14. 12. 15
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Gas distribution companies promoting interests of brokers
The Pakistan Economy Watch (PEW) on Sunday said gas companies continue to prefer interests of brokers over interests of consumers.
Gas distribution companies are reluctant to abide by the decisions on Ogra taken in the interests of masses, it said.
Gas utilities have not accepted any decision of the regulator since years and has recently refused to accept the gas tariff recently announced by the Ogra, said Dr. Murtaza Mughal, President PEW.
He said that all the directives to fix issues like overbilling have been ditched in favour of shareholders and some brokers.
Dr. Murtaza Mughal said that insistence of the gas utilities to increase UFG (theft and losses) is nothing but effort to benefit shareholders on the cost of masses.
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10. 12. 15
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Artificial sugar shortage shouldn’t be allowed
The Pakistan Economy Watch (PEW) on Wednesday opposed move of the government to deregulate prices of sugar terming it against the interests of masses as it will trigger price hike.
The decision to deregulate prices, allowing export of half million tonnes of sugar and an export subsidy of Rs 13 per kg should be reconsidered as it will put additional burden of Rs7 billion on public exchequer, said Dr. Murtaza Mughal, President PEW.
Talking to VP FPCCI Fahmida Kausar Jamali, Tabassum Anwar of QCCI, Chairman Coordination FPCCI Malik Sohail and Malakand Investor Iftikhar Khan, he said that sugar export subsidy for the last year was Rs10 and there is no justification for the hike.
Allowing export of half a million tonnes can result in shortage in local market therefore only 1,25,000 tonnes of sugar should be exported which will also save subsidy in billions.
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07. 12. 15
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Govt should take note of bungling in Radio Pakistan
The Pakistan Economy Watch (PEW) on Sunday asked the government to take note irregularities in the financially troubled Pakistan Broadcasting Corporation.
An official of the institution is misusing authority and violating rules and regulations to benefit certain quarters which is put an additional burden of around Rs30 million on the public exchequer, it said.
Radio Pakistan issued an annual tender for provision of security services in June for the provision of 312 security guards and supervisors for its facilities stretched across country but the winning company was side-lined illegally, said Dr. Murtaza Mughal, President PEW.
He said that the company which was providing security to installations of Radio Pakistan since last five years quoted minimum rates as compare to other participating companies but the same was not awarded tender.
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06. 12. 15
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University administration barring teachers from higher education
The Pakistan Economy Watch (PEW) on Saturday said goverenmnt should take note of deteriorating state of affairs in the Abdul Wali Khan University Mardan (AWKUM) which is being run on non-professional basis.
Mismanagement and favouritismand revenge rules the institution which is jeopardising the future of students as well as teachers, it said.
Giving an example, Dr. Murtaza Mughal, President PEW said that double distinction holder Mr. Nauman Reayat (MPhil Gold Medallist) who is a lecturer in AWKUM was awarded overseas scholarship for PhD in Politics at University of York, UK on Feb 19, 2015 which was cancelled without any solid reason.
Mr. Nauman challenged the decision in Peshawar High Court (PHC) and overturned the cancellation decision.
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04. 12. 15
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Mini budget, a confusing justification
Provisional revenue measures to weaken economy
Contradictory statement on mini budget confusing masses
The Pakistan Economy Watch (PEW) on Thursday said the Rs 40 billion mini budget slapped by the government is unjustified which will increase poverty, smuggling and weaken economy.
Adhoc measures to increase revenue will never prove fruitful in the current scenario unless tax administration is reformed, it said.
Those who have always claimed to abolish SRO culture have introduced mini budget through an SRO bypassing Parliament which is against their claims, said Dr. Murtaza Mughal, President PEW.
He said that government continue to earn hefty amount by imposing record taxes on petroleum products denying common man on any relief and now new measures have been imposed.
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30. 11. 15
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Transit facility to help transform railways, earn foreign exchange
The Pakistan Economy Watch (PEW) on Sunday said railways should be improved to enable it to support economic corridor project which is a game changer.
Railways must swing to profit through reforms and private sector driving eight percent of the national economy should be lured to it through incentives, it said.
There are private public and goods transport services and private airlines in the country therefore there is no harm in running private passenger and freight trains in Pakistan, said Dr. Murtaza Mughal, President PEW.
He said that the department of railways is nose-diving since long, 39 percent of the budget goes to salaries, 26.7 percent is consumed by pensions and 19.4 percent is utilised to buy fuel. Rest is used for maintenance and repair as well as miscellaneous expenses.
