Western institutions keeping Pakistan away from uplift: PEW
ISLAMABAD: The Pakistan Economy Watch (PEW) on Sunday said the increased influence of western institutions on Pakistan is keeping it from development.
The entire western monetary system is basically a fraud which has helped a minority to enslaved almost entire population of the world, it said. The former government failed in elections despite initiating a project like CPEC as it wasted billions of dollars to mismanagement and useless projects leaving the country of the verge of bankruptcy, said PEW Chairman Muhammad Aslam Khan.
He said that new government should review all the energy deals finalised over last decade to make them according to the national interests as the circular debt of Rs 1.14 billion has become a great threat to the economy.
Brig. Muhammad Aslam Khan said that avoiding IMF will be a great success of the new government while reducing corruption in government departments by 25 percent will help it save fifteen billion dollars annually.
He said that import of oil and gas is a big drain on resources, therefore, a plan is needed to utilise 227 billion barrels of oil available in the country which will reduce the cost of doing business and boost our exports.
Dr. Murtaza Mughal said that free trade and preferential trade agreements have resulted in billions of dollars of losses that merit revisiting all such deals and held accountable those who finalised it.
The state-run enterprises have resulted in losses to the tune of 3.7 trillion rupees in the last five years which should be sold without delay, he demanded.