Pakistan seeks $10b in US backstop facility

[K2RULEZ]

Why are they Pakistanis in financial crisis? They have been in crisis for decades . Is there too many people working in bureaucracy and heavy inflation I do not understand. This US loan is not helping a country, he’s helping GHCQ/ SHARIF Zardari etc. it feels like Trump and his cronies who probably have a significant financial interest in keeping Mr Sharif Zardari and GHCQ in power.

Trump couldn't be bothered. All he cares about are US interests which of course he should. He knows that by providing this money he will get a handsome ROI.

The question is, will ordinary Pakistanis benefit? We all know the answer to that question. This money is only going to benefit a handful of elites.

 

[Goenitz]

Trump couldn't be bothered. All he cares about are US interests which of course he should. He knows that by providing this money he will get a handsome ROI.

The question is, will ordinary Pakistanis benefit? We all know the answer to that question. This money is only going to benefit a handful of elites.

Why would he? He already has leverage on Pakistan by turning a blind eye to FM rule. Mushi didn't charge NATO trucks like Tajiks.

 

[Hazard]

These fuckers will eat even $100bn, no one should lend money to Pakistan, it never reaches the people, corrupt politicians consume it.
Also, think about the pressure of $10bn US loan on Pakistan govt? They will easily say yes to any demand from US, including distancing themselves from China, or even start fight with Iran etc

Not just the Politicans, the average Pakistani doesn't deserve a penny either. It's about time our folks got off their backside and started working - instead of breeding like rabbits and expecting the rest of the world to foot the bill.

This joke of a country literally survives on handouts - overseas Pakistanis are propping up a sizeable portion of the population through "remittances" and the government is going around the world with a begging bowl - be it China, IMF, World Bank and now the Yankees.

 

[Owaiz]

It's not his pocket change to give; Congress will have to approve it.

This facility is meant for emergencies and the Congress has already delegated its management to the US Treasury precisely so that Congress doesn't have to be approached in every crisis So, the Administration already has wide discretion to deploy this money ( technically it is used as a loan or investment and not "spending ").

 

[RescueRanger]

Pakistan needs external resources as much as possible. No money, no honey, just day dreaming.

This

 

[Owaiz]

Why would he? He already has leverage on Pakistan by turning a blind eye to FM rule. Mushi didn't charge NATO trucks like Tajiks.

Bhai, the US has a long history of financially supporting dictatorships that serve its interest . I am sure the CIA also knows how deeply unpopular this regime is and also what popular opinion towards the US in Pakistan is. And in this case, Trump and his buddies also have personsal financial stakes in the system in Pakistan continuing.

And yes, this money, if sanctioned, would be mostly used for the benefit of the usual special interest groups. Some crumbs would also be thrown to the common man by delaying tough IMF mandated reforms to provide a fig leaf for rigging the next elections. The cost will be passed down to the future governments by kicking the can down the road.

 

[Hussain]

They replied that all international transactions go to Askari Bank, which then forwards them to the respective banks,

WU sends it to it's account with "Askari Bank", Remitly does the same with MCB.
They send it to their accounts, from which funds are forwarded to the ultimate beneficiaries account.

 

[Goenitz]

WU sends it to it's account with "Askari Bank", Remitly does the same with MCB.
They send it to their accounts, from which funds are forwarded to the ultimate beneficiaries account.

Google says it transfers directly (in both cases, though no good ref).
Edit: In my own experience, when the govt withheld $ circulation a year ago, the transfer was stuck or 5 days. Upon escalating the complaint, they said that WU had transferred to the Askai bank and that would to HBL.
Now, it is opposite to Google, so what can I say.

 

[Goenitz]

Bhai, the US has a long history of financially supporting dictatorships that serve its interest . I am sure the CIA also knows how deeply unpopular this regime is and also what popular opinion towards the US in Pakistan is. And in this case, Trump and his buddies also have personsal financial stakes in the system in Pakistan continuing.

And yes, this money, if sanctioned, would be mostly used for the benefit of the usual special interest groups. Some crumbs would also be thrown to the common man by delaying tough IMF mandated reforms to provide a fig leaf for rigging the next elections. The cost will be passed down to the future governments by kicking the can down the road.

but US is not that much in trouble and Pak is not as necessary. In the past, we provided bases and supply routes still, we couldn't milk the US to the fullest.
Essentially, we were happy with crumbs. That is why I included the Mushi example that we could have got more.

Now, the US is not as extravagant, and Trump is an all-'me me me' president. He will not give us anything unless we give him a fatty benefit. Like investing back 1 billion $ into his crypto business.

