06. 07. 15
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Plan to sell profitable power utilities must be reconsidered
Masses shouldn’t be left at the mercy of merciless capitalists
The Pakistan Economy Watch (PEW) on Sunday said the existing system is exploitative, anti-masses and titled in favour of nobility which is damaging country steadily.
Masses are being squeezed to promote the interests of irresponsible elite who have become parasites on the national resources, it said.
Accountability, reforms and increasing tax base have become catchy slogans while privatization has become a tool to plunder national resources, said Dr. Murtaza Mughal, President PEW.
K-Electric is getting cheap gas, low-cost electricity from national grid, subsidy, loans worth 130 billion rupees but it has failed to deliver which has been proved through harsh statements by federal and provincial ministers, he added.
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02. 07. 15
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Nobility got tax exemption worth 4.7 trillion in 2014
Forex reserves increased due to soaring loans
The Pakistan Economy Watch (PEW) on Wednesday said Pakistan has no future in absence of meaningful reforms in FBR and some other critical institutions.
Pakistan is not a failing state, it can sustain and flourish for which wealthy class parasitic upon the labour of the masses must be made to pay taxes, said Dr. Murtaza Mughal, President PEW.
He said that nobility enjoyed tax exemptions worth 4.7 trillion in 2014 which was almost double than the exemptions grants in 2013.
Dr. Murtaza Mughal said that masses are being systematically exploited to benefit the aristocracy which has increased gulf between poor and rich.
He said that development requires capacity building of institutions, broaden tax base, ensuring justice and just distribution of resources, and provision of enabling environment to the business community.
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29. 06. 15
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Mini budgets, blocking refunds only way to achieve target
The Pakistan Economy Watch (PEW) on Sunday asked the government to reconsider imposing new taxes worth Rs 253 billion which will hurt economic activities.
Only those subsidies should be reduced or removed which have no impact on the man on the street, he said.
Talking to the business community, he said that the FBR’s target is very optimistic which must be reduced by Rs500 billion because this will push tax authorities to squeeze the existing taxpayers.
He said that last year FBR was given target of Rs 2890 which was thrice revised to 2605 but if met failure. Despite lack of success, the institution was given target of Rs 3104 billion which is difficult to accomplish without introducing mini budgets and blocking refunds.
Dr. Murtaza Mughal said that proposed hike in price of energy products is part of the plan to introduce mini budgets which will not go down well with the masses due to receding international oil prices.
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25. 06. 15
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Pakistan energy security linked to mega reservoirs
The Pakistan Economy Watch (PEW) on Wednesday said government should revisit plans to revive old dams in favour of constructing new dams with special focus on Kalabagh dam (KBD)
KBD is the most viable and most politicised projects in the history of Pakistan which would cost less and last longer than any other dam in the country, said Dr. Murtaza Mughal, President PEW.
Local and international experts have linked survival of Pakistan to KBD and opined that desilting of Tarbela reservoir is not an economically or technically very viable option.
Tarbela has already lost 30 per cent capacity to 6.6 million acre feet to silting over the years but experts say that instead of undertaking massive desilting exercise it would be more economical to build a new dam.
Dr. Murtaza Mughal said that Tarbela dam has an estimated lifespan of 50 years; it would complete its designed life by 2029 while KBD has an estimated life of 450 years.
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22. 06. 15
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The Pakistan Economy Watch (PEW) on Sunday lauded efforts of the Army and Rangers to clean Karachi, the economic capital of Pakistan of criminality, extortion, corruption, and extremism.
Whole nation backs the efforts by Army and Rangers to relieve the masses and dejected business community of increasing menace of economic terrorism, said Dr. Murtaza Mughal, President PEW.
He said that names of the officials and their political masters involved in corruption, extortion, blackmail, kidnapping, malpractices and misuse of authority should be put on the ECL lest they fly to their save heavens.
Dr. Murtaza Mughal said that Army was left with no option to launch operation as political parties were not eradicating corruption but promoting it and now politicians are trying to derail operation to save the criminals.
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15. 06. 15
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Punjab budget prefers roads, mega projects over social sector
Pakistan cannot afford world costliest metro projects
The Pakistan Economy Watch (PEW) on Sunday said that ruling elite has presented a budget made to benefit the oppressive class which lacks any initiative to lift people out of abject poverty.
The federal budget will increase the exploitation of the masses as our economic managers who are best at creative accounting are unaware of the ground realities and lack any ability to take short and long-term measures to alleviate poverty, it said.
