Loud Thinking

“This above all-to thine own self be true, and it must follow, as night follows day, thou canst not then be false to any man.”

—William Shakespeare (1564-1616);

Dramatist, Poet

4 Situations a Meeting Can’t Solve

We are meeting-ed out. So before adding another one to everyone’s calendars, see if there’s a better way to accomplish your goal. You definitely should not schedule a meeting if:
The subject isn’t worth everyone’s time. Say you discover a vendor overcharged your unit on several recent orders. The overcharges are minor, and you can deal with the situation simply by calling the vendor and addressing the errors.
Group members are upset and aren’t ready to talk. When there’s a conflict, people may need time apart before they’re ready to tackle the situation.
The issue is better handled one-on-one. For example, if you’re gathering information about an employee’s poor performance.
You need to get a lot of individual opinions. You’ll likely get more honest feedback if you send out an electronic survey than if you ask attendees to provide feedback in a group setting.

Adapted by HBR from Running Meetings (20-Minute Manager).

Pakistan call ill afford the running of its economy, just with loans and every now and then increasing tax and utility rates, ONLY for those honest citizens, who pay very timely, all the taxes and the utility bills. This is the most CALLOUS way of dealing with the economic woes of a country, that too by a DEMOCRATIC government.

Mian Muhammad Nawaz Sharif must read this editorial titled “IMF’s debt trap” published today, by the daily “The Frontier Post”.

However, I would have titled it “IMF’s economic DEATH trap”.

Moreover, Pakistan needs immediate appointment of a VISIONARY finance minister, who can take us out of the death trap of the ultra high foreign and local debts.

Pakistan call ill afford the running of its economy, just with loans and every now and then increasing tax and utility rates, ONLY for those honest citizens, who pay very timely, all the taxes and the utility bills. This is the most CALLOUS way of dealing with the economic woes of a country, that too by a DEMOCRATIC government.

The previous 5 years PPP rule and the last one years PMLN rule, has ruined the economic foundations of Pakistan; by running the finances of the country with huge domestic and foreign loans, without any considerations of the future repercussions, on the national economy and ultimately on the the sovereignty of the country.

Now, we have reached a stage where in the current fiscal year (2014-15), out of the total Budget of about 4 trillion PKR, we have kept an amount of 1.3 trillion PKR (about 1/3rd of the total budget of 4 trillion PKR) for the debt servicing ALONE, which is almost double the amount of our defence spendings, budgeted for the current fiscal year.

Syed Nayyar Uddin Ahmad
Lahore.

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A R T I C L E

IMF’s debt trap
Posted on 2014-07-01 04:32:09

Dr. Murtaza Mughal, President of the Pakistan Economy Watch (PEW) has said that policy makers are focused on reducing deficit and privatization of prime assets as dictated by the IMF. By doing so they have pushed the country virtually in IMF’s trap. Transferring ownership of our national assets may result in growing poverty; in unemployment because of retrenchment by the new owners, and eroded exchange rates as foreign investors would transfer profits overseas. In addition, international financial institutions want to impose global economic order, a plan hidden behind attractive words like privatization, deregulation and downsizing etc.

Federal Finance Minister Ishaq Dar boasts about foreign investors’ confidence in the government, and claims to have commitment of $32 billion Chinese investment, which is in fact a loan; $11 billion loan has been approved by the World Bank, $6.64 billion by the IMF and $2 billion has been acquired through the launch of Eurobonds.

IMF touts that it helps recover the economies that are in dire straits, but in fact it has the record of multiplying the problems of debtor countries. Its conditions of withdrawing subsidies, devaluation of currency and privatization of prime national assets adversely impact the people and the state.

Pakistan is already in the grip of debt to the extent of $65 billion, and despite the rescheduling of the debt or taking new loans to pay back the old loans, one day these loans have to be paid. If this trend continues, Pakistan would find itself in the vicious circle; and would continue to take more loans to pay back the old loans; and also loans for mega projects like Dassu Project, which means phenomenal increase in debt servicing and as a result increase in fiscal deficit.

