Unilateral decisions hurting exports, economy:Dr. Murtaza Mughal

Lahore: The Pakistan Economy Watch (PEW) on Sunday demanded democracy in the process of decision making regarding critical economic issues. All the economic decisions are being taken by one person without regarding the opinions of others which is unnatural as a single mind cannot properly cover all the economic sectors, it said.

Decisions regarding economic matters should be taken after through consultations with all the stakeholders so that the same can be implemented swiftly without fear of failure, said Dr. Murtaza Mughal, President PEW. He said that government has find refuge in obtaining loans from banks as exports and remittances continue to fall.

This practice is not sustainable as it is easy to get loans but very difficult to repay it, he added.

Exports and remittances help government pay some bills but these are falling now pushing country with only option to knock the door of IMG with a begging bowl.

Dr. Murtaza Mughal said that the largest export earning sector of textile is sailing in troubled waters but very little has been done to bail this sector out.

He said that reduced oil prices have saved country from landing into serious balance of payment crisis but now oil prices are stabilising which should act as a wakeup call.

He demanded that export refunds should be paid immediately, issue of textile sector should be resolved, provision of dependable energy be ensured and tax system should be improved otherwise country will face serious issues.