Tag Archives: IMF

China’s yuan gains IMF reserve status

The International Monetary Fund (IMF) has announced that China’s currency, the yuan, will join the fund’s basket of reserve currencies.

Currently just the US dollar, the euro, the yen and the pound are in the group.

The IMF said the yuan “met all existing criteria” and should become part of the basket in October 2016.

The yuan will now make up part of the IMF’s Special Drawing Rights (SDR) – an asset created by the IMF which serves almost as a currency.

It is used for transactions between central banks and the IMF, and is used to decide the currency mix that countries like Greece, for example, receive when the IMF provides financial aid.

The last change made to the basket was in 2000, when the euro replaced the German mark and the franc.

Read more » BBC
See more »  http://www.bbc.com/news/business-34957580

Pakistan an emerging market economy: IMF

BY ANWAR IQBAL

WASHINGTON: In its latest World Economic Outlook report, the International Monetary Fund has included Pakistan in emerging market economies.

An emerging market economy is the one that is progressing toward a more advanced stage, usually by means of rapid growth and industrialization. These countries experience an expanding role both in the world economy and on the political frontier.

The IMF projects that Pakistan’s real GDP will continue to grow modestly, reaching 5.2 percent by 2020.

It was 4.0 percent in 2014, 4.2 percent in 2015 and is projected to reach 4.5 percent in 2016.

Read more » DAWN
See more » http://www.dawn.com/news/1218182/

Saudi Arabia could run out of financial assets within five years, IMF warns

Analysts with the International Monetary Fund project that Saudi Arabia will be broke in the next five years if the government maintains current policies

By Beatrice Gitau,

The Middle East’s biggest economy, Saudi Arabia, could burn through its financial assets within five years, amid a drop in oil prices, the International Monetary Fund (IMF) has warned.

In its latest Middle East economic outlook report, the IMF said it expects Saudi Arabia to run a budget deficit of 21.6 percent in 2015 and 19.4 percent in 2016.

If oil prices remain as low as they are, and the government maintains current economic policies, Saudi Arabia “would run out of buffers in less than five years,” the Washington-based lender said.

Read more » The Christian Science Monitor
See more » http://www.csmonitor.com/World/Global-News/2015/1023/Saudi-Arabia-could-run-out-of-financial-assets-within-five-years-IMF-warns?cmpid=FB

IMF has made €2.5 billion profit out of Greece loans

By Jubilee Debt Campaign

Ahead of the payment of €462 million by Greece to the IMF on Thursday 9 April, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay the IMF in full this will rise to €4.3 billion by 2024.

Read more » Jubilee Debt
See more » http://jubileedebt.org.uk/news/imf-made-e2-5-billion-profit-greece-loans

India will clock 7.5 per cent growth in 2015-16, overtake China: IMF

Washington: India will overtake China as the fastest growing emerging economy in 2015-16 by clocking a growth rate of 7.5 per cent on the back of recent policy initiatives, pick-up in investments and lower oil prices, the International Monetary Fund (IMF) said on Tuesday.

“India’s growth is expected to strengthen from 7.2 per cent in 2014 to 7.5 per cent in 2015. Growth will benefit from recent policy reforms, a consequent pick-up in investment, and lower oil prices,” the IMF said in its latest World Economic Outlook.

Read more » IBNLive
See more » http://www.ibnlive.com/news/business/india-will-clock-7-5-per-cent-growth-in-2015-16-overtake-china-imf-981893.html

Russia ratifies $100bn BRICS New Development Bank

The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.

The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.

Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years.

It will have three-tiers of corporate governance, with a Board of Governors, Board of Directors and a President.

The bank’s board of directors will hold its first meeting in Ufa in Russia in April. Russian Finance Minister Anton Siluanov is likely to become the bank’s first Chairman of the Board of Governors, according to Deputy Finance Minister Sergei Storchak talking on the Russia 24 TV channel.

The decision to establish the BRICS bank, along with a $100 billion reserve currency pool, was made in July 2014. Each of the five member countries is expected to allocate an equal share of the $50 billion startup capital that will be expanded to $100 billion.

