Christine Lagarde, head of the IMF greets Pakistan Finance Minister Asad Umar during annual meetings in Nusa Dua on the Indonesian island of Bali in October. Photo: Stephen Jaffe / IMF / AFP
Christine Lagarde, head of the IMF greets Pakistan Finance Minister Asad Umar during annual meetings in Nusa Dua on the Indonesian island of Bali in October. Photo: Stephen Jaffe / IMF / AFP

Somewhere sitting in dark rooms, the shrewd men of the establishment must be feeling the heat as Pakistan’s foreign reserves have dwindled to US$8 billion, a new low of recent times. Pakistan is doing everything it can to secure an International Monetary Fund ( IMF) bailout to thwart an economic crisis.

Prime Minister Imran Khan met with IMF chief Christine Lagarde in Dubai to pursue a quick bailout package, but the meeting ended with only a pledge from Lagarde to continue the talks. No significant development or agreement was reached. And yet Pakistani Finance Minister Asad Umar said, “Our differences have narrowed and it seems that we have come very close to having an agreement with the IMF.”

The talks with the IMF were initiated last August, but the Fund has not agreed with the pace and scale of reforms in Pakistan and has insisted on more strict measures such as increasing the electricity tariff, more tax on income, goods and services, and of course the further devaluation of the currency.

It has to be noted that in the past, Khan was critical of foreign loans, and even stated, “I would commit suicide rather than seeking an IMF loan.” However, like always he has taken another U-turn and now he is doing everything to to get the loan from the IMF.

The reason is the inability and incompetence of his government in handling the economic crisis and not being able to devise a concrete economic plan. If you ask the prime minister, or the finance minister, or the information minister what is the plan of the government to tackle the current economic crisis, all will give the same answer: that everyone in the country but Pakistan Tehreek-e-Insaf (PTI) is a thief and corrupt.

Meanwhile as the PTI focuses on proving that Nawaz Sharif was the most corrupt leader of the country, the inflation rate in Pakistan has gone up, and the country’s growth rate has slowed. Moody’s Investors Service has given a negative rating to the banking sector, while Standard and Poor’s has downgraded Pakistan’s overall rating. Though Pakistan received $10 billion from Saudi Arabia and other Gulf states, it still needs an IMF bailout to thwart the economic crisis temporarily. It still is not known where the aid from the Gulf states has been spent, as we have yet to see any major infrastructural project from the PTI government.

Unlike Khan and the PTI, Nawaz Sharif said goodbye to the IMF in 2016 and announced that the country could sustain itself without a bailout. Nawaz’ tenure was highlighted with  infrastructure mega-projects, urban transportation services, buoyant construction activity that strengthened private-sector credit growth, power-generation projects and investment in the China-Pakistan Economic Corridor (CPEC). Sharif did borrow, but those loans were spent on the mega-projects and debt servicing, in contrast to the PTI government, which  has not been able to lay down even the foundation of any project.

All it has to offer is the promise of a bright future while persecuting Sharif for his corruption. The only thing it has announced so far is an increase in defense spending, and that says it all: that the PTI government is feeling the heat of the moment and trying everything possible to appease the men who control the political proceedings from behind the scenes.

Coming back to those men sitting in their dark rooms, they too will be feeling the heat as they know that the government they brought to power through political engineering is not capable of handling the economy. This could become the reason for the fall of their empire as the economic turmoil gets worse.

Even with an IMF bailout one needs a team capable of bringing in structural reforms in organizations, increasing investment and laying down the foundations of mega-projects

Even with an IMF bailout one needs a team capable of bringing in structural reforms in organizations, increasing investment and laying down the foundations of mega-projects. The problem is that the Khan-led PTI is incapable of perceiving a vision for the country. Khan’s rhetoric of fixing everything in no time was always a blatant lie to fool his blind followers.

So Khan, who knows that he along with his team is not capable of governing the country, is focusing on corruption, and making his blind followers think that Sharif and other political leaders plundered the national wealth – such a strange thing that in a country where most of the budget is spent on defense there still exist clueless minds who believe that their tax money is being looted by the politicians.

On the other hand, even two years after Sharif was dismissed from office, Khan has kept his ghost alive. Little does he know that he is playing into Sharif’s hands, as by mentioning him all the time he has kept Sharif alive in the game and with the dismal economic performance he is paving the way for Sharif’s comeback.

