “tip of the iceberg” bit.. It will become clear to everyone in a years time. Pakistan has been royally r@ped over the last eight years. What you should be asking is how BIG is that iceberg….

after the judiciary gets restored and gets independent, they should invite all of the PML-Q people responsible for this. wtf man 522 arab rupees…get that shortcut aziz back here!! there should be a trial called Musharraf Regime Failures.

Catch that culprit SALMAN SHAH………..biggest liar of all time

@admin
is ur aaj tv working on jump tv cause its not working for me

AAJ TV working. There is “Tune my Video” on the bottom of video. Try clicking that and select London server.

Admin

request interpol to arrest short cut aziz and ” post ” him here so that we can have his ” trial “.
arrest also the previous finance minister alongwith pmlq top leaders.

in sab ki jaidaad qarq kar kay sara paisa hukoomat kay khazanay main dala jaye, umeed hay keh 522 arab rupees ka half to poora ho hi jaye ga

full stop

thank Admin

@taimurdar: and what about previous government. They have been doing the same what PML Q adn MQM did in last 8 years.

All should be accountable or they will be accountable in life after death.

WE NEED NEW LEADERS

its good that he has informed us of what the generals and politicians have been doing in the past. but as usual there will be no accountability.

@calyps …. true but the difference is that previous governments didnt have access to billions of dollars in the name of war on terrorism.

Recently this issue has been raised even in US congress that all this money to Pakistan has gone unaudited.

Same thing happened during Zia regime but never during civilian governments.

Mr. Dar good luck. I am sure if you burn the midnight oil and are not scared of failing then you will put the economy on the right path.

Also it would be sweet to have dar and sh. aziz in capital talk or some other show and then they can debate.

@ baig_lahori …. for that to happen …… capital talk would have to feed live from NY or London as there is no chance of Shaukat Aziz of coming to Pakistan in near future ….. i wish he had taken Musharraf Manhoos with him.

Get the assets of all the ex.govt officials, MUSH, Chaudrys, Salman shah and SC aziz, sell them and deposit them in the country’s treasury.

Too much deficit despite the fact that this govt. was rich with money. Lots of money poured in terms of foreign aid and earthquake disaster…Where did it all go? C’mon musharraf, you didn’t rip us off so bad!

the media is so biased…ARY money fags, the finance thing is important then those taxi drivers bashing their own crap. as soon as dr tarooq tattar starts poppin’ they cut the finance thing.

@rashid
let me tell you why all political govts.moan about last govt. because when za bhuttho was prime minister dollar was 4 or 5 rupees and when zias plane crashed dollar was 10 times expensive ,dictators always destroy economies

@Admin
is it possible for you to record the

@Malek
What you said is factually wrong. It seems the rupee depricaited most during BB/NS/BB/NS governments. I still remember dollar shooting up to 70-80 Rupees when NS came up with the bright idea of freezing dollar accounts.

Regarding the other point, i remember NS complaing about BB govt and BB complaing about NS govt. Its not just military govt they complain abt

That being said, I dont think PKR vs USD is the only criterion for measuring economin progress.

Going forward, I would like to hear solutions from the new ministers not the old tales about last goverments. Courts and media should deal with the corruption of last govt.

If the situation is so dire, I would like him to tell the people how much are the expenses of army, president, PM, ministers. etc.. Why not cut down the expenses of MNA from 15 milliion ( i may be wrong on this ) to lets say 1 million per year.

P.S. Please dont take this as an argument for military rule, just stating the facts.

Value of 1 US Dollar (source UN)
1970 : 4.7 PKR
1975 : 9.9
1980 : 9.9
1985 : 15.9
1988 : 18.0
1991 : 23.8
1992: 25
1994: 30.5
1996: 36
1998: 45
2000 : 53
2002 - 2008 : 60-63

In 1970s rupee - dollars parity at the rate of 10 Rs. There was no open market at the time so a black market for dollar existed where it traded at a higher price than official rate. When Ghulam Ishaq Khan was finance minister of Ziaul Haq, this fixed peg was removed and dollar was allowed to float. In 1990s, when economy opened up, a free float of currency was allowed.

