Pakistan Economy Watch (PEW)

Cyber attacks on banks expose weaknesses in online banking: PEW

Businesses asked to invest more in internet security to avoid losses
The Pakistan Economy Watch (PEW) on Sunday said recent attacks of cybercriminals on the banks resulting in heavy losses have exposed weaknesses in the online banking system.
It has also brought the need for enhanced internet security in the banking and other sectors to the limelight, it said.
After the attacks, around ten banks have stopped international transactions through their credit and debit cards which will add to the problems on consumers, said Dr. Murtaza Mughal, President PEW.
He said that all the businesses should improve cybersecurity while financial institutions should invest more in this sector under the supervision of the central bank to avoid theft of data.
Murtaza Mughal said that cybercriminals have always remained a step ahead of government agencies.
A recent report says that the internet security related losses which were $500 billion dollars in 2014 have surpassed 600 billion dollars in 2018.
The losses are set to increase to one percent of the global GDP by 2021 due to lax laws, low conviction rate and easy money, he said.
The government should invest more in cybersecurity and relevant laws should be improved to discourage the crime which has the potential to disturb banking industry, he demanded.
Dr. Mughal said that cybercriminals know no boundaries, therefore, overcoming it is not possible without international cooperation.
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Anti-encroachment operation enhanced Govt credibility: PEW

The operation has broken the back of influential, big fish
The Pakistan Economy Watch (PEW) on Tuesday said nationwide anti-encroachment has added to the credibility of the government.
The operation has broken the back of the qabza mafia as dozens of commercial buildings, filling stations, shops, marquees, restaurants, and other unauthorized structures have been demolished, it said.
The situation in many cities has improved, influential, big fish and encroachers have been demoralised, while government property worth tens of billions of rupees has been retrieved, said Chairman Brig. Muhammad Aslam Khan (Retd).
He said that government needs to intensify the operation and prefer clearing Islamabad of all the encroachments to make it a model city.
Commercial buildings have been built on the plots reserved for cinemas, swimming pools and clinics in the CDA’s master despite the fact that CDA bylaws disallow any commercial activity on plots kept for cinemas, swimming pools, and clinics, he added.
Brig. Muhammad Aslam Khan said that the government should bring to book the elements who usurped the right of entertainment of the people by greasing the palms of concerned officials.
At the occasion, Dr. Murtaza Mughal said that some people also purchased cheap plots in the industrial area and illegally converted them into plazas, educational institutions, hostels, offices, shops, showrooms, godowns and wedding halls.
Dozens of plazas were constructed in Golra which were shown as constructed in Sector E-11 to deprive masses of their hard earned income worth billions while no action was taken against them.
The calls of masses looted by builder mafia should not fall on deaf ears and operation should continue, he demanded.
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PM Imran’s China visit to stabilise Pak economy: PEW

Beijing can help IMF relax loan conditions for Pakistan
Chinese industry should be relocated to Pakistan to avoid US sanctions
The Pakistan Economy Watch (PEW) on Sunday said the upcoming visit of Prime Minister Imran Khan can result in various deals which will help stabilize our troubled economy.
The US has started a cold war against China, it is pressurizing Pakistan, using India against China and Pakistan and damaging global economic order, it said.
In the given scenario, Pakistan and China need each other to confront threats which is only possible when Islamabad is backed by a stable economy, said Dr. Murtaza Mughal, President PEW.
The outcome of the visit of PM Khan could be new deals worth billions of dollars, a package to improve the balance of payments crisis while Beijing can also help IMF relax loan conditions for Pakistan, he said.
Dr. Murtaza Mughal said that Chinese companies are facing problems due to US sanctions, therefore, Pakistan can offer them help in relocation to Pakistan while investment in other sectors can be persuaded.
Chinese investment in the agricultural sector could be sought to develop this sector and improve the trade balance by exporting agricultural products to China.
Both the countries can tackle doubts over CPEC and decide to prioritize and expedite the projects under the matchless Chinese initiative, he said.
CPEC is a huge economic opportunity which has created 80,000 jobs in Pakistan and by the end of 2030, some 700,000 more jobs will be created.
The strategic partnership between Pakistan and China is not against any third country while the US-India relationship is clearly meant to harm Pakistan and China.
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UBG may face defeat in the FPCCI elections: PEW

The Pakistan Economy Watch (PEW) on Sunday said the United Business Group (UBG) is not prepared for the upcoming elections of FPCCI.
UBG leaders used to launch election campaign four months before the elections but it has not launched an effective campaign for the elections scheduled in December, it said.
Reasons behind the delay in the campaign is said to be the recent defeat of UBG in the elections of Karachi Chamber of Commerce and other disappointments, said Dr. Murtaza Mughal, President PEW.
He said that the patron of the group SM Muneer used to call former prime minister Nawaz Sharif his hero but the PM fired him from TDAP for dwindling exports which shocked many.
Murtaza Mughal said that SM Muneer also tried to become governor of Sindh in caretaker setup but failed while all the important leaders also failed to secure any slot in the interim government.
After the election of PTI into power, SM Muneer tried to get a position in the government but was politely denied and the group was also ignored in the recently formed Business Leaders Council, he added.
However, a central leader of the Businessmen Panel was given an important ministry in the caretaker setup in Punjab.
Murtaza Mughal said that all these developments have dented the morale of the leaders and supporters of the UBG which is reflecting in their attitude.
He said that the dejection in the UBG may help the Businessmen Panel in the forthcoming elections of the Apex Chamber and the business community may see a profound change.
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PM Imran to make Pakistan a developed country: PEW

Govt will never compromise national interests for IMF loan
Masses asked to cooperate with the government
The Pakistan Economy Watch (PEW) on Sunday said Prime Minister Imran Khan will make Pakistan a respected and developed country.
Masses should reject the propaganda of elements rejected in the recent election and cooperate with the government, it said.
Masses should understand that countries cannot remain dependent on loans and changing the rotten system will take time, said Chairman of the PEW Brig. Muhammad Aslam Khan (Retd).
He added that people should not panic and remember the example of South Korea and other countries which overwhelmed their difficulties with the cooperation of the masses.
Muhammad Aslam Khan said that politicians, bureaucracy and have looted Pakistan for decades, therefore, masses and not ready to believe anything.
Now the situation has changed for good, but the government will have to take difficult decisions that would be painful for people but necessary under international commitments to get out of the current severe economic situation, he observed.
He lauded the stance of the government of not compromising on national security and the PTI government would not opt for an IMF programme if conditionalities are against the national interests.
Dr. Murtaza Mughal said that IMF programme was inevitable in the given circumstances when export competitiveness had been destroyed and debt profile aggravated over the past five years, he noted.
IMF programme would be a helping hand for the government to gradually sail through the tough economic circumstances.
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PML-N, PPP looted country like East India Country: PEW