The forces who brought Khan to power will only keep him there if he somehow manages to pull in money in the form of loans and bailout packages. The question is how long he can keep this up, and what price Pakistan will pay in return for the favors accepted from the Gulf states. Sooner or later the IMF will release the loan for Pakistan, but will an irresponsible and immature government be able to make use of this money or will it still bank on the policy of fooling its blind followers by presenting Sharif as a bogeyman?

After all, mere sloganeering against corruption while doing nothing to correct the economy can never bring any change to the fragile political and financial systems. The shrewd men sitting in the dark rooms, after watching Khan’s unsuccessful witch-hunt and inability to lead the country out of economic turmoil, will be making a Plan B to keep the game alive and move the country in their desired direction.


Asia Times has relaunched on Download our brand new native App for a sweeping selection of geopolitical and business news from across Asia.

Join the Conversation


  1. Generally I don’t read article on blogs, but I would like to say that this write-up very forced me to try and do so! Your writing style has been amazed me. Thanks, quite nice post.

  2. Good web site! I really love how it is simple on my eyes and the data are well written. I’m wondering how I could be notified whenever a new post has been made. I have subscribed to your RSS which must do the trick! Have a nice day!

  3. I think the admin of this site is truly working hard in favor of his web site, for the reason that here every stuff is quality based data.

  4. Hello, Neat post. There’s a problem with your website in internet explorer, may
    check this? IE nonetheless is the market chief and a huge portion of
    people will pass over your great writing because of this problem.

  5. I’ve been surfing online more than 3 hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. In my view, if all website owners and bloggers made good content as you did, the net will be much more useful than ever before.

  6. Its such as you learn my thoughts! You appear to know a lot approximately this, like you wrote the e-book in it or something. I feel that you can do with some to force the message house a bit, however other than that, this is fantastic blog. A great read. I will definitely be back.

  7. It’s the best time to make some plans for the longer term and it’s time to be happy.
    I’ve read this post and if I could I wish to recommend you some
    fascinating things or tips. Maybe you could write subsequent articles relating to this article.
    I want to read even more issues approximately it!

  8. Great paintings! This is the kind of info that are supposed to be shared across the internet. Shame on Google for no longer positioning this publish higher! Come on over and talk over with my web site . Thanks =)

  9. You actually make it seem so easy with your presentation but I
    in finding this matter to be really something which I feel I’d by no means understand.
    It seems too complex and very extensive for me.
    I am having a look ahead for your next publish, I’ll try to get
    the dangle of it!

  10. I know this if off topic but I’m looking into starting my own weblog and was
    wondering what all is required to get setup? I’m assuming
    having a blog like yours would cost a pretty penny? I’m not very web smart so I’m not
    100% sure. Any suggestions or advice would be greatly appreciated.

  11. I’m not sure where you’re getting your info, but great topic.
    I needs to spend some time learning much more or understanding more.
    Thanks for excellent info I was looking for this information for my mission.

  12. hi!,I love your writing very a lot! share we keep up a correspondence more approximately your post on AOL?
    I need a specialist on this space to unravel my problem.
    May be that’s you! Having a look forward to look you.

  13. Today, while I was at work, my cousin stole my iPad and
    tested to see if it can survive a thirty foot drop, just so she
    can be a youtube sensation. My apple ipad is now destroyed and she has 83 views.
    I know this is totally off topic but I had to share it with someone!

  14. Good day! This is kind of off topic but I need some advice from an established blog.
    Is it difficult to set up your own blog? I’m not very
    techincal but I can figure things out pretty fast.

    I’m thinking about making my own but I’m not sure where to begin. Do you have any
    points or suggestions? With thanks

  15. hello there and thanks to your info – I’ve certainly picked up anything new from right here. I did however experience several technical issues the usage of this web site, since I skilled to reload the site lots of occasions prior to I may get it to load properly. I had been brooding about in case your web hosting is OK? No longer that I am complaining, but sluggish loading cases occasions will sometimes affect your placement in google and could damage your high quality rating if ads and ***********|advertising|advertising|advertising and *********** with Adwords. Well I am adding this RSS to my email and can glance out for much more of your respective interesting content. Make sure you replace this again very soon..

  16. I do enjoy the way you have framed this particular problem and it does indeed supply us some fodder for thought. However, through what precisely I have personally seen, I only hope when the responses pile on that people today continue to be on point and don’t embark on a tirade of the news du jour. Yet, thank you for this exceptional piece and while I can not go along with the idea in totality, I regard the point of view.

  17. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get three emails with the same comment. Is there any way you can remove me from that service? Thanks a lot!

