Finance Minister Ishaq Dar says textile sector should take advantage of the GSP Plus award. PHOTO: AFP/ FILE
Dar was addressing a function by the All Pakistan Textile Mills Association (APTMA) in Lahore on Saturday. He reiterated that the government was making efforts to bring the exchange rate down to the 1998 levels.
With the country having won duty-free access to European markets under the General Scheme of Preferences Plus (GSP Plus) earlier this week, Dar urged textile sector to avail full advantage of the opportunity through value addition, Radio Pakistan reported.
The Finance Minister assured that the government was fully committed to extend all facilities and assistance to the private sector including ensuring energy supply and availability of funds for the purpose. The government also did a u-turn on the gas supply schedule to industries in Punjab this week.
Dar assured that after securing preferential market access for Pakistani textile products from EU‚ the government would not focus on seeking more access to US market. However‚ he pointed out that as per US officials there were many items that Pakistan can export to the US without any major concession.
The Minister noted that there seems to be lack of information and study on the concessions and the Prime Minister had tasked Minister of State for Commerce Khurram Dastgir to remove such ambiguities to increase exports to US market.
Dar also urged investors to take advantage of the incentives and concessions announced recently by the Prime Minister under which the Government would not inquire about source of investment for new projects or expansion of the existing ones if they come on line by June 2016.
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The claim sound's more like that of previous govt minister for power that load shedding will be ended soon. ... stop making fool od people. This never gonna happen in hundred years that dollar will be this much reduced compared to rupee.
@Loyal: You forgot to mention the per capita of India which is USD 20,000!!!
Pakistan should necessarily hire a team of eminent foreign economists who can give an unbiased proper direction to the country inorder to come out of the present economic mess. The main reasons for not employing Pakistani economists are that they lack desired professional skills and are easily influenced or forced to follow faulty and non-productive economic policies by self-serving political leaders, bureaucrats, large business houses, banks and military brass who all have brought the country to an economic collapse.
100 % agreed. Musharraf's tenure was the best tenure Pakistan and people of Pakistan had as he was the only "Patriotic and Loyal to people" leader. These are all blood sucker leaches making fool of the people and plundering Pakistan as scavengers. May Allah help us and the country.@Javed:
@Armee: Hahaha! Very well said, sir!
@ Loyal So u claim that you are only comparing India with a democratice pakistan NOT A COMMUNIST COUNTRY run by a bunch of people (CHINA). . Are you trying to say that even a BUNCH OF PEOPE can do BETTER THAN INDIA and have reserves many times higher than your country? . Learn to accept your mistakes. It will save you from further embarrassing statements.
@Munir:
Agreed.
Just fairytale if you really want to do it then decrease burden loans and avoid useless visits in foreign countries.
The credentials sent by Mr. Mubeen on FM Ishaq Dar Educational Experience and Work Experience has further lowered our confidence. A person with such background makes compromises for the sake of Political gains is dangerous. He is exploiting the situation for the benefit of his cronies and bosses as he knows the real fact inside out. His approach is not pragmatic or practical. He has no confidence of people considering his political tract record of last 20 years.
Just read the history of Argentina what happened there.......
Our Minister Dar should be working on same agenda :) Asking people to change US$ , and later put money in banks.... just as US$ seized before by the same govt....
mr Darr!! be careful.. if you will be successful doing this then the history will be repeated. after that your golden period of 1999 will surely come.. haha
I've been on the phone with American hedge fund managers all day trying to convince them to buy into rupee's based on this development. They keep telling me never to call them again.
pmln and ppp , a bunch of jokers
@optimist: I am talking about a Democratic Country!... nt a communist which run by a few bunch of people....
Everyone misunderstood the statement. The Minister means that government is again going to freeze the FCA's so get the dollar cashed as PMLN leaders wisely did during 1998 before freezing the FCAs.'
Said the spider to the fly,come walk ino my parlor. Who has forgotten what Mian Saab did o forex the last time around?
For his sake I hope he is being sarcastic. How EXACTLY is the dollar going to fall? As Finance Minister, doesn't he understand what any high school economics student will tell you, the rupee is weak because the overall economy is and has been weak, why will investors suddenly start buying the Rupee? Just what will Mr Dar pull out of the hat thats gonna make that happen? These guys get into these powerful posts and start making grandiose claims, all of them, just reflects on their mindset.
