Archive for August, 2017

Banks shouldn’t ignore small businesses, farmers: PEW

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The Pakistan Economy Watch (PEW) on Sunday asked the banks not to ignore small businesses and small farmers which are central to the national development.
It asked the commercial banks to facilitate SME sector and farmers with small holdings so that they can enhance their business which will move the slow process of growth.
Farming and SME sectors are best suited to reduce unemployment by providing jobs but some policies are hindering their growth which must be discarded, said Dr. Murtaza Mughal, President PEW.
He said that small and medium sized businesses and small farmers should be supported on the policy level and given preference in the provision of credit by the commercial banks.
Dr. Murtaza Mughal said that uninterrupted flow of finances are important for survival and expansion of these critical without which economy cannot be revived.

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PM asked to move the stalled privatization process: PEW

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The Pakistan Economy Watch (PEW) on Wednesday asked the Prime Minister Shahid Khaqan Abbasi to move forward the stalled privatization process.
The bleeding state-run enterprises are wasting hundreds of billions of rupees annually which can be saved be selling these corporations, it said.
Former prime minister Nawaz Sharif promised to sell loss-making enterprises but he preferred to sell some profitable concerns which raised many eyebrows, said Dr. Murtaza Mughal, President PEW.
He said that at this juncture our country cannot afford the luxury of wasting over Rs500 billion annually on inefficient state-run-enterprises.
The money raised through the disposal of the infected assets can be used on welfare projects which are seeing cuts since years, he added.

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Govt asked to contain fall in forex reserves, exchange rate: PEW

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Foreign reserves are depleting at an accelerated speed
The Pakistan Economy Watch (PEW) on Sunday asked the government to stem fall in forex reserves and exchange rate.
Fall in value of rupee against US dollar and falling reserves that are now around 14 billion dollars, has raised concerns among the masses and the business community, it said.
Serious efforts should be made to save hard-earned gains achieved by the county after taking tough actions under the last International Monetary Fund (IMF) loan program, said Dr. Murtaza Mughal, President PEW.
An immediate action is required otherwise the situation might go out of control exactly at a time of general elections next year with no other option but to seek another bailout package from the IMF, he added.
Dr. Murtaza Mughal said that the value of rupee has nothing to do with the export competitiveness and erosion in the exchange rate has a very little and temporary impact on the exports.

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Government avoided economic reforms for years: PEW

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Bold decisions unlikely in the election year
The Pakistan Economy Watch (PEW) on Tuesday blamed that PML-N led government for avoiding meaningful economic reforms for many years which has resulted in a difficult situation.
The former Prime Minister Nawaz Sharif avoided reforms despite the insistence of experts and foreign institutions while the current administration cannot afford difficult decision due to the election year, it said.
Increasing imports, reduced exports, swelling current account deficit and absence of foreign investment has added to the deficit which has touched alarming proportions, said Dr. Murtaza Mughal, President PEW.

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Sugar mills mafia blackmailing Govt, masses and farmers: PEW

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Sugar crisis bring created to mint money
Govt asked to take strict action against profiteers
The Pakistan Economy Watch (PEW) on Tuesday demanded stern action against sugar mills mafia which is blackmailing the Government, consumers and farmers.
Sugar mills have stopped the supply of the commodity in Karachi and some other places to force government for export subsidy and make extra money.
This has resulted in the prices of sugar to rise in the market which is benefiting the mafia controlling the supply of the product in the country, said Dr. Murtaza Mughal, President PEW.
The same mafia has stopped payment to sugarcane farmers in different areas of the country making life difficult for them, he added.

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Circular debt become a threat to the economy: PEW

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Islamabad Chamber of Small Traders on Sunday asked the government to resolve the circular debt which has swelled to Rs800 billion posing serious threat to the economy.
Currently, the government is focusing on LNG which is cheaper than the hydel power but open to fluctuation in the international market, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
He said that government should pay proper attention to the hydel power projects that generate cheap electricity and it is immune from external shocks.
Shahid Rasheed Butt said that power plants using imported fuel generate costly electricity while fluctuations in the oil prices result in miseries of the masses.

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CDA should refrain from harassing the business community: PEW

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CDA harassing local and foreign investors
The Pakistan Economy Watch (PEW) on Friday asked the CDA to refrain from harassing the business community of the Capital city on false pretexts.
CDA officials have planned to mint money from the business community by blackmailing them which should be noticed, it said.
The department has issued notices to hundreds of owners of commercial properties to make verandas in their buildings otherwise CDA will demolish the buildings and recover the cost from the owners of the properties which is illegal, said Dr. Murtaza Mughal, President PEW.
He said that hundreds of local and multinational companies are operating in buildings which are without verandas as its construction is not mandatory.

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PEW asks FPCCI president to resign immediately

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Arrest on charges of tax evasion to damage image of FPCCI, country
The Pakistan Economy Watch (PEW) on Thursday asked the president FPCCI to immediately resign from his post as he can be arrested any time which will damage the image of FPCCI and the country.
Nab has filed a reference against President FPCCI Zubair Tufail, his son, brother and others for evading tax and the accused can be arrested anytime, it said.
SM Muneer, the leader of United Business Group should not prefer to support his blue-eyed over the interests of the country, said Kashid Ibbal Gondal, SVP, PEW.

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Call to encourage agricultural sector: PEW

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The Pakistan Economy Watch (PEW) on Tuesday called upon the authorities to promote agriculture and livestock sectors to life rural communities out of poverty.
The agricultural sector is considered the backbone of the economy which is largest employment provider while eighty percent of exports are linked to it but it is not getting due attention, it said.
Modern methods are being ignored while inputs are being increased to boost production which is increasing the cost of doing business while continued neglect has reduced share of agriculture on the GDP, said Dr. Murtaza Mughal, President PEW.
He said that it is next to impossible to ensure national development while keeping agricultural development on the back burner which is the mainstay of the economy.

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