Islamabad: Pakistan Economy Watch has said that Pakistan needs an effective economic warning system to save the masses from monetary losses that are running in tens of billions. Pakistan urgently needs a fiscal alarm system following the US financial crisis because masses should not pay for the slippages of those who matters, said President of Pakistan Economy Watch, Dr. Murtaza Mughal.
US financial turmoil:
He said that whole world is to face the consequences of US financial turmoil. However, the local stock exchange avoided crisis due to the steps of August 27. Now the MSCI index in London is pushing Pakistan to reverse these steps which could be termed as a conspiracy that must be tackled properly.
Masses lost over 40 billion in stock swindles
Dr. Murtaza Mughal said due to the lax attitude of regulators and loopholes in the system the people have lost their savings and investments. “People have lost over 40 billion rupees in massive stock scams in past,” he said adding that situation calls for an effective alarm system.
Some politicians helped those who betrayed the trust of small investors. These elements will always walk out of the situation due to political clout and lack of transparency.
He said that there is an urgent need to relieve stock markets of ‘Qabza Group.’ This mafia is as powerful today as it was in the past. He said that some business chambers often exceed their mandate. -Pak Economy Watch