Im not an economist, so I can't say how the value of a currency goes up or down. However, it is not wise to leave your money in cash in the bank. Irrespective of how much interest the bank gives you, you will lose because of inflation and you will still pay tax on the interest. If you want to survive in the long run, you will have to diversify : property, gold, stocks etc. Money in the bank is like a hot potato - get rid of it as soon as you can and buy assets. Most assets will keep up with inflation or may even gain, but with money it will only lose value with time. Look around you, what did the houses cost 10 years ago and what is their value now? Did any bank in the world ever give you that kind of return?
Wait a second, Is this the same party that promised never to borrow by breaking the begging bowl, to launch bullet train, to stop drone attacks etc etc?
@Guru: pls shut ur gob none of ur stinking business. stop poking ur nose. and by the way when is ur gona match bangladesh currency 125 ur not far of are u? ?
Ishaq Dar educational Experience and Work Experience
On the academic front, Senator Dar has had renowned institutions among his alma maters, including Government College (now Government College University), Lahore, and Hailey College of Commerce, Punjab University, Lahore (1966–69). He was awarded two Gold Medals and a Roll of Honour for First position in B. Com (Hons) at the University of Punjab.[18] Senator Dar's professional acumen and remarkable understanding of complex financial, economic, social, trade, investment and industrial issues are his forte, which not only earned him wide acknowledgment, but also helped him earn his spurs as a thorough professional. He has 42 years of professional experience in audit profession, financial advisory, management consultancy, business, commerce and industry, both in private and public sectors, in Pakistan and abroad.
Making a career start as a Trainee Chartered Accountant with the Institute of Chartered Accountants in England and Wales (ICAEW) in 1970, he became an Associate Member (ACA) of ICAEW in 1974, and of Institute of Chartered Accountants of Pakistan (ICAP) in 1975. His post qualification professional experience earned him Fellowship (FCA) of ICAEW in 1980 and of ICAP in 1984. Subsequently, he also became a Fellow Member (F.P.A) of the Institute of Public Finance Accountants of Pakistan. Currently, Senator Dar has been bestowed Life Membership of ICAEW in January 2012.
After having worked as Director Finance of a British Textiles Group in London during 1974–76, Senator Dar accepted an offer in 1976 of the Government of Libya, and joined as Senior Auditor in the Auditor General Department at Tripoli. On returning to Pakistan in Dec 1977, he became National Partner in a Chartered Accountants firm, having offices at Karachi, Lahore and Rawalpindi, dealing with Tax, Corporate and Financial Management, audit and Consultancy maters of the clients, including public sector and public listed companies. In 1980, he became Financial Advisor to a multinational construction company having operations in Pakistan, Libya, Iran, Iraq and Saudi Arabia. From 1989 till 1997 (except when a Minister), Senator Dar acted as chairman/chief executive and/or Director of a Non-Banking Financial Institution (Public Listed) in Pakistan. From February 2002 till March 2008, he acted as Financial Advisor to a Member of the Ruling Family of United Arab Emirates. In addition, he has also served till date as Director of World Bank, Asian Development Bank and Islamic Development Bank.
http://en.wikipedia.org/wiki/Ishaq_Dar
Imran Khan Educational & Work experience
Work Experience: Crickter
He was educated at Aitchison College in Lahore, the Royal Grammar School Worcester in England, where he excelled at cricket, and in 1972 he enrolled to study Philosophy, Politics and Economics at Keble College, Oxford, where he graduated with a Bachelor of Arts.[17]
couldn't find anything else. sure we have a chance with such highly talented IK. Even Nawaz sharif is more educated than Khan.
He went to Saint Anthony High School. He graduated from the Government College University, Lahore with an art and business degree and then received a law degree from the Punjab University Law College.[24][25]
ooooopssss
You don't get it what he is really saying is that if you don't Cash in your Dollars I am going to convert them into Pak Ruppee that is exactly what Mian Sahib did when he was in Power and than used those Dollars to buy billions worth of properties in London !
@ Vikas According to psychologist, there is no such thing as superiority complex. It is still 'complex'.They say that behind every perception of 'superiority', there is inferiority complex!
@optimist: Does that mean any Chinese can write rubbish about Indian reserves and say Lol? . If India really were that great, you wouldn’t have time to be jealous of a ‘small’ country!
