Like other currencies, the Dollar, the Pound and the Franc, originally, the Rupee was backed by real tangible wealth in the form of a precious metal. In the case of the Dollar, it was gold, in the case of the Rupee it was silver. This system stabilized the value of the monetary unit both internally […]
It is known that the Muslim Lands under whilst they implemented the laws revealed by Allah (swt) were the agricultural marvel of the world. At a time when Europe was stricken by starvation and famine, one of the factors that drew the crusaders to attack the blessed lands of Ash-Sham was their immense agricultural wealth […]
Pakistan’s Current System Secures the Economic Interests of the Kafir Colonialists Sufficient revenues in the state treasury are essential for looking after the affairs of the people and managing the state expenses, such as the armed forces, health and education. However, in Pakistan’s current system, both democracy and dictatorship take turns to secure the economic […]
The Upcoming Khilafah (Caliphate) will Ensure the Ownership of People over Oil and Gas Resources The oppressive Hasina regime is now set to increase gas price by 117% amid the ongoing gas supply crisis within just two months of raising the prices of diesel, kerosene and liquefied petroleum gas. According to the proposals of the […]
Over the past two months, Turkey was going through a major economic crisis. The Turkish lira is constantly declining day by day. Although Wednesday heralds the arrival of Thursday, yet the wrong policies that were implemented over the years are waving an invitation to usher crises. Although the exchange rate has also increased, officials are […]
Turkey’s agenda is shaken by the dramatic collapse of the Turkish lira against the US dollar. The US dollar, which was equivalent to about 6 Turkish liras at this time last year, has crossed the 13 Turkish liras range. The rise in the exchange rate naturally leads to a rise in the prices of all […]
In November 2021, Pakistan and the International Monetary Fund (IMF) reached a staff level agreement for the next interest based loan tranche, upon fulfillment of IMF conditions. The IMF conditions include an increase of Rs. 350 billion in taxes through a mini-budget, an increase of Rs 4 per liter in the Petrol Development Levy (PDL) […]
The 3 November 2021 address of Pakistan’s Prime Minister, Imran Khan, regarding inflation was to prepare opinion for another batch of catastrophic IMF economic policies. The so-called 120 billion Rupees “relief” package announced for 20 million people, amounts to only Rs. 1,000 per person per month, for six months. This is whilst the middle classes […]
The IMF and the World Bank are considered amongst the important financial tools, used by major capitalist powers to dominate the world economy. This is being done by plunging other countries into continuous debts, whilst imposing economic dependency. Thus the loans offered by these financial institutions are the means of extending influence. They are political […]
A sudden surge in the prices of petroleum products by more than Rs. 10, in compliance with IMF dictation, has dropped a new petrol bomb on the people, who are already crushed by inflation. The people are skinned alive to achieve the target of Rs. 610 billion of petroleum development levy set by the IMF.
In the winter of October 2021, the Pandora Papers were revealed to the world. This was a leak of almost 12 million documents that reveal how the world’s richest people siphon off wealth (often obtained illegally) and hide it in various ways. Some of the questionable tactics include tax avoidance and money laundering with collaboration […]
Even Imran Khan knows that the inevitable consequence of the IMF programmes is worsening poverty. Before coming to power, in an interview published in the British newspaper, “The Guardian,” on 18 September 2011, Imran Khan emphatically warned, “Every country I know that has had IMF or World Bank programmes has only impoverished the poor and […]
Pakistan’s rulers use the US dollar for international trade, in obedience to the colonialist IMF. Amidst a shortage of dollars, the rulers also take interest-based loans in dollars to finance our economy. The Rupee weakens against the dollar, unleashing back-breaking inflation, whilst Pakistan is plunged into an ever growing, interest-based debt. In the Khilafah, the […]
In accordance with Cabinet Resolution No. 594 of 22/09/2021, the Tashkent City Administration and the Asian Development Bank signed an agreement on the provision of advisory services for the project: Modernization of the Heat Supply System for the City of Tashkent and its submission to the administration under the terms of a public-private partnership. The […]
Nothing Less than the Sound Economic Policies of the Khilafah Will End Inflation The Muslims of Pakistan are crushed by waves of back-breaking inflation as the Rupee crumbles before the dollar. Household budgets for many are stretched to provide just two meals a day. Despite the hue and cry against inflation by the opposition, it […]
The Government is continuously deceiving people by giving slogans about saving lives; but in reality, they have not taken any effective steps to save people’s lives, but rather have been looting thousands of crores of Taka through corruption in the health sector. Mired in corruption and misrule, this Government has repeatedly resorted to repeated lockdowns […]
It is not a secret that economy is the backbone of human life hence leading to an urgent need for a system to drive the growth and distribution of resources (wealth) in the society. The economic system today is capitalist founded by a Western philosopher Adam Smith known as the ‘Father of the capitalist system’. […]
The Pakistani rupee has been depreciating rapidly over the past month. On 10 July, 2021, one dollar was selling at Rs. 155.92, whilst on 5 August 2021, one dollar was selling at Rs. 163.41. Thus, in less than a month, the rupee has lost Rs 7.49, or 4.8 per cent, of its value against the […]
On 28 July 2021, the economic advisory wing of the finance ministry declared in its Monthly Economic Outlook (MEO) for July that, “In the transition towards a higher potential growth level, pressure can be built on external accounts, calling for close monitoring to ensure that the new growth strategy is sustainable.”
