14. 01. 11
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Pakistan Times
Government borrows Rs68 billion ($795 million) a month leads to higher inflation
Dilutes effects of State Bank’s tight monetary policy and discourages private investors
Calls for early passage of “SBP Act” from Senate to put restrictions on the government borrowing from SBP
ISLAMABAD: The Pakistan Economy Watch (PEW) Thursday expressed concern on the PPP-led federal government’s excessive budgetary borrowing, as on the average it taking Rs68 billion (or US$795 million) a month from the banking system to fill its income-expenditure gap while ignoring its ‘negative fallouts’ in shape of rising inflation that hitting hard the poor the most.
Only from the State Bank of Pakistan (SBP), the federal government is borrowing about 28 billion a month.
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05. 01. 11
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New Year to bring more sufferings to masses
The Pakistan Economy Watch (PEW) on Tuesday said majority of Pakistanis are unlikely to enjoy the New Year.
The political struggle is expected to eat up most of the attention of the coalition government with little time and funds left for welfare of the needy, it said.
Leaders will continue to undergo internal as well as external political pressures while common man will have to brave ever-increasing financial squeeze, said Dr. Murtaza Mughal, President PEW.
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02. 01. 11
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The Pakistan Economy Watch (PEW) on Sunday proposed a ministry for development of alternate energy in Pakistan.
Alternative Energy Development Board (AEDB), staffed with around 100 people and a budget of mere 61.6 million leaves much to be desired, it said.
Inefficient state-run corporations are wasting up to 500 billion annually while billions are spent due to political consideration but development of alternate energy has remained a lowest priority, said Dr. Murtaza Mughal, President PEW. We have yet to have an Alternate Energy Policy, he added.
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29. 12. 10
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Weak civil service reason behind sluggish social, economic growth
CSB to take decision of promoting officers today
The Pakistan Economy Watch (PEW) on Wednesday said weakness of the civil service is one of the factors constraining Pakistan’s social and economic development.
A non-political, modern, effective, responsive, capable and motivated public service based on an institutionalized merit system is needed for progress, it said.
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19. 12. 10
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The Pakistan Economy Watch (PEW) on Sunday said an independent authority should be established with ultimate intervention powers to tackle repeated food crises and frequent price hikes.
Toothless departments have not served any purpose since decades, it said.
Holding Trading Corporation of Pakistan (TCP) responsible for failures would only make sense after giving them autonomy, said Dr. Murtaza Mughal, President PEW. read more…
10. 12. 10
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Investigation agencies should stop playing with law, courts
Judge who rejected departmental probe merits promotion
The Pakistan Economy Watch (PEW) on Thursday demanded a re-probe into escape of Hamesh Khan, former President and CEO of Bank of Punjab from Peshawar Airport.
It said that investigating agencies should stop playing with courts, disregarding law and promoting officials involved in serious cases.
Dr. Murtaza Mughal, President of PEW demanded of the Chief Justice Pakistan Muhammad Iftikhar Chaudhry to constitute a special investigation committee to review the matter and ensure justice.
The name of Hamesh Khan was put on Exit Control List on 25th of April 2008 but he managed to fly out of the country from Peshawar Airport after that.
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09. 12. 10
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Pakistan Observer
Pakistan Times
The Pakistan Economy Watch (PEW) on Wednesday said US should not push Pakistan to hike tax rate. Instead, it needs to stress on widening the tax base.
Stressing across-the-board tax base may improve US rating among common Pakistanis as it will improve economy and overall situation, it said.
The campaign of US Ambassador to Pakistan Cameron Munter is not going down well with taxpayers. His move is against the interest of his own country, said Dr. Murtaza Mughal, President PEW. read more…
06. 12. 10
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The Frontier Post
Pakistan Observer
Pakistan Times
The Karachi Bourse
The Pakistan Economy Watch (PEW) on Sunday said that Federal Board of Revenue (FBR) is not fully prepared to tackle controversial RGST.