The budget is repetition of the failed economic model focusing on costly loans to boost forex reserves to beat drums of success, said Dr. Murtaza Mughal, President PEW.
He said that forex reserves cannot be called stable because they are based on loans while the real source to earn foreign exchange are exports which are steadily falling due to disabling environment.
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11. 06. 15
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The Pakistan Economy Watch (PEW) on Wednesday said budget will not improve the investment climate in the country which will shrink the industrial base while promoting tax evasion and flight of capital.
Industrialists would prefer trading, real estate and construction sectors over industrial expansion while many would relocate or simple transfer funds abroad bringing rupee under pressure, it said.
Government has done nothing in the budget to encourage investment in in industrial sector or reverse the trend among the businessmen to prefer trading over industry, said Dr. Murtaza Mughal, President PEW.
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08. 06. 15
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Rulers compromising national interests to please vote bank
The Pakistan Economy Watch (PEW) on Sunday said federal budget reflects priority of rulers to compromise national interests to please nobility and their vote bank.
The third budget of the incumbent government was not different from earlier ones which added to the frustration of masses and business community, it said.
The budget again protected interests of aristocracy while over burdening corporate sector which is already paying 70 percent of the total collection, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that despite tall claims, the budget will result in nothing but inflation and unemployment to the masses which will add to the uncertainty.
Dr. Murtaza Mughal said that the federal government blasted petrol bomb just five days before the budget setting a record of twenty-five mini budgets in the last three years.
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03. 06. 15
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Farmers shouldn’t be forced to suicides like Indian planters
The Pakistan Economy Watch (PEW) on Tuesday said (Gas Infrastructure Development Cess) GIDC imposed on the behest of IMF will devastate fertiliser industry and farming community.
It will increase the cost of urea by rupees four per kg which will be unbearable for millions of poor farmers already facing high input costs and heavy losses, it said.
Government should take GIDC decision back or make a new subsidy mechanism to save industry and farmers from the impact of cess lest they follow the Indian trend of suicides, said Dr. Murtaza Mughal, President PEW.
Pushing planters to the wall will have direct impact on agricultural production and food security situation in the country, he added.
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01. 06. 15
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Energy crisis in Pakistan suits some influential
The Pakistan Economy Watch (PEW) on Sunday said circular debt amounting to Rs 600 billion has resurfaced scaring investors, threatening industrial output and jeopardising growth rate.
Government has settled circular debt after coming to power but serious steps were not taken to stop it from reappearing which is disappointing, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that government has not completed any noteworthy power project in the last two years which no major gas deposit has been found which has escalated the energy crisis impacting every person and all sectors of the economy.
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25. 05. 15
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FBR plan would have landed economy in trouble
Remittances should be encouraged to $25 billion
The Pakistan Economy Watch (PEW) on Sunday lauded the Finance Minister Ishaq Dar for rejecting the proposal of FBR to slap withholding tax on foreign remittances which could have a ravaging effect on the economy.
FBR proposal to bring remittances in the tax net would have harassed the expats who send around 16 billion dollars to Pakistan annually keeping current account deficit under control, said Dr. Murtaza Mughal, President PEW.
He said that absence of remittances could jack up deficit from the current 1.5 billion dollars to 17 billion dollars which will push country to default therefore overseas Pakistanis should not be harassed.
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22. 05. 15
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ISLAMABAD: The Pakistan Economy Watch (PEW) on Thursdaytermed Gas Infrastructure Development Cess (GIDC) a ruthless attack on masses, industry and agriculture. It is an economically devastating move which will trigger inflation, uncertainty while benefits would be reaped by an influential industrial group, it said.
The masses, farmers, textile and fertiliser sectors would be hit by the move while it would result in increased electricity prices, said Dr. Murtaza Mughal, President PEW.
No new gas project has been included in the PSDP therefore a part of the money collected under this new head could benefit influential board members of the Sui companies, he feared.
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18. 05. 15
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The Pakistan Economy Watch (PEW) on Sunday blamed India for low volume of trade within Saarc region which has kept millions below the poverty line.
India wants to domine the region so that all the countries become satellite states which is biggest hurdle in improving trade and standard of living of people living in this region, said Dr. Murtaza Mughal, President PEW.
He said that India is the biggest and most irresponsible economy in the region forcing businessmen of India and Pakistan to use third country for trade which jacks up cost y around 35 percent.
He said that Pakistan has always supported and encouraged the regional cooperation but it has not helped take bilateral trade to desired level due to negative Indian attitude.