Stabilised economy will automatically balance prices
Masses should not panic, change takes time
The Pakistan Economy Watch (PEW) PML-N and PPP plundered country like East India Company while recent price hike was a compulsion due to destructive policies of former PM Nawaz Sharif.
Masses should understand that the country cannot be run on the basis of loans forever and a change is not possible overnight, it said.
Economic stability will automatically reduce prices of energy and necessities and stabilise the eroding exchange rate, said Chairman of the PEW Brig. Muhammad Aslam Khan (Retd).
Speaking at a function, he said that people should not panic and remember the example of South Korea which took a loan of 58 billion dollars from the IMF to avoid default.
Masses cooperated with the government and deposited tonnes of gold enabling government to repay debt four years ahead of schedule, he added.
Muhammad Aslam Khan said that in 1907 the same country faced a crisis when Japanese loans matched its GDP, men quit smoking while women sold their wedding dresses and jewellery.
The world wars destroyed many countries which are now highly developed nations, he said, adding that Venezuelan economy has contracted by 18 percent in 2018, prices have jumped by 1,370,000 percent while IMF forecast says that inflation is to touch ten million percent by 2019.
Presently a cup of tea in that country costs as much as a normal home was priced a few years ago but the situation in Pakistan is far better than that.
He noted that politicians, bureaucracy and other influential have looted Pakistan to an extent that masses and not ready to believe anything but now situation has changed and the government will not need another bailout in future.
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PM’s decision to seek IMF help to stabilize the market: PEW

Hike in power, gas prices to hit masses, economy
Circular debt burden should not be put on consumers
The Pakistan Economy Watch (PEW) on Tuesday said Prime Minister Imran Khan’s decision to seek IMF help to overcome balance of payments crisis will stabilise the market facing turmoil due to uncertainty.
The continued indecision regarding a bailout package from IMF has damaged stock market, eroded rupee and raised concerns about the future of the economy but the decision of the premier will calm the nervous investors, it said.
The forex reserves are sliding, the deficit is increasing, payments for imports and debt servicing has become difficult and there is no money for developmental schemes, therefore, IMF loan has become last option, said PEW Chairman Brig. Muhammad Aslam Khan (Retd).
He said that prices of essentials are skyrocketing, circular debt has reached the mark of trillions of rupees while market capitalisation in the stock exchange has suffered by half a trillion rupees in one month.
Muhammad Aslam Khan said that investors suffered a loss of 270 billion rupees in the recent stock market crash due to uncertainty but now the situation will improve.
He said that government should try its best to deal with the IMF’s demand to further increase the price of gas and electricity, weakening of rupee and tighten monetary policy as it will hurt masses and the economy.
Masses are not ready to swallow more bitter pills, therefore, the power sector circular debt should not be recovered from the honest consumers who have not contributed to it, he demanded.

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Encouragement of non-filers criticised: PEW

Aiding tax dodgers to boost flow of illicit money in real estate market
The decision to embolden tax cheats, not to go down well with FATF
The Pakistan Economy Watch (PEW) on Saturday said relaxation given to non-filers for purchasing property and cars has encouraged tax evaders and corrupt.
The decision will hit the efforts to broaden tax net, stop the influx of black money into real estate market, stabilise the price of plots and homes, and bring an end to the culture of premium in the auto industry, it said.
The move will not go down with the Financial Action Task Force (FATF) authorities that are due soon in the country to review the progress against money laundering and terror financing, said Dr. Murtaza Mughal, President PEW.
Talking to President of Rawalpindi Islamabad Tax Bar Association (RITBA) Syed Tauqeer Bukhari, he said that the real estate sector will again emerge as a favourite area for the corrupt who find it convenient to hide their ill-gotten money in this business.
Murtaza Mughal said that the claim of the government to facilitate non-filer to buy properties will encourage expatriates to invest in Pakistan is baseless as they already enjoy exemption under the Income Tax Ordinance.
He noted that the decision to help tax cheats to buy properties and costly vehicles indicate the growing influence of real estate mafia and auto industry milking masses since decades.
At the occasion, RITBA President Syed Tauqeer Bukhari said that a delegation of FATF is due shortly to review the situation but no purposeful action has been taken against money launderers and those involved in terror financing.
He said that recently FIA arrested some currency dealers in Peshawar to please FATF but relevant clauses were not applied and they were charged under Maintenance of Public Order which was overturned by the High Court due to the absence of any evidence.
The action of federal agency speaks a lot about the capacity and will of the officials which will never satisfy FATF and it will not add to the reputation of the country, Bukhari said.
He noted that the government’s plan to modify the relevant income tax law will not help improve the situation or help get desired results.
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Eighteenth Amendment continues to damage revenue generation: PEW

The Pakistan Economy Watch (PEW) Chairman Brig. Muhammad Aslam Khan (Retd) on Sunday said the Eighteenth Amendment of the constitution has added to confusion in the taxation system.
It has divided taxation system in an unnatural way hampering documentation of the economy, helping the undocumented economy and increasing the cost of doing business for the business community, it said.
The amendment has resulted in a unique Value Added Tax (VAT) in Pakistan in which goods are taxed by federal authorities while services are taxed by the provincial authorities resulting in confusion, said PEW Chairman Brig. Muhammad Aslam Khan (Retd).
Federal and provincial revenue authorities have their own conflicting definitions for goods and services which results in disputes, litigation and loss of revenue, he added.
He said that the VAT is collected by a single authority in all the countries except for Pakistan where the tax on services gathered by provinces some of whom are facing lack of relevant laws, human resources, paraphernalia, and ability.
The capacity constraints resulted in low tax collection which has a negative impact on the overall collection, said Brig. Muhammad Aslam.
At the occasion, Dr. Murtaza Mughal said that the orchestrators of the 18th Amendment were not concerned about the welfare of the masses.
They were concerned about politics otherwise corrective measures would have been taken after the realization of the devastating consequences of the move on dozens of the sectors.
He noted that a country can never progress without a just and sound VAT, therefore, the incumbent government must take corrective measures.

