Posted by: uss017 | October 1, 2008

PAKISTAN BACK TO BEGGING under ‘DEMOCRACY’!

Recent reports in the western media indicate that Pakistan needs as much as $10 billion to avoid an economic meltdown.

and:

Pakistan’s foreign currency reserves are falling fast and if forward liabilities are included, the real reserves may go down to $3 billion. This cannot meet the import bill of one whole month.

Out of total reserves of $8.467 billion, the reserves held by the commercial banks stood at $3.461 billion on September 23. From September 22, the reserves fell by around $180 million, as there were no receipts while the government made heavy payments for oil and other imports.

This week, Moody’s Investors Service lowered Pakistan’s credit outlook to negative due to the risk of “missed repayments” on the nation’s debt.

Pakistan’s gradual economic decline, which started last year, alarmed the United States and Britain as they feared that financial chaos could allow terrorists to deepen their roots in the country.

To avoid such an eventuality, they decided to launch a new group of donors.

Read more about our dismal state here:

  • ‘Friends’ unveil initiative to avert collapse: Over $15bn needed: media
  • It is interesting to note that former President Musharraf inherited a far more fledgling Pakistan in 1999, a Pakistan which was on the verge of being declared a terrorist, bankrupt and a failed state. Musharraf inherited a Pakistan which had less than a billion dollars as foreign reserves, with an economy the mere size of $75 billion, and with 65% of our GDP used for debt servicing. Although currently our economy is fast deteriorating due to the incompetency of the new regime (who looted Pakistan in the past), the situation in 1999 was FAR WORSE than what it is now.

    And despite not receiving the above level of support and commitment from the international community, Musharraf and his team were still able to deliver, with Pakistan’s situation improving prior to September 11, 2001. For example:

    Pakistan’s foreign reserves had risen up to $3.2 billion by September 10 2001. To quote Dr. Ishrat Husain:

    “In 1999, the ratio of foreign reserves held by India was 40 times that of Pakistan. By June 2002 this ratio has declined to 8 times while the size of Indian economy is about 6 to 7 times that of Pakistan.

    Dr. Ishrat Husain goes on to say:

    “It may be relevant to point out that the biggest quantum jump in our reserves had taken place between July 2000 and June 2001 i.e. well before September 2001. During this one year period the reserves increased by 138 percent to $ 3.1 billion. The rate of increase during July 2001 and June 2002 was 105 percent.”

    Consider the improvement of a variety of indicators prior to September 11 2001. We read:

    “While acknowledging the salutary impact of the external account improvement, however, it is worth stressing that the trend improvement was visible well before the seminal September 11 events. Interest rates were already on the way down; foreign currency reserves were edging up; the exchange rate was relatively stable; the inflation downtrend was well defined, and the government’s continuing fiscal discipline and commitment to reforms had already set the stage for the IMF PRGF, and the subsequent re-profiling of external debt. Nonetheless, the pre-existing positive trends did gain invaluable momentum in FY02, post-September 11. However, despite these major positives, the economy was not unscathed in FY02.”

    Finally, to cite Afreen Baig:

    “… let it be clarified that major economic indicators had improved before 9/11, and the economy had already started showing signs of recovery and revival.

    In that SHORT span of 2 years BEFORE 9/11, Pakistan’s revenue increased from Rs.308 billion to become Rs.395 billion. Exports increased from $7.5 billion to become $9.2 billion. Foreign Reserves increased from $ 1 billion to become $3.25 billion. Debt servicing as a ratio to Revenue decreased from 65% to 57%. Public and external debt as a percentage to Foreign exchange earnings declined from 300% to 250%. Current account deficit decreased from $2.4 billion to become $510 million. And, Pakistan’s large-scale manufacturing grew by 11% in June 2001 against 3.5% in 1998. These facts should set aside the skeptical grumblers.”

    It is quite true, however, that after September 11 2001, Pakistan’s economy further flourished. But this did not occur purely on the basis of aid from the international community but due to the wits of the managers of Pakistan at the time.

