09. 12. 13
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Delay in CSF compensation by US to create serious problems for Pakistan
The Pakistan Economy Watch (PEW) on Monday said US has been intentionally hurting Pakistan’s weak economy to realise its unholy designs in the region.
An economically sound and stable Pakistan is not in the interest of Washington that need a weak country which can dance on their tunes, said Dr. Murtaza Mughal, President PEW.
He said that State Bank of Pakistan is left with almost three billion dollars of forex reserves enough to meet import bill for a month after which situation can deteriorate rapidly.
On the other hand, government has failed to introduce policies which can boost reserves, bar flight of capital, broaden tax net or lure investors, he said.
Dr Murtaza Mughal said that incumbent rulers have been following policy of predecessors by claiming to broaden tax net and cut expenditures but relaying on borrowings which has triggered inflation and humbled rupee.
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08. 12. 13
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JJVL Clarifies
SC decision to ensure transparency in future deals, privatisation
The Pakistan Economy Watch (PEW) on Sunday lauded the Supreme Court of Pakistan for its landmark decision on the LPG quota scam.
The decision declaring the LPG quota agreement between Jamshoro Joint Venture Limited by the Sui Southern Gas Company as illegal will go a long way in ensuring transparency in the future deals, it said.
The Supreme Court’s decision to hold all the benefices of the quota scam responsible and order regarding recoveries will have a discouraging effect on favouritism, fake investors, and it will make the upcoming privatization process transparent, said Dr. Murtaza Mughal, President PEW.
He said that deal between SSGC and JJVL was result of collusion between LPG mafia and a former president that helped deprive masses and exchequer of tens of billions for over a decade.
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05. 12. 13
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Administrative action to check exchange rate erosion will hurt economy
The Pakistan Economy Watch (PEW) on Wednesday expressed grave concern over depleting foreign exchange reserves asking government to take instant steps to improve the situation.
Foreign exchange reserves held by the State Bank of Pakistan (SBP) have contracted to lowest level since November 2001 which is alarming, it said.
However, any governmental action in this regard will drop the confidence of market to the post-nuclear test level which would result in a disaster for the economy, said Dr. Murtaza Mughal, President PEW.
He said that different officials asking government for action are doing a great disservice to the country as it will do more harm than good which will not be permitted under any circumstances.
Despite record remittances and growth in exports the situation of reserves remained unsatisfactory due to increasing oil imports and repayments to IMF, he added
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02. 12. 13
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Incentives not to improve situation: Shahi Syed
Awami National Party (ANP) on Sunday criticised recently interoduced packages and tax breaks for businessmen saying the effort will yield yielding little or no result at all.
Worst law and order situation, double-digit inflation, increasing poverty and shrank forex reserve is result of the policies of the government which cannot be reversed through packages, said President of ANP Sindh Shahi Syed.
Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch (PEW), he said that how can government claim to attract foreign investment when our own educated class and the business community is seeking refuge overseas.
The package will not result in better law and order situation, infuse confidence in the investors, stop flight of capital, brain drain, mass departure ofindustries and fall of the local currency.
Shahi Syed said that situation can improve in Karachi if government acts upon the directives of the Supreme Court and serious action for deweaponising and cleansing police of politics.
Speaking on the occasion, Dr Murtaza Mughal said that package by the PM is nothing but an old economic trick which will meet the fate of failed schemes of the past.
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30. 11. 13
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Safety and efficacy of some registered drugs questioned
The Pakistan Economy Watch (PEW) on Thursday asked the government to review process of registration of drugs to ensure transparency which is in the interest of the masses.
Pakistan has become a haven for pharmaceuticals due to weak regulations, repeated artificial shortages of critical drugs and connivance between drug manufacturers, doctors, and authorities, it said.
The pharmaceutical industry has been enjoying a bonanza based on exploitation of patients, dishonest marketing practices, and selling drugs banned in many countries, said Dr. Murtaza Mughal, President PEW.
He stated that some people are dumping deregistered drugs in the country while some local and multinational companies have been allowed to produce and market banned drugs.
Dr Murtaza Mughal said that selling medicine after changing its name and hiking price by two to five hundred per cent after a slight change in the active ingredients of a drug has become a normal practice.
Changing name and ingredients make it obligatory for a pharmaceutical to get the ‘new’ medicine registered swiftly and push practitioners to prescribe it to patients which has become an effortless process.
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26. 11. 13
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Stricter ethical guidelines in medical profession demanded
PEW reminds Govt of its responsibility to protest masses
The Pakistan Economy Watch (PEW) on Monday said objectionable practices of the pharmaceutical industry have been hindering its own growth while resulting in lost opportunities.
There is a wide scope of expansion of the pharma industry but its focus on maximising profits through unprincipled commercial practices has restrained its development, it said.
