Archive for September, 2015

Violation of rules in ICCI election slated: PEW

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All important slots gifted to Sheikh Group
DGTO must intervene in affairs business chamber

The Pakistan Economy Watch (PEW) on Sunday criticised violation of rules and regulations in the recent elections of the Islamabad Chamber of Commerce and Industry (ICCI).
The Founder Group which continue to dominate ICCI affairs since long has managed to give slot of Senior Vice President to official of an insurance company which is illegal, said Abdullah Tariq, SVP of the PEW.
Under the rules, apart from having a personal business the person contesting for any post should also be a member of the ICCI for two consecutive years.
Abdullah Tariq said that Director Trade Organisations Raza Haider cancelled the basic membership of incumbent SVP of ICCI on the ground that he was an employee and not a businessman in Sept 2004 but the Founder Group did it again.

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Only reforms can lift stagnant exports: PEW

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Extra focus on trade relaxations damaged external sector
The Pakistan Economy Watch (PEW) on Tuesday asked the government to focus on reforming export sector as too much emphasis on getting trade relaxations from other countries and blocks has proved counterproductive.
Government avoided reforming external sector to get trade benefits which has taken toll on economy, it said.
Reforms should be initiated by empowering commerce ministry and meaningful changes in all attach as well as subordinate departments, said Dr. Murtaza Mughal, President PEW.
He said that country could only hardly manage exports worth $24 billion during 2014-15 while other countries relying on textile managed well. Bangladesh exports stood at 31 billion dollars while Vietnam exports remained dollar 97 billion.
Pakistan exports dwindled 2.6 percent as compare to 2011-12 and 2.2 percent in comparison with 2013 while it shrank by 4.8 percent as compare to 2014.

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PM takes notice of excessive school fees’ hike, lauded by PEW

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The Pakistan Economy Watch (PEW) on Friday lauded Prime Minister Nawaz Sharif for taking note of highhandedness of private schools and demanded stern action against those fleecing parents on one pretext or other.
Those who have started milking parents on the name of fees and different illegal charges are not only damaging society and economy but the future generations, said Dr. Murtaza Mughal, President PEW.
Talking to Malik Ibrar, President All Pakistan Private Schools and Colleges Association, he said that government should not leave the ground open for the private sector which is busy in plundering masses in absence of any proper regulation.
He said that among two hundred thousand private schools across Pakistan, around 95 percent are charging Rs 500 to Rs 4000 per month while there is no limit for fees in the schools established for the elite.

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High LNG charges discouraging consumers, damaging project: PEW

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LNG will remain attractive if kept cheaper than furnace oil
Masses paying for mismanagement of gas companies

The Pakistan Economy Watch (PEW) on Sunday said mismanagement and high charges by different government departments has made LNG costly than the furnace oil which can damage the project.
The high price of LNG has discouraged customers as IPPs have refused to use the Liquefied Natural Gas despite persuasion by the government which is a threat to the survival of the project.
Moreover, the fertiliser sector is utilising LNG but not paying the bills in full using excuse of absence of the price notification by the Ogra which is adding to the circular debt.
He said that the supply of furnace oil is dependable while the supply chain of LNG is unpredictable which is dispiriting different gas consuming sectors.
Dr. Murtaza Mughal said that apart from taxes, the SNGPL, SSGC, PSO, terminal operators and port authorities are charging up to five dollars per mmbtu of LNG which must be slashed by 50 percent.

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Govt hailed for refusing to devalue rupee: PEW

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The Pakistan Economy Watch (PEW) on Saturday lauded Prime Minister Nawaz Sharif for refusing to devalue currency to spur exports and keep interests of masses supreme over everyting else.
The decision indicates that interests of 200 million masses cannot be sacrificed over interests of businessmen for which government deserve all the praise, said Dr. Murtaza Mughal, President PEW.
He said that a group of exporters led by President FPCCCI met Prime Minister and demanded to devalue currency by ten percent to support exports which was refused.
He said that TDAP recently asked government odevalue currency by ten percent and start printing currency which was an example of blaming others for ones own faults.
Exports have gone down because of the host of reasons for which masses cannot be punished, he said, adding that deficit should be financed by increasing tax base and not printing currency which will sink country into inflation.