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27. 11. 15
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The Pakistan Economy Watch (PEW) on Thursday said giving land route to India or Afghanistan for trade would be suicidal as both countries would fan terrorism in Pakistan to destabilise it.
National security cannot be sacrificed for the regional connectivity as India and Afghanistan have always tried to destabilise Pakistan, said Dr. Murtaza Mughal, President PEW.
Land route to India or Afghanistan can fan terrorism in Pakistan and lay waste to sacrifices of masses and armed forces, he added.
Dr. Murtaza Mughal said that both of the neighbouring countries are trying to give new lease of life for terror outfits dying because of military operation led by Gen Raheel.
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25. 11. 15
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Conflicting statements confusing topic of Nandipur power plant
Contract awarded to a banned firm during Musharraf’s era
The Pakistan Economy Watch (PEW) on Tuesday said perpetual energy crisis has provided a golden opportunity to some elements to plunder national resources in the name of settling the crisis.
Conflicting statements of top officials on the issue is not clearing the situation but adding to the confusion, said Dr. Murtaza Mughal, President PEW.
He said that contract was awarded to a banned Chinese firm during Musharraf’s era but no one has bothered to include him in the inquiry.
Now the incumbent government is facing a difficult choice as operationalization of the power plants will burden national exchequer by Rs30 billion annually.
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19. 11. 15
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Rupee erosion sets record despite ample forex reserves
The Pakistan Economy Watch (PEW) on Wednesday expressed concern over record fall in foreign investment which is damaging image of the country.
Foreign exchange reserves are at record level but rupee has lost 4.5 percent in the current fiscal making a record fall which is amazing, said Dr. Murtaza Mughal, President PEW.
He said that foreign investment has seen a drop of 67 percent in two months of July and October which proves that foreign investors are not impressed with the media management of the authorities and IMF.
Dr. Murtaza Mughal said that rupee has eroded a lot putting extra pressure on masses but the central bank is blaming media for it which indicates increasing irresponsibility and politics in the institution.
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16. 11. 15
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Once vibrant telecom industry dying slow death
The Pakistan Economy Watch (PEW) on Sunday said once vibrant telecom industry of Pakistan is dying a slow death due to excessive burden of taxes.
Telecoms sector has undergone a sharp downturn over the past year, with revenue from mobile falling by 1.8 percent and a dramatic drop in direct foreign investment, it said.
DFI plummeted by 72 percent to $121 million for the fiscal year ending June 30th, while the telecoms industry contributed 50 percent less in taxes compared to the previous year which were Rs126 billion, down from Rs243 billion, said Dr. Murtaza Mughal, President PEW.
He said that biometric subscriber verification that resulted in overall connection numbers dropping by 18 percent. At the end of the fiscal year, a total of 114.7 million subscribers remained down from 140 million in FY14.
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09. 11. 15
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ZAB nationalisation policy was a mistake: Sajid Mir
Billions should not be spent to keep sluggish industries alive
Ameer of Markazi Jamiat Ahle Hadith Senator Prof. Sajid Mir has said that nationalisation policy of Zulfiqar Ali Bhutto was wrong that inflicted heavy losses on the economy.
All the units nationalised during that regime must be privatized while government should not spend billion on monthly basis to keep loss-making entities alive. Rather that money should be spend on the welfare of masses.
Prof. Sajid Mir said this while talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch (PEW).
He said that institutions that are kept alive artificially should be sold forthwith and money should be used for welfare and infrastructure development to boost the economy.
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04. 11. 15
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Population and child mortality increasing in the province
The Pakistan Economy Watch (PEW) on Tuesday said health budget is being misused in Sindh which has resulted in increased child mortality.
The Infant Mortality Rate has increased from 74 per thousand live births in 2012 to 82 per thousand live births in 2014, which is alarming, it said.
Mortality in children under five years of age has increased from 92 per thousand live births to 104 which speak of the dismal healthcare situation in the province where rural areas are among the worst hit, said Dr. Murtaza Mughal, President PEW.
Talking to a delegation of developmental specialists led by Nasir Wajahat, he said that two hundred children die in Sindh every day before reaching their first birthday, while sixty percent of the above die before completing the first month after their birth.
