<b>Mudy Ji :</b>
Sorry - he missed!
[center]<b><span style='font-size:21pt;line-height:100%'>Assassin targets Pakistani PM</span></b>[/center]
<b>ITN - 35 minutes ago
Pakistani Prime Minister Yousaf Raza Gilani has been targeted by an assassin who fired shots at his motorcade.</b>
His spokesman Zahid Bashir said: "Multiple shots were fired ... the prime minister is safe."
The attack happened on the main road to the airport in the capital, Islamabad, he said.
Earlier, Mr Gilani had arrived back at the airport from a trip to the eastern city of Lahore.
He is a senior member of former prime minister Benazir Bhutto's party. She was killed in a suicide gun and bomb attack on December 27 last year while campaigning for a general election.
The government said al-Qaeda-linked militants killed her.
Mrs Bhutto's party went on to win the February 18 election and Mr Gilani became prime minister of a coalition government.
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
So he is a target. Missed or it was dry run.
<b>At least 30 militants killed in Mingora: Army </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->MINGORA: As many as 30 suspected militants were killed in clashes with Pakistani troops in the troubled northwestern Swat valley on Wednesday, the army said.
'Up to 30 militants are confirmed dead and some 35 wounded in a ground and air offensive by the army troops,' spokesman Major Nasir Ali told AFP.
Ali said the operation targeted the central headquarters of radical<b> pro-Taliban cleric Maulana Fazlullah, also known as Mullah Radio, whose followers have been engaged in bloody clashes with troops since late last year.</b>
'We have evicted the militants after clashes from Koza Banda district in Swat,' Ali said, adding that among those killed was one of Fazlullah's top commanders<!--QuoteEnd--><!--QuoteEEnd-->
<b>Twenty killed in 'US-led' South Waziristan raid </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->WANA: At least 20 people, including women and children, were killed in an attack involving US-led forces in South Waziristan tribal region near the border with Afghanistan, officials and a resident told The Associated Press (AP) on Wednesday.
The Pakistani Foreign Ministry issued a statement saying the US-led coalition or NATO troops were responsible for 'a grave provocation' and 'a gross violation of Pakistan's territory.'<!--QuoteEnd--><!--QuoteEEnd-->
Pakistan style of population control <!--emo&  --><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo-->
<!--QuoteBegin-Mudy+Sep 3 2008, 10:07 PM-->QUOTE(Mudy @ Sep 3 2008, 10:07 PM)<!--QuoteEBegin-->So he is a target. Missed or it was dry run.
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<b>Mudy Ji :</b>
NAATUK, DRAMA & What Have You.
Groper wasnât in the Car also the shots were fired at the âDriverâs Window!
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
I think it was a dry run for better target. Someone is testing security.
[center]<b><span style='font-size:21pt;line-height:100%'>Pakistanâs forex reserves down to $4 bn in real terms</span></b>[/center]
<b>ISLAMABAD : In a shocking situation, Pakistan is now left with foreign exchange reserves of only $4 billion, in real terms, enough to cater for the import of one month, a senior government official at the Ministry of Finance told The News.
The total forex reserves stand at $8.89 billion, out of which commercial banks have $3.38 billion, meaning that the State Bank of Pakistan possesses $5.5 billion. Out of this $5.5 billion, $1.5 billion have already been consumed because of the forward booking liabilities.</b>
Keeping in view the fast depleting foreign reserves, the dollar-rupee parity stands at $1-Rs 77, which is alarming. Financial experts are of the view that dollar's value can cross any time Rs 80 because of the worsening reserves situation and the prevailing political uncertainty.
Some financial experts are of the view that political chaos would continue even after September 6, the day a new president would be elected, as the judgesâ issue would continue to linger on and Nawaz Sharif, along with the All Parties Democratic Movement, would jointly increase the political momentum on the issue that would aggravate the situation.
This has actually left the Pakistan's economy in a lurch. Presently, there seems no light at the end of the tunnel, as the fate of oil facility amounting to $6 billion from Saudi Arabia is still in doldrums till the election of the new president.