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Govt should take the country out of economic isolation: PEW

Trade with neighbours insignificant except China
Kashmir issue can be resolved through trade
The Pakistan Economy Watch (PEW) on Saturday asked the government to end country’s regional economic isolation to ensure rapid national development.
We have insignificant economic relations with India, Iran and Afghanistan while the only country with whom our trade is significant is China, it said.
Trade with Iran and Afghanistan is hostage to negative US attitude while trade with India can be increased to ten billion dollars without compromising on core issues, said Dr. Murtaza Mughal, President of the PEW.
Murtaza Mughal said that all the efforts to resolve Kashmir dispute through wars and jihad have failed and the armed conflict has no longer remained an option as both the neighbours have acquired nuclear capability.
The time has come to resolve the Kashmir issue and other disputes through trade, he said, adding that India can be included in the CPEC and gas pipeline projects which will help Pakistan generate a handsome amount of foreign exchange and normalise relations.
Trade with India will import cut import bill and provide relief to masses in shape of affordable goods and services, he said.
Both the countries have a lot in common and they can consider not to compete in the international market but to cooperate to get a larger share.
Karachi port continues to block trade due to congestion and other problems which must be tackled on a priority basis, he demanded.

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Pakistan needs a real plan to prevent economic disaster: PEW

A bailout package and a new strategic trade policy is needed
Plan to boost exports aggressively can make country self-sustaining
The Pakistan Economy Watch (PEW) on Saturday said the country needs a real plan to avert the looming economic disaster.
At this critical juncture the country needs is a bailout package to remain afloat followed by a new strategic trade policy designed after consultation with all the stakeholders which can fix economic problems through exports, it said.
Islamabad needs to consider a more strategic trade policy resulting in aggressive exports in to make economy self-reliant on a sustainable basis, said Dr. Murtaza Mughal, President PEW.
All the political parties seem to be focused on petty issues and unconcerned about the economic mess as the current account deficit for the FY2018 has touched $18 billion which was $4.87 billion two years ago, he added.
Dr Murtaza Mughal said that during the last two years policymakers failed to check imports which jumped to 66.2 billion dollars in FY2018 to reverse the economic gains and erode forex reserves held by State Bank to below nine billion dollars.
Rapid devaluation and other measures increased exports by $2.7 billion which was not enough as exchange rate erosion took a toll on masses and added trillions of rupees to the debt burden, he observed.
The increase in exports failed to keep pace with the increased imports and the economy continued to consume $1.5 billion per month throughout the year.
Imposition of regulatory duty on many importable items and half-hearted measures of the State Bank has only resulted in high inflation and uncertainty.
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SBP’s monetary policy confirms serious economic troubles: PEW

Hike in interest rate to result in economic contraction
Policymakers favoring stabilisation over growth
Govt failed to boost exports, control imports
The Pakistan Economy Watch (PEW) on Sunday said the monetary policy of the State Bank has exposed the tall claims of rapid economic development by the former government and confirmed that economy is sailing in troubled waters.
Hike in the discount rate also indicates that now policymakers are preferring stabilisation over the economic growth which will initiate the process of contraction of the troubled economy, it said.
Economic contraction will result in unemployment and cuts in the developmental budget which will hit the social sector, said Dr. Murtaza Mughal, President PEW.
He said that the deficit has reached 6.8 percent surpassing the target of 5.5 percent while the current account deficit from July to May has reached to 16 billion dollars which was 11.1 billion dollars during last year.
The government is failing to control the situation despite repeated erosion in the exchange rate, it has failed to boost exports substantially or reduce unnecessary imports which have taken a toll on the forex reserves, he said.
Dr. Murtaza Mughal said that a little improvement in exports and remittances aren’t enough and the government will be compelled to revise petroleum and electricity prices but it will not save it from knocking the door of IMF as billions of dollars are needed to keep the country from bankruptcy.
He said that water scarcity has been damaging the agricultural sector on which majority of the population depends while manufacturing is to take a hit from increased interest rates.
The caretaker government has started the groundwork for the IMF loan but it is leaving the final decision to the elected government which is very encouraging, he said.
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Pakistan should reduce dependence on India for water: PEW

Dams to help balance the energy mix
The Pakistan Economy Watch (PEW) on Saturday said Pakistan should reduce its dependence on India and Afghanistan for water by constructing dams and water reservoirs.
Reducing dependence on enemy nations is essential for national security as water is being used as an effective weapon against Pakistan, it said.
Dams will not only ensure water security but also reduce dependence on fossil fuel balancing the energy mix which is heavily tilted towards oil, said Dr. Murtaza Mughal, President PEW.
Th cost of Diamer-Basha dam was estimated to be Rs1450 billion in 2008 while the allocation for the dam for the year 2018-19 stands at Rs23.50 billion which is a joke, he added.
Dr. Murtaza Mughal said that the cost of the construction of the dam has jumped by billions due to delays and exchange rate erosion, Rs101 billion is required for purchasing land and resettlement of people while reservoir will need an investment of Rs 650 billion.
In this scenario allocating a meager sum for the dam speaks of neglect of policymakers which is criminal, he said.
Dr. Mughal said that nation is contributing for construction of two dams which is laudable but the cost cannot be covered through charity. It requires the resources which can only be met through loans worth billions of dollars.
He said that dams will also reduce dependence on furnace oil saving billions of dollars in energy imports. It will reduce the cost of power generation triggering economic activity, creating jobs, boosting exports and revenue.
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Licences of twenty-six trade associations cancelled: PEW