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04. 05. 15
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Western media failed to deter Chinese investors
The Pakistan Economy Watch (PEW) on Sunday said Pakistan offers best investment-friendly and incentives-driven policies offering limitless opportunities to foreign investors.
Foreign investors shouldn’t let propaganda scare them away from exploring enormous investment potential in energy, oil and gas, coal, infrastructure, communication, telecom, agriculture and dairy development, it said.
Pakistan offers over 180 million consumers, fully convertible currency, unrestricted equity, profit repatriation, no double taxation and attractive tax breaks which has so far lured 600 multinationals, said Dr. Murtaza Mughal, President PEW.
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02. 05. 15
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Power struggle in FPCCI divides businessmen
The Pakistan Economy Watch (PEW) on Friday said power struggle in the FPCCI has effected work, polluted environment and disunited businessmen.
The struggle between president FPCCI and another leader considered de facto president by many has been intensified which has divided business leaders into groups which is felt across all the chambers of country, said Dr. Murtaza Mughal, President PEW.
Some business leaders allege that seniors are being ignored in the decision making process while junior yes-men are preferred by the leaders of United Business Group (UBG), the group ruling FPCCI.
The disheartened businessmen have started meeting the rebels of UBG and those belonging to Businessmen Panel which ruled FPCCI for decades.
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27. 04. 15
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Irregularities detected in purchase of hepatitis medicine in Punjab
Unlawful deal would deprive thousands of patients of benefit of treatment
Collusion with companies facing corruption changes in various countries unearthed
Substantial irregularities have been detected in the purchase of hepatitis medicine by Punjab health department discriminating local industry and depriving thousands of poor patients of benefit of treatment.
According to the details provincial government had allocated 2.44 billion rupees to be spend for prevention and control of hepatitis in three years as every 13th person is infected with either hepatitis B or C with majority living in Punjab.
A decision was taken to spend Rs 750 million in the first year and the health authorities of Punjab decided purchase medicine from multinationals on double cost ignoring local pharmaceuticals.
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24. 04. 15
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The Pakistan Economy Watch (PEW) on Thursday said Chinese President Xi Jinping’s two-day state visit has boosted the morale of entire nation.
The visit and 51 deals signed during his visit is not only rare opportunity but a test for Pakistan, said Dr. Murtaza Mughal, President PEW.
He said that Pakistan will never get such a great opportunity therefore government must take concrete steps and initiate reforms to make agreements a reality.
China has again proved to be a selfless friend at a time when no country or foreign investor is ready to invest in Pakistan and all important countries have made Pakistan a punching bag, he added.
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22. 04. 15
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Pakistan Economy Watch says gas companies and some departments are working hand in glove to foil the government’s LNG plans
ISLAMABAD: The Pakistan Economy Watch (PEW) on Tuesday said some influential businessmen and gas distribution utilities are conspiring to fail LNG policy framed to tame energy crisis.
Some of the gas consuming sectors have lost interest in using LNG while opposition to the deal due to allegations of corruption, unnecessary secrecy and undisclosed pricing continue to gain momentum at various levels, said Dr Murtaza Mughal, president PEW. He said that LNG is being bought at a very high rate as compared to international market, which is of no use to some sectors, which had expressed extreme interest in it.
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20. 04. 15
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National interests compromised to benefit few influential
Influential politicians patronising mafia should be taken to task
The Pakistan Economy Watch (PEW) on Sunday asked the Supreme Court to look into wheat scam which benefitted few at the cost of millions of farmers, consumers and public exchequer.
Government allowed import of wheat despite bumper crops since two years and surplus stocks giving opportunity to private sector and flour mills mafia to dump seven lakh tonnes of substandard wheat.
The import destabilised local market forcing farmers to sell their commodity at reduced rates and transformed issue of surplus stock into a national concern, it said.
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16. 04. 15
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Imported seed to devastate farmers, agriculture sector
Using seeds of deception amounts to suicide
The Pakistan Economy Watch (PEW) on Wednesday criticised renewed determination by the government to introduce genetically modified seed which has proved to be harmful for human health, livestock and environment.
Large scale introduction of the seed through law without detailed study into its pros and cons may result devastate agriculture sector, it said.
Policymakers should not impose their will on farmers which will benefit an influential multination’s on the cost of agriculture sector, said Dr. Murtaza Mughal, President PEW.
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14. 04. 15
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Kickbacks to the tune of billions feared in the import of gas
LNG policy compromised to benefit a banker and stockbroker
The Pakistan Economy Watch (PEW) on Monday said kickbacks to the tune of billions have been feared in the LNG import deal which can jeopardise the energy future of the country.
