Talks would be held in several phases, and it could take three to four years to bring the money back to the country, Dar said in a statement.
He said that when the Pakistan Muslim League-Nawaz (PML-N) took charge of the country’s affairs, the economic situation was fragile, adding that foreign monetary institutions had predicted that Pakistan would be bankrupt in 2014.
Dar said that the current government was performing well, proving that Pakistan has a strong economy.
COMMENTS (53)
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Total Worth of Swiss economy: 364 Billion $ Total asserts / and or money in Swiss banks owned by Pakistanis: 200 Billion $
Now Tribune as usual has done a pathetic job at checking its facts, and / or Isha dar has done is lying as usual again.
May God Bless Pakistan!
@Rawalpindi Kid: I can only laugh at your defense of NRO (declared as darkest law in the constitutional history of Pakistan and therefore rightly struck down by the Supreme Court). If the cases were not going anywhere, then why to cry after US$ 200 Billion stashed in Swiss Banks?? Why was the NAB's lead investigator Hassan Waseem Afzal rewarded as promotion to Deputy Chairman immediately after his visit to Switzerland?? Even General Shahid Aziz (former Chairman NAB) has also spilled the beans http://www.seamonitors.org/id148.html Kid, you really need to do some research on the subject before writing on ET comments!
@H Chaudhry: I don't expect PMLN followers to understand logic. That's why you missed my simple point of 1999. That is the year this very same family was overthrown for mostly their corruption, mismanagement and leaving Pakistan destroyed in every sense. They are the same people now, taking Pakistan in the same direction starting with the huge debt they are building now. Compared to 1999 Pakistan was in much better state in 2007 when Musharraf left. PMLN does not even come close to Musharraf's govt performance, so you must be comparing them to the PPP in the last 5 years, not last 15 years!
Actions speaks louder than words! in Pakistan they can generate electricity with words only! 3-4 years to recover means absolutely nothing, they need to first freeze the suspected accounts so people dont move money in these years :) if they really are serious before they even talk about it in media. But how goons will recover own money?
So the zardaris of this country will keep their money in Swiss banks until the long age of negotiations is over and the "prfocess' is started ??? Wow this dar person himself showed 410 million rupees of his as qarz e hasna to his son in order to evade tax and we would expect him to bring back Pakistan's stolen money ???
Dar must be joking. He keeps all his own wealth in Dubai outside Pakistan and even he was involved in money laundering for NS and Co.
@Muslim Leaguer:
But his days were counted!
The expression is "his days were numbered" not "his days were counted." Typical demi educated Muslim Leaguer.
Mr Dar is day dreaming. First he should set the example and bring his own money back to Pakistan. Then he should ask Mr NS family to bring their money back. In the mean time, he must not make us look stupid by giving these kind of statement. What does he think, we do not know the global banking system.
A biggest thief announcing to arrest bigger thieves around him... ID is the biggest Joke in the history of Finance.
GOOD
@Rawalpindi Kid: Pmln don't need to lie to people to get votes, they just steal the votes ;)
Mr Ishaq Dar when are you going to runaway from Islamic Pakistan?!
@CA2CA: don't worry too much my friend, they will soon realise that it is a very large amount, and then someone will say it was a 'typo' - just like the elections, a one too many zero.
What a lie? Who told him this figure ? Pakistanis r so easily fooled.
Dear Bloggers of ET, The figure of US$ 200 Billion has been derived from the analysis of a Financial Consultant in London who calculated the amount at the time of NRO being signed by then dictator Musharraf to waive more than 8,000 cases of corruption through his single stroke of pen http://thelondonpost.net/lite-looting-and-elling-pakistan-but-clock-is-ticking/ This was part of the deal through which the Dictator dreamt of sticking in Presidency for yet another term. But his days were counted! Regarding your concern that the Money will be flown elsewhere, please note that even if a few deposits are withdrawn the Trail will always remain there. This is part of the legislation (RIIA) by Swiss Parliament in 2010 when it was blamed for keeping the black money and encouraging US citizens to evade taxes. Switzerland has further beefed up the Law http://www.lalive.ch/data/publications/2013-SGI+HROIBA-Corruption-Switzerland-DraftFederalActontheFreezingandRestitutionofPotentates'_Assets.pdf in the wake of Arab Spring in 2011. Even the USA has also enacted FATCA whereby trail of money is always in the knowledge of IRS (equivalent of FBR in Pakistan). While the PPP Government was deliberately avoiding the issue PMLN has taken the initiative to bring the money (mainly waived by Musharraf through NRO) back to Pakistan. This time around, Pakistan has the support of IFIs too. Long Live Pakistan!
@Rwp Kid Not sure if I am following your twisted logic of 1999. What 1999 has to do with what is being done now. Even if 1999 has to do something with today, Pakistan was in much better shape than when this PMLN government took over. Pakistan was still among countries highly probably to default. Point is that, things are improving on economic front and every thing else takes time.
Instead of crying and whining and acting up as a sore loser, I suggest being constructive and play your role. If this government fails to deliver, you will have 2018 to vote them out.
It's $1.2b = 1.3b swiss francs not $200b. At best PKR 200b. It's a common billion million mistake that this newspaper frequently makes.
200 billions.....it's huge ammount even from the standard of super-rich countries. But whose money is this?
The last I heard, Pakistan's foreign exchange reserves amounted to $9b approx. $200b? That would buy Pakistan a seat at the BRICS high table! Brazil is broke, anyway, so Pakistan can be inducted in its place, and the name changed to PRICS.
