All comments will be answered soon =)
I leave you with some recent news items.
PKPolitics Discuss » Future of Pakistan
Pakistan economy among top in the world for doing business: WB
(93 posts)-
Posted 4 years ago on 10 May 2008 6:55 #
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UAE willing to set up oil refinery in Pakistan (and about the Privatization programme)
The government is in the process of prioritising the privatisation programme, which would be announced soon, said Naveed Qamar, Federal Minister for Privatisation, Investment, Industries and Production here on Wednesday.
The government was planning to sell a specific quantity of shares of Habib Bank Limited (HBL) to the institutions through block sale while Expressions of Interest (EoIs) had been invited for privatisation of SME Bank, the minister said while talking to Ali Mohammed Al Shamsi, Ambassador of United Arab Emirates to Pakistan, who called on him here.
Qamar said that Pakistan provided tremendous investment opportunities to all investors in every sector of economy with liberal investment policy and unmatchable incentives in the region with a level playing field.
The ambassador further said the UAE was ready to establish an oil refinery in Pakistan and to further accelerate economic interaction by targeting upcoming investment and privatisation opportunities. \"The UAE government will encourage its private and public sectors to invest in different fields,\" the envoy said.
He assured full support of the UAE government to further enhance the private sector and the UAE government investment in Pakistan particularly in the fields of energy, petrochemical and real estate sectors, the envoy said.
He said the UAE was planning to establish an agriculture bank to encourage farmers and to improve quality control of rice, wheat, vegetables and other agriculture products through financing.
Meanwhile, in his message on International Labour Day (today), Syed Naveed Qamar said that Rs 22.725 billion have been distributed among 59,646 employees of 104 privatised units. Pakistan is proud of its workforce, which with its devotion and commitment has made this country a hub of economic activity, he said.
The government has decided to take on board the workers of the State Owned Entities (SOEs) before their privatisation as it was done during the previous tenures of PPP, he said.
\"We are determined to make our privatisation programme and policy pro-worker and pro-people. We will ensure that no privatised unit is closed and that it should flourish, expand and to create more job opportunities to increase production and improve efficiency through new technologies,\" he said.
Prior to privatisation of any such entity, Voluntary Separation Scheme (VSS) or Golden Handshake Scheme (GHS) to the interested workers is offered to ensure that they should not be left high and dry, the minister said adding that the buyers are bound to retain those workers for a period of one year who have not opted for GHS/VSS after the privatisation of any entity.
He said that 10 per cent shares of each privatised entity are also meant for the workers, which is another effort to make them realise the feelings of ownership in these entities. \"As a result of these post-privatisation benefits a sum of Rs 22.725 billion has been distributed among 59,646 employees of 104 privatised units under the APSEWAC agreement,\" he said.
Copyright Business Recorder, 2008
Posted 4 years ago on 10 May 2008 7:02 # -
Inflows of $3.5 billion expected by June-end: SBP governor asks bankers to correct negative sentiment [Read 4th paragraph and 2nd last paragraph]
KARACHI (May 10 2008): Inflows of around $3.5 billion are expected by end June and the interbank market is squaring at the end of every day. There is no plausible reason for panic was the message conveyed by Governor State Bank of Pakistan Dr Shamshad Akhtar to bank heads in Karachi on Friday.
Chairing a meeting at the SBP Head Office, the governor asked the bankers to correct the negative sentiment on the market and restrain their treasuries from making undue profits due to high volatility on the interbank market.
On Thursday, she said, although the inflows were $160 million while the outflows were $155 million, the rupee weakened by 65 paisas against the dollar. \\\"We do not want to roll back the exchange market reforms and liberalisation process. However, in case banks do not conduct responsibly and do not take steps to restrain excessive trading I will have to take administrative action,\\\" warned the governor.
The bank chiefs told the governor that the present turmoil in the exchange rate is basically sentiment-driven and is a consequence of all sorts of negative news and views on economy emanating from people at the helm in Islamabad.
Second, they said, the proposed taxation measures such as imposition of wealth tax and capital gains on real estate have resulted in flight of capital and the panic outflow from the open market, has subsequently shifted to the interbank market.
There was a consensus that trades in small amounts in the afternoon were causing 30-40 paisas movement. Therefore, banks need to have proper pricing which discourages customers undertaking afternoon trades and instead opt to morning dealing; otherwise SBP may stop dealings after 1:30 pm in the bank treasuries.
It was strongly felt, that the negative sentiment has led to cause a situation in which exporters are holding back inflows while importers aggressively booking requirements. The SBP intervention will, therefore, fritter away in no time if not done strategically. Therefore, Governor Akhtar asked the bankers to help the country through the difficult period, cooperate in confidence building and restrain their treasuries from profiteering through arbitrage gains.
The bankers advised SBP to hold an exclusive talk with the treasurers and also conduct one-to-one meeting with banks the SBP felt were not co-operating and were aggressively driving the rupee down.
It was also strongly felt that the new elected government should stop the \\\'blame game\\\' without any loss of time and realise that the country\\\'s economy is now far more integrated with the international market and more insulated as compared to the nineties when the present rulers were at the helm.
According to bank heads, there was nothing tangible on the table, from SBP. The entire lecture on patriotism was strongly reminiscent of the 1990s era. A seasoned banker described the meeting as a rerun serial titled \\\"The return of Dr Yaqub.\\\"
Copyright Business Recorder, 2008
http://www.brecorder.com/index.php?id=736506&currPageNo=1&query=&search=&term=&supDate=
Posted 4 years ago on 10 May 2008 7:05 # -
Pakistan Economy Remains Resilient Amid Crisis [It talks about IT industry as well]
Despite being at a political crossroads, strong fundamentals keep the economy buoyantBy Rafi-uddin Shikoh and Zainab Mansoor
Media coverage of Pakistan has been dominated by its political crisis and the now unfortunately regular spate of suicide attacks including the assassination of the prominent opposition leader Benazir Bhutto.
It would then seemingly defy conventional wisdom that two leading Silicon Valley venture capital firms, ePlanet Ventures and Draper Fisher Jurvetson (DFJ) - funds that helped create companies like Hotmail, Skype and Baidu - would recently invest in a Pakistani Internet company - Naseeb Networks.
Or that in a year (2007) when the country experienced the highest levels of political turmoil and security breaches, its largest stock exchange, the KSE with 670 companies listed would be up an impressive 40% and that the average dividend yield of its stocks would be 6%.
Undoubtedly, for such investor confidence, the fundamental attractiveness of an economy has to be solid while the impact of any crisis limited. In Pakistan not only does this seem to be true but its potential remains severely untapped -- offering tremendous opportunities to both domestic and foreign businesses.
Domestic demand driving economy
With a large and growing population of 160 million, its real GDP (Gross Domestic Product) has grown at almost 7.0% for the last 3 years and is expected to be at 6.5% for 2008. Meanwhile the most recognized indicator of a nation’s prosperity – its GDP per capita, is expected to cross US$1,000 this year – and US$2,000 by 2014, according to local financial services firm BMA Capital. Similarly, middle class incomes are rapidly growing and consumer spending consequently growing above 10% CAGR for last 3years.
Year FY07 FY08
GDP Growth 7.0% 6.6%
GDP (US$ bill) 145 167
GDP/Capita (US$) 925 1,043Source: BMA Research
At the same time, a Feb 2008 report by the World Bank points out that Pakistan suffers from a dearth of infrastructure in the water, irrigation, power, and transport sectors. With its water infrastructure in poor condition, the report argues that Pakistan has to invest around US$1 billion per year in reservoirs and related infrastructure over the next five years. In the energy sector, the country will face severe power shortages of around 6,000 megawatts by 2010. Similarly, inefficiencies in the transport sector cost the economy between 4-5 percent of GDP each year. To overcome these constraints, Pakistan has tripled its annual infrastructure investment from an average of US$2.5 billion to US$7.3 billion, but increased involvement of the private sector will be needed to meet the gaps.
