Archive for October, 2013

Energy and tax hike to enhance theft: PTI

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FBR hurdle in making Pakistan self-reliant: Dr Mughal
Member National Assembly of Pakistan Tehreek-e-Insaf (PTI) from Swat Murad Saeed on Wednesday said PLM-N led government is following policy of crushing poor to please elite.
He said that a raise in power tariff and taxes would not help boost revenue but lead to increased theft.
Talking to Dr Murtaza Mughal, President of the Pakistan Economy Watch, he said that we reject all the moves aimed at so-called economic stability on the cost of masses.
Murad Saeed said that promises of an economic revival are deception by those failed leaders who have disappointed masses time and again.
PTI is struggling to make Pakistan a developed and respected nation where everyone will have equal opportunities and rights, he said.

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Power tariff hike to paralyse masses, economy

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Govt decisions to help it meet PPP regime’s fate
Country being destabilised to please IMF
The Pakistan Economy Watch (PEW) on Saturday criticised the upward revision of the power tariff saying that it would paralyse the masses and the struggling economy.
The government says that it cannot break promise with international monetary institutions but finds it very convenient to break all the poll promises, said Dr. Murtaza Mughal, President PEW.
He said that the life of common man has been made miserable beyond imagination as the rulers are playing with national security in a bid to please IMF and restore global rating.
Government has been following policies of the IMF to ensure so-called stability which is destabilising the whole country, he added.
Dr. Murtaza Mughal said that rulers are unwilling to contain theft worth Rs 250 billion in the energy sector, tax nobility, nab tax evaders or contain Rs 500 billion corruption in the FBR therefore it is bleeding the masses and honest taxpayers white.

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Eid, wedding season to boost reserves, stabilise exchange rate

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The Pakistan Economy Watch (PEW) on Wednesday said exchange rate may stabilise soon due to buoyant inflow of remittances ahead of the Eid-ul-Azha.
We hope that the inflows would improve reserves as expatriates are remitting more money to the families and relatives before the Eid, said Dr. Murtaza Mughal, President PEW.
The strong inflow of remittances into the country has been supporting the rupee against the US dollar, now it has gained pace which will certainly help local currency gain points and help reduce uncertainty, he added.
However, he said that the continued capital outflows which have resulted in extra pressure on the foreign exchange reserves and the exchange rate suggest that the gains may be temporary.
Government and SBP would have to take some serious steps to control exchange rate vitality on a permanent basis that include serious market interventions.

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Government losing popularity among masses: PEW

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Debatable policies causing brain drain, capital flight and exodus of industry
The Pakistan Economy Watch (PEW) on Tuesday said controversial steps by the government are choking growth, frustrating masses and the business community while hitting its popularity.
Economic managers continue to take questionable decisions on the dictation of IMF making life difficult for the masses, said Dr. Murtaza Mughal, President PEW.
He said that recently power tariff was revised for the domestic consumers but the Supreme Court intervened to salvage the masses. However, the government hit the masses with an unjustified hike in the Sales Tax which resulted in the massive uproar.
Dr. Murtaza Mughal said that the decision was taken in a situation when rupee has eroded by 10 per cent against the dollar while runaway inflation has pushed millions below the poverty line.
Earlier, one of the most corrupt institutions was given complete access to the bank accounts which put the future of the banking industry at stake. The decision was taken back to the stiff resistance by banking companies, business community and the masses, he said.

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PEW expresses reservations over rapid privatization process

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The Pakistan Economy Watch (PEW) on Sunday expressed concern over rapid privatization process initiated on the dictates of International Monetary Fund (IMF).
It said that hasty sale of national assets to finance budget deficits without a detailed strategy may be prove harmful to the economy.
There is no justification is selling state-owned companies that are making profit, said Dr. Murtaza Mughal, President PEW.
He said that majority of the earlier privatization initiatives failed as most of the buyers were interested in the properties of the organisations sold to them.
The sale of PTCL worked because it was in profit at the time of privatization process, he observed.
Therefore, property dealers and developers should not be allowed to take part in the bidding process, said Dr. Murtaza Mughal.

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حکومت چوروں کو پکڑنے کی بجائے ٹیکس بڑھادیتی ہے:ڈاکٹر مُرتضیٰ مُغل کی خصوصی گفتگو

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Masses braving storm in the name of reform

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PEW disapproves Government’s cold economic management
Masses not responsible for Govt’s financial dilemma: Dr. Murtaza Mughal
Govt asked to tax rich instead of poor: Presdient PEW
The Pakistan Economy Watch (PEW) on Wednesday said masses are not responsible for the financial difficulties of the government therefore they don’t deserve to be punished for blunders of economic managers.
Government has failed to boost revenues; it is not bothered about tax reforms and has decided to conveniently tax poor to raise funds which is not the best solution, said Dr. Murtaza Mughal, President PEW.
He said that the government can focus on controlling the massive electricity theft, collecting bills from chronic defaulters, and introduce reforms to improve efficiency of the ailing power sector.

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