# Pakistan's Economy - News and Updates



## EagleEyes

Please post all your Pakistan economy news and updates here.

The old thread can be found here: http://www.defence.pk/forums/economy-development/27788-pakistan-economy-news-updates.html


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## ameer219

*17% growth in remittances good: ICCI*

Daily Times - Leading News Resource of Pakistan

ISLAMABAD: President Islamabad Chamber of Commerce Zahid Maqbool said the country has witnessed an impressive growth of more than 17 percent in remittances, which have reached to about $5.79 billion during July-Feb 2010 and the government should take measures to channelise these remittances towards the long-term investment for achieving better results for the country. He said Small & Medium Entrepreneur (SME) sector is the engine of growth for Pakistan and one good option for the government is to motivate the returning migrants to set up small and medium size businesses, which will help in boosting SME sector. For this purpose, the government should provide them fiscal incentives like tax breaks and other concessions. staff report

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## Mani2020

Gilani for more Pak-Saudi cooperation in banking sector

Saturday, April 10, 2010

ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani said the government would extend all cooperation to the Saudi Arabian investors to encourage their investment in banking sector.

The Prime Minister was talking to Prince Amr Mohamed Al-Faisal Al-Saud, Chairman of Ithmaar BSC and Faysal Banks of Saudi Arabia, who called on him at the Prime Minister House here Friday afternoon.

He was accompanied by Khalid Abdullah Jamani, Executive Vice Chairman and Naveed A. Khan, President and CEO of Faysal Bank.

Welcoming the visiting delegation, the Prime Minister said the government has provided an investor-friendly atmosphere in the banking sector to foreign investors and is extending all out cooperation.

The Prime Minister said greater cooperation in banking business between Saudi Arabia and Pakistan would help adopt better risk management techniques in the sector.

He said Faysal Banks operation in Pakistan was playing an important role in the countrys economy by consumer financing and industrial development. 

He said the banks assets base of over Rs180 billion with a shareholder equity of Rs.12 billion was a remarkable contribution in the banking sector of Pakistan.

The Prime Minister invited the Faysal Banks further investment in Pakistans banking sector and assured governments continued support and cooperation in this regard. 

The Premier thanked the Prince and said that it was the blessing of Almighty Allah that the unity and harmony displayed by the political parties after the 2008 elections is still heading peacefully.

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## ameer219

*Japanese taking interest in Pakistani stocks*
Saturday, April 10, 2010
By Irfan Siddiqui

Japanese taking interest in Pakistani stocks

TOKYO: Japanese banks and financial institutions have started taking interest in the Pakistani stock markets, said an investment advisor on Friday.

We can hope that in the near-future reasonable investment will be put in Pakistan stock market, said Shizuka Sasaki a financial and investment advisor.

The Japanese banks are offering Pakistani bonds to their clients as high-risk-high-return investment and going forward, the option of investing in Pakistani stocks is also seen as a strong possibility owing to high return on investment.

She said that Pakistan used to be a potential financial investment target, but due to the global recession and some other factors, Pakistan economy got worse and Karachi stock market fell more than 58 per cent in 2008.

After its major slide, the Karachi stock market has recovered in the last calendar year and recent inflow of foreign funds in Pakistani bourses may convince the risk-averse Japanese investors to add Karachi and Lahore to their portfolio destination, Sasaki said.

Japanese banks and financial institutions keep Pakistani bonds in high-risk-high-return category, Sasaki said, explaining that though majority of Japanese wants secure investment even on low return, investors seeking high returns on the short-term investments are offered Pakistani stocks.

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## ameer219

*Improvement in fundamentals to attract new funds
*



LAHORE - The improvement in economic fundamentals and parliamentary approval for the 18th amendment enhanced the investors sentiments in the market, resulting in a 45 per cent weekly jump in volumes to 252 million shares, a 26-week high.

Experts said that a host of macro and micro events encouraged activity at the KSE while concerns on the macro front following reports of the fiscal deficit target being missed, were allayed with the Rupee strengthening against the dollar and T-bill yields going down, indicating interest rates are due to follow suit in the medium term.
In a historic move the National Assembly unanimously passed the 18th Amendment Bill 2010 on 8th Apr10. 1973 Constitution has now been restored to its original shape and all the clauses from the Constitution incorporated by the military dictators in the past have been removed. Furthermore, the Bill also included repealing of 17th Amendment in the constitution and Legal Framework Order (LFO) included by General (Rtd.) Pervez Musharraf during his regime.

Firmness prevailed on the local currency market during the outgoing week as comfortable supply of dollars helped the rupee to retain its gains. PKR closed the week at 84.05/USD from 84.43/USD on 2nd Apr10, 0.5% higher than WoW. This certainly bodes well for our BoP in the shape of lower debt servicing charges and a lower import bill. Experts are of the view that after dismal performance in 4Q2009, Pakistans benchmark equity index posted 8% return during 1Q2010 (Jan-Mar 2010) in spite of political and security issues. This is the second highest quarterly gain in last one year, thanks to robust foreign activity and gradual improvement in macro imbalances. 

Hence overall market capitalization reached US$34b whereas average volume during 1Q2010 stood at $76m. In the month of March alone the equity prices rallied 5% led by $100m net buying by foreign investors, after $32m net inflow in the first two months of this year that inched up the Index by 3%.

If we compare last 10 year 1Q returns, the last quarter gains are lower than the average gains. Interestingly, during last decade, market average 1QCY return was 14%. The lower return this time is mainly due to exceptional gains of 60% (51% in US$ terms) in 2009 coupled with severe liquidity crunch being faced by local investors. Only local mutual funds net selling was at $54m until March 30 due to continuous redemption pressure.

Improvement in fundamentals to attract new funds | Pakistan | News | Newspaper | Daily | English | Online

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## ameer219

&#8216;*Pak-Malaysia FTA to boost trade, investment*&#8217;

Kuala Lumpur: Number of certificates of origin issued to Malaysian businessmen by its government to claim reduced duties, taxes under Free Trade Agreement (FTA) registered three-fold increase in the last two years, leading to more trade, investment between the two countries, said Malaysian Deputy Minister of International Trade & Industry, Mukhriz Tun Mahathir.

In a meeting with Pakistan&#8217;s acting high commissioner, Dr. Imtiaz Ahmad Kazi said trade volume between both the countries reported upward trend after FTA signing in 2007.

Mukhriz said palm oil export to Pakistan is important component in trade and Malaysia would like to pursue exports of its service, electronic, manufactured goods to Pakistan to further diversify its export base. Dr. Kazi said Pakistan Chapter of Joint Business Council (JBC) was constituted and forming of Malaysian Chapter is expected soon. JBC could be launched when Prime Minister Yusuf Raza Gilani visits Kuala Lumpur to attend World Islamic Economic Forum (WIEF) from May 18 to 20 2010.

He suggested holding overdue meeting of Joint Ministerial Commission (JMC) and said proposal is under discussion to look at the possibility of JMC to deputy minister&#8217;s level. ppi

http://www.dailytimes.com.pk/default.asp?page=2010\04\13\story_13-4-2010_pg5_3

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## ameer219

* Pak Suzuki, Indus remain primary growth drivers
March auto sales up 80pc year-on-year basis


Pak Suzuki, Indus remain primary growth drivers

*
Tuesday, April 13, 2010
By Hina Mahgul Rind

KARACHI: Auto sales during March depicted an impressive performance, rising by 80 per cent on year-on-year basis and 8.0 per cent on month-on-month basis, according to the data released by Pakistan Automotive Manufacturers Association on Monday.

Auto sales during the first nine months of FY10 registered an increase of 34 per cent on year-on-year basis to touch 97,992 units. Pak Suzuki and Indus remained the primary growth drivers during the period under review.

Indus Motor sales rise by 57 per cent on year-on-year basis in March, the companyís highest-ever sales in a single quarter. Pak Suzuki sales, which touched a 17-month high, posted a significant increase of 211 per cent on year-on-year basis amid economic slowdown and high interest rates. Analysts are of the view that Pak Suzukiís swift sales averaged 471 units per month during the first quarter of its launch.

Despite positive feedback, it seems that swift sales trend is loosing its charm due to higher price tag for a hatch-back and fuel costs, ie, available in petrol-variant vehicles. Strong performance by smaller cars, recovery in LCV sales and low base effect has lifted the volumes of Pak Suzuki by 3x during the first quarter of 2010.

Indus Motor has also benefitted from a superior model of Corolla and increase in prices by Honda Car. Honda Carís performance remained dismal, with sales depicting a fall of 31 per cent on year-on-year basis.

Cumulative auto sales during 9MFY10 registered a growth of 34 per cent on year-on-year basis with Indus Motor continue to outperform others. With the sales for the company rises by 53 per cent on year-on-year basis during the period under review, its market share increased to 36 per cent from 31 per cent earlier.

Despite an increase of 30 per cent in Pak Suzuki sales on year-on-year basis, the market share declined to 53 per cent from 55 per cent. Atif Zafar, analyst at the JS Research, said that although auto sales have posted a growth of 34 per cent on year-on-year basis during 9MFY10, it is expected that easing of monetary policy by the central bank should further stimulate sales.

However, rupee depreciation against the dollar and Japanese yen and rising steel prices remain major concerns for the auto assemblers. Another analyst Furqan Punjani attributed the recent surge in car sales to renewed consumer financing, improvement in the macroeconomic indicators and enhanced liquidity in the rural economy.

Due to gaining momentum in sales, Pak Suzuki has started to pass on the cost impact to the customers. Pak Suzuki has recently increased its prices by 5-6 per cent, improving the companyís gross margins to 3.6 per cent during the current year against 2 per cent last year.

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## Omar1984

*One window operation in Sindh to facilitate investors ​*





Earlier, inaugurating the conference Governor Dr Ishratul Ebad Khan said the high profile event would make a significant and worthwhile contribution in attracting investment which would lead to economic prosperity of the people. - Photo by APP. 


KARACHI: Sindh Chief Minister Syed Qaim Ali Shah said here on Saturday that the Sindh Board of Investment (SBI) will facilitate investors through one-window in setting up industries to promote industrialisation. 

The chief minister made this announcement at the conclusion of an investors&#8217; conference organised by the Sindh Board of Investment at a local hotel on Saturday, says an official handout. 

Stressing the need for promoting local and foreign investment in the province, he said that Sindh is blessed with abundant natural resources, but to benefit from them, &#8220;we have to make strenuous efforts.&#8221; 

The Sindh government, he said, wanted to promote investment in the province as there were vast opportunities for setting industries especially agro-based units. 

He said that foreign investors were showing interest in investment in Karachi and rural areas of the province, and the government was also facilitating them by making the infrastructure available and providing basic facilities. 

However, prompt practical measures are needed to resolve the problems of people by providing them jobs. 

He said that raw material, agriculture produce, fruits, meat and fish and its products are in abundance in Sindh. 

&#8220;Promoting agro-based industries, we can make Pakistan a modern industrial state&#8221;. 

He expressed the hope that the large presence of investors at the conference shows that they want to join hands with the government in development efforts so that its fruits reach the people. 



Earlier, inaugurating the conference Governor Dr Ishratul Ebad Khan said the high profile event would make a significant and worthwhile contribution in attracting investment which would lead to economic prosperity of the people.

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## Omar1984

*Country to harvest 23.8m metric tons of wheat ​*
ISLAMABAD: Pakistan is estimated to harvest 23.87 million metric tons of wheat this year, against a target of 25 million tons, and a little less than last year&#8217;s 24.03 million tons. 

Addressing a news conference after a meeting of the federal committee on agriculture (FCA), Minister for Food and Agriculture Nazar Mohammad Gondal said the government had decided to export 2 million tons of the surplus commodity because of 3.5 million tons of carryover stocks. 

He said the crop output had been satisfactory if seen in the context of a substantial water shortage during the season. 


