Saturday, August 10, 2019
#Pakistan - Public debt skyrockets to Rs31.8tr in FY19
In a dangerous development, the federal government added Rs7.6 trillion to public debt in the last fiscal year, which skyrocketed to Rs31.8 trillion by the end of June and it was equal to 71% of the total debt that the PML-N government had taken in its five-year term.
The addition to public debt in the previous fiscal year was also more than the total public debt that the Pakistan Peoples Party (PPP) government added in five years (2008-2013), showed figures released by the State Bank of Pakistan (SBP) on Friday. The PPP added Rs6 trillion to the debt in five years.
The central government’s total debt surged to Rs31.8 trillion with net addition of Rs7.6 trillion from July through June of the last fiscal year, reported the SBP. The central government’s debt increased at an alarming pace of 31.3% due to shortfall in tax collection, uncontrolled expenditures on debt servicing and defence, and depreciation of the currency.
The liabilities that the PTI government added in the past one year were not part of the central government’s total debt of Rs31.8 trillion.
Out of the Rs7.6 trillion additional public debt, the government of Prime Minister Imran Khan added Rs7.1 trillion from August 2018 to June 2019. PM Imran took the oath of office in August last year. The increase in public debt under his government was 28.8%.
The increase in public debt in 11 months of the PTI government was equal to 66% of the debt that the Pakistan Muslim League-Nawaz (PML-N) added in five years. The increase in the public debt in FY19 was the highest in the 72-year history of Pakistan.PM Imran has been very critical of the economic policies followed by the PPP and PML-N governments and has set up the Debt Inquiry Commission to investigate the reasons behind the addition of Rs18 trillion to the debt stock in 10 years.However, at the current pace, it seems that the PTI government may double the debt stock of the country within five years.
The accumulation of debt is a direct result of the gap between expenditures and revenues, which is widening due to the inelasticity of debt servicing and defence needs and the Federal Board of Revenue’s (FBR) failure to enhance revenue collection. A steep currency depreciation also contributed to the central government’s debt.
The FBR sustained a record Rs580-billion shortfall in tax revenues in the last fiscal year but the prime minister did not hold anybody accountable.
Public debt swells to Rs28.6tr by March-end
The overall increase in the central government’s debt was not in line with the budget deficit, which was expected to remain around Rs3.3 trillion in the last fiscal year.The external debt of the central government increased 41.8% to slightly above Rs11 trillion in the last fiscal year. There was a net increase of Rs3.3 trillion in the external debt, largely due to currency depreciation and current account deficit financing.In June 2018, the value of the dollar was equal to Rs121.54, which reached Rs163.1 by the end of June 2019, according to the central bank.The Rs11-trillion external debt does not include loans of $5 billion obtained from Saudi Arabia and the United Arab Emirates. These loans are the responsibility of the central bank.
The federal government’s total domestic debt increased to Rs20.7 trillion, an addition of Rs4.3 trillion or 26.2% in the last fiscal year.
The long-term debt stock more than doubled within a year, which increased from Rs7.5 trillion to Rs15.2 trillion by the end of June 2019.
As per expectations, the short-term debt dropped in anticipation of the International Monetary Fund (IMF) deal, which imposed restriction on borrowing from the central bank.
In June last year, the short-term domestic debt stood at Rs8.9 trillion, which decreased to Rs5.5 trillion – a reduction of 38% or Rs3.4 trillion. The short-term debt reduction was replaced by long-term borrowing.
The federal government’s debt acquired through the sale of Market Treasury Bills (MTBs) to commercial banks decreased from Rs5.3 trillion to Rs4.9 trillion despite an overall increase in public debt.
The government’s total borrowing from the central bank fell from Rs3.6 trillion to just Rs571 billion.
https://tribune.com.pk/story/2032156/2/
Pakistan has no moral right to speak on behalf of Kashmiris, says Pak minority leader Nadeem Nusrat
Mohajir leader Nadeem Nusrat, chairman of US-based advocacy group called Voice of Karachi (VoK), said that Pakistan must provide the same rights to its minorities that it is demanding for Kashmiris
A day after Pakistan attempted to meddle into India's affairs by condemning the Narendra Modi government's decision to end special status to Jammu and Kashmir, prominent Mohajir leader Nadeem Nusrat said that Pakistan had "no moral right to speak on behalf of Kashmiris."
Nusrat, who is the chairperson of a US-based advocacy group called Voice of Karachi (VOK), stated that Pakistan must first provide the same rights to all ethnic minorities in its own territory before speaking on behalf of Kashmiris.