The pharma industry knows how to keep the authorities happy and how to win the cooperation of the doctors which has resulted in immense public distrust, said Dr. Murtaza Mughal, President PEW.
He said that pharma is one the most profit generating sectors in Pakistan yet they want an increase in prices of over 99 per cent medicine to boost their profits and give more kickbacks to officials as well as medical practitioners.
The situation has gone to an extent that many doctors and specialists with good repute would prefer prescribing low quality medicine to patients to ensure underhand benefits from manufacturers, said Dr Murtaza Mughal.
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23. 11. 13
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Lack of coordination among ministries marring int’l trade
The Pakistan Economy Watch (PEW) on Friday said trade concessions from west will be of little use in absence of an export policy which is yet to be announced by the government.
Government wants to promote international trade and has inked favourable deals with some countries but volume of exports hasn’t witnessed any boost because of conflicting policies, said Dr. Murtaza Mughal, President PEW.
He said that different concerned department are facing lack of coordination, cooperation and harmony which is casting negative shadow on exports.
Moreover, exporters avoid value addition and prefer to sell raw material as well as semi-finished goods which are keeping export earnings below 25 billion dollars since years.
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19. 11. 13
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Patronising elite will lead country to a default: Dr Mughal
The Pakistan Economy Watch (PEW) on Monday said government claims about better economic performance are false and fabricated.
IMF has also twisted facts by praising the so-called reforms by the economic managers working for the PML-N led government, it said.
How the economy can get off the ground when no serious efforts have been initiated except burdening the poor, said Dr. Murtaza Mughal, President PEW.
Pushing millions below the poverty line will never help government advance economy or its agenda, he added.
Dr Murtaza Mughal said that growth rate remains dismal, borrowings, circular debt, inflation, budget deficit, interest rate, poverty and unemployment has been rising while the mass of underground economy has been increasing.
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18. 11. 13
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Munawar’s remarks stained his image: PESA’s spokesman
Remarks seems to be part of conspiracy to damage Pakistan: Brig Masud
The spokesman of Pakistan Ex-Servicemen Association (PESA) Brig Masud ul Hassan has said that the statement of Amir of Jamat-e-Islami Syed Munawar Hassan regarding martyrs of amry has disheartened many while tarnishing his image.
Whole nation has reposed the confidence in the defence forces after the controversial remarks which is encouraging, he added.
Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch, Brig Masud ul Hassan said that the move seems part of an international conspirqacy aimed at weakning an organised institution.
He said that military is not battling Afghan Taliban but the Pakistani Taliban which enjoys support of enemy countries.
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08. 11. 13
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Early formulation of Shale Gas Policy demanded
Five years of empty talk, power struggle damaged oil, gas sector
The Pakistan Economy Watch (PEW) on Thursday lauded the government for its serious initiatives to encourage foreign investors with an aim to mitigate gas crisis.
Government is trying best to add maximum amount of gas to the national gas grid as soon as possible to help masses and economy, said Dr Murtaza Mughal, President of the PEW.
Ministry of Petroleum and Natural Resources in helping local as well as foreign investors which is restoring confidence of the business community, he added.
Dr Murtaza Mughal said that there would be no need for load shedding for industrial and CNG sectors if gas theft and illegal use is contained.
Similarly, early resolution of disputes between exploration companies and the government departments would help add additional gas in the system, he said adding that those who are confusing the nation on import of Iranian gas are enemies of Pakistan.
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04. 11. 13
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PTI ensuring rapid progress through reforms: Chief Minister KPK
Eradication of terror linked to serious efforts, economic opportunities
Chief Minister of Khyber-Pakhtunkhwa Pervaiz Khattak on Sunday said US drone attack which killed TTP chief Hakimullah is not an ordinary coincidence but part of well-orchestrated conspiracies against Pakistan.
He said that peace in the region, especially Pakistan, is against the US interests therefore it intentionally targeted TTP leader to sabotage peace efforts.
The cowardly attack came at a the time when Government authorities and Taliban were ready to sit together for resolving the issues through talks when reveal the US demonic designs, the CM Pervaiz Khattak said while taking to Dr Murtaza Mughal, President of the PEW.
He said that Pakistan Tehreek-e-Insaf (PTI) has been ensuring speedy progress in the province through reforms.
A powerful and independent Accountability Commission will start functioning in the province soon which will be able to arrest anyone including the chief minister, he added.
PTI has planned to provide free education and healthcare facilities to all without any discrimination while computerisation of all land records would bring an end to complaints of corruption.
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02. 11. 13
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People paying price of failed policies, inaction: Farida Rashid
The Pakistan Economy Watch (PEW) on Friday said governemnt’s plan to shutdown CNG filling stations for three months during winter is unfeasible in the prevailing circumstances as it an lead country to bankruptcy.