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02. 11. 15
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Govt protection left auto industry inefficient
The Pakistan Economy Watch (PEW) on Sunday said automakers continue to exploit masses since decades by providing substandard vehicles on inflated rates.
The authorities prefer to ignore the plunder in the name of protecting local industry which is abused of the rights of consumers, said Dr. Murtaza Mughal, President PEW.
Government continue to discourage fair competition in the auto sector which has stopped the development of auto assemblers in Pakistan, he added.
Dr. Murtaza Mughal said that auto assemblers are left with no incentive to invest in research and development, introduce new technology, or change primitive engines which is the reason that a decade oil cars in other countries are better than newly introduced models in Pakistan.
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30. 10. 15
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The Pakistan Economy Watch (PEW) on Thursday said influential petrol mafia exploiting masses since decades to profit has speed up efforts to fail LNG project.
The mafia which has forced country to buy sub-standard fossil fuel on inflated rates since long is headed by son of an influential minister who is controlling it from Dubai, it said.
The mafia includes some bureaucrats working in oil and gas sector and a number of influential businessmen who cannot afford any reduction in Pakistan’s oil import bill, said Dr. Murtaza Mughal, President PEW.
He said that Petroleum Minister Shahid Khaqan Abbasi, a person of high integrity, has publically acknowledged presence of this mafia, their efforts to destabilise LNG project and offer of bribes him to damage the LNG project but he is not ready to name them which speak volumes about their influence.
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26. 10. 15
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Decreasing exports to damage forex reserves
The Pakistan Economy Watch (PEW) on Sunday expressed concern over falling exports to EU despite trade relaxations terming it a very alarming development which can damage foreign exchange reserves.
According to data compiled by EU trade officials Pakistan shipments to EU fell by 4.5 billion dollars in in first eight months from January to August compared to the last year.
Exports to all 26 EU countries dwindled in double digits save Luxembourg which is a small trading partner, said Dr. Murtaza Mughal, President PEW.
He said that exports to UK fell by 26 percent while exports to Germany witnessed a fall of 22 percent. Exports to Spain were down by 18 percent, Italy 29.9 percent, France 34.5 percent, Belgium 29 percent, Netherland 20.5 percent and 22.6 percent fall was recorded in exports to Sweden.
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24. 10. 15
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SNGPL Clarifies
Gas company trying to burden masses despite 17 pc profit
The Pakistan Economy Watch (PEW) on Friday criticised SNGPL for its effort to get gas tariff increased by 47 percent and asked Ogra to turn down the application.
SNGPL is least concerned about plight of masses and the business community and all it want is increased profit to please influential shareholders, said Dr. Murtaza Mughal, President PEW.
He said that Ogra should turn down the request as upward revision in price in the winter will hurt masses and bring down the industrial units using gas due to increased cost of doing business.
Dr. Murtaza Mughal said that SNGPL is already earning 17 percent profit and minting illegal money in LNG distribution which has jeopardised government plans to enhance use of LNG as motor fuel and generate power through it.
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19. 10. 15
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Sri Lanka and Gabon sold bonds costlier than Pakistan
More loans from IMF would be irresponsibility
The Pakistan Economy Watch (PEW) on Sunday said fiscal irresponsibility, mismanagement of resources, sliding exports, shrinking tax base and lack of reforms continue to push government to rely of loans which can prove a threat to nuclear programme.
Those who are crediting themselves for economic miracle base of foreign loans are committing mistakes because these loans must be repaid by someone and masses would suffer ultimately, it said.
Government has secured loans amounting to Rs 2.7 trillion from local banks while raised $500 million from international market through bongs despite opposition by the experts, said Dr. Murtaza Mughal, President PEW.
He said that many countries put off sale of bonds due to unfavourable market conditions while Pakistan opted for sale on will country will have to pay 8.25 percent interest after maturity.
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15. 10. 15
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Deadlock over tax should be resolved
The Pakistan Economy Watch (PEW) on Wednesday said withholding tax on bank transactions is illegal as well as unethical and violation of the basic rights of banked population.
Government should not punish masses and the business community for the failure of FBR to broaden tax base, it said.
The decision to slap additional WHT on bank transaction is extortion which is encouraging underground economy therefore the deadlock between government and traders must be resolved, said Dr. Murtaza Mughal, President PEW.
He said that income and consumption is taxed around the world but here government has found a novel way to milk masses which is not acceptable.
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12. 10. 15
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The Pakistan Economy Watch (PEW) on Sunday said reduction in the interest rates by the State Bank has increased the profits of the banks.
