Friday, August 3, 2018

Pakistan Considers Mass Privitization Drive As It Seeks IMF Bail out!

Was I "wrong" on Imran Khan? It doesn't appear so.
The question is: Was the 5/6 eyes media, mainstream and alt, up to their usual tricks?

Not my hero. Imran Khan.

 hattip anonymous commenter-

Imran Khan is preparing a massive privatization plan which includes some 200 state-owned businesses. This is to prepare for the incoming IMF loans

Link from Financial Times: https://www.ft.com/content/43253dde-962d-11e8-b67b-b8205561c3fe
And thanks for saving me some time and effort :)
Financial Times

"Imran Khan plans to place state-owned companies into fund away from government control"
So Imran Khan is going to put the companies into private hands then? 

" Imran Khan will place all of Pakistan’s state-owned companies into a special fund to be managed at arm’s length from the government soon after taking office, his proposed finance minister has said, in a first step towards mass privatisation. Asad Umar told the Financial Times that one of the first acts of the new government would be to move some of the country’s biggest companies, including its national airline, away from government control. Mr Umar, the former chief executive of the Pakistani conglomerate Engro, was Mr Khan’s shadow finance minister in opposition."

The plan to remove government control from about 200 companies would prepare the ground for an eventual bailout by the IMF, one of several options Mr Umar said were being looked at as the country battles a foreign currency crisis. “[The] corporations will all be put in a wealth fund, which will be led by people from the private sector. We plan to transfer government owned companies under the control of the wealth fund within our first 100 days,” he said. The fund’s job, he said, would be to cut the companies’ losses and debts before deciding which can be privatised and which will take longer to restructure. He mentioned Pakistan International Airlines, which has total liabilities of Rs406bn ($3.3bn), as one company where the debt burden needed to be reduced.
He did not say how the debts would be accounted for in the meantime. The comments are the first time Mr Umar has spoken about his proposed economic programme since Mr Khan’s Pakistan Tehreek-e-Insaf won last month’s election. The country’s former cricket captain won convincingly, but fell short of an absolute majority with 115 seats out of 272 that were contested. He has spent the subsequent days negotiating with smaller parties that might make up part of a governing coalition. Despite the uncertainty about the make-up of the government, Mr Khan’s allies are already planning for how to deal with the country’s balance of payments problem. Persistently low exports and high imports have depleted Pakistan’s reserves of foreign currency to such a level that they no longer cover even two months’ worth of imports. Mr Umar said the new government would have to formulate a plan immediately after taking office. “We will have weeks, not months,” he said. “You have to be decisive and move fast. Right now, we’re looking at all options.” Civil servants have already drawn up plans for Pakistan to approach the IMF for a loan of up to $12bn, which would be the country’s 13th bailout from the fund and its largest ever.

Hm, there's that 12 billion dollar figure cited earlier this week.

Monday, July 30, 2018: Imran Khan Confirms Seeking Biggest IMF Bailout Ever- As Expected!

The largest ever bailout for Pakistan- And the 13th such bail out.

Last little bit from Financial Times- do read the article entirely at the link provided

Islamabad expects that if it takes out an IMF loan it will have to publish full details of the terms of the Chinese loans — something Beijing has so far refused to do. 

Flashback: 

2 comments:

  1. another Tsipras in the making, another poodle for the MIC and disaster to the same people he told he cares, if he wants IMF loans he will have to disclose China's contributions, i suspect that both Iran and china will suffer, Baluchistan and Khorrason will falre up.

    ReplyDelete
  2. Remember when Tsipiras was 'all that' and more
    He turned out to be just another useful to the elites leader.
    Useful to the elites/bad for the people

    ReplyDelete

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