Authorities have been violating the LNG Policy in a bid to benefit a mafia comprising a banker, a stockbroker and others, it said.
Pakistan is paying almost two dollars extra to buy one mmbtu of LNG hiking cost of first shipment of LNG comprising 140,000 tonnes or 72, 80,000 mmbtu by almost Rs. 1.5 billion rupees, said Dr. Murtaza Mughal, President PEW.
He said that if three million tonnes of LNG was imported annually as per the plan it will translate into losses of almost Rs 31 billion rupees which will damage economy but benefit the influential individuals.
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13. 04. 15
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Surplus stock to give racketeers opportunity to exploit growers
Farmers facing triple whammy of rains, slow buying and profiteers
The Pakistan Economy Watch (PEW) on Sunday said Trade Development Authority of Pakistan (TDAP) hasn’t paid attention to find export markets for surplus wheat which will destabilise local market and pave way for exploitation of farmers.
Wheat crop has been badly hit by rain in many areas while slow buying by the authorities due to lack of storage capacity is giving opportunity to profiteers to exploit farmers, it said.
The surplus stock may hit mark of ten million tonnes of which a part will be wasted due to insufficient and substandard storage capacities, said Dr. Murtaza Mughal, President PEW.
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11. 04. 15
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The Pakistan Economy Watch (PEW) on Friday questioned legality of decisions taken by the Economic Coordination Committee (ECC) of the Cabinet in its meeting held on April 09.
The decisions were taken in consultation with a member and two other senior officials of Ogra who were invited to the meeting despite the April 06 decision of the Islamabad High Court declaring the regulator dysfunctional, it said.
The government not only invited Ogra officials to the meeting but included a member Ogra in the LNG pricing committee and issued directives to amend Ogra rules which is contempt of court, said Dr. Murtaza Mughal, President PEW.
He said that a dysfunctional institution cannot modify rules and that conduct of ECC has put a question mark on the legality of the decisions taken in the meeting.
Dr. Murtaza Mughal said that a division bench of IHC comprising Justice Athar Minallah and Justice Amir Farooq not only stopped Ogra from functioning but also declared orders and steps the authority took so far were without a lawful authority.
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10. 04. 15
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The Pakistan Economy Watch (PEW) on Friday said banks continue to ignore agriculture sector which is keeping farmers poor and dependent on informal lenders offering costly loans.
Around seventy percent of the farmers are dependent on parallel financial system working in rural areas as banks avoid advancing loans to this important segment despite best efforts of SBP, said Dr. Murtaza Mughal, President PEW.
The agriculture and livestock sectors comprising 44 percent population and 21 percent share in GDP gets 6.5 percent of all the loans issued by the commercial banks which is insufficient to bring a change in the lives of farmers.
Dr. Murtaza Mughal said that ratio of default among farmers has come down to one percent from eighteen percent but it has not pressed the financial sector to think positively about it.
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06. 04. 15
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Fake cases being fabricated against exporters to hold back payments
The Pakistan Economy Watch (PEW) on Sunday said authorities have failed to provide enabling environment to exporters which will result in missed export target.
Country is set to miss export target of $27 billion frustrating all the efforts aimed at improving balance of payment situation.
At one hand the FBR has stopped payment of refunds surpassing Rs 100 billion while on the other fake refund claims are processed and released immediately, said Dr. Murtaza Mughal, President PEW.
He said that fake cases are fabricated against exporters to delay refunds while the Export Development Fund dubbed as extortion by exporters is being misused since years.
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03. 04. 15
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Sugarcane price should not be fixed but linked to quality
Govt inaction keep country entangled in sugar crisis: Iskandar Khan
Pakistan Sugar Mills Association (PSMA) on Thursday demanded complete ban on setting up new sugar mills in country as current capacity is sufficient to cater for the needs of country for next forty years.
Establishing new sugar mills is counterproductive as 84 mills in different parts of country are already producing surplus while government has to spend billions for export of surplus sugar, said Chairman PSMA Iskander Khan.
He said that sugar mills are not operating according to capacity while new mills would push sugar industry to meet the fate of CNG industry where Rs 450 billion investments are under constant threat.
Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch (PEW), Khan said that sugar mills are governed through obsolete laws framed in 1950 which is a reason behind continual sugar crises in Pakistan.
