Loud Thinking

My comments published by the newspaper below.

Govt says 3.3% GDP growth given to IMF was a ‘typo’

By Shahbaz RanaPublished: July 13, 2014

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ISLAMABAD:
After being caught out giving incorrect economic growth rate for its first fiscal year, the government said on Saturday that the 3.3% growth rate reported to the International Monetary Fund (IMF) was a ‘typo’ and an ‘inadvertent oversight’.
This came after The Express Tribune and former State Bank of Pakistan governor Dr Muhammad Yaqub highlighted that the government, in its policy document submitted to the IMF, had admitted that the actual growth rate was 3.3%, and not 4.1% announced earlier.
While the finance ministry insists it was a typo, the fact of the matter is that the government has never said that the GDP growth rate would be 4.3% in FY2013/14. Additionally, its earlier admission of 3.3% in front of the IMF was in line with the global lender’s projection of 3.3% growth rate for the last fiscal year.
“Due to an inadvertent oversight the expected GDP growth of 4.3% was mentioned as 3.3%” for 2013-14, according to a handout issued by the finance ministry late Saturday night after it came under scathing criticism for concealing the real health of the national economy.
The Pakistan Tahreek-e-Insaf has already announced plans to move a privilege motion against the government for “concealing facts from Parliament”.
The finance ministry said a section of the press has reported discrepancies in the figures stated in the Memorandum of Economic & Financial Policies (MEFP) for the third quarter review under the IMF bailout program, posted on its website on July 9, 2014. On perusal of the memorandum it transpired that due to a typo instead of 4.3% growth rate, it mentioned 3.3%, it added.
It is not the first time the incumbent government has tried to hide behind ‘typo’. Earlier the Election Commission of Pakistan (ECP) also conceded that there was an error in counting the ballots in NA-68 (Sargodha) – one of the constituencies from where Prime Minister Nawaz Sharif had won the 2013 general elections.
According to the poll body, it detected a ‘typing error’ where a returning officer, while compiling the results had written 7,879 instead of 779 on the final result sheet. PTI chief Imran Khan has alleged massive rigging in this and many other constituencies.
The finance ministry further said that whereas for FY2014-15, the GDP growth of around 4% was mentioned instead of 5% – yet another ‘typo’. It added that the same clarification has also been issued to the IMF.
Sources said it has never happened in the history that a clarification in the MEFP was issued after IMF’s Board of Directors’ meeting that approves the loan tranches on the basis of information given in the MEFP.
Asked for proof the government wasn’t lying again and that if the IMF has accepted Pakistan’s clarification, Director General Media Nadeem Kiani insisted the finance ministry didn’t lie. Neither he replied when asked for proof the finance ministry has sent a clarification to the IMF.
He chose to ignore when asked if the government has taken any action against those responsible for the ‘inadvertent mistake’. In this case, Additional Secretary External Finance Shahid Mahmood and Secretary Finance Dr Waqar Masood were responsible for carefully reading the MEFP before issuing it to the IMF.
Sources said there can never be a typo in the MEFP, particularly in the very first paragraph. Additionally, the structure of the sentences suggests there was no ‘inadvertent oversight’ and the government correctly admitted its mistake and reported 3.3% growth rate.
“Preliminary estimates show that the aggregate output grew above 4% in the first half of FY2013/14 over the same period last year. We now expect that the GDP will expand by about 3.3% in FY 2013/14, while in the next fiscal year, the expansion should accelerate to around 4%,” reads the MEFP.
Published in The Express Tribune, July 13th, 2014.
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Reader Comments (45)
ALL COMMENTSREADER’S RECOMMENDATIONS
mithai
10 hours ago
Reply
The growth rate was 7.1% in honour of Brazil-Germany WC semi final. Everything else is a typo.
Recommend88

Saleem
10 hours ago
Reply
In Pakistan, does anyone speak the truth? It is becoming a nation of liars, Hippocrates and opportunists who will say and do anything for their self interest.
Recommend83

AVM Polpot
10 hours ago
Reply
Govt says 3.3% GDP growth given to IMF was a ‘typo’””
++++++++++++++++++++++++++++++++++
There is a competetion between FO and Finance Ministry in cracking jokes.Pls vote by reccomending this post.
Recommend125

Zaheer Ahmed
10 hours ago
Reply
First Nawaz getting 800% votes from one constituency was a typo and now this huge TYPO. Sharifs and their cronies are still living in 80s and think that people are Pakistan can easily be denied info and taken for a ride. Grow up. Its communication era.
Recommend100

hmm
10 hours ago
Reply
This government is functioning on a typo!
Recommend77

GS@Y
10 hours ago
Reply
What a joke. What does the government think people are? I hope the IMF’s formal response to this “typo” is covered.
Recommend54

Asad@NYC
9 hours ago
Reply
lol; This is happening for real? What a yo-yo government.
Recommend42

Avtar
9 hours ago
Reply
No body was sacked for the “typo”. Unbelievable! One wonders what is believable.
Recommend47

pakistani
9 hours ago
Reply
The govt itself is running because of these ‘typos’ in elections.
Recommend52