He said the committee had fixed cotton production target at 14 million bales for the current Kharif season, compared to last year&#8217;s output of 12.7 million bales. 

Last year, too, the government had set a production target of 14 million bales. He said that this year eight approved varieties of BT-Cotton would be introduced in the country. 

Mr Gondal said that most of the crops in the just concluded Rabi season had been short of target mainly because of inadequate rainfall. 

The gram production has now been estimated at 571,000 tons against last year&#8217;s production of 740,000 tons, showing a decrease of 23 per cent. 

The gram output, he said, was sufficient for domestic consumption estimated at 550,000 tons. 

Lentil production has been estimated at 11,660 tons as compared to 14,400 tons produced last year, reflecting a reduction of 19 per cent. 

Onion production stood at 1.53 million tons as against last year&#8217;s 1.7 million tons, down by 10 per cent. 

Potato production was 2.4 per cent higher than last year&#8217;s and stood at 3.01 million tons compared to last year&#8217;s 2.94 million tons. 

Mr Gondal said the good news for the ongoing Kharif season was that water availability would be around 65.80 million acre feet (MAF) against the average requirement of 67.11 MAF, thus showing a shortfall of about 2 per cent. 

The committee set a rice production target of 6 million tons against last year&#8217;s production of 6.7 million tons while sugarcane target was set at 53.7 million tons against last year&#8217;s production of 47 million tons.

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## Omar1984

*Flour still being sold at higher prices ​*
KARACHI: Flour millers have reduced ex-mill price of flour (No 2.5) to Rs28 from Rs30 per kg after a decline in wheat prices, but retailers are reluctant to pass on benefit to consumers. 

The Karachi Atta Chakki Association (KACA) has also slashed Chakki flour price to Rs32 from 36 per kg. 

Consumers till Monday had been paying Rs32 per kg for flour (No 2.5) at the retail level. Besides, there was also no change in the price of Chakki flour on the retail side as prices were hovering between Rs35 and 36 per kg. 

A spokesman for Karachi Retail Grocers Group (KRGG) said that retailers had purchased old stocks at higher rates and it may take few more days to clear the piled up stocks. 

The rates would come down after lifting of flour at reduced rates, he added. 

KACA General Secretary Mohammad Anis Shahid said the association had already ensured supply of Chakki atta at reduced rates of Rs32 per kg at 800 small Chakkis in the city and even supply was being maintained at a full pace on Monday. 

In view of huge supply of wheat from the interior of Sindh after a good crop, he said Chakki flour price may come down by Rs1 kg more in the coming days. 

He said the association had also been asking retailers not to charge more than Rs33 per kg on Chakki flour from consumers. 

He said the rate of highly clean wheat had come down to Rs25 from Rs27 per kg in the open market while unclean wheat price hovers between Rs23 and 24 per kg which was earlier being sold at Rs25-26 per kg. 

He said there was an oversupply of wheat in the open market after ample supplies from interior of Sindh. 

Besides, in summer demand for flour usually remains slow as people usually shift to soft foods, like rice, fruits etc. 

Anis urged the Sindh and City governments to strictly monitor retailers now. 

Sindh Zone Chairman of Pakistan Flour Mills Association (PFMA) Mohammad Yousuf said that the 100 kg wheat bag is now priced at Rs2,300 as compared to Rs2,500 last week, while the government&#8217;s wheat is available at Rs2,524. 

The Sindh government has, so far, procured 550,000 tons of wheat against the storage capacity of 640,000 tons, while the government has set a procurement target of 1.5 million tons. The government also had 225,000 tons from previous crop. 

When asked about any further price cut in flour, he ruled out any possibility, saying this was the most appropriate price of flour right now.

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## ameer219

*ADB predicts improvement in GDP growth*


ADB predicts improvement in GDP growth | Pakistan | News | Newspaper | Daily | English | Online

ISLAMABAD - Asian Development Bank, in its recent report, forecasted that Pakistans GDP growth would modestly improve to 3.0 percent in the ongoing year of 2010 due to recovery in the manufacturing sector.
According to Asian Development Outlook 2010 (ADO 2010), released on Tuesday, the recovery in manufacturing sector is due to higher production of the cement products in the local market and stronger domestic demand for automobiles in the first half of 2010. Textiles manufacturing, however, has continued to show decline on account of the lower cotton availability, electricity and gas shortages and poorer relative product competitiveness in the international markets.
The ADO further said that Pakistans economic prospects were predicated on the basis of a successful completion of the current IMF programme by end-2010; a gradual improvement in the security situation; a phased reduction in electricity shortages, as tariffs meet cost of supply and new power plants were commissioned; sustained implementation of fiscal reforms, particularly for tax and administration; a gradual economic recovery in the main trading partners and political stability.
The GDP growth is expected to reach about 4.0 percent in the fiscal year 2011, as the private sector investment picks up following gradual improvement in the security situation and fewer electricity shortages, as public investment accelerates, supported by an improved fiscal situation with the Value-Added Tax (VAT) and other administrative tax reforms from 1 July 2010.
The modest growth projected for 2010 will make it hard for the Federal Board of Revenue to achieve its revenue target. However, higher oil and electricity prices (by way of larger customs revenues and sales tax receipts) will compensate somewhat for lower direct tax collections.
Yet with higher than budgeted defence spending, the fiscal deficit target of 4.9 percent of GDP for 2010 will be missed, and the Government is now targeting a deficit of 5.1 percent. But this too could be overshot in case of further shortfalls in tax and non-tax revenues.
The ADO said that inflation in 2010 is projected at 12 percent from its peak of the previous fiscal year. Looking ahead, domestic oil prices will increase in line with international prices. Similarly, phased increases in electricity tariffs will also contribute to maintaining momentum in inflation during the fiscal year.

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## Hyde

*Cruise with over 600 tourists aboard docks at city's port after 15 years​*

KARACHI (April 14 2010): The local authorities are rejoicing as hundreds of maritime tourists from across the globe turned up to the shores of terrorism-hit country in a world class passenger cruise after about 15 years. MS ALBATROS, a German cruise whose local agent is United Marine Agencies (UMA) and the operator is Phoenix Riesen, docked at Berth Number 5 of the Karachi Port after more than a decade with some 608 multinational passengers aboard.

The vessel, which had started its 140-day journey from the German port of Hamburg on December 23, would end its cruise on May 9 in Italy. The cruise was scheduled to sail off Karachi Port for Muscat at 7pm. "I would encourage the tourists to come up and visit Pakistan. I would like such (ship) calls to be made repeatedly," Chairperson Karachi Port Trust (KPT) Nasreen Haque, as a chief guest, told a welcome ceremony hosted by the UMA at the East Wharf.

Earlier, Chief Executive Officer of UMA Suhail Shams in his opening remarks said Pakistan needed more events of such type to make a mark in maritime tourism. "It is very reassuring to see that such a classic vessel has called at our port despite all the negatives that we keep hearing about Pakistan in the world media," he added.

Stressing the need to leave a lasting impression of Pakistani hospitality in the minds of over 600 maritime tourists, the UMA chief expressed hope that the multinational guests would introduce Pakistan as a peace-loving and worth-visiting place to their compatriots.

In his address, Captain Mortan Arne Hanson, the master of MS ALBATROS, thanked hosts saying it was a milestone for Karachi to host a passenger ship after 15 years. In his pre-ceremony media talk UMA CEO Suhail Shams said some 400 passengers had left the ship for a visit around the port city.

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## Omar1984

*Exports register 38 per cent rise in March ​*

Looking at the current pace of increased exports the TDAP believes that exports for the current fiscal will surpass the target of $18.8 billion and may even cross the $19 billion threshold achieved in the year 2007-08. - Photo by APP. 


KARACHI: Exports grew by a record 38 per cent to over $1.8 billion in March 2010 indicating that the country has overcome global recession challenges and is poised to achieve better economic growth. 

According to Trade Development Authority of Pakistan, exports during March stood higher by 37.8 per cent at $1.807 billion as compared to $1.312 billion in March 2009. 

The export performance in the month under review has been the highest recorded in any month of the current year as well as for the corresponding month of last five years, say TDAP sources. 

The authority further claimed that exports during Dec to March of current fiscal have grown at an average of 28.3 per cent over the corresponding period last fiscal. 

Looking at the current pace of increased exports the TDAP believes that exports for the current fiscal will surpass the target of $18.8 billion and may even cross the $19 billion threshold achieved in the year 2007-08. 

While reviewing the sector-wise trends of exports the TDAP disclosed that textiles and clothing, agro-food and metals and minerals have shown an upward trend over the previous year. 

However, the authority feels that the main drivers of this growth in exports are raw cotton, cotton yarn, art silk and synthetic textiles, readymade garments and towels. In agro-food sector commodities such as rice, fruits and vegetables have recorded handsome growth in exports. 

But a fabulous growth of 70 per cent was recorded in exports of jewellery in metal and mineral sector during the period (July to Feb) of current fiscal over the same period last year. 

The TDAP pointed out that the global recession, which resulted in the shrinkage of the western and developed economies by 5 per cent on an average in the year 2009 saw the developing economies maintain a robust growth averaging 6 per cent. 

This phenomenon has also had a positive impact on the geographic diversification of country&#8217;s exports, which now accounts up to 45 per cent in Asian markets. 

Looking at the rapidly changing trends in global markets and shifting of buying power, the TDAP is now doubling its levels of participation in Asian markets through increased delegations, exhibitions and incentives to exporters to take advantage of the opportunities in these countries.

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## SHAMK9

Zaki said:


> *Cruise with over 600 tourists aboard docks at city's port after 15 years​*
> 
> KARACHI (April 14 2010): The local authorities are rejoicing as hundreds of maritime tourists from across the globe turned up to the shores of terrorism-hit country in a world class passenger cruise after about 15 years. MS ALBATROS, a German cruise whose local agent is United Marine Agencies (UMA) and the operator is Phoenix Riesen, docked at Berth Number 5 of the Karachi Port after more than a decade with some 608 multinational passengers aboard.
> 
> The vessel, which had started its 140-day journey from the German port of Hamburg on December 23, would end its cruise on May 9 in Italy. The cruise was scheduled to sail off Karachi Port for Muscat at 7pm. "I would encourage the tourists to come up and visit Pakistan. I would like such (ship) calls to be made repeatedly," Chairperson Karachi Port Trust (KPT) Nasreen Haque, as a chief guest, told a welcome ceremony hosted by the UMA at the East Wharf.
> 
> Earlier, Chief Executive Officer of UMA Suhail Shams in his opening remarks said Pakistan needed more events of such type to make a mark in maritime tourism. "It is very reassuring to see that such a classic vessel has called at our port despite all the negatives that we keep hearing about Pakistan in the world media," he added.
> 
> Stressing the need to leave a lasting impression of Pakistani hospitality in the minds of over 600 maritime tourists, the UMA chief expressed hope that the multinational guests would introduce Pakistan as a peace-loving and worth-visiting place to their compatriots.
> 
> In his address, Captain Mortan Arne Hanson, the master of MS ALBATROS, thanked hosts saying it was a milestone for Karachi to host a passenger ship after 15 years. In his pre-ceremony media talk UMA CEO Suhail Shams said some 400 passengers had left the ship for a visit around the port city.



thats awesome i can clearly see queen marry 2 and oasis of the seas docking at karachi port

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## DESERT FIGHTER

*Foriegn exchange reaches almost 15 Billion $$*

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## ameer219

*THE RUPEE: dollar stays put*

RECORDER REPORT

Business Recorder [Pakistan's First Financial Daily]

KARACHI (April 16 2010): Steady trend was seen on the local currency market on Thursday as the rupee retained the overnight levels in process of trading, experts said. On the interbank market the rupee held the overnight levels against dollar for buying at 83.85 and selling at 83.89, they said.

It is expected that the rupee may move both ways in the near future, they said. During the fourth Asian session dollar was on the defensive while commodity currencies like the Australian dollar held broad gains on a pick up in risk appetite and growing speculation that China may soon move to re-value its currency.