  18. Este rechazo lo encontramos en la sociedad en general, en los medios de comunicación, en las administraciones públicas y entre los mismos profesionales de la educación y el trabajo social y otros técnicos del sistema de protección de la infancia. Pero desde este domingo, una alternativa novedosa parece asomarse para recibir buen dinero sin trabajar mucho, incluso, colgando el uniforme antes del final del contrato garantizado… y es ser técnico de los Miami Marlins.

  19. Os escribo para ver si alguien a tenido problemas parecidos, que me imagino que si por lo que he leido en otros posts. Desde su inicio TSclima apuesta ante todo por la satisfacción de sus clientes, para ello contamos con las últimas novedades del mercado, tanto en materia de climatización, calefacción y energía solar. Instalación y reparación de todo tipo de equipos de climatización, splits, cassettes, conductos, etc?. Respecto al Servicio Técnico, según mis informaciones, en la actualidad es correcto.

  20. En caso de no haber voluntarios y de que se precise el Servicio de emergencia por solicitud del cliente, la Empresa tendrá la potestad, previa exposición del Jefe correspondiente, de incluir en el Servicio de emergencia al Técnico más idóneo para el caso concreto que se presente. Además reparamos siempre con piezas originales para un mejor resultado y como pensamos en su comodidad, si hay reparación ¡no le cobramos el desplazamiento!

  21. En Bolivia es usual no lavarse las manos y romper todo solamente con la mirada, pero por eso una empresa como Sony debe garantizar un nivel de servicio internacionalmente aceptable, no la misma chapucería de los mercaditos por todos lados, al fin y al cabo, yo tengo derecho a que no se dañe mi propiedad privada, pagué suficiente dinero y el servicio técnico no es gratis y parte de la ayuda social.

  22. Servicio tecnico joannes, reparamos la marca Joannes y otras en Madrid y Toledo. Servicio técnico Joannes, Madrid, Aranjuez, Paracuelos del Jarama, Alcobendas, Alcala de Henares, llegamos a casi todas las localidades de Madrid. SERVICIO TECNICO DE CALDERAS JMR CLIMACALOR Empresa autorizada de gas y calefacción. Empresa autorizada por la DGI de Madrid y Toledo para la reparacion y el mantenimiento de aparatos a gas calderas calentadores de gas y gasoil, servicio tecnico de calderas, control de gases, revisiones, instalaciones de gas, calefacción y aire acondicionados. Al servicio de nuestros clientes desde hace 18 años seriedad, responsabilidad y precio justo.

  23. Respecto a lo que comentas, hombre desde luego yo no voy a volver a comprar nada a HTC hasta que cambien el SAT y aún así lo dudo, pero tampoco me voy a quedar con un aparato averiado que cuesta 00 euros, de momento ha vuelto al SAT y mientras ellos se entretienen con la pda yo me voy a entretener poniendo reclamaciones a HTC por su servicio técnico y en consumo a HTC y a teleservice.

  24. Servicio Técnico Lg está especializado en la reparación, instalación y mantenimiento de todo tipo de averías que se presenten en su aire acondicionado Lg. Con el fin de alargar la vida útil de su equipo de aire acondicionado LG realizamos todas las intervenciones con recambios nuevas y garantizando la calidad de nuestro trabajo en la reparación aire acondicionado LG por escrito.

  25. El aspirador Relaxx’x genera un máximo flujo de aire y, como resultado, un mayor porcentaje de recogida de suciedad gracias a la combinación de cuatro innovaciones técnicas: un potente flujo de aire, un diseño aerodinámico que reduce las resistencias al aire en todas las partes del aspirador, la tecnología compressor®, que mueve mayor caudal de aire con un bajo consumo de potencia, y un mayor diámetro desde el cepillo hasta el depósito del polvo, aumentando el canal por donde discurre el aire.

  26. Reparación de todo tipo de electrodomésticos, de todas las marcas y modelos, de gama blanca, en la Comunidad de Madrid: Lavadoras, Lavavajillas, Frigoríficos, Secadoras, Hornos, Vitrocerámicas, Microondas, Frío Industrial, Aire Acondicionado, Calderas, Calentadores, Calefactor, Estufa Doméstica, Campana Extractora y Termos.

  27. Mete la ROM original que la tienes en este foro y no te compliques la vida, pero eso si, y siento ser repetitivo, llama antes a HTC Europa y que sean ellos quien te envien la hoja para enviar al SAT y estate llamandoles todos los dias advertiendoles que eres conocedor del mal servicio tecnico que tienen en este pais. Pero bueno, lo importante ahora es que tu equipo vuelva perfecto y puedas disfrutar de él.