Ali Pakistani
9 hours ago
Reply
What a pathetic state of affairs. This government could not even type a number correctly in an important document?
Its just unbelievable. The government thinks that they can keep fooling the same people over and over again.
The truth is, under the corrupt PML-N government, last year, Pakistan had the lowest growth rate in the last many years
Recommend54

Ali
9 hours ago
Reply
Next PM Imran Khan, next CM Pervez Elahi inshaAllah golden era of Pakistan and Punjab will return
Recommend27

AVM Polpot
8 hours ago
Reply
“Govt says 3.3% GDP growth given to IMF was a ‘typo’”
++++++++++++++++++++++++++++++++++++++
Sorry which one was a typo….3.3 % or 4.3 %?… or both?
Recommend42

Professor
8 hours ago
Reply
Is Pakistan really a sovereign nation or is it a fiefdom? It is becoming a running joke.
Recommend35

AVM Polpot
8 hours ago
Reply
“Govt says 3.3% GDP growth given to IMF was a ‘typo’”
+++++++++++++++++++++++++++++++++++
This ic clearly a CIA Mossad Raw conspiracy to malign Pakistan.
Recommend46

Shuaib
8 hours ago
Reply
It isn’t as massive a deal as you are making it. Every organization has its own way of measuring growth and if the World Bank agrees with the 4% growth rate it is enough for me. I have already mentioned that the IMF once projected a growth rate of around 5.X% for India while India was reporting growth of 7.X% and other global institutes were agreeing with the 7.X% figures. Also if only 3.3% is required to satisfy the IMF then we’ve met the conditions set forth by them, there is no fuss. Also an increase to 4% is still good as before the IMF and World Bank were predicting that Pakistan wouldn’t grow by 4% until fiscal year 2016-2017. So the economy is accelerating any way you put it. Let us also not forget that PPP would make downward GDP revisions to meet their targets whereas PML-N has done no such thing.
Recommend6

Shuaib
8 hours ago
Reply
One more thing there has been improvement in electricity dues collection as spillover losses have decreased by Rs. 200 billion to Rs. 300 billion from Rs. 500 billion annually. In other words a 40% decrease. Another improvement are all the agreements Dar has set with industries to lecy taxes, this year he will be able to get more taxes with less hassle as compared to before. Though a stricter and less corrupt FBR would certainly speed up the process alot more. Another important thing is regarding the energy projects, they take alot of time to implement their fruits will be ripe in 2-3 years time and therefore it is too early to start this harsh criticism. Wait at least one more year and then start their onslaught of criticism and I’ll join in as well!
Recommend6

saif
7 hours ago
Reply
Even this Govt is ”TYPO”.
Recommend79

typist
7 hours ago
Reply
Pakistan itself has become a typo.
Recommend54

QADRI THE GREAT
7 hours ago
Reply
More dhandli. Voting is typo, dealing with an international institution is typo… Only Qadri’s revolution can fix this issue. There is so much money in swiss account that we won’t only need no more loans, but even pay debt
Recommend32

Jibran
7 hours ago
Reply
Like “Arsalan Business Tycoon” was a typo?
Recommend55

H.A. Khan
7 hours ago
Reply
How sad that even a lie is defended. Is Ministry of Finance run by 16 year old kids that such major errors are made.
The economy has suffered and part of the reason for ballooning deficit of the government is FBR has failed to collect due taxes due to the government. A major reform of FBR should be undertaken and tax collection mechanism should be put on proper track. IMF will get tougher with government post 2014
Recommend34

Absurd
7 hours ago
Reply
Everything that this Govt. does wrong is a Typo error… What a joke!
Recommend33

Waleed Khan (PES, KPK)
7 hours ago
Reply
Do you think we’re idiots?! Stop twisting the facts and tell us the truth. Had you earlier on said that it was actually 3.3% and then EXPLAINED how the IMF had predicted this, then we wouldn’t be as angry, because we’d known that since it was inline with the prediction of an international 5 star organization, we could expect better times ahead. But now we don’t know WHAT to believe. If you tell us that the growth rate for 2014-2015 was at 1% next year, and then you tell the IMF that it’s actually 10%, how would we know what it really is? Borrowing money from IMF is okay on three conditions.
1: The government truly is broke and it just the government stealing the money
2: The loan is used on the people and not one PENNY goes to the PM or any other minister.
3: The loan is one that can be paid back in the future and you actually have a plan on how to raise the money to pay them back AND you don’t leave the next government with 100 billion dollars to pay back in 1 year.
Recommend27

Frank
7 hours ago
Reply
This Sharif government is becoming as farcical as the last one in 1999.
Good work, Express Tribune. Keep it up.
Recommend60

Syed Hasan
7 hours ago
Reply
There is a famous saying “you cannot fool all the people all the time”…
Recommend74