"Until Pakistan affords the same rights it is demanding for Kashmiris to its own Mohajir, Baloch, Pashtuns and Hazarah citizens, it has no moral right to speak on behalf of Kashmiris," Nusrat told a news agency.
The US-based group, which represents expatriate Mohajirs, also raised their demand for an autonomous "Greater Karachi" within Pakistan. The group advocated for complete autonomy to all ethnic communities and regions within Pakistan.
ANI
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@ANI
Voice of Karachi's Nadeem Nusrat has called for the creation of autonomous 'Greater Karachi' within Pakistan, says,"Until Pak gives same rights it's demanding for Kashmiris to its own Mohajirs,Baloch,Pashtuns&Hazaras citizens,it has no moral right to speak on behalf of Kashmiris"
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Voice of Karachi's demand for an autonomous "Greater Karachi" came shortly after the Rajya Sabha on Monday adopted the resolution to abrogate Article 370 of the Constitution, thus ending the special status granted to the state of Jammu and Kashmir.
The Upper House of the Indian Parliament also passed the Jammu and Kashmir (Reorganisation) Bill, 2019, with which the state would now be bifurcated into Union Territories – Ladakh, and Jammu and Kashmir.
Meanwhile, the Pakistani Foreign Ministry condemned the announcement on the scrapping of the special status of J&K, claiming that the move was a violation of United Nations resolutions. In a statement, Pakistan Foreign Ministry said on Monday, "Pakistan will exercise all possible options to counter the illegal steps."
However, Nusrat, who is in self-imposed exile in the US, asserted that Pakistan had no moral right to advocate for the Kashmiris at any regional or international forum if it had failed to provide fundamental human rights to its own citizens.
The Mohajir leader said, “While Pakistan demands right to a referendum in Kashmir, is it willing to grant the same right to its own disgruntled ethnic minorities?”
Nusrat added, “For decades, Pakistani ministers have been publicly conducting meetings with Kashmiri separatist leaders overseas. How would Pakistan react to Indian minister's meetings with exiled Mohajir, Baloch and representatives of other persecuted ethnic or religious minorities of Pakistan?”
The Voice of Karachi chairman announced that a global campaign will also be launched to escalate its demand for the restructuring of Pakistan.
https://www.timesnownews.com/international/article/pakistan-on-kashmir-pakistan-has-no-moral-right-to-speak-on-behalf-of-kashmiris-mohajir-leader-nadeem-nusrat/464308
Pakistan: Catholic charity decries forced conversions to Islam
By Devin Watkins
A Catholic aid agency is hosting a press conference on Thursday to draw international attention to the plight of Christian and Hindu women who are forced to convert to Islam.Aid to the Church in Need is sounding the alarm on the plight of young Christian women, and even teenagers, in Pakistan.“Every year at least a thousand girls are kidnapped, raped, and forced to convert to Islam, even forced to marry their tormentors,” according to Tabassum Yousaf, a Catholic lawyer linked to the St. Egidio community.To draw attention to the issue, the papal foundation ACN is hosting a press conference in Karachi on Thursday, which will see the attendance of Cardinal Joseph Coutts and several Muslim leaders.
The phenomenon of forced conversions hits Pakistan’s religious minorities, especially Christians and Hindus.
Better legal protection
In just one case, in July, a 14-year-old Christian girl was abducted in Lahore and forced to marry her kidnapper. Police later informed her parents that a conversion certificate had been registered for her. Though current Pakistani law sets the legal marriage age at 16 for girls, ACN is pushing for it to be changed to 18.
The Catholic charity is also advocating for better legal protections against kidnappings and forced conversions for religious minorities. Families of victims often face an uphill battle in court when taking on perpetrators of forced conversions.
Media attention
The press conference on Thursday falls just before the national Minorities Day, to be held on Saturday, 11 August.
Ms. Yousaf, the Catholic lawyer, says the West and the international media “can do much to safeguard religious minorities in Pakistan.”
In addition, she called for better education for young women. “Our girls cannot access adequate education and so are penalized when they look for a job,” said Ms. Yousaf.
Perils facing religious minorities
Separately, a prominent Christian lawyer and rights activist in Pakistan, Sardar Mushtaq Gill, spoke to the Osservatore Romano about the life of Christians in the country.
