Poverty, misrule, Army - Pakistan's disaster

Agencies
January 11, 2019

London, Jan 11: The continued persistence of poverty, instability and maladministration fostered by the Pakistan Army, coupled with the presence of nuclear weapons and the large presence of religious zealots, is not only a disaster for Pakistan itself but also poses a grave danger for the entire world.

The powerful Pakistan Army, which has on occasions, overthrown democratically elected civilian governments, has always wielded considerable power in the matters of the country's internal affairs and its foreign policy.

According to The Economist, an English-language weekly magazine-format newspaper, Pakistan Army has not only defended the state ideology but it has defined it in two destructive ways since the country got created in 1947.

"The country exists to safeguard Islam, not a tolerant, prosperous citizenry. And the army, believing the country to be surrounded by enemies, promotes a doctrine of persecution and paranoia," the article stated.

Underlining the alarming effects, the piece elaborated, "Religiosity has bred extremism that at times has looked like tearing Pakistan apart. The state-backed those who took up arms in the name of Islam. Although they initially waged war on Pakistan's perceived enemies, before long they began to wreak havoc at home. Some 60,000 Pakistanis have died at the hands of militants, most of whom come under the Tehreek-e-Taliban Pakistan (TTP)."

Although the Army took action against the Pakistan Taliban following the Peshawar school massacre in 2014, "yet even today it shelters violent groups it finds useful." This is evident where Hafiz Saeed, the mastermind of the 26/11 Mumbai attacks, is roaming unharmed in the country.

Also, some leaders from the Afghan Taliban resides in Quetta, the capital of strife-torn Balochistan province.

"Melding religion and state has other costs, including the harsh suppression of local identities. Religious minorities, such as the Ahmadis, are cruelly persecuted. As for the paranoia, the army is no more the state's glorious guardian than India is the implacable foe. Of the four wars between the two countries, all of which Pakistan lost, India launched only one, in 1971-to put an end to the genocide Pakistan was unleashing in what became Bangladesh. Even if politicking before a coming general election obscures it, development interests India more than picking fights," The Economist article said.

"The paranoid doctrine helps the armed forces commandeer resources. More money goes to them than on development. Worse, it has bred a habit of geopolitical blackmail: help us financially or we might add to your perils in a very dangerous part of the world. This is at the root of Pakistan's addiction to aid, despite its prickly nationalism," it added.

For instance, China is constructing roads, railways, power plants and ports by investing over USD 60 billion under the China-Pakistan Economic Corridor (CPEC) project.

"The fantasy that, without other transformations, prosperity can be brought in from outside is underscored by CPEC's transport links. Without an opening to India, they will never fulfil their potential," said the piece.

Such is the situation that over 20 million children cannot go to school due to financial difficulties and less than 30 per cent of women are employed in Pakistan. Moreover, in the last 20 years, exports have grown at a fifth of the rate than India and Bangladesh.

The current Prime Minister of Pakistan Imran Khan has admitted the half of the problems the country is facing. Right now, his government is engaging with the International Monetary Fund (IMF) for a comprehensive bailout to thwart the balance-of-payments crisis.

The piece articulates that the Imran Khan-led government can improve the gloomy picture of Pakistan by taking strong actions against tax evasion, promoting independence to the monetary authority and unify the official and black-market exchange rates. It should also take steps to integrate the country's economy with the world in an aim to spur growth and development, The Economist reported.

However, there are challenges stating that "transformation depends on Pakistan doing away with the state's twin props of religion and paranoia and with them the army's power."

"Khan is not obviously the catalyst for radical change. But he must recognise the problem. He has made a start by standing up to demagogues baying for the death of Asiya Bibi, a Christian labourer falsely accused of blasphemy," the article said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 20,2020

Islamabad, Jul 20: Six advisors of Pakistan Prime Minister Imran Khan posses dual citizenships and several of top 20 aides have admitted of owning movable and immovable assets worth millions of dollars abroad.

The list was published on the official website of Pakistan government's cabinet division.
All the dual nationals were working as special assistants to the prime minister (SAPM). 

These people include SAPM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari (UK), SAPM on Power Division Shahzad Qasim (US), SAPM on Petroleum Nadeem Babar (US), SAPM on Political Affairs Shahbaz Gill (US), SAPM on Parliamentary Coordination Nadeem Afzal Gondal (Canada) and SAPM on Digital Pakistan Tania Aidrus (Canadian citizenship by birth).

According to Gulf News report, the wealthiest SAPM is Power Division and Mineral Resources Assistant Shahzad Syed Qasim who has assets worth over Rs 4 billion followed by SAPM on Petroleum Nadeem Babar with assets worth Rs 2.75 billion. Meanwhile, Adviser for Overseas Pakistanis Syed Zulfiqar Abbas Bukhari's net assets is estimated over Rs 2 billion.

Giving further details of the wealthiest SAPM, the official website stated that the PM's aide on Power Division and Coordination of Marketing and Development of Mineral Resources owns assets in Pakistan, UAE and US. His three properties in UAE include two villas in Jumeirah Golf Estates and Sienna Lakes, Jumeirah Golf Estates and an apartment at Park Towers, DIFC - all worth Dh20,688,000. He has three cars in the UAE worth Dh400,000 and in the US, he has property worth US$865,000 while he has Rs 4 billion in various local and foreign bank accounts and retirement funds including $2.1 million in US.

Meanwhile, Nadeem Babbar, who is Special Assistant on Petroleum Division, owns assets worth over Rs 2.7 billion, including several properties in Pakistan and abroad and stakes in more than 30 local and foreign companies.

The Gulf News further reported that in the list Dr Moeed Yusuf's, Special Assistant to the Prime Minister on National Security Division and Strategic Policy Planning, the name was also included but was later withdrawn as it was clarified that he had the US residency and only holds the citizenship of Pakistan as per the affidavit submitted to the government. "I have not returned to the US since I took up my current responsibility, have no employment or income in the US nor do I have any millions worth properties abroad" Dr Yusuf was quoted as saying.

The latest list on PM Imran Khan's advisors possessing dual nationalities has sparked strong criticisms by the Opposition leaders.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 15,2020

Jun 15: Oil prices fell on Monday, with U.S. oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery.

Brent crude futures fell 66 cents, or 1.7%, at $38.07 a barrel as of 0016 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 81 cents, or 2.2%, to $35.45 a barrel.

Both benchmarks ended down about 8% last week, their first weekly declines since April, hit by the U.S. coronavirus concerns: More than 25,000 new cases were reported on Saturday alone as more states, including Florida and Texas, reported record new infection highs.

"Concerns about the recent uptick in COVID-19 infections in the U.S. and a potential 'second wave' are weighing on oil at the moment," said Stephen Innes, chief global market strategist at AxiCorp.

Meanwhile, an OPEC-led monitoring panel will meet on Thursday to discuss ongoing record production cuts to see whether countries have delivered their share of the reductions, but will not make any decision, according to five OPEC+ sources.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have been reducing supplies by 9.7 million barrels per day (bpd), about 10% of pre-pandemic demand, and agreed in early June to extend the cuts for a month until end-July.

Iraq, one of the laggards in complying with the curbs, agreed with its major oil companies to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.