These are not my personal opinions, I am saying all this as it is written in IMF’s letter of intent of the loan agreement, says Asad Umar.
The fresh loan agreement between Pakistan and the International Monetary Fund (IMF) will result in the dismissal of 1.2 million people from their jobs, further rupee devaluation, and increasing inflation, unemployment and create a mess overall for the economy of Pakistan, said Pakistan Tehreek-i-Insaf (PTI) leader Asad Umar.
These are not my personal opinions, I am saying all this as it is written in IMF’s letter of intent of the loan agreement, which reflects the picture of Pakistan’s economy after the release of the fresh loan, said Umar while talking with the Lahore Economic Journalists Association.
The IMF’s technical analysis reveals that the Pakistani rupee is overvalued by 6%, and needs more depreciation for reforms, so in actuality they told the government that rupee devaluation was necessary for the agreement, said Umar. In addition it told the State Bank of Pakistan to purchase some million dollars as they were aware that once SBP started purchasing dollars, the rupee would collapse as the Pakistan foreign exchange market hardly has any depth, he said.
But we were told by the government that Pakistan will further receive loan installments from other banks which would add around $10 billion in our reserves at the end of the year. We are unable to understand that if $10 billion will add in our reserves then why must the SBP purchase dollars, he asked.
The IMF document, he further said, stated that the growth rate without reforms will be 3%, while the government in the budget report says that growth rate would be around 3.4%, and after the above mentioned reforms, the IMF documents said that growth rate would further drop to 2.5% which would lead to the unemployment of 1.2 million people, Umar said. Even a fall of one rupee against dollar costs Rs70 billion to the economy, and the rupee has devalued by up to Rs7, he added.
“On one side, unemployment and inflation is increasing and the rupee is devaluing due to the government’s policy while on the other our stock market is making new highs but only billionaires are benefiting from it and minting money. Both things are connected,” said Umar.
This is the most crucial moment for the economy of Pakistan and we, as an opposition party have the responsibility to tell the public what actually is happening “, he said.
Talking about privatisation, Umar said that privatization may not produce fruitful results every time, sometimes privatisation works and sometimes it fails.
We are not against privatisation of corporations but the government must understand that this is not only an economical issue, it is a political issue too, so they should discuss such things in parliament before to prepare final draft, so the opposition may give some suggestions, he added.
We want to play a positive role for the economic revival of the country, Umar said.
Published in The Express Tribune, September 29th, 2013.
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@M. Ali: This is not the problem limited to Pakistan. I have seen it more than once in USA. Basic rule is supply and demand in a given area and field. One way out is to provide free service for limited time like six months to build your resume and get your foot thru the door. You could do externship in any bank. If they like your work and personality, they could offer you job down the line. I personally know a person who followed this path and now he is a manager of the bank. Second option is to improve your qualification and go thru the institution for another one to two yrs. I am not in favour of that because it is more costly. Third option is to go to that area where other graduates do not want to go.
This is a temporary phase in your life. Do not be discouraged. Life is full of opportunities. You have to be right person at the right time. So do not loose your heart. I have been thru this kind of mill myself. So keep on trying as if there is no tomorrow. God may help you. Thanks for reading my comment.
Following is for the moderator at ET I received this comment written by INDRA. When I clicked on the news item and checked under the comments, I do not see her comment. What is the reason? This is not the first time I found it that way. Please fix the problem. Thanks
@M. Ali: Please pack your bags to China, there is opportunity there my friend.Pakistani government must use its relationships with China to ensure that Pakistanis get Jobs in China's Towns and villages.
PMLN has made electoral slogans and thrown lots of money to build up their resume and case to win the next electoral elections every time by sacrificing the existing system and institutes eg they sacrificed GT Road and Railway network to build the motorway but they have failed to run successfully and continuously even a single institute. They believe in destroying the existing monument and building a new one with their brand name on it, this has led to lots of conflicts and even their extradiction from the country. They destroyed judiciary, military, intelligence, defense of Pakistan to name a few and this is why every institute is scared of them or gets filled with their supporters or their loyal servents and that institute is no longer independent and becomes biased. Imran Khan has shown and ran institutions without any resources and he lets them run independently without influencing them and the biggest example is SKMH and he is building lots of independent institutes that will be stronger than ever including local government system, police system etc in KPK whereas PMLN uses those institutes by giving them to the people that are loyal to them like British used to do when Pakistan was their colony.