An agency that has failed to realise proper implementation and collection of direct taxes like income tax, sales tax and property tax etc since decades cannot be entrusted to collect RGST, it said.
Government has made serious efforts to convince provinces and other stakeholders on RGST but it is yet to initiate dialogue on taxing agricultural income, said Dr. Murtaza Mughal, President PEW.
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30. 11. 10
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Daily Mail
Pakistan Observer
Pak can reconsider buying BT cottonseed from New Delhi
The Pakistan Economy Watch (PEW) on Tuesday said that credibility of India outlook of Pakistan’s textile industry is at stake as former has refused to honour future sale agreements to provide cotton.
Indian exporters are offering different lame excuses for backing out; they simply want to disregard long-term commercial relationship to sell cotton on high price to other countries that has dented their reputation, is said.
Exports to Pakistan have been denied while those nations that compete Pakistan products in international market are being provided cotton which amounts to stabbing our textile industry in back, said Dr. Murtaza Mughal, President PEW.
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29. 11. 10
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Business Recorder
Universities producing army of job seekers, we are completely dependent on west
Least investment in education barring us to become competitive in world market
The Pakistan Economy Watch (PEW) on Sunday said some policies might prove counterproductive for the development of the country.
Political parties have put the national interest on the back burner and trying to gain from the efforts of the government to impose Reformed GST, it said.
Majority of the politicians that are against RGST are also against imposing any tax of wealthy agriculturists that is unfortunate, said Dr. Murtaza Mughal, President PEW.
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27. 11. 10
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Pakistan Observer
pkeconomists
Minerals enough to repay all foreign, local debt
The Pakistan Economy Watch (PEW) on Friday said Reko Diq mineral resources can guarantee a prosperous future for the people of Pakistan.
The gold and copper available there has a potential to transform our low value added agricultural economy to high value added knowledge economy, it said.
All the related developments and reservations of the stakeholders should be carefully addressed lest it fan new frictions, said Dr. Murtaza Mughal, President PEW.
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22. 11. 10
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All Voices
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The News
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Pakistan Observer
Sachii Dosti
Record govt borrowings jamming growth
RGST in stages to destroy textile industry
The Pakistan Economy Watch (PEW) on Sunday said banks should play role in development of economy while government should limit borrowings to pave way for affordable private sector credit.
Pakistan was not formed for banks rather banks were established to help develop economy. Sole aim of SBP policies should be to help boost economy, it said.
Banks are acting in a way that is not helping economic development, said Dr. Murtaza Mughal, President PEW, adding that regulatory bodies should try to improve situation.
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19. 11. 10
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Cartels, price hike to inflict loss of Rs 28bn to growers
The Pakistan Economy Watch (PEW) on Friday said steps taken to rehabilitate flood-hit farmers are insufficient at best.
According to an estimate 1.3 million hectares of cultivable land, two million livestock and six million poultry is dead while vast tracts of cultivable land is buried under rubble that needs heavy machinery to make it capable of being farmed again, it said.
Majority of farmers are unable to start farming without support while they will be provided a subsidy of 2.8 billion which is insufficient, said Dr. Murtaza Mughal, President PEW.
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15. 11. 10
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Alternatives to controversial taxes suggested
The Pakistan Economy Watch (PEW) on Monday said Reformed General Sales Tax (RGST) is violation of basic human rights, principles of democracy and fair play.
Government can contain lavish expenditures, trim cabinet, recover written off loans, cut loses in inefficient state enterprises, curb rampant smuggling, boost remittances and abolish exemptions accorded to favourite sectors to raise funds.
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13. 11. 10
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PEW rejects fundraising through extortion
The Pakistan Economy Watch (PEW) on Friday said that Cabinet decision to impose reformed general sales tax, flood tax, and additional excise duty is terrorism against masses.
Government is sacrificing masses to please IMF and raise funds through extortion which is not acceptable, it said.