  28. Leí que en el caso de no disponer de los discos de recuperación, podía reinstalar desde la partición oculta mediante una combinación de teclas al inicio del arranque. Parecía que iba bien, todo mucho más rápido y al cabo de 20 minutos, después de reiniciarse el sistema, el portátil quedó en el mismo punto. He llamado al servicio técnico de SONY más cercano y me han dicho lo mismo que al compañero que posteó al principio. El servicio es el peor que he visto hasta ahora, soy de Uruguay y me compraron una en Panama la cual me vino con las teclas falladas, fui al local de sony a reclamar dicen que si es comprada en otro país no sirve la garantía.

  29. Con más de 15 años como servicio técnico, ofrece un servicio de reparación de neveras en tenerife a domicilio, para que usted se moleste lo menos posible y puda tener su nevera reparada con todas las Garantías que le ofrece nuestro Servicio Técnico. Nuestro Técnico profesional, dispone de lo necesario para toda clase de reparación de congeladores mantenedores. La actividad de las llamadas aeronaves de segunda línea” por lo general es poco conocida.

  30. Y he puesto la queja pero son unos sin vergüenzas porque he llamado al servicio técnico y me dice que es el horario que hay, y les he comentado que podrían en ocasiones especiales poder visitar a la gente para ver la avería fuera de horario, así almenos podríamos quedarnos contentos. Me ofertan desde fabrica comprar otro frigorífico con un descuento del 30, que resulta ser el precio + – de los que se ofertan por internet, estoy desesperada y sin frigorífico, me siento impotente, y yo que compre todo Fagor, pagando precios + altos, por ser una marca española, ¡que decepción! Nunca había comprado electrodomésticos fagor, pero la próxima vez elegiré otra marca.

  31. Alta calidad Made in Germany significa seguridad en la asistencia técnica también una vez hecha la compra. Grupo de empresas ubicado en Murcia con 15 años de experiencia en servicios industriales. Contamos con grandes profesionales en su ramo, pudiendo ofrecer desde servicios de venta y mantenimiento de maquinaria hasta servicios de informatica y comunicaciones orientados a profesionales de la industria. Empresa dedicada a la reparación de Maquinaria de Lavandería, Hostelería y Aire Acondicionado.

  32. Entre los problemas comunes que nos hemos encontrado en Parla podemos garantizar la solución inmediata de los siguientes: Apagones, sobrecarga de la red, reparación de enchufes e interruptores, existe un enchufe sin corriente, salta el interruptor diferencial, la tarifa nocturna no carga, salta frecuentemente el limitador de potencia, diferenciales y cualquier derivación, parte de la vivienda local sin luz.

  33. En ofrecemos servicios de administración de servidores a medida de nuestros clientes y adaptando nuestro trabajo a su presupuesto. Data System ofrece a sus clientes una amplia gama de servicios de reparación tanto en hardware como en software para ordenadores sobremesa y portátiles de Apple. Como servicio técnico en Madrid, somos responsables de la infraestructura de la tecnología de muchas empresas en todo Madrid. Estamos aquí para ayudarle -póngase en contacto con nosotros en cualquier momento.

  34. Torno: la pieza a mecanizar, (montada en alguno de los platos de los que dispone la máquina), es la que tiene el movimiento de rotación, alrededor de un eje, el movimiento de corte, lo realiza la herramienta montada en la torreta del torno, y a su vez, en el carro transversal, y éste sobre el carro principal, que es el que realiza el avance contra la pieza que está en movimiento.

  35. A continuación te vamos a hablar de las diferentes formas que se dan en taller de mecanizado y qué cosas se deben tener en cuenta, pero antes veamos un video con algunas máquinas en acción. Por otro lado, a mayor contacto entre pieza y herramienta, se requieren mayor potencia, estabilidad, evacuación de viruta y capacidad de movimiento de la máquina, por lo que la operación de ‘flank milling’ puede quedar limitada por estos aspectos.

  36. A través de una herramienta ubicada en un cabezal que se mueve verticalmente sobre un eje llamado z, se realiza el proceso de mecanizados. Para ofrecer productos de calidad y de alto valor añadido, con la última tecnología en maquinaria. Esto está en contraste con las máquinas que se controlan manualmente con ruedas manuales palancas, mecánicamente automatizadas solo con levas.

Leave a comment

Your email address will not be published. Required fields are marked *