Lauding the decision of the government to provide subsidy worth Rs 10 per kg to the sugar mills, Iskander Khan termed it necessary to keep the troubled industry afloat. However, he opined that providing subsidy to growers in place of millers would be a better option. read more…
30. 03. 15
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Govt should take note of artificial absence of investors from market
The Pakistan Economy Watch (PEW) on Sunday demanded steps by the authorities to save wheat growers from the cartel of buyers.
Buyers of wheat have decided to slow down purchase of wheat so that prices could slide adding to their windfall which is exploitation of the farmers, it said.
According to projections, improved area under cultivation, use of DAP and rains will result in a bumper wheat crop which will be much more than the domestic requirements, said Dr. Murtaza Mughal, President PEW.
However, reduced prices in the international market, surplus stock with the government and lack of proper storage facilities is bad news for farmers and good omen for buyers.
He said that a bumper crop will result in around seven million tonnes of surplus wheat creating storage problems giving excellent opportunity to profiteers to exploit situation.
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24. 03. 15
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EDF being misused, be improved or abolished
The Pakistan Economy Watch (PEW) on Monday said Export Development Fund (EDF) has failed to achieve its objective of boosting country’s exports therefore it should be streamlined or abolished.
The EDF imposed fifteen years ago could not trigger exports but hit the largest urban employment provider and export earner sector of textiles hard since introduction.
Textile sector contributes about six billion rupees (around 55 percent) to the EDF annually but what it gets in return are few million or almost 1.5 percent, it said.
The commerce ministry which was supposed to get all the funds collected under EDF usually gets around one billion rupees which frustrate its plans to improve exports, said Dr. Murtaza Mughal, President PEW.
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17. 03. 15
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Flight of capital gaining additional momentum
The Pakistan Economy Watch (PEW) on Monday demanded a study to look into pros and cons of the liberalisation of exchange rate regime.
It also demanded a sturdy to know the advantages and disadvantages of linking economy to the international market which left economy exposed to the impact of crisis in the western world.
The 1990’s policy gave everyone access to operate foreign currency accounts, many exchange companies came into existence and it gave an opportunity to the speculators, said Dr. Murtaza Mughal, President PEW.
He said that a former governor of the State Bank once said that 25 million dollars are being sent abroad on daily basis but it wasn’t enough to grab attention of the policymakers which triggered dollarization of the economy.
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16. 03. 15
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The Pakistan Economy Watch (PEW) on Sunday said continued exploitation of sugarcane growers can result in food security issue in Pakistan.
Growers disappointed by the attitude of the sugar mills and lack of action by the federal and provincial governments are switching to other crops including maize which can make Pakistan a sugar importing country.
Growers are not getting notified price while delayed payments, exploitation by middlemen, weight assessment problems etc. has left cultivators with no option but to find alternatives which has resulted in reduced area under cultivation, said Dr. Murtaza Mughal, President PEW.
He said that Sindh government recently fixed price of 40 kg sugar cane at Rs 155 while the price in Punjab and Khyber Pakhtoonkhwa was Rs 182 which indicates their soft corner towards millers and indifference towards rights of growers.
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14. 03. 15
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Other provinces asked to follow Punjab
The Pakistan Economy Watch (PEW) on Friday lauded Chief Minister Punjab Shahbaz Sharif for reduction in prices of ghee and cooking oil terming it a great move which will benefit majority of the population of Pakistan.
Other provinces should also follow Punjab in its war against profiteering and providing relief to masses, it said.
The prices of edible oil have been reduced by Rs 15 per kg in Punjab therefore its price must be reduced by Rs 20 in Sindh as units located there saves transportation and other costs, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that profiteers are exploiters and public enemies who increase prices within hours if price of any input in increased while refuses to transfer benefit masses if input costs go down which is a reason behind inflation.
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13. 03. 15
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UBG leadership involved in massive corruption: Zakria Usman
Govt asked to take note of irregularities in the Apex chamber
The Pakistan Economy Watch (PEW) on Thursday said situation is deteriorating in the FPCCI due to mismanagement and misuse of power which calls for immediate attention of the authorities concerned.
The ruling United Business Group (UBG) has planned to muster support through misuse of funds and replace majority of the staff by harassing them, it said.
Uncertainty looms as staff of the FPCCI head office is forced to work until midnight without overtime or any other facility and they have to listen to the telephonic speech of the president of the chamber which contains little except self-praise, said Dr. Murtaza Mughal, President PEW.
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11. 03. 15
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Carbon Capture technology can address environmental concerns
Move may impact Pakistan-China cordial relations
The Pakistan Economy Watch (PEW) on Tuesday said abandoning or delaying sone of the critical coal energy projects is not in the national interests.