It looks as if this loan is a grant and would never be paid by us. Shall we always be taking loans and would make no strategy to paythis huge loan back? If a strategy has been prepared, then what's it? It should be shared with the people of Pakistan.
my friends you know what is the pay of a govt school teacher its just 15000 or 16000 in total, and that teacher is usually BSc or MSc. We can never progress unless we would learn to respect these educated people. giving 15 16 k is simply degrading someone
Dear Mr. Asad Umer I think we need to figure out just writing an article & condeming the loan will relive PTI from their responsibility, than this could be done by any young man sitting at home. No one is stopping current government you people are just talking & taking can we contunie like this for 5 years. Just think seriously what a common man is facing now a days.
Dear what solution we have. We are producing very expensive electricity. How government can give it cheap. No one wants to build Kala Bagh Dam. It would take years to produce hydal electricity. Recovery of bills is good in Punjab. But in all three provinces, there is poor recovery and electricity theft. No one can do any thing to this country. Majority of people are corrupt. Government is made up of we people. No one is willing to pay taxes. Hidding true income. Can you find pure milk in market. Can not even we are muslims. What fault government has. We all are morally corrupt. How long Govt can give billions to PIA, Steel Mill etc.
No body cares, its not important More important is why we are not 'fighting' with Taliban, why peace talks stupid liberals
Hope PML N got some plans with IMF loans in case economy collapse ruler family is safe make agreement with someone run away from Pakistan for some years come back u r again prime minister.
Asad Umar reply for all you
@Hassan Raza: Ever man, woman and child as to pay US$330.00.
Hi. Please tell how many rupees every single pakistani has to pay Against imf loan.
I want to ask to everybody who are putting up there comments and questions. Doe you Guys have a Plan to do something better for this drowning country. if yes then why dont you try to implent. I m sorry to say but everybody loves to sit on the conner chair, enjoy whats going on and later have gossips with every1. I m not forcing anybody to come out on roads and create violation everywhere but remember onething nothing will change unless you guys unite and come for an action. I myself is not doing anything but what i want here is that other than cursing each other, unite and go for a start. We all are really aware of why this thing is happening then why not go for a solution instead of finding or arguing on the mistakes done already. why not move and secure a new future. We are by name Independent country and are not actually. If anyone disagrees and many will but the solution in front of me is to unite and work
Economic deterioration did not happen overnight. If we had implemented the very first IMF programs in letter and spirit, things would not have scooped down to this level. Its our continous habit of prolonging the inevitable that has created the mess we are in. IMF recommends a remedy for the situation the country finds itself in at that particular moment of time and this is the best they can come up with. If Asad Umar has a better idea perhaps he should join the IMF as an advisor. I am sure they will listen to any new ideas. This mess has been created by us and by us only so stop blaming IMF. When you go to doctor for treatment you implement the prescription as it is, not modify and change it to your liking. Same here. Do as the IMF says and maybe we can come out of this mess. Do, Not, and there is economic anarchy on the horizon.
Wise cracking is easy. Does Mr.Umar have an alternative? What PTI did in KP is there for all to see. PTI made a BIG mistake by not boycotting the elections. Now they have to walk the talk. And that is not the easiest thing to do.
I wrote my comment ten hrs ago on September 29th. So far I do not see it . Looks like, ET moderator does not come to work on Sunday.
I think Asad Umar has any idea on running public policies. Selling Eurea is a different business than making public policies. He seems like Shaukat Aziz to me then Mahboobul Haque. I think devaluation of currency will boost the exports and will bring investors in the country. It will not be as bad as he thinks. If you see China by keeping his currency low is ruling the whole world. Japan got destroyed because of over valued currency. Pakistani exports will be much more competitive and will earn the foriegn exchange needed. Imports will go expensive and will create opportunities to grow domestic industries and substitute imports
Even a blind man can compare the situation of economy in the tenure of Pervez Musharraf and after his exit from the president house. After him the economy is only going nose down. Pakistani rupees is no where today. The prices of consumer goods are skied high. The people is suffering day and night and the rulers have no fear of God. Is this to be called an Islamic country where we have the greatest example of our Caliph hazrat Umar RTA. Pakistan was IMF's debt free state in the days of Musharraf and now the first thing the present government did to beg to IMF and got loan on their conditions. Asad is right in his assessment but we do not want to face the reality. PPP and PML-N are only hungry of power to get by hook and by crook. They do not have any vision to come out of the present crisis. Be sure that until we do not get rid of these hypocrite so-called politicians the country will never prosper.