Very smart move by a shrewd Chartered Accountant to favour the account holders, who are political brothers to transfer their money from Swiss Banks to elsewhere.
You must be joking? $200 Billions(B) is too much for our economy. Our external debt of 67 years is only $70<B. So, only $70B is enough for us !!!
Bring back $70B
You mean 3 or 4 lifetimes not years. Classic example of bold face lie by politician and the media should have shredded him for an obvious lie. . The Swiss pride themselves on banking secrecy and don't openly cooperate with anyone unless under duress. As I recall they only "cooperated" with the USA on disclosing bank accts of American's after the USA threatened to ban Swiss banks from working with USA financial system --- and that was just disclosure not returning money.
Yes, Ishaq Dar will recover $200B so that Nawaz Sharif can build the bullet train he promised the nation, and the younger sibling will eliminate load shedding in 6 months. This is how this family and gov't operates. Lie to the people to get votes, no matter how preposterous the lies are!
@H Chaudhry: Who are you kidding Chaudhry sahab? Do you remember the mess this government left in 1999? Country was bankrupt and a failed state, institutions were looted and in tatters, Forex at $300 million, indebted to the extent Pakistan was listed in the Highly Indebted Poor Countries (HIPC), rampant corruption, poverty at highest levels, Nawaz Sharif about to be proclaimed Amirulmomineen, firing Army chiefs at will and whim, etc? Now this governments has started by borrowing billions again, and it is on the same track (what do you expect from the same actors as 1999?). Maybe you can pretend BUT we remember.
@Syed Nayyar ... I think you have forgotten that we live in 21st century and an initiative by US government aiming Swiss banks for American money recovery open a chance for other governments to follow.
Also, try to understand that 3-4 years is not something GoP or Dar can control, it is Swiss banks who are in charge here and they will decide what can and cant be done. To them, it is the money of their clients. GoP will need to make a case with international law / UN / Interpol etc and all these things take time.
I know like every other Paksitani you want to have all the problems resolved at a click of finger but in real life where real people live and work and solve problems these things don't happen on clicks. What do you think if Khan is in place, it will happen any sooner, NO. What do you think if Khan is in place, electricity will be fixed in couple years, NO.
Either sit back and relax or get up and start rebuilding your country that has been destroyed in last 15 years.
Why this has not done by previous government or the one before that or the one before that headed by General? So in last 15 years or so no one does any thing but now if this Government has started the process, questions are raised on why not from day 1 when on day 1 of the government you had half the Forex as now.
People, understand priorities, this Government took over a mess and it takes time.
If they somehow make it a reality, they ll wash their decades long incompetence.
Not possible - there is an agreement between the customers and the banks not to reveal the identify of those accounts. Even India failed to get any help from Swiss. Those countries are thriving because of money deposited by political thieves.
Setting a thief to catch a thief. What about the money stashed by Nawaz Shariff in London, Jeddah, and Dubai which amounts to more than 3 billion USD's. It goes without saying that Nawaz sharif will not prosecute Zardari and vice versa. Both are in the same league.
My dear Ishaq Dar Sahab, I hope you know very well, how kiddish it is to even think that in the wildest of dream that those 200 billion USD, will be retained by its owners in Switzerland for 4-5 years, for you to negotiate with the Swiss authorities and then confiscate the wealth.
I will advise you that if you don't have the will for this project, then just leave it and don't use it as an excuse for touring many times to Switzerland, by you and your official cronies, at the national expense.
What I mean to say is that at least save the national wealth, which you plan to waste on world excursion tours, on the pretext of bringing back money from Swiss accounts.
Have mercy on this poor nation..!
Hehe .... next joke please !!!
And by then everyone would transfer their amount somewhere else.
What were you doing all this time? Borrowing 1.5 bil from Saudis at the cost of our foreign policy independance, and not initiating case for our own 200 bil. Who can trust you.
$200 billion ? hahahahahaha
Great work on the economy. Can only be truly appreciated by someone who has knowledge of practical economics.
What audacity to take out sharifs' money from swiss açounts..oh wait..its a political stint.lol.
Sir, you know the Swiss laws will not allow this - so why waste more money on your state sponsored Swiss trips for the next '3 to 4 years'. Let's make it easier and you start in house with members of the sitting government. Lead by example or Charity begins at home - one of the two or both could apply.
Charity begins at home, first let us start with PML(N) ledership. Why only Switzerland, pl include London and Dubai too.
1) Where did the figure of $200 billion come from.?. But it is a very good move 2)Why only Swiss banks ; why not Singapore,UK,UAE Banks? 3) Why have the exchange of information provisions in existing Double Taxation Avoidance Treaties with 80 countries that Pakistan executed not been used to obtain information.
Tax the un-taxed money of all Pakistani citizens Please
Would love to know who's name these accounts are in. I'm not too hopeful. Swiss bankers are notorious for not returning money. I doubt the figure is $200 billion as well.
Please let me know if any help is required. We offer consultancy services at low cost model.
This govt made Rs 500 billion loss to national exchequer through different SROs. They made seaport tax free for 1 day and released all their family import shipment from customs. I can bet they not take a signle penny from their friendly opposition's foreign accounts.
This is a political slogan. 3 to 4 years will turn into 30 to 40 and then 300 to 400.
Hogwash. Thieves can't retrieve fellow thieves' money for this country. It's just drama nothing would come out of it.
Another lie by Pmln. How about bringing back Rs 200 billion of Hassan Nawaz from UK.
Don't do politics on dead issues we know that it's all a political stunt.