A Quickie: Tareen Says My Business More Important Than The Country

If you are to buy the official spin that “Finance Minister Shaukat Tarin was working tirelessly to help the country in a tough time (and did wonderful job doing it)”, does it not follow that his stepping downto focus on his private business interests” kind of shows what he holds more important.

Of course he was always working for his personal business interests and those of IMF/WB — WB, by the way, is his business partner and joint owner of Silk Bank:

“In March 2008, a consortium comprising the International Finance Corporation (IFC), Bank Muscat, Nomura and Sinthos Capital, led by Tarin and another Pakistani banker, Sadeq Saeed, bought an 86.55 per cent stake in Silk Bank for about $213 million.”

(IFC is the private investment arm of the World Bank)

This also means a government bailout of Silk Bank is on the way so in effect you and I will be borrowing money from WB to pay WB (Silk Bank). And what do we get in return? Liability to pay the principal and interest for this bailout…

P.S. Oh, and don’t forget the IMF  loan of $11.3 billion (plus interest) and the IMF-enforced ‘conditionalities’ that you are enjoying. Make sure you send a “Thank You!” note to Tarin 😉


4 Responses to “A Quickie: Tareen Says My Business More Important Than The Country”

  1. 1 Observer February 23, 2010 at 9:27 pm

    They can be found in abundance in the PPP gang. What about Azam Khan Swati? He (Azam Khan Swati) claims he is the only Pakistani who has given up a US citizenship to do something for Pakistan and that he doesn’t receive anything from the government – not even his salary. In Capital talk he openly admitted that all governments had failed including the present incompetent government where he is a minister 😉


    Do you know him?

    Btw: It was a good prg. Ahsen Iqbal got a little spanking from IK on the issue about new and old leadership.

  2. 2 nota February 24, 2010 at 8:25 am

    I don’t know about anything about Swati but his claim “he doesn’t receive…even his salary” is a sure sign he is a top-level crook (Isn’t that what Shahbaz claim too?)

    I did read this comment from Mulla Nafs e Zakkiya on pkp under the Capital Talk you mentioned and I trust him to be mostly right:

    Azam Swati is an ex-PPP worker, who has at least a billion dollar business in Texas and has a very bad reputation among the Pakistani community as a person.

    He is famous for embezzlement of funds and is under investigation. He was sent to Pakistan by CIA during bush seniors era to be a mole in the government and he kept buying tickets to be in the government, from senate to local government, then from there to other parts but always he found support from Mau-lann-a Fazl’ lul-rehman sahibs party…as he is the only one who would sell his ticket for naqd karoor rupees….there are witness of this….

    He is a CIA operative and has been sent to keep the “anger element” awake in Pakistani Politics and he is mandated to give anti-American statements and keep repeating pakistan pakistan etc…..

    His kids are running the business now and only in one Dubai bank, his money earns him 1 million dollars interest for 12 months so money supply is not a problem and GEO is also a buy-able entity…….

    He is a lawyer by profession and a master at trapping others, plus he has helped a lot of corrupt police and army and judges in transferring their money from pakistan to usa under the context of business.

    He is a blood-thirsty Swati Clan member who supported jageerdari nizam in Hazara District and they were also relatives of the swati family who helped Sikh and British regiment surround and kill Syed Ahmed Shaheed Dehlvi in Balakot area, people confirm that he is a great grand son of that swati landlord who helped British locate Syed Ahmad Shaheed in Balakot Area…

    He paid at least 12 karoor rupees for this bogus minister-position to some one called “farooqi” in Zardari circle and now paying GEO to make pakistan anti-America or at least present it such…so that West always remains away from investing or helping us with our issues on a non political pattern…

  3. 3 Observer February 24, 2010 at 1:34 pm

    Dal meiN kuch kala hai. He just tried too hard to make a big “impact” by repeating his “sacrifice” of giving up US citizenship. Apart PPP he also has links to maulana crook from JUI-F. What a deadly cocktail…..watch your back!

  4. 4 nota February 27, 2010 at 8:05 pm

    Should have mentioned: Let’s be certain the next guy too would be a hitman for the WB/IMF.

    They are already talking who the next enforcer will be and why (This story is so revealing in another way — exactly who decides these appointments so I am posting all of it here):
    Pasha new adviser, but what about minister?
    Saturday, February 27, 2010

    By Khalid Mustafa

    ISLAMABAD: Dr Hafeez A Pasha, reportedly being backed by the International Monetary Fund (IMF) and certain powerful Rawalpindi players, is likely to be sworn in today (Saturday) as adviser to prime minister on finance and revenue.

    With Pasha easing into the adviser’s slot, Dr Ishrat Hussain, former governor State Bank of Pakistan, is now virtually out of the race. Meanwhile, Nasim Baig Mirza and Makhdoom Shahabuddin are still in the run for the top ministerial slot.

    The Presidency is extending unflinching support to Nasim Baig Mirza, whose professional competence and personal integrity is beyond reproach but the fact of his never having held a public office is proving a bit of a dampener. Makhdoom Shahabuddin is being backed by the prime minister camp but there are serious question marks over his ability to handle the Herculean task in such critical times.

    The source also told The News that Dr Masood Ahmad, Director Middle Eastern and Central Asian Department, IMF, currently visiting Pakistan, on Friday night met with the prime minister at the Islamabad Airport on the issue of replacement of Shaukat Tarin. The same top IMF official will also hold a meeting with President Asif Zardari in Dubai.

    According to a senior finance ministry official, the US is also backing Pasha’s candidature. The IMF is said to have asked Prime Minister Yousuf Raza Gilani to appoint Dr Hafeez A Pasha, saying his appointment will help the implementation of economic reforms as he has been aggressively involved in budget making, tax reforms and even in talks with the Fund under the $11.3 billion bailout package. The IMF argued that Pasha also played a pivotal role in stabilising the country’s economic outlook as head of the Economic Advisory Council and the Revenue Advisory Council.

    The top official sources also confided to The News that Pakistan Army and agencies have backed the name of Dr Pasha, who earlier served the country as adviser on finance and revenue and deputy chairman Planning Commission.

    Dr Hafiz Ahmed Pasha has served till recently as a United Nations Assistant Secretary General and the United Nations Development Programme Assistant Administrator and a director of the Regional Bureau for Asia and the Pacific. He has served as the federal minister for finance and economic affairs, deputy chairman of the Planning Commission, with status of a federal minister, education and commerce minister in three governments.

    “Tarin, who emerged as an honest minister, has left detailed plans with the government to ensure good governance, increase the tax revenues and turning around loss making public sector entities (PSEs) and reduction in expenditures through austerity measures,” the official said.

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