Pakistan has an external debt of $59billion approx, our foreign exchange reserves are $10.2107billion(20sep2013 according to sbp) Unauthenticated estimates by business recorder indicate $200billion of pakistanis black money in Swiss banks. Bringing this back to Pakistan will not only help us eliminate deficit, payout loans, save millions in interest, leaving us a surplus of roughly $140billion (which is roughly four times our budget) , it will also finance much needed development, build infrastructure, increase exports, and get us out of the vicious cycle of compounding debt. After all it is black money and state has every right to seize it. Under current budget we have been taxed heavily to generate revenue, whereas a much faster, easier, and efficient way would have been recovering the looted capital. But I guess "darnomics" goal is safeguard interest of thieving politicians rather than helping country out of crisis.
@Saleem:
Why? Did I make all those false promises to fix everything in 90 days or six months? Am I getting those perks of government that PTI and PMLN are getting? Citizens have every right to criticise incompetence of government. If Imran or Nawaz cannot deliver then they need to resign.
What else was expected from Munshi Dar? Hats off to Prime Minister and his Samdi - the surmay wali sarkar of present day. PM is truly the Bhadar Shah Zafar of present century - surrounded by madarees, darbaris and the CM of Islamabad. 100 days on and no FM, DM etc. But the Surmay Wali Sarkar is tasked with every thing on the planet. The Prime Minister is simply a Civilian Dictator and nothing more. May Allah save us and Pakistan
We just need a good leader only, but currently not seeing. They do not have any vision and running the economy on an adhoc basis. Nawaz sharif had to hire right person for the finance ministry I am not expecting any surprise from Ishaq Dar.
All interest-based debt are bad for the economy and hence the people. They should be banned constitutionally and Pakistan should focus on excavating its own private reserves.
Umar did not tell that lost jobs will be in public sector or private sector. It will be a great news if its in public sector and government owned organizations such as PIA, Railways, Steel Mills and other blood sucking organizations. These useless people need to be laid off who do nothing except eating, meeting and wasting resources. @ M. Ali, sorry to hear your situation but stay positive. I have a suggestion for all graduates. While studying learn some trade too. e.g. plumbing, electrician, welding, auto mechanic and hundreds of other trades have great earning potential. If you had learned any of these trades, you would never like to work for anyone. You could have created your own company.
@Jibran: Oh then please enlighten me??? It takes knowledge to do that. Name calling is something anyone can do.
@Real Truth,@Syed A. Mateen, @Saleem and others. Yes, their is a solution, and that does not involve more taxes. Let me ask you a simple, do the state institutions are running on their absolute maximum potential. How about fixing PIA administration and make it better airline with the standards, how about making Railways dot on time. How about cutting the expenses of PM and Ministers ? And the hacks like so called "Laptop Schemes". We can buy atleast 10 desktops and a generator for the price of one laptop and free computer labs could have served thousands.
Any interest-based debt will always result in poverty. Always, no matter how you view it. Educate yourselves Pakistani on how international banking system is working. Why do we not take strong measures to excavate the resources in Baluchistan? Our rulers lack the courage the demand USA of the promised unpaid grants which accumulate to around $10b. Nothing will revert the economy for good until we understand the cause of this problem. Shifting to gold-back currency is the best option for any nation in the world. No to interest is completely synonymous to No to poverty. :) Educate yourselves Dream big, change the world.
@Amanzeb Khan: IMF is a lender of last resort. The notion that Pakistan had any leverage in the type of terms on which it to the loans is laughable. Particularly after the 2008 loan which be Mae a ne tranche loan because none of the conditions were complied with. This ime around everything is going to be based on prior actions and the loan disbursement is not front loaded the way it was last time around.
This is for Mr Umar. Please present the alternative plan, then it will be healthy criticism . You can also present a bill in the parliment and ask for vote on it. Simply criticizing is not going to help the nation or any political party. I expect your party will behave differently than the other parties.