The unwise decision will create serious problems like exchange rate volatility, reduced forex reserves, unemployment of millios, and runaway inflation, said Dr Murtaza Mughal, President of the PEW.
Talking to Farida Rashid, former president IWCCI and other women entreprunars, he said that the decision will primilarly benefit oil import mafia and create problems for the troubled masses.
Dr Murtaza Mughal said that four millions vehicles using CNG would be forced to use costly imported fuel in case of CNG closure.
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30. 10. 13
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FBR hurdle in making Pakistan self-reliant: Dr Mughal
Member National Assembly of Pakistan Tehreek-e-Insaf (PTI) from Swat Murad Saeed on Wednesday said PLM-N led government is following policy of crushing poor to please elite.
He said that a raise in power tariff and taxes would not help boost revenue but lead to increased theft.
Talking to Dr Murtaza Mughal, President of the Pakistan Economy Watch, he said that we reject all the moves aimed at so-called economic stability on the cost of masses.
Murad Saeed said that promises of an economic revival are deception by those failed leaders who have disappointed masses time and again.
PTI is struggling to make Pakistan a developed and respected nation where everyone will have equal opportunities and rights, he said.
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14. 10. 13
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Govt decisions to help it meet PPP regime’s fate
Country being destabilised to please IMF
The Pakistan Economy Watch (PEW) on Saturday criticised the upward revision of the power tariff saying that it would paralyse the masses and the struggling economy.
The government says that it cannot break promise with international monetary institutions but finds it very convenient to break all the poll promises, said Dr. Murtaza Mughal, President PEW.
He said that the life of common man has been made miserable beyond imagination as the rulers are playing with national security in a bid to please IMF and restore global rating.
Government has been following policies of the IMF to ensure so-called stability which is destabilising the whole country, he added.
Dr. Murtaza Mughal said that rulers are unwilling to contain theft worth Rs 250 billion in the energy sector, tax nobility, nab tax evaders or contain Rs 500 billion corruption in the FBR therefore it is bleeding the masses and honest taxpayers white.
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10. 10. 13
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The Pakistan Economy Watch (PEW) on Wednesday said exchange rate may stabilise soon due to buoyant inflow of remittances ahead of the Eid-ul-Azha.
We hope that the inflows would improve reserves as expatriates are remitting more money to the families and relatives before the Eid, said Dr. Murtaza Mughal, President PEW.
The strong inflow of remittances into the country has been supporting the rupee against the US dollar, now it has gained pace which will certainly help local currency gain points and help reduce uncertainty, he added.
However, he said that the continued capital outflows which have resulted in extra pressure on the foreign exchange reserves and the exchange rate suggest that the gains may be temporary.
Government and SBP would have to take some serious steps to control exchange rate vitality on a permanent basis that include serious market interventions.
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09. 10. 13
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Debatable policies causing brain drain, capital flight and exodus of industry
The Pakistan Economy Watch (PEW) on Tuesday said controversial steps by the government are choking growth, frustrating masses and the business community while hitting its popularity.
Economic managers continue to take questionable decisions on the dictation of IMF making life difficult for the masses, said Dr. Murtaza Mughal, President PEW.
He said that recently power tariff was revised for the domestic consumers but the Supreme Court intervened to salvage the masses. However, the government hit the masses with an unjustified hike in the Sales Tax which resulted in the massive uproar.
Dr. Murtaza Mughal said that the decision was taken in a situation when rupee has eroded by 10 per cent against the dollar while runaway inflation has pushed millions below the poverty line.
Earlier, one of the most corrupt institutions was given complete access to the bank accounts which put the future of the banking industry at stake. The decision was taken back to the stiff resistance by banking companies, business community and the masses, he said.
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07. 10. 13
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The Pakistan Economy Watch (PEW) on Sunday expressed concern over rapid privatization process initiated on the dictates of International Monetary Fund (IMF).
It said that hasty sale of national assets to finance budget deficits without a detailed strategy may be prove harmful to the economy.
There is no justification is selling state-owned companies that are making profit, said Dr. Murtaza Mughal, President PEW.
He said that majority of the earlier privatization initiatives failed as most of the buyers were interested in the properties of the organisations sold to them.
The sale of PTCL worked because it was in profit at the time of privatization process, he observed.
Therefore, property dealers and developers should not be allowed to take part in the bidding process, said Dr. Murtaza Mughal.
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03. 10. 13
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PEW disapproves Government’s cold economic management
Masses not responsible for Govt’s financial dilemma: Dr. Murtaza Mughal
Govt asked to tax rich instead of poor: Presdient PEW
The Pakistan Economy Watch (PEW) on Wednesday said masses are not responsible for the financial difficulties of the government therefore they don’t deserve to be punished for blunders of economic managers.
