#Chairman Finance Bank Zambia
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The governor of Pakistan's central bank told that Pakistan has sunk in foreign debt
The governor of Pakistan's central bank told how much foreign debt is on the country.
There are many speculations about the economic condition of Pakistan. Sometimes there are statements about default and sometimes there is a possibility of bankruptcy.
In December 2021, Syed Shabbar Zaidi, former chairman of the Federal Board of Revenue, Pakistan's financial affairs investigation agency, said that if we look at the recent current account and fiscal deficit, then these are issues related to Pakistan's bankruptcy.
He had said, "The government's claim that everything is fine and things are going well. All these things are false."
However, later Zaidi also clarified about it. At the same time, the Finance Minister of Pakistan had warned that if the subsidy on oil is not reduced, then Pakistan will become a defaulter and its condition will be like Sri Lanka.
Considering the current situation and political instability in Sri Lanka, concerns were also raised for Pakistan.
Due to rising oil prices in the global market, there is tremendous pressure on Pakistan's foreign exchange reserves, which is pushing it to the brink of crisis.
Pakistan's foreign exchange reserves have fallen to $ 9.3 billion, which is not enough for even five weeks of imports.
The Pakistani rupee has weakened and reached a record low. Against a dollar, the Pakistan rupee has reached around 210.
The new government of Pakistan's Prime Minister Shahbaz Sharif now needs to cut expenses rapidly as it is spending 40 percent of its revenue only to pay interest.
But, in view of the global projections, fake news and panic among the people, now the acting governor and deputy governor of the State Bank of Pakistan (SBP) have talked in detail about the situation in Pakistan in a program.
Acting Governor Murtaza Sayed, Deputy Governor Inayat Hussain and Deputy Governor Seema Kamil were present in this podcast of SBP on YouTube, who explained the situation of debt, foreign reserves and falling rupee on the country with a positive outlook.
Acting Governor Dr Murtaza Sayed said that the next 12 months will be very difficult for the global economy. As we get out of Kovid, we are seeing global commodity prices rising. The Federal Reserve is tightening up and there are geopolitical tensions too. Because of this, all the countries of the world are troubled and inflation is increasing. The country which has more debt, there is a bad situation. But, Pakistan is not as weak as people understand. There are three basic reasons for this.
The acting governor said, "Our policies are such that we can slow down our economy a bit. We have come out well from Kovid. Yes, this year's budget will be a little tight but we are working on it. Most important It is that in the next 12 months, countries that have IMF programs will survive and those that do not will be under a lot of pressure. Ghana, Zambia, Tunisia and Angola do not have IMF programs. You Pakistan's external debt, country's policies And looking at the cover of IMF, we are not as weak as people think."
Pakistan has a staff level agreement with the IMF but the board level remains. For this, Pakistan will also have to fulfill certain conditions.
Regarding the difficulty involved, Murtaza Sayed said, "The staff level agreement with the IMF is not a small thing. It is a big achievement. It means that the IMF staff feel that what we had to do for this program He's done. After that if you fulfill your commitments, it's easy enough for you to go on board. After that we will get the money. The world will see that Pakistan is on track."
Deputy Governor Inayat Hussain said, "Pakistan's foreign reserves are close to $ 9.3 billion. These are not the levels we would be very happy with. We would like to improve this and it reaches the level of imports in three months. But, this is also not the level of reserve at which we should be too worried. Fake things are also going on about this on social media.
The difference between the imports and exports of a country is called foreign reserve. If a country does not have this reserve, then it will not be able to import.
The deputy governor said, "We have enough reserves which can take us forward for the next few months. The money will start flowing after the IMF program is approved. There are also some multilateral agencies, money will also come from there. Our assessment is that we will easily meet Pakistan's financial needs for the next year. After this the budget will also increase.
Inayat Hussain also talked about Pakistan's gold reserve. He said that Pakistan has a gold reserve whose value is close to $ 3.8 billion. This is in addition to foreign reserves. There is no such situation that one has to take a loan against gold to increase the foreign reserves.
The Deputy Governor also gave reasons for the decrease in the Pakistani rupee.
He said that the value of Pakistan's rupee has come down by 18 percent since December. But, the decrease of 12 percent is due to the increase in the value of the US dollar. The first of our own reasons behind the fall of the rupee is that in Pakistan the demand is more than the supply of the dollar. Pakistan's imports were very high in recent months. Our expectation is that imports will come down and the rupee will strengthen. At the same time, the market sentiment also has an effect on the rupee.