BMA Capital is amongst the leading financial groups in Pakistan and was the advisor to Etisalat (the UAE based Telecommunication company) on their successful acquisition of a 26% strategic stake in Pakistan Telecommunications Company Limited (PTCL) for US$2.6 billion, the largest M&A transaction and foreign direct investment in Pakistan’s history. In BMA’s 2008 outlook for Pakistan, it highlights the key economic drivers as the role of domestic demand, relative insulation from a US recession, insensitivity to domestic politics, tight monetary policy and high oil and commodity prices. The firm projects earnings growth of Pakistan’s publicly listed companies in FY08 at 12.2% and FY09 at 18.0% and projects that the FY09 P/E ratios will move up from the current 9.7x to the historical average of 11.4x.
Recent Foreign Direct Investments \'07-\'08
Khalifa Refinery
Project US$ 5 bn
Hutchison Port - Gwadar Port Terminal US$ 1 bn
SingTel- Warid US$ 785 mn
UBL GDR US$ 650 mn
Oman Telecom - Worldcall (65%) US$ 202 mn
Int’l Consortium
Saudi Pak Bank (60%) US$ 200 mnSource: BMA Research
BMA is certainly benefiting from its own advice. Speaking to DinarStandard, Mr. Shehryar Ahmed, Senior Vice President & Head of Marketing and Investor Relations at BMA Capital Management commented that, “In 2007, BMA’s Pakistan Opportunities Fund, the country’s first and only offshore country fund generated 28.5% in the midst of assassinations and emergencies. I think this is illustrative of the opportunity that Pakistan offers and the international investor is willing to look behind the headlines. Even in an unstable political terrain, Pakistan has posed a great investment opportunity.”
Speaking on the current economic environment he further added, “Government spend has increased substantially on infrastructure and other development areas over the last few years and that trend is expected to continue, given the large projects already in implementation and in the pipeline. In 2008, now that elections are behind us, and a new government is to be formed, we are optimistic of the country’s growing economic prospects.\"
Local Entrepreneurs Bullish
Given that the elections were conducted harmoniously and no apparent political upheavals appear in sight, the major players in the local market are hoping for a further boost in the economy.
Naseeb Networks is a leading provider of a portfolio of websites including ROZEE.PK and Naseeb.com. ROZEE.PK is Pakistan’s largest and fastest growing job website delivering over 1.4 million applications to jobs posted by 8,800 employers that include Mobilink, Nestle, Oracle, McDonalds, United Bank Limited, Microsoft, GlaxoSmithKlein, Engro Foods, Proctor & Gamble and others.
Its CEO and Founder Mr. Monis Rehman, is looking forward to aggressively expanding its Pakistani presence given the recent cash infusion from its Silicon Valley investors. Speaking to DinarStandard he said, \"Investments continue to happen because the fundamentals are strong. Pakistan has a population of 160 million consumers. 70 million of them now have mobile phones. Over $1 Billion has been invested in broadband and WiMAX infrastructure. While there is a lot to be concerned about, there is also a lot to look forward to.\"
Commenting on the viability of its new media venture in Pakistan, he said, \"Pakistan has a rapidly growing 7.5% internet penetration rate compared to India\'s 4.5%. None of the top 10 sites viewed from within Pakistan are local, which suggests a huge opportunity for creating local content. Online advertising is also at its infancy and with the current market dynamics, is poised for strong growth.\"
Similarly, major players in the telecommunication league think no different. Zuhair Khaliq, CEO of Mobilink, the subsidiary of Egypt-based Orascom, when asked to comment on the company\'s future plans in Pakistan said \"We are envisaging sustainable growth in Pakistan. With mobile penetration still at around 43%, the room for growth is immense. The growth is not only limited to mobile telephony, as there are huge opportunities in other fields like broadband (optic fiber, DSL, WiMax), LDI etc. This coupled with the enabling environment being provided by the Pakistan Telecommunications Authority ensures an excellent future for this sector.”
Meanwhile, the outlook for banking which serves as the back bone to an economy also seem bright for 2008, as the Central Bank Governor Dr. Shamshad Akhtar announced the country\'s \"extraordinary growth\" of financial sector assets which grew to $180 billion or 125% of the Gross Domestic Product (GDP) in 2007. Fitch Ratings also recently reported that the Pakistani banking system, over the last decade, has gradually evolved into an active private sector driven system with the private sector controlling nearly 80 percent of the system assets, as opposed to the early 1990s when 90 percent of the system assets were controlled by the government.
Another growth driver is the growth in Islamic Finance. In Pakistan there are currently six dedicated Islamic Banks with a total of 186 branches along with 102 standalone Islamic Banking branches of conventional banks. According to Meezan Bank, the first IF bank in Pakistan, their total deposit base is over US $1.98 billion while the overall Islamic banking assets are worth $2.83 bill.
‘Easier to do Business’ than in China and India?
The World Bank annually releases an Ease of Doing Business ranking which provides objective measures of business regulations and their enforcement across 178 countries. Its 2008 report showed Pakistan’s ranking (#76) as better than the emerging markets of China (#83) and India (#120). It was also identified as one of the leading reformers during 2005-08 and within OIC member countries was only behind Egypt in terms of the number of new business friendly reforms.
An example of such a business reform noted by the project is that customs clearance at the Karachi international container terminal has dropped from 10 days in 2004 to 4 hours in 2007.
Indeed, a variety of business friendly measures during the past few years and relative political stability have played a positive role in investor confidence. It’s certainly hoped that the new political structure can only improve upon these measures and resolve the many issues remaining to be addressed.
Opportunities to Invest
The recently created JS Private Equity Fund sees opportunities in both export-related industries such as textiles, leather and medical supplies, as well as domestic-demand related industries such as consumer goods, media and advertising. Speaking to MarketWatch recently, Steve Smith, JS Funds Managing Director, further identified opportunities in inefficiencies within infrastructure, transportation and logistics, as well as agriculture and horticulture.
The JS Private Equity Fund has already made two investments. The first is for a controlling stake in Optimus, the Hertz franchise in Pakistan, which specializes in long-term vehicle contract-leasing to businesses. The second is a minority investment in Engro Asahi Polymer & Chemicals, the only Pakistani producer of PVC resin.
Meanwhile, BMA Capital sees the biggest investment opportunities in energy & power, refinery, gas distribution, fertilizer, autos, banks, cement, fmcg (fast moving consumer good), telecom, and textile sectors.
Overall, the horizon for prosperity and growth seems lustrous for Pakistan. The general sentiment is undimmed and is driving the masses to believe that change for a better economy & a better future is within their sight. Despite being considered a politically unstable terrain, Pakistan as an economy still has a lot to offer and is rightfully called by Mark Matthews of Merrill Lynch as \"the greatest information-arbitrage opportunity in the world.”
http://www.dinarstandard.com/current/PakistanEconomy030608.htm
Posted 4 years ago on 10 May 2008 7:14 # -
Where is Khalifa Refinery being constructed ? I m keen to know
UBL GDR , selling of existing unit (Privitization).
I already siad that apart from telecom , where new licenses , no major investment has come.
How many companies got listed on KSE in such conducive environment during last 5 years ?
Posted 4 years ago on 10 May 2008 8:21 # -
Its a link from govt of pakistan website. Dated Dec. 2006.
http://www.pakistan.gov.pk/divisions/ContentInfo.jsp?DivID=49&cPath=768_775&ContentID=4168
Bidding for refinery near Hub cancelled: Govt to sign accord with UAE company
http://www.dawn.com/2006/11/07/ebr1.htm$5bn refinery accord signed with UAE
http://www.dawn.com/2007/11/14/top11.htmHope it get materialized. In 1994 , when PPP govt announced IPP policy , MoU\'s worth billions were signed when US Energy secretary visited Pakistan , only a few were materialized.
Posted 4 years ago on 10 May 2008 8:32 # -
Ashkan,
It will materialise.