To avert the economic disaster, the government must show zero-tolerance to corruption, tax evasion, wastages and mismanagement in public sector enterprises. It should learn to live within its means and reduce the non-development expenditure by curtailing perks and privileges of cabinet members and parliamentarians.

If axe falls on development expenditure, Pakistan would not be able to build infrastructure for further development and industrialization to generate employment opportunities.
On their part, the trade and industry should resort to aggressive and innovative marketing policies; look for non-traditional markets; and try to increase the exports of value-added products to reduce the trade deficit.

Unfortunately, the IMF does not give suggestions or advices that really matter.

For example, there seems to be no pressure to immediately bring agriculture sector into the tax loop perhaps because majority of the parliamentarians belong to landed aristocracy.

Some industrialists have also gone into agricultural sector to take advantage of exemption on agricultural income, and use it to convert black money into white money.

It means that the IMF would not like to annoy the ruling elite. It has to be mentioned that agriculture contributes about 23 per cent to the GDP, but does not contribute to the exchequer in the form of taxes even to the extent of 5 per cent.

As regards trade deficit i.e. excess of imports over exports, our industrialists and exporters are handicapped because of higher input costs like electricity and gas charges.

It is better for the government to rely on homegrown policies instead of following IMF policies.
PML-N government has been claiming that it has competent, experienced and honest managers they why it does not put them as heads of the public sector enterprises to turn into profitable entities.

In many countries, the utilities are being run successfully by the state; why it cannot be done in Pakistan.

Mian Muhammad Nawaz Sharif must read this editorial titled “IMF’s debt trap” published today, by the daily “The Frontier Post”.

However, I would have titled it “IMF’s economic DEATH trap”.

Moreover, Pakistan needs immediate appointment of a VISIONARY finance minister, who can take us out of the death trap of the ultra high foreign and local debts.

Pakistan call ill afford the running of its economy, just with loans and every now and then increasing tax and utility rates, ONLY for those honest citizens, who pay very timely, all the taxes and the utility bills. This is the most CALLOUS way of dealing with the economic woes of a country, that too by a DEMOCRATIC government.

The previous 5 years PPP rule and the last one years PMLN rule, has ruined the economic foundations of Pakistan; by running the finances of the country with huge domestic and foreign loans, without any considerations of the future repercussions, on the national economy and ultimately on the the sovereignty of the country.

Now, we have reached a stage where in the current fiscal year (2014-15), out of the total Budget of about 4 trillion PKR, we have kept an amount of 1.3 trillion PKR (about 1/3rd of the total budget of 4 trillion PKR) for the debt servicing ALONE, which is almost double the amount of our defence spendings, budgeted for the current fiscal year.

A R T I C L E

IMF’s debt trap

Posted on 2014-07-01 04:32:09

Dr. Murtaza Mughal, President of the Pakistan Economy Watch (PEW) has said that policy makers are focused on reducing deficit and privatization of prime assets as dictated by the IMF. By doing so they have pushed the country virtually in IMF’s trap. Transferring ownership of our national assets may result in growing poverty; in unemployment because of retrenchment by the new owners, and eroded exchange rates as foreign investors would transfer profits overseas. In addition, international financial institutions want to impose global economic order, a plan hidden behind attractive words like privatization, deregulation and downsizing etc.

Federal Finance Minister Ishaq Dar boasts about foreign investors’ confidence in the government, and claims to have commitment of $32 billion Chinese investment, which is in fact a loan; $11 billion loan has been approved by the World Bank, $6.64 billion by the IMF and $2 billion has been acquired through the launch of Eurobonds.

IMF touts that it helps recover the economies that are in dire straits, but in fact it has the record of multiplying the problems of debtor countries. Its conditions of withdrawing subsidies, devaluation of currency and privatization of prime national assets adversely impact the people and the state.