Government is the biggest custome of the banks which has received loans to the tune of 6.2 trillion rupees leaving productive sector in a lurch, it said.
The profit of banks jumped by 113 percent in the first six months of the year which is 52 percent more than the previous year, said Dr. Murtaza Mughal, President PEW.
Last year banks earned an interest of Rs 255 billion while in the current year the banking companies made Rs 495 billion in six months, he added.
Dr. Murtaza Mughal said that banks of twn trillion rupees as deposits in which three trillion are in the current accounts while rest are in saving accounts.
Banks prefer current account over saving accounts to maximise profit which the depositors of the saving accounts get negative return.
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10. 10. 15
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The Pakistan Economy Watch (PEW) on Friday said deteriorating external sector is resulting in budget deficit which will take toll on economy and the poor.
Government will have no option to cut developmental expenditures to finance deficit which will hut poor which is not acceptable, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today he asked for a plan to boost exports as situation has been hurting every facet of economy and society.
He said that national resources are being diverted towards affluent while leaving poor high and dry while the economic situation is not as good as portrayed.
Dr. Murtaza Mughal said that sliding exports have started hurting basic facilities like health and education frustrating all except for those who can afford services offered by the private sector.
Frustrated masses are protesting for provision of facilities on reasonable rates while remaining in the system after which they can take to the streets, he warned.
08. 10. 15
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FPCCI has appointed Dr. Murtaza Mughal, President, President of the Pakistan Economy Watch (PEW) as incharge of the FPCCI Standing Committee on Public Relations for Islamabad and Punjab.
This was announced by the Chairman of the FPCCI Standain Committee of Public Relations Shujaat Ali Baig at the head office of the Apex chamber.
A number of business leaders and representatives of media outlets were also present on the occasion.
Baig said that the decision has been taken in view of services of Dr. Murtaza Mughal and express the hope that he will use his abilities to promote the cause.
Mr. Baig who has also served as provincial minister education said that a notification has been issued in this regard.
It may be mentioned that Dr. Murtaza Mughal is also active in the field of social, educational and health sectors.
05. 10. 15
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Costly power projects to worsen energy crisis
The Pakistan Economy Watch (PEW) on Sunday expressed concern over slow pace of reforms which has left government with little options of seeking costly loans and burdening existing taxpayers.
The improvement in economic indicators has little to do with reforms and more to do with IMF loans, bond issues and receding oil prices, said Dr. Murtaza Mughal, President PEW.
He said that government has not shown any notable progress in reducing budget deficit, broaden tax net, improve energy sector, autonomy to central bank, and taking loans from banks within limits and restructure bleeding state-run corporations.
Dr. Murtaza Mughal said that government continue to ignore reforming FBR and burden existing taxpayers which will not serve its purpose of improve revenue, rather, it would increase tax evasion.
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02. 10. 15
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Corruption cases worth millions swept under the carpet
The Pakistan Economy Watch (PEW) on Thursday said recent election of the Islamabad Chamber of Commerce and Industry and the Annual General Meeting were highly illegal therefore the incumbent office bearers have no legal backing.
Director General Trade Organisation and SECP should immediately take note of the illegalities in the ICCI, said Abdullah Tariq, SVP PEW.
In a statement issued here today he said that Quorum was incomplete while mandatory requirement of providing audited accounts to all the members was violated.
Accounts were not provided to the members to hide corruption worth tens of million in the affairs of ICCI, he added.
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27. 09. 15
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All important slots gifted to Sheikh Group
DGTO must intervene in affairs business chamber
The Pakistan Economy Watch (PEW) on Sunday criticised violation of rules and regulations in the recent elections of the Islamabad Chamber of Commerce and Industry (ICCI).
The Founder Group which continue to dominate ICCI affairs since long has managed to give slot of Senior Vice President to official of an insurance company which is illegal, said Abdullah Tariq, SVP of the PEW.
Under the rules, apart from having a personal business the person contesting for any post should also be a member of the ICCI for two consecutive years.
Abdullah Tariq said that Director Trade Organisations Raza Haider cancelled the basic membership of incumbent SVP of ICCI on the ground that he was an employee and not a businessman in Sept 2004 but the Founder Group did it again.
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23. 09. 15
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Extra focus on trade relaxations damaged external sector
The Pakistan Economy Watch (PEW) on Tuesday asked the government to focus on reforming export sector as too much emphasis on getting trade relaxations from other countries and blocks has proved counterproductive.
