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HenryTo
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 Posted: Thu Sep 27, 2007 9:49 pm Post subject: Pakistan |
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The Pakistani government now cutting taxes for raw materials and seeking to boost its "more heavy" manufacturing capacity going forward:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a2UJA7ahdBhM&refer=home
| Quote: | Pakistan's economy has expanded an average 7.5 percent in the past four years, driven by rising foreign investment and consumer spending by a middle class that Standard Chartered Plc's Karachi-based economist Ahsan Javed Chishty estimates is now 30-million strong.
Growth in the $146 billion economy may slow to 6.5 percent this fiscal year, according to the ADB, as Pakistan still has a ``lack of industrial and export diversification.'' That may weaken efforts to reduce poverty in a nation where two thirds of the population of 160 million people lives on less than $2 a day, according to the World Bank. |
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rffrydr
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Location: Sunny California
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| Posted: Sat Oct 08, 2011 8:26 am Post subject: |
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Out go the lights...and water with it:
http://www.economist.com/node/21531495
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HenryTo
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| Posted: Tue Aug 30, 2011 12:29 pm Post subject: |
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FYI. Courtesy of Stratfor:
| Quote: | Dispatch: Pakistani Instability and the Violence in Karachi
A senior Pakistani official resigned Aug. 28 in the aftermath of violence that has gripped the country’s largest city, Karachi, and has resulted in the deaths of hundreds of people in recent months. The resignation and the violence bode ill for both civilian rule in the country and for the country’s need to combat extremism and terrorism.
A senior Pakistani official in the southeastern province of Sindh, Zulfigar Mirza, tendered his resignation Aug. 28 in a lengthy three and a half hour nationally televised press conference. Mirza attacked both the regional party in Sindh, the MQM, as well as his own political party for the violence and accused both sides of engineering the target killings that have gripped the city over the past several months and resulted in the death of hundreds of people from all political factions.
The resignation of Mirza speaks volumes about the problems that Pakistan has in terms of civilian governance and its efforts to combat violent extremism. Karachi is gripped in a frenzy of violence that is being perpetrated by militias affiliated with various political parties, rival political parties representing rival ethnic groups and ideological political forces. So if political parties that are responsible for civilian governance in the country are running their own militias then that does not bode well for the ability of the state to try and disarm religious extremists who have been waging a vicious insurgency in the country for the past four years.
The inability of the federal and the provincial governments to bring an end to the violence in Karachi has led to a sharp decrease in public confidence towards the government and civilian rule. There have been open demands and calls upon the army to step in, some actually going so far as to asking the army to get rid of the civilian government, while others in a more measured way have said that the army needs to be brought in to restore law and order in the city because the police and the paramilitary forces have failed. It becomes very difficult for a democratically elected government to combat extremism and terrorism when those same democratic forces are running their own militias in the country’s largest city, which happens to be the economic hub of the nation.
The situation in Karachi, which doesn’t seem to be ending anytime soon, comes at a time when the United States and the international community needs Pakistan to move towards stability, political stability, that can bring the economy back online so that they can be able to combat extremism and terrorism, which will provide for the conditions in which NATO can withdraw its forces from neighboring Afghanistan. But so long as Pakistan is mired into insecurity and political instability, that goal will likely remain elusive. |
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rffrydr
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| Posted: Fri Jul 18, 2008 8:33 am Post subject: |
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To wit above: OIL and Asia don't mix.
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HenryTo
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| Posted: Fri Jul 18, 2008 2:11 am Post subject: |
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180 degree reversal from just a year ago. Talk of a potential lifeline from the IMF is now getting louder:
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Forex reserves dip to $10.83bn
Friday, July 18, 2008
By Mehtab Haider
ISLAMABAD: Pakistan’s foreign currency reserves fell further to $10.83 billion against $11.12 billion the previous week, the central bank said on Thursday.
Reserves fell below $11 billion mark on July 12 and reached $10.83 billion compared to $11.12 billion the previous week. If the situation does not improve on the external front, there will be a possibility of approaching the IMF again during the current fiscal year.
Foreign exchange reserves held by the central bank stood at $7.95 billion compared to $8.32 billion in the previous week. The foreign exchange deposits held by banks were $2.88 billion compared to $2.80 billion the previous week.
Foreign currency deposits held by banks are included in the calculation of the country’s total reserves, which have fallen from a record $16.39 billion in early November 2007. It shows that the foreign reserves were depleting rapidly and had dropped by over $6 billion in the last eight months.
“The reserves are depleting rapidly, ultimately putting pressure on Pak rupee,” an official in the finance ministry told The News. The country’s reserves are decreasing owing to growing imports especially the surge in oil prices in the recent past, causing vulnerabilities on the external front of the national economy.
Official sources said that the rapid depletion of reserves was quite disturbing for the economic managers as on one side the external debt surged and touched $46 billion while on other side the precious reserves declined from $16 billion to just over $10 billion in recent weeks.
Pakistan’s foreign debt also swelled by $10.5 billion in the last six years and now stands at $45.9 billion at a time when the reserves are depleting more rapidly.
The foreign currency reserves stood at $14.08 billion on Feb 15, 2008. The reserves position was much better a few months back as they stood around $16.4 billion during Oct 2007. It showed that the reserves declined by around $6 billion in the last few months. |
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