Those who are pushing new taxes are enjoying unjust exemptions and relaxations; these rich politicians have yet to pay any tax, said Dr. Murtaza Mughal, President PEW.
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04. 11. 10
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Slogan of Roti Kapra Aur Makaan has lost appeal
The Pakistan Economy Watch (Pew) on Wednesday said recent hike in the price of petroleum products is a deathblow to masses and economy.
The masses already reeling under rocketing inflation will be further burdened because of this unjustified increase.
The lame excuse given for price hike to counterbalance impact of the rise in oil prices in the international market is not convincing at all, said Dr. Murtaza Mughal, President PEW.
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31. 10. 10
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TI slammed for failure in applying the principles of fair play
Corporate giants fan and benefit from conflicts in third world
The Pakistan Economy Watch (Pew) on Sunday said interference of Transparency International (TI) in the affairs developing nations is a challenge to their sovereignty.
Such reports may not provide true picture as TI collect data from a small section of society, said Dr. Murtaza Mughal, President PEW.
How, where and when these surveys take place, how authors of report are selected, he questioned adding that masses must know about the mechanism through which TI avoids conflicts of interest.
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24. 10. 10
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Poten
States Times
One Pakistan
Pak Politics
PEW dismayed over slow pace of progress on coal project
Ignoring vital source of energy not an option, it’s a matter of survival
The Pakistan Economy Watch (PEW) on Sunday said pace of development in Thar Desert is discouraging which amounts to depriving masses of a secure future.
Thar coal is the key to energy security and economic self-sufficiency of Pakistan but federal and provincial governments are yet to assign highest priority to it.
Ignoring this vital source of energy not an option; it is a matter of survival, said Dr. Murtaza Mughal, President, PEW.
Paucity of funds, sloppy attitude of the officials, kleptocratic delays and the poor funding by the international agencies and donors are the issued that must be tackled immediately, he said.
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21. 10. 10
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Abuse of power burdening superior courts
The Pakistan Economy Watch (PEW) on Thursday said seventeen NRO beneficiaries are serving in the Federal Board of Revenue (FBR).
The recipients of the benefit are either facing NAB cases or convicted under NAB ordinance 1999, it said. These officials range from Collector Customs to Inspector Customs. Three NRO beneficiaries have been retired after completing their tenure.
FBR always blame taxpayers for shortfall in revenue but it has yet to put its own house in order, said Dr. Murtaza Mughal, President, PEW.
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12. 10. 10
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The Pakistan Economy Watch (PEW) on Monday said UEA based Abu Dhabi Group is experiencing some financial trouble but there is no chance that it will face any major challenge in the near future.
This group, one of largest foreign investors in Pakistan, is providing banking, telecom, insurance, internet, and realty services in dozens of countries. This group has no plans to wind up any of the businesses in Pakistan, it said.
“Rumours about closure of operations of Abu Dhabi Group in Pakistan are baseless that started circulating following publication of a public notice,” said Dr. Murtaza Mughal, President, PEW.
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08. 10. 10
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The Pakistan Economy Watch (PEW) on Thursday urged the government to reconsider plan to import genetically modified cottonseed developed in India.
Monsanto formed in 1901 in the US introduced BT cotton seed in Pakistan in 1998. It has been tested in two dozen countries, majority have experienced problems, it said.
Pros and cons of BT cotton are being debated across the world while many Pakistani scientists have opposed it. Their reservations should be considered before finalising decision to import BT cotton seed from India.
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02. 10. 10
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RGST unjustified prior to levy of agri tax
SBP yet to realise economy cannot swing against tide
The Pakistan Economy Watch (PEW) on Friday welcomed MQM’s stance to oppose proposed Reformed GST, flood tax or any other tax.
It said that other political parties and civil society should also resist decision to impose new taxes and it is not suitable in the prevailing economic scenario.
