Pakistan getting bankrupt?

Posted by Arsalan

September 29, 2008

The Forex resevre of Pakistan shrunk from 16 Billion to 8 Billion. It’s the result of the “efficient” policies of the gang of looters called PPP, that is ruling Pakistan under the command of a mentally sick person called Asif Ali Zardari.

The puppet PM Yousuf Raza Gillani and his team will try to justify the decrease in Forex reserve by putting blame on Musharraf’s government and with promises that they are doing their best to control the situation.

It’s over 6 months this new government is in power and this time is more than enough to at least show some positive output, that is beneficial for the common people. Apparently, they have taken some steps to satisfy the people but even the, why our reserves decreasing? Here is a dissection done by a person Jaad Syed in one of the Orkut communities:

1- Govt raised Tax on Petroleum products [yes the Govt just increased tax, not the price for the dealer or Oil company, which actually were reduced]. Net Increase in Millions of Rupees.

2- Govt raised GST from 15% to 16% , which applies to virtually & Practically every thing you buy , be it chalia , Bread, milk , or anything, . Net Increase: Billions of Rupees

3- Govt raised Tax on telecom Services to 21% from 15% . Net Increase: Millions

The one thing it will not hurt is cell phone companies, since they already advertise their charges as rate+tax. Also the Telecom Taxes in Pakistan are highest in the region , well needless to say, other taxes are also one of the highest.

4- For the first time in Pakistan, GST was imposed on Govt Service,i.e. Electricity bills, that means if u were getting bill of 1000 Rupees now u will get 1160. Net Increase in profit = in factors of 10 Billions

5- Rates per Unit of Electricity has been Increased, with our Govt saying that it would not effect those poor and middle Class consumers which consume 50 or less units. JOKE OF the CENTURY!! a single bulb and a fan usage results in more than 60 units month! Net Increase in Millions

6- Newspapers reporting that agriculture exports have increased (due to ban of Exporting Agricultural Items in India to control Food Inflation). Our govt is promoting it so that people starve to death from the food inflation!

7- Asif Zardari accounts get released by the Swiss Government, 60 million dollars!

Now the Grand Finale, even after so much Tax Increase, with Agricultural Exports up , the Forex Resevre of Pakistan shrunk from 16 Billion to 8 Billion.

Ironically no questions asked!

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