Wednesday, July 18, 2018
#PAKISTAN - The Grey List: more trouble for Pakistan’s economy
By - Adnan Aamir
On 28 June, Financial Action Task Force (FATF) put Pakistan on its “Grey List”. The country now has up to 15 months to improve its control of terror financing and money laundering, otherwise it will be placed on the FATF “Black List”.
FATF is a global body established in 1989 to control money laundering and terrorist financing. The Grey List comprises those countries who have flaws in their financial regulation but are acting to improve the problems. The Black List comprises countries that have flaws in their system, yet do not plan to address them. Now that Pakistan is on the Grey List, its international financial transactions will be strictly monitored, creating further problems for an already struggling economy.
Reasons for Grey-Listing
The proceedings of the FATF meeting in June speak volumes about diplomatic isolation of Pakistan. When the motion was raised to name Pakistan on the Grey List, even the country’s staunchest foreign allies China and Saudi Arabia did not oppose it. China is funding the US$62 billion China-Pakistan Economic Corridor (CPEC) and a former Pakistani general leads Saudi Arabia’s Islamic Military Counter Terrorism Coalition (IMCTC). Yet even such close relationships could not persuade them to defend murky financial system of Pakistan.
Although FATF did not specifically mention the reasons that led to Pakistan being put on the Grey List, to many analysts the reasons are clear. There are allegations by India, backed by US, that Pakistan funds and supports Lashkar-e-Taiba terrorist outfit that has carried out terrorist attacks in India, which Pakistan denies. The US also accuses Pakistan of covert funding and support for the Taliban insurgency in Afghanistan. Again, Pakistan denies these charges but both US and India used them as a pretext to pressure FATF name Pakistan on the Grey List.
Impact on Pakistan’s economy
In order to comply with the FATF recommendations, Pakistan not only has to stop money laundering and terror financing, but it also has to fix the loopholes in its financial system which allow such practices to go unchecked. Pakistan must ensure all internationally designated terrorists are prevented from using any financial resources. During the next 15 months, Pakistan has to show FATF it has taken concrete steps to make a case to remove its name from Grey List.
Presently, Pakistan’s economy is in a terrible shape and being on the Grey List will take a further toll. Currently, Pakistan’s trade deficit is $37 billion and foreign loans make up 24% of the GDP. Pakistan is expected to pay up to $8.3 billion annually in debt servicing. Being on the Grey List means that it will now be harder for Pakistan to borrow money from foreign countries to meet its existing foreign loan repayment obligations. Foreign money lenders will be hesitant to lend money to Pakistan when FATF has raised questions about the transparency of its financial system.
Pakistan will be left with no choice but to ask International Monetary Fund (IMF) for help. The IMF can help Pakistan with loans that can be used to repay the existing foreign loans. But such an arrangement will lead to a huge problem for Pakistan. As per the rules of IMF, Pakistan has to share complete details of all its foreign funding with IMF, including the Chinese funded China-Pakistan Economic Corridor (CPEC).
Secret arrangements
So far the details of CPEC projects have been kept secret. Yet if Pakistan has to use IMF option then it will be left with no choice but to reveal the CPEC project details. This could be a major setback for both China and Pakistan, with experts allege that CPEC project agreements have not been disclosed because they might be detrimental for long term interests of Pakistan.
China, although it did not oppose Pakistan’s inclusion in Grey List, has offered some diplomatic support. In a press briefing, the Chinese Foreign Ministry urged the international community to recognise the sacrifices made by Pakistan in fighting terrorism. China also granted Pakistan a loan of $1 billion days after the Grey List was announced to help Pakistan boost its foreign currency reserves.
The last time Pakistan was on the FATF Grey List in 2012, it took three years to get off it. The question is how long it will take Pakistan to get off this time and rely on Chinese loans to avoid the IMF. If Pakistan has left with no option but to go to IMF, then the “secrets” of CPEC will be revealed.
Ultimately, the question is to what extent is China ready to go to help Pakistan? Given its stakes in CPEC, it is highly likely that China will lend money to Pakistan to avoid the IMF option and keep the CPEC agreements secret.
https://www.lowyinstitute.org/the-interpreter/grey-list-more-trouble-pakistan-s-economy
#PakistanElection2018 - #ElectionPakistan - Electoral violence, animal cruelty, profane language: new lows in Pakistani politics
Violence and bloodshed during the ongoing election campaign has been a trending topic of discussion among Twitter users since the past week. Tweets under #GE2018 discuss recent blasts and gun attacks, targeting various election rallies in parts of Balochistan and Khyber-Pukhtunkhwa. According to a tweet by Jibran Nasir, Dawood Achakzai, a leader of Awami National Party (ANP), came under attack at his house. Nasir posted(@MJibranNasir), “ANP leader Dawood Achakzai injured in Balochistan gun attack. Prayers for his swift recovery.”