A slew of Chinese data are due shortly, including first-quarter gross domestic product, March industrial output, retail sales and urban investments. Sources have indicated China's economy grew about 11.9 percent in the first quarter, a strong number, and likely to underpin the Aussie. Additionally, offshore dollar/yuan forwards mostly fell to imply more yuan appreciation in late trade on Thursday as China posted surprisingly brisk growth in the first quarter but softer inflation figures helped to temper concerns over imminent policy tightening. The three-month dollar/yuan non-deliverable forwards (NDFs) fell briefly to an intraday low of 6.7400 bid in late trade from Wednesday's close of 6.7580, implying 1.28 percent yuan appreciation in three months, up from 1.01 percent implied at Wednesday's close.

Malaysian ringgit - a proxy for the yuan - gained after Chinese data reinforced views that the country's growth was accelerating and Beijing may soon to re-value its currency. The Taiwan dollar rose to a 19-month intraday high, continuing its string of gains along with other Asian currencies amid optimism for economic recovery following China's strong growth data. Bangladesh, interbank buying and selling rates for taka against dollar at 69.2510 and 69.2580, (previous 69.25/69.26).

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## Luftwaffe

Reko Diq: Pakistan&#8217;s $100 billion gold mine
The Editors Rupee News

A few weeks ago we mentioned Reko Diq in front of Pakistani friends. Since they did not know about it they made fun of us. Many believe in gora sources only. Here is another story published by Business Week/Bloomberg about the colossal Gold and Copper mines of Pakistan. The mines are so huge that the gold has been estimated at around $100 billion.

This is a national treasure.

The fi.lthy hands of corrupt politicians should be kept out of the tilly. These mines should pay off the debt and build an additional 60,000 schools, and hire 60,000 teachers (needed for 100&#37; literacy), and 5000 hospitals (universal healthcare requires about 1000 additional basic health facilities). Dr. Farrukh Saleem has calculated the cost of schools and hospitals at only $10 billion.

The citizens should take this cause&#8211;put this in a national trust with Edhi or/and KPMG/Price Waterhouse as the accountants. The National Press should monitor this on a daily basis.

Antofagasta to Seek Pakistan Mining License After ?Good? Talks - BusinessWeek

March 9 (Bloomberg) &#8212; Antofagasta Plc, the copper producer controlled by Chile&#8217;s Luksic family, will seek a mining license for a site in Pakistan that may rival its largest project after &#8220;very good&#8221; talks with the head of the provincial government.

&#8220;We are hopeful because in the last two months there&#8217;s been a very positive approach,&#8221; Chief Executive Officer Marcelo Awad said in London today. &#8220;We have met with the chief minister in Baluchistan, which was very difficult before, and he was very open and very straightforward. It was a very good meeting.&#8221;

Antofagasta will seek the license in mid-2010, he said.

The comments mark a shift from a year ago when Awad said Antofagasta, which shares three-quarters of the Reko Diq site with partner Barrick Gold Corp., needed clearer mining laws before it could invest in the development. Reuters in January reported the government, which holds the remaining quarter, planned to cancel the $3 billion project&#8217;s exploration license.

&#8220;Now they know us for the last three years,&#8221; Awad said in an interview. &#8220;They have visited Chile and seen our facilities and Barrick&#8217;s facilities. They have confidence in us.&#8221; The region had poor experiences with prior mining licenses, he said.

Antofagasta planned output of more than 350,000 tons of copper and 900,000 ounces of gold at Reko Diq, in excess of Los Pelambres, its largest mine, Awad said in April. He said at the time that talks had advanced &#8220;very slowly.&#8221;

The main concern was that foreign companies may report lower metal content than they produce, he said in the interview. &#8220;That may have been possible in the past but now with the current equipment it&#8217;s impossible. We gave them assurances.&#8221;

Final Stages

Resources at Reko Diq are estimated at 4.1 billion tons with a copper grade of 0.5 percent and a gold grade of 0.291 gram a ton, according to Antofagasta. The company plans to boost Los Pelambres output to 407,000 tons in 2010, from 311,600 tons.

&#8220;To apply for the mining license you have to present a feasibility study and impact environmental assessment,&#8221; Awad said. &#8220;They are in the very final stages now.&#8221;

The London-based company may be interested in buying companies in Peru, Australia and the U.S. as it seeks to diversify beyond its projects in Chile, Awad said.

&#8220;We&#8217;ll be looking all the time, but not aggressive,&#8221; he said. &#8220;We&#8217;re a conservative company. We&#8217;re looking for companies in a place where we can dig around and expand.&#8221;

Antofagasta is interested in businesses with a minimum annual output capacity of 70,000 tons of copper, he said. Excluding acquisitions, the company plans annual production of the metal of 1 million tons within five years, Awad said.
&#8211;Editors: Tony Barrett, John Deane

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## ameer219

*EPZA registers 42% growth in exports*

KARACHI: The exports from Export Processing Zone Authority (EPZA) during the month of March 2010 showed a record growth of 42 percent despite the economic recession. It indicates that EPZA is doing well to complete its mandate to enhance the exports. In the economic growth of country, the performance of EPZA has been a major contribution attaining enhanced vigour with the change of management. According to statistics released by EPZA, the exports during the month of March 2010 jumped to 42 percent i.e. Rs 1.9 billion as compared to Rs 1.3 billion in corresponding month of the last year. The export performance in the month under review was the highest recorded in any month of the current year.


Further, exports from July 2009 to March of 2010 have shown an average of 12 percent growth over the corresponding period of last year. Looking at the rapid changes in global markets and shift of buying power, the EPZA believes that level of participation by business houses of EPZA will take a lead in industrial growth and export if incentive packages at the level of FBR are not altered, as has been the case in the levy of with-holding tax on electricity. EPZA pointed out that during the recent global recession, which resulted in the shrinkage of developed economies, EPZA maintained rising trends in the exports. staff report

Daily Times - Leading News Resource of Pakistan

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## Hyde

*Development projects: government to monitor progress via satellites​*

ISLAMABAD (April 16 2010): Federal government has decided to monitor progress of development projects through satellites, linking the payment schedule to the updated scientific images supporting the achievement of desired benchmarks, sources close to Planning Division told Business Recorder on Thursday.

The government is already using satellite technology to monitor crops growth and the results are far better than on site inspections conducted by the officials of Ministry of Food and Agriculture (Minfa) and provincial food departments. This plan has been discussed during the visits of President Asif Ali Zardari to Balochistan and other provinces where he was apprised that further payment to the project execution agencies should be linked to the progress.

The sources said, during his interaction with the leading notables of Balochistan and his visit to the province in February 2010, the President expressed desire that mega infrastructure projects be planned and implemented as full package, addressing the needs of the rural population.

Towards this end, President suggested the following broad guidelines that are now being pursued by the Prime Minister secretariat. This is for the first time when the government will seek help of Suparco for collecting data on development projects, as billions of rupees go waste due to delay in timely execution of development projects.

The guidelines given by the President to the federal government with regard to project's implementation:

(i) exploitation and development of sites for mega infrastructure projects should be adequately mapped up front through satellite imageries and implementation benchmarks identified;

(ii) documents for award of contracts should contain relevant information for periodic monitoring of the projects through satellite maps and linking up the payment schedule with the updated satellite image supporting the achievement of benchmark so identified;

(iii) systematic and institutional arrangements for electronic monitoring and tracking of implementation status of mega projects;

(iv)all progress reports and project presentations in future be substantiated with relevant satellite images of the sites;

(v) Planning Commission and relevant Ministries should be linked up electronically for the purpose of real time e-monitoring of the projects as and when needed;

(vi) there should be a monitoring window duly supported by information technology infrastructure housed in the President secretariat as well.

Any project for construction of storage dams, small/medium dams, to have an in-built package for supporting infrastructure for development of the command areas which could, (i) include enhanced agricultural productivity, (ii) lining of water courses where necessary, (iii) transfer of state land ownership to women beneficiaries, (iv) capacity enhancement of local communities with respect to more useful agriculture practices, (v) possible linkage of the deserving communities with Benazir Income Support Program (BISP), (vi) cards for buying agriculture implements and renewable energy solutions etc.(vii) other supporting activities including soft loans/ micro credit etc leading to optimal socio-economic empowerment of the communities could subsequently be added as independent products to BISP cards, where possible.

The sources said, Prime Minister Secretariat has directed all the concerned Ministries and agencies to take necessary actions for implementation of the decisions initiated accordingly and a compliance report be furnished to the Prime Minister.

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## ameer219

*IAPEX exhibition: 'Pakistan has all resources to compete in global market'*

Business Recorder [Pakistan's First Financial Daily]


KARACHI (April 18 2010): Pakistan has competitive enough human resource and state-of-the-art infrastructure available in the industries to compete in the global market.

Locally produced building materials, tiles, home decor, fixtures/fittings are at par with international standards, which will expand the export base and generate foreign exchange for the country.

These views were expressed by the construction and designing experts at the inauguration of the sixth IAPEX Int'l Exhibition 2010 here in Expo Centre Karachi.-PR

Copyright Business Recorder, 2010

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## ajpirzada

Zaki said:


> *Development projects: government to monitor progress via satellites​*
> 
> ISLAMABAD (April 16 2010): Federal government has decided to monitor progress of development projects through satellites, linking the payment schedule to the updated scientific images supporting the achievement of desired benchmarks, sources close to Planning Division told Business Recorder on Thursday.
> 
> The government is already using satellite technology to monitor crops growth and the results are far better than on site inspections conducted by the officials of Ministry of Food and Agriculture (Minfa) and provincial food departments. This plan has been discussed during the visits of President Asif Ali Zardari to Balochistan and other provinces where he was apprised that further payment to the project execution agencies should be linked to the progress.
> 
> The sources said, during his interaction with the leading notables of Balochistan and his visit to the province in February 2010, the President expressed desire that mega infrastructure projects be planned and implemented as full package, addressing the needs of the rural population.
> 
> Towards this end, President suggested the following broad guidelines that are now being pursued by the Prime Minister secretariat. This is for the first time when the government will seek help of Suparco for collecting data on development projects, as billions of rupees go waste due to delay in timely execution of development projects.
> 
> The guidelines given by the President to the federal government with regard to project's implementation:
> 
> (i) exploitation and development of sites for mega infrastructure projects should be adequately mapped up front through satellite imageries and implementation benchmarks identified;
> 
> (ii) documents for award of contracts should contain relevant information for periodic monitoring of the projects through satellite maps and linking up the payment schedule with the updated satellite image supporting the achievement of benchmark so identified;
> 
> (iii) systematic and institutional arrangements for electronic monitoring and tracking of implementation status of mega projects;
> 
> (iv)all progress reports and project presentations in future be substantiated with relevant satellite images of the sites;
> 
> (v) Planning Commission and relevant Ministries should be linked up electronically for the purpose of real time e-monitoring of the projects as and when needed;
> 
> (vi) there should be a monitoring window duly supported by information technology infrastructure housed in the President secretariat as well.
> 
> Any project for construction of storage dams, small/medium dams, to have an in-built package for supporting infrastructure for development of the command areas which could, (i) include enhanced agricultural productivity, (ii) lining of water courses where necessary, (iii) transfer of state land ownership to women beneficiaries, (iv) capacity enhancement of local communities with respect to more useful agriculture practices, (v) possible linkage of the deserving communities with Benazir Income Support Program (BISP), (vi) cards for buying agriculture implements and renewable energy solutions etc.(vii) other supporting activities including soft loans/ micro credit etc leading to optimal socio-economic empowerment of the communities could subsequently be added as independent products to BISP cards, where possible.
> 
> The sources said, Prime Minister Secretariat has directed all the concerned Ministries and agencies to take necessary actions for implementation of the decisions initiated accordingly and a compliance report be furnished to the Prime Minister.



to be honest this is just BS. waste of resources

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## ameer219

*Bilateral trade between Pakistan, Japan expanding*

Daily Times - Leading News Resource of Pakistan

KARACHI: Pakistan-Japan relations are multidimensional in nature and character and have grown rapidly over the years in different fields and diverse sectors, Sultan Chawla President FPCCI said.