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24. 09. 10
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The Pakistan Economy Watch (PEW) on Friday said that sentence of Dr. Aafia Siddiqui has exposed the flaws in the much touted US judicial system.
The development has also uncovered US claims about impartiality as well as commitment to respect and uphold human rights, it said.
Aafia’s abduction, torture, shifting to Afghanistan and later to the US exposed the greed and selfishness of former dictator Gen. (Retd) Musharraf, said Dr. Murtaza Mughal, President PEW.
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20. 09. 10
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President Pakistan National Heart Association (Panah) on Saturday said the economic growth over last decade has increased number of heart disease in Pakistan which is a serious threat to economic stability.
Thousands of operations are being conducted every day that can be prevented and billions of rupees could be saved. Cardiovascular problems are increasing poverty, reducing industrial and agricultural productivity, burdening health system and hurting economy which is already under stress.
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17. 09. 10
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Kardar should try to limit borrowings, reform banking sector
Punjab Govt move to enhance heart diseases awareness lauded
Panah distributes Rs 2.5m aid through army, air force
The Pakistan Economy Watch (PEW) on Friday said that EU’s promise to grant trade concessions to Pakistan is encouraging; US should also follow the suit to help its ally overcome difficulties.
It said that new governor of State Bank should announce tough measures while releasing Monetary Policy Statement on 29th of Sept. An economist can prove a better choice than a banker in the current set of circumstances.
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14. 09. 10
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Pakistan can overcome flood losses without foreign loans
The Pakistan Economy Watch (PEW) on Monday said financial chaos could transform Pakistan into one of the poorest country in the region.
A single-minded focus on economy with a dedicated economic team having homegrown agenda can secure relief to masses.
Pakistan has ability and finances to overcome damages inflicted by floods without foreign assistance, said Dr. Murtaza Mughal, President PEW.
Government has earmarked Rs124 billion for ‘other developmental expenditures’ in the budget that should be diverted to rehabilitation, he said.
He said that Pakistan’s forex reserves stood at 13.3 billion dollars when the current government took charge. The exchange rate was Rs 62.60; stock market had crossed 13300 points while inflation stood at 14 per cent.
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06. 09. 10
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The Pakistan Economy Watch (PEW) on Sunday said countries like India with surplus cotton can afford to export yarn but Pakistan which has been suffering from shortage of cotton should not export raw material in large quantity.
America is a major exporter of yarn because its deficiency in value added industry. However, countries like Pakistan where three million people are working in garments sector cannot afford to export cotton or yarn.
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01. 09. 10
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Industry capable of timely delivery of foreign orders
The Pakistan Economy Watch (PEW) on Wednesday said floods have not harmed country’s textile sector and foreign buyers need not to worry about delivery of their orders in the stipulated time.
Floods have inflicted heavy losses to the agriculture and livestock sectors while infrastructure has been devastated.
However, the textile sector, concentrated in the urban centres remained largely unharmed. It has ability and capability to accomplish all local and foreign obligations in time, said Dr. Murtaza Mughal, President PEW.
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30. 07. 10
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Agreement to ensure India supremacy in region
Deal signed under threat lacks moral validity
US enforcing agenda on gunpoint
The Pakistan Economy Watch (PEW) on Thursday said Afghan-Pakistan Transit Trade Agreement (APTTA) should be scrapped as it is an attempt to destabilise Pakistan by ensuring Indian supremacy in the region.
The deal has exposed undemocratic mindset of top US officials and added to trust deficit. It has forced many to think that Washington is enforcing its agenda on gunpoint and robbing Pakistan of its sovereignty, it said.
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26. 07. 10
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The Pakistan Economy Watch (PEW) on Sunday said that masses are not getting quality food despite paying exorbitant prices at canteens and tuck shops in the public hospitals.
A PEW survey found that the administration of Pakistan Institute of Medical Sciences (PIMS) has not revised rates of food items since 2003 leaving canteen contractors to seek adjustments in the quality.
