Archive for February, 2016

PEW demands removal of distortions in wheat market

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Masses forced to buy costliest flour in the world despite self-sufficiency
The Pakistan Economy Watch (PEW) on Sunday asked the government to tackle distortions in the wheat market as forty percent population is living below the poverty line but they are forced to consume costliest wheat flour in the world.
Revisiting support price can improve the situation as annually surplus wheat worth billions is wasted due to improperds storage facilities, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that a former prime minister doubled the wheat support price due to sliding popularity of his party which boosted the production beyond control.
The bid to win elections failed and country lost competitive edge in the international market running out of all options but to export a little quantity and start donating the commodity.

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Oil and gas companies violating Ogra decisions: PEW

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Rights of consumers being violated for profit
The Pakistan Economy Watch (PEW) on Sunday said oil and gas companies are violating decisions of Ogra to maximise profits on the cost of consumers.
Federal Ministry of Petroleum and Natural Resources has started bypassing oil and gas regulator in favour of oil and gas companies which amounts to following the footsteps of the former petroleum minister Dr. Asim, it said.
Oil and gas companies continue to use energy crisis to mint money while the regulator has intentionally been kept impotent since long, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that Ogra quorum was kept incomplete for years while a number of incompetent officials were posted there to make it weak so that it could not impose critical decisions.

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Weak trade diplomacy behind dwindling exports: PEW

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Textile sector loosing sheen despite increased loans
The Pakistan Economy Watch (PEW) on Sunday blamed failed trade diplomacy behind dwindling exports which has forced government to borrow from international lenders to save country from default.
Fundamental changes should be introduced in the export sector otherwise government will have no option to borrow to keep forex reserves in respectable limits, it said.
Textile sector, the backbone of economy is going down while Aptma has projected a loss of 3.5 billion dollars by the yearend for which export managers are responsible, said Dr. Murtaza Mughal, President PEW.

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Low oil prices can bankrupt developing nations

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Oil importing countries may collapse before oil-rich kingdoms
The Pakistan Economy Watch (PEW) on Sunday said international community should unite to counter threat of low oil prices as it will bankrupt oil importing developing countries before the oil-rich nations paving way for another international crisis.
Pakistan should reduce expenditure, enhance exports and focus on value-addition as well as innovation otherwise it will not be able to thwart default even with the help of IMF, it said.
According to experts, oil exporting countries are running large budget deficits while Saudi Arabia having over 700 billion dollars in reserves can default by 2020 if the prices of oil remained subdued.

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Central bank’s statement disappointing: PEW

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The Pakistan Economy Watch (PEW) on Tuesday said the central bank’s recent monetary policy statement is away from the facts which has damaged the credibility of the institution.
The SBP should not act as mouthpiece of the government to mislead masses about so called economic success of the government, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that newly constituted independent monetary policy committee of the central bank has also failed to present factual picture of the economy.
The report praised increased income of the government and revenue measures ignoring that Pakistan tops list of countries with most petroleum and telecom taxes, he added.

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Govt misguided IMF on SBP autonomy: PEW

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Central bank becomes puppet of Government
The Pakistan Economy Watch (PEW) on Monday said government misguided IMF on the issue of autonomy of State Bank of Pakistan which is evident from the recent monetary policy statement.
The central bank’s statement is based on concoction which has put its repute to question, it said.
The SBP should not act as mouthpiece of the government to misguide masses about so called economic success, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that newly constituted independent monetary policy committee of the central bank has failed to present factual picture of the economy and opted to misled masses.

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Burdening masses to finance gas pipelines illegal: PEW

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Masses subjected to double taxation to benefit elite
The Pakistan Economy Watch (PEW) on Sunday said governemnt’s decision to put additional burden of Rs 110 billion on masses to build gas pipelines is highly discriminatory and illegal.
Trillions have been collected under the head of Gas Infrastructure Development Cess (GIDC) to finance pipelines during the last six years while Rs 145 billion are being collected in the current year but government has decided to punish masses thorugh double taxation to raise mor emoney, it said.
Masses deserves to know where the money collected under GIDC has gone as government has admitted having only Rs 200 billion under this head which is amazing, said Dr. Murtaza Mughal, President PEW.

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