Government has failed to boost revenues; it is not bothered about tax reforms and has decided to conveniently tax poor to raise funds which is not the best solution, said Dr. Murtaza Mughal, President PEW.
He said that the government can focus on controlling the massive electricity theft, collecting bills from chronic defaulters, and introduce reforms to improve efficiency of the ailing power sector.
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30. 09. 13
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Government, masses should safeguard the minorities
True follower of the Prophet Muhammad (Peace Be Upon Him) will never harm any innocent and never indulge in any immoral activity, speakers said at a seminar.
Unfortunately Islam has been associated with terrorism and violence due to the actions of a few extreme individuals who’ve taken it upon themselves to do the most heinous crimes in the name of Islam, they said.
Sahibzada Sultan Faizul Hassan of Astana-e-Alya Haq Bahu, Professor Ijaz Mehmood Qadri and others said this while speaking at Pakistan Economy Watch (PEW) forum held the other day.
They said that tragic events like church bombing in Peshawar are assumed to be justified by Islam in minds of some misguided people who are defaming religion.
The actions of a few fanatical individuals who happen to have Muslim names should not be a yardstick by which Islam is judged.
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27. 09. 13
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Leander trapped Pakistani negotiators into currency crisis
Over nine per cent fall in rupee value exposes wisdom of economic managers
The Pakistan Economy Watch (PEW) on Thursday said local currency is being destroyed deliberately on the command of IMF.
The negotiating team of the international lender trapped Pakistani officials during face-to-face negotiations which pushed country into a severe currency crisis.
IMF team that carefully laid this trap knew that Pakistanis are are highly unlikely to walk out of the talks even if the vital national interests were to be compromised, said Dr. Murtaza Mughal, President PEW.
Rupee has shed over nine per cent value against major currencies, especially USD since PML-N formed government which speaks of the competence of their economic managers, he said.
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24. 09. 13
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فارما کمپنیاں غریب عوام کی جیب پر نوے ارب سالانہ کا ڈاکہ مار رہی ہیں۔ میاں آفتاب
جان بچانے والی ادویات موت کے منتظر غریب عوام کی پہنچ سے باہر ہو گئی ہیں
ہیلتھ واچ کے صدر میاں آفتاب نے کہا ہے کہ حکومت کا کنٹرول نہ ہونے اورمتعلقہ حکام کی ملی بھگت سے سبب مقامی اور کثیر القومی ادویہ ساز کمپنیوں نے متعدد مصنوعات کی قیمتوں میں غیر قانونی اضافہ کر کے غریب عوام پر نوے ارب روپے سالانہ کا بوجھ بڑھا دیا ہے۔ فارما انڈسٹری ایک مافیا بن چکی ہے جو بلا روک ٹوک عوام کا استحصال کر رہی ہے۔ پاکستان اکانومی واچ کے صدر ڈاکٹر مرتضیٰ مغل سے بات جیت کرتے ہوئے انھوں نے کہا کہ جان بچانے والی ادویات موت کے منتظر غریب عوام کی پہنچ سے باہر ہو گئی ہیں ادویہ ساز کمپنیاں ڈاکٹروں اورمحکمہ صحت کے حکام سے مل کر عوام کا بدترین استحصال کر رہے ہیں جبکہ حکومت خاموش تماشائی بنی ہوئی ہے۔
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23. 09. 13
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Peace in Karachi to be one of the greatest achievements of the Govt
The Pakistan Economy Watch (PEW) on Sunday said government’s interest in ensuring peace in Karachi will boost economy and rating of PML-N leaders.
During the last several decades politicians continued to assure masses and the business community of good days but they get nothing except encouraging statements, it said.
Now, government seems serious about reviving economy and clearing Karachi of organised is an integral part of this strategy, said Dr. Murtaza Mughal, President PEW.
He said that government stance has improved morale of the law enforcing agencies and targeted operations in different parts of the city has improved the situation.
The decisions of the government including amendment in the ATA will strike terror in the hearts of hardened criminals and infuse confidence in the subordinate judiciary without which whole exercise will remain futile, he observed.
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20. 09. 13
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Ogra decision to put a mln vehicles out of service, hurt 80m commuters
Daily life badly hurt by the decision taken to please LPG mafia
The Pakistan Economy Watch (PEW) on Thursday said Oil and Gas Regulator Authority (Ogra) is pushing country towards another severe crisis on the behest of powerful LPG mafia.
The hydrocarbon regulator has issued another illegal order asking provinces to remove all the CNG cylinders from the commercial vehicles disregarding the fact that they have been cleared by almost a dozen of other government departments, said Dr. Murtaza Mughal, President PEW.