    Consider the current situation. Despite its deterioration, the present economy is still much larger and stronger than the one we had in 1999. And yet the new regime is unable to manage it. They are reduced to the point of begging the international world for aid and donations!

    This also reminds us of the sheer hypocrisy and double standard of our media. The Pakistani media played a pivotal role in spreading the lie that whatever economic improvements we witnessed under Musharraf were largely or purely due to the aid which Pakistan received from, say, the U.S. This disinformation was used as an argument against the Musharraf government. And while now we have the new regime OPENLY BEGGING THE INTERNATIONAL COMMUNITY FOR AID, the media seems not to be interested to use this as a point of criticism against the PPPP government. Why?

    Members of the new regime often claim that they “inherited” a poor economy. But this is an outright lie. Why under Musharraf foreign reserves reached the $17 billion mark? How was the rupee relatively stable under Musharraf? How was the economy increasing at the rate of over 6% annually under Musharraf? How on earth did a mere $75 billion economy more than doubled in less than a decade’s time under Musharraf? Why oh why did Moody give Pakistan a higher rating under Musharraf? Thus, in fact, the new regime inherited the best economy any government in Pakistan has ever inherited. True, things were not 100% fine and dandy, but neither was the situation utterly hopeless. The problems which existed could have been properly managed. Instead, manageable problems quickly became utterly uncontrollable within months after the elections. [For the economic achievements of the Musharraf government, please see the articles here.]

    Too much time was wasted on irrelevant issues at the expense of the economy. The economy also suffered immensely when Ishaq Dar, probably the worst Pakistani on the planet, made a series of irresponsible statements about the state of the Pakistan economy after becoming finance minister, as a result of which Moody’s immediately downgraded Pakistan’s ratings and investors began flying out of Pakistan at the speed of light. Ishaq Dar is the same despicable character who played a key role in destroying Pakistan’s economy in the 1990’s under the PML-N government. This time around he caused immense damage to Pakistan through his factually erroneous and irresponsible statements within days of assuming office!

    Unfortunately, it appears we are fast going back in time to the 1990’s era, when the PPP and the PML-N destroyed Pakistan’s economy and spent most of their time — besides conducting criminal activities — begging other nations for aid and loans, which they then misused. While I feel sorry about the state of the Pakistan economy, a part of me also feels that the Pakistani people, at least the ones who voted for these monstrous PPPP and PML-N candidates, deserve this. It is not as if these voters knew nothing about the gory past of these parties. We all knew full well how the two parties looted Pakistan in the past and committed wide scale corruption, almost destroying the nation. I am surprised even if a moron expected these ghastly characters to have done something new or different this time around.

    You reap what you sow.

    ++++++++

    © Musharraf Supporters 2008 All rights reserved

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    Responses

    1. Hi Teetoo
      Musharraf was best for pakistan but not for islam .. as his sologan . ” sub sey pehlay pakistan” we reject that because sub sey pehlay islam then pakistan…
      ————————
      I am surprised at the comment since when has Pakistan and Islam become separate?
      Pakistan Army has a motto;IMAN,TAQWA,JIHAD FE SABEEL ALLAH.
      ——–
      As per your comment SAB SAI PEHLAI ISLAM ,means that all of us should start fighting in Palestine,in Iraq,in Afghanistan to save Islam and our country, our homes,women,children can die defenseless but none the less they will go to Paradise.Because it is our duty to Islam.
      This is exactly what Lal Masjid Imam thought?Was it right or wrong that is upto you?
      Regarding Musharraf apologising ,He is a Muslim and a Soldier of course he will never be happy on loss of life.He might have regretts the way LAL MASJID IMAM used Children and Women as a shield and loss of their lives and the way media covered it like a cheap propoganda but no he is not appologetic.
      Remember wars have been taking place between Iran and Iraq,Iraq and Kuwait,Iran and Afghanistan.So no we have to think as Pakistani first.Enemy be he a Muslim if we have to choose between protection of one person or lives of millions what will you choose?

    2. Hi Teetoo

      What is the meaning of Islam or muslims do you know abou this

      You said Good for Pakistan not for Islam, my dear friend when the President of Pakistan is taking oath he himself responsible whatever the constition is saying he should do or implements.

