” We have to do it ourselves. We have to change ourselves ”
Allah bless you and our nation in your willingness, efforts and determination to achieve your national goals soon. Jurrat e Khanam aur Himmat e Mardan and Madad e Khuda

Kabhi nazren milane main zamane beet jate hain
Kabhi nazren churane mein zamane beet jate hain

Kisi ne ankh bhi kholi to sonay ki nagri main
Kisi ko ghar banane main zamane beet jate hain

Kabhi kaali siyah raaten hamen ek pal ki lagti hain
Kabhi ek pal bitane main zamane beet jate hain

Kabhi khola jo darwaza khari thi samne manzil
Kabhi manzil ko paane main zamane beet jate hain

Yeh kaam bohat assan sa hai, kion Mushkil itna lagta hai ?
Kion himmat toot si jati hai kion dar sa lagta hai ?
Aadat si ho gai hai kion keh shaid ” kuch hua hasil na abtak koshish e beekar say ”
Manzil hai kuch door tu kia, Jab saath chlain gay mil kar rasta kut jai ga.
On day of celebration will you join me with your team on Tikka kebob Naan Party. soon Insha allah
Ofcouse in Lahore where else?
__________________

Govt must endorse past economic policies to get $7.5bn IMF loan

Thursday, November 06, 2008
By Khalid Mustafa

ISLAMABAD: The government in order to qualify for the IMF loan of $7.5 billion under the newly created Short-Term Liquidity Facility (SLF) is left with no option but to endorse the economic policies of the last decade, a senior official told The News.

The SLF is available to emerging economies with a track record of implementing strong macroeconomic policies, but caught up in the global financial crisis, the IMF website says.

“If Pakistan is to formally move IMF for this loan, it would have to show that country has good track record of implementing good economic policies” the official said.

“If new economic mangers say that country did not perform well in the past, it will not be eligible to qualify for IMF’s Short-Term Liquidity Facility,” he said.

The purpose of this Facility is to provide large, upfront, quick disbursing, short-term financing to help countries with good track record to address temporary liquidity problems in capital markets. The IMF Executive Board approved the SLF on October 29.

Pakistan is to get 500 percent of its quota, which stands at $1.5 billion that amounts to $7.5 billion for two years.

“If the current government moves the IMF for the newly created SLF it would mean that Musharraf regime’s economic policies were in right direction that lifted Pakistan from low to medium income country,” the official said.

In the last Friends of Pakistan meeting held in New York the economic managers of the present government acknowledged that Musharraf regime’s economic policies were in right direction owing to which the macro economic indicators improved. President Asif Ali Zardari was also present in the meeting.

During that meeting it was acknowledged that the size of the economy swelled to $170 billion from $60 billion during the Musharraf regime and the per capita income also increased to over 1000 dollars from 500 dollars. The GDP growth increased to over seven percent for most of the period and foreign exchange reserves scaled to unprecedented height of $16.5 billion in October 2007.

The Zardari regime’s economic managers marketed the performance of the Musharraf regime in the Friends of Pakistan meeting in USA and also in Dubai talks with IMF to qualify the help of friend countries and IMF loan to bail out itself from the economic morass.

“This shows that Zardari regime has dual faces as it acknowledges before the world that Pak economy performed well in the last decade, but on domestic front it says that economic polices of Musharraf have ruined the economy.”

The economic wizards to qualify for their help the and IMF loan want the Friends of Pakistan to believe that the country performed well in last decade and its balance of payment situation has worsened due to global financial crisis and massive hike in oil and food prices.

The official said that Pakistan has now decided to place formal request to IMF after the meeting of Friends of Pakistan that is to be held in Dubai on November 17, as Pakistan wants to exhaust this opportunity first.

However, Friends of Pakistan and international financial institutions (IFIs) want to take IMF on board so that the Fund could monitor the economic policies of Pakistan and to ensure their financial help is being used properly.

DAILY NEWS

President Asif Ali Zardari is Ranked 2 with total assets worth &1.8 billion. Zardari has huge stakes in Sugar Mills all over Pakistan while also has huge Business Ventures in the Middle East running into hundreds of Million if not Billion Mark.

Sharif Brothers Nawaz Sharif and Shahbaz Sharif are fourth on the list of most Richest persons in Pakistan with total assets ($ 1.4 billion).

SOURCE: VARIOUS ASIAN, EUROPEAN & AMERICAN RESEARCH
ORGANIZATIONS OF INTERNATIONAL STATURE!!!

