Archive for June, 2013

Captive Power lobby biggest hurdle in resolution of energy crisis

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Aptama rejects PEW findings

The Pakistan Economy Watch (PEW) on Thursday said influential lobby of the owners of Captive Power Plants (CPPs) which is wasting gas worth Rs70 billion per annum is one of the biggest hurdle is the resolution of the energy crisis in Pakistan.
The incumbent government seems helpless as the powerful lobby which has been getting natural gas at dirt cheap prices since last five years without the permission of Ogra and Nepra is still enjoying unprecedented influence in the corridors of power, it said.
Dr Murtaza Mughal said that those who are getting natural gas at 91 per cent discounted rates as compare to furnace oil are being patronized despite the opposition by Planning Commission and Ogra while they have sent packing four federal secretaries which has terrified the entire bureaucracy.

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Budget a threat to economy, society: int’l tax experts

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Budget to widen gap between rich, poor: Dr Ikramul Haq
Govt yet to provide economic justice to masses: Huzaima Bukhari
Budget pushing majority to abject poverty: Dr Murtaza Mughal
International tax experts Dr Ikramul Haq and Huzaima Bukhari on Tuesday said current budget will widen the gap between rich and poor which is detrimental for society and economy.
They said that the budget indicates failure of the government to provide economic justice to the masses by taxing the rich.
Talking to Dr Murtaza Mughal, President of the Pakistan Economy Watch, Dr Ikramul Haq and Huzaima Bukhari said that budget lacks focus on welfare programmes and it will impede poor from moving up economically.
The budgetary measures will not redistribute wealth and income in the society but benefitting the affluent, the tax experts said.
Government efforts will not help overcome economic crisis but it has successfully pushed majority to another crisis in this era of high inflation, they remarked.

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Sindh budget a flawed document: PEW

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Sindh budget termed disappointing
PPP hasn’t learned from mistakes, defeat in polls
The Pakistan Economy Watch (PEW) on Thursday said budget presented by Sindh government is a flawed document with nothing commendable in it.
The budget indicates that it is very hard for PPP to learn from mistakes and rejection by masses in recent elections, said Dr Murtaza Mughal, President PEW.
He said that provincial budget is continuation of the failures of the PPP which claims to be the largest political party of the country.
The budget presented by the federal government had many objectionable points which have created a storm across country but it indicates the willingness of the economic managers to bring a positive change, he said.
He said that Punjab government has taken many laudable steps in the budget which has added to their credibility.

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Budget leaves IWCCI disappointed

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Budget according to aspirations of FBR
Prices of necessities to burn a hole in pocket
Samina Fazil, founder president, Islamabad Women’s Chamber of Commerce and Industry (IWCCI) on Friday said budget has left women entrepreneurs highly disappointed and added to the miseries of man on the street.
Masses were anticipating some relief in the first budget of the new government but it proved to be a major destabilising factor as far as budget of households is concerned.
Speaking to female entrepreneurs, she said that budget is according to wishes and aspirations of the FBR whose negative impact has starting engulfing whole country.
Dr Murtaza Mughal, President of the Pakistan Economy Watch, President IWCCI Farida Rashid and others were also present on the occasion.
Samina Fazil said that budget is based on expectations while ambitious collections target will further weaken the private sector and choke growth.

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PEW terms budget a disappointment

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Taxation measures to trigger inflation, corruption
The Pakistan Economy Watch (PEW) on Thursday criticised new taxation measures introduced in the budget as it will open floodgates of inflation and corruption.
Revised sales tax (ST) rate from 16 per cent to 17 per cent will add to the miseries of dejected masses therefore this decision merits revision, said Dr Murtaza Mughal, President of the PEW.
Contrary to the claims of the new government, budget offered no relief for general pubic who will see hike in prices of all commodities within days, he added.
Dr Murtaza Mughal said that upward revision in the ST rate indicate that government is in no mood to uproot corruption or widen tax base to augment income but to burden masses.

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PEW proposes NGOs Regulatory Authority

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SECP’s move to update rules and regulations for NGOs lauded
Humanitarian support tied to transparency, accountability in non-profits
The Pakistan Economy Watch (PEW) on Tuesday proposed establishing a powerful NGOs Regulatory Authority to monitor and streamline the activities, funding and expenses by non-profits.
At present no one is fully aware of what is happening in the development sector paving way to suspicions at home and abroad.
Lack of proper reporting and scrutiny procedure by governmental has been raising concerns about overlapping of activities, wastage of efforts, misuse of resources, and improper aid distribution, said Dr Murtaza Mughal, President PEW.
The government should rationalize the process of registration of NGOs as it has no record of the exact number of civic groups while different NGOs are getting registered at different federal and provincial departments, he said.

