Pakistan Economy Watch (PEW)

Afiridi reminds UN to break mysterious silence, resolve disputes

Click here to View Printed Statement

Dr Murtaza Mughal resigns from FPCCI

Click here to View Printed Statement

Resignation of Mian Zahid termed unfortunate

Convener FPCCI Central Standing Committee on Insurance said Dr. Murtaza Mughal has resigned from his post.

He has tendered his resignation to express solidarity with the leaders of Businessmen Panel (BMP) of FPCCI who have left protesting the policies of group chairman and president of FPCCI.

It may be recalled that yesterday the Senior Vice Chairman of BMP Mian Zahid Hussain, Vice Chairman Saqib Fayyaz Magoon, central leader Allouddin Marri and Secretary General Ahmed Jawad had resigned from their posts and basic membership of the group.

read more…

Gross premium in Pakistan less than 0.9 percent of GDP: DrMurtaza Mughal

Click here to View Printed Statement
Govt promoting insurance sector: Federal Insurance Ombudsman
Reconciliation proved fruitful than litigation: Dr. Muhammad Khawar Jameel

Federal Insurance Ombudsman Dr. Muhammad Khawar Jameel has said that insurance is a very import sector which provides risk coverage masses and businesses.

Despite its importance the insurance penetration in Pakistan is dismally low due to lack of awareness while less then one percent of consumers take the pain to study the insurance policy which result in disputes.

Speaking at a seminar as the chief guest which was organised by Convener FPCCI Central Standing Committee on Insurance said Dr. Murtaza Mughal, he said that he is striving hard to improve the image of the sector amongst the general public and especially in the business circles.

read more…

Shifting transport to LNG to save billions in oil import: Brig Aslam

Click here to View Printed Statement

ISLAMABAD, October 18 (Online): Chairman of Pakistan Economy Watch Brig. (retd) Aslam Khan on Sunday lauded the move of the government to promote the use of LNG in vehicles in place of CNG.

As per the plan, conversion of CNG stations to RLNG is in progress and the CNG stations will not get natural gas in future and they will use imported LNG which will bring an end to the scarcity of gas for vehicles during the winter, he said.

He said that the move of the government will reduce the oil import bill by almost 20 percent, reduce environmental pollution and fares for the masses.

Aslam Khan said that the imported LNG will be around 20 to 25 percent cheaper than petrol which will provide relief to millions of people linked to the transport sector and commuters.

This will also help the government to utilise the idle capacity of LNG terminals which is resulting in heavy losses. This will bring down the terminal charges on a unit basis while the private sector will start building new terminals by investing billions.

A sizable volume of local gas will be saved through this initiative which could be diverted to industrial sector reducing complaints and triggering production and employment.

He noted that RLNG usage should be encouraged throughout the year and the natural gas could be used for more efficient uses in the industrial and power sectors.

Export competitiveness must be achieved: Murtaza Mughal

Click here to View Printed Statement

Govt on the forefront of economic recovery effort: PBIT
PM triggering economic activity: Tanveer Ilyas Khan

Chairman Punjab Board of Investment & Trade (PBIT) Sardar Tanveer Ilyas Khan has said that government is seriously persuing economic revival through enabling policies.

Prime Minister Imran Khan is triggering economic activity through different long-term and near-term initiatives while he has actively engaged the private sector for improved input of their problems, he said.

Chairman PBIT Sardar Tanveer Ilyas Khan said that economy has started showing signs of improvement despite challenges while the private sector is now more hopeful about an early turnaround.

Talking to Convener FPCCI Central Standing Committee on Insurance said Dr. Murtaza Mughal he said that coronavirus and other issues have severely damaged the economy which will not be offset by conventional tools like tweaking interest rates or calibrating tax slabs therefore the PM has started broad-based consultations with all the stakeholders.

read more…

FBR robbing poor to help rich: Dr Murtaza Mughal

Click here to View Printed Statement

ISLAMABAD: FBR seems to be more interested in collecting refunds than taxes which is damaging the fragile economy while it is robbing poor to help the righ, an FPCCI official said Sunday.

The refund system should be automated and its responsibility should rest with the central bank to reduce complaints and corruption and improve the economic situation, said Convener FPCCI Central Standing Committee on Insurance said Dr. Murtaza Mughal.

He said that the government is trying hard to inject new blood in the economy and restore the confidence of the business community but the tax mechanism is working against it.

read more…

Revenue fall may result in mini-budget, says FPCCI

Click here to View Printed Statement

A mini-budget is feared following the failure of the FBR measures to increase revenue on the behest of IMF, an FPCCI official said Tuesday.

The masses are business community is worried about the future as the FBR move to raise Rs637.4 billion through Finance Act 2019.20 have backfired, said Convener FPCCI Central Standing Committee on Insurance said Dr. Murtaza Mughal.

He said that tax-to GDP ration has dropped to 9.6 percent which was between 11.4 and 12.6 percent during the past five years which is a major blow to revenue collection administration.

read more…

Lenders demand to cut circular debt to zero senseless: PEW

Click here to View Printed Statement

Masses cannot afford exceptional hike in power tariff
Masses should not be punished for crimes of former rulers
SBP mulling rate hike, cement mafia has created artificial shortage

Convener FPCCI Central Standing Committee on Insurance Dr Murtaza Mughal on Friday said demand of the IMF and World Bank to reduce circular debt to zero in one year should be rejected as it is contrary to the ground realities.

The demand of the lenders is not implementable as it will push the country back to the stone age, he said.

Talking to present and former President of RCCI Saboor Malik and Nasir Mirza, he said that it took decades of neglect to accumulate circular debt which can be brought down to zero in a gradual manner otherwise it will hit masses and productive sector badly.

read more…