@FactCheck: No, never think that we had no other choice. Stop falling for the crap that goes all around the media. The news that usually floats around is massively engineered. Baluchistan has massive natural reserves worth trillions of dollars. Ready to be excavated. The reason why armed forces/engineering core is not excavating them is due to lack of support from the body politic. As for the monetary condition of the country, it's just a big hoax. Please spare sometime for watching The Money Makers (Youtube) The only real solution to fix our economic crisis for good is by going for a gold-back economy. Period. With absolutely no interest-based debt at any level of hierarchy. Doing so will make us completely independent of any foreign market fluctuations. There will be no unit devaluation since the currency will have intrinsic value within itself. Our rulers don't have enough courage to demand USA to pay the $10b that was promised to us when "war on terror" began. They are slaves to their foreign reserves. Understand their stance, they will never make ANY move that will antagonize the western lobby. They can never risk their hard-stolen revenue that lies abroad :) - Respect.
take the matter to parliament...and ask the govt. to reveal the agreement with IMF...instead of taking outside...do not act like friendly opposition...
What your problem is not understanding anything and want everything for free. You have a huge neighbour to your east that can within years boost Pakistanis economy. But your hatered and listening that the 'enemy is coming' has bought to your feet. Look at all the trade fairs that are being held in India for Pakistanis goods and all are sold outright. That is called employment in plain english. In return, India is ready to build factories in that will help in your economy and employment. But sadly, you cannot leave 'the enemy is coming".
A problem caught between a Rock and a Hard Place. Without IMF loan, the economy will collapse and with it the economy will shrink before it gets better. Which one do you want?
Of course this is based on present data and present governments plan, who know what will happen in the next election. If the economy doesn’t’ get better, Nawaz will not be reelected in all probability and ht incoming government will undertake some stupid short term plan to appease at the expense of long term growth so, the ferris wheel continues to turn.
@abdussamad: Dude you are totally clueless.
Asad Umar, concentrate your efforts in KPK and let the government govern in Islamabad. They have more to show since elections than PTI which is as a chicken with its head chopped off....
@Syed A. Mateen: I would have suggested to confiscate assets of corrupted politicians who made huge wealth by looting Pakistan. Secondly every politician must declare assets, liabilities, profit and loses along with that fair taxes shall be paid But unfortunately current government can not take such measure after all it is corrupted too
let us be fair...if these politicians can bring back even 50% of what has been illegally earned and shifted abroad in their off shore account, no need to go to IMF...the nation would have been too pleased to give them same profit that IMF demanded...that is the solution, all positive ideas to bring up this country from collapse would have fallen into place.....but selfishness has no boundaries.
As well as Gen M period is concerned, data of that period is available....whether we like it or not, accept it or not, but I wud request Syed A Mateen & all those gentlemen to go and ask / enquire from the general public...which period was better ? answer will be there...
@The Failed Rebel:
I am a PML-N voter and proud of what I did on May 11th! Had sane people followed the lead of boneheaded trolls of a sheep herd fan club, our children would have been forced to go to Madarssahs, us men would have had to sport a beard at the barrel of a gun and our women would have been banned from stepping foot outside "Chaar Diwari."
Worst of all, Mullah Omar would have been the spiritual leader of Pakistan while his sidekick in Imran Khan would have been busy travelling in Jahangir Tareen's Learjet collecting chanda.
@Fahad: PTI can print dollars now? It has a magic wand that fix all the problems of the country?? Asad Umar himself said that the new govt. would have to go to the IMF:
http://pakobserver.net/detailnews.asp?id=204550
@haroon: hahaha....rightly said Haroon.
PTI all the way!
Mr.Umar did you not take financing from the IFC for Engro what were the terms and is Engro better off because of it? So how is this different?
Between the PMLN and PTI both our lives and wealth would be destroyed. One is openly supporting Taliban and the other is implementing anti-people economic policies.
Thanks God ET got time to publish something which is not against PTI.
Long live the pseudo anti people oligarchic democracy that Judiciary protects and media supports!
@Shahzad: Nothing that the IMF has prescribed is damaging. Take the rupee devaluation for instance. The rupee was overvalued. It had to be devalued. The alternative was we continue to spend our forex on imports we can't afford. That includes the dollars the IMF lent us. Meaning we would have been in a worse state than before the IMF loan!
Pakistan's economy is a remittance economy. We import twice what we export. The balance is met with remittances and increasingly scarce foreign aid. The long term aim would be to increase our exports and reduce our imports. But in the meantime there will be continuing depreciation of the rupee. Expecting anything else is just fooling yourself.
