05. 07. 24
‘IPPs have destroyed country’s economy’
Dr Murtaza Mughal, President of Pakistan Economy Watch (PEW), said that Independent Power Producers (IPPs) have destroyed the country’s economy.
He said private power plants are a big threat to the country’s economy and people, making national development impossible.
Dr Mughal said in a statement that the government should buy all IPPs from their owners to eliminate this problem. He said that at least $5 billion would be required to purchase IPPs, which should be arranged by taking loans from international institutions.
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09. 06. 24
Murtaza Mughal, President of Pakistan Economy Watch (PEW), lauded the Punjab Government on Sunday for introducing the Kisan Package, which can revive the agriculture sector and improve food security in the country.
He said that through this significant initiative, easy loans will be provided to farmers through the establishment of the Punjab Kisan Bank.
He added that the comprehensive package for farmers includes the Green Tractor Scheme, local harvesters and agricultural equipment manufacturing, and the Oilseed Promotion Programme.
Dr. Murtaza Mughal said that a 70 percent subsidy on small tractors and a 50 percent subsidy on large tractors will be offered thorugh this package.
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01. 01. 23
The Rural Development Foundation (RDF) has appointed Dr. Murtaza Mughal as member board of directors.
RDF, founded in 1978, is a non-political, not-for-profit organization recognized at the national as well as international levels.
Speaking at the occasion, President of the RDF Brig. (retd) Aslam Khan hoped that the new member of the board will discharge his duties with full dedication and add value to the entity.
Dr. Murtaza Mughal is known in social circles, has an impressive professional record and his social services need no introduction, he added.
Currently, he is is Group Country Manager of United International Group (UIG), Chairman of Nazaria e Pakistan Center Trust, and President of the Pakistan Economy Watch (PEW).
Speaking at the occasion, Dr. Murtaza Mughal said that he is feeling honored and will leave no stone unturned to come up to the expectations of the superiors in RDF.
He said that recent floods have inflicted heavy losses on the rural populations and pushed people decades back while they badly need support to start their economic activities again.
The devastating floods have inundated hundreds of villages across much of the country’s fertile land. The floodwater has transformed large parts of farmland into large lakes sowing wheat and other crops difficult, he informed.
The flooding is the worst to hit the country in recent history and it may take months for the floodwaters to recede, he informed.
Dr. Mughal said that we are sensitive to the needs of the rural population, we trust the capabilities and potential of the rural poor, and want to play role in stimulating rural development which is central to national development.
He said that strengthening the educational, social, and economic sectors in rural areas is crucially vital to national progress and human advancement which cannot be ignored.
26. 07. 22
The Pakistan Economy Watch (PEW) on Monday said Russian policies have divided European Union (EU) and many countries of the block have refused to take a unified stance on different issues.
The aplit in the EU has alarmed the United States and its other allies as Russia is successfully using its natural gas as a weapon which has resulted in economic troubles for the continent in which many countries are dependent on Russian gas, it said.
Despite the war, Russia’s economy continues to grow while the rest of the world suffers from problems for which the United States is solely responsible, said Dr. Murtaza Mughal, President PEW.
He said that the European Commission had suggested a 15% cut in gas consumption to reduce the intensity of a crisis in winter but the twenty-seven countries were not on the same page on this matter while twelve have openly voiced against it.
Even before this, European countries have taken different positions on buying oil, grain, fertilizers and chemicals from Russia and supplying arms to Ukraine fracturing this important alliance, he added.
Dr. Mughal said that some EU countries are in favour of sanctions, while some are trying to buy more oil, gas and grain from Russia as the price of one unit of gas in Europe in July last year was 21.8 euros, which has now increased to 166 euros, altering the lifestyle of the people.
He said that Pakistan’s economy is being destroyed due to an appreciation in the value of the dollar and a sharp decline in the value of the rupee.
The devaluation has increased debt by almost Rs6000 billion and it is increasing at a rapid pace.
The economy is going down threatening national security but the circus of politicians continues because politicians are more concerned about power than the country and the economy.
21. 09. 21
Exports through subsidies and packages a wrong approach
Export boom is always followed by inflation, currency depreciation
Interest rate hike termed insufficient to contain slide of rupee
The Pakistan Economy Watch (PEW) on Tuesday said Pakistan’s economic model is flawed and full of contradictions but the policymakers prefer shortcuts over sustainable development.