The problem in the 90s was one govt. would come, start some planning, do something, sign some contracts, do some digging, and, then the next govt. would come, cancel all the previous govts. contracts and trash their plans and leave the dug land as it is, and, start from scratch, then the next govt. would repeat. This was used a political tool, blame all the previous govts. plans/policies/projects and start everything again from zero.
Hopefully this wont happen now.
FDI:
1 is port terminal
2 are telcom. companies
1 is bank
1 is public co.
1 is refineryAnd these are just last 9 months, and, are only the BIG ones. As you read in the article, there is investment coming into oil and gas, IT, car rental co. chemical manufacturers, banking and many other sectors as well. Did you read the article?
I dunno how many companies were listed on KSE, but, I DO KNOW that the KSE has reached market capitalization of more than $70 billion up from a few billion. The KSE 100 index used to be what, like 1500 in 1999? Today it is between 14000 to 15000. Now, all these are not telcos. Only a few, handful out of 100.
The rest will be answered soon lol
Khalifa refinery will be in Balochistan, probably close to the coast.
Posted 4 years ago on 10 May 2008 9:02 # -
@Secular,
who toppled the govt in 90\'s ? Army ---
Refinary is yet to materialize , signed an mou on last day of SA govt and hopefully to start production in 2012. but u r counting it .
Telecom is something i have alrready taklked . 4 license were given 2004/5 to warid, telenor and 2 other companies for 250$ each . Singtel is not new investment , it is taking over an existing mobile operation.
UBL GDR is part of the privitization process . . U r so informed , then u would also be aware of the manner in which UBL was privitized to Bestway group and Mansha group walked out of the third round of bidding.
No, new units are coming to KSE . The speculative activity and expat remittances have definately lifted it to 14000 mark. But tell something about March 05 collapse. Who cazed that and who made money out of that ?
Posted 4 years ago on 10 May 2008 9:29 # -
1. Who got together with the army to play these games?
Politicians. Even if new govts. come doesnt mean you have to behave so irresponsibly and scrap all the old plans and start afresh.
2. I am not counting the refinery or anything. It was listed in the article as one of the major deals concluded in the last 9 months. It will be built in 2012. PPP is behaving differently from the 90s. It has not started randomly scrapping any old contracts or plans.
3. Investment doesnt have to be to set up a new company. It can be to buy existing companies, as mostly happens. Infact most investments in the world are to buy existing companies because of the future prospects of the companies and that of the economy they operate in are so good.
4. Whats wrong with privatization? Why didnt the genius politicians think of privatization in the 90s to attract investment and economic activity? Thats a policy decision, not circumstantial.
5. Yea speculative activity took the stock exchange from 1500 to 14000 =P
And remittances dont affect the stock exchange much because most expats are not stock exchange investors. The majority of stock exchange investments come from local investors and foreign investors, not pakistani expats because most expat pakistanis are not businessmen or expats.Secondly, why was there no speculation in the 90s? Why would seasoned local and foreign investors who understand the the business world invest in a market that is a bubble and is not built on strong fundamentals?
Stock market crashes happen all over the world, it a natural part of the of the process, the investigation did not find any information to link it to any individual or group.
No. of KSE floatations and their total worth (NEW companies being listed in KSE):
2007: 14 - Rs. 57.2 billion
2006: 9 - Rs. 14.7 billion
2005: 19 - Rs. 30 billion
2004: 17 - Rs. 66.8 billion
2003: 6 - Rs. 4.5 billion
2002: 4 - Rs. 6.3 billion
2001: 3 - Rs. 2.8 billion
2000: 3 - Rs. 2 billionRest will be answered too!
Posted 4 years ago on 10 May 2008 20:01 # -
Karachi stock exchange a symbol of what Pakistan can and will become: US ambassador
Friday, May 09, 2008KARACHI: US Ambassador to Pakistan, Anne W Patterson, Thursday visited Karachi Stock Exchange (KSE) and held a meeting with its management and board of directors.
US Consul General Kay L Anske and Press Attache Elizabeth O Colton were also present on the occasion.
Speaking on this occasion, she said that Pakistan stock market has a ‘huge’ upside potential and she was keen to be at the premier stock exchange of Pakistan.
“I was preparing for the job and I picked up the Wall Street Journal one day and there was a front page article on ‘terrorism in Pakistan’ and on the business page there was a story on KSE being the most successful stock exchange in the world. So I wanted to visit this stock exchange (KSE) which is the symbol of Pakistan’s growth and of hopefulness in the economy”, she said.
“I had also heard a lot about the distinguished and impressive management the stock market had here,” she said. Earlier, Managing Director KSE, Adnan Afridi, gave a presentation on country’s economy, stock market and performance of Pakistan’s premier bourse.
He said Pakistan has experienced a sustainable growth and can continue on the path provided there is continuity and longevity of economy policies. “It is one of the most open investment regimes in the world with 100 percent repatriation of profits that has helped in attracting investment,” he said.
Adnan pointed out that financial services and telecom sector were deregulated with the help of strong, professional regulators adopting global practices and benefiting from favourable demographics.
He said KSE was the top performer in the emerging stock markets of the world with a growth of 8.73 percent during 2008. Taiwan is the second with 5.69 percent followed by Bangkok and Singapore.
He said the growth rate of KSE is over 35 percent per annum for the last ten years as its market capitalisation has grown to $75 billion.
He said KSE was heading for de-mutualization which will make it a member of developed stock markets of the world.
Responding to a question about the prospects of long-term investment in the backdrop of security concerns, Adnan pointed out that despite ups and downs and political uncertainty in the country, foreign investment has continued to flow in.
Other members of the board of directors told US Ambassador that there were big upside expectations, once the security situation is improved. What they (fund managers) are worried is the falling rupee and lack of economic road map.
US Ambassador was told that KSE has the average multiple of 10 to 11 whereas neighboring markets including India has 17 while Bangladesh 23.
Posted 4 years ago on 10 May 2008 20:04 # -
AccountabilityAdvocate
Member@ Secular
You may be Salman Shah in disguise!
The indicators for development are:
- rule of law
- human rights
- animal rights
- lack of noise pollution
Ask your American benefactors!By the way, this is what lies is in store for FUTURE...
Posted 4 years ago on 10 May 2008 22:28 # -
The biggest indicator for development is economic development.
Otherwise no one would be calling China the fastest developing country in the world.
Otherwise no 1 would be calling China the future superpower.
Why are only the western countries along with Japan called developed countries?
There are many 3rd world countries with democracies. Why are they still called 3rd world?
Why are they still called undeveloped?The proper criteria for level of development is first and foremost the level of economic development, and, secondly socio-economic development, such as education and health and access to clean drinking water. The socio-economic development itself depends on the economy because you need the economy and money to finance and fund these socio-economic sectors. This is the proper official definition and criteria.
Pakistan has, under Musharraf, progressed in both. The govt. has invested heavily in education. For instance, the higher education budget is about 20 times greater than in 1999.
You can pick up the UNDP millenium development report and it will show you that all socio-economic indicators were going down in the 90s, and, they were going up after that throughout Musharraf\\\'s rule. These are cold hard facts from credible sources.
Also, the things you mentioned like rule of law and human rights, these are automatically improved as a result of social and economic development. You cannot keep these things away from a socially and economically developed population for too long. Thats why China will inevitably become a democracy.
But, it doesnt work the other way round, economic and social development eventually lead to democratisation, but, democracy doesnt necessarily lead to economic and social development.
Thats why there are so many undeveloped and poor democratic countries, but, no developed countries that are not democracies.
I am not Salman Shah but he is a decent economist.
Posted 4 years ago on 11 May 2008 0:16 # -
AccountabilityAdvocate
Member@ Secular:
So, by your definition, QATAR (with the highest per capita income in the world, and leader in most socioeconomic indicators) is the most developed and advanced country in the world!
And, India (the largest democracy in the world) and poorer than Pakistan in per capita terms when your General Kargil took over has now doubled the same figures. By the way, both the Human Development Report and the Global Monitoring Report are familar to this audience.
In sum, I take FREEDOM anytime! May you live long under dictatorships. THE END!
