Tag Archives: Pakistan Economy

Begging Bowl Is Out For Pakistan

Pakistan has sought an emergency bail-out from the IMF, a humiliating step forced on Islamabad after allies refused to come up with cash .

Pakistan’s finance minister, Shaukat Tareen, said recently that going to the IMF was his “plan C”, but Islamabad has been stung by rebuffs from its closest international partners – China, the US and Saudi Arabia – leaving it with few choices. 

Hungary, Iceland, the Ukraine and Belarus are also seeking assistance from the IMF to help weather the global financial crisis. Belarus has applied for a $2 billion loan, Interfax reported Oct. 22, and the Ukraine said this week it may sign a loan worth as much as $15 billion.

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Terrorists are paying their soldiers 10,000 rupees – Asif Ali Zardari

Pakistans president Asif Ali Zaradari has finally acknowladged the fact that “terrorists” and not “freedom fighters” are operating in Pakistan Occupied Kashmir.  “What kind of a joke is this that I cannot pay my security personnel more than the Talibs are paying?” he asks. “Those terrorists are paying their soldiers 10,000 rupees; I’m paying seven or six thousand rupees.”

It is interesting to note that the statement comes at a time when Pakistan’s economy is in deep trouble. A few days ago the Mr Zardari has said “Insha Allah, we will have some good news” on Kashmir before the general elections in India.  

The State Bank of Pakistan’s net foreign reserves fell to around 8.1 billion dollars against 8.8 billion . Out of the 8.1 billion dollars around 4.68 billion dollars are the central bank’s own reserves while the rest are deposits of private financial institution. That is about two months’ worth of foreign currency reserves left to pay for the country’s imports of oil and food.

President Asif Ali Zardari has asked the international community to give Pakistan $100 billion in grant to ensure the country’s survival. “I need your help, if we fall, if we can’t do it, you can’t do it,” Mr Zardari repeatedly said during an interview with Wall Street Journal’s columnist Brent Stephens, published on Saturday.

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