The bank will be headquartered in Shanghai, India will serve as the first five-year rotating president, and the first Chairman of the Board of Directors will come from Brazil.

Read more » RT
See more » http://rt.com/business/234027-russia-ratifies-brics-bank/

Catching the dragon

IN RECENT weeks, economists at the World Bank, the International Monetary Fund and Goldman Sachs, a bank, have tentatively suggested that within a year or two, India’s economy might be growing more quickly than China’s. The day came sooner than they had imagined. Official statistics published on February 9th revealed that India’s GDP rose by 7.5% in 2014, a shade faster than China’s economy managed over the same period (see chart). Narendra Modi, India’s publicity-savvy prime minister, could scarcely have hoped for a better endorsement of his first few months in office.

Read more » The Economist
See more » http://www.economist.com/news/business-and-finance/21642656-indias-economy-grew-faster-chinas-end-2014-catching-dragon?fsrc=scn/tw/te/bl/catchingthedragon

Why is Bolivia the fastest growing Economy in the Americas?

Bolivia has reduced poverty and inequality more than any country in the Western Hemisphere over the last ten years by increasing the minimum wage 87%, doubling investment in schools and healthcare, and lowering the pension retirement age from 65 to 60. The government paid for these programs by increasing taxes on oil profits from 18% to 82%, which also allowed the country to eliminate its debt and amass the world’s largest surplus. Bolivia is now estimated to have the region’s fastest growing economy this year and next, according to the IMF.

See more » http://www.theguardian.com/commentisfree/2014/oct/14/evo-morales-reelected-socialism-doesnt-damage-economies-bolivia

Learn more » http://www.cepr.net/index.php/blogs/the-americas-blog/bolivias-economy-under-evo-in-10-graphs

Via Facebook

Brics nations to create $100bn development bank

The leaders of the five Brics countries have signed a deal to create a new $100bn (£58.3bn) development bank and emergency reserve fund.

The Brics group is made up of Brazil, Russia, India, China and South Africa.

The capital for the bank will be split equally among the five participating countries.

The bank will have a headquarters in Shanghai, China and the first president for the bank will come from India.

Brazil’s President, Dilma Rousseff, announced the creation of the bank at a Brics summit meeting in Fortaleza, Brazil on Tuesday.

A new player

At first, the bank will start off with $50bn in initial capital.

The emergency reserve fund – which was announced as a “Contingency Reserve Arrangement” – will also have $100bn, and will help developing nations avoid “short-term liquidity pressures, promote further Brics cooperation, strengthen the global financial safety net and complement existing international arrangements”.

The creation of the Brics bank will almost surely create competition for both the World Bank and other similar regional funds.

Brics nations have criticised the World Bank and the International Monetary Fund for not giving developing nations enough voting rights.

One of the goals for the bank – whose creation has been discussed for some time – would be to increase the amount of money loaned to developing countries to help with infrastructure projects.

Courtesy: BBC
http://www.bbc.com/news/business-28317555

IMF Warns G-20 of Deflation Risk, Emerging-Market Turmoil

By Sandrine Rastello

Risks of prolonged market turmoil in emerging markets and of deflation in the euro area are threatening the world’s improved economic prospects, according to the International Monetary Fund.

The IMF, in a staff report prepared for central bankers and finance ministers from the Group of 20, said the recovery is still weak and “significant downside risks remain.” A January global growth forecast of 3.7 percent for this year, from 3 percent in 2013, hinges on recent market volatility from Turkey to Brazil being short-lived, according to the report.

“Capital outflows, higher interest rates, and sharp currency depreciation in emerging economies remain a key concern,” according to the report prepared ahead of the G-20 Feb. 22-23 meeting in Sydney. “A new risk stems from very low inflation in the euro area, where long-term inflation expectations might drift down, raising deflation risks in the event of a serious adverse shock to activity.”

