(IWCCI) lauded the decision of the government to phase out power subsidies

BUSINESS PERISCOPE : Govt’s decision to cut power subsidies hailed

http://www.dailytimes.com.pk/default.asp?page=201379\story_9-7-2013_pg10_1

ISLAMABAD: Islamabad Women’s Chamber of Commerce and Industry (IWCCI) lauded the decision of the government to phase out power subsidies gradually terming it in the best interest of country. It is very difficult for Pakistan to survive without foreign aid in presence of power sector and energy subsidies, Farida Rashid said. The subsidies have not benefited poor but rich while it misbalances the budget. Subsidies leave little funds with government to spend of public welfare, it boost demand while reduces investment in renewable. Subsidies also contributes to social injustice, discourages private sector and push up the global warming, she added. She said losses of the power subsidy have reached to an extent that it has become an issue of national security. Last year our oil import bill was $14 billion, which will touch mark of $50 billion in seven years, enough to leave Pakistan bankrupt. app