Government avoided reforming external sector to get trade benefits which has taken toll on economy, it said.
Reforms should be initiated by empowering commerce ministry and meaningful changes in all attach as well as subordinate departments, said Dr. Murtaza Mughal, President PEW.
He said that country could only hardly manage exports worth $24 billion during 2014-15 while other countries relying on textile managed well. Bangladesh exports stood at 31 billion dollars while Vietnam exports remained dollar 97 billion.
Pakistan exports dwindled 2.6 percent as compare to 2011-12 and 2.2 percent in comparison with 2013 while it shrank by 4.8 percent as compare to 2014.
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19. 09. 15
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The Pakistan Economy Watch (PEW) on Friday lauded Prime Minister Nawaz Sharif for taking note of highhandedness of private schools and demanded stern action against those fleecing parents on one pretext or other.
Those who have started milking parents on the name of fees and different illegal charges are not only damaging society and economy but the future generations, said Dr. Murtaza Mughal, President PEW.
Talking to Malik Ibrar, President All Pakistan Private Schools and Colleges Association, he said that government should not leave the ground open for the private sector which is busy in plundering masses in absence of any proper regulation.
He said that among two hundred thousand private schools across Pakistan, around 95 percent are charging Rs 500 to Rs 4000 per month while there is no limit for fees in the schools established for the elite.
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14. 09. 15
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LNG will remain attractive if kept cheaper than furnace oil
Masses paying for mismanagement of gas companies
The Pakistan Economy Watch (PEW) on Sunday said mismanagement and high charges by different government departments has made LNG costly than the furnace oil which can damage the project.
The high price of LNG has discouraged customers as IPPs have refused to use the Liquefied Natural Gas despite persuasion by the government which is a threat to the survival of the project.
Moreover, the fertiliser sector is utilising LNG but not paying the bills in full using excuse of absence of the price notification by the Ogra which is adding to the circular debt.
He said that the supply of furnace oil is dependable while the supply chain of LNG is unpredictable which is dispiriting different gas consuming sectors.
Dr. Murtaza Mughal said that apart from taxes, the SNGPL, SSGC, PSO, terminal operators and port authorities are charging up to five dollars per mmbtu of LNG which must be slashed by 50 percent.
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13. 09. 15
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The Pakistan Economy Watch (PEW) on Saturday lauded Prime Minister Nawaz Sharif for refusing to devalue currency to spur exports and keep interests of masses supreme over everyting else.
The decision indicates that interests of 200 million masses cannot be sacrificed over interests of businessmen for which government deserve all the praise, said Dr. Murtaza Mughal, President PEW.
He said that a group of exporters led by President FPCCCI met Prime Minister and demanded to devalue currency by ten percent to support exports which was refused.
He said that TDAP recently asked government odevalue currency by ten percent and start printing currency which was an example of blaming others for ones own faults.
Exports have gone down because of the host of reasons for which masses cannot be punished, he said, adding that deficit should be financed by increasing tax base and not printing currency which will sink country into inflation.
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10. 09. 15
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Gas Ordinance failed to deter thieves, dishonest officials
Corrupt thriving while masses being punished for losses
The Pakistan Economy Watch (PEW) on Wednesday said gas officials continue to misguide government and masses on the issue of increasing theft.
Gas companies have been overtaken by mafia which have made a policy to blame others while remaining over the corruption in the utilities, it said.
A senior gas official who has enjoyed record extensions in violation of Supreme Court orders recently told a standing committee of the National Assembly that gas worth Rs 10 billion is being stolen in Kohat and Karak districts of Khyber Pakhtunkhwa in which local administration is involved.
The official divulged half-truth as he preferred not to mention gas being stolen worth Rs 30 billion in other provinces, said Dr. Murtaza Mughal, President PEW.
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08. 09. 15
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Gas to be major fuel source in two decades
The Pakistan Economy Watch (PEW) on Monday said global energy demand is to grow 28 percent by 2035 while natural gas will be major fuel source within two decades.
By 2035, the world will need to produce over 32 percent more energy as compare to 2015 to satisfy the thirst of the world.
Historically, coal and oil have been the dominant fuel sources in the global energy mix but global warming and environmental issue are changing situation in favour of natural gas, the cleanest fossil fuel, said Dr. Murtaza Mughal, President PEW.