He said, as our major trading partner and top supplier of goods, Japan has over the years played a very significant role in the economic development of the country.

He said an analysis of bilateral trade reveals that the volume of Japan-Pak trade over the years is in favour of Japan, with total export worth $232 million to Japan and imports worth $1.01 billion respectively during 2008-09.

He said Pakistans main items of export to Japan are textile yarn & woven fabrics, leather and leather manufactures, sport goods, fish and fish products. The main items of imports from Japan are road vehicles, boilers, machinery and equipment, iron & steel, telecommunication and organic chemicals. He requested the assistance of the consul general for the transfer of technology from Japan in plucking, preservation and packing of fruits and vegetables to meet the required Japanese standards.

He said Pakistan ranks top in the midst of those producers who produce cotton, wheat, fish, sporting goods, crockery, trinkets, surgical apparatus, fruits, dairy products and further other products. He asked the consul general to facilitate and support the export of Pakistani products to Japanese market. Masaharu Sato, Consul General of Japan said his country has imposed sanitary and phytosanitary measures to Pakistani products due to standard measures. He said at present, 40 Japanese companies are operating in Pakistan, among them the leading Japanese companies are Suzuki, Toyota, Honda and Hino and hoped that in future more companies will follow them. Japan has free trade system thats why there is tough competition in Japan.

He said FPCCI should establish contacts with Japan International Cooperation Agency (JICA) and JETRO for enhancing bilateral trade between the two countries. Moreover, it has been brought to the notice of the Consul General that Japan is holding exhibitions every year but Pakistani businessmen cannot participate in these exhibitions due to business visa problems. It is suggested that the Japanese Foreign Mission in Pakistan should accept the visa recommendation letter of FPCCI for the issuance of entry visa to the bonafide Pakistani businessmen. staff report

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## ejaz007

*Govt set to impose VAT from July* 
Updated at: 1145 PST, Monday, April 19, 2010 


ISLAMABAD: Government of Pakistan is all set to enforce the Value-added Tax (VAT) regime from July 1 across the country amid widespread concerns among economists and traders.

The traders said the Tax would directly hit the common man.

The FBR is planning to enforce the GST Amended bill as a part of Plan-B under which the existing tax exemptions will be waived off as it seems reluctant to enforce VAT, because its staff is not so far given training on VAT and retailers are also not in a mood to pay VAT, as they have not been educated by the FBR on how to maintain their documents after the VAT is enforced.

The VAT would be received in proportion to the value hike in the products and services; thus, the Tax would be included in the price of a product from its production phase to the phase of supply to the consumers.

Only the consumer would be bound to pay the price of it all.

If 15 percent VAT is enforced, it would entail Rs125 billion in additional revenues in the first year of its promulgation; the Tax would not be applicable to the business that sells less than Rs7.5 million.

Federal Board of Revenue (FBR) said the VAT would not push up the prices of edibles, as General Sales Tax (GST) is already imposed on them and some essential commodities i.e. daal and atta would be exempted from it.

The economic analysts said VAT is also an indirect tax which would affect common man; contrarily, the government should impose tax on the direct income to receive the revenues.

Besides, burden of price hike should be shifted from the poor to tax-evaders by widening the tax net, they urged. 

Govt set to impose VAT from July

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## ejaz007

*Pakistani July-March c/a deficit narrows 68pc* 
Updated at: 1435 PST, Monday, April 19, 2010 


KARACHI: Pakistan's current account deficit in the first nine months of the 2009/10 fiscal year was a provisional $2.702 billion, the central bank said on Monday.

That compared with a deficit of $8.379 billion in the same period last year, the State Bank of Pakistan said.

"Higher export receipts were the key reason behind the narrowing of the current account deficit," said Asif Qureshi, director at Invisor Securities Ltd.

The trade deficit for the July to March period of the 2009/10 fiscal year was $10.92 billion compared with $12.74 billion in the same period last year.

Pakistan recorded a provisional current account deficit of $40 million in March compared with a provisional $50 million in February.

In a quarterly report on the economy released last month, the central bank lowered its forecast for the 2009/10 current account deficit to 3.2-3.8 percent of gross domestic product, from previous estimates of 3.7-4.7 percent.

Analysts, however, said there could be some widening in the current account deficit.

"The current trend may not be sustained for long if oil prices continue to hold above $80, so we may see some deficit widening in coming months," said Qureshi.

An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed in November 2008 helped avert a balance of payments crisis and shore up reserves.

The IMF increased the loan to $11.3 billion in July and the central bank received a fourth tranche of $1.2 billion on Dec. 28.

The IMF has assured Pakistan it will approve the release of the next tranche at a board meeting on May 3, the country's prime minister's office said last week. The next tranche is of $1.2 billion. 

Pakistani July-March c/a deficit narrows 68pc

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## ameer219

*'Hyderabad Expo Centre to encourage local and foreign investment'
*

Business Recorder [Pakistan's First Financial Daily]

BRECORDER REPORT
HYDERABAD (April 19 2010): Sindh Mini-ster for Commerce & Industries Rauf Siddiqui has said that the Expo Centre in Hyderabad would prove to be instrumental in encouraging local as well as foreign investment in the district.

He said that now, Hyderabad would be counted as the third city of the country where the facility of expo centre is available, adding that this would open new avenues of income and employment opportunities for the people of Hyderabad and interior Sindh. This he said while speaking at the inaugural session of the three-day Expo 2010 at Expo Centre, Hyderabad the other day as chief guest.

The minister said that the unique thing of this extension is that 280 plots have been reserved only for women investors where full protection would be provided to them. Women comprise half of our population and without their participation in the process of development, the desired goals could not be achieved.

Rauf Siddiqui warned the land grabbers to refrain from their activities of land grabbing in the Site areas of Hyderabad or they would be dealt with iron hands.

He said that the government is taking concrete steps for the expansion of industrialisation as such 300 acres of land has been recently added to Site area of Hyderabad. He lauded the services of ex-Zila Nazim Hyderabad Kanwar Naveed Jamil for the development of the city and establishment of Expo Centre with the resources of district government.

The ministry has also taken steps to resolve the problems at Nooriabad Industrial area, which includes provision of water supply, energy and communication facilities to the investors, he added.

Speaking on the occasion, Administrator Hyderabad Aftab Ahmed Khatri said that Hyderabad has remained as a hub of commercial activities but unfortunately, it was ignored and victimised in the past. He pointed out that having agricultural, livestock, handicrafts and industrial background; there exists good potential of investment in Hyderabad. Addressing the ceremony, the MNA Salahuddin said that Hyderabad possesses technical and skilled manpower and always has contributed significant role in the GDP of the country. He pointed that many of the manufactured items of Hyderabad especially bangles and leather products are popular in the world.

President of Hyderabad Chamber of Commerce & Industry Azizuddin Arain said that this expo centre would not only encourage investment in Hyderabad but also open new markets of business in interior Sindh. He hoped that the move would also increase the demand of raw material and introduction of unique products of Sindh in the world.

MPA Akram Adil Shaikh and Mohammad Sharif MQM Zonal In-charge Hyderabad also addressed the ceremony. Earlier, Sindh Minister for Commerce & Industries Rauf Siddiqui visited the on-going development works being carried out at Site area Hyderabad.

Talking on the occasion, Rauf Siddiqui said that tenders at the cost of about Rs 1.5 billion have been floated for the infrastructure development at Hyderabad Site Phase-II, comprising on 300 acres of land. During the inspection of water filter plant at Site, he said that this scheme, being implemented at the cost of Rs 475 million, has the capacity of 5 MGD water supply to the Site area.

Copyright Business Recorder, 2010

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## ameer219

*KSE 100 index makes small gain as regional markets tumble*

KARACHI: Range bound activities dominated proceedings at Karachi Stock Market on Monday, the first trading day of the week, with index closing at clipped gains.

Institutional support in Pakistan Oil & Gas sector led to a positive close. Analysts in their comments said that the benchmark KSE-100 index opened on a positive note and after lackluster trade during most part of the session finally closed in the green zone with limited gains.

The Karachi Stock Exchange (KSE)-100 share index gained 10.67 pts or 0.10 percent to close at 10669.88 points compared to previous sessions 10659.21 points. The KSE-30 share index closed at 10841.46 points compared to 10876.61 with a loss of 35.15 points or 0.32. percent. The KMI-30 index closed at 16055.88 points with a loss 23.45 points or 0.15 percent. The KSE-100 all share index closed at 7514.06 points gaining 3.30 points or 0.04 percent.

The market turnover went down by 19.16 percent as number of shares traded came down to 166.92 million as compared to previous sessions 206.49 million. The overall market capitalisation was up by 0.23 percent at Rs. 3.024 trillion compared to Rs 3.017 trillion of previous session. Out of total 412 companies, 172 closed in the positive zone, 214 in negative while 26 remained unchanged.

Farhan Seth, analyst at Topline Sec., said activity at local bourse remained under pressure as regional markets tumbled with crude oil trading below $81/bbl. Furthermore, small cap scrips continued to dominate the volumes. However, activity in heavy weight OGDC supported the index at lower levels to close in green.

Ahsan Mehanti, senior analyst at Shahzad Chamdia Sec., said mixed activity was witnessed as global capital markets tumbled on Goldman Sachs fraud case.

Fall in international oil prices to $81 and limited foreign interest in blue chip scrips played a role in negative sentiment at KSE.

The KSE 100 Index opened in green zone with a gain of 15.12 points and at the end of the day closed at 10669.88 with a gain of 10.67 points. KSE 30 index closed at 10841.46 with a loss of 35.15 points. KMI-30 index closed at 16055.88 with a loss of 23.45 points. All shares index closed at 7514.06 with a gain of 3.30 points. staff report

Daily Times - Leading News Resource of Pakistan

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## Creder

you guys this is one of the best threads here on PDF, i cant thank you guys enough for the contribution that you guys are making

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## ejaz007

*LPG price cut by Rs 3 per kg*

KARACHI: Marketing companies have slashed price of liquefied petroleum gas (LPG) by Rs 3 to Rs 67-68 per kilogramme in Karachi and Lahore due to piled up unsold stocks, touching 10,000 metric tonnes. 

Chairman of FPCCI Standing Committee on LPG and All Pakistan LGP Distributor Association, Abdul Hadi Khan said price of 11.8 kg cylinder has been cut by Rs 30-35 to Rs 675-685 while 45.4 kg cylinder would be down by Rs 115-120 to Rs 2,585 to Rs 2,600. 

He said retail price of LPG in Peshawar has bee reduced to Rs 70-72 per kg while in Swat and northern areas LPG would be sold at Rs 76-77 per kg. 

He said 11.8 kg cylinder was sold at Rs 695-700, while 45.4 kg cylinder was available at Rs 2,685-2,700. 

In Swat and northern areas, 11.8 kg cylinder is being sold at Rs 730 and 45.4 kg cylinder at Rs 2,750-2,800. He said LPG sale has declined by 35 percent in the last eight month due to high local price. Despite our repeated requests to bring down price of locally produced LPG, producers and the government failed to lower prices in the country, he added. 

He said that LPG import has been stopped for the last two months due to high international prices. The locally produced LPG should be sold at Rs 35,000 MT as its production cost is only Rs 9,000-12,000 MT, he added.

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Hot commissioning of TSML to be completed by July*
By Moonis Ahmed 

KARACHI: The first phase of Tuwairqi Steel Mills Limited (TSML) will be completed by July 2010, director projects of the mill, Zaigham Adil Rizvi said Monday. 

