Pakistan on verge of bankruptcy

[Ah Xoc Kin]

Oil-hit Pakistan facing bankruptcy
8 Oct 2008

Pakistan's foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy.

Officially, the central bank holds $8.14 billion of foreign currency, but if forward liabilities are included, the real reserves may be only $3 billion — enough to buy about 30 days of imports like oil and food.

The Pakistan rupee has lost more than 21% of its value so far this year and inflation now runs at 25%. The rise in world prices has driven up Pakistan's food and oil bill by a third since 2007. Efforts to defer payment for 100,000 barrels of oil supplied every day by Saudi Arabia have not yet yielded results.

http://timesofindia.indiatimes.com/World/Oil-hit_Pakistan_facing_bankruptcy_/articleshow/3571368.cms

[northernsoul]

1. Nothing good can come from this.

A country full of nukes and religious fanatics going bankrupt, what could go wrong?

[noorfatima]

2. Pakistani students problems due to ecnomic situation

Asalm-O-Alikum Everyone,

I read in the THE NEWS, this story about plight of HEC students in South Korea.
http://www.thenews.com.pk/print1.asp?id=139409

I chat with some of my friends who recently left to Korea on same scholaship. I was surprised to know about the truthfullness of the story. How HEC offcial unethically response to students and no action is taken against them. In one university stiudents have not rceived the stipend from last three months, other recived a week back.
I was also told that HEc is not allowing students Internship and PHD against bond agreemnet. All HEC offcials including Chairman knows well all details. My friends also confirmed me as printed in the NEWS story that Korean professors are not interested in having pakistani students in their labs, as they are not able to do PHD, and as well as the Korean did good thing to support Pakistani Students PHD, but HEC decline to give students permission for it. HEC is paying about 40Lakh for a PHD in Korea, and Korean universities was doing for free for exsisting pakistani students.

Doing so HEC is just making prople mind more corrupt and against Pakistan. This will cause braiun drain in presnt situation. I think HEC officals instaed of saving seats. HEC started good, but now its fate it similar to other Pakistani institute due to their own deeds.