The semi-annual review report of the State Bank of Pakistan, published on 18 September 2023, revealed that the profit of the banks was 126 billion rupees in the first half of previous year. It has increased to more than double, to 284 billion rupees in the first half of this year. The main reason for […]
Türkiye’s Medium-Term Program (MPP), which presents the 3-year roadmap of the economy, has been announced. The government, which announced its main macroeconomic targets such as inflation, employment and growth for the period 2024-2026, lowered its growth expectations compared to the previous period and raised its inflation forecast.
Electricity bills are so high in Pakistan that some have been driven to suicide. Comment: After the privatization of the electricity sector, bills are high to ensure profits for the private companies. The bills include capacity charges that are paid to the companies, even when they are not producing electricity.
After winning the elections, Turkey’s President Erdogan handed over the management of the economy to Mehmet Şimşek, whom he appointed as the Minister of Treasury and Finance, and the management of the Central Bank to Hafize Gaye Erkan.
A press release issued by the government of Pakistan on June 20, 2023 announced a new economic recovery plan. It is primarily supported by the military leadership, and dubbed as the “Asim Munir Doctrine.” Under this plan, it has been claimed that a Special Investment Facilitation Council will be formed to promote investment from other […]
President Recep Tayyip Erdoğan, regarding the economic policies discussed after Treasury and Finance Minister Mehmet Şimşek’s statement “We will return to the rational ground”, said, “We accepted that our Minister of Treasury and Finance is taking his steps with the Central Bank quickly and easily. We declared our determination to reduce inflation to single digits. […]
On Wednesday, 18 Dhu al-Qi`dah 1444 AH corresponding to 07 June 2023, the Public Funds Court in the Capital Municipality issued its ruling in the case of the so-called Sultana Palace Group, where it held 82 accused of defrauding 110,000 people during the period between January 2016 and July 15, 2020 and a later date, […]
Successive Pakistani governments have consistently faced the challenge of fiscal deficits. It means the state is continuously short of resources to spend on the people. This shortage of resources faced by the state is the direct consequence of the economic governance structures implemented in the country. Pakistan’s ruling elite implements the capitalist economic model in […]
On June 1, 2023, Hasina government has unveiled the national budget titled “Towards a Smart Bangladesh after the march of development” for the fiscal year 2023-24. Finance Minister AHM Mustafa Kamal placed Taka 7.6 trillion budget which is 13.5 percent bigger than FY 23 with a ‘supposed’ focus on tackling inflation, generating jobs, and efforts […]
The government’s major concerns in finalizing the FY24 budget are limited revenue income and compliance with IMF loan requirements. The record budget of Taka 7617.85 billion has a record deficit of Taka 2578.85 billion when foreign funding and loans are factored in. To meet the massive spending, a total revenue target of Taka 5039 billion […]
The national dialogue that the Egyptian regime claims is nothing but a maneuver that was forced by the severe economic conditions, and all that it dreams of is for this crisis to pass, to return to its old policies, and perhaps to liquidate its allies themselves who exerted any kind of pressure on it, or […]
The International Monetary Fund (IMF) said that Jordan’s prudent fiscal and monetary policies have maintained economic stability and a positive future outlook for external creditors and global rating agencies. This came in a press interview with “The Kingdom” conducted by the Resident Representative of the International Monetary Fund in Jordan, Kareem Ismail, on 12/4/2023.