      Ex President was loyal and off course good muslim a moderate and reformer muslim who knows the best for country and best for muslims.

      You cannot challenge Government rit where the capital is situated , LAL MASJID ACTUALLY TH SAFE COMPOUND FOR EXTREMIST AND TERRORS
      and Mushraff was trying his level best that there is no blood shed , when things become worst and worst off course the government can take the action.

      If Mushraff was not taking the action action was coming from USA they want to do their way likewise what they are doing now days in Wazirastan and others Afghan area.

      Keep in mind go and learn good knowledge of muslim and as well learn that what is the responsiblity of President or King or Amir ul Momanin the same , nobody allowing to challenge government rit.

      Mushraff foresight you can see Pakistan still alive and alhumdullah will run.

      Dont think so Mushraff Era is final , inshllaha he is coming back , we as a nation is very proud that world is well aware that what is the meaning of Mushraff , meaning is that knowledge , leadership, tolerance , that is the reason he go another 8 lectures from various USA uni and other world affair orgnaisations.

      Today only Muhsraff can bring peace and economy and law and order in Pakistan.

      Pakistan Army is proud and nation is proud for him.

      thank you

    3. Imran Khan Past and Future

      I still remember one of the WORLD RECOGNISED LEGEND SUPERSTAR OF PAKISTAN said Imran was more interested to take the talenders wickets rather then top batsman, and the history is saying if we will calculate.

      No doub the was the great allrounder but we have to calculate.

      His cow boy scandals also open – Sita White to Jamima Khan.

      NOW IN POLITICS

      Now days he is new Chokidar of Islam, BALI 100 CHOA KHA KAR HAJ PAR CHALI,

      He did his life enjoyment now become the chokidar of muslims.

      He was kicking out Altaf Hussain from England because he go the evidences and time frame was 3 months.

      YEAR HAS GONE

      NOW DAYS HE ALSO GOT MUSHRAFF PHOBIA
      APDM “THANGA PARTIES DRAMA”

      He is well qualifed but now days he is looking dream to beome Pm OF Pakistan.

      Wihout MUSHRAFFPHOBIA he cannot eat.

      OH IMRAN KHAN SHUT UP , learn your past , you were the dictator in Cricket durin your captaincy days you were swearing the boys and you were brining your choice players

      YOU SPOILED THE CAREER OF QASIM UMAR ,

      HISTORY OF CRICKET IS WELL AWARE THAT YOU WERE DICTATOR

      YOU ARE ALWAYS SAYING MUSHRAFF WAS DICTATOR WHAT YOU WERE

      LOOK IN YOUR COLOR

      CHARSI – CHELSEA FLAT IS STILL WITNESS
      THAT YOU WERE SPENDING THE NIGHT WITH XXX
      EVEN AFTER WORD CUP WON YOU ASK THE BOYS TO HAVE THE MONEY WHICH THEY EARN FROM WORD CUP FOR YOUR SHOUKAT KHANAM CANCER HOSPITAL.

      TALK ON REALITY DONT GO DEEPLY IF YOU ARE WELL QUALIFIED.

      YOU ARE STILL BABY IN POLITICS.

      SHAME ON YOU MR. KHAN

    4. Nawas Sharif the Alambardar of Democracy

      A baby born during Zia Ul Haque days , and Zia Ul Haque was happy that Nawaz Sharif is calling daddy, daddy bring him in politics as Punjab Finance Minster, Baby own father Mian Sharif start preparing newly born marshalla baby to go higher post and the play started.

      After the electoin Nawaz Sharif become the Cheif Minister of Punjab.

      During Zia Ul Haque time MUSLIM LEAGUE DIVIDED Fida Khan become president of MUSLIM LEAGUE which was not recognised by Zia Ul Haque and his ball went o straight away NAWAZ SHARIF ARMS he was waiting that daddy is giving me the chance.

