In last few years Pakistani Rupee (PKR) lost its strength more than ever. Never before rupee fallen so much over such a short period of time. This all shows how much grip Pakistan Peoples Party (PPP) had over the economy. In simple words absolutely none. Rupee’s worth against US Dollar (USD) was 60 Rupees against one USD 5 years ago but now as PPP ruled and left, rupee fallen to 100 rupees against one USD.
Not only this also over the last 5 years foreign investors only pulled out, Pakistan does not seen any new investment cumming in. Stock exchanges only seen downturn all the time making the lots of investors lose their faith in investing into the shares.
Let alone bringing new businesses Pakistan had some multinational companies pulled out of country. Two of examples I can quote here are the Siemens and HSBC bank. Siemens have already pulled out and HSBC is in process of doing that as they had been merged and sold to local JS Bank.
This all happened due to Zardari led PPP’s government’s faulty and unsustainable policies. Did they ever had anything called policies, well if they ever had, they were only in books and were never implemented. In fact they were not succeeded in any trait of life but here we are only focusing on their economical failures.
Good news for foreign investors and specially Pakistani people is that future of this country is bright. As we head for Pakistan General Elections 2013, people of Pakistan are more aware than ever. Surveys show that people of Pakistan are fed up of so called leaders who only let them down and are committed to choose the fresh blood who have some futuristic commitments and goals to be achieved for their country. So do get out of your home on elections date, that is 11 May, 2013 as for now.
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From few days daily Rupee is in pressure again US dollar and other stable currencies of the world. Rupee today again traded at record all time low of 90.48 against US dollar. This is the true depiction of weakening economy of Pakistan. Pakistan have now few outstanding payments of Oil bills, also increasing loan pressures are making things worse. Deteriorating currency for people mean that they will now have to pay more for their oil and all other bills as everything is imported, so as money weakens the prices of fuel go up, so does the inflation.
This is all due to the defective policies of current government as they have been able come up with circumstances and opportunities to attract the foreign investors. On the contrary the law and order situation in country is so bad that no foreign investors would like to invest fund here for now.
The gas and power outages are causing the closure of existing business and industries here, the ones which are surviving are facing the worst circumstances of all time. The Stock Exchange also closing at low day in and day out.
Until government does not come out with some serious plan to make things right, like dealing with issues of Power, gas and other fuel, dealing with inflation and dealing with law ‘n’ order situation, country’s economy will keep worsen. No more foreign investment will seen, inflation rate will keep increasing exponentially and currency will keep deteriorating making things worse for people of Pakistan.
Unfortunate fact is that we can’t expect any good now from current government as their last four years of rule show that they does not thought futuristically or never thought at all to devise strategies which bring the country out of turmoil and make wheel rolling. They have one more year, though people don’t expect any good now from them but still they can do few good things to bring country out of this bad situation otherwise people have their vote to select correct people in next elections.
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Rupee further depreciated against US dollar and other currencies recently. Against dollar it reached as high as 89 Rupees per dollar. In current financial year which apparently just barely started, rupee have deteriorated 3% as compared to its worth at start of year.
This clearly shows the worsening economy and loss of control of current government on economy of country. In era of Pakistan Peoples Party in government economy and rupee have only seen down fall. As before current government dollar against rupee had just risen 20 Rs per dollar in more than 10 years but since Pakistan Peoples party took charge, die to mismanagement rupee have dramatically lost its worth in just 2.5 years and dollar have risen 29 Rs against the rupee. Dollar have been stable all along on constant worth but it was the rupee which kept losing its worth.
If the basic problem of people like electricity and gas load shedding and few others are coped with, industry will again be able to run and economy may be back to positive track. Apparently yet no solid measures have been taken by current government to resolve the general public’s problems like electricity/gas load shedding as well as the health and education.
Deteriorating rupee comes with other problems, fuel prices go high as its imported and ultimately it results in increase in inflation rate. Its time to take solid measures to put the country’s economy back on track.
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When compared to the last year the water flows in the rivers this year are very much about more than 34% less. Also storage overall is about from 32% to 40% of total capacity. Indus River System Authority (ISRA) is planning a meeting to revise the water management plan for this year and this meeting will held on 1st Feb, 10.
The water flows in four major rivers declined from 10,000 to 37,000 cusecs, which is huge decline. Also the decline in the Mangla and Terbela dams is 34% less than the next year.
Country is now facing huge water shortage, this shortage is now most likely to effect the agricultural activity around the country.
The thing here to think is untill when we will be depending on Mangla and Terbela dams. Have government thought something about starting the new water storage projects. Now its very much necessary because India is now in implementation phase of many dam on same rivers which take water to Pakistan. So naturally in future we will have to make sure that none of water which come in go to the sea but its stored in many water reserves.
If situation stays the way it is and more water management projects are not thought of, it would definitely be more hostile food commodities and power shortage in the country.
There are lots of things which need to be planned from now to survive after 10 years of time, nearly no planning for water, gas or power is going on. Looking at the on going increase and expected increase in demand of these all, the revolutionary development project are now due. God bless this country with a capable leadership which manages every thing as required.
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Paypal is an online merchant, an e-commerce network help people in paying each other online and withdraw money to their bank accounts. It is very easy to use and can be easily integrated with websites and also can be used by professional. Now this network is most widely used in the world and no other even come closer.
Problem is Paypal still need to list Pakistan in the list of countries who can use this service. Pakistanis now suffering much from it. For IT services online most people like to pay professionals via paypal but due to they didn”t contracted with Government of Pakistan and also Government of Pakistan done no effort in this regard Pakistan is missing lots of potential money inflow. PayPal accepts accounts from lots of less developed countries than Pakistan, even India got able to get the enlisted on the accepted countries on PayPal but our government or finance ministry have not even thought of it.
People who are suffering most are the IT professionals, Marketing firms, e-commerce businesses, online service providers like hosting companies, website and blogs owners etc. If Government do something about that it would be very much good in favor of people of Pakistan, on other hand PayPal concerned must also think about it, as they are loosing much of revenue by not listing Pakistan.
Moneybookers.com is also an alternative, but they are not too big as paypal also used very much less than them. But if moneybookers.com can do that, why don’t PayPal. An effort has to be made in this regard by concerned authorities. If Indians can use this service than we also need to get on the list, also it is much in interest of our development.
Hope my this post reaches to some authorities and makes much of difference. Also hope that things get much better here in Pakistan too.