Pakistan is already in the grip of debt to the extent of $65 billion, and despite the rescheduling of the debt or taking new loans to pay back the old loans, one day these loans have to be paid. If this trend continues, Pakistan would find itself in the vicious circle; and would continue to take more loans to pay back the old loans; and also loans for mega projects like Dassu Project, which means phenomenal increase in debt servicing and as a result increase in fiscal deficit.

To avert the economic disaster, the government must show zero-tolerance to corruption, tax evasion, wastages and mismanagement in public sector enterprises. It should learn to live within its means and reduce the non-development expenditure by curtailing perks and privileges of cabinet members and parliamentarians.

If axe falls on development expenditure, Pakistan would not be able to build infrastructure for further development and industrialization to generate employment opportunities.

On their part, the trade and industry should resort to aggressive and innovative marketing policies; look for non-traditional markets; and try to increase the exports of value-added products to reduce the trade deficit.

Unfortunately, the IMF does not give suggestions or advices that really matter.

For example, there seems to be no pressure to immediately bring agriculture sector into the tax loop perhaps because majority of the parliamentarians belong to landed aristocracy.

Some industrialists have also gone into agricultural sector to take advantage of exemption on agricultural income, and use it to convert black money into white money.

It means that the IMF would not like to annoy the ruling elite. It has to be mentioned that agriculture contributes about 23 per cent to the GDP, but does not contribute to the exchequer in the form of taxes even to the extent of 5 per cent.

As regards trade deficit i.e. excess of imports over exports, our industrialists and exporters are handicapped because of higher input costs like electricity and gas charges.

It is better for the government to rely on homegrown policies instead of following IMF policies.

PML-N government has been claiming that it has competent, experienced and honest managers they why it does not put them as heads of the public sector enterprises to turn into profitable entities.

In many countries, the utilities are being run successfully by the state; why it cannot be done in Pakistan.

Watching World Cup football matches, one thing is becoming clearer, day by day and match after match that the referees are definitely favouring Brazil, from the match one.

Moreover, the blatant wrong decisions of these football referees, specially in awarding wrong penalties, have made the cricket umpires, look like angels.

Anyway, this football World Cup seems to be a fixed affair, like the WWF wrestling matches.

Price of a miracle..?

A little girl went to her bedroom and pulled a glass jelly jar from its hiding place in the closet.

She poured the change out on the floor and counted it carefully. Three times, even The total had to be exactly perfect. No chance here for mistakes ..

Carefully placing the coins back in the jar and twisting on the cap, she slipped out the back door and made her way 6 blocks to Rexall’s Drug Store with the big red Indian Chief sign above the door.

She waited patiently for the pharmacist to give her some attention, but he was too busy at this moment. Tess twisted her feet to make a scuffing noise. Nothing. She cleared her throat with the most disgusting sound she could muster. No good. Finally she took a quarter from her jar and banged it on the glass counter. That did it!

‘And what do you want?’ the pharmacist asked in an annoyed tone of voice. I’m talking to my brother from Chicago whom I haven’t seen in ages,’ he said without waiting for a reply to his question.

‘Well, I want to talk to you about my brother,’ Tess answered back in the same annoyed tone. ‘He’s really, really sick…and I want to buy a miracle.’

‘I beg your pardon?’ said the pharmacist.

‘His Name is Andrew and he has something bad growing inside his head and my Daddy says only a miracle can save him now. So how much does a miracle cost?’

‘We don’t sell miracles here, little girl. I’m sorry but I can’t help you,’ the pharmacist said, softening a little.

‘Listen, I have the money to pay for it. If it isn’t enough, I will get the rest. Just tell me how much it costs.’
The pharmacist’s brother was a well dressed man. He stooped down and asked the little girl, ‘What kind of a miracle does your brother need?’

