Archive for July, 2013

Rising dollar and falling rupee exposes Govt, IMF deal

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The Pakistan Economy Watch (PEW) on Friday said rising dollar and falling rupee has exposed the secret deal between government and IMF to depreciate the local currency.
The sliding rupee has also exposed expertise of the economic managers of the incumbent government, it said.
The deal between government and the lender is also evident from the role of SBP which has been reluctant to take concrete steps to stabilise the exchange rate, said Dr Murtaza Mughal, President PEW.

He said that depreciation in the valure of rupee will invite inflation as Pakistan heavily relies on imports. Moreover, it will add to the foreign debt and make life of masses miserable.
Overseas Pakistanis will prefer to send money through hundi as the difference in interbank and open market rate is at unprecedented level, he added.

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Teacher demand, supply gap threatens future: PEW

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Cut in Govt spending, int’l aid jeopardises future of millions
The Pakistan Economy Watch (PEW) on Sunday said increasing gap between demand and supply of teachers pose a threat to Pakistan’s future.
Student-teacher ratio as well as teacher recruitment practices, teacher management, teacher attendance, teaching practices and absence of performance monitoring system in majority of schools is resulting in low student learning, it said.
Pakistan’s prosperous future can only be ensured if it is realised that every child needs a teacher for which creation of around fifty thousand new teaching posts in next few years are required, said Dr Murtaza Mughal, President PEW.
He said that the supply of teachers is failing to keep pace with the demand, the world needs 6.8 million teachers to ensure every child’s right to basic education, he added.

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Internet access rate in South Asia disappointing: PEW

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The Pakistan Economy Watch (PEW) on Sunday said a third of the world’s population has online access to the Internet with South Asia having lowest penetration rates of 9 per cent.
Thirteen out of every 100 people in Sub-Saharan Africa have the Internet access.
Mobile phones and internet have become integral part of development but South Asia is still lagging behind in the rapidly changing world, said Dr Murtaza Mughal.
According to latest World Bank’s report, mobile phone subscriptions have almost doubled every two years since 2002 to hit mark of 5.9 billion subscriptions globally, almost one for every person if distributed equally, he said.

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PM’s China visit boosts national morale: PEW

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Pakistan to benefit as China, India to attract 37 pc of global investments by 2030
Decisions realising major shifts in global economic patterns to benefit country

The Pakistan Economy Watch (PEW) on Wednesday said the visit of Prime Minister Nawaz Sahrif and Chief Minister Punjab Shahbaz Sharif to China has boosted the morale of of the general population and business community.
The visit retold the desire of the PM to resolve energy crisis on sustainable basis and take all necessary steps to put country on the path of development, it said.
The visit of CM to Qatar may boost the process of LNG import which will help mitigate energy crisis, said Dr Murtaza Mughal, President PEW.
He said that confidence building measures with India should be accelerated at New Delhi will attract seven per cent of all the global investments by 2030 which will benefit whole region.

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Nothing wrong in getting IMF loan as last option

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Proper usage of borrowed money real test of the government
Decision of equitable loadshedding questioned
The Pakistan Economy Watch (PEW) on Monday said securing IMF loan was not a success unless the government ensures proper utilisation of borrowed money to the satisfaction of all stakeholders.
Real test of the government will be to best utilise the money and fulfil promises with the international lender to improve economy and boost credibility, it said.
Pakistan was left with no option but to accept IMF conditions or face a default as the former government left Rs14.3 trillion of domestic loans, Rs500 billion circular debt, external financing requirements of $ 11.5 billion and budget deficit at 9 per cent, said Dr Murtaza Mughal, President PEW.
Pakistan would have been a developed country if if half of the money borrowed in past was utilised properly, he said adding that asses were expecting a good decision on taxing agricultural income to balance the taxation regime which hasn’t happened.

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Pakistan inching towards food crisis: PEW

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The Pakistan Economy Watch (PEW) on Sunday asked the government to act immediately as country is inching towards severe food crisis.
The food insecure masses of Pakistan will have to pay the heavy price if government continued to delay decision regarding import and export of wheat as local stocks are not enough to meet food requirements until the next crop, it said.
The situation of wheat reserves is far from satisfactory as around 7.5 million tonnes of commodity with the federal and provincial governments is insufficient, said Dr Murtaza Mughal, President PEW.
According to an independent estimate, Pakistan produced a total of 22.8 million tons of wheat in 2013 which was 2.2 million less than the set target of 25 million tonnes, he added.

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Govt misleading masses on CNG issue

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Half-truth by energy officials amounts to whole lie
The Pakistan Economy Watch (PEW) on Wednesday alleged that top government officials have started a campaign against CNG sector by misguiding masses by presenting doctored figures.
The incumbent administration is following the footsteps of former government by holding back the truth hidden from the common people to fulfil their objectives without public uproar, it said.
Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has started speaking the language of influential lobbies who have thrown the country into unmanageable energy crisis for their profits, said Dr Murtaza Mughal, President PEW.
He said that government seems to have planned to get rid of the world’s largest CNG industry to please influential sector and continue the unjust distribution of natural gas.

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UK’s PM visit to result in regional stability, prosperity

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Two-day visit of British Prime Minister David Cameron will push the efforts if international community for regional peace, stability and economic prosperity, a religious leader said Monday.
Positive efforts of the UK’s leadership for a stable, prosperous, peaceful, and democratic Pakistan are acknowledged by people, said Prof. Ajaz Mehmood Qadri, Chairman International Peace Council for Interfaith Harmony.
Cameron’s visit as first foreign head of government since PM Nawaz Sharif took office in June will help Pakistan implement economic development agenda, he said while speaking at a forum organised by Pakistan Economy Watch.
It is encouraging to know that UK, a close friend and genuine development partner having a strong voice in the EU, will continue advocating Pakistan’s access to EU market.

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PEW questions wisdom behind imposing addition tax on telecom sector

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Decision to compromise service, expansion and 3G auction
Heavy taxes on telecom sector unjustified: Dr Murtaza Mughal
The Pakistan Economy Watch (PEW) on Sunday questioned wisdom of the economic managers of the government behind the decision to slap additional tax on the telecom industry.
The short-sighted decision will increase burden on masses, add to problems of telecom sector and hurt the reputation of PML-N, it said.
An increase of 5 per cent withholding tax can have an impact on foreign investment in the telecom sector; it can hurt network expansion plans of the operators and compromise quality of the service, said Dr Murtaza Mughal, President PEW.
He said that the decision based on fulfilling tax collection target of Rs2.475 billion can reduce communication between people paving way for poverty and other problems.

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