The first phase has been completed 80 percent and cold commissioning of its distributed control system (DCS) have also been done last month, while the hot commissioning will be done in July, he said. He said the first phase of the project was to be completed by March this year, but it was delayed due to financial meltdown and bad law and order situation in the country as foreign investment was also stopped.

In the first phase of the project 100 percent equity has been put by TSML, however in second phase we need to have foreign investment equal to investment of first phase, Zaigham said. 

Because of financial crunch across the world some of the banks included in (9 banks consortium) backed out from financing and financing remained shot around 40 percent, he said. 

He said there was a misconception about the completion of first phase in December 2009, as this was mechanical completion of the project that included physical construction, piping, electrical work and cold commissioning (equipment testing) and this has been achieved. 

Regarding the production of Direct Reduced Iron (DRI) worldwide, he said about 62 million tonnes of DRI in the form of pellet, lump and HBI was produced in 2009. The 2009 trends show that DRI usage is gaining popularity despite reduced world steel production and consumption. 

He said there was a consistent growth in the production of DRI over the years owing to environment-friendly production process and consistent quality of the product. The plant, currently stand with 80 percent completion, spreads over an area of 220 acres at Bin Qasim Karachi and employs the worlds most advanced D I technology of the MIDREX process owned by Kobe Steel of Japan. The first phase of the DRI project would produce 1.28 million tonnes of high-quality DRI and has been targeted for completion in July 2010. It is a matter of great pride that Pakistan will be producing one of the most preferred raw materials for quality DRI steel making.

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*ST should be declared zero before VAT imposition*

KARACHI: Value Added Tax would not be easy to impose and the government would be having trouble to recover it unless and until it declares the sales tax zero, said patron In-Chief of Korangi Association of Trade and Industry (KATI), S M Muneer. 

He informed that the new advisor to the Prime Minister on Finance, Dr Hafeez Sheikh has already signed the accord with IMF to impose value added tax (VAT) and it would become effective from July 1 2010.

He warned that without doing necessary exercise, the government would not be able to collect VAT and would also create unrest among the business community, and the worst of all, the entire nation would be hurt. He suggested that the government should initiate negotiations with the FPCCI on daily basis and implement all the necessary measures advised by business leaders. He further called upon the government and the opposition to sit together and make efforts to strengthening the national economy by pushing aside their differences.

Regarding wheat surplus he said, if the government does not reduce the prices of flour instead of exporting wheat in order to provide relief to the masses, export of surplus wheat could be another disaster, as it happened in the past.

He said in order to avoid such a humiliation, the government should keep enough quantity as buffer stocks and lower the prices of flour to pass on the benefit of bumper production of wheat to the masses that have already suffered a lot. staff report

Daily Times - Leading News Resource of Pakistan


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## Hyde

*UAE company likely to invest $150 million on fresh water supply to Site​*

AFTAB CHANNA

KARACHI (April 20 2010): A UAE-based company is likely to inject an investment of at least $150 million shortly to establish 20 mgd desalinated water and wastewater treatment and recycling plant for supply of fresh water to Sindh Industrial Trading Estates (Site) Limited, it is learnt.

According to sources, Shuaa Capital, a UAE-based firm, has shown keenness to bring an investment of $150 million to set up the desalination plant for the industries of the Site to recycle the industrial wastewater and make it useful again, which would ensure smooth supply of potable water for industrial purposes.

The desalination plant would also generate more than 50 mw electricity for the industries, which are facing very several serious problems due to the prevailing energy crisis in the country, they said. The problems of water shortages in different areas of the city would also be resolved after establishment of this desalination plant as the Karachi Water and Sewerage Board (KW&SB) would divert the water quantity of SITE Ltd to the areas facing paucity of potable water, sources added.

"Yes, Shuaa Capital is interested in bringing an investment of at least $150 million to set up 20 mgd desalinated water and wastewater treatment and recycling plant in the Site Ltd soon", confirmed Sindh Minister for Industries and Commerce Rauf Siddiqui while talking to Business Recorder.

"The shareholder of the Septech Holdings Limited - Shuaa Capital had invited me to visit their offices in the United Arab Emirates to further discuss the project opportunities in the city. I went to UAE and held a meeting with Septech's executive management team that gave briefing about the project on April 18, 2010", he added.

The meeting was also attended by the representatives of Australian Trade Commission and the World Bank (WB). The minister said he had assured the firm of all possible government co-operation to install water desalination and recycling plant for the industries of SITE Ltd, adding that the plant would be established on public-private partnership (PPP) basis.

It was also recommended that representation of SITE Ltd Board of Directors be made necessary in this project so that it could be operated successfully, he added. Siddiqui said that the firm had completed the study of the project and it would soon visit the site of the proposed project and present a demonstration of the desalination plant after which it would be formally allowed to establish the plant.

The desalination plant would fulfil the water requirement of the industries of the SITE Ltd, which would help the KW&SB to ensure supply of adequate potable water to all the city areas, he said and added that the plant would also generate its own electricity at the later stage.


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## Hyde

*Naval shipbuilding industry: Pakistan and Malaysia can enter into joint ventures
​*
ISLAMABAD (April 20 2010): The naval shipbuilding industry of Pakistan and Malaysia can join hands in sharing and envisaging mutually beneficial projects between the two countries. This was stated by the Pakistan's Chief of Naval Staff, Admiral Noman Bashir, while replying to a question during an interview with New Straits Times, on the sides line of four-day, 12th Defence Services Asia Exhibition and Conference (DSA-2010).

The biannual conference was inaugurated by the Defence Minister of Malaysia, Dato Seri Dr Ahmad Zahid Hamidi, in Kuala Lumpur, on Monday. Admiral Noman Bashir, while giving interview to the New Straits Times, a highly circulated English newspaper of Malaysia said that Pakistan Navy and Malaysian Navy enjoyed collaboration in many fields including training and conduct of joint Naval exercises.

He saw a great potential in the field of training, sharing experiences and expertise between the two Navies. Chief of Naval Staff spent a busy day at DSA-2010. He met Chinese Vice Minister for Aerospace Industry, Geo Hong Wei and discussed ways and means to further enhance the existing level of co-operation between the two countries.

The Naval Chief also met his Malaysian counterpart, Tan Sri Abdul Aziz bin Jaafar and held wide ranging discussions about the potential and scope of co-operation between the two Navies in various fields. The Naval Chief also visited the Pakistan's Pavilion at DSA-2010 and expressed his satisfaction over the exhibits and layout of the Pakistan Pavilion.

He said that Pakistan Navy, as a policy, was pursuing reliance on indigenously produced defence equipment. At DSA-2010, Pakistan has showcased a wide variety of defence products including Tank & Anti-Tank Ammunition, Air Craft and Anti Craft, Tactical UAV System, Air Defence Automation System, Ammunition, infantry weapons, -Personal Defence Weapons, Artillery Ammunition, Hand Grenades, Small Arms Ammunition, Pyrotechnics and Demolition Store and Propellants and Explosives.

The other countries taking part in exhibition are; Australia, Austria, Brazil, Bulgaria, China, Czech Republic, Finland, France, Germany, India, Italy, South Korea, Malaysia, Norway, Pakistan, Poland, Portugal, Romania, Russia, Singapore, Spain, Switzerland, The Netherlands , Turkey, UK and USA.


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## ameer219

*Sweden to enhance trade with Pakistan: envoy*


Wednesday, April 21, 2010
By our correspondent

LAHORE: Swedish Ambassador in Pakistan Ulrika Sundberg has said that Swedens Trade and Commerce Minister would visit Pakistan shortly to expedite trade relations with Pakistan.

Sweden is considering sector-specific measures to enhance trade with Pakistan, she said speaking at the Lahore Chamber of Commerce and Industry on Monday.

Sundberg said that 80 per cent trade of Sweden was with the European Union, and Pakistan too should seek to strengthen regional trade.

She said Pakistan and Sweden should identify more tradable products to enhance mutual trade.

Pakistan is known for its textile products, sports goods, surgical instruments, fresh fruits & vegetables, rice, carpets, leather made ups, fish and fish preparations, handicrafts, artificial jewellery, fancy furniture, footwear, hosiery, garments, and so many other consumable items, which still needs to be properly introduced in European Market, the envoy noted.

Speaking on the occasion, the LCCI Senior Vice President Ijaz A. Mumtaz said that both the countries should make a fresh start by initiating new business ventures.

Sweden to enhance trade with Pakistan: envoy


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## ameer219

*'Kuwait enjoys best economic relation with Pakistan'*

RECORDER REPORT

KARACHI (April 22 2010): Consul General of Kuwait, Nasser Al-Motairi has said that Pakistan in general and Karachi in particular offers most attractive investment environment. Speaking at a joint meeting of Consul Generals of GCC countries led by Dean of Diplomatic Corps and Consul General of Qatar, Rashid Abdul Rahman Al-Naimi and President, Abdul Majid Haji Mohammad Karachi Chamber of Commerce and Industry (KCCI) on Wednesday.

Nasser Al-Motairi said that Kuwait enjoys best economic and cordial relation with Pakistan and added that Kuwait like to enhance its investment in the country. He assured that Kuwait would take part in KCCI exhibition scheduled to be held in June this year.

Consul General of Bahrain, Adel Abdul Rehman Mohammad Taqi said that GCC countries enjoying friendly relations with Pakistan and added that these relations would grow stronger in near future. He said" we are here to promote trade, investment and economic relations with Pakistan".

However, he added that every GCC country has its own defined economic agenda and moved forward keeping in mind its own agenda of economic prosperity. President KCCI, Abdul Majid Haji Mohammad emphasised the need of frequent exchange of trade delegations, dissemination of trade and investment information's, and regular participation in international exhibitions held in each other countries from time to time.

Consul General of Saudi Arabia, Falih Muhammad Al-Ruhaily, Consul General of Oman, Khamis Mohammad Abdullah Al-Farsi, Acting Consul General of United Arab Emirates, Bakheet Ateeq Al-Rumaithi, Leader of Business Community and former President KCCI, Siraj Kasim Teli were present in the meeting beside others.

Copyright Business Recorder, 2010
Business Recorder [Pakistan's First Financial Daily]


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## ameer219

*Performance in 2 months: External debt, liabilities reduce by 1.7 percent*


Daily Times - Leading News Resource of Pakistan

* Reach $54.324bn by end of March 2010 against $55.266bn in January 2010

By Ijaz Kakakhel

ISLAMABAD: The external debt and liabilities of the country reduced by $942 million or 1.7 percent to $54.324 billion by end of March 2010 as compared with $55.266 billion in January 2010, sources told Daily Times on Friday.

However, the external debt and liabilities, which was $43.141 billion in 2008, now reached $54.324 billion, showing 26 percent increase in the last two years.

The total medium and long-term external debt and liabilities on March 31, 2010 reached $41.839 billion and short-term debt remained at $600 million. The total sum of these two loans is $42.439 billion and is known as Public and Publicly Guaranteed Debt. By January 2010 the sum total of these two types of external debts was $43.234 billion, which reduced by $0.795 billion in the last two months.

Medium and long-term debt: It further consists of external loan taken from sources like multilateral, bilateral, issuing of bonds, commercial banks and defence.

Multilateral: In the last two months, multilateral external debt and liabilities reduced to $23.221 billion from earlier $23.734 billion. The break-up of this category is $11.068 billion from Asian Development Bank (ADB), $1.707 billion from International Bank for Reconstruction and Development (IBRD) and $9.831 billion from International Development Association (IDA).

From other sources the government took $616 million by March 31 2010. These sources are European Investment Bank (EIB) $63 million, Islamic Development Bank (IDB) $319 million, International Fund for Agricultural Development (IFAD) $187 million, NORD Development Fund $15 million, and OPEC fund $23 million.

Bilateral: Total loan from bilateral bases reached $16.572 billion on March 31 2010, which was $16.665 billion by January 2010, showing a decrease of $93 million in the last two months. The bilateral external debt composed of two sources-Paris Club Countries ($14.017 billion) and Non-Paris Club Countries ($2.555 billion) by end of March 2010.