Three women chambers also declared illegal
Business community uneasy over the decision
The Pakistan Economy Watch (PEW) on Monday said that Directorate General Trade Organisations (DGTO) has cancelled licences of twenty-six trade associations including nine chambers of commerce sparking widespread criticism.
Licences of three chambers of commerce representing women entrepreneurs have also been cancelled igniting criticism among concerned circles, it said.
A group of business leaders called on Dr. Murtaza Mughal, President of PEW and informed him that the office of DGTO is discouraging the business community. They are being insulted for small technical faults in the papers which is adding to the uncertainty.
The business community alleged that the DGTO office is full of remnants of a former government which are defaming the present government through such negative tactics.
The trade associations that have been declared illegal include Rawalpindi Women Chamber, Attock Women Chamber, Nowshera Women Chamber, Charcadda Chamber of Commerce and Industry, Benazirabad Chamber, Hunza Chamber, Qila Saifullah Chamber, Moosa Khail Chamber, and Nigar Chamber of Commerce and Industry, they informed.
They said that the other trade association that were declared illegal include Pakistan Computer Association, Chemists and Druggists Association, Travel Agents Association, All Pakistan Oil Mills Association, Small Hajj Organisers, Tractor Dealers, Almunium Manufacturers, Scrap Importers, Copper Importers, Plastic Scrap Importers, Association of Transporters, Glass Manufacturers, Ghee Exporters, Custom Agents, Heater Importers, Health Care and Importers of Gen Stones.
At the occasion, Dr Mughal said that the country is passing through difficult times and confidence of the business community is imperative to tackle challenges, therefore, they should be facilitated.
The timing of the move will not benefit the government of the business community in any way, he said.
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Former governments responsible for the water crisis: PEW

Water conservation can help tackle Indian conspiracies
Failure in the conservation of water will make Pakistan a failed state
The Pakistan Economy Watch (PEW) on Thursday said all the governments during the last 45 years are responsible for the water crisis in Pakistan.
However, the burden of responsibility is more on the shoulders of two former government that conveniently ignored the crisis in the making and continued to pursue agenda of personal welfare, it said.
Only India should not be blamed as we are also responsible for this dire situation, said Dr. Murtaza Mughal, President PEW.
He said that our farmers are on the top of the list of the cultivators known for wasting water as they use two to three times more water than India to grow anything.
Pakistani farmers continue to waste a lot of water which can be saved as it will not reduce but increase agricultural production to make Indian conspiracies less effective.
Developed nations use few hundred litres of water to get one kilogram of sugar, developing nations use approximately 1500 litres of water for the same while Pakistan waste 7000 litres for it, he informed.
Pakistan is also wasting a lot of water for other crops like wheat, rice, maize, fruits and vegetables etc. while the production of meat, cheese and butter need more water than any crop while chocolate top the list which need 17196 litres of water for one kilogram.
Half of the global production of food which is two billion tonnes is wasted in which Pakistan is not behind other nations.
The world is using 3.8 trillion cubic metres of water per annum of which 70 percent is used by the agricultural sector and the demand is set to grow by 300 percent by 2050.
Failure in the conservation of water will make Pakistan a failed state, he warned.
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Greylisting of Pakistan a political move: PEW

US wants to pressurise Pakistan into submission
The Pakistan Economy Watch (PEW) on Tuesday said the decision by the Financial Action Task Force (FATF) to put Pakistan in the ‘grey list’ is a move taken on the behest of US.
It has little to do with terror financing while everything to do with Pakistan’s Afghan policy which is seen as unfavorable in Washington, it said.
The US wants to force Pakistan into submission by shattering its fragile economy through such tactics, said Dr. Murtaza Mughal, President of PEW.
He said that we should counter US conspiracies as changing important regional policies to please Washington will be a suicide.
Murtaza Mughal said that the aims of FATF are political otherwise Afghanistan, India, Sudan and Nigeria would be been included in the list while the countries known for hiding dirty money including the UK would not have been spared.
The US is notorious for hiding dirty money, therefore, the politicians and bureaucrats of Pakistan and dozens of other countries but property worth billions there.
The FATF is a tool to hit Pakistan’s economy, CPEC, banking sector, exports, and investors confidence as it will increase the cost of doing business, he observed.
He said that the move can hurt the stock market and have an impact on the creditworthiness of the country making borrowing difficult.
Pakistan was included in the grey list in 2012 and it took us three years to come out of it but this time the US was so eager their all the friendly nations decided not to support Pakistan in the voting.
He said allowing terrorist outfits to operate by changing names and participate in the elections has added to the negative impression.
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Caretaker Govt lauded to extending amnesty scheme: PEW

Decision has improved Govt rating, confidence of businessmen
Move exhibits impartiality of the Govt, economic weakness
The Pakistan Economy Watch (PEW) on Monday lauded the decision of the caretaker government to extend the deadline of the tax amnesty scheme as it will attract much-needed funds.
The move has improved the confidence of the business community and polished the image of the present government, it said.
Extension in the scheme launched by the former government proves that the current administration is unbiased and impartial while it also exposes the feeble condition of the exchequer, said Dr. Murtaza Mughal, President PEW.
The former government continued to claim an economic turnaround but left exchequer empty, he added.
Dr. Murtaza Mughal said that former rulers borrowed over 45 billion dollars while a sizable amount was wasted due to mismanagement and nepotism.
The former government failed to manage economy otherwise the country would not have been on the verge of bankruptcy, he said, adding that SBP is short of forex reserves enough to manage two months of imports.
We are still spending one billion dollars a month while the gap between income and expenses has reached an alarming level of 25 billion dollars necessitating an IMF package.
He said that dollar was worth Rs60 during the dictatorship but the two democracies have pushed it to Rs125 while the fall continues.
Erosion in the exchange rate has pushed the necessities out of the reach of common man, he said.
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Pakistan’s fertile lands turning into desert: PEW

Policymakers asked to notice the scarcity of water
Water scarcity becomes one of the biggest issues of Pakistan
The Pakistan Economy Watch (PEW) on Sunday said our fertile lands are turning to the desert threatening survival of the populous country.
The water scarcity is taking a toll on agriculture, industry and the masses but policymakers have not realised the gravity of the situation, it said.
Everything is under threat as the country is becoming a desert with a rapid pace which will destroy all the developmental initiatives, said Dr. Murtaza Mughal, President PEW.
He said that migration, climate change, failure to manage water and Indian conspiracies have made Pakistan a water deficient country.
Once Pakistan was a water happy country but now per capita availability of water is well below 1000cubic meter but satisfactory steps were not taken to combat the threat.
The country has been facing a magnitude of problems but water scarcity has become one of the biggest issues which need immediate attention, he said.
Murtaza Mughal said that nation should think ahead of Kalabagh dam and press the government to construct small dams on a war footing to save masses, agriculture and industrial sector.
He said that the shortage of water is causing an adverse effect on the economy of the country, it has badly affected the agricultural sector.
The direct impact of water crisis has reduced crops, forest productivity and water level and it has increased livestock, wildlife and human being mortality rate.
The need of the hour is to focus on water development and water management to improve the situation of water scarcity.
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CPEC to help the country become self-reliant: PEW

