ISLAMABAD (PPI) - The Pakistan Economy Watch (PEW) on Wednesday said that government seems reluctant to limit borrowing, curtail expenditures and tax some leading sectors to raise income that will leave it with no option but to tax masses. This will make life of common person more miserable and frustration will touch peak level, it warned. Rupee is facing a record depreciation versus dollar despite record forex reserves and record remittances which speak of trust of trust of investors in the policies of economic managers, says a press release issued here. Political instability, law and order situation, energy issues, record borrowing, lack of will to impose taxes, limiting spending and non-serious attitude is contributing towards the situation, said Dr. Murtaza Mughal, President PEW. It seems that government will be unable to fulfil the additional revenue target agreed with foreign lenders which will put further loans in jeopardy, he said. He said tax collecting agencies have also shown dismal performance as usual. He said their underperformance together with refund claims goes beyond collective deficit posted by all the provinces. He said that record forex reserves are of little use, as borrowed dollars have not improved overall outlook and sentiments in the open market. Policymakers need to think beyond collecting dollars; they should push investments, exports and provide enabling environment to investors, he opined. He lauded the role of overseas Pakistanis whose record contribution of around Rs 9 billion has helped economy otherwise the fall of rupee and rise of inflation would have touched very dangerous levels.