PEW sees forex reserves under threat
Common ground on economic matters stressed
Islamabad: [Feb 27 ]
The Pakistan Economy Watch (PEW) on Sunday said ongoing political struggle in Pakistan and international developments threatening oil supplies is a big threat to the national foreign exchange reserves that are presently at comfortable levels.
Opec and other oil exporting countries can hike output to arrest volatile energy prices, US should seek to control rising food prices while our government can focus on the factors that it can control, it said.
Government and opposition should try to bring political harmony in country so that proper economic measures can be put in place before it is too late, said Dr. Murtaza Mughal, President PEW.
Politicians should not try to rock the boat anymore; they should sit together for the sake of the country otherwise we may run out of foreign reserves soon, he warned.
This will leave Pakistan with no option but to ask for IMF loans which will again slap conditions that are seen by majority as a conspiracy against country, said Dr. Murtaza Mughal.
He said that economy cannot sustain without regular supply of energy but many related issued including that of circular debt has been tackled on ad hoc basis.
Heightening fiscal deficit and climbing debt servicing are posing serious threat to the economy, he said adding that country is unsuccessfully dealing with the task of raising revenues to defeat budgetary gap, which has been estimated to cross Rs one trillion mark.
FBR is to be blamed for low revenue generation and unjust tax system as many top officials seem to be more interested in personal welfare, he said.
He said that government is not resolving issues but printing excessive currency to generate funds despite warning by economists and reservations by central bank.
Anti-people alliances of rural elite and selected industries are not ready to pay their share in the national development which leave country with no option but to cut developmental expenditures and opt for a begging bowl, said Dr. Mughal.
Investment is declining in country while overall climate is far from satisfactory due to mishandling of many issues including war on terror.
Gravity of the situation has reached to an extent where private firms are approaching politicians to save their investments while some have conducted press conferences, he said adding that we have enough of politics, its time leaders should also think about economy.
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Dr. Murtaza Mughal
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