Project to boost production, revenue, and international image
The Pakistan Economy Watch (PEW) on Wednesday said CPEC will make the bumpy road to country’s self-reliance smooth.
The journey will begin from self-reliance in the field of energy which will soon include many other sectors including local and regional trade, it said.
The project will also boost Pakistan’s production, revenue, defense capability, internal security, political strength, international image and sustainable development, said Dr. Murtaza Mughal, President PEW.
He said that the initiative will put Pakistan on the path of progress which is not acceptable to some countries including USA and India as it will damage their dominant position in the region.
China has remained a very close ally of Pakistan since decades and now economic interests have brought both the nations together which will help Pakistan resolve many problems, he added.
Poverty is rising in Pakistan which has a positive relation with environmental degradation and climate change. The poor try to consume whatever is available for their survival, so natural resources become the first victim but the CPEC has the potential to change the situation.
The creation of new economic centers across the country under CPEC will discourage migration of rural people to the cities ensuring overall development and help resolve the issue of poverty and climate change.
Murtaza Mughal said that CPEC is a ray of hope for the people of Pakistan but some elements continue to criticise CPEC on different baseless grounds which is a result of lack of information.
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KBD poses a serious threat to the national integrity: PEW

Gravity dams are the better alternative to mega dams
Pakistan can become an electricity exporting country
The Pakistan Economy Watch (PEW) on Wednesday said Kalabagh dam (KBD) poses a serious threat to the national integrity as it is against the wishes of the people of three provinces, therefore, it should be buried.
There are many better alternatives available which should be considered by the policymakers, it said.
Dr. Murtaza Mughal, President PEW said that China has offered to construct forty gravity dams on the banks of River Indus costing double than KBD producing fifty thousand megawatts or fourteen times greater than the controversial KBD.
Gravity dams will give an unprecedented boost to GDP and exports while Pakistan will become an electricity exporting country, he added.
Murtaza Mughal said that global trend has shifted to environmentally-friendly small dams which must be followed and Pakistan can also copy Japanese model of run-of-the-river dams.
He said that opponents of KBD say that it is designed to steal water and it will play havoc with the agriculture of Khyber Pakhtunkhwa and Sindh.
He said that there is no opposition to the Dasu, Diamer-Bhasha, and Munda dams which will have more storage capacity and will generate 9520 megawatts as compare to 3600 megawatts from KBD.
These three dams could be upraised which is not possible in case of KBD and they are immune to silting while KBD would require desilting after 15 years. These dams would increase the life of Turbela by fifty years while KBD would not benefit Turbela in any way.
The former government failed to properly fund the said dams to waste trillions of rupees for symbolic projects like Orange train and metro which was criminal, he said.
Murtaza Mughal noted that three provinces are against KBD and provincial assemblies have also passed resolutions against it, therefore, insistence on this project will not benefit the federation.
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Meat exports hit by stuck-up payments: PEW

Govt should take note of the plight of meat exporters
The Pakistan Economy Watch (PEW) on Sunday said meat exports from Pakistan are going down for some years due to multiple reasons which should be noticed.
Meat exports grew by 27 percent from 2003 to 2015 after which it fell because of many reasons including non-payment by importers leaving many Pakistani exporters bankrupt, it said.
Due to failed financial obligations, especially by the importers of Gulf states, Pakistani exports reduced as it exported meat worth 113.9 million dollars in the first seven months which was seven percent less than meat exports of the earlier year, said Dr. Murtaza Mughal, President PEW.
He said that meat exporters have tried different forums of businessmen, sought the help of the concerned government officials and tried Pakistani embassies in the Gulf countries to get their money but to no avail which has discouraged them.
Dr. Murtaza Mughal said that Indian exporters are also selling their meat as Pakistani meat eating up our share but the concerned authorities have turned a blind eye to it.
He noted that presence of black sheep is also an issue hampering exports as some of the exporters violate the agreements and mix substandard meat in the consignments to maximise their profit which brings a bad name to the country.
The government should take note of the situation otherwise exporters from Australia, Newzeland and India will wipe out Pakistanis from the international meat market, he warned.
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Cultivation, production of oilseed going down

Policies should not be altered to suit individual
Masses to pay Rs20 billion to benefit a lobby
The Pakistan Economy Watch (PEW) on Wednesday said government policies have reduced the area under cultivation and production of oilseeds which is being compensated through enhanced imports draining forex reserves.
The continued reduction in oilseed production indicates lack of interest on the part of planters which is a very dangerous trend, it said.
Talking to the President of a farmers representative body Jan Nisar Khalil, VP of Anjuman-e-Kashtkaran Ch Muhammad Yasin and others, Dr. Murtaza Mughal, President PEW said that policy to please the nobility has damaged the agricultural sector once considered the backbone of the economy.
Giving an example, he said that the import of oil seed has increased from 7.5 lakh tonnes to 31 lakh tonnes over the last five years because it suits an influential lobby which is a drain on the forex reserves.
The unabated imports have discouraged farmers of oilseed resulting in a reduction of 2.5 lakh tonnes of oil production in the last few years.
Dr. Murtaza Mughal said that the government has increased duty on import of soybean oil by 32.6 percent in the budget which has increased its price.
The decision will encourage the import of oilseed to five million tonnes in the next twelve months hitting exchequer, masses, and farmers.
The government will have to bear the loss of around twenty billion rupees in one year on account of reduced duties and taxes on import of oil seed while the masses will also pay an additional amount of twenty billion due to the increase in the price by Rs5 per kg of ghee and cooking oil.
He said that how come the farmers can fetch a reasonable price for oil seed production when imported oilseed is so heavily subsidized which has triggered shifting of planters to other crops.
The government should not promote influential, rather it should give subsidy to farmers which will improve their lives, ensure low-cost edible oil to the masses and add to the GDP.
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Conspiracies against CNG industry slated: PEW

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LNG price disheartening consumers
The Pakistan Economy Watch (PEW) on Sunday condemned conspiracies against world’s largest CNG industry worth Rs 450 billion by some influential quarters.
A lobby continue to misguide government in the CNG issue headed by an official of a gas company who is considered above the law, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that the gas theft has reached alarming proportions but the said officials cannot be held responsible due to his political connections.
He said that the same lobbty has been trying to frustrate LNG import project while the gas is purchased on inflated rates for personal welfare and dishearten the millions of consumers.
Dr. Murtaza Mughal said that former government demonastrated record mismanagement in the energy sector therefore the incumbent government must show some positive development.