INTERESTING. Basic comparison of 1999 and 2007

Pak Economy in 1999 was: $ 75 billion
Pak Economy in 2007 is: $ 160 billion

GDP Purchasing Power Parity (PPP) in 1999: $ 270
billion
GDP Purchasing Power Parity (PPP) in 2007: $ 475.5
billion

GDP per Capita in 1999: $ 2,000
GDP per Capita in 2007: $ 3,004

Pak revenue collection 1999: Rs. 305 billion
Pak revenue collection 2007: Rs. 708 billion

Pak Foreign reserves in 1999: $ 700 million
Pak Foreign reserves in 2007: $ 17 billion

Pak Exports in 1999: $ 7.5 billion
Pak Exports in 2007: $ 18.5 billion

Textile Exports in 1999: $ 5.5 billion
Textile Exports in 2007: $ 11.2 billion

KHI stock exchange 1999: $ 5 billion at 700 points
KHI stock exchange 2007: $ 70 billion at 14,000 points

Foreign Direct Investment in 1999: $ 1 billion
Foreign Direct Investment in 2007: $ 8 billion

Debt servicing 1999: 65% of GDP
Debt servicing 2007: 26% of GDP

Poverty level in 1999: 34%
Poverty level in 2007: 24%

Literacy rate in 1999: 45%
Literacy rate in 2007: 53%

Pak Development programs 1999: Rs. 80 billion
Pak Development programs 2007: Rs. 520 billion

Under Musharraf’s vision

· 9 world class Engineering universities being
developed and 18 Public universities already
developed.
· Public sector institutions have increased from
110,267 (in 1999) to become
· Private sector institutions have increased from
36,096 (in 1999) to become 81,103 (in 2006).
· PAK is 3rd best in world Banking profitability.
· PAK IT industry now values around $2 billion,
including $1 billion exports and employs around 90,000
professionals.
· CNG sector has attracted over $70 billion investment
in last 5 years; and created 45,000 jobs.
· Telecom sector attracted around $10 billion in
investment and created above 1.3 million jobs.
· Industrial Parks are being setup throughout the
country for the first time! M3 estate, Sunder
industrial estate, Chakri, etc.
· Major Mega projects like the Saindak, Rekodiq,
Marble production, Coal production and Mining &
Quarrying are being pursued.
· In 2006, GDP growth is 6%. Earlier in 1999 was 3.5%.

· Foreign Reserves from $1 bn to $17 bn.
· KHI stock market: from 700 points to 13,000 points.
· Literacy rate improved by 11%.
· Poverty decreased by 10%.
· He made 4 dams: Mirani, Subakzai, Gomalzam, Khurram
Tangi dams.
· 6 Motorways completed or under construction: M1, M3,
M8, M9, M10, M11.
· Six major highways under construction.
· GWADAR advance mega Sea port developed under his
vision!
· Historic 100% increase in Tax collection of $11
billion.
· Large scale manufacturing is 30 year high, and
Construction activity is 17 year high.
· Newly found World class copper- gold deposits in
Chagai will fetch $600 million per year.
· A new Oil refinery with UAE will fetch $5 billion &
will process 300,000 oil barrels a day.
· Industrial sector registered 26% growth.
· PAK in 1999 was a $75 billion economy; and now 2006
it’s $160 billion economy!
· PAK economy is now the 3rd fastest growing economy
after China & India .

Education under Musharraf Era

In 1999-2000 there were 31 Public Universities. Now
2005-2006 there are 49 Public Universities. Under
Musharraf 20 NEW UNIVERSITIES SET UP!

· Air University (established 2002)
· Institute of Space technology, ISB (established
2002)
· Sardar Bahadur Khan Women University , Quetta
(established 2004)
· University of Science & Technology, Bannu
(established 2005)
· University of Hazara (founded 2002)
· Malakand university, Chakdara (established 2002)
· Karakurum International university, Gilgit
(established 2002)
· University of Gujrat (established 2004)
· Virtual University of Pak, Lahore (established 2002)

· Sarhad University of IT, Peshawar (established 2001)

· National Law University, ISB (2007)
· Media University, ISB (2007) etc.
· University of Education , Lahore (2002)
· Lasbella University of Marine Sciences, Baluchistan
(2005)
· Baluchistan University of IT & Management, Quetta
(2002), etc.

Pakistan now has a total of 245,682 Educational
institutions in all categories, including 164,579
(i.e. 67 percent) in the Public sector and 81,103
(i.e. 100 percent) in the private sector, reports the
National Education Census (NEC-2005). The census –
jointly conducted by the Ministry of Education, the
Academy of Educational Planning and Management (AEPAM)
and the Federal Bureau of Statistics (FBS) — reveals
that the number of private-sector institutions has
increased from 36,096 in 1999-2000 to 81,103 in 2005,
i.e. by 100 per cent.