Posted 4 years ago on 11 May 2008 1:37 # -
Accountable,
Qatar is not economically developed. The Gulf states do not have developed economies because its an all oil economy, without oil, they would be living in mud houses and riding camels. Officially, the economies of the Gulf are not considered developed, and, this is the reason they are not considered developed. Add to that certain social indicators such as a 14th century education system (and ofcourse 7th century mentality)
And, this is not my defintion, this is the OFFICIAL definiton of developed. Economic development + social development such as education, health etc Nowhere does it say that democracy is the criteria for development. Otherwise many democracies which are poor would be considered developed, they are not.
Eventually, Gulf countries too will become developed, as this oil wealth will (hopefully) lead to development of their economies when they realise they can no longer rely on oil, this has STARTED happening in Dubai. Along with it will eventually come social development, education, and, inevitably, this will lead to democracy.
Also, Ill give you another random example, amongst the Gulf states, the most democratic is Kuwait, with a relatively free press, and, an elected parliament. The least democratic is the UAE. Now, the least democratic, the UAE is the best off and Kuwait, which is one of the most democratic in the region, is the worst off and the least advanced in the Gulf. And, this is a direct result of the parliament, which is elected by bediouns and contains 7th century Salafis and lazy most unproductive socialists who want the govt. to shower their citizens with money, jobs, cash, houses, everything, from cradle to grave.
India was also a democracy from 1947 to 1990, it never developed economically or socially during those times, Pakistan was better. It just happened that then they got some smart people elected and then things started changing in the 90s. India has a faster growth rate and are better off because their economic development started in the 90s, while for us, it started a decade later.
You did not get my point, my point is, DEMOCRACY does NOT necessarily lead to economic and social development and prosperity, there are many many democracies around the world that serve as proof to this.
BUT, economic development (which is inevitably followed by social development) ALWAYS eventually leads to democracy and human rights.
This is factual social phenomenon and this happens all over the world.
All developed economies are also democracies, but, not vice versa.
And, I do not support dictatorship, I support whoever will give me economic and social development, be it Chinese so called communist party or a military general or a democracy or Chairman Mao or whoever. I will support whoever will deliver, and, whosoever does not deliver, he can be an angel, I dont care, an angel who doesnt deliver is no good to me.
Compare Indias performance with us in the 90s. My old economics professor used to say, if things keep going at this pace, Pakistan will be begging India to let it rejoin India in another 50 years, and, no it was not because of democracy.
Now, under Musharraf, we have narrowed the performance gap with India. I assure you 7% growth against Indias 9% is much better than 3% against 9%
You cannot eat freedom, you cannot wear freedom. Freedom does not provide you with an education, or give you proper health care, or cure your cancer. You shouldve come lived in Pakistan during the 90s when our youth used the roam the streets with all the degrees and qualifications in the world and no one would hire them for Rs. 5000. Now, these same people are in short supply and start at beginning salaries or Rs. 40000 and Rs. 50000.
This is human nature, what you have is taken for granted, now that these people have decent careers, they want freedom and democracy, forgetting their condition in the democratic era.
And, now there is much more freedom in Pakistan than there ever was. Compare this to 1999. The media is free, there are around 70+ channels. In 1999, even newspapers were heavily censored, Jang group almost went out of business because of **** Sharif who is now a champion of media and democracy. In 1999, you could not have a proper fashion show in Lahore or Karachi or Islamabad because the govt. would not allow it and the Mullas will issue death threats against you. Was that freedom? I argue Pakistan is free-er today then it was in 1999.
Is that freedom where Mullahs and theocrats are elected in Palestine and Iran and Argentina and they come and illegalise anything they are opposed to. Is that freedom and democracy?
Once again, I do not support army rule or dictatorship, I only support Musharraf, I would have supported him if he was the chariman of Muslim League N or ANP.
And, for your information, there is no dictatorship in Pakistan anymore, there is an elected parliament and the army has pulled out of politics. If Musharraf is staying, it is with the (silent) consent of the elected representatives of the people. This is democracy, you cannot change your mind in the middle of a parliamentary term, you only get to do that during elections. If you made the wrong choice, wait till the next elections. What do you want? Perfect democracy overnight? Let the process continue.
Posted 4 years ago on 11 May 2008 3:51 # -
@Secular ,
Will u tell who was a new figure elected in india in 90\'s ?
From 92-96 , it was Narsimahrao , a freedom fighter , retired , called again after the murder of Rajiv to lead congress.
Vajpai , again a freedom fighter , foriegn minister in 70\'s and member since 60\'s. from 99 to 2004.
In between , Dev goda and Gujral . again old players -- no new figure.
Man , the chagne was same which happend in pakistan in late 1990 , when Sartaj Aziz became FM and Manmohan Singh became FM in mid. 1991 . Both did liberalization of economy , the forex movement was alloweed, tax regimes were liberalized and also direct forigen investment allowed.
In those days , i read Manmohan Singh saying that Pakistan and India have identiical econimic policy.The difference was , in India , Nasaima Rao completed his five years terms without any intervention. In Pakistan , elected govts . was toppled in 1993 , then again in 1996 and 1999.
Posted 4 years ago on 12 May 2008 1:00 # -
AccountabilityAdvocate
Member@askhan75
We will not convince Secular_Pakistan, whose statements/priorities are all screwed up:
- cannot understand the difference between elected representatives versus usurper dictators.
- does not consider \"secularism\" as acceptance of the verdict of the \"jahil gunwar qaum\".This is what composes the 0.01 elitist VIP culture throughout the history of this country. And there is no dearth of the sing-alongs--be they Altaf Gauhars, Sharifuddin Peerzadas, Salman Shahs, or Rehman Maliks!
Posted 4 years ago on 12 May 2008 1:58 # -
Ashkan75,
Do you know Sartaz Aziz was the genius behind the foreign currency freeze in 1998. He was the man even the PMLN kicked out for total mismanagement and bringing the economy to the brink of banktrupcy in 1998/1999.
In India, Manmohan Singh, who is an economist, started the economic revolution in 1991 after there was a severe financial crisis in then communist India. Pakistan, at this stage, had a higher GDP per capita and a better economic framework than India as Pakistan had not been communist since its creation like India was (except ofcourse during the time of the great peoples leader and democrat Bhutto who ruined Pakistans economy through his pathetic revolution of socialism in the 70s, although through which no one really got any roti kapra makan). But, the pace of progress in the 90s put India miles ahead by the turn of the millenium. The pace of progress has been greatly narrowed during the past 7 years, and, Pakistan, in some aspects has exceeded Indias growth, such as FDI per dollar of GDP.
The primary reason for the decade lost during the 90s was not even that the govts. kept changing, but, that the govts. politicised even the economy and development to the extent that incoming govts. would come and scrap all the plans and projects of the previous govt. and start from scratch and the cycle would repeat. Another factor was that most of the planning in the 90s was one paper. For instance, Ahsan Iqbal in 1997 planned for Pakistans GDP to reach $1000 per capita by 2015, but, only on paper, they way their economic management was done, Pakisans GDP wouldnt even have been $600 by 2015. Thanks to Musharraf, it is already $1000 in 2007/2008. For instance, A strategic port at Gwadar has been in the plans on paper since the 60s, but, only Musharraf started it in 2002.
The govts. were toppled time and again, because, first and foremost, the politicians collabrated with the establishment. These politicians enjoy all the benefits and do everything along with the establishment, and, then they turn around and act like angels and blame the establishment for everything.
Why is the army welcomed everytime by more the 2/3rd of the population? If the politicians dont screw up so bad, then the army or establishment could never take over, such an act would never be tolerated if the politicians deliver SOMETHING.
Accountable,
I want someone to deliver. I want democracy, but, I want it to work. I want democracy to deliver. Democracy can go to hell if in the name of democracy, countries go invade and occupy other countries that lead to hundreds of thousands of deaths (Americas elected govts), democracy can go to hell if in the name of democracy you can occupy someone elses land for 40 years and imprison them in their own lands (Israel), democracy can go to hell if in the name of democracy you elects fools and idiots and dumbasses and looters and choors and corrupt losers who cant deliver nothing, democracy can go to hell if you elected mullahs and wahhabis and ayatullahs in the name of democracy (throughout a lot of the islamic world), democracy can go to hell if you elected people based on tribes or sects or other completely pointless criteria (throughout much of the arab world).