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PM asked to intervene to resolve WHT dispute: PEW

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The Pakistan Economy Watch (PEW) of Friday asked Prime Minister Nawaz Sharif to intervene to diffuse tensions between government and business community over imposition of withholding tax (WHT) on banking transactions.
It is responsibility of the Government to save existing policy of improved revenue generation from failure, it said.
In past all the policies to increase government’s income had backfired due to overdependence of the governments on the tax bureaucracy which is not aware of the ground realities, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that determination of Finance Minister Ishaq Dar on the issue of WHT is laudable but some reservations of wholesalers and retailers must be taken into account.

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Dar’s determination in WHT issue lauded: PEW

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The Pakistan Economy Watch (PEW) on Tuesday lauded the determination of Finance Minister Ishaq Dar on the issue of imposition of withholding tax on bank transaction terming it a great move.
The steadfastness of the government will help Pakistan emerge as a self-reliant nation in the long run which must be appreciated, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that the strikes of traders are being backed by frustrated politicians, black sheep and billionaire traders who don’t want to discharge national obligation by paying taxes.
He said that trade association are divided over the issue which has increased chances for the government to achieve the noble objective.

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BoI and TDAP termed white elephants: PEW

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Pakistan’s investment, exports situation deteriorating
The Pakistan Economy Watch (PEW) on Sunday said Board of Investment and Trade Development Authority of Pakistan have become white elephants which is apparent from falling investment and exports.
No on is held responsible for the situation which indicates non-serious attitude of the government and ability of its economic managers, he said.
Dr. Murtaza Mughal said that foreign investment in Pakistan is down by 58.2 percent to 709 million dollars while it is $850 million in Sri Lanka, $1.5 billion in Bangladesh, $3.5 billion in India and USD 4 billion in Ghana.
Pakistan saw a slide of almost five percent in exports to 23.8 billion dollars in one year while Bangladesh exports stood at dollar 35 billion during the same year which is amazing, he said.

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Ex-servicemen asks Govt to immediately respond to Waziristan situation: PEW

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Army has cleared S Waziristan, ball in Govt’s court now: PESA
Terrorists wants disturbance to foil military gains in FATA
Secretary General of the Pakistan Ex-servicemen Association (PESA) Brig. Syed Masood-ul-Hassan on Tuesday said army has cleared almost all of the South Waziristan of terrorists and restored peace.
Overnight stay of Army chief Gen Raheel Sharif, along with Corps Commander Gen. Hidayat ur Rehman, DGMO Gen. Aamir in a place like South Waziristan proves restoration of peace, he said.
Brig. Syed Masood-ul-Hassan said in a statement that 11th Core has done its job and now government as well as local administration to do their job lest the sacrifices of army go in vain.
Destruction has always remained easy as compare to construction, he said while talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch.

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Iran, US nuke deal brings new opportunities, challenges to Pakistan: PEW

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COAS timely statement on economic corridor, Gwadar port lauded
Pakistan has ability to counter unholy Indian designs
The Pakistan Economy Watch (PEW) on Sunday said nuclear deal between Iran and US will have many implications for middle east and south Asia for which our policymakers should remain prepared.
The agreement will end Indian dependence on Pakistan for a lang route to Afghanistan and central Asian markets.
On the other hands, India, having nineteen times more foreign exchange reserves than Pakistan has initiated serious efforts to develop Iranian port of Chahbandar as an alternate to Gwadar port, said Dr. Murtaza Mughal, President PEW.
Moreover, It has already completed 200 km road linking Iran’s Nimroz province with Afghanistan’s Farah province which is part of its plan to gain foothold in Iran and Afghanistan against Pakistan.

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Policies ensuring uniform progress demanded: PEW

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The Pakistan Economy Watch (PEW) on Tuesday said governments across the world including Pakistan are ignoring poor in their struggle for better economic growth which has triggered poverty on massive scale.
Government should revisit policies and consider increasing social sector budget for the welfare of chronic poor to reduce growing inequality, said Dr. Murtaza Mughal, President PEW.
He said that there are around one billion poor in Asia in which 660 million are very poor. Majority of world’s poor lives in Saarc region with women in majority.
Dr. Murtaza Mughal said that reason behind poverty among women are indifferent attitude of policymakers, gender inequality, lack of education and microcredit facilities, apathy towards SMEs and preference of politics over trade. read more…

Removal of officials by Sindh Govt termed eyewash: PEW

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Influential serving different departments spared
Half-hearted action not to bring change
The Pakistan Economy Watch (PEW) on Monday termed recent removal of top officials alleged of corruption or incompetence an eyewash as many influential having right political connections have been saved.
Pakistan have placed their faith in the provincial government but it continues to disappoint them by taking steps that are not transparent nor across the board which has made it a publicity stunt, it said.
Services of the corrupt or incompetent officials known for misusing funds and authority must be terminated, said Dr. Murtaza Mughal, President PEW. read more…

Determination of COAS to improve situation lauded: PEW

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Tough decisions improving business climate
The Pakistan Economy Watch (PEW) on Friday said COAS Gen. Raheel Sharif is bailing out country from the worst crisis of its history which has aroused hopes among masses and the business community.
Resolve of the COAS to resolve serious problems has a positive impact on the sentiments of the masses and business community, said Dr. Murtaza Mughal, President PEW.
He said that nation fully back the decision to establish write of the state all over country, adding that tough decisions have boosted the rating of COAS. read more…

Institutional ciulture be changed to get budget targets

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Budget discourages black economy, promote documentation
Economic corridor to enhance individual earnings, Govt revenue
The Pakistan Economy Watch (PEW) on Sunday said government must change culture of the institutions to get budget targets.
Pakistan need enlightened and responsible civil service to reduce budget deficit and inflation and enhance revenue collection, it said.
Deteriorating institutions and venal bureaucracy is the biggest hurdle in broadening the tax base, said Chairman of the PEW Sheikh Naseerul Haq.
Budget focuses on reducing the fiscal deficit from 5% to 4.3% of the GDP; raising the tax revenues by 17.46% from Rs 2,910,180 million to Rs 3,418,221 million from the last to current financial year.