He said that all the provinces, especially Punjab has started acting upon the unlawful and unclear directives of the Ogra without considering its outcome.
The controversial decision has left owners of Toyota Hiace, Suzuki pickups and taxis on the mercy of police and provincial transport authorities. CNG cylinders are being removed from hundreds of vehicles while hundreds others ferrying masses have already gone off the road indefinitely, he said.
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16. 09. 13
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Int’l lenders have done more harm than good
The Pakistan Economy Watch (PEW) on Sunday said that tough conditions of International Monetary Fund (IMF) will deal a death blow for the beleaguered economy of Pakistan.
International lenders are not concerned about the development of Pakistan which is addicted to foreign loans since Ayub Khan’s era without any positive outcome, it said.
Unlike the common notion, the foreign loans have weakened the economy, eroded the currency and buying power of masses and promoted the interests of elite, said Dr. Murtaza Mughal, President PEW.
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09. 09. 13
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The Pakistan Economy Watch (PEW) on Sunday asked the Prime Minister and Chief Justice of Pakistan to take notice of illegal hike in the price of tetanus medicine by a local pharmaceutical company.
The immoral upward revision in the price of medicine by an Islamabad based company with the help of officials concerned of health ministry amounts to exploitation of masses, it said.
The approved price of tetanus injection was Rs 42 which was recently revised upward to Rs 62 without getting approval of the regulator, said Dr. Murtaza Mughal, President PEW.
The move will add Rs430 million annually to the profit of the company which is selling two million injections per month in the country, he added.
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06. 09. 13
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PEW expresses grave concern over falling rupee
The Pakistan Economy Watch (PEW) on Thursday expressed grave concern of dwindling rupee holding government responsible for the mess.
Government has been systematically damaging local currency to live up to the secret agreement reached with the IMF without considering its implications, it said.
The deal with the lender has made rupee one of the world’s worst-performing currencies; it has raised cost of external debt servicing, cost of domestic debt, cost of imports and opened floodgates of inflation, said Murtaza Mughal, President PEW.
Talking to President IWCCI Farida Rashid, he said that the demand for dollar is set to increase leading to dollarization of the economy where people keep their savings in dollars as hedge against inflation while use local currency for daily expenditure only.
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23. 08. 13
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Keeping IMF away from Pakistan’s agri sector in national interest
The Pakistan Economy Watch (PEW) on Thursday asked the government to revisit decision to continue subsidising fertiliser sector.
The Economic Co-ordination Committee of the cabinet has recently decided to continue subsidising fertiliser sector which may not bring the desired outcome, it said.
Continued subsidy to the fertiliser sector will not benefit the farmers but the industrialists who have pushed country into high food inflation, said Dr Murtaza Mughal, President PEW.
He said that a reason behind reduced wheat output which has threatened the food security in country is the unjustified hike in the prices of fertilise leaving many farmers unable to buy the vital input.
Dr Murtaza Mughal said that fertilise prices are already more than that in the international market which call for a review of the recent subsidy decision as well as the that of the Fertilise Policy 2001.
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19. 08. 13
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Provision of energy imperative to transform lives
Energy enables people to work their way out of poverty
Govt asked to promote new investments in energy sector
The Pakistan Economy Watch (PEW) on Sunday asked the government to promote new investments in the energy sector by introducing better regulations as poverty cannot be reduced in presence of energy scarcity.
Access to energy is imperative to transform lives which is not getting proper attention on the national and global level as majority of Pakistanis as well as a third of the world’s population has no access to modern energy services, it said.
Tens of millions in Pakistan and 1.3 billion people worldwide are still without any form of electricity and 2.7 billion people still cook over open fires despite availability of solutions, said Dr Murtaza Mughal, President PEW.
Estimates say in the next seventeen years three billion will cook with traditional fuels, more than 30 million people will have died due to smoke-related diseases and hundreds of millions will be confined to poverty due to lack of energy, he informed.
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16. 08. 13
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Tehreek-e-Sehat Pakistan (TSP) and Minsa Clinic Bahria Town have entered into a deal to provide free healthcare facilities to masses through free medical camps in Rawalpindi.
In this regard a MoU was signed between TSP and Minsa Clinic Bahria on the Independence Day.
Speaking to the MoU signing ceremony Dr Murtaza Mughal, President TSP said that allopathic system of medicine is costly while may ends up catching additional diseases while attempting to cure one.
He said that homeopathic system of medicine has no side effects but it is also costly for poor. Therefore, he said, some doctors in the TSP have decided to provide free healthcare facilities to masses using their own resources.
Dr Murtaza Mughal said that we will use homeo and biochemic system of medicine to cure ailing masses.