Natural gas is the logical leading fuel source for the future which will have one-third of the market in two decades, says BP Energy Outlook 2035.
Dr. Murtaza Mughal said that roughly 70 percent of natural gas is exported through pipelines with the remaining 30 percent is shipped as LNG however some experts are of the view that LNG trade to overtake pipeline trade in a decade.
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04. 09. 15
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Suggestion to print currency termed against national interests
The Pakistan Economy Watch (PEW) on Thursday condemned proposal by TDAP to devalue currency by ten percent to boost dwindling exports and print currency to finance deficit.
The TDAP chief advised the Senate Standing Committee on Commerce chaired by Senator Shibli Faraz that government should devalue currency and print currency which is against the national interests.
Exports have gone down because of the host of reasons including performance of TDAP for which masses cannot be punished, said Dr. Murtaza Mughal, President PEW.
He said the deficit should be financed by increasing tax base and not printing currency which will sink country into inflation.
Dr. Murtaza Mughal said that government should ignore the proposal of TDAP chief and reduce cost of doing business, revisit energy tariff, rationalise taxes, pay of refunds and bring fundamental changes in TDAP.
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02. 09. 15
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Continued plunder pushing people away from tax system
The Pakistan Economy Watch (PEW) on Tuesday said FBR has been intentionally kept imperfect, corrupt and incompetent to promote the interests of nobility which has made life difficult for masses and buried country in the debt trap.
Every citizen of the country is under US $350 debt while the incumbent government has made a record by signing agreements of loans worth 52 billion dollars which country would receive in next five to ten years, it said.
Pakistan received 104 billion dollar of loans and grants since 1960 but it couldn’t stabilise economy or improve social sector because aristocracy was kept out of the tax net, said Dr. Murtaza Mughal, President PEW.
The nobility was not only spared but allowed to enjoy princely life on the cost of poor which created resistance against tax system in the society.
Dr. Murtaza Mughal said that the elite are united to accumulate as much of wealth and power as possible which has compounded economic disparity, social problems and made Pakistan a country which cannot survive without loans.
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31. 08. 15
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Further erosion in exchanger rate against national interests
The Pakistan Economy Watch (PEW) on Sunday said further erosion in the value of local currency will be against the national interests as it will hit economy and masses hard.
Government must reconsider export policy and try to reduce cost of doing business by revisiting energy costs, tax breaks and payment of refunds, it said.
Situation calls for fundamental changes in TDAP and bring an end to the culture of appointing incompetent commercial counsellors in the foreign missions, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that devaluing rupees will make imports costly which are double than the exports, it will increase size of foreign debt and interest being paid on loans.
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26. 08. 15
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Link between banks, market economy getting weak
Growth rate unachievable sans participation of banks
The Pakistan Economy Watch (PEW) on Tuesday said commercial banks are not serving masses and the business community which has weakened their bond with market economy.
Central bank continued to provide liquidity to commercial banks which in turn lend it to the government that guarantee security and good returns, it said.
Therefore, banks have started avoiding masses, business community, rural economy and reduced efforts to attract borrowers or depositors, said Dr. Murtaza Mughal, President PEW.
The situation is hurting economy as the credit offtake by the private sector has been reduced by over one hundred percent in 2015 as compare to 2014 despite record cut in interest rates by SBP.
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24. 08. 15
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None of the prime challenges have been addressed
The Pakistan Economy Watch (PEW) on Sunday said masses are being misled on the issue of economic development which is not the case.
Economy is not developing but going down but the authorities, IMF and international media continue to throw dirt in the eyes of masses, it said.
Tall claims and creative accountancy will not change the situation unless bold decisions and painful reforms are undertake for which government seems unwilling, said Dr. Murtaza Mughal, President PEW.
Long power outages, grinding poverty, stagnant rural economy, unemployment, institutional and environmental decay, deteriorating standard of living are prime challenges, he added.
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19. 08. 15
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Independent authority for tackling remittances proposed
The Pakistan Economy Watch (PEW) on Tuesday said scapegoating expatriates to increase revenue is a recipe for disaster which country cannot afford.
Remittances have 6 percent share in GDP and the sector has swelled by 150 percent in the last six years which must not be discouraged, it said.
Expats are sending home around 18 billion dollars per annum through legal means while other means including hundi may put figure to $ 25 billion, said Dr. Murtaza Mughal, President PEW.