Dollar was never at 70-80 Rs. The highest that dollar went was 67 Rs in 2001. The dollar rate stabilized when overseas Pakistanis started shifting their savings home due to adverse climate overseas after 9/11. In the last year or so, there has been a lot of outflow of dollars from the country and as a result ruppee has depreciated against dollar.

@Rashid
Wasn’t it Rs. 6.60 per US$ in 1975?
But one must also keep mind how the dollar has depreciated these same years.. Even officially, the Consumer Prce Index(CPI) has gone up more than 5 times ($1 in 1970 = $5.44 in 2008). In reality, the depreciation of the dollar is much worst. Now put that against the rupee depreciation(can buy one-thirteenth) of the dollars it could in 1970) and multiply that with the depreciation of the dollar and we end up the rupee being worth one-seventy third (1/73) of what it was in 1970.

Situation is going to get worse and soon when we say NO to US over cross border attacks they are going to stop the aid and then we will get screwed and I mean really screwed…
I watched the press conference and Sherry Rehman had put so much make up and I tried to imagine how she would look without make up and I almost puked.

Ah nothing new. The same old game starts again. I was expecting better things from new Coalition but this listening to new FM - it felt like the way in 90s.

Now they will catch few guys and put them in Jail, bring some useless schemes (which will never benefit poor people) bla bla bla.

I know FM’s job is very tougher this time but I dont think he will be able to get rid of this mess.

And yes officials of last govt. should be accounted (No doubt). But is Mr. Dar doing something new!!!

@fantgiri

I agree completely

@nota
As i said my source was UN statistical data sheet. I did not go into details how they came up with these exchange rates, however I expect that they are somewhere close. You can google it “historical exchange rate pakistan”. It very well might be 6.6 on a given day in 1970. still it did not increase 10 fold as suggested by Malek.

@Adonis

When the dollar accounts were frozen, it did touch 70-80 at exchange dealers like Khanani & Kalia.

I think that one of the key issues Mr. Dar needs to bring up is the size of the defence budget. The point is not whether the defence forces are appropriating too much or too little…an empowered parliament needs to know what is being allocated and for what purpose, down to the last detail, and then it should decide how the balance needs to be struck between the country’s legitimate defence needs and the other, perhaps even more pressing needs of its poor man-in-the-street. Pakistan needs to bring its armed forces under the control of civilian law and parliamentary accountability.

@ Rashid

It is 100 percent wrong to compare rupee against dollar for a simple reason.

Even though our money has not lost value against dollar in mush regime but this has nothing to do with our policies. This is because dollar itself has lost value against all currencies and so did ours. This war on terror has messed US economy as well.

So compare our ruppee against indian currency during last 6 years or against euro.

Dar sahib, I agree with you whatever you said about the previous regime. But what I don’t want or expect from you is that next finance minister saying the same thing about you.

Now lets come to the point, if we can survive with such a hidden surplus then I don’t think so it would be difficult for you to set aside 25% of the budget to education & spend it with the same spirit as you spend it your own money for your kids education. I hope you would some day find time to have a look at my comments. Thanks

@@@ALL
We acknowledge that it really annoys keep observing the practice of blaming ones predecessors and the tradition is so twisted that even now when some one tries to reveal the situation with total sincerity then it is probed with wrong intentions………

Any ways Mr Daar is a very reputed finance guru( renowned as the pioneer of self innovative Dar-nomics philosophy) and able enough to stable the economy of the country provided he widens his consultancy circles including the independent economists like Dr. Shahid Hassan Siddiqi.

I am sorry Dar sahib. I am afraid, your economists are a bit too much politically instigated.

fake figures is the only matter of concern, otherwise, nothing out of the world was noticed. And I wonder….what does he mean by fake figures? can any body tell me if I could get hold of the document, dar sahab was quoting, somewhere online?