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15. 08. 13
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The Pakistan Economy Watch (PEW) on Wednesday said Swiss multinational pharmaceutical company Roche has been declared guilty of dumping of Pegasys, a medicine used to cure hepatitis, in Pakistan by the National Tariff Commission (NTC).
However, the NTC authorities avoided imposing any anti-dumping duty on the company which will not discourage it from employing illegal market practices to hurt local industry, it said.
Pakistan is facing a multinational onslaught therefore existing law should be reviewed to introduce strict measures to safeguard local industry, said Dr Murtaza Mughal, President PEW.
He said that the action of the Swiss company was not only hurting local manufacturers but it also amounts to depriving 20 million hepatitis patients in Pakistan of affordable medicine.
He lauded the NTC for acting swiftly on the complaint of local industry and declared Roche guilty of dumping after investigation. However imposition of anti-dumping duties would have satisfied local pharma industry.
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12. 08. 13
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Lack of investment opportunities boosting dollar demand
IMF policy of dollarization of developing economies termed lethal
The Pakistan Economy Watch (PEW) on Sunday said initiatives taken by government and State Bank of Pakistan to check the slide of local currency and tame US dollar remains insufficient.
The emergency measures taken by authorities not helped a lot but encouraged those involved in hoarding and smuggling of currency, and spreading rumours for personal gains, it said.
Government should give a second thought to the situation and take serious steps to contain exchange rate volatility otherwise its cost will become unbearable for the battered economy, said Dr Murtaza Mughal, President PEW.
SBP interventions and meetings between economic managers and moneychangers in cordial atmosphere will never resolve the problem but supplement it, he said adding that market forces behind decline deserves no mercy.
Best way to stop rupee from shedding points is to attract foreign investment, ensure stability and sustainability to regain confidence of investors and improve law and order situation.
Moreover, a series of fundamental reforms including proper legislation to protect the investment of foreign investors can also help resolve crisis, he said.
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09. 08. 13
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Pakistan cannot afford luxury of wasting Rs500 billion annually on SOEs
SOEs proved to be white elephants in absence of proper accountability
The Pakistan Economy Watch (PEW) on Thursday said Pakistan cannot afford the luxury of wasting Rs500 billion annually on inefficient state-run-enterprises (SOEs).
Almost all the entities created by the government in order to partake in commercial activities on the government’s behalf have proved to be white elephants in absence of a proper accountability mechanism, it said.
Sucessive government have been mixing politics with business which have transformed state-run corporations into most unproductive segment wasting almost Rs 1.5 billion daily, said Dr Murtaza Mughal, President PEW.
Governemnt should bring an end to political interference in these corporations or privitize them on fast pace if it cannot shield these from unnecessary interventions, he added.
Dr Murtaza Mughal said that the environment of majority of corporation has deteriorated to an extent that reputed professionals from private sector fail to give positive results when entrusted for top slots.
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05. 08. 13
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Govt, telecom operators asked to bring internet revolution in the country
The Pakistan Economy Watch (PEW) on Sunday said mobile internet penetration is highly unsatisfactory in Pakistan for which government should take initiatives while cellular companies should cut the price.
Pakistan has a cellular subscriber base of around 122 million with mobile penetration reaching to 70 per cent but a very small number of consumers use their phones to access internet, it said.
According to a research, the country has 30 million internet subscriptions of which only 12 per cent access the internet through their mobile phones, said Dr Murtaza Mughal, President PEW.
Pakistan stands 127th on the ICT Development Index out of 155 countries with many African and Saarc countries enjoying a better position, he added.
Dr Murtaza Mughal said that 160 countries have been reaping the benefits of 3G technology which has been delayed a lot in Pakistan.
An auction of 3G mobile spectrum licences can help introduce high-speed mobile internet in Pakistan, enhance internet and social media penetration, attract investment, increase smartphone usage, reduce deficit and boost digital economy as well as GDP, he added.
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02. 08. 13
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Iran wheat deal shows strength of Pakistan agri sector
The Pakistan Economy Watch (PEW) on Thursday lauded to move of the government to barter wheat for electricity with Iran.
Export of 100,000 tonnes of wheat to Iran to settle dues for electricity supplied to Pakistan’s energy-starved border areas was a step in the right direction, it said.
The development proves the importance and strencth of our agriculture sector which must be supported at policy level, said Dr Murtaza Mughal, President PEW.
Farming has not only been the main sector for growth and largest job provider, but it remains one of those few sectors which are performing well therefore it merits careful handling, he added.
Dr Murtaza Mughal said that some elements have launched a campaign telling masses that 5,500 MW power can be generated if gas supply is stopped to the fertilizer and CNG sectors.