Anyway, let's see.

 

[Hussain]

Google says it transfers directly (in both cases, though no good ref).

Dont listen to me, trust google, you both deserve each other

 

[RescueRanger]

but US is not that much in trouble and Pak is not as necessary. In the past, we provided bases and supply routes still, we couldn't milk the US to the fullest.
Essentially, we were happy with crumbs. That is why I included the Mushi example that we could have got more.

Now, the US is not as extravagant, and Trump is an all-'me me me' president. He will not give us anything unless we give him a fatty benefit. Like investing back 1 billion $ into his crypto business.

Anyway, let's see.

Well, when you need help you take what is given, sadly that is the present malaise of Pakistan for the past 45 years or so. People expect systems to change overnight, it doesn't happen someone had grand plans and realized when an immovable object collides with an unstoppable force, the result you get is ZERO.

This is all by design, there has been progress inside Pakistan, both at a micro and marco level but there are also systemic challenges. Crypto bubble is a terrible idea, the investment in China bonds is a good investment vehicle for both citizen and state, @PakFactor had some very good insight on this.

We have only ourselves to blame, the Telco sector was the fastest growing and most profitable sectors between 2005-2010, in terms of foreign investment and job creation, the sector helped fuel many SMEs, but over taxation, crappy spectrum licensing and PTA dragging their feet on every damn issue beyond pointless regulation meant the best in the business fled Pakistan.

A comedy of errors, this is one aspect of Pakistani government mismanagement and poor policy decisions coupled with archaic practices where I don't mince my words.

 

[nahtanbob]

This

the gravy trucks needs to be rolling. you ought to know better

 

[RescueRanger]

the gravy trucks needs to be rolling. you ought to know better

You don't worry about our gravy train, please focus on your own cockroach problem.

Thanks.

 

[Indos]

@Indos

I remember those days when Mr Zardari was know for Mr 10%, for commission on governments tenders, during those times we had ISI marked products in India with 10% GST.....

similarly we have a billionaire from Indonesia during those time of Mr N Narshimha's Rao many corruptions cases with Mr N Sharif's economic reform times, we we find similar to Indian economic reform during the path of year 1991

we find Mr N Rao, Mr Zardari and Mr Suharto were sent to jail during the same time, by late 90s....

=>
Former Indonesian President Suharto was accused of orchestrating massive state corruption and was infamously named by Transparency International as one of the most corrupt leaders in modern history, allegedly embezzling an estimated $15 to $35 billion.

https://www.google.com/search?q=attack+on+hindu+temple+in+USA&oq=attack+on+hindu+temple+in+USA&gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIHCAEQABjvBTIHCAIQABjvBdIBCjIzMjM3ajBqMTWoAgCwAgA&sourceid=chrome&source=chrome.rb&ie=UTF-8

Soeharto never went to prison, never get trial

Despite what bad thing happen during his New Order of 30 years, he has huge deeds for Indonesia. There are some wants Soeharto get trial, mostly those liberal funded Western worshipper

But in general, most Indonesian are wiser than that fool, we should always see thing in big picture and think about the consequent of bringing Soeharto to trial or jail (it will divide the country and let the reformation get hurdled)

Soeharto lives in his house in Menteng, Central Jakarta, and still respected by Indonesians until his death. Those who were against him during the 1997-1998 period are also attend his funeral and do Jenazah prayer (prayer for the death)

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[Goenitz]

This is all by design, there has been progress inside Pakistan, both at a micro and marco level but there are also systemic challenges. Crypto bubble is a terrible idea, the investment in China bonds is a good investment vehicle for both citizen and state, @PakFactor had some very good insight on this.

Let's say Pak gets on its feet and somewhat starts crawling. Our debt to GDP falls to (say 50%) and growth rate to 4-5 (not much).
As it is said that the West feels at ease dealing with/controlling the deep state (a single person essentially) compared to the parliament, what other fears or disadvantages would the West have?
Like a strong Pakistan disturbs the US West Asia policy (in what terms, alliances? ) Or would China have its feet in the Arabian Sea and thus compete with the US there? All that if the design you mean is external.

I agee with the rest of the comment. Besides some misadventures by Mushi and NRO, it was JF17, Agosta, HEC, Telecom, Media, Al Kahlid, Suparco funds, IST, etc.

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Just posting here that why would West want this region disturbed? A destabilised Iran and Afghanistan would make sure China, Russia and Turkey worried about their backyard (C. Asia).
Pak will also be affected also which would give India leverage against China.
"Cold war can be between China and the US, but hot war will be in AFG+Pak+Iran region"