Read more » Bloomberg
http://www.bloomberg.com/news/2014-02-19/imf-warns-g-20-of-risks-of-deflation-emerging-market-turmoil.html

IMF downgrades global growth forecast again

Conditions have worsened in past 3 months, demanding more ‘aggressive’ action

By CBC News

The International Monetary Fund delivered a pessimistic update to its forecast for the world’s economy on Tuesday.

In January — the last time it gave an update — the group expected the world’s economy to grow at a reasonable pace, slightly ahead of 2012’s pace.

Conditions have worsened further in the past three months, however, and the situation in Europe demands more “aggressive” action from policymakers, the IMF said.

“Europe should do everything it can to strengthen private demand,” IMF’s chief economist Olivier Blanchard said.

“What this means is aggressive monetary policy, and what this means is getting the financial system to be stronger — it’s still not in great shape.”

Canada, U.S. forecasts

The IMF says the world’s economy will expand by 3.3 per cent this year. That’s less than the 3.5 per cent pace of growth that the IMF expected previously, but a bit higher than the 3.2 per cent growth seen in 2012.

The IMF expects the U.S. economy to expand 1.9 per cent this year. That’s below its January estimate of 2.1 per cent and last year’s U.S. growth of 2.2 per cent. Still, the IMF says the U.S. economy should expand 3 per cent in 2014.

As for Canada’s economy, the IMF expects it will likely slow to about 1.5 per cent this year from 1.8 last year, before picking up to 2.4 per cent in 2014.

“The main challenge for Canada’s policy-makers is to support growth in the short term while reducing the vulnerabilities that may arise from external shocks and domestic imbalances,” the body advises.

“Although fiscal consolidation is needed to rebuild fiscal space against future shocks, there is room to allow automatic stabilizers to operate fully if growth were to weaken further.”

Courtesy: CBC
http://www.cbc.ca/news/business/story/2013/04/16/business-imf-forecast.html

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More details » http://www.cbc.ca/player/News/Business/ID/2379822011/

Pakistan Economy: Sinking Like A Rock, says Asian Development Bank.

Sinking like a rock: Slim chances of recovery for Pakistan’s directionless economy, says ADB

ISLAMABAD: Amid deep-rooted concerns over a “directionless” economy due to failure of the previous government and inability of the caretaker setup to take immediate meaningful steps, the Asian Development Bank has warned that Pakistan’s current growth model is unsustainable that also undermines future prospects.

In its Asian Development Outlook, the Manila-based lending agency has painted an extremely bleak picture of Pakistan’s economy that is “directionless” and immediate recovery chances are almost nil amid a worsening balance of payments position.

“A difficult political situation stalled effective policy response to macroeconomic and structural problems, especially regarding energy, and the end of the government’s 5-year term in mid-March limited political scope for major policy or structural reforms,” it said.

The economic developments in this fiscal year are unfolding along broadly similar lines as previous year, but with “deepening concerns about sustainability and the adequacy of forex reserves”.

A missing link in the ADB’s analysis of political failures is the role of bureaucrats in running the affairs of the government who often do not disclose actual extent of problems to the leadership.

Continue reading Pakistan Economy: Sinking Like A Rock, says Asian Development Bank.

Pakistan’s economy Plugging leaks, poking holes – Who will pay for Pakistan’s state?

PAKISTAN’S national poet, Muhammad Iqbal, believed the subcontinent’s Muslims needed to unite if they were to prosper. Without a strong sense of nationhood, he wrote, “mountains become straw and are blown away in the wind”.

Poetry and taxes do not often mix. But those melancholy lines grace an analysis of Pakistan’s fiscal plight by Ehtisham Ahmad of the London School of Economics. The country’s tax revenues have collapsed. Its debt is almost certainly unsustainable without outside help. And yet Pakistan does not pull together. “Textile lobbies, the urban gentry, traders and agriculturists, all point to the other and say: Tax that group first, but do not tax me,” Mr Ahmad writes.