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27. 07. 13
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The Pakistan Economy Watch (PEW) on Friday said rising dollar and falling rupee has exposed the secret deal between government and IMF to depreciate the local currency.
The sliding rupee has also exposed expertise of the economic managers of the incumbent government, it said.
The deal between government and the lender is also evident from the role of SBP which has been reluctant to take concrete steps to stabilise the exchange rate, said Dr Murtaza Mughal, President PEW.
He said that depreciation in the valure of rupee will invite inflation as Pakistan heavily relies on imports. Moreover, it will add to the foreign debt and make life of masses miserable.
Overseas Pakistanis will prefer to send money through hundi as the difference in interbank and open market rate is at unprecedented level, he added.
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22. 07. 13
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Cut in Govt spending, int’l aid jeopardises future of millions
The Pakistan Economy Watch (PEW) on Sunday said increasing gap between demand and supply of teachers pose a threat to Pakistan’s future.
Student-teacher ratio as well as teacher recruitment practices, teacher management, teacher attendance, teaching practices and absence of performance monitoring system in majority of schools is resulting in low student learning, it said.
Pakistan’s prosperous future can only be ensured if it is realised that every child needs a teacher for which creation of around fifty thousand new teaching posts in next few years are required, said Dr Murtaza Mughal, President PEW.
He said that the supply of teachers is failing to keep pace with the demand, the world needs 6.8 million teachers to ensure every child’s right to basic education, he added.
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15. 07. 13
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The Pakistan Economy Watch (PEW) on Sunday said a third of the world’s population has online access to the Internet with South Asia having lowest penetration rates of 9 per cent.
Thirteen out of every 100 people in Sub-Saharan Africa have the Internet access.
Mobile phones and internet have become integral part of development but South Asia is still lagging behind in the rapidly changing world, said Dr Murtaza Mughal.
According to latest World Bank’s report, mobile phone subscriptions have almost doubled every two years since 2002 to hit mark of 5.9 billion subscriptions globally, almost one for every person if distributed equally, he said.
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11. 07. 13
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Pakistan to benefit as China, India to attract 37 pc of global investments by 2030
Decisions realising major shifts in global economic patterns to benefit country
The Pakistan Economy Watch (PEW) on Wednesday said the visit of Prime Minister Nawaz Sahrif and Chief Minister Punjab Shahbaz Sharif to China has boosted the morale of of the general population and business community.
The visit retold the desire of the PM to resolve energy crisis on sustainable basis and take all necessary steps to put country on the path of development, it said.
The visit of CM to Qatar may boost the process of LNG import which will help mitigate energy crisis, said Dr Murtaza Mughal, President PEW.
He said that confidence building measures with India should be accelerated at New Delhi will attract seven per cent of all the global investments by 2030 which will benefit whole region.
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09. 07. 13
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Proper usage of borrowed money real test of the government
Decision of equitable loadshedding questioned
The Pakistan Economy Watch (PEW) on Monday said securing IMF loan was not a success unless the government ensures proper utilisation of borrowed money to the satisfaction of all stakeholders.
Real test of the government will be to best utilise the money and fulfil promises with the international lender to improve economy and boost credibility, it said.
Pakistan was left with no option but to accept IMF conditions or face a default as the former government left Rs14.3 trillion of domestic loans, Rs500 billion circular debt, external financing requirements of $ 11.5 billion and budget deficit at 9 per cent, said Dr Murtaza Mughal, President PEW.
Pakistan would have been a developed country if if half of the money borrowed in past was utilised properly, he said adding that asses were expecting a good decision on taxing agricultural income to balance the taxation regime which hasn’t happened.
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08. 07. 13
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The Pakistan Economy Watch (PEW) on Sunday asked the government to act immediately as country is inching towards severe food crisis.
The food insecure masses of Pakistan will have to pay the heavy price if government continued to delay decision regarding import and export of wheat as local stocks are not enough to meet food requirements until the next crop, it said.
The situation of wheat reserves is far from satisfactory as around 7.5 million tonnes of commodity with the federal and provincial governments is insufficient, said Dr Murtaza Mughal, President PEW.
According to an independent estimate, Pakistan produced a total of 22.8 million tons of wheat in 2013 which was 2.2 million less than the set target of 25 million tonnes, he added.
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04. 07. 13
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Half-truth by energy officials amounts to whole lie
The Pakistan Economy Watch (PEW) on Wednesday alleged that top government officials have started a campaign against CNG sector by misguiding masses by presenting doctored figures.
The incumbent administration is following the footsteps of former government by holding back the truth hidden from the common people to fulfil their objectives without public uproar, it said.
Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has started speaking the language of influential lobbies who have thrown the country into unmanageable energy crisis for their profits, said Dr Murtaza Mughal, President PEW.