Paris Club Countries included various countries, which are Austria $67 million, Belgium $34 million, Canada $531 million, Finland $6 million, France $2.178 billion, Germany 1.824 billion, Italy $105 million, Japan $6.674 billion, Korea $476 million, Netherlands $117 million, Norway $21 million, Russia $121 million, Spain $80 million, Sweden $153 million, Switzerland $108 million, United Kingdom $10 million, United States $1.514 billion.

Non-Paris Club Countries&#8217; external debt and liabilities reached $2.555 billion till end of March 2010. These countries are China $1.882 billion, Kuwait $105 million, Libya $5 million, Saudi Arabia $442 million and United Arab Emirates $121 million.

Bonds: Total liabilities on issuing different bonds etc reached $1.572 billion by end of March 2010, which was $2.150 billion in January 2010.

Commercial banks: The foreign debt and liabilities from the commercial banks reached $275 million by end of March 2010, while it was $166 million in January 2010.

Defence: External debt and liabilities remained $199 million by end of March 2010 and the same amount was recorded on January 1, 2010.

Short-term debt: Total short-term debt from IBD reached $600 million by end of March 2010, which was $320 million in January 2010.

Banking sector debt: Total banking sector debt of the country reached $262 million till end of March 2010, which consists of long-term $120 million and short-term $142 million. While in January 2010 the banking sector debt of the country reached $196 million, which consists of long-term $126 million and short-term $70 million.

Private sector debt: Total private sector debt reached $3.217 billion till January 2010, official figures available with Daily Times revealed. The sub-component of this sector is multilateral creditors at $421 million, Paris Club $1.548 billion, Non-Paris Club $259 million, SBP $852 million and bonds $137 million. However, the total private sector debt was recorded at $2.942 billion till January 2010.

International Mon-etary Fund (IMF) debt: Total IMF debt and liabilities reached $7.206 billion by end of March 2010, which was $7.494 billion in January 1, 2010.

Deposits with SBP: Under this category, the government&#8217;s foreign debt and liabilities reached $1.200 billion, while it was $1.400 billion in January 2010.


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## Martian2

China has done more to help Pakistan than any other country. China has helped Pakistan with a $500-million-dollar aid package, build two more nuclear reactors totaling 680 MegaWatts, build hydroelectric dam, build communications satellite, build railway, and help develop agriculture and telecom sectors.

The Pakistan Ledger (see last newslink) states: "*The Chinese have gone out of their way to help Pakistan, even losing the lives of their citizens in the process.*"

China Gives $500 Million in Aid Package, Pakistan Says - WSJ.com
"*Beijing agreed to extend $500 million in aid to Pakistan*, a rare move by China to take a leadership role in a global crisis."

China to help Pakistan build two more nuclear reactors
"*China to help Pakistan build two more nuclear reactors*
October 18th, 2008 - 7:47 pm ICT by IANS

Islamabad, Oct 18 (DPA) Pakistan Foreign Minister Shah Memhood Qureshi Saturday said *China has assured the country to help build two more nuclear power reactors to overcome its energy crisis.* An *agreement was signed during President Asif Ali Zardaris recent visit to China*, Qureshi told a news conference in Islamabad.

These two new units will *increase electricity production by 680 megawatts*, which will have *positive effect on Pakistani economy*, he said."

China to help Pakistan build hydro-electric project
"Mar 25, 2008 ... *China to help Pakistan build hydro-electric project.* ... *Birdie said the project was of national importance to Pakistan* as upstream India ..."

China to help Pakistan build satellite | Top Russian news and analysis online | 'RIA Novosti' newswire
"Sep 19, 2009 ... China to help Pakistan build satellite. 08:44 19/09/2009 *China will assist Pakistan in building a new communications satellite*, ..."

http://www.dawn.com/wps/wcm/connect/dawn-c...ies+india-za-13
"Jun 3, 2009 ... *Chinese help for Pakistan railway* worries India ... NEW DELHI: Indian officials are worried that China is involved in building what they say ..."

http://www.nation.com.pk/Pakistan-news-new...telecom-sectors
"*China to help Pak developing agriculture and telecom sectors*
June 17, 2009

The Chinese Vice-Minister for Industries and Information Technology assured that his country will help Pakistan in developing agriculture and telcom sectors. He held out the assurance during his meeting with visiting Minister for Investment Senator Waqar Ahmed Khan. The two sides also reached an agreement to strengthen their interaction to bring together the relevant private sectors of the two countries to achieve the results."

http://pakistanledger.com/2010/03/12/china...tan-on-kashmir/
"Mar 12, 2010 ... *The Chinese have gone out of their way to help Pakistan, even losing the lives of their citizens in the process.* ..."

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## uniworking

This is Marine from Uniworking Co.,Limited in China. and our company has a lot of deals in Pakistan, so i have to know a lot of information in the trade of Pakistan.
thanks.
Marine
Mobile: +86 13751350660


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## inayatali

_*Pakistan Economy *_


Economy - overview:
Pakistan, an impoverished and underdeveloped country, has suffered from decades of internal political disputes and low levels of foreign investment. Between 2001-07, however, poverty levels decreased by 10%, as Islamabad steadily raised development spending. Between 2004-07, GDP growth in the 5-8% range was spurred by gains in the industrial and service sectors - despite severe electricity shortfalls - but growth slowed in 2008-09 and unemployment rose. Inflation remains the top concern among the public, jumping from 7.7% in 2007 to 20.8% in 2008, and 14.2% in 2009. In addition, the Pakistani rupee has depreciated since 2007 as a result of political and economic instability. The government agreed to an International Monetary Fund Standby Arrangement in November 2008 in response to a balance of payments crisis, but during 2009 its current account strengthened and foreign exchange reserves stabilized - largely because of lower oil prices and record remittances from workers abroad. Textiles account for most of Pakistan's export earnings, but Pakistan's failure to expand a viable export base for other manufactures have left the country vulnerable to shifts in world demand. Other long term challenges include expanding investment in education, healthcare, and electricity production, and reducing dependence on foreign donors. 

GDP (purchasing power parity):
$448.1 billion (2009 est.) 

$436.4 billion (2008 est.) 
$422 billion (2007 est.) 
note: data are in 2009 US dollars 

GDP (official exchange rate):
$166.5 billion (2009 est.) 

GDP - real growth rate:
2.7% (2009 est.) 

3.4% (2008 est.) 
6% (2007 est.) 

GDP - per capita:
$2,600 (2009 est.) 

$2,500 (2008 est.) 
$2,500 (2007 est.) 
note: data are in 2009 US dollars 

GDP - composition by sector:
agriculture: 20.8% 

industry: 24.3% 

services: 54.9% (2009 est.) 


Labor force:
55.88 million 
note: extensive export of labor, mostly to the Middle East, and use of child labor (2009 est.) 


Labor force - by occupation:
agriculture: 43% 

industry: 20.3% 

services: 36.6% (2005 est.) 


Unemployment rate:
15.2% (2009 est.) 

13.6% (2008 est.) 
note: substantial underemployment exists 

Population below poverty line:
24% (FY05/06 est.) 

Household income or consumption by percentage share:
lowest 10%: 3.9% 

highest 10%: 26.5% (2005) 


Distribution of family income - Gini index:
30.6 (FY07/08) 

41 (FY98/99) 

Investment (gross fixed):
18.1% of GDP (2009 est.) 

Budget:
revenues: $23.21 billion 
expenditures: $30.05 billion (2009 est.) 


Public debt:
45.3% of GDP (2009 est.) 

51.2% of GDP (2008 est.) 


Inflation rate (consumer prices):
14.2% (2009 est.) 

20.3% (2008 est.) 

Central bank discount rate:
15% (31 December 2008) 

10% (31 December 2007) 

Commercial bank prime lending rate:
NA% (31 December 2008) 


Stock of money:
$NA (31 December 2008) 

$52.76 billion (31 December 2007) 

Stock of quasi money:
$NA (31 December 2008) 

$18.42 billion (31 December 2007) 

Stock of domestic credit:
$NA (31 December 2008) 

$65.05 billion (31 December 2007) 

Market value of publicly traded shares:
$23.49 billion (31 December 2008) 

$70.26 billion (31 December 2007) 
$45.52 billion (31 December 2006) 

Agriculture - products:
cotton, wheat, rice, sugarcane, fruits, vegetables; milk, beef, mutton, eggs 

Industries:
textiles and apparel, food processing, pharmaceuticals, construction materials, paper products, fertilizer, shrimp 

Industrial production growth rate:
-3.6% (2009 est.) 


Electricity - production:
90.8 billion kWh (2007 est.) 


Electricity - consumption:
72.2 billion kWh (2007 est.) 


Electricity - exports:
0 kWh (2008 est.) 


Electricity - imports:
0 kWh (2008 est.) 


Oil - production:
61,870 bbl/day (2008 est.) 


Oil - consumption:
383,000 bbl/day (2008 est.) 


Oil - exports:
30,090 bbl/day (2007 est.) 


Oil - imports:
319,500 bbl/day (2007 est.) 


Oil - proved reserves:
339 million bbl (1 January 2009 est.) 


Natural gas - production:
37.5 billion cu m (2008 est.) 


Natural gas - consumption:
37.5 billion cu m (2008 est.) 


Natural gas - exports:
0 cu m (2008 est.) 


Natural gas - imports:
0 cu m (2008 est.) 


Natural gas - proved reserves:
885.3 billion cu m (1 January 2009 est.) 


Current account balance:
$-2.42 billion (2009 est.) 

$-15.68 billion (2008 est.) 

Exports:
$17.87 billion (2009 est.) 

$21.09 billion (2008 est.) 

Exports - commodities:
textiles (garments, bed linen, cotton cloth, yarn), rice, leather goods, sports goods, chemicals, manufactures, carpets and rugs 

Exports - partners:
US 16%, UAE 11.7%, Afghanistan 8.6%, UK 4.5%, China 4.2% (2008) 

Imports:
$28.31 billion (2009 est.) 

$38.19 billion (2008 est.) 

Imports - commodities:
petroleum, petroleum products, machinery, plastics, transportation equipment, edible oils, paper and paperboard, iron and steel, tea 

Imports - partners:
China 14.1%, Saudi Arabia 12%, UAE 11.2%, Kuwait 5.4%, India 4.8%, US 4.7%, Malaysia 4.1% (2008) 

Reserves of foreign exchange and gold:
$15.68 billion (31 December 2009 est.) 

$8.903 billion (31 December 2008 est.) 

Debt - external:
$52.12 billion (31 December 2009 est.) 

$46.39 billion (31 December 2008 est.) 

Stock of direct foreign investment - at home:
$27.95 billion (31 December 2009 est.) 

$25.44 billion (31 December 2008 est.) 

Stock of direct foreign investment - abroad:
$1.078 billion (31 December 2009 est.) 

$1.017 billion (31 December 2008 est.) 

Exchange rates:
Pakistani rupees (PKR) per US dollar - 81.41 (2009), 70.64 (2008), 60.6295 (2007), 60.35 (2006), 59.515 (2005) 



Refence:http://www.theodora.com/wfbcurrent/pakistan/pakistan_economy.html

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## ameer219

*PIA recorded Rs 2.84 billion operating profit in 2009
*

Daily Times - Leading News Resource of Pakistan

KARACHI: PIA achieved operating profit of Rs 2.84 billion for the year 2009 after four years of operating losses, operating loss for the year 2008 was Rs 7.3 billion. Managing

Director PIA, Captain Muhammad Aijaz Haroon informed the Shareholders at the 53rd Annual General Meeting (AGM) of PIA on Saturday.

MD PIA said the year 2009 proved to be a challenging year for the national flag carrier as global recession continued to widen financial crisis. Globally, airlines have recorded dips in passenger loads, cargo loads and yields. Higher inflation in the country also exerted pressure on the cost structure of the airline. He added.