The policy to boost exports through subsidies is wrong as boosting exports require consistent policies, improved industrial investment and a focus on new technologies, it said.
Whenever the government has tried to boost exports artificially, it has resulted in trade deficit, inflation, exchange rate erosion, increased value of dollar, and mini-budget, said Dr. Murtaza Mughal, President PEW.
He said that sometimes mini-budgets fail to deliver, leading the government to seek loans from the IMF and other sources.
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18. 09. 21
Policy rate hike, ban on luxury imports demanded
Afghan asett freeze triggered outflow of dollars
The Pakistan Economy Watch (PEW) on Saturday said the efforts of the State Bank of Pakistan (SBP) to stabilize the local currency has left much to be desired.
The central bank has pumped $1.23 billion dollars in the market to stabilize the rupee but to no avail, as the local currency has depreciated by Rs12 in the current fiscal, it said.
Government should immediately ban the import of luxury items while State Bank should hike policy rate to reduce demand to stabilize the rupee and reduce the speed of hike in the prices of essential items, said Dr. Murtaza Mughal, President PEW.
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14. 09. 21
Mismanagement in TCP threatening food security in Pakistan
Increasing wheat demand in Afghanistan require immediate imports
The Pakistan Economy Watch (PEW) on Tuesday demanded strict action against elements involved in delaying the import of wheat and sugar.
Unnecessary delay in import of wheat and sugar has not only increased prices in the local market but will also inflict heavy losses on the national exchequer, it said.
Change in Afghanistan has also increased demand for wheat which will have an impact on prices in Pakistan therefore wheat should be imported without delay, said Chairman PRW Brigadier (retd) Muhammad Aslam Khan.
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09. 05. 21
Tarin’s steps a breath of fresh air: Mian Zahid Hussain
Chairman of the National Business Group (NBG) of FPCCI Mian Zahid Hussain on Sunday said steps of the Finance Minister Shaukat Tarin is bringing refreshing change in the economic situation of the country.
The pro-growth policies of the finance minister, decision to invest heavily in the agriculture sector and plan to expand tax net while shielding masses from more burden are very positive moves, he said.
Mian Zahid Hussain said this while speaking at an Iftar dinner arranged by Deputy Convenor of Central Standing Committee on Insurance (NBG) Qazi Asif Saeed in honour of Dr. Murtaza Mughal, Group County Manager of United International Group.
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06. 05. 21
The Pakistan Economy Watch (PEW) onThursday lauded the initiatives of Mari Petroleum Company Limited (MPCL)to provide food to the needy during the holy month of Ramadan.
The company has started a number of charity initiatives for the deserving members of the society executed throughout the year but the holy month of Ramadan is considered the most important for the purpose.
In this connection, MPCL held an Iftar dinner at Jaffar Chowk, Meharabadi, Islamabad for five hundred people which was attended by Dr. Murtaza Mughal, Pakistan Economy Watch, as Chief Guest and Brig. (retd)Aslam Khan, Chairman Pakistan Economy Watch.
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17. 02. 21
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Identical power tariff an insult to honest consumers
Power tariff should be linked to recovery: Mian Zahid Hussain
The Pakistan Economy Watch on Wednesday said uniform power tariff regime is the mother of all ills in the power sector and an insult to honest consumers.
Power tariff should be different for different jurisdictions and it should be linked to the recoveries as poorly managed and efficient Discos cannot be treated as one, it said.
The areas, where recovery is better, should be spared from frequent price hike and load shedding while the regions where recovery is low should be penalised, said Dr. Murtaza Mughal, President PEW.
Talking to the business community, the veteran business leader said that how come government deal with residents of Islamabad with the highest recovery rate the way it handles consumers of Quetta, Peshawar or Sukkur where the recovery is at its lowest.
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27. 01. 21
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Balanced taxation regime must for national development
Industry holds 17 pc share in GDP but paying up to 73 pc taxes
The Pakistan Economy Watch (PEW) on Tuesday said the industrial sector is going down due to heavy tax burden which is blocking national development, revenue and employment.
Government continues to announce packages for the industry but avoid balancing the tax regime which is tilted towards non-productive sectors, it said.
The share of the industrial sector in GDP is 17 percent but it is made to pay taxes up to 73 percent while the combined share of trade and transport in the GDP is also 17 percent but it is paying only 1.2 percent tax, said Dr Murtaza Mughal, President PEW.