The tax authorities can identify a mere 768,000 individuals who paid income tax last year. Even fewer—just 270,000—have paid something in each of the past three years. That is one reason why Pakistan’s tax revenues amounted to only 9.1% of GDP in the latest fiscal year, one of the lowest ratios in the world (see chart). These are exceedingly narrow shoulders on which to rest a nuclear-armed state of 180m people. The culture of cheating starts at the top. Most members of parliament, many of them conspicuously affluent, do not file tax returns.

In the months before an election, due by May, the government of President Asif Zardari of the Pakistan Peoples Party (PPP) is proposing a controversial remedy: an amnesty for evaders. They will be invited to wipe the slate clean with a one-off payment of only 40,000 rupees ($400). The government says it is a quick way to resuscitate the public finances and expand the tax net. Its critics see the amnesty as a boon for politically connected crooks.

Continue reading Pakistan’s economy Plugging leaks, poking holes – Who will pay for Pakistan’s state?

We are billionaires, let Pakistanis suffer! Ishaq Dar sons..

We are billionaires, let Pakistanis suffer!

By Ahmed Tamjid Aijazi

Dubai: HDS Tower in Cluster F of Jumeirah Lakes Tower is only one of the 34 story buildings that belong to the mighty HDS Group. The News Tribe learnt that several other buildings in Jumeirah Lakes Towers, Business Bay and International City, like the HDS Sunstar Towers, are also owned by the millionaire brothers, surprisingly Pakistanis.

The uniqueness of the car rental company lies in its array of niche car manufacturers and models of cars unavailable to the market. HDS Rent a Car owns the 2012 Lamborghini Aventador LP700-4, Mercedes Benz SLS 63 AMG Gullwing, apart from the more economy cars such as Peugeots and Renaults. Some of the many exotic, luxury and SUVs in the lineup are the the Ferrari Berlinetta F12 and the McLaren F1, and you can do the numbers yourself!

The owners from a ‘poor and starving’ country Pakistan, where the average monthly income for an individual is $41, are offering such exotic services in Dubai, which even the local Emiratis fail to afford.

Sources further told The News Tribe that the story does not end here; another Finance Minister from the Nawaz Sharif Government, made hundreds of real estate transactions with Madhu Bhindari, an Indian billionaire entrepreneur, who is on a run-away from Dubai, after losing 150 million dirhams in the 2008 crisis. However, the finance minister’s buildings and investments are still there, earning a hefty income.

A Pakistani real estate agent, who claimed to carry out transactions for a serving government officer in Sindh Government, told The News Tribe that a lot of Pakistani bureaucrats and politicians have properties worth millions in Dubai.

“The son of a serving government officer from Sindh government invested a huge amount of money in real estate here in 2008, and I carried out transactions for him,” the agent claimed.

“Where are these politicians getting the money from?” asked a frustrated Pakistani in Dubai, who came to know that the building he lived in is owned by Ali and Hasnain Dar’s HDS Group.

“If they have billions of dollars and so much money, why is it not in Pakistan? These politicians talk about the welfare of Pakistani people, but all they can think about is themselves!”

Previously, Director Swiss Bank had stated that Pakistan has around 97 billion dollars only in Swiss Banks. But, it seems that Pakistani politicians and businessmen have more than 97 billion dollars outside Swiss Banks, invested in various countries and financial hubs like Dubai.

According to the Swiss Bank director, if the money is utilized for the welfare of Pakistan and its people, then Pakistan can make tax free budget for next 30 years, can create 60 million jobs, can carpet four lanes road from any village to Islamabad, provide endless power supply, every citizen can earn Rs. 20,000 salary for the next 60 years and there is no need to take loans from IMF or World Bank.

Courtesy: The News Tribe

http://www.thenewstribe.com/2012/08/11/we-are-billionaires-let-pakistanis-suffer/#.UEVIKpZXljs

Hopelessness to doom: Pakistan’s journey

Pakistan

by Malik A. Rashid

BBC reported, “The US is so concerned about security in Pakistan that it is considering plans to enter the country to prevent extremists getting hold of nuclear material”. According to Senator McCain, Pakistan’s ISI has connections with the Haqqani network. In his confirmation hearing Lt. Gen. John Allen said he is aware that explosive devises used against American forces in Afghanistancome from Pakistan. Adm. McRaven thinks Pakistanis know where Mulla Omar is. So, the US-NATO has enemies in Pakistan in their cross-hair.

