Archive for November, 2012

Outcome of D-8 summit unsatisfactory

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The Pakistan Economy Watch (PEW) on Thursday said outcome of recently held D-8 Summit was nothing more than disappointment.
The Summit produced a largely meaningless document that failed to address the challenges the block is faced with, it said.
The 35-point declaration of the eighth Summit was as flawed as the outcome, said Dr. Murtaza Mughal, President PEW.
The D-8 member states are facing challenges like energy scarcity, international pressures, food security, communal violence, terrorism, natural disaster and a tarnished image which needed to be addressed through joint efforts, he said.
However, the Summit failed to announce any solid decision and relied on promises, claims and hollow commitments, he added.
Dr. Murtaza Mughal said that stressing the need for joint efforts is not enough to justify the spending on such an event when country is relying on aid and loans.

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OGRA to take independent decisions to determine a new price of CNG: PEW

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ISLAMABAD, November 28: The Pakistan Economy Watch (PEW) has urged the Oil and Gas Regulatory Authority (OGRA) to take independent decisions to determine a new price of Compressed Natural Gas (CNG) in order to provide relief to the masses setting aside the pressure of influential CNG association cartel.
In a statement issued here on Wednesday, President Pakistan Economy Watch Dr.Murtaza Mughal said that CNG cartel had minted billion of rupees from the consumers and therefore now it was reluctant to sell gas at lower rates.
“State owned gas companies should take over the CNG stations if CNG owners are not ready to sell gas at low rates to provide relief to the consumers,” he said adding that Competition Commission of Pakistan (CCP) should also take action of CNG cartel that had deprived the consumers of CNG by secret call of strike to CNG station owners to shut down outlets.

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Economy, currency walking a tightrope

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Eroding currency exposes claims of Govt
Falling rupee adds fuel to crisis
The Pakistan Economy Watch (PEW) on Monday said country’s economy continues to walk a tightrope due to indifference of the authorities concerned.
The rupee is likely to witness high volatility in the coming months as economy continues to take a back seat amid too much focus of the government on the political activities before the elections.
The situation has made the chances of economic revival and outlook for the reform process cloudy, said Dr. Murtaza Mughal, President PEW.
Rupee in under continued pressure and reform process is taking a step backwards while the opposition seems unconcerned about economic situation at this point in time, he said.

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Country being pushed towards worst energy crisis

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Legality of Ogra CNG decisions questioned
SC asked to foil conspiracies against masses
The Pakistan Economy Watch (PEW) Wednesday said that country is being deliberately pushed towards an energy crisis.
Top officials of the Oil and Gas Regulatory Authority (Ogra) have been acting as guardians of the interests of powerful oil lobby who are bent upon destroying Compressed Natural Gas (CNG) sector.
Decisions of the Ogra regarding CNG sector taken during last few calendar weeks are legally debatable, said Dr. Murtaza Mughal, President PEW.

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Increased load shedding proves Govt investing in politics only

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Hung parliament to enhance miseries of masses
Ad hoc policy of the Govt failed again
The Pakistan Economy Watch (PEW) on Monday said load shedding has been increased in winter which is failure on the part of the authorities concerned.
Enhanced duration of load shedding proves that government efforts to resolve the longstanding issue of circular debt in the power sector remained futile, it said.
Policy of forcing country’s largest fuel retailer to buy oil from refineries and to provide it to power producers on credit has failed, said Dr. Murtaza Mughal, President PEW.
He said that the short-term measure has helped reduce load shedding for some time but it has burdened the oil supplier to the tune of Rs 135 billion.

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Poor being robbed to reward rich

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More gas stolen daily than consumed by CNG sector
Influential sectors being pleased on the cost of masses, CNG sector
The Pakistan Economy Watch (PEW) on Friday said that government is pushing policy to rob poor to reward nobility.
Top government functionaries are involved in conspiracy to deprive masses of economical fuel and force them to consume costly alternative, it said.
Revenue generated from CNG sector through 11 taxes is being used to subsidise influential fertilizer and power sectors, said Dr. Murtaza Mughal, President PEW.
He said that top politicians of country have invested in influential sectors which are getting unjust exemptions, tax breaks, subsidies and cheap gas.

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LNG import deal unworkable

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Pakistan lacks infrastructure to import LNG
Set-up requires Rs 17 billion, over two years’ time
The Pakistan Economy Watch (PEW) on Wednesday said that recent deal to import Liquefied Natural Gas (LNG) from Qatar is unfeasible.
The import agreement signed recently with Qatar is not practical as Pakistan lacks infrastructure to import LNG, it said.
Government has been trying to import LNG since years during which billions were spent on studies, hiring of experts, foreign tours and road shows disregarding the fact that Pakistani ports cannot host any LNG vessel, said Dr. Murtaza Mughal, President PEW.
Depth of water at Port Qasim and Kemari is 39 feet while the average depth of a loaded LNG carrier in the water is 45 to 48 feet.
The lightest LNG ship scarcely available is that of fifty thousand tonnes with 42 feet draught that cannot serve the purpose.
Dr. Murtaza Mughal said that before planning to import LNG, government should have initiated dredging (excavation activity to enable waterways navigable) which will cost 40 million dollar and take two years minimum.

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Influential minister targeting insurance sector for extortion

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Disqualification of lawmaker through LHC sought
Greedy politicians continue to rob nation: PEW
Government has failed to safeguard corporate sector from the highhandedness of one of its influential ministers which has left insurance companies with no option but to seek his disqualification.
Some leading insurance companies through one Shafiq Ahmed son of Muhammad Nazir Minhas resident of Century Tower, Gulberg Lahore, have invoked Lahore High Court (LHC) through M.M. Alam Chaudhry Advocate against State Minister for Privitization Rana Asif Tauseef.
According to a statement issued by PEW, the petitioner has pleaded that MNA Mr. Tauseef who is also Director and Chief Executive of Rana Fabrics Limited and Madina Food Mills Faisalabad, has been using his influence to plunder the insurance companies.
Rana Asif Tauseef is in habit of getting loans from banks against fake stocks and put these so called stocks on fire after getting them insured, the petitioner alleged.

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