PEW lauds decision to extend amnesty scheme deadline

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ISLAMABAD: The Pakistan Economy Watch (PEW) on Monday lauded the decision of the caretaker government to extend the deadline of the tax amnesty scheme as it will attract much-needed funds.

The move has improved the confidence of the business community and polished the image of the present government, it said.

The extension in the scheme launched by the former government proves that the current administration is unbiased and impartial while it also exposes the feeble condition of the exchequer, said PEW President Dr Murtaza Mughal.

Dr Murtaza Mughal said that former rulers borrowed over $45 billion while a sizable amount was wasted due to mismanagement and nepotism.

The former government failed to manage economy otherwise the country would not have been on the verge of bankruptcy, he said, adding that the State Bank of Pakistan (SBP) is short of forex reserves to manage two months of imports. We are still spending one billion dollars a month while the gap between income and expenses has reached an alarming level of 25 billion dollars necessitating an the IMF package, he added.

He said that dollar was worth Rs60 during the dictatorship but the two democracies have pushed it to Rs125 while the fall continues. Erosion in the exchange rate has pushed the necessities out of the reach of common man, he said.