As far as the government's request to the World Bank seeking $1 billion loan, there is no progress. The bank has, in fact, refused to extend any programme loan. According to official sources, the bank has agreed to extend project loans only.
The World Bank's top guns have conveyed to the authorities in Pakistan that the bank has linked its future programme loans to the issuance of the Letter of Credit by the International Monetary Fund (IMF).
The two installments each of $136 million from the UAE-based Etisalat Company against the privatisation of the PTCL are now overdue and the government is awaiting the delivery of $272 million. However, there is no progress on this issue.
The government, despite its tall claims, has so far failed to float the Workers Remittances Securitisation Bond worth $750 million to provide cushion to the worsening foreign reserves situation.
On the privatisation front, there seems no tangible progress on sell-off programmes. The government claims that some privatisation proceeds amounting to $1.86 billion are in the pipeline.
The government was earlier claiming that it would have inflows of $250 to $300 million as the Pakistan Telecommunication Authority (PTA) was going to issue some licenses of that value to various companies in the first quarter of the current fiscal. So far, no progress has been seen on this issue too.
The Abraaj, an Arab group that has become the new administration of the Karachi Electric Supply Company, still has not injected $400 million investment into the KESC. It means the forex reserves would continue to decline in the days to come.
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
Nareshji.The report from IHT reproduced below is indicative of how important the former President was in preserving what is left of Pakistan as a Nation:-
Quote
NATO accused of civilian deaths inside Pakistan
By Pir Zubair Shah, Eric Schmitt and Jane Perlez
Thursday, September 4, 2008
This article was reported by Pir Zubair Shah, Eric Schmitt and Jane Perlez, and written by Schmitt.
DERA ISMAIL KHAN, Pakistan  Helicopter-borne American Special Operations forces attacked Al Qaeda militants in a Pakistani village near the border with Afghanistan early Wednesday in the first publicly acknowledged case of United States forces conducting a ground raid on Pakistani soil, American officials said.
Until now, allied forces in Afghanistan have occasionally carried out airstrikes and artillery attacks in the border region of Pakistan against militants hiding there, and American forces in "hot pursuit" of militants have had some latitude to chase them across the border.
But the commando raid by the American forces signaled what top American officials said could be the opening salvo in a much broader campaign by Special Operations forces against the Taliban and Al Qaeda inside Pakistan, a secret plan that Defense Secretary Robert Gates has been advocating for months within President George W. Bush's war council.
It also seemed likely to complicate relations with Pakistan, where the already unstable political situation worsened after the resignation last month of President Pervez Musharraf, a longtime American ally.
"What you're seeing is perhaps a stepping up of activity against militants in sanctuaries in the tribal areas that pose a direct threat to United States forces and Afghan forces in Afghanistan," said one senior American official, who had been briefed on the attack and spoke on condition of anonymity because of the mission's political sensitivity. "There's potential to see more."
While most American soldiers in Afghanistan operate under a NATO chain of command, the Special Operations forces who carried out this attack answer only to American commanders.
The Bush administration has criticized Pakistan in recent months for not doing enough to curb attacks by the Taliban and Al Qaeda, which keep bases inside the Pakistani tribal region and cross the border to attack American and NATO forces in Afghanistan. The action by the American forces on Wednesday in the border village appeared to be an effort to stanch the raids by Al Qaeda, the Taliban and other militants.
There were conflicting reports about civilian casualties in the operation. American officials said one child was killed in the strike; a Pakistani military spokesman said the American troops opened fire on villagers, killing seven people.
After the attack, Pakistan lodged a "strong protest" with the American government and reserved the right of "self-defense and retaliation," said the Pakistani military spokesman, Major General Athar Abbas.
Former Defense Secretary Donald Rumsfeld had weighed plans to kill or capture top leaders of Al Qaeda inside Pakistan, but Rumsfeld, for all his public bravado, wanted to tread cautiously in Pakistan for fear of undermining Musharraf. With Musharraf's resignation, that issue is no longer a concern.