Democracy should deliver as well, if it doesnt, it can go to hell.
You make the fundamental assumption with democracy that the people are always right. But, are they? Are they right when the elect G W Bush twice? Are they right when the elect Hamas in Palestine who makes their life living hell? Are they right when they elect fascists and war-mongerors and haters and racists? Are they right when they elect communists and socialists who wreak the economy?
Are the people always right? Specially in an uneducated and illiterate country?
And, stop complaining, you have an elected govt. now, an elected parliament, 2/3rd of the peoples elected representatives are running the govt. What more do you want?
Lets see what democracy does now. Musharraf lasted 7 years. This coalition didnt last 7 weeks. Lets see what do they now and how long before people are calling for some messiah again.
True secularism is a state not discriminating between citizens AT ALL on the basis of religion, something pakistans democracy doesnt have, neither will the people accept true secularism (are they right in doing that?)
I just hope and pray this govt. manages to continue to the economic growth and development. If Pakistan can sustain a 7% or 8% growth rate for the next 10 years, it will be a silent revolution like the revolutions of China and post-world-war Japan and Germany. Pakistan will be a changed place, it will be a radically different Pakistan.
If you guarantee me a 7% or 8% growth rate for the next 10 to 15 years, I guarantee you no dictator civilian or uniformed will ever be able to control Pakistan, I guarantee you the army could never takeover the country. If the politicians manage to do this one thing, Musharrafs may have been the last dictatorial regime of Pakistan, military or civil. I assure you. It will be inevitable, like China will be inevitably become a democracy in the future.
Posted 4 years ago on 13 May 2008 3:13 # -
Economy is strong, has potential to grow: AKD Securities chairman
* AKD chairman says government should handle situation positively
* Capital market has potential to grow furtherBy Nauman Tasleem
LAHORE: The state of the economy is very strong and the government should go for investor friendly measures rather than issuing negative statements, said AKD Securities Chairman, Aqeel Karim Dhedhi, while talking to Daily Times.
“There is a great potential in Pakistan’s economy and it has the quality to grow rapidly in the coming years,” he said adding, “the capital market would remain positive if Pakistan Muslim League-Nawaz (PML-N) separates itself from the cabinet.”
He said, “the Prime Minister and the Finance Minister should be from the same party.” It happened in recent past that the Prime Minister gave a statement and the finance minister contradicted it, Dhedhi said. Pakistan’s capital market is still attractive and cheaper than other markets, he added.
“Only optimistic attitude, positive approach and encouraging statements are the need of the hour,” Dhedhi said. He was of the view the government should consult with the capital market stakeholders before imposing capital gain tax. He said that there is a huge potential in oil, gas, steel, energy and textile sector and the investors should go for it.
The government should facilitate the poor on petroleum products.
To a question, he said that imposition of Capital Gain Tax would affect the capital markets and disturb the flow of FDI in the real estate sector. “If the government and Federal Board of Revenue think that they will collect Rs 3 to 4 billion from capital gain tax then they should do it”, he said adding that it would not be possible in an any way.
Currently, there is zero capital gain tax while the government has been receiving almost Rs 4 billion from Capital Value Tax (CVT) only from capital market. Zero rate capital gain tax will expire by June 2008.
Dhedhi said that there was around $40 billion valuation in Pakistani capital market and rather to impose the capital gain tax the government should focus on the proper marketing options to increase the foreign investment in Pakistani capital market. He said that there were many areas where billion of dollars foreign investment could be brought. “Around US $4 billion can be obtained through Global Depository Receipts (GDRs) and launching global road show,” Dhedhi said adding that the US dollar rate would come down in the coming days but, however, the government minister should refrain from giving negative statements. “These statements do not help the economy rather it creates negative impacts and impressions of the country,” he said.
Taking on the value addition and dividend, he said that unfortunately, some companies of capital market are not going for value addition in their product and also not paying dividend to their shareholders and just making inter company investment, which should be discouraged.
He said that the oil import bill in the coming days would be lowered, as huge reserves of oil and gas have been explored in the country. He said that the power, fertilizer, telecom and E&P sectors were rapidly growing and would further grow in the near future so the government and investors should focus for the development of these sectors.
He was of the view that at least 150,000 direct employment would be generated from the mineral sector while it also serves the energy demand of the country. Responding to a question, he rejected that the growth of agriculture and industry had declined. He argued that the cotton, wheat and rice production had been increased during the last few years. He further said that the demand of fertilizer had been increasing, telecom and auto sectors are expanding. “The economy have witnessed a dip due to rapid increase in world crude oil prices” he said adding that all the world economies had been paying huge subsidy to their people in food items. “Despite the judiciary crisis, operations in Wana and Waziristan the economy have grown with 6 per cent growth rate which is not a disappointing trend”, he opined.
http://www.dailytimes.com.pk/default.asp?page=2008\5\\13\\story_13-5-2008_pg5_3
Posted 4 years ago on 13 May 2008 3:23 # -
@Secular ,
U gurantee me that mushf will live 10 years down then road and still in power i give up?Man , believe in process not in person. Everyone has to die . So , why to rely on a person ?
About Manmohan Singh, for your kind information , he was Governor Reserve Bank on India (State Bank ) in 80\'s . He was not new to the system. It was the geo political changes that occurred which forced both pakistan and india to liberalize.
If u don\'t believe in people\'s verdict then who a decision would be made? Whats the principle ?
Brute Force ?If so , then what right u have got to oppose Gen.Zia ? What right u have got to oppose Isreal (Although i don\'t consider Isreal an oppresser) ?
Man , speak of principle not personalities .
Posted 4 years ago on 13 May 2008 4:11 # -
When did I say Musharraf should rule for another 10 or 15 years? His term will end in 4 years. I am hoping that the political parties will succeed in continuing and accelerating further the economic growth and development. My statement that that 10 to 15 years of economic development will lead to true democracy and military wouldnt be able to intervene, had nothing to do with Musharraf, I didnt mean that in order to achieve this, Musharraf must be made king, Musharraf is very weak already, he is not running the govt. or formulating all the policies and plans. I am hoping that our rulers will deliver this for next 15 years, whoever they be, that is what I meant. Ofcourse, I believe in the process, thats why I am saying this govt. should complete its tenure, if there are choor lotayra and dakos in it, if evil sick Musharraf dictator is still president, the process should continue, because if it continues, these people will be removed in 5 years, whats the big deal?
Re-itarating, I am promoting the cause of economic development and I hope the leaders, whoever they maybe, deliver that.
The principle is I have my priorities and principles, for a poor 3rd world and undeveloped country, the top priority is economic development. I will follow whoever delivers. In a different situation, in the developed countries, such as the US, the priorities will be different. Economic growth will not be as important as the country is already developed.
The peoples verdict changes with time anyways. In 2004, people elected Bush for his Iraq invasion, in 2008, people will elect a democrat agaisnt the Iraq invasion. In 1999, people overwhelmingly supported the coup against Nawaz Sharif, now in the next elections, people will support Nawaz Sharif.
I will support whoever follows and delivers according to my principles and priorities.
I opposed Gen. Zia because of his so called Islamization. Musharraf did the opposite and liberalised, so I supported him because of that. Also, Gen. Zia didnt really deliver in any other field apart from defeating the soviets in Afghanistan.
Manmohan singh was governor central bank of India in 80s, but, central bank doesnt formulate your economic policy. It just controls a small aspect of that, monetary policies. It is true the changes in geo-political situation and Indias financial crisis prompted the change in Indias economy policy, but, as finance minister, Manmohan Singh implemented those policies. He had much more over the economic policy as FM than as governor central bank.