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Top officials misguiding masses, Govt over gas theft issue: PEW

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Gas Ordinance failed to deter thieves, dishonest officials
Corrupt thriving while masses being punished for losses

The Pakistan Economy Watch (PEW) on Wednesday said gas officials continue to misguide government and masses on the issue of increasing theft.
Gas companies have been overtaken by mafia which have made a policy to blame others while remaining over the corruption in the utilities, it said.
A senior gas official who has enjoyed record extensions in violation of Supreme Court orders recently told a standing committee of the National Assembly that gas worth Rs 10 billion is being stolen in Kohat and Karak districts of Khyber Pakhtunkhwa in which local administration is involved.
The official divulged half-truth as he preferred not to mention gas being stolen worth Rs 30 billion in other provinces, said Dr. Murtaza Mughal, President PEW.

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Global energy demand to grow 28 pc by 2035: PEW

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Gas to be major fuel source in two decades
The Pakistan Economy Watch (PEW) on Monday said global energy demand is to grow 28 percent by 2035 while natural gas will be major fuel source within two decades.
By 2035, the world will need to produce over 32 percent more energy as compare to 2015 to satisfy the thirst of the world.
Historically, coal and oil have been the dominant fuel sources in the global energy mix but global warming and environmental issue are changing situation in favour of natural gas, the cleanest fossil fuel, said Dr. Murtaza Mughal, President PEW.
Natural gas is the logical leading fuel source for the future which will have one-third of the market in two decades, says BP Energy Outlook 2035.
Dr. Murtaza Mughal said that roughly 70 percent of natural gas is exported through pipelines with the remaining 30 percent is shipped as LNG however some experts are of the view that LNG trade to overtake pipeline trade in a decade.

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TDAP criticised for proposing 10 pc devaluation of rupee: PEW

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Suggestion to print currency termed against national interests
The Pakistan Economy Watch (PEW) on Thursday condemned proposal by TDAP to devalue currency by ten percent to boost dwindling exports and print currency to finance deficit.
The TDAP chief advised the Senate Standing Committee on Commerce chaired by Senator Shibli Faraz that government should devalue currency and print currency which is against the national interests.
Exports have gone down because of the host of reasons including performance of TDAP for which masses cannot be punished, said Dr. Murtaza Mughal, President PEW.
He said the deficit should be financed by increasing tax base and not printing currency which will sink country into inflation.
Dr. Murtaza Mughal said that government should ignore the proposal of TDAP chief and reduce cost of doing business, revisit energy tariff, rationalise taxes, pay of refunds and bring fundamental changes in TDAP.

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FBR deliberately kept imperfect to promote interests of influential: PEW

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Continued plunder pushing people away from tax system
The Pakistan Economy Watch (PEW) on Tuesday said FBR has been intentionally kept imperfect, corrupt and incompetent to promote the interests of nobility which has made life difficult for masses and buried country in the debt trap.
Every citizen of the country is under US $350 debt while the incumbent government has made a record by signing agreements of loans worth 52 billion dollars which country would receive in next five to ten years, it said.
Pakistan received 104 billion dollar of loans and grants since 1960 but it couldn’t stabilise economy or improve social sector because aristocracy was kept out of the tax net, said Dr. Murtaza Mughal, President PEW.
The nobility was not only spared but allowed to enjoy princely life on the cost of poor which created resistance against tax system in the society.
Dr. Murtaza Mughal said that the elite are united to accumulate as much of wealth and power as possible which has compounded economic disparity, social problems and made Pakistan a country which cannot survive without loans.

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