Many details of Wednesday's attack remain unclear, including how many commandos and helicopters were involved, and whether the strike was pre-planned against the Qaeda targets or precipitated by militant attacks against allied forces in Afghanistan.
American military spokesmen at the Bagram air base in Afghanistan, the United States Central Command in Tampa, Florida, and the Pentagon declined to comment on the strike. The spokesmen did not deny that the attack had occurred.
Three other senior American officials provided some details of the attack, but only on the condition of anonymity because of the secrecy surrounding any aspect of the Joint Special Operations Command, whose "special mission units" carry out the military's most secret counterterrorism missions.
In a telephone interview, Abbas, the Pakistani military spokesman, said the soldiers from the International Security Assistance Force, which is made up of NATO and American forces, had created "new problems" for the Pakistani soldiers based along the border.
By killing civilians, Abbas said, there was now a great risk of an uprising by the tribesmen who supported the Pakistani soldiers in the border area. The tribesmen, who were opposed to the Taliban and supportive of the Pakistani forces, would now be extremely angry, he said.
"Such actions are completely counterproductive and can result in huge losses because it gives the civilians a cause to rise against the Pakistani military," he said.
The governor of North-West Frontier Province, Owais Ahmed Ghani, said the helicopter attack occurred at about 3 a.m. and killed 20 people. Local residents said most of the dead were women and children, but this could not be confirmed.
One American official said that at least one child was killed, and that several women who died in the attack were helping the Qaeda fighters.
The governor, the most powerful civilian leader in the province, which abuts South Waziristan, condemned the attacks and called for retaliation by Pakistan.
A senior Pakistani official called the commando raid a "cowboy action" and said it had failed to capture or kill any senior Qaeda or Taliban leaders.
"If they had gotten anyone big, they would be bragging about it," he said.
The Pakistani official said that American military officers in the field had become increasingly vocal about the need for unilateral strikes inside the tribal areas, but that their intelligence about the location of militant leaders was no better than it had been in the past.
But in the past, the senior ranks of the Pakistan military have supported, in principle, these kinds of missions. The country's civilian political leadership at a minimum may have to criticize such missions on the grounds of sovereignty and the risk of civilian casualties.
According to an earlier description of the military action on Wednesday given by a Taliban commander and local residents, the latest attack was aimed at three houses in the village of Jalal Khel, also known locally as Moosa Nika, in the Angoor Adda area of South Waziristan, near a known stronghold of the Taliban and Al Qaeda and less than a mile from the border with Afghanistan.
The Taliban commander, known by the nom de guerre Commander Malang, said the attack took place close to a Pakistani military position on the border and killed 15 people. But the Pakistani military took no action, he said.
According to Commander Malang, three helicopters flew into the Pakistani side of the border and one of them, carrying soldiers, landed. Soldiers who came out of the helicopter opened fire on people in the village, he said, while the other two helicopters hovered overhead.
The commander, who is based in the town of Wana, said he was not at the scene. He received the description via radio, he said. The soldiers "killed innocent people" in the village adjacent to a security post of the Pakistani Frontier Corps. There was no immediate way to independently confirm the account of the Taliban leader.
Abbas, the Pakistani military spokesman, said the American commandos spilling from the helicopter opened fire on villagers, killing seven people.
Any incursion by American or NATO aircraft and helicopters into Pakistan in so-called hot pursuit of Taliban militants is a contentious issue for Pakistan.
Publicly, the Pakistani authorities say their country's sovereignty must be respected, and they always condemn such raids.
At the same time, Washington has become more vocal about increased attacks by Taliban and Qaeda forces crossing into Afghanistan from Pakistan to fight coalition forces.
Last week, Admiral Mike Mullen, the chairman of the Joint Chiefs of Staff, met secretly with the Pakistani army chief, General Ashfaq Parvez Kayani, on an aircraft carrier in the Arabian Sea to discuss how to combat the escalating violence along the border between Pakistan and Afghanistan.
While officials briefed on the meeting said a wider campaign by American Special Operations forces in the tribal areas was not discussed, although there had been growing expectations among Pakistanis that NATO units would respond by attacking more forcefully into Pakistani territory.