Chinese companies have invested a lot in some of the important coal-fired projects therefore putting them on the backburner may have a negative impact on the cordial bilateral relations, it said.
World’s top importers on LNG including Japan, Korea, China, and Europe has not scrapped coal in favour of LNG therefore Pakistan can also reconsider decision, said Dr. Murtaza Mughal, President PEW.
He said that employing latest carbon capture technology can help power plants run on coal without environmental concerns.
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09. 03. 15
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Increase to hit economy; unleash flood of inflation
PM asked to reject Ogra’s UFG raise summary
The Pakistan Economy Watch (PEW) on Sunday said a move by the gas companies and Ogra to get limit of Unaccounted For Gas (UFG) losses enhanced by one hundred percent can hit the Government efforts to resolve energy crisis.
Approval of twofold increase in the UFG limit will hit masses and economy hard, country will witness new wave of inflation and reflect negatively on plans to import of LNG, it said.
Government has approved UFG limit at 7 percent which is 1 percent in Bangladesh, enhancing it to 14 percent will transfer tens of billions from masses to the accounts of SSGC, SNGPL and their influential shareholders, said Dr. Murtaza Mughal, President PEW.
He said that Ogra and gas utilities should try to reduce increased theft, mismanagement and leakages to benefit themselves and their shareholders seeking increased profitability and abstain from burdening consumers.
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07. 03. 15
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Rivalry between LNG and coal to benefit masses: Dr. Mughal
Patron Islamabad Chamber of Small Traders Dr. Shahid Rasheed Butt has said that LNG is replacing iron ore as world’s number two commodity with its global trade projected to reach 120 billion dollars in the current year.
LNG would become most sought after commodity after oil but it continue to face stiff resistance from rival fuel coal, he said.
Talking to Dr. Murtaza Mughal, President of Pakistan Economy Watch, he said that competition between LNG and coal will benefit masses while decision by power producers in the developed world to use LNG or coal will be decisive for the future.
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06. 03. 15
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Public ownership of electricity be part of national agenda
Liberalization of energy companies failed in many countries
The Pakistan Economy Watch (PEW) on Thursday said introducing energy democracy in Pakistan can ensure efficiency, investment, and reduced tariffs to resolve energy crisis.
The private energy market has failed in many countries to deliver due to constant price hikes and deceptive practices which is result of too much focus on maximizing profits which calls for increased democratic control of the energy, it said.
The privatization and liberalization of the energy companies has resulted in eroded public confidence which was not the aim of the policymakers, said Dr. Murtaza Mughal, President PEW.
He said that objectionable practices of private energy corporations has attracted widespread criticism and questioned policy to allow these firms to dominate our energy future.
Pakistan can also introduce participatory forms of decision-making enabling people to be involved in the vital economic decisions that shape their lives, he added.
Dr. Murtaza Mughal said that energy democracy cannot be achieved without public ownership of the means of generation and distribution of energy.
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02. 03. 15
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Unauthorised use of display centre criticised
The Pakistan Economy Watch (PEW) on Tuesday asked the Supreme Court to take notice of illegal use of a plot acquired by Islamabad Chamber of Commerce in the garb of boosting exports.
Allotment of the plot should be cancelled and those involved in the scam including business leaders and CDA officials should be brought to the book, said Dr. Murtaza Mughal, President PEW.
He said that the group dominating ICCI got a valuable commercial plot allotted by the CDA for eight hundred thousand rupees for establishing a display centre to boost exports. The plot is worth Rs 500 million now.
CDA was told that display centre would bring exporters and importers under one roof, a promise never kept.
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01. 03. 15
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MFN, provision of land route to India to trigger terrorism in Pakistan
Trade, cultural relations with India be suspended until she mend ways
Business community criticised for its silence over India provocations
The Pakistan Economy Watch (PEW) on Saturday lauded COAS Gen. Raheel Sharif for timely visiting LOC and working boundary and daring statement regarding border violations by India which boosted morale of Army and the nation.
The nation and army is united to face any aggression by India which has never accepted Pakistan and now trying to promote trade and terrorism in Pakistan at the same time which is not acceptable, it said.
India has invested billions of dollars in terror networks in Pakistan which are on the verge of disintegration due to ongoing operation Zarb-e-Azb which will pave way for a prosperous country that is intolerable for Modi regime, said Dr. Murtaza Mughal, President PEW.