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PML-N leaders disappointing masses: PEW

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PEW points towards politicians involved in massive gas theft
Govt should unveil name of culprits, inform masses about action
Masses deserve to see difference between incumbent, former rulers
The Pakistan Economy Watch (PEW) on Monday said that leaders of the PML-N have started disappointing masses through their statements.
Masses have voted PML-N to power to lessen their difficulties and not to take note of their fictional statements which are adding to disappointment, it said.
Dejected and highly demoralised masses deserve to see difference between incumbent and former corrupt rulers, said Dr Murtaza Mughal, President PEW.
Some recent statements regarding load shedding and energy crisis indicate that the federal ministers are speaking language of the powerful lobbies that might have financed their election campaigns, he said.

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Nawaz only option to recover nation’s socio-political and economic health

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‘N’ infusing confidence in masses, business community: Farida Rashid
Energy crisis wiped out 10pc GDP in five years, become national security issue
President Islamabad Women’s Chamber of Commerce and Industry (IWCCI) Farida Rashid on Friday said PML-N is putting its words into action to boost the morale of business community and masses which is imperative for an economic turnaround.
Business community is largely upbeat as the steps and policy statements by PML-N leaders are highly encouraging, she said while speaking at a seminar regarding energy crisis and other challenges.
President Pakistan Economy Watch Dr Murtaza Mughal, President ICCI Zafar Bakhtawri, former presidents ICCI Zahid Maqbool and Basit Dawood, Kokab Iqbal advocate and others were also present on the occasion.

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Chairman SDC plundering institution

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Chairman of the Skill Development Council (SDC) Mian Akram Farid has been plundering the institution since long, a top official said Wednesday.
Muhammad Riaz, Chief Executive of the SDC said that merit has been bulldozed while whole family, associates and personal employees of the chairman are looting the institution in a very systematic manner.
Talking to Dr Murtaza Mughal, President of the Pakistan Economy Watch, he said that resources of SDC are being utilised to promote personal businesses and relations of Mian Akram Farid.
He said that personal employees of the chairman working in Pak Iron and Steel Casting and Hotel Crown Plaza have taken control of the office and critical record and they always force government servants to get illegal orders executed.

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PEW criticizes underinvestment in tobacco control

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Extra taxes on tobacco industry in upcoming budget suggested
Smoking linked to economic losses and burden on health-care system
The Pakistan Economy Watch (PEW) on Sunday asked the incoming government to take serious steps including imposing additional taxes on tobacco industry in the upcoming budget to discourage its growing usage.
Despite all the half-hearted efforts including the Anti-Smoking Ordinance, tobacco use and exposure to second-hand smoke continues to grow and remained the leading preventable cause of death and disease, said Dr Murtaza Mughal, President PEW.
It also results in productivity losses especially among the less fortunate people of the society, economic losses, and a substantial burden on the health-care system which can be reduced, he said.

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IWCCI proposes simple step to boost forex reserves

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Unexplored potential of overseas Pakistani can boost economy: PEW
The Islamabad Women’s Chamber of Commerce and Industry (IWCCI) on Saturday proposed simple and implementable step to boost dwindling foreign exchange reserves.
There are over ten million Pakistanis working in around seventy-nine countries including USA, UK, Canada, UAE, Saudi Arabia etc.
Government can use the potential of overseas Pakistanis to augment forex reserves in order to bring meaningful economic reforms, said Farida Rashid, President IWCCI.
Talking to Dr Murtaza Mughal, President Pakistan Economy Watch, she said that friendly schemes must be introduced to restore confidence of overseas Pakistanis.
Government can announce a scheme in which if a person sends remittance of up to one million dollars, he/she will be eligible to bring a duty-free automobile in Pakistan, she said.

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Iranian company offers quick fix solution to Pakistan’s energy crisis

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MAPNA ready to invest heavily across Pakistan
An Iran based global company has offered immediate solution to the Pakistan’s prevalent power crisis which has pulled economy down and crippled general life.
Iran Power Plant Projects Management Company (MAPNA), the sixth largest power company in the world says that it can bridge gap between demand and supply of electricity within months.
A delegation headed by Muhammad Hussain Baqri, head of international communications MAPNA said this while talking to Dr Murtaza Mughal, President of the Pakistan Economy Watch (PEW).
He said that Iran’s installed capacity is 70000 MW out of which MAPNA is providing 67000 MW and we can easily provide up to 10000 MW to Pakistan on most economical rates as compare to any neighbouring country. Pakistan’s current electricity shortfall stands at 7000 MW.

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