But the war is not the root cause of the predicament Pakistan finds itself in. Declared #12 on the list of failed nations, Pakistan is the 3rd most dangerous country for women. Out of 70 million between 5 to 19 year old Pakistanis, only 30 million go to school. On education and health care together, government spends about 1% of the GDP. Pakistan’s rulers prescribed a low quality education for their public school system to keep commoners from joining the ranks of army officers and bureaucrats.

US have cut aid to Pakistan. Installment of IMF’s loan was declined because the government could not raise taxes. Pakistan’s economy grew by 2.4% in 2010-11, slower than Somalia’s economy which grew 2.6%. Population of the cities continues to rise; so does joblessness.

Since 75% of supplies to US and NATO troops in Afghanistan will be re-routed through North of Afghanistan by the end of this year, not only the war has turned unrewarding for Pakistan’s rulers, it challenges their power and state’s existence.

Army relied heavily on proxy-warriors to influence other countries in the region and manipulated international aid through terrorism, while the generals indulged in enriching themselves. The business empire of the Military Inc. continued to grow at the expense of dwindling electricity supplies while millions of citizens fell below the poverty line. A conflict with the world-powers has shaken the brazen and brutal power structure of Pakistan. …

Read more → ViewPoint

Military strategy and the flight of capital – by Dr Manzur Ejaz

The Malaysian Consul General, General Khalid Abdul Razzaq, told the press that in the last few years, about 700 Pakistanis had transferred Rs one trillion and 80 billion to his country in a specific programme. If one includes the most popular places for Pakistani capital in the Gulf States, Europe and the US, the transferred amount would be in the hundreds of billions of dollars. If capital is flying out so ferociously, the Pakistani economy has a very dim future. The more depressing aspect is that the policies that created such conditions are not changing in the foreseeable future.

First of all, it is mindboggling how a country wracked by all kinds of law and order problems and power shortages can still generate such a mammoth surplus that is being transferred abroad. This reflects the vibrancy and tenacity of the Pakistani population that it can survive against all odds the way it has been doing for centuries. Probably, this is one of the reasons that our rulers, specifically the military, are continuing the perilous policies that they adopted three decades ago.

Last month, Pakistan’s economic division estimated that the Pakistani economy has suffered losses of about $ 68 billion due to the war on terror. However, the figure was based on certain unproven assumptions and less than solid stipulations. It seemed that the figure was touted in the international press to convince foreign governments about the cost Pakistan is bearing for the war on terrorism and tell them that their aid is too little when compared to the losses. One could have questioned Pakistan’s projected loss figure on various grounds but the capital transfer to Malaysia cannot be questioned because it is coming from the horse’s mouth.

Every economist knows such a huge surplus that is being transferred abroad is gained through extreme exploitation and skimming of the masses. The surplus, whatever way it is gained, is called ‘the savings of an economy’. And, if the savings are not invested back into the economy, the country can never grow — on the contrary it can only degenerate. Pakistan’s rate of inflation, rising poverty and unemployment, which may be as high as 70 percent if one includes the redundant rural workforce, is a manifestation of how the export of Pakistani savings abroad has jeopardised the revival of the economy.

The migration of Pakistani savings to other countries shows that its top wealth holders — whatever their percentage — do not see a safe future in Pakistan. Insecurity is the fundamental reason for such a prevalent view among prosperous Pakistanis. The rise of religious extremism and acceleration of jihadism through the Taliban, al Qaeda and other private militias is the root cause of insecurity in Pakistan. Therefore, the state institutions that have given rise to such forces are directly responsible for the disaster Pakistan is facing.