Posted 4 years ago on 15 May 2008 2:14 # -
British firms seek investment avenues
ISLAMABAD: Senior Country Manager, South Asia for UK Trade and Investment (UKTI), Peter Courtney and CEO Asia House, Charlottee Pinder Wednesday said they were in Pakistan to know the potential for investment by more British companies.
According to a press release Wednesday, meeting with Islamabad Chamber of Commerce and Industry (ICCI) president, they said it was a perception that there was security problem in Pakistan, which compels them to invest here though there were great investment opportunities in Pakistan as compared to India.
They said there was some political instability in the country, which was also a matter of concern for the British companies and hoped that this situation would be settled soon that would help attract foreign companies to invest in Pakistan.
Pakistan could not have a clear strategy for the production of electricity in the country and should make plans for energy generation, which was necessary for economic development, they added.
They said the government was also not coming forward with clear policies, which also discourage the foreign companies to come in Pakistan. The delegation said that inflation was also hurting the low class segment because the salary structure was low but Pakistan had more investment opportunities than India but it was not being property projected by Pakistan abroad.
President ICCI, Muhammad Ijaz Abbasi said UK always provided assistance to Pakistan in many sectors and urged for support in promoting technical education in Pakistan. staff report
http://www.dailytimes.com.pk/default.asp?page=2008\5\\15\\story_15-5-2008_pg5_9
Posted 4 years ago on 15 May 2008 2:17 # -
@Secular,
Waht happened after Ayub ? I think economy wise pakistan made best progress in that era ? Why it didn\'t lead to democracy according to your theory ?
U have every right to support or oppose anyone but your oponion is scared as anyother pakistani\'s . Otherwsie , please tell me what u have more than anyother pakistani .
Posted 4 years ago on 15 May 2008 6:16 # -
The best progress was made under Musharraf and not under Ayub. There was development in that era but not as much as under Musharraf.
Besides, Ayub was a **** and he the person most responsible for the loss of East Pakistan.The reason it didnt lead to democracy was because you need continued and sustained economic development for 20 years to completely turn around the social fabric of society for a country as large as Pakistan. If this growth and development is continued now for another 10 years, by 2018, Pakistan will be a very different Pakistan after 18 years of strong economic development. The problem we have always had so far is that every new ruler that comes tries to be a messiah and changes everything around, so the little progress made under Ayub was completely reversed by ZA Bhutto who tried to create a socialist Pakistan.
So far, I am optimistic, this time around, the new PPP govt. seems like it intends on continuing the economic growth, but, its only been 2 months so far, lets hope they manage to do it, I have no reason to doubt their intentions so far.
Posted 4 years ago on 15 May 2008 8:08 # -
PESHAWAR: Industries in NWFP to get 25pc subsidy on power
--------------------------------------------------------------------------------
PESHAWAR, May 14: The provincial government plans to exempt industrial estates from property tax and give them 25 per cent subsidy on electricity in the next budget with a view to encourage investors and develop local industries.
Officials said a national trade corridor by the name of China City would also be established at the N-35 Motorway in Mansehra to improve trade activities with the neighbouring China.
The step, they said, was aimed at providing facilities to China-based traders to use the national trade corridor for packing of value-added goods. At the moment, they added, China used the road for transportation of goods and raw materials to and from the Gwadar Port and the presence of the new facility would benefit them financially.
They said the main problem they were facing was shortage of technical industrial workers, which was hampering industrial growth, adding that allocation would be made in the coming budget to setup technical training centres to address the problem.
About the planned subsidy on electricity, they said industrial units with relatively higher productivity would also be eligible to receive bonus on electricity subsidy.
In view of power shortage that was affecting industries, they said, it had been planned to use electricity generated by the Malakand Power Plant-III exclusively for local factories to ensure uninterrupted operations of industries. The policy would remain in place for two years, they added.
To tap the province’s natural resources of granite and marble, the officials said, two ‘marble cities’ would be established in Risalpur and Mansehra. Furthermore, the government also planned to exempt local industries from paying two per cent Child Education Cess to further reduce the burden of taxes on industries.
Officials said the government was also taking measures to protect industrialists from paying illegal money to local people for transportation of granite and marble and other raw materials.
In this connection, a plan had been made to give royalty to local people from where raw materials were transported to industrial estates and save truckers from illegal payment to them. “”Legislation will be made to protect industrialists from illegal payment.”
In addition, they said, a committee under secretary for industries with representatives of the Sarhad Chamber of Commerce and Industry had been set up to locate appropriate sites for construction of the US-sponsored Reconstruction Opportunity Zones in militancy- and earthquake-hit areas of the province.
About other measures being taken for industrial development, they said, an investment facilitation guide would be established to provide guidance to investors.
To take care of health problems of industrial workers, they said, a trauma centre was being established at the Hayatabad Medical Complex with the financial assistance of the Workers Welfare Board, which would provide free treatment to workers.
They said the government also planned to encourage new industries to install own power plants before setting up their units to save them from the problem of electricity shortage.
They said two floors of a multi-storey building being built with the help of the Pakistan Industrial Development Cooperation would be used as a display centre for industries.
Posted 4 years ago on 15 May 2008 8:09 # -
Lucky Cement to export clinker to Kuwait
Published Date: May 15, 2008KARACHI: Lucky Cement, Pakistan\'s biggest cement maker and exporter, said yesterday it had won a major long-term deal to sell clinker to a Kuwaiti investment firm. Lucky said in a statement it had signed a memorandum of understanding with Noor Financial Investment Co to supply 500,000 tons clinker per year for a period of 5 years, with the option for an additional 150,000 tons annually.
It did not specify how much the deal was worth. News of the deal pushed up Lucky\'s share price to 127.90 rupees by early afternoon, up 1.10 rupees from Tuesday\'s close and off the day\'s low of 125.10. \"This would enable Lucky to park 10 percent of its current capacity and 8.3 percent of its post expansion capacity towards exports,\" said Atif Malik, a dealer of international institutional sales at Js Global Capital Ltd.
Lucky has about an 18 percent share of the Pakistani cement market and production capacity of 6.55 million tons a year, which is expected to increase to 7.8 million tons by fiscal year 2009/2010. Lucky Cement has a plant near the port in the city of Karachi, which analysts said gave it an edge to export to the Middle East. Clinker is the second last phase in the process of making loose cement. It has to be further grinded and crushed to become loose cement.
The logic behind exporting clinker and not loose cement is that there will be no moisture content and therefore quality will increase,\" Malik said. Pakistani cement manufacturers have capitalized on a shortage in the region and export to India, Afghanistan, Sri Lanka, Africa and the Middle East. During the July-April period, cement exports jumped 142 percent to a record 5.95 million tons, according to official data. Lucky said last week it raised $109.3 million through a global depositary receipts (GDRs)
issue to be listed on the London Stock Exchange. - ReutersPosted 4 years ago on 15 May 2008 9:44 # -
AccountabilityAdvocate
Member@Secular_Pakistan:
Apparently, you are trying to prove to be: \"know it all\"-- a common disease amongst the country\'s lotas and chamchas, and which also inflicted Sheeda Tully to its extreme!
Don\'t forget that you may be unique but are no better or worse than the160 million.
Not a sermon; just a thought!
Posted 4 years ago on 15 May 2008 14:07 # -
beggers to billionaires..this woud be an appropriate term to describe musharrafs friends and relatives in the past 8 years
http://www.teeth.com.pk/blog/2008/03/13/bilal-musharraf-cashing-inPosted 4 years ago on 15 May 2008 14:48 # -
S&P cuts Pakistan rating on economics, politics
LONDON (updated on: May 15, 2008, 15:23 PST): Ratings agency Standard & Poor\'s cut Pakistan\'s sovereign rating on Thursday, citing increasing pressure from expanding fiscal and external imbalances against a volatile political setting.
The agency cut Pakistan\'s long-term foreign currency debt rating to B from B+ and its long-term local currency rating to BB- from BB. The outlook is negative, S&P said.