Come on Mr Asad, try and do something positive for Islamabad the seat which you won.
Oh that is the man "Right man for Right Job". Really impressive by the facts and figures.
Valid points are being raised. Some people commenting have said that PTI would also have gone to IMF. True, but its going to IMF is not being disputed here, its the terms that have been agreeed. Better terms could have been negotiated particularly in areas where the IMF did not have any business dictating terms.
@ moz: "PTI leader cannot deal with that at all"....which pakistan you are living??? Its not PTI govt. who is incharge in pakistan. Its Nawaz govt. my dear. Now a days the situation is been created like we used to call india. If there's dog die in india, they blame pakistan. Same situation is happening in pakistan internally now. If sharifs are begging in front of world, balme comes to Imran Khan. When we will grow up??? All (paid) media including ET is criticizing PTI and Imran khan for all those sins committed by current and all previous govts. What's this logic??? Are we blind???
I totally agree with Asad Umar. the government should make him financial advisor or minister.
@moz: Well I think the biggest factor destroying our economy is not IMF loan but terrorism. PTI leader cannot deal with that at all.
Right, and we are witnessing just how well PPP and now PML-N are dealing with that. Down with status quo politics and their supporters.
Please take up this issue in National Assembly and have a serious debate. The economy is slowing down very fast and inflation is setting in ( shadow economy is distorting things). FBR is holding back on over Rs 70 billion of refunds to show improved tax collection but this is adversely affecting business and job creation
The 'competent and learned' team of PMLN at its best. I wish Asad Umar was leading PTI and not a Taliban spokesman Imran Khan. @Syed Abdul Mateen: Sir, one can't possibly make more ignorant remarks than what you've done. Nawaz Sharif, not in million years, can come even close to how Musharraf strengthened the economy. @Abdul Samad: Sir, going to IMF isn't the bigger issue but accepting an inappropriate and damaging contract is.
In my opinion there are two main factor for our bad and unstable economy. Bureaucracy and Terrorism. Both are responsible to prevent foreign investment in our country. We have oil, gas and minerals, but who would take a risk to work on those dangerous sites. Why would anyone investment if there is no security of their investment, even a Pakistan loving Pakistani would not do. To attract foreign investment we have to reform economy from ground roots. " Ministry of Commerce Secretary Qasim Niaz on Thursday said that coherent regulatory regime was necessary for attracting foreign investment." In the article on September 13, he did not mention security situation in Pakistan.
the point brought is relevant but who is responsible for all this mess.PPP......... where have they gone .they are so quiet and calm !just bystanders
@Syed A. Mateen: whats the link of what u said with the news mate? Critisizing for the sake of critisizing!
The upcoming economic destruction of Pakistan is much worse than the any taliban that the entire country is distracted with. To all the arm chair generals wars aren't fought for free. They cost money and currently Pakistan is on the brink of bankruptcy. The way the country is pointing fingers at Imran it would seem he was in center and not the tind.
mr moz PTI has Govt in KPK not FATA because FATA is under PMLN federal government and TTP are in Wazrisrtan which is in FATA not KPK. all parties agreed on peace talks with TTP. first criticized federal government because all the intelligence agencies are under federal government.
@Syed A. Mateen: Actaully it started detoriating during Nawaz's first regime
Rubbish - without the IMF you would be sitting in the dark, unemployed, and wondering what why things went so wrong.
I am jobless since 2 years of my MBA graduation now. Every where I apply, Scores of people come for written tests i.e for 10 seats job vacancy at least 4000 to 6000 have applied for. What is our future in this scenario? After spending life and money on education this is what we receive from this brutal economy. Who will tell Mr. Nawaz Sharif, that Sir! not every person can do business. And besides that Graduate unemployed are least paid attention in your youth package. It seems ok for a matric pass to get technical education and then start a business accordingly but a masters level graduate who has spent millions on education, will be unfaired to be expected to get mobile repairing, motor mechanic or else training. And secondly, there is no training for graduate unemployeds on starting a new business in such an under pressured economy. Our hopes are getting grim as the time is passing by. PLEASE DO SOMETHING FOR GRADUATE UNEMPLOYEDS
PML(n) voters getting taste of their own medicine.....nation will continue to suffer more but elite class of this country is least bothered as their assets are well protected in offshore accounts.....AWAM JAI BAHAR MAI
So, Mr Omar, great job deciphering the IMF's LoI; now please enlighten with what the PTI solution to the problem is, which would back up your so-called "positive role for the economic revival of the country"? So far, the only role PTI (IK) seems to be playing is that of a cheerleader for TTP!!!
