Stories about Ishaq Dar

70 years of Pakistan and two successful elected governments – should we celebrate democracy?

Democracy is a system of procedural consistency, which is perhaps why the reason Pakistan has failed to strengthen its democracy over the past few decades is because it has been marred by inconsistencies. As the government fulfils its five-year tenure once again, we see the emergence of a new dawn, something unimaginable even a decade ago. For the first time in our 70-year history, two democratic governments have successfully completed their entire five-year terms and engaged in a smooth transition. It has become a common habit for people to criticise our “desi democratic principles”. And why not, they ask? ...

Read Full Post

Khursheed Shah should take a look at PPP’s abysmal economic performance before pointing fingers at PML-N

Any accusation, any labels of incompetence hurled at Pakistani politicians have a very easy retort – the other guy is worse. Since a new election is on the horizon, our politicians have taken to this time honed art of mud-slinging with a new fervour. Khursheed Shah has come out with a statement that Pakistan’s economy has significantly deteriorated during the tenure of the Pakistan Muslim League-Nawaz (PML-N) government. Perhaps he’s forgetting Pakistan Peoples Party’s (PPP) very dismal economic performance during its last stint. There are many facets of governance and politics which are hard to measure. Fortunately, economic performance is not one of them. ...

Read Full Post

The fall and fall of Pakistan’s economy in 2017

There were a lot of fairly good economic indicators seen in 2017, such as the following: – An 8.5% growth in Large-Scale Manufacturing (LSM), – An inflation rate of 3.9%,  – A super-strong growth in lending to the private sector, – A 74.4% growth in Foreign Direct Investment (FDI) worth $939.7 million, – A 19.5% growth in the Federal Board of Revenue (FBR) Tax Revenues and a double-digit growth in exports Amidst these “good” indicators, less focus was paid to the depleting foreign currency reserves and burgeoning imports. Whether this is due to Mr Ishaq Dar being pre-occupied during the year, trying to save himself and his boss from the aftermath of the Panama leaks, or merely because the ...

Read Full Post

Can Pakistan’s economic stability and businesses survive Nawaz Sharif and Ishaq Dar’s disqualification?

In one of his first public appearances, former Prime Minister Nawaz Sharif was reported to have said the following: “During my tenure, the stock market increased from 19,000 to 52,000.”  So, is a rising stock market really a barometer of a strong democracy or just a number game for a selected few? We surely cannot say at the moment. To all the Pakistan Tehreek-e-Insaaf (PTI) sloganeers, Nawaz is gone, but is prosperity, not tabdeeli (change), around the corner? Pakistan Muslim League-Nawaz (PML-N) was primarily the only major political party that was known for their pro-growth temperament. Despite never being able to complete their full term, businesses cheered on the so-called economic focus ...

Read Full Post

Could Nawaz Sharif’s fate determine the future of Pakistan’s stock market as well?

The latest discussion engulfing the whole country has been Prime Minister Nawaz Sharif’s joint investigation team (JIT) imbroglio and the stock market’s rapid decline. In one of my previous blogs, we highlighted how the stock market should be utilised as an investment vehicle. For the record, Karachi Stock Exchange (KSE) 100 Index went up by +50% from that day and stayed the same for the next 24 months. While sceptics have resurfaced – and so have the bears in the market (which is down +15% from the peak levels) – to criticise the vulnerability of the economy amidst political impasse, it is crucial to holistically view the changing political and economic landscape ...

Read Full Post

Budget 2017-2018: Is Pakistan really on the upward trajectory?

With much fanfare and hoopla, Ishaq Dar and company announced the annual budget for the nation this past Friday. It was budget as usual, delivered with haughty claims of turnarounds and opportunities within reach. Even before the budget had been announced, the Ministry of Finance had been subliminally pushing figures into the media to soften any surprises. While Pakistan missed its growth target of 5.7% from last year, it still achieved a growth of around 5.3%. This puts the country in the company of companies that are over $300 billion dollars in size.  The year over year (YoY) growth, while lower than the target, is still the ...

Read Full Post

Why are you silent on the amnesty bill for property sector thieves, Imran Khan?

It has finally happened. For the past five months, our government strongly resisted pressure from property sector players to grant them amnesty to retain stolen money. This week, the National Assembly – composed mainly of crooks – approved a bill which will enable these thieves to whiten their black money by paying back only 3% of the amount that they have looted from the nation. Property investors and builders are jubilant. This scheme allows them to whiten seven trillion rupees instantly, while paying a piddling amount to the exchequer. Prices of their plots, bungalows and apartments will undergo a phenomenal increase, making it impossible ...

Read Full Post

Dear Ishaq Dar, your statement is beyond the comprehension of this nation

The political stunts of Mr Ishaq Dar, Federal Minster for Finance, can be attributed primarily towards the unrest in the country and average conclusion that the debt from International Monetary Fund (IMF) actually translates into submission to US desires. The extracts from the interview are given below, “Pakistan will soon stop looking towards IMF for assistance. The last session with IMF is underway right now.” He went on to say that by 2050 Pakistan will become the 18th biggest economic nation across the world. It is imperative to note in the world of finance which is governed by cash flow management or balance ...

Read Full Post

No, Mr Dar, an amnesty is not the solution!

Dear Mr Ishaq Dar, It is reported that you have directed the Federal Board of Revenue (FBR) to call all stakeholders in the property sector to find a solution to a problem which is supposed to have been created by your government. What problem? Is it a problem to finally do something which should have been done long ago? It is in the supreme national interest to levy taxes on the actual value of properties, rather than on the (mis)declared low values. To give just one example, in DHA Karachi, taxes were levied at the rate of Rs1,650 per square yard, while the actual price of ...

Read Full Post

Nawaz Sharif underwent serious surgery: Should a deputy PM have been appointed?

Amidst heated demands of resignation following his family’s deep involvement in offshore tax activity coming to light with the Panama Paper reveals Prime Minister Sharif hastily left for London last week. Jumping where they saw opportunity, his political detractors, in a game of ‘I told you so’ accused the country’s leader for having fled for good until news surfaced, from within the PM’s family camp, that he had in fact gone for a necessary, emergency open heart surgery – a risky yet routine procedure and the PM’s second such surgery in recent years. At 66 years of age, the prime minister of Pakistan ...

Read Full Post