In a step that is not new, the World Bank announced on 07/01/2021 its approval to provide an additional grant to the Salvation Government in Sana’a, which was amounting to 150 million dollars – according to what was reported by Mareb Press – within the framework of grants provided by the World Bank throughout the […]
After a few days of commotion, which was denounced by the mouthpieces of the Pakistan’s rulers as a disrespect of democracy, an orderly series of speeches by the government and the opposition resumed, during the budgetary session of parliament. However, whether there is commotion or calm in the National Assembly, the current budget is nothing […]
The Ministry of Energy has announced the development of a three-phase project for the transition to the competitive wholesale electricity market for the period 2021-2025 with the handover of the sale of electric power to private companies.
The revenue target for the next financial year, 2021-22, is targeted at Rs. 5.829 trillion, compared to Rs 4.691 trillion for the closing financial year, 2020-21, showing an overall increase of Rs1.138tr (24 percent). This is whilst the IMF has set a target of Rs 10 trillion for 2024-2025.
On 11 June 2021, in their budget announcement, Pakistan’s rulers made great fanfare of reducing taxation on certain sectors and increasing the salaries of government employees. Then, within days, the mouthpieces of the rulers made an even greater fanfare, through every platform available to them. However, in the same budget, Pakistan’s rulers increased overall taxation […]
On Thursday, 10th June 2021, the Cabinet Secretary for Treasury Ukur Yatani tabled the Ksh.3.632 Trillion spending plan for FY2021/2022. The Budget seen has the largest in Kenya’s history with a deficit of about Ksh 1.2 Trillion. The Ksh 1.97 Trillion of the budget will be collected through taxation while Ksh.1.63 coming from Loans and […]
Bangladesh’s Finance Minister AHM Mustafa Kamal on 3 June 2021 has announced BDT 603,681 crore annual budget for the fiscal year 2021-22. With the rosy title ‘Bangladesh Towards a Resilient Future Protecting Lives and Livelihoods’, this is in fact the biggest ever ‘pro-capitalist budget’ that Hasina government has laid down with corporate tax cuts, reduced […]
Kenya has increased prices for super petrol despite a decline in the average landed cost of petroleum products, inflicting more financial pain on motorists. The Energy and Petroleum Regulatory Authority (EPRA) increased the price of super petrol by Ksh3.56 ($0.03) per litre while that of diesel and kerosene remain unchanged for the period May 15 […]
The government has set higher targets for rates of economic growth, inflation and fiscal deficits for the next fiscal year. This is partly based upon irrational exuberance about this year’s growth indicators and partly on tacit approval by IMF for an expansionary policy stance. The façade of current growth claims is evident from the on […]
On Wednesday, 5 May 2021 an international alliance of the United Nations, the European Union, governmental and non-governmental agencies working to address food crises released The 2021 Global Report on Food Crises (GRFC 2021). The report states that 55 countries/territories with an estimated total of 155 million people were affected with food insecurity. In addition, […]
The increase in taxes in Ukraine will provoke a slowdown in the economy and will automatically lead to an increase in prices for goods and services. This was stated by investment analyst Eric Nyman.