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28. 02. 15
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ISLAMABAD: Ambassador of Tajikistan Sher Ali Jononov said his country was preparing to export sizeable quantity of electricity to Pakistan to lessen intensity of energy crisis, which has compromised economic growth.
He said his country wanted to enhance bilateral trade with Pakistan and invited business community to visit his country to explore investment opportunities and organise trade exhibitions.
Sher Ali Jononov meeting with Dr Murtaza Mughal President of Pakistan Economy Watch said Pakistanis were hardworking and highly gifted people and future of this country was very bright.
The energy sector of Tajikistan had been showing sustainable growth for the last 15 years transforming his country into world’s third largest producer of hydroelectric power after United States and Russia, he added.
Hydroelectric generation accounts for 76 percent of the total energy output of the country and the total estimated cost of the project which would lighten Pakistan through Tajik electricity has been estimated at $1.160 billion, which would be financed by World Bank, Asian Development Bank, Islamic Development Bank and other donors.
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24. 02. 15
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Energy divestment seen as a threat
The Pakistan Economy Watch (PEW) on Monday said receded oil prices have a devastating effect on most of the oil and gas exporting countries which can transform into a new global crisis.
After hitting the balance sheets of energy exporters the oil prices have started threatening the ranking of oil and gas multinationals which has unnerved investors, said Dr. Murtaza Mughal, President PEW.
He said that the energy sector of many oil exporting countries on which they depend is crumbling resulting in cancelled and stalled energy projects as many projects fail to maintain break-even prices.
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23. 02. 15
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The Pakistan Economy Watch (PEW) on Sunday asked government to take steps to enhance Pakistan’s penetration in three trillion dollar global halal market in which its share is negligible despite potential.
Non-Muslim countries have dominated the halal market which is growing at the rate of 17 percent per annum while Pakistan halal exports can surpass textiles in five years if proper attention is paid, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that out of all Pakistan’s meat exports 80 percent goes to Middle Eastern market which is not as regulated as that of USA and EU therefore it faces reduced threat of sanctions.
However, Pakistan meat exports to UAE is less than what Ethiopia exports to that country which is amazing, he said.
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16. 02. 15
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ISLAMABAD: The Pakistan Economy Watch (PEW) on Sunday said the silence of Sindh Government over allegations of corruption in Health Department amounts to confession.
The top health officials are involved in exploitation of masses, law, exchequer, patients and local pharma industry for personal benefits while the Drug Registration Authority of Pakistan (DRAP) and Competition Commission of Pakistan (CCP) are also involved, it said.
Talking to business leader Dr. Shahid Rasheed Butt and others, Dr. Murtaza Mughal said that the Supreme Court must take notice of the issue which has raised concerns among the masses.
He said that allowing a defamed Swiss pharmaceutical to play with the lives of hepatitis patients and hurting local pharmaceuticals is dishonesty. Terming the local pharmaceutical products as substandard is mala fide as their quality has never been challenged by the competent authority.
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11. 02. 15
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The Pakistan Economy Watch (PEW) on Tuesday said ongoing year is very important for the unstable global gas market which will see a host of challenges including demand-supply issues.
The decision taken by Russia, Canada, Australia, US, EU, Mozambique, Tanzania and oil exporting countries will shape the future of the international gas market, it said.
Energy importing countries including Pakistan should make necessary preparations to effectively forecast and tackle the upcoming issues in their national interest, said Dr. Murtaza Mughal, President PEW.
He said that consumption of gas in Asia will surpass all other regions which is projected to hit 1.2 trillion cubic meters from current 720 tcm.
Keeping in view the increasing demand Russia has stepped into lucrative Asian market despite financial problems, receding prices and international sanctions, he added.
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09. 02. 15
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ISLAMABAD: The Pakistan Economy Watch (PEW) on Sundaysaid a new energy landscape is unfolding before us with exciting prospects which calls for extra caution for policymakers. A mistake of judgment at this critical juncture can result in heavy price for the economy and nation, said Dr. Murtaza Mughal, President PEW. He said that all the oil importing countries are happy over reduction in oil prices including Pakistan which is also questing after import of LNG.
But, he said, government shouldn’t ignore critical sectors of energy like coal, solar, wind, and nuclear power as uncertainty looms over oil and LNG markets.
Dr. Murtaza Mughal said that the demand-supply gap in the LNG market has tilted in favour of buyers who are now dictating terms which is not a positive sign for producers.
Despite slump, the global LNG supply would get a boost of 10 percent during ongoing year and a 30 percent jump within five to seven years, he informed.