There is nothing jealous to be about a Failed Nation on brink of Bankruptcy, without Aid and Loans ! Firstly learn to provide Electricity 24/7, than learn to pay Taxes and perhaps you may just survive ! This is another Dream, nothing much is going to happen, as we in Europe already know ! You may not even exist in your present form in next decade too !
I think the comment by 'Muslim leaguer' is probably the most accurate interpretation of what actually happened. However, the funny thing is, other commenters aren't wrong when they call then minister's kind 'liars'.
@unbelievable: Iran is in much better condition than poor Pakistan without any sanctions.
I think he invested in dollars when dollar was at Rs 98. Good luck minister your investiment is already lost.
Reading in between the lines... it means buy more dollars ;)
@Loyal:
I wouldn't be so smug about India -- unless you don't read the papers.
Growth sharply down, inflation and deficits up, and the rupee has taken a beating.
With elections round the corner, there will be no "second-generation" reforms that India desperately needs.
And, by the way, never use absolute numbers as suggested by Falcon above.
As for Mr Dar, he thinks he can talk the economy out of it's present troubles. He is not an economist so he should be forgiven his naivety; he is a politician.
Now that is an interesting technique. Just "Talk" the exchange rate down! No need to practice good economic policies to bring down national debt, foreign borrowing, and deficit spending. It looks like Ishaq Dar's economic adviser is Agha Waqar, the great inventor of the car that runs on water.
Interestingly a few days the Kurb market rate fell below the Interbank rate which indicates that there has been massive dollarization in Pakistan and now as the Rupee stabilizes, the speculators are rushing to sell back their hoarded dollars. It also indicates that aside from outsiders, the biggest economic enemies of Pakistan reside inside her geographical boundaries.
failed strategy
In the history of Pakistan only once repeat only once Dollar came down by 10 Rupees and it was during Musharraf government. It not only came down it remained stable for over 5 years and the economy was booming. Never in the history of Pakistan there was such massive inflow of FDIs and the liquidity in the system was enormous. All such situation works on IMAGE and reputation of a country. PML-N has a repuatation of plunder and taking personal advantage so to believe the FM at this juncture is a laugh... hahahah...
I see another episode of 'karz utaro mulk sanwaro' in making...
Naive statement from CA finalist! Mr. Dar, atleast you know the facts..
@Usman Khalid:
Quite the opposite. The dollar is going to get stronger so you should be selling rupees and buying dollars.
They have again resorted to lies and frauds as they did earlier and were booted out by Musharraf for their criminal deeds. During their last tenure they trapped public by inviting them to open Dollar A/C and suddenly they froze Dollar A/C on the pretext of conducting Nuclear blast, which they never did as openly stated by Dr, Qadeer. What qualification this joker Ishaq Dar has to become a Finance Minister except that he is relative of Sharif like Mariam Sharif and Kulsoom Sharif? It is a typical feudal family de frauding politics, openly making fool of people. They should be again taken to task by the competent and loyal institutions.
What a joker! Forget about 1998, please take it back to June 2013.
India's forex reserves at 300 bn dollar..Bigger than whole economy of pakistan lol
instead of taking solid steps he is just spreading rumors to bring the exchange rate down :)
Dar also urged investors to take advantage of the incentives and concessions announced recently by the Prime Minister under which the Government would not inquire about source of investment for new projects or expansion of the existing ones if they come on line by June 2016. . Sad state of affairs when the govt has to turn a blind eye to money laundering - you may end up with USA sanctions which will essentially bar you from access to USA banks which will put you in similar position as Iran.
Joke of the century by our finance minister. And by the way, it's also a scheme that if he conviences people to cash in their dollar, the supply of dollar would increase while the demand for rupees would increases, in this way, rupees would be rise in value.
This is how they make fools of people.
Dar Sb, you shouldn't have said this. . Now you have said it, make sure it happens or people will not believe you!
Finance Minister Ishaq Dar on Saturday warned that those banking on dollars should “cash them in” soon, with the exchange rate expected to drop soon, Express News reported.
What a misleading statement. Exchange rate of the rupee to the dollar or the dollar to the rupee?
Yawn .....! "the exchange rate will fall, the national debt will be paid off, inflation will come down, unemployment will come down", and so on and so forth. How long have we been hearing this? 40 years? 50 years?