The Angoor Adda area is on the border with Afghanistan, and its mud-walled compounds are known as a center of Taliban and Qaeda strength.
Sher Khan, a phone company employee in Angoor Adda, said in a telephone interview that 19 people were killed in the raid. He said most of the dead were women and children.
A Pakistani intelligence official in South Waziristan said in a telephone interview that a group of Taliban had crossed the border into Afghanistan before an attack late Tuesday. In response, the Afghan National Army called for air support, the intelligence official said, speaking in return for customary anonymity.
The helicopters chased the Taliban militants across the border back into South Waziristan, according to the intelligence official's account.
But the Taliban militants escaped, the official said.
Unquote
Your most valuable comments please.
09-05-2008, 12:57 AM
(This post was last modified: 09-05-2008, 12:58 AM by ramana.)
Its possible Mushy resigned as he knew what was coming. Its election time in US and there are calls to show progress in GOAT and a little raid or two is needed to keep the masses happy. The govt hasnt got much to show except catching AlQ #3.1111 who get released due to lack of evidence.
So whether Mushy was there or not such raids/attacks will be conducted and he didnt want to be there. That way its the bad civilians that are allowing these raids.
Recall Kia nahi was on a carrier meeting with the US commanders with no other persoanges. So maybe the terms were discuused. Keep the raids to small unit actions and no Afghans in the unit to preserve H&D?
Mushy was forced out, he failed to deliver OBL.
US is moving foot from Iraq to Afghanistan.
I think they want to contain Iran, tribal fundoos.
I think major problem is local fundoos are still angry on Lal Masjid and beating Army.
GOP will like Oct gift from Pakistan.
<b>ravish Ji :</b>
Sep 4 2008, 10:53 PM
Sorry, but have been away from âHome Baseâ for the day.
I would add the following to <b>ramana Jiâs and Mudy Jiâs</b> response :
1. Mush the Tush has been removed by the You Knighted States with another US Appointee i.e. Zardari.
2. The US Administration does not want Nawaz Sharif in any Position of Influence in Pakistan.
However, I do foresee a problem with Saudi Arabia. Herein Pakistan is âBeggingâ for Six Billion US Dollars for Purchase of Oil on differed payment - having already received or in the process of receiving about a US Dollar One Billion worth of Urea.
The Saudis may want their âLap Dogâ to be in some sort of responsible-influential position so that they have access to Pakistanâs Nuclear Weapons.
As such one awaits the evolving situation.
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
Nareshji,
Now we have to watch who will get bump first that will tell us who is desperate and will have final control.
Lot is happening around that area.
If you hear B.Hussein.Obama, one should worry about another mess happening in Pakistan, India should get ready to welcome paki fundoos and Indian islamic fundoos.
09-06-2008, 04:47 AM
(This post was last modified: 09-06-2008, 04:52 AM by Naresh.)
<b>1. No Defence Day celebrations due to unstable law and order</b>
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>LAHORE : Due to the countryâs unstable law and order situation, this yearâs Defence Day is not being celebrated in the traditional manner with no military parade, exhibition or air show, today (Saturday) or tomorrow.</b><!--QuoteEnd--><!--QuoteEEnd-->
<b>2. Pakistan cricket suffers setback : South Africa turns down tri-series proposal</b>
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>LAHORE : Pakistan cricket received yet another setback on Friday when South Africa finally rejected a proposal to host a tri-series involving Pakistan and Sri Lanka later this month.</b><!--QuoteEnd--><!--QuoteEEnd-->
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->No Defence Day celebrations due to unstable law and order<!--QuoteEnd--><!--QuoteEEnd-->
Lal Masjid fundoos are haunting them.
09-06-2008, 03:03 PM
(This post was last modified: 09-06-2008, 03:04 PM by Naresh.)