Syed Nayyar Uddin Ahmad
6 hours ago
Reply
This government has reduced itself to a “typo” organisation, run by its Gullo Butts…
No wonder, one day it will again say that killing and injuring about 100 children, women and men on 17 June 2014, in Lahore, was also a “typo”.
These “typo” mistakes, if nothing else, at least proves the sheer incompetence of the “EXPERIENCED” team, we were advised to vote for, over the inexperienced PTI candidates.
You can fool some of the people for some of the time.
You also fool all the people for some of the time.
However, you can not fool all the people for all the time.
.
Recommend12

Ahmed
6 hours ago
Reply
I remember Mr Dar’s budget speech. He couldn’t stop swinging from side to side (lahek lahek kay) boasting of the wonders, miracles he has done to the economy.
We have always known……….that speech was a typo, even this report was a typo. This government is a typo and soon the whole country will be a typo if we keep selecting these incompetent Ministers and governments.
(ET please publish this, this is not a personal attack but mere observations)
Recommend13

Frank
6 hours ago
Reply
The way they’re going before long “PM Nawaz Sharif” will become a typo 🙂
Recommend10

Baba Ji
6 hours ago
Reply
Just look at these nincompoops … How incompetent we, as a nation are !!!
Recommend9

Gratgy
6 hours ago
Reply
Whenever Pakistan gets caught, it feigns incompetence. Remember Osama Bin Laden’s family guest house in Abottabad
Recommend7

Adnan Siddiqui
5 hours ago
Reply
As usual PTI kids will fail to understand that everyone is prone to making mistakes. PML-N leadership is not perfect, they are human beings just like the rest of us. Projects like the Metro Bus are wonderful initiatives, and I have no doubt that the GDP will grow at >8% in the remaining 4 years to come.
Recommend1

Shahid
5 hours ago
Reply
At PML-N, typo seems to be the rule everywhere. Please do not make fun of people’s intelligence.
Recommend23

shazi
5 hours ago
Reply
this gov’t is a typo
Recommend12

Bilal
5 hours ago
Reply
Owing to the recent demand in typo-errors, CSS tests will now feature a section on Typo-drafting. Successful candidates will get immediate appointments in the Election Commission and the Finance Ministry.
Recommend12

nyc
5 hours ago
Reply
This isnt a democracy…Its a typocracy!
Recommend16

nyc
5 hours ago
Reply
AVMPolpot just like Mumbai Attacks were ISI conspiracy? Because ISI gets pleasure from killing a bunch of common Indian civilians, right?
Recommend

Aziz
5 hours ago
Reply
Sir,
That is one too many “typos” by your government. It is spoiling the Pakistani broth. It only shows how serious and careful your government is when presenting facts. Get serious Mr. Finance Minister
Recommend8

fawad
4 hours ago
Reply
Alo typo’s seem to go in favor of the government. This government is a huge lie starting from the day of elections.
Recommend11

Zawar Sultan
4 hours ago
Reply
PML-N is in government due to TYPO errors made by ROs in May 11 elections .. These TYPO errors are a part of their mandate .. Don’t be surprised if u witness these errors in future ..
Recommend12

the Skunk
4 hours ago
Reply
Another blunder in the long line of PMLN BLUNDERS. What a BIG typo the PMLN is in it’s third stint in power. Fools…all of them for not having learnt the value of life and TRUST. Salams
Recommend13

Ali. I
4 hours ago
Reply
It’s 2014 the era of communication and information.
178 millions people are being fool with this blood typing errors.
Why these typing errors always increase numbers?? In 2013 700 to 8000 and now 3.3% to 4.1%.
Recommend12

Umar
4 hours ago
Reply
@ All: I’m quite impressed by the comments of all above but…
Will anybody tell me what is Growth Rate and GTP?
Another question why the China is always keeping its currency devalued?
Recommend

Ranjha
4 hours ago
Reply
Never give stupid monkeys sharp razors–the results are ugly and full of typos!
Recommend11

akbar
3 hours ago
Reply
@Umar: its GDP not GTP it means gross domestic products, gdp rate tells us how much a country produces in a year in form of products n services.
china keeps it’s currency low becoz china do is mostly export and gets payment in dollars which benefits them just like exporters of pakistan benefits becoz of high rate of dollar for one dollar they earn they get hundred rupees.
about the govt lies typo is another joke with us , thanks to pti for being a real opposition , ppp already gone impotent its only pti working as an opposite force.
Recommend1

fawad muhammad
3 hours ago
Reply
“GDP will expand by about 3.3% in FY 2013/14, while in the next fiscal year, the expansion should accelerate to around 4%,” reads the MEFP” Its a big typo error as it is the whole sentence. 3.3 current year and then increasing to 4 next year.

My comments below published by the newspaper:

Syed Nayyar Uddin Ahmad
6 hours ago

This government has reduced itself to a “typo” organisation, run by its Gullo Butts…

No wonder, one day it will again say that killing and injuring about 100 children, women and men on 17 June 2014, in Lahore, was also a “typo”.

These “typo” mistakes, if nothing else, at least proves the sheer incompetence of the “EXPERIENCED” team, we were advised to vote for, over the inexperienced PTI candidates.

You can fool some of the people for some of the time.

You can also fool all the people for some of the time.

However, you can not fool all the people for all the time.
.
Recommend12