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21. 01. 21
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The Pakistan Economy Watch (PEW) on Wednesday supported the decisions of the government to tackle gas shortages amid a global LNG crisis.
Record hike in the price of super-chilled fuel due to biting winter and other issues has prompted many global suppliers to default on their commitments and Pakistan is no exception, it said.
Following the refusal of two suppliers to provide LNG to Pakistan for February the government has sought urgent tenders for gas deliveries to fill the gap.
The government has suspended gas supply to inefficient captive power plants to cope with the gas shortages which is a right decision, said Dr Murtaza Mughal, President PEW.
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12. 01. 21
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The Pakistan Economy Watch (PEW) on Tuesday said the business community is bunning high hopes on newly-elected President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Naser Hayat Maggo.
After years FPCCI got a president who has a vast experience and will to resolve the issues confronting traders and industrialists, it said.
He seems not to be very much interested in becoming a yesman of the government and will not waste all the time on useless meetings and photo sessions, said Dr. Murtaza Mughal, President PEW.
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02. 01. 21
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Mafia transferred trillions from pockets of poor to their accounts
Inflation broke all records, trillions wasted due to incompetence
The Pakistan Economy Watch (PEW) on Friday said the 2020 was stained with inflation, unemployment, and political as well as economic instability marred the year 2020.
The year was beneficial for influential mafia, profiteers, hoarders and politicians while it saw unprecedented inflation, unemployment, instability, lawlessness and tall claims, it said.
The wheat, sugar, poultry, pharma and other mafias transferred trillions from the pockets of the poor to their accounts while the tariff of electricity, gas, price of petrol and food further damaged the masses, said Dr. Murtaza Mughal, President PEW.
He said that masses were burdened with heavy taxes during the outgoing year while the practice of rewarding nobility through tax breaks worth hundreds of billions continued.
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21. 12. 20
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Economic stability requires better insurance penetration: Abdul Haye
Compulsory third party motor, group medical insurance needed in Pakistan: IAP
Former Convenor FPCCI Central Committee on Insurance Dr Murtaza Mughal on Saturday said the insurance industry has failed to deliver amid pandemic calling for new products and reforms in this sector so that it can deliver in challenging environment.
Talking to Senior Vice Chairman Insurance Association of Pakistan (IAP) and CEO Alfalah Insurance Abdul Haye and other industry experts, Dr Murtaza Mughal said that claims are being avoided because the policies were not designed to pay out when there is a pandemic; and if paid, it will push service providers to insolvency.
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13. 12. 20
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Share of insurance in GDP very low
Pakistan virus-related losses Rs2.5 trillion
Director General Federal Insurance Ombudsman Mubashir Naeem Siddiqui has said that the insurance sector plays a very important part in the national development however the pandemic has increased its importance manifold.
Despite the importance of insurance its share in the GDP is low which can be increased through efforts in the right direction, he said.
Talking to Dr. Murtaza Mughal, President of Pakistan Economy Watch and former Chairman FPCCI Central Insurance Committee on Insurance, Mubashir Naeem Siddiqui said that the Insurance Ombudsman is providing valuable services to the society and protecting the rights of policyholders which will help improve this sector.
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09. 12. 20
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Islamabad :The Pakistan Economy Watch (PEW) on Tuesday said FPCCI is going through a crisis of leadership and vision since long which has disappointed the voters.
Many businessmen are not very keen to participate in the upcoming elections while others are undecided to vote for United Business Group (UBG) or Businessmen Panel (BMP) as both have failed to come up to their expectations, said Chairman Pakistan Economy Watch Brig. (retd) Aslam Khan.
He said that UBG ruled FPCCI for five years but failed to bring any meaningful change. BMP realised their failure and came to power by promising a change but their slogan never translated into reality.
Both the groups have failed to improve working and image of the FPCCI and both have bulldozed merit during their tenures resulting in a disaster, he added.
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05. 12. 20
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ISLAMABAD, The Pakistan Economy Watch (PEW) on Saturday said the agriculture sector cannot progress in absence of meaningful land reforms delayed since decades.
Land reforms were initiated in the 70s after which this critical has been ignored by all the governments which has inflicted heavy damage on the agriculture sector and and resulted in food security issues.
The fall of agriculture has not only squeezed the income of farmers but also eroded the buying power of masses while the gulf between landed elites and farmers is expanding, said Dr. Murtaza Mughal, President PEW.