      SO THE LINE IS CLEAR

      BABY OF MARSHALL LAW IS NAWAZ SHARIF

      PEOPLE CANNOT FORGET THAT WHE THE DAUGHTER OF ZIA UL HAQUE WAS CALLING BROTHER TO HIM

      WHO WAS THE AMRIAT KI PAIDAWAR
      THE ANSWER IS NAWAZ SHARIF

      HE IS CALLING ALWAYS DICTATOR THIS AND THAT

      WHY NOT HE HIMSELF DECLARING THAT HE BORN IN POLITICS FROM AMRIAT AND DICTATORSHIP WAY.

      I HAVE NOT SEEN THE ONE OF THE BIGGEST MUNAFAQ AND ONLY ONE PROVINCE LEADER TRYING TO DESTALISHED PAKISTAN AGAIN
      HIS BROTHER IS THE SAME

      HE IS DOUBLE MUNAFAQ AND HE GOT THE BRAIN TUMOR AND STILL ALIVE SURPRISING TO ME.

      NO PEOPLE OF PAKISTAN JUSTICE WHO WAS DICTATOR AND HOW HE BECOME THE POLITCIANS

      I AM SURE THE ANSWER IS THAT

      FROM AMRIAT –

      AND PPP LEADERSHIP IS ACCEPTING HIM AS A LEADER

      THE PERSON WAS RIHT HAND OF ZIA UL HAQUE WHO BY FORCE SAID JUDGES TO HANG ZULFIQAR ALI BHUTTO 7 AND 6 STILL ON THE RECORDS.

      SHAME FOR PPP, THE TOOLA OF HIS FOUNDER KILLERS IS THEIR FRIENDS.

      NAWAZ SHARIF FOR MENTALLY SICK PHYSCIALLY FAT AND NO CHANCE FOR HIM AGAIN.

    5. Islamabad, Jan 16 : The PPP-led government may have publicly criticized former President Musharraf for the present financial mess, but in its official documents, it has reportedly appreciated the economic policies of the previous regime as they served as a strong base for seeking loans from multilateral donors and friends of Pakistan.

      To public, the PPP-led coalition partners have been blaming the Musharraf regime in public speeches for fudging economic figures to paint a rosy picture.

      The letter of intent (LoI), on the basis of which Pakistan sought the much-needed 7.6 billion dollars bailout package from the International Monitory Fund (IMF), has bit by bit appreciated the policies of the Musharraf regime since 2000.

      During the past one decade (1999-2007), the LoI says Pakistan’s economy witnessed a major economic transformation from substantial increase in the volume of gross domestic product (GDP) to greater international trade.

      Talking to Dawn, former Finance Minister Ishaq Dar informed whatever he said about the health of economy was based on the balance sheet existed on March 31, 2008.

      He said the cabinet headed by Prime Minister Syed Yousuf Raza Gilani dully approved the balance sheet.

      An official source requesting not to be named said the economic wizards in the finance ministry are not politicians to make only speeches but they have to look into ground realities. “We reported to IMF whatever is factual and based on evidence,” the official added.

      The LoI said the country’s real GDP increased from 60 billion dollars in 2000-01 to 170 billion dollars in 2007-08 with per capital income rising from under 500 dollars to over 1000 dollars. During the same period, the volume of international trade increased to nearly 60 billion dollars from 20 billion dollars.

      For most of this period, real GDP grew at more than 7 per cent a year with relative price stability.

      ++++++++

      [Moderator: Can someone also present the source of the above report? Secondly, can we view the LoI ourselves to verify the above since it still leaves some doubt (“it has reportedly appreciated the…”) ]

    6. […] PAKISTAN BACK TO BEGGING under ‘DEMOCRACY’! […]

    7. “International Mediator” Faisal Muhammed give an interview Arab News and disclosed that “Lal Musjid” episode was an international conspiracy
      Against Musharrf and Islam.
      He said that he have a very valid evidence in this regard.

      This is very important interview of Mr Faisal Muhammed.

    8. Before I did not belive it, but three months before i saw an interview of Mr Faisal Muhammed “who is a well known Politician & Diplomatic personality of Muslim world” in Libyen TV.
      The proof which is he provide regarding “Pakistan’s “Lal Masjid” is not re-greatable.
      Khan Sultan .
      Jamia Masjid (Dilhi) India.


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