He said that remittances are now covering entire oil import bill while its role in stabilising rupee and forex reserves and bridging trade gas cannot be underestimated in these hard times of dwindling exports.
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17. 08. 15
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Misuse of export incentives blamed for sliding exports
Rupee shouldn’t be devalued on demand of textile sector
The Pakistan Economy Watch (PEW) on Sunday said Pakistani exports have not dwindled down overnight expanding trade gap.
Favouritism, appointments in violation of merit and misuse of export incentives are to be blamed for the situation, it said.
Situation will not change unless appointments are made strictly on merit, outdated elements are removed and those behind the drop should be held responsible, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that increasing cost of doing business, energy crisis and non-payment of refunds by FBR has also played it role in hurting exports.
Policymakers are too much focused on textile sector for exports while other sectors and textile value addition have been put on the backburner which is limiting Pakistan’s capability to benefit from GSP plus status.
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14. 08. 15
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Govt could not fulfil promises with masses, IMF
The Pakistan Economy Watch (PEW) on Thursday said government has failed to introduce meaningful reforms in any critical sector of the economy to change the situation.
Government could not kept promises of manifesto while it has not shown any progress in promises carried out with the IMF before signing 36-month, $6.2bn Extended Fund Facility, it said.
The critical sectors needing reforms include energy, taxation, trade deficit, autonomy of the central bank, investment, agricultural tax and exports of which none is showing any progress, said Dr. Murtaza Mughal, President PEW.
He said that circular debt has swelled to Rs 627 billion rupees, retailer and wholesalers are at daggers drawn with the government despite the fact that they cover 18 percent of the GDP and less than one percent of the tax collections.
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10. 08. 15
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LNG price disheartening consumers
The Pakistan Economy Watch (PEW) on Sunday condemned conspiracies against world’s largest CNG industry worth Rs 450 billion by some influential quarters.
A lobby continue to misguide government in the CNG issue headed by an official of a gas company who is considered above the law, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that the gas theft has reached alarming proportions but the said officials cannot be held responsible due to his political connections.
He said that the same lobbty has been trying to frustrate LNG import project while the gas is purchased on inflated rates for personal welfare and dishearten the millions of consumers.
Dr. Murtaza Mughal said that former government demonastrated record mismanagement in the energy sector therefore the incumbent government must show some positive development.
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08. 08. 15
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The Pakistan Economy Watch (PEW) of Friday asked Prime Minister Nawaz Sharif to intervene to diffuse tensions between government and business community over imposition of withholding tax (WHT) on banking transactions.
It is responsibility of the Government to save existing policy of improved revenue generation from failure, it said.
In past all the policies to increase government’s income had backfired due to overdependence of the governments on the tax bureaucracy which is not aware of the ground realities, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that determination of Finance Minister Ishaq Dar on the issue of WHT is laudable but some reservations of wholesalers and retailers must be taken into account.
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05. 08. 15
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The Pakistan Economy Watch (PEW) on Tuesday lauded the determination of Finance Minister Ishaq Dar on the issue of imposition of withholding tax on bank transaction terming it a great move.
The steadfastness of the government will help Pakistan emerge as a self-reliant nation in the long run which must be appreciated, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that the strikes of traders are being backed by frustrated politicians, black sheep and billionaire traders who don’t want to discharge national obligation by paying taxes.
He said that trade association are divided over the issue which has increased chances for the government to achieve the noble objective.
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03. 08. 15
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Pakistan’s investment, exports situation deteriorating
The Pakistan Economy Watch (PEW) on Sunday said Board of Investment and Trade Development Authority of Pakistan have become white elephants which is apparent from falling investment and exports.
No on is held responsible for the situation which indicates non-serious attitude of the government and ability of its economic managers, he said.
Dr. Murtaza Mughal said that foreign investment in Pakistan is down by 58.2 percent to 709 million dollars while it is $850 million in Sri Lanka, $1.5 billion in Bangladesh, $3.5 billion in India and USD 4 billion in Ghana.
Pakistan saw a slide of almost five percent in exports to 23.8 billion dollars in one year while Bangladesh exports stood at dollar 35 billion during the same year which is amazing, he said.
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29. 07. 15
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Army has cleared S Waziristan, ball in Govt’s court now: PESA
Terrorists wants disturbance to foil military gains in FATA
Secretary General of the Pakistan Ex-servicemen Association (PESA) Brig. Syed Masood-ul-Hassan on Tuesday said army has cleared almost all of the South Waziristan of terrorists and restored peace.