Could Asad Umar please explain what is the alternate to IMF loan? We know IMF loan is bad but government has to run the country. Its easy to sit on opposition benches and say everything is wrong.
So, what do you think the government should do. No idea, of course. It is just the same PTI's tall claims. All is bad. Give us power and we will fix every thing. No need for you to ask, how? Sad. Such tall claims and such dismal performance.
"We as an opposition party have the responsibility to tell the public what actually is happening “
But yet not do anything about it.
Mr. Umer, considering health of economy, do you have a solution how to fix it? If you do then put that on table - bring it to house floor. Show your contribution to nation! When economy was in free fall people like you sat on sidelines and let it go into tank. And now when it has hit the bottom people like you are out saying that I said so. You are an elected representative, Stand on house floor and tell the nation how this economy should be fixed. Don't play these games that if you were given a chance then you would have fixed it. Everyone has seen your party's performance in KP and I am glad that you it didn't get a chance to do the same in center.
It surprises me to see that journalist sit clueless in front of these politicians and listen to their speeches. Why journalists don't take on these politicians and ask them what would they do any different? If PML (N) is not doing a good job and Mr. Umar has good ideas to handle economy then he should have been asked to share them with the nation.
Summarising an IMF report as if its conclusions are the truth? Then do you also agree with IMF's praise for the PM's intent and policies?
Well I think the biggest factor destroying our economy is not IMF loan but terrorism. PTI leader cannot deal with that at all.
Trying to score political points! Even if the PTI won they would have gone to the IMF. Going to the IMF is not something that could be avoided. There was always going to be great pain. It remains to be seen whether the govt. can make the necessary reforms to get us back on the right path.
Ishaq Dar and these nin visionary sharif brothers will continue destroy the country.
I certainly trust his judgment. It would have been good to see his point of view on whether any other alternatives are available and whether it is a short-term trade-off for robust macro-stabilization in the long run.
Dear Asad:
Let me remind you that economy of Pakistan started deteriorating when General Pervez Musharraf started fighting war on terror in Pakistan after 9/11 at which time the terrorist also started suicide attacks at every nook and corner of Pakistan.
Then General Pervez Musharraf removed the Chief Justice of Pakistan, Justice Iftikar Chaudhry which was a bigger dent not in the democratic process but also a dent in the economy of Pakistan.
This did not stopped here.
The assassination of Mohtarma Benazir Bhutto was even a bigger dent in the economy of Pakistan when people took all of their money and invested in the Dubai/Ajman real estate market which at that time was booming, but finally it collapsed and all the money of Pakistanis went into waste.
Due to the suicide attacks, extortion of money, target killings, kidnapping for ransom, non availability of electricity and gas supply in Pakistan, the industrialists shut down their factories and went to other countries, which has created unemployment in Pakistan.
It is not only the IMF loan and the free fall of the rupee, but there are number of other factors which have also played major negative role in crippling down the economy of Pakistan.
I am not talking about the overseas investors who are shy in coming to Pakistan due to law and order situation, but even the local investors are also not investing in the country.
Why you have forgotten to tell to the press that unprecedented inflation during the five years of PPP regime and inflation in the petrol prices have also created a very negative impact on the overall economy of the country.
Just put your hand on your head and tell me frankly that had PTI won the May 11, 2013 general election in the country and you would have been made as the federal Finance Minister, what positive policy you would have given to Pakistan under the present circumstances?
Nawaz Sharif went to IMF because devaluing ruppee only makes him and people much richer.
who cares Asad Umar....no one will bother...including our media..inflation at highest level...electricity and petrol prices soaring...no jobs...no future...but every where you will see in media people are criticizing Imran khan...it dose not matter to them how many jobs will be lost as long as there job is guaranteed..this Pakistan dear....in 100 days PML N government has achieved what zardari did in 5 years..but you will not see a singel article or news regarding the disastour of economy is going through...and that kashkool which shareef wanted to break is now hanging as a necklace in our neck..