\"Following a year of turbulence accompanying Pakistan\'s transition to democratic rule, macroeconomic management and policy formulation remain significantly constrained by the precedence of political imperatives in the context of coalition and historical rivalry between the two main partners,\" said S&P credit analyst Agost Benard in a statement.
\"The negative outlook reflects our assessment that the sovereign\'s vulnerabilities may accentuate further, given that the emergence of a stable, cohesive and effective physical environment needed to tackle mounting macroeconomic imbalances doesn\'t seem to be at hand.
Copyright Reuters, 2008
Posted 4 years ago on 16 May 2008 4:43 # -
AccountabilityAdvocate
Member@ Secular_Pakistan
Economic development at work: see the clipping posted by codefreaq. Are you in the photo?
http://www.teeth.com.pk/blog/2008/03/13/bilal-musharraf-cashing-in
Posted 4 years ago on 16 May 2008 5:28 # -
Accountability,
What does that picture show? What is Bilal Musharraf doing?
ePlanet Ventures is a venture capital company in the US and Bilal Musharraf is its Vice President of the California division. This is a legit. company with whom Bilal Musharraf works after a legit. appointment based on merit. He has a masters from Stanford and also an MBA from Stanford.
I have never seen a more wild accusation. What is going on in the picture? Prince Waleed Bin Talal, who is also a businessman and has nothing to do with politics is present and they seem to be signing a business contract. The CEO of ePlanet Ventures is also present. What is your claim? What is the allegation?
ePlanet has no ventures in either Saudi Arabia or Pakistan. Where is the corruption? Are they stealing money or something? Where is the politics in this? Prince Waleed is a completely non-political figure who, apart from being a member of the royal family, has little to do with politics. The Pakistani ambassador is present maybe because Bilal is the son of the Pakistani president? He could be there for so many reasons. But, what is your accusation? What are they doing? Laundering money out of the Pakistani exchequer? This is an American company, go file a case against them in the US if they are doing that. Or do you not trust American courts either? Did you even contact ePlanet to ask what they are doing?
If Musharraf wanted to make money through his son, he would be doing it in Pakistan, since he was the ruler there, since he could escape the law. Like all your democratic leaders did.
Tell me which billion dollar ventures does Musharraf have? Which factors and mills he owns? Plus there was much more to steal under Musharraf than under the democratic regimes in the 90s, couldnt he launder it to swiss accounts?Please dont make such wild and baseless allegations without any substance to back it up except a photograph.
Might I ask where your democratic leaders got their billions from? How is Mr. Zardari and Benazir Bhutto make close to $1.5 dollars? Through which business? How did Mr. Sharif become a billionaire? By operating a few mills in Pakistan? The value of just one of residences is in many millions, whether it is in Park Lane or Mayfair or Raiwind or Surrey or Dubai.
Might I ask how a 19 year old Bilawal Zardari who probably cannot even speak proper Urdu become the chairman of the biggest political party in the country? Might I ask what qualifications Hassan Nawaz has of standing in elections and becoming an MPA and MNA? Might I ask why Shahbaz Sharif MUST be the chief minister of Punjab? Might I ask why no one else in the PMLN can do that job? Might I ask why Nawaz Sharif must be the leader of PMLN? Might I ask why Javed Hashmi or Khwaja Asif or Ch. Nisar cannot do what **** does and do it better? Might I ask how resolving the judges issue in Dubai and London between 4 or 5 men empowers the parliament? Might I ask is this the democracy that your dumb lawyers and media have been crying for over the past 7 years?
Posted 4 years ago on 17 May 2008 3:32 # -
Dubai Ports World building Rs 10 billion container terminal at Port Qasim
KARACHI (May 17 2008): The Dubai Ports (DP) World is constructing a new container terminal with a draft capacity to accommodate mother ships at Port Qasim at an estimated cost of 10 billion rupees. A portion of the terminal would be financed by a banking syndicate under the Islamic finance facility.
According to sources, the international port developer was building the \"QICT-II\" next to Qasim International Container Terminal (QICT) under an agreement it had signed with the Port Qasim Authority in 2006.
On May 15, a tripartite banking syndicate comprising National Bank of Pakistan, Dubai Islamic Bank Pakistan Limited and Standard Chartered Bank Pakistan Limited inked a deal with the QICT, a company of DP World, for Rs 5 billion Musharika finance facility to expand its infrastructure.
DP World has started work on the project, which would be completed in three phases with the first phase to be completed by 2010, a QICT official told Business Recorder on Friday. He said the new terminal, which would be made operational by the end of the first phase in 2010, would have a capacity to handle around 0.3 million TEUs.
Currently, the cargo handling capacity of the QICT stands at 0.8 million TEUs, while total number of containers handled in the country stands at 1.8 million TEUs.
The official said the terminal would be developed on built-operate-and-transfer (BOT) basis with a 21-year transfer period adding that the second phase of construction would be completed by 2013.
The QICT official said the terminal would have a 13.5-meters draft and would have the capability to accommodate the mother vessels. However, a PQA official confirming visit of mother vessels to the new terminal, said the draft issue would be decided by the authority after undertaking capital dredging.
He recalled that a five-member delegation had visited Dubai sometimes in the second quarter of 2006 to negotiate the Rs 10 billion project with DP World. The two sides after discussing all modalities had singed an agreement in August 2006 in Islamabad.
Copyright Business Recorder, 2008
Posted 4 years ago on 17 May 2008 3:42 # -
Sensitive Price Index inflation surges to 26.55 percent
ISLAMABAD (May 17 2008): The weekly inflation, measured by SPI, surged to new high of 26.55 percent on week ending on May 15 over the same period of last year as a result of persistent rise in the prices of essential commodities. There was increase in the price of 32 essential commodities.
According to Federal Bureau of Statistic (FBS) in its data released on Friday on Sensitive Price Indicator, measured by 53 essential commodities for all income groups collected from 17 urban centres. There had been persistent increase in the prices of essential commodities during the last 10 weeks, which pushed up the inflation to 26.25 percent with dearness going up for low income group to 29.89 percent.
The inflation jumped by 1.53 percent during the first week of May whereas it surged from 23.93 percent on April 30 to 25.38 percent on May 8. The government seems to have flatly failed to chalk out any strategy to curtail rising prices of essential commodities that are now out of common man\'s reach.
Analysis of the data showed that dearness was 29.89 percent for Rs 3000 income group, making it difficult for them to make both ends meet, whereas inflation was 29.16 percent and 26.88 percent for families bracketed in income group between Rs 3001 to Rs 5000 and Rs 5001 to Rs 12000, respectively. For above Rs 12, 000 income group families, the inflation was 23.25 percent.
The prices of essential commodities given by the government and in the open market varied as the prices were higher in the open market. The government seemed to have no strategy to address the situation.
Analysis of the data showed that prices of banana dozens increased to Rs 46.67 from Rs 42 during the week, the price of rice Irri-6 per kg surged to Rs 48.32 from Rs 44.50, rice basmati broken per kg to Rs 52.52 from Rs 49.73, masoor pulse washed kg to Rs 102.96 from Rs 99.17, potatoes kg to Rs 15.61 from Rs 15.04 3, vegetable ghee loose per kg to Rs 130.90 from Rs 126.85.
Similarly, the prices of wheat average quality per kg increased during the week to Rs 19.37 from Rs 18.78, sugar per kg to Rs 27.79 from Rs 27.11, wheat flour average quality to Rs 22.80 from Rs 22.33, LPG (11 kg cylinder) each to Rs 607.44 from Rs 596.29, moong pulse washed kg to Rs 56.32 from Rs 55.44, cooked beef plate each to Rs 35.72 from Rs 35.42, kerosene litre to Rs 49.58 from Rs 49.28, tea (prepared) cup to Rs 7.37 from Rs 7.34, milk fresh litre to Rs 32.80 from Rs 32.67, mash pulse washed per kg to Rs 73.01 from Rs 72.84, and mutton kg to Rs 244.36 from Rs 244.15.