Overnight stay of Army chief Gen Raheel Sharif, along with Corps Commander Gen. Hidayat ur Rehman, DGMO Gen. Aamir in a place like South Waziristan proves restoration of peace, he said.
Brig. Syed Masood-ul-Hassan said in a statement that 11th Core has done its job and now government as well as local administration to do their job lest the sacrifices of army go in vain.
Destruction has always remained easy as compare to construction, he said while talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch.
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27. 07. 15
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COAS timely statement on economic corridor, Gwadar port lauded
Pakistan has ability to counter unholy Indian designs
The Pakistan Economy Watch (PEW) on Sunday said nuclear deal between Iran and US will have many implications for middle east and south Asia for which our policymakers should remain prepared.
The agreement will end Indian dependence on Pakistan for a lang route to Afghanistan and central Asian markets.
On the other hands, India, having nineteen times more foreign exchange reserves than Pakistan has initiated serious efforts to develop Iranian port of Chahbandar as an alternate to Gwadar port, said Dr. Murtaza Mughal, President PEW.
Moreover, It has already completed 200 km road linking Iran’s Nimroz province with Afghanistan’s Farah province which is part of its plan to gain foothold in Iran and Afghanistan against Pakistan.
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22. 07. 15
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The Pakistan Economy Watch (PEW) on Tuesday said governments across the world including Pakistan are ignoring poor in their struggle for better economic growth which has triggered poverty on massive scale.
Government should revisit policies and consider increasing social sector budget for the welfare of chronic poor to reduce growing inequality, said Dr. Murtaza Mughal, President PEW.
He said that there are around one billion poor in Asia in which 660 million are very poor. Majority of world’s poor lives in Saarc region with women in majority.
Dr. Murtaza Mughal said that reason behind poverty among women are indifferent attitude of policymakers, gender inequality, lack of education and microcredit facilities, apathy towards SMEs and preference of politics over trade. read more…
21. 07. 15
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Influential serving different departments spared
Half-hearted action not to bring change
The Pakistan Economy Watch (PEW) on Monday termed recent removal of top officials alleged of corruption or incompetence an eyewash as many influential having right political connections have been saved.
Pakistan have placed their faith in the provincial government but it continues to disappoint them by taking steps that are not transparent nor across the board which has made it a publicity stunt, it said.
Services of the corrupt or incompetent officials known for misusing funds and authority must be terminated, said Dr. Murtaza Mughal, President PEW. read more…
18. 07. 15
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Tough decisions improving business climate
The Pakistan Economy Watch (PEW) on Friday said COAS Gen. Raheel Sharif is bailing out country from the worst crisis of its history which has aroused hopes among masses and the business community.
Resolve of the COAS to resolve serious problems has a positive impact on the sentiments of the masses and business community, said Dr. Murtaza Mughal, President PEW.
He said that nation fully back the decision to establish write of the state all over country, adding that tough decisions have boosted the rating of COAS. read more…
13. 07. 15
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Budget discourages black economy, promote documentation
Economic corridor to enhance individual earnings, Govt revenue
The Pakistan Economy Watch (PEW) on Sunday said government must change culture of the institutions to get budget targets.
Pakistan need enlightened and responsible civil service to reduce budget deficit and inflation and enhance revenue collection, it said.
Deteriorating institutions and venal bureaucracy is the biggest hurdle in broadening the tax base, said Chairman of the PEW Sheikh Naseerul Haq.
Budget focuses on reducing the fiscal deficit from 5% to 4.3% of the GDP; raising the tax revenues by 17.46% from Rs 2,910,180 million to Rs 3,418,221 million from the last to current financial year.
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12. 07. 15
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The Pakistan Economy Watch (PEW) on Saturday called for increased focus on developing ports to ensure smooth flow of merchandise and stimulation of economic activities.
Country is passing through challenges while economy is under pressure due to various reasons including congestion of ports which remains one of the main hurdles to economic growth, it said.
Pakistan should allocate extra resources for development of ports which are handling 90 per cent of the nation’s external trade to unleash a new era of maritime commerce, said Dr. Murtaza Mughal, President PEW.
He said that ports needs a major policy transformation as it holds the key to growth of most sectors like manufacturing, agriculture and trade.
Port Qasim handling around 37 per cent of the nation’s cargo is earning good profit but the progress is slow while procedures have become a problem.
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