A particularly disturbing instance of animal cruelty also came to light in discussion under the #GE2018 hashtag. Several Twitter users have shared images of a donkey who was severely beaten up after some unidentified assailants wrote ‘Nawaz’ on his abdomen. Coming in the wake of PTI chairman Imran Khan’s use of the term ‘gadha’ (urdu term for donkey) for PML-N supporters, it seemed apparent to many Twitter users that those responsible for the animal’s misery must be supporters of the PTI.
Journalist Naila Inayat posted with the pictures attached (@nailainayat): “Glimpse of Naya #Pakistan. Imran Khan supporters in Karachi beat up a donkey with stones, sticks and scribble ‘Nawaz’ on its back. This comes days after Imran Khan called PMLN supporters donkeys. #GeneralElection2018. ”
Fatima Bhutto (@fbhutto) also expressed her anger in a tweet that said, “PTI supporters punched a donkey in the face, beat its abdomen and rammed a car into its helpless body because their leader calls his opponents donkeys. A depraved and disgusting act of violence and cruelty.” Sharing the sentiment, Senator Sherry Rehman (@sherryrehman) tweeted, “This is too horrible to countenance. This bestiality to a poor, helpless animal for the fun of scoring cheap political points is just too much. These are the public values that hate speech from a high podium will bring. Good help Naya Pakistan.”
Twitter users have also been commenting on the use of profane language in the speeches of various politicians. PPP chairman Bilawal Bhutto Zardari (@BakhtawarBZ) posted on his official account, “You cannot come to Karachi & call the supporters of your opponents ‘living corpses’, you cannot go to Punjab and call those who don’t support you “donkeys”- you become PM of the whole country not just your supporters….” Raza Ahmed Rumi (@Razarumi), editor of Daily Times, retweeted this post and asserted, “it’s time that ‘uncles’ in politics learn a lesson from young @BakhtawarBZ- abusive language and references may get some claps but they pollute and destroy sensible political discourse.”
Women’s rights lawyer Nighat Dad (@nighatdad) used the hashtag to post a video outlining sexist outbursts by notable politicians in almost all of the mainstream political parties of Pakistan. The video included scenes from National Assembly sessions, press conferences, and political talk-shows. She stated, “Sexism in Pakistani Politics – Watch these politicians and make informed decisions” She also retweeted a post by journalist Gibran Ashraf (@GibranAshraf): “I have tried to map incidents of violence against candidates and their associates in #Pakistan ahead of the #PkElections2018. If you know of any incident I have missed, please feel free to tweet to me (try and accompany with news report link)”
In other news, a video went viral showing former National Assembly speaker Ayaz Sadiq cussing at Imran Khan, his party, and the Punjabis who will vote for him. PTI southern Punjab’s official account @PTIISPOfficial posted a tweet addressing Ayaz Sadiq. It stated, “Dear PML-N Candidate Ayaz Sadiq, you crossed the line and were so ill-mannered when you called the people ‘shameless…’ This is why they will vote for Imran Khan, because they have shame. #AbSirfImranKhan #RIPPMLN” Citizen journalist Gul Bukhari also posted in a tweet(@GulBukhari): ” This is condemnable, even though it’s understood it is in response to Imran Khan & Pervez Khattak calling voters donkeys… Respect all voters, Mr Sadiq. We do not want you to mimic PTI one bit.”
Twitter users also offered support to journalist Asma Shirazi (@asmashirazi), despite the media censorship trailing the elections of 2018. In what could be seen as a vocal protest by various journalists on Twitter, Omar Quraishi(@omar_quraishi), PPP’s media manager, retweeted a post by Waseem Ahmad Shah (@waseemdawn), a Peshawar-based journalist. In the tweet, the latter stated, “Media in Pakistan is passing through hardest time of its existence and amidst web of censorship there r few journalists including Asma Sherazi who have become flag bearers of the independence of media. Stay strong and never be cowed down…”
On a lighter note, journalist Mubashir Zaidi (@MubashirZaidi) wrote in a tweet, “A swing fell in the Karachi Askari park, candidates be careful! Even an Askari swing can fall during the elections.”
The tweet that topped all in terms of humour was the one made by journalist Naila Inayat (@nailainayat). She posted a picture of a campaign poster for Tehreek Labbaik Pakistan that depicted their NA-124 candidate Sameera Noreen. Instead of her face, there was a veiled figure pictured to represent her. In the caption, Naila Inayat stated, “In case you’re a female candidate from Khadim Hussain Rizvi’s Labbaik. #GE2018 #Pakistan.”
#PakistanElection2018 - #ElectionPakistan - Bilawal questions 'non-level playing field' for parties, 'favouritism' shown to Imran Khan
PPP Chairman Bilawal Bhutto Zardari on Wednesday lambasted the "favouritism" being shown towards the Pakistan Tehreek-i-Insaf (PTI) chief Imran Khan, alleging that in the run-up to the elections there is a movement underway to form "a puppet alliance" and a new Islami Jamhoori Ittehad, giving Khan and his party a leg up in the polls.