He said PIA&#8217;s after-tax financial losses decreased to Rs 5.82 billion in 2009 from Rs 36.14 billion in 2008. The airline&#8217;s revenue increased by 6.4 percent, yield by 7 percent, and the excess baggage revenue target of Rs1 billion was surpassed by Rs 45 million.

PIA&#8217;s Hajj Operation 2009-2010 was conducted with PIA&#8217;s own fleet. Flights were operated directly from Karachi, Islamabad, Lahore, Peshawar and Quetta. PIA has begun direct Hajj flights from Sialkot as well. Total of 118,000 hujjaj (pilgrims) traveled to the holy land and got back on PIA aircrafts with a technical reliability of 99.5 percent.

Moreover, Saudi Civil Aviation Authorities awarded a shield to PIA for distinguished passenger handling services at Jeddah and Madinah Airports during last Hajj. MD PIA added.

PIA has successfully adopted e-ticketing. 99 percent of PIA network has been shifted to electronic ticketing from paper ticketing. Web ticketing has been introduced for major domestic flights and over 60 percent of all international stations were operational for web ticketing in the year 2009. Similar arrangements are under way for the remaining stations.

PIA adopted strict fraud detection and prevention methods for e-ticketing through software tool developed in-house, for which the airline was presented an award at the Sabre Global Conference in USA, he added.

Whereas, PIA initiated continuous improvement process such as 6 sigma and lean manufacturing to streamline operations to reduce costs. The airline continued to reap the benefits of the CF6-80C2 overhaul initiated in 2008, this saved PIA $20 million during the year. During 2009, PIA engineering obtained certification from regulatory authorities of Qatar, Indonesia and Zimbabwe for providing engineering services to third party customers to enhance revenue. Travel for tourism to Pakistan remained unfavorable by the foreigners due to grim law and order situation within the country. Still, PIA&#8217;s overall capacity and passenger traffic variations are better than many airlines, MD PIA explained.

He said the product quality of the airline both in domestic as well as international traffic has enhanced. Two new flights to Barcelona and Frankfurt started while additional frequencies of flights to Kuala Lumpur and Kathmandu have been added from Islamabad. staff report


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## faisaljaffery

*ISLAMABAD: The board of Privatization Commission on Friday gave a go ahead to initiate the process for privatisation of Jamshoro Power Company (JPC), the Heavy Electrical Complex (HEC) and SME Bank. *

Chairing the meeting Minister for Privatisation Senator Waqar Ahmed emphasised that during the process the commission should seek approvals at a broader forum for all transactions in order to maintain the utmost transparency. 

To assess the real value of the entities on the privatisation list, a third party valuation should be carried out and all phases of the process should be conducted in an open, fair and transparent manner to the satisfaction of all stakeholders, he said. 

The meeting was informed that the World Bank has shown interest to finance and rehabilitate the technical potential of the JPC before taking it to the market as it was done in the Kapco transaction. 

The Heavy Electrical Complex is one of the industrial units of the State Engineering Corporation (SEC) engaged in the manufacturing of power transformers of different types with primary voltage rating of 66KV and 132KV. 

The JPC came into being as a result of the unbundling of Wapda and its power station and has a technical configuration of four sets and a total nameplate capacity of 880MW. 

The government intends to lease the thermal power stations of JPC at Jamshoro and Kotri to investors, companies or a consortia having net worth $100 million, and desired experience in power generation for concession on lease basis and assets for a period of 15 years. 

The SME Bank was formed and incorporated as a public limited company under the Companies Ordinance 1984. The government is the major shareholder of the bank. 

It was created to address the needs of this niche market with specialised financial products and services that will help stimulate SME development and pro-poor growth in the country. 

The PC board sought a presentation from the ministry of finance regarding the utilisation of the privatisation proceeds. The board also reviewed the status of the National Power Construction Company (NPCC) and decided for the revaluation of the entity. 

The meeting was also informed that most recently 99 more properties in Punjab have been transferred to PTCL and Etisalat is being approached to de-list the private properties and those under litigation as to close the transaction. 

The meeting also reviewed the progress made on the Benazir Employees Stock Option scheme and decided to speed up the distribution of certificates in the remaining entities. 

So far, under the scheme more than 40,000 workers of eight entities have received 12 per cent government shares certificates.


----------



## SHAMK9

ameer219 said:


> *PIA recorded Rs 2.84 billion operating profit in 2009
> *
> 
> Daily Times - Leading News Resource of Pakistan
> 
> KARACHI: PIA achieved operating profit of Rs 2.84 billion for the year 2009 after four years of operating losses, operating loss for the year 2008 was Rs 7.3 billion. Managing
> 
> Director PIA, Captain Muhammad Aijaz Haroon informed the Shareholders at the 53rd Annual General Meeting (AGM) of PIA on Saturday.
> 
> MD PIA said the year 2009 proved to be a challenging year for the national flag carrier as global recession continued to widen financial crisis. Globally, airlines have recorded dips in passenger loads, cargo loads and yields. Higher inflation in the country also exerted pressure on the cost structure of the airline. He added.
> 
> He said PIAs after-tax financial losses decreased to Rs 5.82 billion in 2009 from Rs 36.14 billion in 2008. The airlines revenue increased by 6.4 percent, yield by 7 percent, and the excess baggage revenue target of Rs1 billion was surpassed by Rs 45 million.
> 
> PIAs Hajj Operation 2009-2010 was conducted with PIAs own fleet. Flights were operated directly from Karachi, Islamabad, Lahore, Peshawar and Quetta. PIA has begun direct Hajj flights from Sialkot as well. Total of 118,000 hujjaj (pilgrims) traveled to the holy land and got back on PIA aircrafts with a technical reliability of 99.5 percent.
> 
> Moreover, Saudi Civil Aviation Authorities awarded a shield to PIA for distinguished passenger handling services at Jeddah and Madinah Airports during last Hajj. MD PIA added.
> 
> PIA has successfully adopted e-ticketing. 99 percent of PIA network has been shifted to electronic ticketing from paper ticketing. Web ticketing has been introduced for major domestic flights and over 60 percent of all international stations were operational for web ticketing in the year 2009. Similar arrangements are under way for the remaining stations.
> 
> PIA adopted strict fraud detection and prevention methods for e-ticketing through software tool developed in-house, for which the airline was presented an award at the Sabre Global Conference in USA, he added.
> 
> Whereas, PIA initiated continuous improvement process such as 6 sigma and lean manufacturing to streamline operations to reduce costs. The airline continued to reap the benefits of the CF6-80C2 overhaul initiated in 2008, this saved PIA $20 million during the year. During 2009, PIA engineering obtained certification from regulatory authorities of Qatar, Indonesia and Zimbabwe for providing engineering services to third party customers to enhance revenue. Travel for tourism to Pakistan remained unfavorable by the foreigners due to grim law and order situation within the country. Still, PIAs overall capacity and passenger traffic variations are better than many airlines, MD PIA explained.
> 
> He said the product quality of the airline both in domestic as well as international traffic has enhanced. Two new flights to Barcelona and Frankfurt started while additional frequencies of flights to Kuala Lumpur and Kathmandu have been added from Islamabad. staff report



what happened to those 27 aircrafts which they were going to buy?


----------



## ameer219

*
Pak, Bhutan for expanded role of SAARC in regional development*


Pak, Bhutan for expanded role of SAARC in regional development : Business Recorder | LATEST NEWS

THIMPHU (updated on: April 27, 2010, 21:02 PST): Pakistan and Bhutan on Tuesday vowed to play more active and vibrant role to promote the SAARC organization and its activities for the development of the region.

Prime Minister of Bhutan Jigmi Y. Thinley, who had a meeting with Prime Minister Syed Yousuf Raza Gilani here on the sidelines of the 16th SAARC Summit emphasised the importance of the organisation and the need for closer cooperation.

The meeting was held in a very cordial and friendly atmosphere at the Pakistan House, where Prime Minister Gilani was staying.

Prime Minister said the spirit of SAARC that has brought together all the members here at Thimphu should be used to bring the people of the region more closer.

He said, "We must utilize the SAARC forum to develop relationship between the member states as well as for the peace and prosperity in the region."

He said the SAARC forum would also provide a chance to develop and strengthen relations between the member states beyond the substance of the conference.

Gilani congratulating the Prime Minister of Bhutan for excellent arrangements for the 16th Summit also thanked him for extending very warm hospitality. He also appreciated the reception at the Paro airport and throughout the route to the Thimphu city, the venue of the summit.

The Prime Minister said the warm reception given to him clearly indicates the already strong relations between the two countries and expressed the hope that the present summit would further strengthen these relations.

Gilani emphasised the need for further expanding relations at people to people level and at the level of parliamentarians. He said frequent exchange of visits by both the countries would bring their people closer.

Appreciating the theme of environment of the SAARC summit, the Prime Minister Gilani said it was very important issue not only for the region but also for the world. He said better environment was a must for a better and prosperous future of the world.

The Prime Minister of Bhutan Jigmi Y Thinley appreciated the efforts of Pakistan to improve law and order situation in Swat and added that improvement of the situation would help the people from Bhutan to visit that area as it was the birth place of second most important Bhudda Guru Padmas Ambava.

He expressed the hope that in near future, more people from Bhutan will be able to visit Swat.

Prime Minister Gilani extended an invitation to the Prime Minister of Bhutan to visit Pakistan, which was accepted by him and he promised to visit Pakistan on mutually agreed dates.

Foreign Minister Shah Mahmood Qureshi and other high officials from the Foreign Office were also present in the meeting that lasted for over half an hour.

Copyright APP (Associated Press of Pakistan), 2010


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## ameer219

*Turkey keen to extend bilateral trade to $5bn with Pakistan*

ISLAMABAD: Turkey is keen to enhance bilateral trade with Pakistan to $5 billion, which was just $782 million in 2009 and much below the potential of the two countries.

Turkish Ambassador to Pakistan M. Babur Hizlan during his visit to Islamabad Chamber of Commerce & Industry (ICCI) said though Pak-Turk Business Council has set a target of increasing bilateral trade between the two countries up to $2 billion by 2012, however, Turkey aims to take it to $ 4billion to $5 billion in coming days.

Hizlan said there is a new interest in Turkey about making investment in Pakistans energy sector. He said a Turkish company has already set up a windmill unit in Sindh to produce wind energy while another company from Turkey is coming to Pakistan next month with an energy production plant to provide more than 200 megawatt energy to Karachi. 

zeeshan javaid
http://www.dailytimes.com.pk
/default.asp?page=2010\04\29\story_29-4-2010_pg5_16


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## ameer219

*Foreign investors buy $11.99m worth of stocks at KSE*

By Tanveer Ahmed

KARACHI: The Karachi stock market remained the focus of international investors on Thursday with substantial amount of buying by the foreign fund managers in the local stocks.

Foreigners bought $19.6 million worth of stocks and sold $7.61 million holdings, National Clearing Company of Pakistan&#8217;s (NCCPL) figures showed.

Net foreign investment during the day stood at $11.99 million. Foreign investors have been active for the last three months in the local equity market due to discounted values of Pakistani stocks.

Analysts said that although foreign investors became active since the start of the current year when political uncertainty and fragile law and order situation were prevailing over the country, however in the current weeks when the dust settled on political scene, foreign buying has become more vigour.

They also pointed out that the whole region was receiving bulk money from the western markets and Pakistan too was receiving its share and discount values of local scrips further boosted the confidence of foreigners in local market.

Due to aggressive buying in the local market, foreign investors, whose combined holding was $1.9 billion at the beginning of 2010, now hold equities over $2.3 billion, which constitutes 6.6 percent of the total market capitalisation and a significant 26.5 percent of its free float. &#8220;This is the highest level since July 2008,&#8221; analysts said.