The flight of capital from Pakistan started during the 1970s and 1980s, long before 9/11 and the US invasion of Afghanistan. Rising sectarianism in the country and ethnic violence in Karachi, engineered by secret agencies with no US input, started scaring potential domestic and foreign investors. It is interesting that this violence-ridden environment opened another chapter of economic plundering in Pakistan by all kinds of exploiters. The attitude had been to squeeze as much as possible in the shortest period. Somehow, the deepening of anarchy provided more opportunity to the exploiting classes and we witnessed unprecedented accumulation of wealth and its transfer abroad in this period. Who is responsible for creating such conditions?

The Pakistan military’s doctrine of seeking strategic depth in Afghanistan with the help of the Taliban and al Qaeda added to the anarchy, insecurity and, strangely enough, economic exploitation. Military spending kept on rising at the expense of the impoverishment of the masses. Therefore, the policy of seeking strategic depth in Afghanistan has caused misery for common Pakistanis from many angles.

Despite the international pressure and domestic rejection, Pakistan’s military is continuing its failed policy. Besides the US, every international power, including China, has asked Pakistan to clean up its jihadi mess and change its direction from India obsession-cum-seeking-strategic depth in Afghanistan to being friendlier towards its neighbours. Domestically, after Mian Nawaz Sharif’s declaration that we should end hostilities towards India and that the military should get out of civilian matters, other than a few religious parties no mainstream political party shares the military’s strategic vision. The PPP and ANP may be toeing the military’s line for opportunistic reasons for the time being but both parties are far from India-haters.

Therefore, it is the military strategy that is causing insecurity in the country and forcing Pakistani capital to flee. The quantity of outflow of capital is so huge that a few billion from the US, any other country or international agencies (the World Bank and IMF) cannot compensate the losses. Therefore, the first sign of stability in Pakistan would be seen when Pakistani capital outflows stop and domestic savings start getting reinvested in the country.

On the contrary, if the military keeps walking on the suicidal path, the economy will be squeezed and, if India grows steadily, Pakistan will become irrelevant in the region. The outcome of the ongoing military strategy of Pakistan will result in just the opposite of what is desired.

Courtesy: WICHAAR.COM

Nationalism or national policy?

by Shahab Usto

We lost half the state territory in 1971 and the other half is threatened by varied internal and external threats. But our state policy continues to reflect the same old duality: employing the security apparatus and building the artefacts of nationalism.

Though our economic team is busy mending the torn deal with the IMF and the military and political leaderships are busy with their US counterparts to reset the button of the Pak-US cooperation shut by the Abbottabad operation, a well-calibrated nationalist fever has touched new heights. The joint parliamentary resolution talks of cutting off NATO/ISAF supplies; the Punjab government has denounced foreign aid, of course without explaining how it would run the foreign-funded projects given the poor health of its finances; the ‘patriotic’ brigade is calling for ending relations with the US and opting for China; and Imran Khan is out staging dharnas (sit-in protests) against the Pak-US alliance on the war on terror.

Yet no one has come up with a blueprint of our national policy dealing with the war on terror and the myriad socio-political crises, using the ‘rare’ national unity that has come about in the wake of the US Abbottabad operation. The same old trick is being played upon us that the monarchs, generals and populists have played in history: using nationalist sentiments to hide rather than resolve national crises. We must avoid this trap because nationalism could be both a reality and an artefact. Let us pick up a few lessons of history to make this point.

Read more : Daily Times

Pakistan: The narratives come home to roost

by Omar Ali
Most countries that exist above the banana-republic level of existence have an identifiable (even if always contested and malleable) national narrative that most (though not all) members of the ruling elite share and to which they contribute.  Pakistan is clearly not a banana-republic; it is a populous country with a deep (if not very competent) administration, a very lively political scene, a very large army, the world’s fastest growing nuclear arsenal and a very significant, even if underdeveloped, economy.  But when it comes to the national narrative, Pakistan is sui-generis.  The “deep state” has promoted a narrative of Muslim separatism, India-hatred and Islamic revival that has gradually grown into such a dangerous concoction that even BFFs China and Saudi Arabia are quietly suggesting that we take another look at things.