"If Imran Khan is so popular, if his politics is on a high [as is being presented] and people are with him, why is there a need for favouritism towards him? Why is there a need to give a non-level playing field to other political parties?" Bilawal asked, speaking to reporters in Lala Musa, where he is campaigning for the upcoming elections.
"Why is Imran Khan afraid of free and fair elections?" he wondered. "It is because he knows that, be it the GDA [Grand Democratic Alliance] or the PTI or whoever else, they cannot compete on a level playing field."
"Khan sahab is under the false impression that he can become the prime minister through conspiracies; he will fail in this conspiracy," the PPP chief claimed.
"You might gain from the politics of hate and abuse in the short term, but in the long term, a lot of damage will be done to the nation and its youth," Bilawal cautioned, in response to a question regarding the controversial language used by PTI leaders. The PPP chief claimed that it was not just the PPP and PML-N who held reservations over the fairness of the election, but also the Awami National Party, political leaders in Balochistan, the Human Rights Commission of Pakistan and international media.
He repeated his demand for "a more extensive and comprehensive Charter of Democracy which includes a multitude of political parties" as democracy is facing new challenges today.
Read more: Bilawal calls for new charter of democracy among all parties
A 36-point CoD was signed between exiled former prime ministers and arch-rivals of the past, Benazir Bhutto and Nawaz Sharif, in London in May 2006 during the military regime of Gen Pervez Musharraf. Through the document, the two parties had admitted their past mistakes of dislodging each other’s governments with the support of the establishment and vowed to respect each other’s mandate in future.
They had also agreed on a number of constitutional reforms and steps to improve functioning of various institutions, including the military, judiciary and National Accountability Bureau (NAB). But soon after the formation of the PPP government in 2008 following the assassination of Benazir Bhutto, the two parties had started accusing each other of violating the CoD. They had agreed to abolish NAB but failed to do so during their respective tenures. Both sides have accused each other of violating the CoD.
Bilawal on Tuesday called for a broad-based consensus among all parties on the "principles within the CoD, 18th Amendment and democracy as whole to agree that they would not compromise on the basic constitutional rights, freedom of press, freedom of political association and freedom of speech".
PPP asks ECP to take action against Khattak, Imran for hurling abuses
Pakistan Peoples Party (PPP) leader Maula Bux Chandio on Monday slammed Pakistan Tehreek-e-Insaf (PTI) leadership for using abusive language against opponents, and asked the Election Commission of Pakistan (ECP) to take action against it.
In a statement, Chandio said PTI chief Imran Khan and former Khyber Pakhtunkhwa Pervez Khattak have polluted politics with their indecent language.
“Had Khattak done anything in the past five years he would have talked about that, and not hurl abuses,” he said, in an apparent reference to a video showing Khattak hurling abuses against PPP.
Also criticising ECP, the PPP leader said the election body by not taking action against abusive language during rallies has become partial.
PPP had also earlier blamed PTI for using derogatory language against political opponents. In March, PPP leader Khursheed Shah alleged that both PTI and Pakistan Muslim League-Nawaz engage in defamatory politics.
http://www.thesindhtimes.com/sindh/07/ppp-asks-ecp-take-action-khattak-imran-hurling-abuses/
PPP chairman Bilawal Bhutto Zardari is last hope for Pakistan
President Peoples Youth Organization Sindh Javed Nayab Laghari has said that Chairman PPP Bilawal Bhutto Zardari is last hope for Pakistan. Talking to the The Sindh Times he further said that Bilawal BhuttoZardari is only liberal and progressive voice in Pakistan.On 25 July PPP will win General Elections and Bilawal Bhutto will be the Prime Minister of Pakistan.
http://www.thesindhtimes.com/sindh/07/ppp-chairman-bilawal-bhutto-zardari-last-hope-pakistan-javed-nayab-laghari/
Bilawal Bhutto pays glowing tributes to Shaheed Shahnawaz Bhutto on his 33rd martyrdom anniversary
In his message on the occasion, the PPP Chairman said that Shaheed Shahnawaz Bhutto sacrificed his life at a young age fighting the tyrannical regime of Zia.
He said Zia killed Shaheed Shahnawaz Bhutto for his untiring struggle against dictatorship and the regime starting hunting him and eventually took his life today in 1985.
Bilawal Bhutto Zardari said that the struggle and sacrifice of Shaheed Shahnawaz Bhutto will always be remembered by the PPP leadership and workers and he will live on in our hearts and minds forever.
PPP Chairman further said that PPP is the Party of martyrs where both its leaders and workers laid down their lives for the democracy and the rights of the downtrodden people.
Bilawal Bhutto Zardari said that PPP will continue the struggle of Shaheed Zulfikar Ali Bhutto, Shaheed Mohtarma Benazir Bhutto and all other martyrs to fulfill their promise and accomplish their unfinished mission.
https://mediacellppp.wordpress.com/2018/07/18/bilawal-bhutto-zardari-pays-glowing-tributes-to-shaheed-shahnawaz-bhutto-on-his-33rd-martyrdom-anniversary/
Subscribe to:
Posts (Atom)