The survey found discrepancies in awarding contracts. Rent of a coffee shop that was Rs 300 per month a decade back has now swelled to Rs 2, 27,000 per month. Another such shop given to an official of the concerned ministry is now paying Rs 2000 per month after paying Rs 500 as rent for a decade.
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21. 07. 10
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The Pakistan Economy Watch (PEW) on Tuesday said frustration in Sindh over issue of Chashma-Jhelum link canal is a small part of a much larger problem.
Water protests can take an ugly turn and become a major source of disagreement if left unresolved, it said.
Political government can add another feather to its hat by breaking the ice. Scarcity of water merits urgent attention as it has the potential to harm provincial harmony. It can engage Pakistan in conflict with neighbours, warned Dr. Murtaza Mughal, President PEW.
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19. 07. 10
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Annual ritual of little benefit to poor
The Pakistan Economy Watch (PEW) on Sunday said Ramazan package has become a formal procedure that is of little significance as far as providing relief to masses is concerned.
Government will again try to check the hike in prices of essential food items during the holy month through subsidy, which amounts to accepting supremacy of profiteers, it said.
Such measures have rarely succeeded in the past and there is no proper mechanism in place to make it a success in future, said Dr. Murtaza Mughal, President PEW.
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15. 07. 10
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FBR shortfall surpass combined deficit of all provinces
The Pakistan Economy Watch (PEW) on Wednesday said that government seems reluctant to limit borrowing, curtail expenditures and tax some leading sectors to raise income that will leave it with no option but to tax masses.
This will make life of common person more miserable and frustration will touch peak level, it warned.
Rupee is facing a record depreciation versus dollar despite record forex reserves and record remittances which speak of trust of trust of investors in the policies of economic managers.
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12. 07. 10
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The Pakistan Economy Watch (PEW) on Sunday expressed deep concern over fast deterioration in the formation of human capital in the country.
Lack of awareness and interest among decision makers, inconsistent priorities, rising inflation, mismatched income and uneven resource distribution is adversely affecting human capital formation, which is a big threat for the country, it said.
Reduced investment in human capital will influence educational outcomes as association between recent cut on education and improvement in other sectors remains ambiguous, warned Dr. Murtaza Mughal, President PEW. It will not improve the society or economy, he said.
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06. 07. 10
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The Pakistan Economy Watch (PEW) on Sunday said corporate mergers and acquisitions (M&As) are good if aim is to grow rapidly in short span without taking pain of expansion or creating another business entity.
Proper M&As can help improves image, efficiency, services, reach and financial health of institutions as well as shareholders.
Corporate combinations are futile if empire building, manipulation, tax evasion, quick public listing or dodging law is the real motive. It should not contribute to unemployment and reservation among shareholders, said Dr. Murtaza Mughal, President PEW.
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28. 06. 10
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It can help improve relations with China, resolve water dispute with India
Gas not a wildcard, no threat to US monopoly
US failed to provide substitute
Peace pipeline has potential to transform Pakistan into an Asian Tiger. It can help resolve water dispute with India, said The Pakistan Economy Watch (PEW) on Sunday.
Iran-Pakistan gas pipeline will not boost Iran economy and influence to a level that is unaccepted by US. Tehran will never emerge as a monopolistic supplier; it is not a wildcard in hands of Ahmadinejad.
Americans are opposing the project as they have perceived the project as a threat to their monopoly in the region but have failed to offer any alternative, said Dr. Murtaza Mughal, President PEW.
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26. 06. 10
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No future for gas business without rapid relocation to neglected areas
The Pakistan Economy Watch (PEW) on Friday said that once flourishing CNG sector is gradually falling into decay.
Many investors are facing losses while hundreds have closed businesses. Hundreds of conversion outlets have simply pulled the shutters down pushing thousands into unemployment.
