Archive for August, 2012

Donors must not take care of Indian pressure over Diamer Bhasha dam construction: PEW

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Islamabad: The Pakistan Economy Watch (PEW) has urged multilateral donors to set aside the pressure of India and extend financing for the Diamer Bhasha dam that could prove a source of overcoming energy crisis in Pakistan.
In a statement issued here on Tuesday, President Pakistan Economy Watch Dr.Murtaza Mughal said multilateral donors including World Bank (WB) and Asian Development Bank (ADB) have refused to extend financing for the Diamer Bhasha dam under influence of India but donors must set aside the pressure of India and extend financing for the dam.
He said India had been old rival of Pakistan that was forced to have legal battle with India over building several dams on rivers over which Pakistan had right over Indus.

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Handing over oil prices mechanism to private sector opposed

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Call to reform highly controversial oil pricing formula
The Pakistan Economy Watch (PEW) on Sunday said that government’s decision to allow marketing companies to fix retail prices of major oil products is against the national interests.
The government has been extracting too much from the masses on account of petroleum levy and GST for which it is being criticised on every concerned forum, it said.
Now, the government wants to divert public anger while keeping its income unchanged which is a major factor behind rising inflation, said Dr. Murtaza Mughal, President PEW.
Government’s decision to restrict the role of the Oil and Gas Regulatory Authority (Ogra) will have very negative affect as the private sector will bleed the masses white for profits, he added.
Like all businesses, oil marketing companies are being operated only for profit, they have nothing to do with public convenience and it is feared that they will not transfer the benefit of reduction in international oil prices to masses.

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Govt to focus on growth-oriented policy to reduce unemployment: PEW

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Islamabad: The President Pakistan Economy Watch (PEW) Dr.Murtaza Mughal said on Friday that the government has failed to focus on growth-oriented policy in order to reduce the rising trend of unemployment in the country.
In a statement issued here on Friday, Dr.Murtaza Mughal said the rate of country’s unemployment had increased to 6 percent this year whereas about 30 per cent of the people were unemployed.
He said government should pay heed to labor intensives projects in order to reduce the unemployment in the country as it had been estimated that there was about 20 per cent to 30 per cent of total labor force that goes to waste in the thickly populated countries like Pakistan. If the citizens of the country are not well skilled and professional than how it can be expected that the country will do the progress.

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Pakistan loses credibility with International donors

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Hopes of economic revival fades as donors stop financing critical projects
Govt failed to reduce trigger economic growth, succeeded in raising slogans
Funding projects by placing surcharge on consumers, mortgaging assets rejected
The Pakistan Economy Watch (PEW) on Wednesday said the ruling coalition has discredited country to any extent that all the major international lending institutions have expressed serious reservations about its trustworthiness.
The International Monetary Fund (IMF), World Bank (WB) and the Asian Development Bank (ADB) have expressed dissatisfied over the way country is being governed, it said.
Multilateral donors have stopped funding some water and power projects including 4,500 megawatt Diamer-Bhasha Dam which has diminished hopes of economic revival, said Dr. Murtaza Mughal, President PEW.

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Biofuels ban can save world from looming food crisis

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Using crops for biofuels leads to starvation worldwide
The Pakistan Economy Watch (PEW) on Friday said an immediate ban on biofuel production can save the world from looming food crisis which can result in massive malnutrition, starvation, and riots.
The worst drought in 50 years in the US and lack of rains in India and some other countries has left global food market highly vulnerable, it said.
Now, it has become evident that the most advanced agricultural systems are subject to the weather which if become unfriendly can lead to severe grain shocks, said Dr. Murtaza Mughal, President PEW.
All the countries especially US should revisit politically attractive policies like reduced dependence on fossil fuel to care for the hungry mouths around the world, he said.

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Action against Haqqanis to weaken Pakistan

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NWA operation to waste energy of armed forces
Additional powers for security apparatus demanded
The Pakistan Economy Watch (PEW) on Monday said any action against Haqqani network on the behest of America will weaken Pakistan.
This is a conspiracy aimed at turning different Afghan Taliban factions fighting against US-led NATO forces and the government of Afghanistan against Pakistan, it said.
Any move against Haqqanis will also relieve Pakistan of goodwill among Afghan Taliban and it will lose seat on the negotiations table, said Dr. Murtaza Mughal, President PEW.
He said that Haqqani network is not as deadly as painted by US and Nato; its capability to conduct operations is limited to three provinces.

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Govt to impose 10% duty on tractors import to boost its sale, bring down prices: PEW

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ISLAMABAD: The Pakistan Economy Watch (PEW) has demanded the government to immediately impose a ten per cent duty on import of tractors in order to further enhance the sale of locally manufactured tractors and bring down its prices.
In a statement issued here on Friday, President Pakistan Economy Watch Dr.Murtaza Mughal said the imposition of 10 per cent duty on import of tractors will go a long way to boost local tractor industry which may also further decline the prices of tractors.
He said country’s local industry was significantly global competitive that was why duties should be imposed on import of tractors as currently, the import of tractor is zero rated but now government should give some duty protection to tractor industry by imposing duty on its import.

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Economic managers’ main barrier in economic revival

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Nothing well on the economic front
The Pakistan Economy Watch (PEW) on Sunday said the economic managers are the biggest hindrance in Pakistan’s road to economic recovery.
Economic team conveniently blame former government and international developments for all the economic ills while absolving themselves of all the responsibilities, it said.
The team has failed to initiate any policy reforms; it continued to rely on borrowing which resulted in serious economic problems, said Dr. Murtaza Mughal, President PEW.
The finance team has failed all the tests since four years; they are accused of fudging figures, protecting rich and making budgets based on assumptions, he added.
He said that double-digit inflation, high public debt and looming balance of payments crisis prove that economic team prefers politics to reforms.
Dr. Murtaza Mughal said that false hopes and empty promises have become hallmark of the failed government, all the good news from the economic front are mere propaganda.

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Cost of political instability unbearable

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Pakistan heading for failed state status
The Pakistan Economy Watch (PEW) on Thursday said impact of political struggle has become unbearable for the masses and business community.
Perpetual political struggle and friction between institutions has been dragging economy down and there is no respite in sight, it said.
The stalemate with the judiciary has hampered the government’s ability to take effective steps aimed at recovering the economy, said Dr. Murtaza Mughal, President PEW.
He said that every day Pakistan is being plunged further into a state of general insecurity; indicators are pointing to meltdown of the public institutions; sovereignty of the state is jeopardised and country is turning into a failed state.
Government which has frequently been accused of mismanagement and inefficiency has failed to address the economic challenges, augment investor confidence and attract external financial support, he added.

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