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30. 11. 20
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Says power agreements crippled industry, agriculture and masses, demands forensic audit of IPPs, entire power system
ISLAMABAD: President Pakistan Economy Watch (PEW) Dr. Murtaza Mughal has said that former governments inflicted irreversible harm to the power sector by signing highly controversial power purchase agreements with the private sector that crippled masses, industry and agriculture.
In a statement on Sunday, he said the deals not only resulted in unbelievable profits for the private power sector but also increased tariff by 25 to 30 percent as compared to regional countries badly hitting the economy.
Dr. Murtaza Mughal said the former governments violated PPRA rules, third party audit system and established power plants hundreds of miles away from the source resulting in phenomenal losses.
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24. 11. 20
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ISLAMABAD – The Pakistan Economy Watch (PEW) on Monday lauded to move of the Prime Minister Imran Khan to restructure state-run companies which are inflicting losses to the tune of trillions.
In case of success, the government will save hundreds of billions of rupees being spent to keep these institutions artificially alive, it said.
Pakistan cannot progress unless it strikes a balance between income and expenditures for which tackling failed companies is necessary, said Chairman Pakistan Economy Watch Brig. (retd) Aslam Khan.
He said that loss-making entities are getting more funds than being spent on defence of the country while all the money is going down the drain which cannot be justified.
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20. 11. 20
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Conspiracies by Modi administration cannot dent Pak-China ties
The Pakistan Economy Watch (PEW) on Friday said India is digging its grave by opposing the multi-billion dollar project CPEC which is a reality.
Conflicting this project amounts to committing suicide, therefore, India should become part of it or become unconcerned towards it, it said.
The conspiracies by Modi administration cannot dent Pak-China friendship and increased economic cooperation, said Dr. Murtaza Mughal, President PEW.
Damaging a sixty billion dollar project by allocating sixty million dollars for terrorist activities is a dream which will never come true, he added.
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15. 11. 20
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Replacing cotton crop with sugarcane be discouraged
Buying costly gas to hit the industrial sector
The Pakistan Economy Watch (PEW) on Saturday said the failure of the cotton crop will cost ten billion dollars to the country.
The cotton production stands at five million bales against the target of fifteen million bales which will require import of ten million bales, it said.
Cotton import is necessary to keep the textile sector running, therefore, all the taxes and duties should be waived, said Dr. Murtaza Mughal, President PEW.
He said that the government should resolve the issues confronting the cotton sector and discourage trend among farmers to switch to sugarcane crop.
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08. 11. 20
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The Pakistan Economy Watch (PEW) on Saturday said trillions have been transferred from the pockets of poor to the coffers of rich with the help of artificial food crisis.
The crisis is being prolonged intentionally so that the mafia can extract maximum from the struggling masses as the authorities seems fully satisfied by relying on issuing hollow statements, he said.
Inaction on the part of the federal and provincial governments have triggered fears and doubts among the large section of masses, while it is pleasing the profiteers, said Dr. Murtaza Mughal, President PEW.
He said that the decision to import wheat and sugar is not being implemented the way it should have been which is helping hoarders to fleece masses since last year.
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26. 10. 20
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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.
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23. 10. 20
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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.
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19. 10. 20
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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.
16. 10. 20
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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.
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11. 10. 20
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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.
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06. 10. 20
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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.
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03. 10. 20
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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.
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27. 09. 20
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Profiteers keeping millions hungry for earnings
Meetings, half-hearted steps will not revive agriculture
Convener FPCCI Central Standing Committee on Insurance Dr. Murtaza Mughal on Saturday said the most important sector of agriculture is crumbling due to continued disregard by the authorities.
Profiteers are also hurting this sector and keeping millions hungry for illegal profits while all the efforts to contain mafia has failed, he added.
Dr. Murtaza Mughal said that majority of the population is facing food security issues which cannot be resolved through meetings, statements and half-hearted steps.
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21. 09. 20
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Billions being borrowed without any justification
Gory crimes become a challenge for the dysfunctional system
Pakistan is mired in an unsustainable debt as billions are being borrowed without any justification, an FPCCI official said Sunday.
Horrible crimes have become the order of the day due to political interference in important departments which has unnerved masses and emerged as a challenge for the criminal justice system, said Dr. Murtaza Mughal, Convener FPCCI Central Standing Committee on Insurance.
In a statement issued here on Sunday, he said that new records are being set for loans while inefficiencies have resulted in political instability.