Total 99,319 Educational Institutions (Public &
Private) have increased in Musharraf Era!

We should accept the fact that Pakistan is now being governed by most incompetent and insincere people of her history who neither have any will nor any guts to take Pakistan out of this crisis

This author (as well) must mention when this uncertainties started and who are responsible for this. I think because of his inner biased and partialism, he is ashamed to mention the stability, progress and development Pakistan was enjoyiong during Musharraf era.

Its a shame for anyone who write something without portraying true picture of whole scenario and such a person does not deserve to pick the pen if he can’t maintain its sanctity.

.

But experts say that because of its heavy reliance on property investments and private equity, the booming 1.0 trillion dollar global industry could be hit if the turmoil worsens and real assets start to crumble.
‘In the current financial turmoil, it is interesting to note that Islamic financing may have prevented a majority of the mess created by the conventional banking and financial institutions,’ Kuwait Finance House said in a report.

‘The outlook for Islamic financing is bright and will likely take the lead in terms of providing funding for major projects as the conventional banking system re-evaluates its business model.’

The rules of Islamic banking and finance – which incorporate principles of sharia – read like a how-to guide on avoiding the kind of disaster that is currently gripping world markets.

Islamic law prohibits the payment and collection of interest, which is seen as a form of gambling, so highly complex instruments such as derivatives and other creative accounting practices are banned.Islamic banking basics

Islamic law prohibits the payment and collection of interest, which is seen as a form of gambling, so highly complex instruments such as derivatives and other creative accounting practices are banned.

Transactions must be backed by real assets – not shady repackaged subprime mortgages – and because risk is shared between the bank and the depositor there is an incentive for the institutions to ensure the deal is sound.

Transactions must be backed by real assets – not shady repackaged subprime mortgages – and because risk is shared between the bank and the depositor there is an incentive for the institutions to ensure the deal is sound.

Investors have a right to know how their funds are being used, and the sector is overseen by dedicated supervisory boards as well as the usual national regulatory authorities.

‘Islamic banking has, thus far, remained positive, despite the current challenging global financial environment,’ said Zeti Akhtar Aziz, the central bank governor of Malaysia, which is Southeast Asia’s leader in Islamic banking.

Zeti said this month that because of the slowing global economy, plans for Islamic ‘sukuk’ bonds had been postponed or scrapped by companies including Kuwait’s Abyaar Real Estate Development Co. and Malaysia’s Perisai Petroleum.

And Jennifer Chang, a partner at Pricewaterhouse Coopers in the Malaysian capital Kuala Lumpur, said that given the extent of the global crisis, Islamic banks may suffer damage despite their strong position.

‘Islamic banks, especially in the Middle East, got heavily into private equity and real estate investments, and a lot of loans may be backed by properties. So if the property market goes down, there will be an impact,’ she said.

‘If a borrower is not able to pay then the bank will foreclose and the question is – can you sell the property in the market and at what value? These are issues which all banks can face.’

There have been calls for the conventional banking industry to take a leaf out of the book of Islamic finance, which also shuns investments in gaming, alcohol and pornography in favour of ethical investments.Learning from Islamic finance

There have been calls for the conventional banking industry to take a leaf out of the book of Islamic finance, which also shuns investments in gaming, alcohol and pornography in favour of ethical investments.

Influential Sunni cleric Sheikh Yusuf al-Qaradawi earlier this month called on Muslims to take advantage of the turmoil to build an economic system compatible with Islamic principles.

‘The collapse of the capitalist system based on usury and paper and not on goods traded on the market is proof that it is in crisis and shows that Islamic economic philosophy is holding up,’ said the Egyptian-born, Qatar-based cleric.

In recent years the sector has broken out of its niche and been embraced by mainstream banks. As well as basic bank deposits and investment accounts, it has expanded into areas including equity funds, bonds and Islamic hedge funds.

Abhishek Kumar, a senior research analyst at Financial Insights, a company under market research and analysis firm International Data Corp (IDC), said recent events may further boost the sector.

‘More and more institutions will be interested in providing Islamic services to diversify their risk portfolio,’ he said, while warning that in the current financial storm there were no absolutely safe harbours.

‘We’re not really sure what the real extent of the impact is, and whether we’ve passed the worst of it or not, But the extent is not going to be as bad as in the mainstream sector,’ he said.

Source: Dawn.net