The "Mera Pakistan Mera Ghar" scheme is run in Pakistan for people to buy their house at affordable rates, which has been stopped for the time being.
But, on what will happen next for this scheme, Deputy Governor Seema Kamil said, "This is a scheme in which the common man who cannot take the house will be able to take his house." His installment should be such that he can pay. For this the government used to give subsidy. Now this subsidy is becoming difficult for the economy. Therefore, Pakistan decided that it should be stopped for some time and it should be reconstituted. This scheme will come back and people with low income will definitely benefit from it.
First let's talk about the current debt on Pakistan. This is the most important. At present, 70 percent of the GDP is left on Pakistan. The kind of countries with which we are being linked like Ghana, Egypt, Zambia. Ghana accounts for 80 percent of GDP, Egypt 90 percent, Zambia 100 percent and Sri Lanka 120 percent. The debt level on Pakistan is very low.
It also includes how much debt is from outside. In the case of Pakistan, 40 percent of the GDP is external debt. Tunisia has over 90 percent, Angola has over 120 percent and Zambia has more than 150 percent. We have more domestic debt which is easy to handle because it is in our own currency.
The second is short-term debt in external debt. This is only seven percent of us, the rest of the countries like Turkey have 30 percent.
The last thing that is seen on what terms you have taken an external loan. In our case only 20 per cent is on commercial terms the rest is based on exemptions which are taken from IMF and World Bank. Taken from friendly countries. It is easier for us to pay it.
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#Dr. Mahtani#Dr. Rajan Mahtani#Chairman Finance Bank Zambia#Dr Rajan Mahtani#Zambezi Portland Cement
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#Dr. Mahtani#Dr. Rajan Mahtani#Zambezi Portland Cement#Chairman Finance Bank Zambia#Portland Cement Zambia
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#Chairman Finance Bank Zambia#Mahtani Group of Companies#Zambezi Portland Cement#Dr Rajan Lekhraj Mahtani
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Supreme Court Zambia Announces Its Final Verdict On The Claim By The Ventriglia Family On Court Of Appeal
Dr. Rajan Mahtani’s fight for the legal takeover and ownership of the Portland Cement Zambia factory can be finally considered to be over. After Lusaka High Court failed to provide justice for Dr. Rajan Mahtani’s appeal, it was taken to the higher Court of Appeal. Judge Mwinde took over the case at the Court of Appeal and announced its final decision on 31st January 2019. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments holds 58 percent shares at the factory and is the majority shareholder and legal owner of the factory.
The Ventriglias again challenged this decision from the Higher Court of Appeal with claims that the shareholding pattern identified by justice Siavwapa from the higher Court of Appeal was incorrect. The Ventriglia family also claimed that the amount payable against the majority shareholders was not K580,000 but K580 million. However, a bench of comprising of three judges from the Supreme Court of Zambia rejected this claim as it did not follow the legal requirements which suggests that claims against court judgements must be registered within 14 days of the judgement itself. The Ventriglias already crossed that time-period. Furthermore, the judge also confirmed that the claim was baseless and therefore was rejected by Supreme Court.
About Dr. Rajan Mahtani
Website: http://drmahtani.com
Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia with more than 30 years of business experience. He is the owner of noted companies in Zambia, including Finsbury Investments and Mahtani Group of Companies. He is also noted for his philanthropic and charitable contributions towards the nation.
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Dr. Rajan Mahtani and His Works for Zambia
Who is Rajan Mahtani?
Rajan Mahtani is a respected man in Zambia. He is a great businessman and a philanthropist as well. He always thinks for the development of the nation and its people. He is a man who has devoted a lot of time in life thinking about…
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Recently, Dr. Rajan Lekhraj Mahtani came in news when a news article of his interview was published at the ‘Mast Newspaper’ of Zambia. Read More...
#Dr. Rajan Mahtani#Dr. Mahtani and Finance Bank#Dr. Mahtani & Zambia#Chairman Finance Bank Zambia#chairman finance bank
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#Mahtani Group of Companies#Chairman Finance Bank Zambia#Portland Cement Zambia#Dr. Mahtani and Finance Bank
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#Dr Rajan Lekhraj Mahtani#Dr. Mahtani and Finance Bank#Chairman Finance Bank Zambia#Mahtani Group of Companies
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