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21. 06. 10
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Cellphone cos can help save power, reduce oil bill & pollution
SBP asked to improve Retail Payment System
The Pakistan Economy Watch (PEW) on Sunday said country can save electricity worth Rs 650 million annually if the existing automated teller machines (ATMs) are converted on solar power.
ATMs deriving energy from the sun can also work without air-conditioning; one such machine can save up to Rs 1.5 lakh annually.
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20. 06. 10
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غیر ملکی جاسوسوں کو معزز مہمان سمجھا جاتا ہے
اسلام آبادپاکستان اکانومی واچ کے صدر ڈاکٹر مرتضیٰ مغل نے کہا ہے پاکستان میںمختلف الزامات کے تحت گرفتارہونے والے غیر ملکیوں کے لئے الگ قانون رائج ہیں۔ غریب ممالک سے تعلق رکھنے والے افراد کوکئی ماہ بلکہ بعض صورتوں میںکئی سال تک سرکاری مہمان رکھنے کے بعد ملک بدر کر دیا جاتا ہے مگر مغربی ممالک کے باشندوں کو دہشت گردی، جاسوسی ،
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15. 06. 10
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Teaching not directing students toward a positive role in society
Education for all a constitutional obligation for Govt
Speakers at a seminar called for reforming education sector to bring Pakistan at par with other countries and ensure a better future for generations to come.
They said that the system of formal teaching is not delivering which demands an immediate overhaul.
Speaking at a function at Wah Islamic School of Excellence (WISE), SVP of PML-Q and former foreign minister Akram Zaki, Lt. Gen (Retd) Amjad Shoaib, Dr. Murtaza Mughal, President, Pakistan Economy Watch, Dr. Atta ur Rehman and others said reduction in education budget will hurt the efforts to develop society.
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14. 06. 10
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Alternative energy has potential to change fate of Pakistan
The Pakistan Economy Watch (PEW) on Sunday said country could transform deserts into power capitals by using them to generate solar energy.
Solar energy can also turn our badlands into lush green farms ensuring food security for generations.
Twelve EU countries are spending $560 billion to generate solar power while our budgetary allocation for promotion of alternative energy is mere Rs 61.6 million which indicates lack of awareness and interest, said Dr. Murtaza Mughal, President PEW.
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13. 06. 10
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The Pakistan Economy Watch (PEW) on Saturday said poor have been deprived of basic right to education by slashing the budgetary allocation, which amounts to encouraging those who take education as a profitable business.
Many private educational institutions have raised fees from 15 to 30 per cent after the budget that is unfortunate.
Reduced allocation for education is a wrong political decision, said Dr. Murtaza Mughal, President PEW. As a result, number of children who have no access to schooling will swell from 30 million.
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10. 06. 10
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ISLAMABAD: The Pakistan Economy Watch (PEW) on Wednesday said thievery of classified data from Prime Minister’s secretariat has once again raised security and privacy concerns and underscored the need to follow safety measures.
It called for immediate implementation of information security policy for all government departments and private ventures to ensure security and confidentiality.
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07. 06. 10
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The Pakistan Economy Watch (PEW) on Sunday said the Rs 3.25 trillion budget seems to be too optimistic when it comes to additional taxation measures of Rs 133 billion and 4.5 pc growth rate for FY 2010-11.
50 pc hike in salary of govt employees and income tax exemptions for businessmen and salaried class has nothing to do with the majority who are not immune to the uncontrolled inflation.
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02. 06. 10
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Scheduled to meet intelligentsia, economists and President Ahmadinejad
Dr. Murtaza Mughal, President Pakistan Economy Watch (PEW) on Wednesday left for Tehran with a delegation on the invitation of Iranian government.
He is leading a delegation of Writer’s Unity Pakistan that is scheduled to meet journalists, writers, critics and journalists and intelligentsia.
Besides, the delegation will also meet economic experts and officials of foreign office. Additionally, it will attend a number of seminars and presentations.
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