<!--QuoteBegin-Mudy+Sep 6 2008, 05:39 AM-->QUOTE(Mudy @ Sep 6 2008, 05:39 AM)<!--QuoteEBegin--><!--QuoteBegin--><div class='quotetop'>QUOTE<!--QuoteEBegin-->No Defence Day celebrations due to unstable law and order<!--QuoteEnd--><!--QuoteEEnd-->
Lal Masjid fundoos are haunting them.
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<b>Mudy Ji :</b>
You will note that my Message Posted Today - Sep 4 2008, 04:47 AM contained Links to two Articles.
The irony is that Terroristan cannot Celebrate its National Defence Day - in Memory of its Great Victory over Yevil Yindoo Yindia in 1965 when âSubzposhâ i.e. âFarishtasâ (Angels?-Ghosts?) Garbed in âGreen Chadders (Sheets) went about âTerroristanâs Skiesâ catching the Bombs from IAF Bombers and âThrowingâ them into Indian Territory thus making the Terroristani Population safe - is vociferously and vehemently criticising the Australian, Englandâs, New Zealand and South African Cricket Teams for not visiting Terroristan for the Championâs Trophy.
<b>The Far Bigger Irony</b> is that the BCCI under Sharad Pawar and of course the Secular Indian Government has also gone Out On A Limb to take up cudgels against the Four Nations of behalf of the Religion of Peace Practicing Land of the Pure.
When will Indians - Ordinary Janta as well as Netas realise that supporting Terroristan in its present form - Leadership as well as Government & Organizations - is a Lost Cause in fact what I would âPolitelyâ term as âA Kalidas Actâ?
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
<b>Pakistan pioneer passenger car bites the dust</b>
KARACHI : The odds were seemingly stacked against Feroz Khan when he was born to homeless migrants from India, but the span of 59 years has changed matters. Khan grew up in Lalukhait, one of the lower income areas in Karachi, but has nonetheless travelled far and wide, working in Saudi Arabia, England, and the United States.
After returning to Pakistan, he later became the Chairman and Chief Executive Officer of Adam Motor Company Ltd, maker of Pakistanâs car, the Revo. This plant was forced to close down, but adjacent to it stands another one of Khanâs factories: Omar Jibran (OJ) Engineering Services, the largest supplier of original car parts to Toyota, Honda and Suzuki in Pakistan.
OJ Engineering is the result of a lifelong struggle for Khan.
âI had a very humble beginning,â he says. One of six siblings, Khan studied at a government school. He earned a scholarship to DJ College, and then another to NED University, from where he graduated with a degree in mechanical engineering. After a bad job experience at Karachi Port Trust, Khan decided to move abroad.
Borrowing $300 from a sister, in 1972, he began an arduous journey to Germany by bus. On the way, he paid a visit to shrines in Kabul, Herat, Mashhad, Tehran, Kirmanshah, and Baghdad in the hopes that it would get him a job. However, this was when members of Israelâs Olympic team were killed by Palestinian militants, causing Germany to stop issuing visas. Four months after being on the road and with only $100 in hand, Khan had to come back to Beirut.
Eventually, his luck turned for the better. Without having anyone sponsor him, he managed to get a visa for Saudi Arabia, and got a well-paid job in Saudi Aramco. By the time he left Saudi Arabia in 1978, Khan has earned enough to buy 42.5 per cent shares of a company in England that made thread protectors for oil pipes.
After two years in England, he moved to Houston, Texas and set up a company called Tubular Protection of America. He has not looked back since. He eventually returned to Pakistan, and in 1990, established OJ Engineering, which manufactured car parts for Pak Suzuki Motors. His reputation started to grow and soon, other car assemblers became his customers.
âPakistanâs auto industry has come a long way,â said Khan. âThere was a time when we used to make only tyres, car batteries, seats, and wiring harnesses. Now, we make everything except for the transmission and engine.â
The auto industry, however, is facing a slowdown, and according to Khan, the government needs to bring political stability for it to make a turnaround. Had time remained on his side, he believes he would have taken the country a step further by making engines.
