Some textile, ginning mills owners hoarding cotton and yarn: Expert


ISLAMABAD:Pakistan Economy Watch (PEW) on Sunday said that frequent transfers of important ministers, special assistants and advisors are sending wrong signals and shaking foreign as well as local investors.

The sudden and unexpected decisions have not improved the situation rather contributed to deterioration, therefore, this practice should be stopped, said Dr Murtaza Mughal, President PEW in a statement.

The decision regarding import of cotton, yarn and sugar was changed within hours resulting in a shock and uncertainty while providing relief to hoarders which now include owners of some textile and ginning mills, said Dr Mughal.

Hasty decision without proper debate will never help stabilise the economy or reduce inflation, therefore, the matter should be considered, he added. Dr Mughal said that the first finance minister of the government was removed amid negotiations with IMF, the second finance minister was removed unceremoniously amid a bond auction while third was forced to take back his statement regarding import from India within hours.

Some export sectors were promised cheap energy which remained on papers which has prompted investors to hold investment decisions, he said. Dr Mughal said that a common man is of the opinion that government cannot tame inflation, could not control mafia, cannot take proper economic decisions, there is a lack of coordination among different ministries and the country has been made a laboratory which has added to their problems.

Frequent transfers of important bureaucrats have not improved the situation but deteriorated it while the widening divide in PDM will not provide any relief to the government as the biggest threat to the PTI is not opposition but its own policies, weaknesses and lack of governance, he observed.