Budget to disappoint masses: PEW

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The Pakistan Economy Watch (PEW) on Sunday said that budget will disappoint masses, increase unemployment and poverty and reduce exports.
Only poor will feel pain of the IMF-backed austerity measures imposed on the poor to reduce the budget deficit, it said.
Government has moved a little to expand tax net while focusing on existing taxpayers which will prompt tax theft to keep economy destabilised and dependent on foreign loans, said Dr. Murtaza Mughal, President PEW.
The policymakers have decided not to annoy traders and large part of the business community that don’t want to pay taxes, he noted.
Dr. Murtaza Mughal said that the government is more interested in executing projects that can result in their swift popularity rather than resolving real issues confronting economy.

Giving an example, he said that Rs 115 billion have been allocated to WAPDA and Atomic Energy Commission while Rs 112 billion has been allocated to National Highway Authority so that Lahore-Karachi Motorway project and other roads could be completed.
The energy crisis merited additional attention as well as allocation as compare to roads but it is not a monumental project like motorway to bring a good name to the incumbent government, he observed.
The economic cost of the chronic energy crisis and issues like sewerage, potable water, healthcare and educational facilities have been conveniently ignored for the sake of political mileage, he remarked.
Dr. Murtaza Mughal said that agriculture, the back bone of our economy, has been ignored while hike in the Gas Infrastructure Development Surcharge will have a negative impact on all the gas consuming sectors including textiles which is largest urban employment provider and leading foreign exchange earning sector.
GIDC hike can compromise ability of country to properly benefit from GSP plus, he warned.

In: UncategorizedAuthor: host