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Pakistani ports obstructing maritime commerce: PEW

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The Pakistan Economy Watch (PEW) on Saturday called for increased focus on developing ports to ensure smooth flow of merchandise and stimulation of economic activities.
Country is passing through challenges while economy is under pressure due to various reasons including congestion of ports which remains one of the main hurdles to economic growth, it said.
Pakistan should allocate extra resources for development of ports which are handling 90 per cent of the nation’s external trade to unleash a new era of maritime commerce, said Dr. Murtaza Mughal, President PEW.
He said that ports needs a major policy transformation as it holds the key to growth of most sectors like manufacturing, agriculture and trade.
Port Qasim handling around 37 per cent of the nation’s cargo is earning good profit but the progress is slow while procedures have become a problem.

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SWOT Analysis of the Federal Budget (2015-16): PEW CHAIRMAN

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Country’s system tilted in favour of high society: PEW

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Plan to sell profitable power utilities must be reconsidered
Masses shouldn’t be left at the mercy of merciless capitalists
The Pakistan Economy Watch (PEW) on Sunday said the existing system is exploitative, anti-masses and titled in favour of nobility which is damaging country steadily.
Masses are being squeezed to promote the interests of irresponsible elite who have become parasites on the national resources, it said.
Accountability, reforms and increasing tax base have become catchy slogans while privatization has become a tool to plunder national resources, said Dr. Murtaza Mughal, President PEW.
K-Electric is getting cheap gas, low-cost electricity from national grid, subsidy, loans worth 130 billion rupees but it has failed to deliver which has been proved through harsh statements by federal and provincial ministers, he added.

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Country has no future sans meaningful reforms in FBR: PEW

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Nobility got tax exemption worth 4.7 trillion in 2014
Forex reserves increased due to soaring loans
The Pakistan Economy Watch (PEW) on Wednesday said Pakistan has no future in absence of meaningful reforms in FBR and some other critical institutions.
Pakistan is not a failing state, it can sustain and flourish for which wealthy class parasitic upon the labour of the masses must be made to pay taxes, said Dr. Murtaza Mughal, President PEW.
He said that nobility enjoyed tax exemptions worth 4.7 trillion in 2014 which was almost double than the exemptions grants in 2013.
Dr. Murtaza Mughal said that masses are being systematically exploited to benefit the aristocracy which has increased gulf between poor and rich.
He said that development requires capacity building of institutions, broaden tax base, ensuring justice and just distribution of resources, and provision of enabling environment to the business community.

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FBR collection target too optimistic: PEW

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Mini budgets, blocking refunds only way to achieve target
The Pakistan Economy Watch (PEW) on Sunday asked the government to reconsider imposing new taxes worth Rs 253 billion which will hurt economic activities.
Only those subsidies should be reduced or removed which have no impact on the man on the street, he said.
Talking to the business community, he said that the FBR’s target is very optimistic which must be reduced by Rs500 billion because this will push tax authorities to squeeze the existing taxpayers.
He said that last year FBR was given target of Rs 2890 which was thrice revised to 2605 but if met failure. Despite lack of success, the institution was given target of Rs 3104 billion which is difficult to accomplish without introducing mini budgets and blocking refunds.
Dr. Murtaza Mughal said that proposed hike in price of energy products is part of the plan to introduce mini budgets which will not go down well with the masses due to receding international oil prices.

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Karachi power crisis reminds importance of KBD: PEW

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Pakistan energy security linked to mega reservoirs
The Pakistan Economy Watch (PEW) on Wednesday said government should revisit plans to revive old dams in favour of constructing new dams with special focus on Kalabagh dam (KBD)
KBD is the most viable and most politicised projects in the history of Pakistan which would cost less and last longer than any other dam in the country, said Dr. Murtaza Mughal, President PEW.
Local and international experts have linked survival of Pakistan to KBD and opined that desilting of Tarbela reservoir is not an economically or technically very viable option.
Tarbela has already lost 30 per cent capacity to 6.6 million acre feet to silting over the years but experts say that instead of undertaking massive desilting exercise it would be more economical to build a new dam.
Dr. Murtaza Mughal said that Tarbela dam has an estimated lifespan of 50 years; it would complete its designed life by 2029 while KBD has an estimated life of 450 years.

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PEW lauds Army for combating economic terrorism in Karachi

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The Pakistan Economy Watch (PEW) on Sunday lauded efforts of the Army and Rangers to clean Karachi, the economic capital of Pakistan of criminality, extortion, corruption, and extremism.
Whole nation backs the efforts by Army and Rangers to relieve the masses and dejected business community of increasing menace of economic terrorism, said Dr. Murtaza Mughal, President PEW.
He said that names of the officials and their political masters involved in corruption, extortion, blackmail, kidnapping, malpractices and misuse of authority should be put on the ECL lest they fly to their save heavens.
Dr. Murtaza Mughal said that Army was left with no option to launch operation as political parties were not eradicating corruption but promoting it and now politicians are trying to derail operation to save the criminals.

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Federal budget lacks short, long-term steps to alleviate poverty: PEW

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Punjab budget prefers roads, mega projects over social sector
Pakistan cannot afford world costliest metro projects
The Pakistan Economy Watch (PEW) on Sunday said that ruling elite has presented a budget made to benefit the oppressive class which lacks any initiative to lift people out of abject poverty.
The federal budget will increase the exploitation of the masses as our economic managers who are best at creative accounting are unaware of the ground realities and lack any ability to take short and long-term measures to alleviate poverty, it said.
The budget is repetition of the failed economic model focusing on costly loans to boost forex reserves to beat drums of success, said Dr. Murtaza Mughal, President PEW.
He said that forex reserves cannot be called stable because they are based on loans while the real source to earn foreign exchange are exports which are steadily falling due to disabling environment.