âI am not defeated,â declared Feroz Khan. âWhat does not break you makes you stronger.â Three years ago, Pakistan launched its first car, the snub-nosed Revo manufactured by Adam Motor Company Ltd, but deteriorating law and order, inconsistent government policies, and a bad business decision forced the plant to close.
Launched in 2005, the Revo had an edge over its competitors. With the exception of the engine and transmission system, all its parts were manufactured locally, rendering it the cheapest car in the market and the pride and joy of Feroz Khan.
The then finance minister Shaukat Aziz had inaugurated the plant in 2003. Even today, outside the closed factory gates of Adam Motors in Bin Qasim Industrial Estate, there is still a plaque carrying the announcement of the inauguration. Three months before the launch of the Revo in 2005, Shaukat Aziz, who had become Prime Minister by then, promised Khan that the car would be on list of the governmentâs purchases.
âAnd since it would have been the cheapest, the government would have been able to buy 5,000 to 10,000 cars a year,â recalled Khan ruefully. However, before even the first car was rolled out, the roads became crowded with more efficient imported vehicles.
The Revo was not purchased by the government, and the plant where it was manufactured eventually had to close.
One of Khanâs mistakes was that he did not arrange for a financier before the car was launched. He had believed that the word of the Prime Minister would be enough. âI have learned my lesson. No one should ever trust a political appointee,â said Khan in an interview with The News.
With no investor and few orders in hand, Khan had little money available for aggressive marketing. Eventually, he found a Kuwaiti investor willing to help. However, this was when the ongoing political crisis in the country with suicide bombings and assassinations began.
âHe waited for two years for situation to improve,â said Khan of the investor. âThe same thing happened to another investor from Dubai. Why would anyone invest here when Pakistanis themselves are shifting their capital abroad?â Today, Khan is still searching for someone who will buy the plant that closed down, but he has been able to come to terms with its closure.
âLooking back, I feel that to have a dream, to try it and fail is much better than to never have tried at all,â he said.
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
[center]<b><span style='color:blue'>INDIA SAVED : Asif Ali Zardari wins Pakistan presidential polls</span></b>[/center]
ISLAMABAD : Pakistan People's Party chief Asif Ali Zardari on Saturday won the presidential election, securing a majority of votes in the electoral college.
"Asif Ali Zardari secured 281 votes out of the 426 valid votes polled in the parliament," chief election commissioner of the country Qazi Mohammad Farooq said.
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
Great, atleast he is elected.
Now both countries are decorated with 30%.
<!--QuoteBegin-Mudy+Sep 7 2008, 12:21 AM-->QUOTE(Mudy @ Sep 7 2008, 12:21 AM)<!--QuoteEBegin-->Great, atleast he is elected.
Now both countries are decorated with 30%.
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<b>Mudy Ji :</b>
India already has its 100% - Laloo.
How long with Zardari the Baloch stay in Bed with the Pakjabis?
Hum Dekhaingay!
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
[center]<b><span style='font-size:21pt;line-height:100%'>President Zardari needs $10 billion to stay afloat : Farrukh Saleem</span></b> <!--emo&:flush--><img src='style_emoticons/<#EMO_DIR#>/Flush.gif' border='0' style='vertical-align:middle' alt='Flush.gif' /><!--endemo-->[/center]
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>ISLAMABAD : Last month, we paid out $1 billion more than we earned. Last month was actually a good month because for the last nine months we have been loosing an average $1.3 billion every month. Loosing dollars at that rate means that the State Bank will not be able to pay back the principal, amounting to $500 million due for repayment in the middle of Feb 2009.
As of the last day of Dec 2007, the SBP's foreign exchange reserves stood at $15,589 million. By the end of August 2008, total reserves had dropped to $9,129 million out of which reserves with SBP were a mere $5,759 million. After accounting for gold and forward sales, the SBP is left with under $4,000 million. At the current rate of reserve depletion, the SBP desperately needs a multi-billion dollar cash injection by end of September.</b><!--QuoteEnd--><!--QuoteEEnd-->
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
09-09-2008, 04:11 PM
(This post was last modified: 09-09-2008, 04:11 PM by Naresh.)
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