Category: Misc

The worthy adviser to the prime minister had boasted about plan A, B, and C for taking the country out of its economic mess. In the end we are told that there is no other option but to seek help from International Monetary Fund. Shoukat Tarin announced yesterday that Pakistan has successfully negotiated a loan with the Fund. He said that IMF has not laid down any condition for the approval of loan.

Was taking loan from IMF was a part of any of the plans because I think that borrowing does not require any planning. At least in Pakistan’s case borrowing has always been done at the expense of general public without any planning. The irony of the fact is this that this loan will used for the luxury of the likes of Zardaris and Gilanis and it will be repaid by the hard earned money of the people of Pakistan who will have to bear additional taxes one way or another.

It was time the people of the country rise up and say that they do not need this loan. Pakistan is a resourceful country. We only need a good manager. In Pakistan, perhaps being the president of Citibank is considered the height of the knowledge of econimics, which is not true. Being the president of a small bank is one thing and making policies for a big country is another thing.

Pakistan has formally approached International Monetary Fund for a loan and it is learnt that the Fund has reached an initial understanding with the government of Pakistan and has approved a $7.6bn economic package for the country. Pakistan urgently needs this money to meet the growing balance of payment crisis.

The loan is a stand-by arrangement for a period of 23 months and it is subject to approval by the executive board of IMF. IMF has put forward some pre-conditions for the approval of loan which the government of Pakistan has approved. The increase in discount rate by the State Bank of Pakistan is a step in this direction. According to the agreement, IMF will have rights to economic affairs of the country for which it will designate its own experts.

The other day adviser to the prime minister on finance said that the loan is being taken without any condition. He said that Pakistan was taking loan on its own conditions. I think that this is not true. I also believe that the loan would not benefit the common people of the country and it will be  pocketed by the corrupt politicians.

In Ukraine, it was the parliament which approved the loan whereas in Pakistan it is a few individuals who are taking decisions. Such important issues must be discussed in the parliament. What is the relevance of parliament if such important decisions are to be taken by a few individuals?

Zenni Optical was on FOX news! Zenni is one of the leading prescription eyeglasses company on the internet where you can order prescription eyeglasses without going to the optician’s shop. They have a number of stylish eye frames. I myself wear glasses and those who wear glasses constantly know it well that frames wear out after some time. Now we can change eyeglasses more often thanks to Zenni Optical. You can order Great Eyeglasses For Less through Zenni Optical. Variable Dimension Frames From Zenni would particularly appeal to those who care for style and designs.

Zenni on Fox

After the steps taken by the State Bank of Pakistan and action taken by the government against some big foreign exchange companies for their alleged role in illegal money transfers out of the country, the rupee is relatively firm against dollar. A few days back rupee had touched the height of 87 rupees a dollar because of sudden increase in demand of dollar. This was mainly because of huge transfers of dollars to foreign destinations particularly Dubai. Now that the central bank has tightened its policies and intervened in the money market, the situation has been brought under control to some extent.

The steps taken by the central bank are rather belated. It should have taken action against the money changers immediately after knowing about their illegal activities. Now that such a large amount of dollar has been taken out of the country, I wonder if it would be brought back. It is alleged that the money changers were acting on behalf of powerful politicians and bureaucrats. I wonder if the names of the big fish will be disclosed to public.

The Dawn has reported at least thirty two foreign firms in Pakistan are planning to wind up their business in Pakistan and as many as 122 others are thinking to limit their investment in the country because of the prevailing law and order situation. The foreign companies operating in Pakistan are not satisfied with the steps taken by government to improve law and order situation in the country. This does not augur well as the country is already passing through the worst economic crisis. If foreign companies wind up their business in such large numbers it would not only result in transfer of precious foreign reserve but also create a negative outlook for the country.

The law and order situation has deteriorated rapidly. Suicide bomb attacks are becoming frequent which has created an atmosphere of insecurity. If the government is really serious in bringing about any change in the situation it must draw a policy after debating everything in the parliament. Presently we see that there is no direction in the policies of the government. They only content themselves by saying that they inherited everything from the previous government. Even if we accept this as true, this does not absolve their responsibility. More than seven months have passed and we are yet to see any direction. I hope that instead of undertaking foreign tours after every few days, President and Prime Minister would spend their time in the country and sort out issues in the larger interest of the people.

Now you can order prescription eyeglasses from the comfort of your home for as low as $15. Optical 4 less gives you the freedom to order prescription eyeglasses. You do not need to go to your local store to order your eyeglasses. Simply visit their website and place your order. They say that their competitors cannot beat them on quality.

They use high quality glasses that come with anti reflective and UV coating. You can chose from a number of frames and order glasses according to your needs. There is a virtual fitting section on their website which allows you to upload you photo. This function gives you the ability to check if a particular frame would suite your face or not.

Governor of State Bank of Pakistan Dr Shamshad Akhter gave a detailed press conference yesterday in which she announced provisional economic policies by the central bank. She said that the country was passing through extraordinary times and it was necessary to adop economic discipline. She has assured that the central bank would provide liquidity to small banks. She also announced an increase of 2% in the interest rates which I think will bad affect industry.

I believe that the press conference points towards the fact that IMF policies are being implemented. There is no other option available to the government because nearly all donors have refused to supply direct assistance.

President Zardari of Pakistan has embarked on yet another foreign trip. He has arrived in New York to attend a special session of the UN General Assembly on interfaith peace and harmony. I think that those who had criticized the previous government for large number of foreign trips have chosen to forget everything. President Zardari does not let go a chance to go abroad. In his recent trip to Saudi Arabia for seeking financial assistance, he took with him more than 200 people.

It is the responsibility of leadership to create example for others. Unfortunately our leaders are adept at setting bad precedents. The country is passing through acute financial crisis. It is time to adopt austerity instead of squandering money on lavish expenses. Such foreign trips have never done any good to the country. They are only a burden on the national exchequer.

At a time when the country is struggling to meet its international financial obligations and the foreign exchange reserves of the country are falling rapidly, people would be surprised to know that only 11 big people have transferred dollars worth Rs. 38bn rupees out of the country in one month alone. This information was obtained from the directors of one of the largest foreign exchange company in Pakistan who were arrested a few days ago.

It is being reported in the press that influential politicians and bureaucrats are involved in this illegal transfer of money from country. Price of dollar had risen to more than 86 rupees a dollar because of illegal transfers on such a large scale. I urge the government to make the inquiry report public and take action against all those who are found guilty after an impartial investigation.