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Federal budget not to improve sentiments, investment climate: PEW

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The Pakistan Economy Watch (PEW) on Wednesday said budget will not improve the investment climate in the country which will shrink the industrial base while promoting tax evasion and flight of capital.
Industrialists would prefer trading, real estate and construction sectors over industrial expansion while many would relocate or simple transfer funds abroad bringing rupee under pressure, it said.
Government has done nothing in the budget to encourage investment in in industrial sector or reverse the trend among the businessmen to prefer trading over industry, said Dr. Murtaza Mughal, President PEW.

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Budget only offers frustration, assurances to the masses: PEW

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Rulers compromising national interests to please vote bank
The Pakistan Economy Watch (PEW) on Sunday said federal budget reflects priority of rulers to compromise national interests to please nobility and their vote bank.
The third budget of the incumbent government was not different from earlier ones which added to the frustration of masses and business community, it said.
The budget again protected interests of aristocracy while over burdening corporate sector which is already paying 70 percent of the total collection, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that despite tall claims, the budget will result in nothing but inflation and unemployment to the masses which will add to the uncertainty.
Dr. Murtaza Mughal said that the federal government blasted petrol bomb just five days before the budget setting a record of twenty-five mini budgets in the last three years.

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GIDC to devastate fertiliser industry, farming communities: PEW

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Farmers shouldn’t be forced to suicides like Indian planters
The Pakistan Economy Watch (PEW) on Tuesday said (Gas Infrastructure Development Cess) GIDC imposed on the behest of IMF will devastate fertiliser industry and farming community.
It will increase the cost of urea by rupees four per kg which will be unbearable for millions of poor farmers already facing high input costs and heavy losses, it said.
Government should take GIDC decision back or make a new subsidy mechanism to save industry and farmers from the impact of cess lest they follow the Indian trend of suicides, said Dr. Murtaza Mughal, President PEW.
Pushing planters to the wall will have direct impact on agricultural production and food security situation in the country, he added.

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Rs 600 billion circular debt resurfaces: PEW

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Energy crisis in Pakistan suits some influential
The Pakistan Economy Watch (PEW) on Sunday said circular debt amounting to Rs 600 billion has resurfaced scaring investors, threatening industrial output and jeopardising growth rate.
Government has settled circular debt after coming to power but serious steps were not taken to stop it from reappearing which is disappointing, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that government has not completed any noteworthy power project in the last two years which no major gas deposit has been found which has escalated the energy crisis impacting every person and all sectors of the economy.

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FM’s remittances decision lauded: PEW

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FBR plan would have landed economy in trouble
Remittances should be encouraged to $25 billion
The Pakistan Economy Watch (PEW) on Sunday lauded the Finance Minister Ishaq Dar for rejecting the proposal of FBR to slap withholding tax on foreign remittances which could have a ravaging effect on the economy.
FBR proposal to bring remittances in the tax net would have harassed the expats who send around 16 billion dollars to Pakistan annually keeping current account deficit under control, said Dr. Murtaza Mughal, President PEW.
He said that absence of remittances could jack up deficit from the current 1.5 billion dollars to 17 billion dollars which will push country to default therefore overseas Pakistanis should not be harassed.

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PEW terms GIDC economically devastating; Gas cess to devastate masses, industry

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ISLAMABAD: The Pakistan Economy Watch (PEW) on Thursdaytermed Gas Infrastructure Development Cess (GIDC) a ruthless attack on masses, industry and agriculture. It is an economically devastating move which will trigger inflation, uncertainty while benefits would be reaped by an influential industrial group, it said.
The masses, farmers, textile and fertiliser sectors would be hit by the move while it would result in increased electricity prices, said Dr. Murtaza Mughal, President PEW.
No new gas project has been included in the PSDP therefore a part of the money collected under this new head could benefit influential board members of the Sui companies, he feared.

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India blamed for low intra Saarc trade volume: PEW

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The Pakistan Economy Watch (PEW) on Sunday blamed India for low volume of trade within Saarc region which has kept millions below the poverty line.
India wants to domine the region so that all the countries become satellite states which is biggest hurdle in improving trade and standard of living of people living in this region, said Dr. Murtaza Mughal, President PEW.
He said that India is the biggest and most irresponsible economy in the region forcing businessmen of India and Pakistan to use third country for trade which jacks up cost y around 35 percent.
He said that Pakistan has always supported and encouraged the regional cooperation but it has not helped take bilateral trade to desired level due to negative Indian attitude.

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Govt investment policies matchless

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Western media failed to deter Chinese investors
The Pakistan Economy Watch (PEW) on Sunday said Pakistan offers best investment-friendly and incentives-driven policies offering limitless opportunities to foreign investors.
Foreign investors shouldn’t let propaganda scare them away from exploring enormous investment potential in energy, oil and gas, coal, infrastructure, communication, telecom, agriculture and dairy development, it said.
Pakistan offers over 180 million consumers, fully convertible currency, unrestricted equity, profit repatriation, no double taxation and attractive tax breaks which has so far lured 600 multinationals, said Dr. Murtaza Mughal, President PEW.

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Power struggle in FPCCI divides businessmen

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Power struggle in FPCCI divides businessmen
The Pakistan Economy Watch (PEW) on Friday said power struggle in the FPCCI has effected work, polluted environment and disunited businessmen.
The struggle between president FPCCI and another leader considered de facto president by many has been intensified which has divided business leaders into groups which is felt across all the chambers of country, said Dr. Murtaza Mughal, President PEW.
Some business leaders allege that seniors are being ignored in the decision making process while junior yes-men are preferred by the leaders of United Business Group (UBG), the group ruling FPCCI.
The disheartened businessmen have started meeting the rebels of UBG and those belonging to Businessmen Panel which ruled FPCCI for decades.

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Punjab health authorities hurting patients for personal gains

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Irregularities detected in purchase of hepatitis medicine in Punjab
Unlawful deal would deprive thousands of patients of benefit of treatment
Collusion with companies facing corruption changes in various countries unearthed
Substantial irregularities have been detected in the purchase of hepatitis medicine by Punjab health department discriminating local industry and depriving thousands of poor patients of benefit of treatment.
According to the details provincial government had allocated 2.44 billion rupees to be spend for prevention and control of hepatitis in three years as every 13th person is infected with either hepatitis B or C with majority living in Punjab.
A decision was taken to spend Rs 750 million in the first year and the health authorities of Punjab decided purchase medicine from multinationals on double cost ignoring local pharmaceuticals.

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