Archive for April, 2017

Unnecessary secrecy on CPEC hitting national interests: PEW

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The Pakistan Economy Watch (PEW) on Monday said unnecessary secrecy on economic corridor is against the national interests as it is harassing the business community.

Government should trust its subjects and divulge full details of the project so that local and foreign investors can participate in it, it said.

Different Chinese companies are getting massive tax breaks which while there is so much concealment in the whole affair that a governor of the central bank had to speak in public about lack of knowledge about the project, said Dr. Murtaza Mughal, President PEW.

He said that different Chinese companies have been given tax breaks for over two decades which include exemptions from income tax, sales tax, excise duty, customs duty, withholding tax etc.

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Govt asked to reform SBP, PSEs: PEW

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Central bank should autonomous
The Pakistan Economy Watch (PEW) on Sunday said government should provide autonomy to the State Bank of Pakistan (SBP) and install professional management in the bleeding Public Sector Enterprises (PSEs) to guarantee economic revival.
PSEs have not been reformed despite the promises made by the top officials of the incumbent government while the SBP’s sole focus was to ensure provision of cheap loan to the government in violation of rules which took toll on economy, it said.
The central bank continue to cheat masses about various issues including agricultural loans on which ninety percent are distributed in one province, said Dr. Murtaza Mughal, President PEW.
He said that SBP triggered inflation and crowded out private sector which contributed to unemployment as record number of businesses were closed.

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Lifting ban on gas connections questioned: PEW

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Customers not enthusiastic about imported gas
The Pakistan Economy Watch (PEW) on Thursday questioned decision of the Cabinet to lift ban on new domestic and industrial gas connections terming it a flawed decision.
The decision has raised questions about the LNG policy and the efficiency of the power sector, it said.
Government has lifted ban on new gas connections which was imposed during 2011 as the supply of imported gas has increased while demand in insignificant, said Dr. Murtaza Mughal, President PEW.
He said that as a rule governments bound customers for purchase and then import gas but in Pakistan the LNG import deal was signed before finding the customers.
The imported gas is costly therefore customers are not using it willingly and delaying paying the bills which was resulting in circular debt therefore ban was lifted.

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PM Nawaz has ensured rapid economic progress: Kuchela

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No power can defeat Pakistan on economic front
Pakistan enjoys trust of international institutions
Prime Minister Nawaz has ensured rapid economic progress in the country which was on the brink of bankruptcy three years ago, a political leader said Wednesday.
Pakistan’s economy has been stabilised due to serious efforts and now no power can defeat Pakistan on the on economic front, said Muhammad Aslam Kuchela, former MNA and member of PML-N Provincial and General Council.
Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch, he said that many powers are against the economic corridor but it would be completed well in time which will be the beginning of a new era of peace and prosperity.
Prime Minister Nawaz Sharif has introduced policies that are being lauded by dozens of international institutions which is a great achievement, he said, adding that irrespective of inherent weaknesses our private and public sectors have made great strides.

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Govt earning undue profit on petroleum products: PEW

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Nobility should be forced to pay taxes to win war against terror
The Pakistan Economy Watch (PEW) on Sunday said unjustified taxes on fuel continue to hurt masses and economy therefore the same should be reduced.
High prices of fuel has become an incentive for smugglers who are thriving on low prices of oil and gas in Iran and Afghanistan, it said.
Border arrangements have failed to deter the smugglers as fifteen to twenty percent petrol consumed in Pakistan is said to be smuggled from neighbouring countries, said Dr. Murtaza Mughal, President PEW.
He said that smuggling of LPG continue to increase grabbing around thirty percent of the local market putting survival of local producers at stake as involvement of big fish cannot be ruled out.

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