Copyright Business Recorder, 2008
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Posted 4 years ago on 17 May 2008 3:47 # -
AccountabilityAdvocate
Member@Secular_Pakistan:
The picture exposes a dumb ambassador facilitating a deal for the scion of a ruler--irrespective of the name. The saga continues for the last 60 years and will soon reach a logical conclusion.
The simple point is that in neighboring India: the electorate votes for its rulers and OVERTIME gets rid of the rotten eggs through a built-in system of voice and accountability.
Posted 4 years ago on 17 May 2008 3:52 # -
There are many examples where the rotten eggs stay there even after decades and decades of voting.
In neighbouring China, there is a complete \\\\\\\"dictatorship\\\\\\\" yet it is far ahead of a democratic India.
But thats besides the point, that is not even what I want or demand, now, whos preventing the electorate from voting? Who is cancelling elections? Is Musharraf doing that? Did he cancel the elections in 2008? Will he cancel the elections in 2012? Then is why everyone so obsessed with him? Let the process continue.
What is the problem? Do we disagree on where to go from here? WE BOTH WANT TO GO THE SAME WAY FROM HERE! Continuation of process, elections every 5 years, functioning democracy that becomes slowly and steadily better over time. Am I asking for Kiyani to impose a martial law for another 10 years? Is Musharraf going to stay here forever? Am I asking for that?
Consider him a rotten egg who will (along with those who support him) be filtered out in 4 years time. Why is everyone so god damn obsessed with Musharraf-phobia.
Posted 4 years ago on 26 May 2008 8:05 # -
KSE hit by another severe bout of slump
KARACHI: Karachi Stock Exchange (KSE) on the first trading day of the week today witnessed yet another landslide pulling down the KSE-100 index by over 500 points and the market crashing below even the 12,500 marks.
Whether the ruling parties would be able to muster enough support for the impeachment of President Musharraf or not, but the very buzz has left the market completely shaken and shattered, as the newly elected government appears to have completely lost the confidence of the entrepreneurs and investors from within and outside the country, who are no longer willing to make any fresh investment and instead draining their capital out of the country for the last three months, which the analysts conservatively estimate at a mammoth $25 billion. No wonder, the rupee slumped down to the lowest ever at over Rs70 to a dollar in a brief period of about three months.
The market opened today with chips down by 300 points and finding no good news in sight due to the worst ever turbulent political and economic situation in the country, while economic managers kept talking about further stringent measures such as levy of the CVT triggered another bout of panic selling, which saw the index fast reeling down to 12,494, slashed by over 517 points.
The bears kept ruling the roost, while the small investors struck by heavy losses seem totally lost and kept steering in a state shock at the market board showing all companies reaching their lower locks and placed in red zone. KSE-30 index also declined by 650 points and was seen traded near 14605 points.
Posted 4 years ago on 26 May 2008 8:08 # -
you know what would give a boost to the markets? mushs departure and reinstatment of judges, so we can grill the govt and force them to fix other issues of the country. right now musharraf is hanging on to his kursi like his **** is glued to it
Posted 4 years ago on 26 May 2008 12:49 # -
Markets are affected mainly by three factors.
1. Fundamental strenght and position of the economy
2. Clear and good economic policy and plan of the govt.
3. Political certainty and stability
Musharrafs departure could at best only affect one of the three factors and that too only temporarily for a few months until people forget about it and the real bickering between the politicians starts after their common enemy is out of the way.
Posted 3 years ago on 27 May 2008 17:09 # -
rauf
MemberPrince Bandar like other innocent Princes also has nothing to do with politics............
innocent prince Walid once the largest shareholder of Citibank owns the largest aircraft jet entirely out of fair play in this dirty world...........of narco dollars..........
remeber Shaukat Aziz vice president of Citibank was on leave from his parent organisation ...serving Pakistan.............
aah.......KANN CHITTA HAI .....(Crow is white)..........as many secular priests want us to believe........................
see the real job of World Bank
War by other Means by John Pilger
http://video.google.com/videoplay?docid=-5399796928596929639&q=war+by+other+means&ei=Xrw5SMWSLYTO2AKfkuncAw&hl=enPosted 3 years ago on 27 May 2008 18:05 # -
There is a big difference between Prince Bandar and Prince Waleed. Prince Waleed is a completely non-political businessman and investor whereas Prince Bandar is one of the most political figures in the Saud family. Get your information right before presenting your arguments.
By that argument, you can say even Warren Buffett and Bill Gates made their money the dirty way.
International financial instituitions like WB, IMF, ADB, although used politically on some occasions, their primary purpose is to facilitate countries plan and develop their economics and formulate economic policies and lend them money which they willingly accept. If corrupt and incompetent 3rd world govts. cannot use that money for good then dont blame the banks. Its like a business which borrows money from a bank to expand, if your business plan is crappy and your management is terrible, dont blame the bank when you have to repay the loan. Loans are given so that they will be repaid. If you dont accept that, dont borrow.
Posted 3 years ago on 27 May 2008 23:53 # -
tariqkhattak1970
MemberJuly 1, 2008
Prime Minister of Pakistan
President Of Pakistan
Co-Chairman Pakistan Peoples Party
Federal Finance MinisterDear Sirs
Thank you so much for increasing the prices of petroleum products, after the shortage of edible commodities this increase is like a cold breeze in hot summer, specially your new gift to the nation at the start of the fiscal year 2008-09 by increasing the CNG prices to 31%, we as a nation sincerely appreciate your efforts to support us.
Dear Sirs, we further suggest the following measures to be taken in the broader interest of the nation as soon as possible, the way the nation is enjoying the following benefits, is not the right of this nation and it also hurt your efforts for the stability of economy.
Your kind attention to the following will help to strengthen the economy of the country;
- Breathing - The tax may please be imposed on breathing.
- Eating - The tax may please be imposed on the eating 2 meals a day, (Because of the strong economy now the nation do not afford to eat 3 meals).
- Drinking of Water - The tax may please be imposed on drinking more than 2 glasses daily, additionally taking bath more than once a month should be Taxed
- Clothing – Wearing Cloths may please be taxable and additional tax on changing the suits/shirts on daily basis.
- Travelling - Journey through the public transport should be allowed once a day, means if someone comes to work by bus/rail he should not be allowed to use the same for going back, when the nation will start to walk back to homes it will help to keep them healthy.
- Birth – Tax may please be imposed on the birth of every child, the tax should be the 10% of the monthly wage rate of the father and if the mother is a working woman, she will also have to pay 10% of her wage, it is also suggested that this tax should be increased 20% to 30% on every additional birth.
- Death – A death tax may please be imposed on every person who dies, an additional tax is also suggested to the suicidal or accidental death.
There are so many other items that are still identifiable and we will try to let you know as soon as we realize the taxability of those.
Now at the end we recommend to award "Nishan-e-Haider", "Tamgha-e-Khidmat" to the former Prime Minister of Pakistan Mr. Shaukat Aziz and his team for the efforts they made to revive the dying economy of Pakistan.An increase of 100% in the packages of Members of Assemblies / Ministers and other officials is also suggested, it will help them to serve the nation better, after all we have to take care of the interests of the nation.
Thanking you in advance
Pakistani NationPosted 3 years ago on 08 Jul 2008 13:57 # -
I think this time we are depending on world aid. We have not any business states.
Posted 2 years ago on 12 Dec 2009 5:08 # -
Assalam-o-Alaikum-Warahmat-ULLAH ALL,
I remember reading somewhere, subcontinent at one time was generating 25% of the ENTIRE world's economy.
If people of this region did it centuries ago, they can do it again even today.
The problem in Pakistan is 'intention', not the resources.
Posted 2 years ago on 12 Dec 2009 11:25 # -
shriq
MemberI have not gone through this thread, but say on the title of the threa:
Recently I met somebody from ADIA (the invenstment authority from Abu Dhabi). This institute does research on the invenstment opportunities in the world for Abu Dhabi's wealth. The opnion from this gentelman was that Pakistan in near future is going to do much better and yes it is among top in the world for doing business.
Posted 2 years ago on 12 Dec 2009 11:58 #
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