‘ I don’t know,’ Tess replied with her eyes welling up. I just know he’s really sick and Mommy says he needs an operation. But my Daddy can’t pay for it, so I want to use my money.’

‘How much do you have?’ asked the man from Chicago

‘One dollar and eleven cents,’ Tess answered barely audibly.

‘And it’s all the money I have, but I can get some more if I need to.’

‘Well, what a coincidence,’ smiled the man. ‘A dollar and eleven cents—the exact price of a miracle for little brothers. ‘

He took her money in one hand and with the other hand he grasped her mitten and said ‘Take me to where you live. I want to see your brother and meet your parents. Let’s see if I have the miracle you need.’

That well dressed man was Dr. Carlton Armstrong, a surgeon, specializing in neurosurgery. The operation was completed free of charge and it wasn’t long until Andrew was home again and doing well.

Mom and Dad were happily talking about the chain of events that had led them to this place.

‘That surgery,’ her Mom whispered. ‘was a real miracle. I wonder how much it would have cost?’

Tess smiled. She knew exactly how much a miracle cost..one dollar and eleven cents….plus the faith of a little child.

In our lives, we never know how many miracles we will need.

A miracle is not the suspension of natural law, but the operation of a higher law. I know you’ll keep the ball moving!

Here it goes. Throw it back to someone who means something to you!

A ball is a circle, no beginning, no end. It keeps us together like our Circle of Friends. But the treasure inside for you to see is the treasure of friendship you’ve granted to me.

کیا ہماری نماز کیا روزہ

بخش دینے کے سو بہانے ہیں

Pak – China friendship is higher than the Himalayas and deeper than the Oceans..?

Beijing to set up Chinese industrial parks in India

India is asking China to open its market for Indian IT and Pharmaceuticals besides step up investments to compensate the trade deficit.

PTI | Jun 30, 2014, 04.47PM IST

BEIJING: India and China on Monday signed a key agreement to set up Chinese industrial parks in India as their commerce ministers held the first meeting here after the new NDA government came to power.

On her first visit to China, commerce minister Nirmala Sitharaman held talks with her Chinese counterpart Gao Hucheng here during which she flagged India’s concerns over the trade deficit which averaged over $35 billion a year and sought greater access to Indian goods and services.

READ ALSO: Govt clears MoU with China for industrial parks

The two sides later signed the MoU on Cooperation on Industrial Parks India to facilitate more Chinese investment in India to compensate the ballooning trade deficit, which now average around $35 billion a year. The bilateral trade totalled to $65.47 billion last year.

READ ALSO: India, China sign three important pacts

Ahead of her meeting with Gao, Sitharaman, who is part of the delegation of Vice-President Hamid Ansari, told the media here on Sunday that she will make a strong pitch for greater access for Indian goods and services into China and seek big ticket investments into the Chinese industrial parks.

India is expecting China to set up four industrial parks in different states.

According to Chinese officials, its current investments in India stands at $1.1 billion, mostly in Gujarat.

India is asking China to open its market for Indian IT and pharmaceuticals besides step up investments to compensate the trade deficit.

She said she will press the Chinese minister to provide greater market access to Indian goods like gems, jewellery, grey cotton fabric, pharmaceuticals and IT.

“The larger backdrop with which we are working is that there is definitely a big imbalance with China,” she said.

“We are importing lots more than we are exporting. The scope for Chinese to come to India to somewhat redress the imbalance to get their investments in India to set up manufacturing several goods to do some justice to redress the imbalance,” she said.

“What I want to raise with the minister is that there is immense scope for Chinese investments in India both in manufacturing and other sectors in which Chinese do have an advantage whether it is infrastructure, railways. More such areas can be found where the Chinese investments can be encouraged,” she added.

“If you live long enough, you’ll make mistakes. But if you learn from them, you’ll be a better person. It’s how you handle adversity, not how it affects you. The main thing is never quit, never quit, never quit.”

— William J. Clinton