Archive for June, 2017

Government not interested in economic revival: PEW

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PEW fears economic meltdown as trade deficit widens
The Pakistan Economy Watch (PEW) on Wednesday said that government seems uninterested in the economic revival as it has focused all its attention on the politics since it came to power.
Government continue to avoid reforms and unpopular decisions since years and it is unlikely that it will do something in the election year, it said.
Government and opposition are not concerned with the economic revival, they are pushing their own agenda which is leading country towards a default, said Dr. Murtaza Mughal, President PEW.
He said that the trade deficit in the first eleven months has surpassed thirty billion dollars but the government has not done little to prevent the economic meltdown.
Government or other political parties have yet to suggest a concrete framework of policies to improve overall growth rate and to ensure that all regions and segments of society reap the fruits of a booming economy, he added.

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Sale of loss-making government entities demanded: PEW

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The Pakistan Economy Watch (PEW) on Sunday said that trade deficit of first eleven months of the current fiscal has reached to thirty billion dollars calling for urgent steps to reduce expenses.
The government should take some meaningful steps to reduce the deficit while the process should begin with the sale of Pakistan Steel Mills, PIA, power companies and other bleeding enterprises, it said.
Transformation of state-owned assets into the property of persons independent of the state will help government raise funds, reduce losses, cut the budget deficit, improve exchange rate and boost the ailing economy, said Dr. Murtaza Mughal, President PEW.
He said that privatization is an integral part of the on-going process of economic reforms which must be carried out very carefully to identify and remove things which are compromising national growth.

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Economic managers pushed country to the brink of default: PEW

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Budget failed to revive confidence of investors and exporters
Govt more interested in politics putting economy on the back-burner

The Pakistan Economy Watch (PEW) on Wednesday said economic managers have pushed the country to the brink of default as the export-import gap has jumped to the unprecedented 30 billion dollars.
The situation worsening by the passage of every day but the government seems to be more interested in politics, it said.
In the current economic scenario, getting loans from the banks is not sustainable as it continues to burden exchequer and it is not a substitute to the exports, said Dr. Murtaza Mughal, President PEW.
He said that budget has failed to address the concerns of important sectors as the textile, overseas investors, construction, stock exchange, corporate sector, multinationals and various chambers of commerce have rejected the budget and started protests.

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Steps demanded to ensure food security: PEW

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Problem in Pakistan is not availability of food but its price
The Pakistan Economy Watch (PEW) on Sunday demanded steps to ensure food security as the problem in Pakistan is not linked to the availability of food but its prices which are out of the reach of many.
It expressed reservations over government response to the looming food security threat as global problems have exacerbated food insecurity across the globe.
Government should increased investment to ensure food security for the whole population many of whom are finding it difficult to get adequate food, said Dr. Murtaza Mughal, President PEW.
He said that Government must launch comprehensive food security survey so that policymakers can plan on the basis of ground realities.

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China’s OBOR project bringing world closer: PEW

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Pakistan will hugely benefit from Beijing’s initiative
The Pakistan Economy Watch (PEW) on Thursday said China’s One Belt One Road (OBOR) project have so far brought 68 countries together across three continents.
Asia, Europe, Africa and Latin America are coming closer which is a very good omen for world’s peace and prosperity, it said.
Chinese are focused on Asia with Pakistan and Central Asian states getting more benefits than others countries which is not acceptable for some countries, said Dr. Murtaza Mughal, President PEW.
He said that the Silk Road has existed for thousands of years, it enriched the countries it passed through and now it is being revived.

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Builders and developers cheated Govt on tax matters: PEW

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Immediate action against builders, withdrawal of special tax demanded
The Pakistan Economy Watch (PEW) on Tuesday said the builders and developers cheated government on the issue of tax, therefore, an action should be taken against leaders of this sector.
Last year government imposed some taxes on this sector which resulted in massive protests after which the leaders of the construction industry assured the government that tax collections would be increased if their demands are accepted, it said.
Subsequently, the government accepted their demand to bring this sector into special tax regime as the builders promised to boost tax collection to 25 billion rupees, said Dr Murtaza Mughal, President PEW.

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SBP cheating masses to please government: PEW

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The Pakistan Economy Watch (PEW) on Sunday said State Bank continue to cheat masses to please the government which has dented its credibility.
It asked the State Bank of Pakistan to present true picture of the economy and refrain from issuing political statements.
The statement of the governor of central bank regarding country’s debt-servicing capacity, remittances and exports are questionable at best, said Dr. Murtaza Mughal, President PEW.
He said that confidence in the central bank is essential for the smooth functioning of the financial system therefore job of issuing rosy statements should be left to the politicians.
Dr. Murtaza Mughal said that the governor of SBP has termed fall in remittances and exports as temporary which widening deficit has been downplayed which is contrary to the ground realities.

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