He said that government seems to have planned to get rid of the world’s largest CNG industry to please influential sector and continue the unjust distribution of natural gas.
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02. 07. 13
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Two-day visit of British Prime Minister David Cameron will push the efforts if international community for regional peace, stability and economic prosperity, a religious leader said Monday.
Positive efforts of the UK’s leadership for a stable, prosperous, peaceful, and democratic Pakistan are acknowledged by people, said Prof. Ajaz Mehmood Qadri, Chairman International Peace Council for Interfaith Harmony.
Cameron’s visit as first foreign head of government since PM Nawaz Sharif took office in June will help Pakistan implement economic development agenda, he said while speaking at a forum organised by Pakistan Economy Watch.
It is encouraging to know that UK, a close friend and genuine development partner having a strong voice in the EU, will continue advocating Pakistan’s access to EU market.
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01. 07. 13
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Decision to compromise service, expansion and 3G auction
Heavy taxes on telecom sector unjustified: Dr Murtaza Mughal
The Pakistan Economy Watch (PEW) on Sunday questioned wisdom of the economic managers of the government behind the decision to slap additional tax on the telecom industry.
The short-sighted decision will increase burden on masses, add to problems of telecom sector and hurt the reputation of PML-N, it said.
An increase of 5 per cent withholding tax can have an impact on foreign investment in the telecom sector; it can hurt network expansion plans of the operators and compromise quality of the service, said Dr Murtaza Mughal, President PEW.
He said that the decision based on fulfilling tax collection target of Rs2.475 billion can reduce communication between people paving way for poverty and other problems.
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28. 06. 13
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Aptama rejects PEW findings
The Pakistan Economy Watch (PEW) on Thursday said influential lobby of the owners of Captive Power Plants (CPPs) which is wasting gas worth Rs70 billion per annum is one of the biggest hurdle is the resolution of the energy crisis in Pakistan.
The incumbent government seems helpless as the powerful lobby which has been getting natural gas at dirt cheap prices since last five years without the permission of Ogra and Nepra is still enjoying unprecedented influence in the corridors of power, it said.
Dr Murtaza Mughal said that those who are getting natural gas at 91 per cent discounted rates as compare to furnace oil are being patronized despite the opposition by Planning Commission and Ogra while they have sent packing four federal secretaries which has terrified the entire bureaucracy.
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26. 06. 13
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Budget to widen gap between rich, poor: Dr Ikramul Haq
Govt yet to provide economic justice to masses: Huzaima Bukhari
Budget pushing majority to abject poverty: Dr Murtaza Mughal
International tax experts Dr Ikramul Haq and Huzaima Bukhari on Tuesday said current budget will widen the gap between rich and poor which is detrimental for society and economy.
They said that the budget indicates failure of the government to provide economic justice to the masses by taxing the rich.
Talking to Dr Murtaza Mughal, President of the Pakistan Economy Watch, Dr Ikramul Haq and Huzaima Bukhari said that budget lacks focus on welfare programmes and it will impede poor from moving up economically.
The budgetary measures will not redistribute wealth and income in the society but benefitting the affluent, the tax experts said.
Government efforts will not help overcome economic crisis but it has successfully pushed majority to another crisis in this era of high inflation, they remarked.
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21. 06. 13
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Sindh budget termed disappointing
PPP hasn’t learned from mistakes, defeat in polls
The Pakistan Economy Watch (PEW) on Thursday said budget presented by Sindh government is a flawed document with nothing commendable in it.
The budget indicates that it is very hard for PPP to learn from mistakes and rejection by masses in recent elections, said Dr Murtaza Mughal, President PEW.
He said that provincial budget is continuation of the failures of the PPP which claims to be the largest political party of the country.
The budget presented by the federal government had many objectionable points which have created a storm across country but it indicates the willingness of the economic managers to bring a positive change, he said.
He said that Punjab government has taken many laudable steps in the budget which has added to their credibility.
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16. 06. 13
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Budget according to aspirations of FBR
Prices of necessities to burn a hole in pocket
Samina Fazil, founder president, Islamabad Women’s Chamber of Commerce and Industry (IWCCI) on Friday said budget has left women entrepreneurs highly disappointed and added to the miseries of man on the street.
Masses were anticipating some relief in the first budget of the new government but it proved to be a major destabilising factor as far as budget of households is concerned.
Speaking to female entrepreneurs, she said that budget is according to wishes and aspirations of the FBR whose negative impact has starting engulfing whole country.
Dr Murtaza Mughal, President of the Pakistan Economy Watch, President IWCCI Farida Rashid and others were also present on the occasion.
Samina Fazil said that budget is based on expectations while ambitious collections target will further weaken the private sector and choke growth.
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