The official “story of Pakistan” may not appear to be more superficial or contradictory than the propaganda narratives of many other nations, but a unique element is the fact that it is not a superficial distillation of a more nuanced and deeper narrative, it is ONLY superficial ; when you look behind the school textbook level, there is no there there. What you see is what you get. The two-nation theory and the creation of Pakistan in 712 AD by the Arab invader Mohammed Bin Qasim and its completion by the intrepid team of Allama Iqbal and Mohammed Ali Jinnah in the face of British and Hindu connivance is the story in middle school textbooks and it turns out that it is also the story in universities and think tanks (this is not imply that no serious work is done in universities; of course it is, but the story of Pakistan does not seem to have a logical relationship with this serious work).

Continue reading Pakistan: The narratives come home to roost

Where did money go, received from all over the world?

by Dr. Ahmed Makhdoom, Singapore

“Pakistan received $23.4 billion of foreign aid in the last decade.”

Where did this money and other billions of dollars that this country has received from all over the world GO?

Has been spent on schools, education – NO! Has it been spent on alleviating the miseries, deprivations and poverty of millions of poor people – NO! Has the money been spent to provide decent Health Care – certainly, NOT! So, where is the money going?

WB and IMF are gladly dishing out billions to these culprits, thieves, robbers, and leeches who rule this country – just for their own benefits and carrying forward their own nefarious, selfish, self-seeking Agenda!

They show the photographs of Sindh, where there is chronic poverty and desease to beg money from WB and IMF.

Once received this money goes to the security establishment and the ugly animals in the Governments! The photograph shows Sindhi innocent infants, toddlers and children crying for food and milk! Height of Inhumanity! Height of Injustice!

Civilised world should take cognizance of thwart is happening in this country. The Security establishment, the Government and tyrants should be taken to the International Criminal Court and tried for crimes against humanity!

Courtesy: Sindhi e-lists/ e-groups, April 19, 2011.

PAKISTAN IN CRISIS

Ahmed Rashid, Author and Journalist

With the recent assassination of Salman Taseer, governor of the province of Punjab, one of the strongest voices for democracy and secularism in the Pakistan People’s Party has been silenced. The government is in crisis, and the economy has been in freefall since the International Monetary Fund halted its loans to the country last year. Ahmed Rashid warns that the situation in Pakistan is potentially worse than in neighboring Afghanistan. This unrest comes at a crucial time when the United States is seeking increased cooperation with Islamabad on the war in Afghanistan and combating terrorism. What is the future of Pakistan’s partnership with the United States, and what will be Pakistan’s role in defining regional order before NATO pulls out of Afghanistan in 2014? …

Read more : The Chicago Council

Professional Beggars at their best … but .. Beggars are not choosers!

Vice President Joe Biden is the latest high level U.S dignitary to visit Pakistan. As the series of such high profile visits continues, one wonders what actually transpires in such meetings and what kind of assurances are given from both sides to each other. In this episode of Reporter, Arshad Sharif tries to find out what PM Gilani meant when he said that he has given assurances to Joe Biden that practical steps will be taken to resolve all the difficult problems.

Courtesy: Dawn News (program Reporter with Arshad Sharif)

Source- You Tube Link

Pakistan – Rs. 110 billion increase in defense budget!!?!

Govt projects Rs 110bn increase in defence budget

* Consolidated expenditures of federal, provincial govts to increase by Rs 33bn

By Sajid Chaudhry

ISLAMABAD: The government has projected an increase of Rs 110 billion in the defence budget and informed the International Monetary Fund that according to the post-flood situation, the defence budget will be Rs 552 billion against the budgetary allocation of Rs 442 billion for the ongoing fiscal year 2010-11.

This increase in the defence budget has been projected by the government at a time when development and non-development budgets of the civil government are being slashed by 50 percent and 20 percent respectively to create fiscal space for the rehabilitation of the flood-affected population. …

Read more >> Daily Times