The talk about usury (riba) and usurious dealings in Yemeni banks has returned to the pages of Al-Thawra Newspaper again, as it stated in its issue 21278 issued on Tuesday, 1 Sha’ban 1444 AH corresponding to 02/21/2023: “Based on faith and national responsibility, there is great tendency in Yemen at the level of the revolutionary […]
It was never unexpected that the House of Representatives, with a rate of 75% of the attendees, would approve the general budget law for the fiscal year 2023, despite the harsh criticism of the bill during the 3-day debate sessions due to the financial deficit, the high riba (usury) of public debt, and the absence […]
It is the Choice of the Political and Military leadership. On 13 February 2023, the Economic Coordination Committee (ECC) meeting, chaired by Pakistan’s Finance Minister, Ishaq Dar, approved an increase in gas prices of up to 112%, 29% for the commercial sector, 31% for the Compressed Natural Gas (CNG) sector and 29% for power plants. […]
Complying with IMF conditions, Pakistan’s government sharply devalued the rupee, by around twenty-five rupees, which is ten percent of its value, unleashing a storm of inflation. A sharp increase in the prices of electricity, oil and gas is expected soon, with news that an ordinance to impose additional taxes of 300 billion is on its […]
Extreme poverty, disguised unemployment, political and economic chaos, outrageous wealth for a few at the expense of the majority of people, an unprecedented drop in the value of the pound against foreign currencies, eating up people’s savings, a strong decline in the standard of living, a steady increase in public debt, an unprecedented rise in […]
Bangladesh Bank created fresh money of more than Taka 500 billion in the July-December period in the name of budget support, the highest in recent history (The Business Standard, January 03, 2023), to compensate the money looted from the banks by the Capitalists elites. The default loans of the commercial banks have already reached Taka […]
The Question On 28th April this year, the Federal Shariat Court (FSC) once again declared that riba (banking interest) was prohibited according to the injunctions of Islam and so it should be eliminated from the country within five years. The ruling established two clear sides; Islamists that became jubilant as they see this as a […]
Janata Bank and Islami Bank’s new loan scams have come to light soon after the incidents of the looting of Taka 95 billion from three banks by opening fake address and paper companies were revealed. On December 18, the Daily Star Newspaper published a report that in 2020, four big tycoons of the country took […]
Amid public suffering due to the price hike of essentials and hampering of industrial production due to the power crisis, the deceitful Hasina government has decided to increase the bulk electricity prices by 19.92% to Tk6.20 kWh from the previous price of Tk5.17 kWh in compliance with the prescription of International Monetary Fund (IMF).
On Thursday morning, October 27, 2022, the Central Bank of Egypt raised interest rates by 200 basis points, during an exceptional meeting, so that the rate of return for deposit and lending overnight became 13.25 percent and 14.25 percent, respectively, and the Central statement included an important paragraph in which it said that: “Reform measures […]
Nureddin Nebati, Minister of Treasury and Finance, who made an opening speech at the “Economic Transformation and New Paradigms Summit” hosted by the Ministry of Treasury and Finance, presented statements regarding the economy. Minister Nebati interpreted the economy by using eccentrical loanwords and used these statements: “The heterodox approach, which represents an epistemological break from […]
The country wide debate, from the masses to the people of power, has widened from the crash of the Rupee before the US dollar, and the use of Pakistan’s air space for American drones, to how Pakistan can become truly independent, whilst we bear grave losses to our economy, education, health and security. The long […]
Headlines: Protests against Pope over 500-year history of Western Imperialism Bypassing Pakistan Govt and IMF, Bajwa Appeals to US over Funding
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has raised interest rates by 1.5 % to 15 %. According to the SBP’s own press conference, the increase is to slow the economy down, whilst claiming that such demand contraction is a must, otherwise high growth is unstable, worsening inflation. Even after […]
The Abolition of Riba is only Possible under the Khilafah, from the Moment of its Establishment #KhilafahEndsRiba Muslims are outraged that the recent ruling of the Federal Shariat Court to remove interest from Pakistan’s economy has once again been challenged in the Supreme Court, where the case had been pending review for twenty years already. […]
In a positive development, a debate has erupted over Islam’s ruling regarding adopting gold and silver as currency of the Khilafah, as a solution to the high inflation, which the Muslims of Pakistan face today. The debate has spread from those who advocate Islam, in support of gold and silver currency, to include those who […]
In the city of Bahri in the capital, Khartoum, you find a large number of people trying to sell second-hand household items that are in good condition, in order to meet the spending deficit. People who are scattered with items offered for sale are not merchants, as it appears from their appearance and way of […]
On the 101st painful anniversary of the demolition of the Khilafah (Caliphate), and with the intensification of efforts to reestablish it, so that Muslims can enjoy the heights of glory under it, and regain their lost pride, humiliated dignity and leadership for humanity, Hizb ut Tahrir is holding its annual conference in the Wilayah of […]