“The lives of religious minorities in Pakistan is marked by violence, discrimination, and the abuse of fundamental human rights,” he told the Vatican’s newspaper on Wednesday. “It is an old, systemic problem that has its roots in history, worldview, and local culture. The government should be made aware of this reality and act accordingly, to protect non-Muslim Pakistani citizens and to promote the rights, justice, and freedom of all.” https://www.vaticannews.va/en/church/news/2019-08/acn-pakistan-decries-forced-conversions-to-islam.html
Why Delhi’s Kashmir act hasn’t got the world worked up
With no soft-power weapons in its arsenal to counter India, this is making Islamabad jittery
If India is going to get the global thumbs-down for its moves on Kashmir, it doesn’t seem about to happen anytime soon. While Pakistan Prime Minister Imran Khan’s been vehemently denouncing revocation of Kashmir’s special status, insisting he’ll take the issue to the UN, reaction in other world capitals seems, at most, to be a yawn.
For now, it’s clear Pakistan doesn’t have any soft-power weapons in its arsenal to counter India. In desperation, Khan’s fallen back on the well-worn diplomatic tactic of downgrading ties and dispatching India’s ambassador home. But it’s business as usual at a different level. For instance, the Pakistanis haven’t stalled work on the Kartarpur Corridor.
Even China, Pakistan’s closest ally, focussed on Ladakh where it has territorial claims and occasionally skirmishes with Indian troops. China issued two statements, one saying: “China is always opposed to India’s inclusion of the Chinese Territory in the western sector of the China-India boundary into its administrative jurisdiction.” But when it came to backing Pakistan, Beijing was distinctly droopy-handed, saying, “China is seriously concerned about the current situation in Jammu and Kashmir.” It added mildly India shouldn’t do anything to escalate tensions and urged “dialogue and consultation.”
Even if the Chinese weren’t going to lift a finger to help, Khan might have been justified in casting a hopeful eye towards Washington. After all, he’d just made a successful visit to the US where President Donald Trump had lavished praise on him, along with making a surprise offer to mediate between India and Pakistan. But there too, there wasn’t any move to tick off India.
In the UK, where a reaction might have been expected because the South Asian vote counts in many constituencies, the government’s too busy with its own Brexit imbroglio.
So, the British only said: “We are following the developments closely and support calls for the situation to remain calm.” The UN Secretary-General meanwhile, appealed for “maximum restraint”.What about Pakistan’s friends in the Islamic world? Here too, it’s clear nobody’s keen on getting mixed up. Take Saudi Arabia, which a few months ago agreed to offer Pakistan a $6-billion loan to tide it over tough times. On Kashmir, Saudi Arabia fell back on pro-forma language and urged both sides to maintain peace and stability and respect the interests of the region’s people.The UAE, which has strong India economic ties, contented itself with suggesting both sides “overcome this crisis through communication and constructive dialogue.” In fact, the UAE’s India ambassador went so far as to say: “We expect the changes would improve social justice and security and confidence of the people in the local governance and will encourage further stability and peace.”
Behind all this is undoubtedly that India is now a growing power on the world stage. The UAE and India have been building ties and Crown Prince Sheikh Mohamed bin Zayed Al Nahyan was the 2017 Republic Day chief guest. Prime Minister Modi was even given the UAE’s highest civilian honour, the Zayed medal, this year.
Losing friends fast
Pakistan, by contrast, is a country losing friends at high velocity despite its eminently strategic location. Ever since 9/11, the world’s tolerance levels for jihadis have dropped steeply. Even the Americans are painfully aware their so-called ally Pakistan has been playing a double-game, harbouring jihadi groups who launch regular attacks in Afghanistan.
But if it was game, set and match to India at the government level, it was a different story in the Western media. The New York Times published a vituperative piece by Pakistani author Mohammad Hanif in which, amongst other things, he said: “The cheerleaders for Prime Minister Narendra Modi are cheering for partition redux, a world-class massacre, ethnic cleansing.” The Guardian in an editorial called New Delhi’s action “abrupt and ruthless” and potentially “incendiary” in the region.
Also, there’s no ignoring the fact details about Kashmir reported in the Western media create poor optics. Leading outlets have reported Internet and phone lines have been down for the week and the top leaders are under arrest, including two ex-chief ministers.
Ever since the Kargil attack, India has taken the moral high ground, keeping world opinion firmly on its side. Kargil was followed in 2002 by the attack on Parliament and finally the Mumbai attack in 2008.
But Pakistan has been making a concerted public-relations drive ever since Khan took office. For months, he’s been painting himself as a peacemaker being turned down by a belligerent Indian government. It wouldn’t be smart for India to lose the PR war.
https://www.thehindubusinessline.com/opinion/why-delhis-kashmir-act-hasnt-got-the-world-worked-up/article28973291.ece
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