Archive for April, 2012

Govt asked to resolve circular debt

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Unresolved debt issue pulling country down
Circular debt most potent threat to country’s economy
The Pakistan Economy Watch (PEW) on Sunday asked the government to resolve issue of inter-corporate circular debt in the power sector which has become a big threat to image and economic survival of the country.
Liquidity crunch in the energy sector has hurt economic growth, hit exports, reduced collections, triggered unemployment and stalled fresh investment in power generation, it said.
The circular debt is also barring investment in Thar where lies the key to energy security of Pakistan, said Dr. Murtaza Mughal, President PEW.

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Hike in energy prices, borrowing proves FBR incompetence

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Masses, honest taxpayers to face more hardships
The Pakistan Economy Watch (PEW) on Sunday said frequent upward revisions in the prices of fuel and electricity and continued government borrowing proves incompetence of the tax collectors.
Government continues to revise energy prices on one pretext or other to raise funds as the tax machinery has failed to show any sign of improvement.
Similarly, ruling coalition has crossed all the limits of borrowings to generate money without considering its social and economic complexities, said Dr Murtaza Mughal, President PEW.

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Induction of new ministers to help drain limited resources

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Government to step-up borrowing to please new ministers
The Pakistan Economy Watch (PEW) on Friday criticised move of the government to create new ministries and induct eleven new ministers terming it a political move which will drain resources.
Now, government will be spending additional billions on newly created ministries while financing expenditure through increased borrowing, it said.
Government is overburdening masses to gain political mileage; 53 federal and state ministers will only help further damage the credibility of incapable ruling coalition, said Dr Murtaza Mughal, President PEW.

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Population rapidly becoming a victim of food insecurity

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The Pakistan Economy Watch (PEW) on Wednesday said Pakistan’s population is rapidly becoming a victim of food insecurity.
Food insecurity is damaging society and reducing productivity but those who matter are ignoring this issue of critical importance, it said.
Food has always remained important than education therefore millions of children have been forced out of schools to the overcrowded child labour market by parents in a bid to survive the onslaught of inflation, said Dr Murtaza Mughal, President PEW.
He said that food insecurity is being felt in every nook and corner of the country but urban centres are facing enhanced problem where at least 37 per cent people have become malnourished.

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President’s private visits criticised

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Shrine donation should be diverted to Gayari victims
Concessions to India can compromise national security interests
The Pakistan Economy Watch (PEW) on Friday criticised increasing private visits of President Zardari which are draining national resources.
Government machinery and national wealth has been extensively used in all the uninvited visits of the President which can become a source of embarrassment for people of Pakistan.
No other head of state in the world has undertaken so many private visits to other countries, said Dr. Murtaza Mughal, President PEW.
Talking to Lt. Gen (Retd) Amjad Shoaib, he said that President Zardari has failed to show solidarity with his countrymen at a time when 135 soldiers and civilians of were buried alive under tonnes of snow in Gayari.
Instead of staying back he went ahead with his private visit to India which was a heartless move. He was on a visit to France when national was braving worst-ever floods.

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Lawmaker involved in insurance fraud exposed

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Clarification: Lawmaker admits PEW reports

The Pakistan Economy Watch (PEW) on Thursday said that some politicians have started filing false claims for financial profit.
The insurance industry has a defence mechanism against false or exaggerated claims, but it becomes difficult when policy holder is an influential politician, it said.
Such practices and highly illegal but very common in the insurance industry due to weak control, said Abdullah Tariq, SVP PEW.
Talking to representatives of insurance industry, he said that some greedy politicians have targeted corporate sector after robbing nation of all their belongings.

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Energy Conference convened to stop long march

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Cooling plan may not help drop tempers for long
Conservation focused, issue of production skipped
No resolution on KBD disappoints many
The Pakistan Economy Watch (PEW) on Wednesday said the Energy Conference was a step initiated by the government to stop long march planned by frustrated masses and dismayed business community of Punjab.
The decisions taken to conserve electricity were nothing but a repetition of the past mistakes which will never help anyone gain anything, it said.

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Reopening NATO route against national interests, treason

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US Military hardware can be used against Pakistan
Petroleum price hike can result in total economic collapse, civil war

The Pakistan Economy Watch (PEW) on Monday said proponents of reopening NATO critical supply route are ignoring the fact that American hardware can be used against Pakistan.
It is an open secret that Americans are desperate to penalise Pakistan for their defeat in Afghanistan therefore they shouldn’t be allowed to use our soil against us, it said. read more…

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