The regulators leave masses on the mercy of investors

Lahore : The Pakistan Economy Watch (PEW) on Tuesday said government decision to leave five regulators important will have an impact on the reputation of the country.

The decision to bring five key regulatory bodies under concerned ministries will raise questions about transparency, hit the image of the country internationally while striking the confidence of the investors.

Government has taken the surprising decision recently despite the fact that it had agreed with IMF and World Bank to give more autonomy to the regulators, said Dr. Murtaza Mughal, President PEW.

The government promised additional powers to the regulators before getting loan and now it has taken a U-turn which will contribute to the deterioration in the institutions, he added.

He said that the controversial decision have empowered the ministries and investors which will skin the masses without any fear or hindrance. Now the ministries responsible for providing electricity and gas will frequently revise prices of energy damaging masses, agriculture and industry.

Bringing Ppra under Finance Division will open the gateway for corruption in the tender process, he added.

Dr. Murtaza Mughal said that Ogra resisted moves of the ministry to hike price of gas or put load of line losses on consumers to maximise profit of gas companies while Nepra proved an obstacle in burdening masses through the projects established on political grounds that continue to produce world’s costliest electricity.

Now the local and foreign investors in the energy sector will take decision with the help of bureaucracy in the ministries which best suits them overlooking interests of masses, he warned.