ISLAMABAD: The Pakistan Economy Watch (PEW) on Sunday criticised thegovernment for creating a market support fund that it alleges will onlyhelp billionaire brokers.
“The government has been claiming scarcity of resources and getting readyto announce a tough budget loaded with taxes worth trillions but it hasample resources when it comes to helping billionaires,” said PEW PresidentDr. Murtaza Mughal.
“The newly established market support fund is, in fact, a broker supportfund for which Rs20 billion have been earmarked while the process ofapprovals has been completed with unprecedented speed.”
He said that many rules and regulations were relaxed while the stock marketregulator was kept out of the whole process which has raised questionsabout the whole matter.
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The government which continues to claim insufficiency of funds should havepreferred to bailout poor reeling under inflation but instead it decided tobail out influential brokers, he added.
Dr. Murtaza Mughal said that the cash-strapped government which hasinherited a broken economy must carefully utilize its scarce publicresources and spend them in the public interest.