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12. 09. 20
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FPCCI Standing Committee on Insurance and Lahore Insurance Institute (LII) jointly organized an international online seminar titled, “Impact of COVID 19 on Insurance Sector – Opportunities and Challenges”۔
The webinar was attended by over 100 participants from the insurance sector and the business community of the country.
Dr Murtaza Mughal, Convenor FPCCI Central Standing Committee on Insurance
inaugurated the seminar and welcomed the participants and appreciated the initiative of LII in organizing the event.
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07. 09. 20
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South Asia will be the worst affected region
Convener FPCCI Central Standing Committee on Insurance Dr. Murtaza Mughal on Sunday said hunger is overwhelming the globe in the wake of coronavirus and climate change while South Asia will be the most effected region.
Experts say that the issue of food security is worrying them and the situation in South Asia will be alarming as half of the world’s malnourished people live in this region, he said.
Similarly, the region is on the top of undernourished children which is compromising future of South Asian nations, he added.
Dr. Murtaza Mughal said that Asia and Pacific is also on the top as far as the unjust distribution of wealth is concerned which has made it a region with the most obese population.
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01. 09. 20
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Majority of projects based on political considerations
Construction of political projects on borrowed money is criminal
The Pakistan Economy Watch (PEW) on Tuesday said the tendency of politicians to prefer symbolic and fancy projects over necessary projects have inflicted heavy losses on the country.
During the last fifty years, the majority of projects were designed to please the politicians while national interests were simply compromised, it said.
Billions were borrowed for fancy projects which was criminal while health, education, provision of clean drinking water, sanitation and supporting industrial and agricultural sectors was simply ignored, said Dr. Murtaza Mughal, President PEW.
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16. 08. 20
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The neoliberal economic system proved a house of cards
Short-term gains still preferred over longterm benefits
FPCCI Central Standing Committee on Insurance on Saturday said the global economic power have not learned a lesson from the pandemic which inflicted losses to the tune of trillions of dollars to the world.
The neoliberal economic system failed to tackle virus-related losses pushing the world into chaos resulting in heavy material and social losses, it said.
The situation is now improving but it can take an ugly turn anytime and the world is not prepared for it, said Dr. Murtaza Mughal, Convenor of the FPCCI Central Standing Committee on Insurance.
He said that the faulty and fragile global economic system proved to be a house of cards amid pandemic but the majority of economic powerhouses are reluctant to take steps enabling economies and people to withstand shocks.
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13. 08. 20
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Low insurance penetration behind sluggish economic growth: Industry expert
Heavy taxation, rigid requirements keeping insurance sector weak: Hisham
Insurance sector employs more than 100,000 people directly and contributes around Rs20 billion in various taxes and duties to the national exchequer, an industry expert said Wednesday.
Pakistan insurance sector has one of the lowest insurance penetrations in the region which is holding economy back, said Muhammad Hisham, Chairman Lahore Insurance Institute
Talking to Dr. Murtaza Mughal, Convener FPCCI Central Standing Committee on Insurance, he said that policy problems are impeding growth of this critical sector which include heavy taxation of over 17 percent on most general insurance business which include high incident of taxation on health insurance.
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27. 07. 20
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Documentation of this sector to improve economy
The Pakistan Economy Watch (PEW) on Saturday auded the decision of the Prime Minister Imran Khan to regulate the real estate sector by extablishing real estate regulatory authority which is a good step in the right direction.
The business community unconditionally supports the move which will safeguard rights of all the stakeholders, attract local and foreign investment and generate economic activity, it said.
The rules and regulations governing realestate sector as so weak that these are often used against the masses by real estate agents, builders and developers, said Dr. Murtaza Mughal, President PEW.
He said that masses need a break as most of the people who invest their lifetime savings for a home are looted by this mafia.
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18. 07. 20
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Economic development through construction wishful thinking: Dr Waqar Masood
Wheat crisis engulfing entire country due to mismanagement: Mian Zahid Hussain
Govt lack experts who can take timely, correct decisions: Dr. Murtaza Mughal
Economic experts and business leaders on Friday lauded the PM Imran Khan’s move to develop the construction sector but cautioned that focus on only one sector will not revive economic activities.
They said all the important sectors deserve attention but the government lacks economic experts who can take timely and correct decisions based on ground realities.