He said that oil price collapse has left many fracking, deep sea and other oil extraction projects economically unviable which will have an impact on situation in the long run.
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04. 02. 15
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ISLAMABAD: The Pakistan Economy Watch (PEW) on Tuesday said China has emerged as last hope to stabilise international LNG market as prices have come down by 65 per cent in one year.
China can help disappointed LNG producers by reversing the domestic price hike for natural gas and expedite conversion of power plants on LNG
to reduce pollution, said
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02. 02. 15
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Abbasi better choice despite petrol crisis
The Pakistan Economy Watch (PEW) on Sunday said oil price slide up to unprecedented sixty percent and concerns regarding future prices has started hurting international LNG market.
LNG prices were hovering around 20 dollars per mmbtu in 2014 but now it is at $7.45, the prices have reduced by 50 percent in the last four months, it said.
The fall in the LNG prices have added to the problems of investors resulting in stall or delayed projects while narrowing price gas has pushed USA out of the thriving Asian market, said Dr. Murtaza Mughal, President PEW.
Several high-cost gas projects launched by oil and gas giants have hindered or be altered due to weakening prices, he added.
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29. 01. 15
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DGTO made millions during FPCCI elections: Daro Khan Achakzai
Former President FPCCI Daroo Khan Achakzai on Wednesday said Directorate General of Trade Organisations (DGTO), an attached department of Ministry of Commerce continue to harass the business community for personal gains.
He said that a top official of the regulator minted tens of millions during the recent FPCCI elections.
Talking to Dr. Murtaza Mughal, President Pakistan Economy Watch, he said that he possesses details of the bank accounts of DGTO Sajid Hussain in which heavy amount was deposited during the elections of Apex Chamber.
How can a government official justify a single transaction of over Rs 10 million in his bank account during the elections, Daro Khan questioned?
The business leader who has also served as president of Chaman Chamber said that government continue to violate merit to reward the blue eyed.
He said that the provincial government of the Khyber Pakhtoonkhwa continue to punish corrupt while the central government prefer to reward them. Raiwind has become a factory to produce appointment notifications, he observed.
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26. 01. 15
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The Pakistan Economy Watch (PEW) on Sunday lauded the decision of State bank of Pakistan (SBP) to cut policy rate by one percent to prop up growth terming it essential to strengthen business sentiments. The decision is pleasing as it will trigger economic expansion, boost capital market and support badly needed foreign investment, it said.
Decision of the SBP will stimulate economic growth, encourage borrowing, investing as well as exports and help reduce ratio of defaults, said Dr Murtaza Mughal, President of the Pakistan Economy Watch.
He said that SBP decision will help our sluggish economy but interest rates alone cannot help overcome economic issues as it has nothing to do with energy scarcity, security situation, and political uncertainty. Murtaza Mughal said that before the SBP statement the Finance Minister Ishaq Dar told a press conference the discount rate has been cut by one percent which has raised questions about autonomy of the central bank.
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23. 01. 15
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Interest of poor patients compromised for kickbacks
Local pharma companies invoke High Court to get justice
The Pakistan Economy Watch (PEW) on Thursday said corruption to the tune of tens of millions have been detected in the Sindh Health Department in purchase of medicine for the treatment of killer disease of hepatitis B and C.
The department spend 240 million rupees on purchase of 48000 injections which were available for almost 80 million in the market.
According to the details the Program Manager of Hepatitis Prevention and Control Program, invited tenders for procuring supply of medicines including that for hepatitis B and C.
Various national and international pharmaceuticals submitted their technical as well as financial bids for qualifying the tender.
On 26 December 2014, the department in violation of procurement laws, awarded tenders to a multinational company on the grounds that their products are approved by FDA (Federal Drug Authority of USA) and EMA (European Medicine Agency).
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21. 01. 15
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PEW rejects excuses by top officials for petrol crisis
Incompetence being camouflaged under allegations of conspiracy
The Pakistan Economy Watch (PEW) on Tuesday criticised the way PML-N is handling motor fuel crisis and hiding its mismanagement under charges of a conspiracy against the government.
Federal ministers for finance, petroleum and water and power who are considered responsible for the mess are unwilling to accept any responsibility while offering lame excuses, said Dr. Murtaza Mughal, President PEW.
Talking to a delegation of traders led by Shahid Rasheed Butt, he said that suspending officials that had repeatedly warned about the looming debacle will not help government pacify the enraged masses.
Government paid circular debt once but did nothing to prevent its re-emergence and now they are denying responsibility which amounts to insulting the suffering people, he added.
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