Speaking at a seminar organized by FPCCI Central Standing Committee on Insurance, former federal secretary finance Dr. Waqar Masood Khan, former provincial minister, and convenor FPCCI Mian Zahid Hussain, Convenor of the FPCCI committee Dr. Murtaza Mughal, Chartered Accountant Tariq Hussain and others said that the economy is without direction which is hitting almost every sector.
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13. 07. 20
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Trusting the private sector to unleash another crisis
Import of sugar should be allowed to frustrate mafia
The Pakistan Economy Watch (PEW) on Saturday asked the government not to depend on the private sector to balance shortage of staple and initiate wheat and sugar imports by itself without further delay.
The government has allowed import of ten million tonnes of wheat which is a good decision but the volume should be increased to fifteen million tonnes to calm the market and foil the unholy designs of the mafia, said Dr. Murtaza Mughal, President PEW.
He said that presently the price of wheat in the international market is affordable therefore imports should not be delayed.
Dr. Murtaza Mughal who is also Convener FPCCI Central Standing Committee on Insurance said that government should cancel permits and impose heavy fines on those businessmen who are delaying wheat imports as they are part of the mafia.
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07. 07. 20
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The government should realize the enormity of the challenges facing agriculture and make efforts to overcome them to ensure food security and avoid expensive spillover effects on the country’s social, economic and political system, speakers at a workshop said.
There has been no significant impact of Covid-19 on the agriculture sector which recorded a remarkable growth of 2.67 percent in 2019-20 compared to 0.58pc growth achieved last year except for cotton and sugarcane crop, said Dr Murtaza Mughal, President of the Pakistan Economy Watch (PEW) and Convener FPCCI Central Standing Committee on Insurance.
Speaking to the workshop organized by the Rural Development Foundation (RDF), has said that water scarcity, substandard seed and fertilizers and recent locust outbreak resulted in heavy losses to the main crop production areas in Balochistan, Punjab, and Sindh provinces.
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05. 07. 20
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Masses paying Rs45 tax on every liter of petrol
Devaluation, inflation tools to boost revenue
The Pakistan Economy Watch (PEW) on Saturday said the entire burden of pandemic and financial crisis has been shifted on the poor masses which has added to their problems.
Many countries have increased taxes on rich to tackle coronavirus-related losses but here masses are being made to pay, it said.
Masses are paying Rs45 tax on every liter of petrol which must be reduced immediately, said Dr. Murtaza Mughal, President PEW and Convener FPCCI Central Standing Committee on Insurance.
He said that devaluation and inflation are two tools to boost revenue but it remained counterproductive during the last two years despite forty percent erosion in the exchange rate and imposing new taxes of Rs1000 billion.
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01. 07. 20
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Govt has no justification to remain in power
Politicians, mafia two sides of the same coin
The Pakistan Economy Watch (PEW) on Tuesday said government has no justification to remain in power as it has failed to deliver and added to the miseries of masses.
Mafia cannot operate without the full patronage of the government and it cannot continue business for a single day without support of authorities, he said.
Dr. Murtaza Mughal, President PEW who is also Convener FPCCI Central Standing Committee on Insurance said that politicians and mafia have always remained close to each other but now masses are facing an unprecedented alliance between the two which has made their life very difficult.
While government and mafia seems to have teamed up against poor masses the attitude of opposition leaders has left much to be desired agitating many.
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31. 12. 19
The Pakistan Economy Watch (PEW) on Sunday lauded the government’s move to streamline the database of Benazir Income Support Programme (BISP) and exclude undeserving persons from the list of beneficiaries.
BISP has been supporting the poor since long and so far it has distributed around Rs700 billion among poor but politicians added millions of undeserving to the list of beneficiaries which was cruelty, it said.
Now the government has decided to remove over eight hundred thousand people from the list of beneficiaries which will save Rs16 billion annually which can be used to support the deserving which is a laudable move, said Chairman Brig. Muhammad Aslam Khan (Retd).
He said that how can those who own vehicles have land over 12 acres, travel abroad and pay heavy utility bills can get aid under BISP which was meant for the poor.
Aslam Khan noted that a political party is opposing this move with full force which indicates its involvement in the corruption which deprived poor of their right for years for the sake of political popularity.
BISP is the largest social safety net in Pakistan and its performance has been repeatedly lauded at home and abroad by various institutions and now it will be able to support the poor in an effective way, he said.
Such initiatives are essential to help poverty-stricken people, therefore, these programs need to be managed in a way that the benefits reach the targeted people and political interference is avoided.