Apart from aggressive foreign buying, the corporate announcements from the listed companies flooded the market on Thursday and notable among the corporate announcements were Pakistan Telecommuni-cation Company Limited (PTCL) and Karachi Electric Supply Corporation (KESC) etc.

Daily Times - Leading News Resource of Pakistan

Improving sales: Auto allied industry recovering

By Moonis Ahmed

KARACHI: With improving auto sales every month, the auto allied industry is also reaping benefits, as industries related to the auto sector showed exceptional performance by posting earnings growth of 65-110 percent during the nine months of the current fiscal year (9MFY10).

Topline Research analyst Furqan Punjani said that during 9MFY10 total auto industry sales grew by 30 percent to 153,000 units and being related to the auto sector, Thal Limited (Thall), Balochistan Wheels (BWHL) and Atlas Battery (ATBA), posted earnings growth of 65-110 percent.

He said that the volumes in these scrips have improved significantly during the last 9 months and ATBA posted total 80 percent return to its shareholders followed by THALL 27 percent and BWHL 15 percent.

Thal Limited: The company operates in four areas-engineering segment, buildings material operations, jute operations and paper sack operations. Automobile segment, which had 45 percent share in overall revenues in FY09, mainly includes sales of radiators, air conditioners and other components, which have surged to 60 percent in 9MFY10. During the said period, total sales of the company stood at Rs 7.2 billion as compared to Rs 5.8 billion in 9MFY09, up 23 percent. This is primarily due to improvement in car sales.

According to our analysis with the company, revenue contribution from car sales stood at 60 percent, besides, better rupee sales, overall margins of the company stood at record 22 percent as compared with 17 percent last year. This higher earnings growth reflected in overall volumes traded at local bourses. During 9MFY10, average daily turnover stood at 58,000 shares (Rs 5.7 million) as against average 51,000 shares (Rs 3.5 million) in FY09.

BWHL: It&#8217;s one of the major suppliers of wheels to the auto industry in Pakistan having 95 percent market share. It posted impressive earnings in 9MFY10. The company posted net earnings of Rs 63 million [earning per share (EPS) of Rs 4.7] during 9MFY10 versus Rs 31 million last year (EPS Rs 2.3), up 102 percent. The top line of the company improved to Rs 1 billion, up 25 percent as compared to Rs 806 million in the said period.

AGS: One of the most common brands in local batteries, the company has a market share of 35 percent. During 9MFY10, the company posted earnings of Rs 172 million versus Rs 104 million last year, reflecting a significant growth of 65 percent.

The company was able to post Rs 2.8 billion net revenues in 9MFY10 as against Rs 2.2 billion in the same quarter last year as with improving auto sales and higher use of batteries for electricity purposes also contributed in it. Moreover, gross margins of the company also stood impressive at 16 percent from 15 percent last year. The company has a free float of 2.5 million shares whereas average daily volumes traded during 9MFY10 stood at 15.7k (Rs 2.4 million) versus 4.3k shares (Rs 0.446 million) in FY09.

Daily Times - Leading News Resource of Pakistan

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## ejaz007

*Pakistan to get $600m in CSF funds quickly*

WASHINGTON: The US plans to quickly transfer $600 million to Pakistan to reimburse the government for military operations over the last year, the Pentagon said on Thursday. There has been some concern on Pakistans part about the rate at which they are reimbursed for the Coalition Support Funds for their efforts in the war on terror on our behalf within their borders, Pentagon Press Secretary Geoff Morrell said at a news conference. We have made great strides over the past few weeks to try to accelerate reimbursement payments to the Pakistanis... We have, I think, in total about $600 million that is in route or will soon be in route in the next few weeks to Pakistan to reimburse them for their operations over the past year. The payment delay has been a source of friction and has contributed to Pakistans economic woes. The US is in arrears in paying about $2 billion in military aid to Pakistan under the so-called Coalition Support Fund. reuters

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Silkbank sees revenue growth *

KARACHI: Silkbank recorded 34 percent growth in revenue to Rs 6.5 billion for the year 2009 from Rs 4.8 billion in 2008. Silkbank continued the balance sheet clean-up process by taking net provisions against NPLs of Rs 2 billion in 2009. The aggressive provisioning contributed to a full year loss after tax of Rs 2.9 billion making the bank more poised for a turnaround in 2010. Deposits of the bank closed at Rs 49.6 billion, reflecting an increase of 21 percent in 2009 over the previous year. Advances grew by six percent to Rs 40.5 billion while investments increased by 68 percent to Rs 20.1 billion. staff report

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Bank Alfalah, Faysal Bank profits rise substantially*

KARACHI: Bank Alfalah announced 1Q2010 earnings of Rs 586 million (EPS Rs 0.43) in the first quarter of 2010, up 31%, from Rs 448 million (EPS Rs 0.33) recorded in 1Q2009. 

The earnings improved on the back of significant decline in provisioning expenses, said Kamran Rehmani, an analyst at First Capital Equities. 

The banks NII grew by 26% YoY to Rs 3 bn while this was up by 7% QoQ. Non interest income posted YoY decline of 23% on account of lower gain on sale of investments amounting to Rs 38 mn versus Rs 170 mn in the same quarter of last year. 

In 1Q2010, provisions against NPLs declined to Rs 310 mn from Rs 555 mn in 1Q2009 and Rs 1.606 billion in 4Q2009, down 44% YoY and 81% QoQ. We believe that the drop in provisions is likely due to the bank availing itself of further forced sale value benefit, said Raza Jafri, an analyst at AKD Research. 

Faysal Bank: Faysal Bank (FABL) reported record earnings of Rs 1.7 bn (EPS Rs 2.77) in 1Q2010, up from Rs 0.3 bn (EPS Rs 0.42) in 1Q2009 and Rs 0.5 bn (EPS PRs0.89/share) in 4Q2009. 

Massive profitability was due to one-time gain on redemption of NIT-Loc units, said Rehmani. The banks NII posted healthy YoY increase of 12% to Rs 1.2 bn from Rs 1.1 bn in the same quarter of last year while this was 5% lower on sequential quarter basis. 

Non interest income grew 4.5x YoY on the back of gain on redemption. Total provision charge in 1Q2010 declined to Rs 107 mn from Rs 313 mn provided in 1Q2009. During the quarter, the bank made reverse provisioning of Rs 189 mn against diminution on value of investments. Provisions against NPLs stood at Rs 298 mn, down 8% YoY and 31% QoQ.

Daily Times - Leading News Resource of Pakistan


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## sam27

Pakistan Defends its Soccer Industry:

By TOM WRIGHT

SIALKOT, PakistanThis is the city the soccer ball built, a global manufacturing hub in a nation starved for foreign capital and mired in terrorist violence.

Nike Inc., the official soccer-ball supplier to Britain's Premier League, gets soccer balls here. So does Denmark's Select Sport A/S, which sells to the Danish national league and clubs across Europe. The city exports 30 million balls a year, or about 70% of the global output of hand-stitched soccer balls, and an estimated 40% of the total market.

This summer's World Cup is Sialkot's latest win. Germany's Adidas Group, licensed by soccer's governing body to sell the official World Cup ball, has contracted with a company here to produce the entire supply of mass-market hand-stitched replicas of the "Jabulani" World Cup ball.

Sewing Soccer Balls, Building Sialkot

View Slideshow

Massimo Berruti/AgenceVU for The Wall Street Journal
A woman sewed a soccer ball this weekend at a stitching facility run by Forward Group.

More photos and interactive graphics
But Sialkot's hand-stitched balls face competition from machine-made and machine-glued balls produced in China. Indeed, the balls used in actual World Cup matches this summer, made by hand in Sialkot in previous years, are being produced in China by machine.

A Sialkot-produced soccer ball has 32 panels that are stitched together, while the Jabulani World Cup ball made in China for the matches has eight thermally bonded pieces. The Jabulani match ball retails for about $150; the hand-stitched replica can sell for as little as $25.

Sialkot became a stitching center for soccer balls during the British colonial era. In the 1970s, European soccer ball makers, including Adidas, moved their production to the city to avoid rising labor costs at home. The city's workers, stitching balls by hand in dusty villages surrounded by wheat fields, made their first World Cup balls for the 1982 tournament in Spain.

Adidas contracted with Sialkot's Forward Group to make the replica World Cup balls. Forward Group expects to ship six million balls this year, up 40% from 2009.

But even with its Adidas contract, Forward Group faces big challenges. It has to run its own electric generators because of daily nationwide power shortages. The roads to Sialkot, in eastern Pakistan near the border with India, are rutted. And foreign sports executives remain reluctant to visit because of the terrorist threat.


German's Adidas Group has given one company in Sialkot, Pakistan, the contract to produce the entire range of mass-market-hand-stitched replicas of the "Jabulani" soccer ball that will be used at this summer's World Cup. The city, once the soccer ball capital of the world, is facing stiff competition from China. WSJ's Tom Wright reports.

Adidas made the decision to switch to thermally bonded balls for the matches at the 2006 World Cup. The goal was to make the balls perform more consistently when players kicked them. With a hand-stitched ball the seams inevitably produce dead spots. Initially, Adidas made those balls in Thailand before switching production to China ahead of the 2010 competition.

In recent years, China has also taken over most of the production of World Cup promotional balls, a lucrative market of about 40 million little balls emblazoned with sponsors' logos, says Khurram Anwar Khawaja, a soccer-ball producer and former president of the Sialkot Chamber of Commerce and Industry.

Sialkot has also lost a big share of midpriced mass-market soccer balls to China, which began producing cheaper machine-stitched balls a decade ago.

Forward Group and the other soccer-ball makers here are determined to defend their turf. They have cut costs by automating many parts of ball production. Local businessmen joined together to build an international airport in 2008 after the government failed to do so.

Now, the soccer-ball makers are planning to set up a research center to develop their own version of the latest thermal-bonding technology that Adidas is using for World Cup match balls, a process that involves fusing together patches of synthetic "leather" by machine.

Two years ago, Adidas transferred its proprietary technology to Forward Group, which has been making small amounts of thermal-bonded balls. Recently, the company successfully lobbied Adidas for permission to use the technology to produce balls for the UEFA Champions League final next month in Madrid, one of the biggest events on the global soccer calendar.

"It was hard to persuade Adidas to let us make this ball here," says Khawaja Masood Akhtar, Forward Group's chairman, who is trying to bring back the production of World Cup match balls to Sialkot. "We're 100% sure we can do it. Don't cry. Stand up and do the job."

Mr. Khawaja, the former chamber president, plans to start using machines to help his family's company lower the cost of competing with China, and he says he expects Sialkot will win back the World Cup promotional-ball market in 2014.

"Right now, Sialkot is in a very delicate balance, looking for new technology and trying to maintain its position as the top manufacturer of high-quality, hand-stitched balls," Mr. Khawaja says.

Most producers here believe that for now, the hand-stitched market will continue to attract soccer clubs and other consumers seeking high-quality match and practice balls, especially because thermally bonded balls remain so expensive.

And there's no question that despite the challenge from China and the preference of most of Sialkot's three million inhabitants for cricket, the area's economy is still dominated by soccer.

A huge statue of a soccer ball graces the city's main traffic circle. The industry directly employs 70,000 people and accounts for about a fifth of Sialkot's $1.25 billion in exports, with medical instruments and agricultural commodities accounting for some of the rest.

But hand-stitched balls are increasingly unable to compete in the cheaper market segment. A machine in China can produce 36 balls a day, while a Sialkot worker makes an average of six balls by hand in the same period, Sialkot's exporters say.

In a village stitching center run by Mr. Khawaja's company just outside Sialkot, Maqbool Hussain, who has been making soccer balls for two decades, brings in about $4 a day, much more than Pakistan's average wage.

He sews octagonal pieces together using a strong thread before inserting the rubber bladder and closing up the ball.

In a separate room, women stitchers, who account for more than half of the employees in Sialkot's soccer industry, sit on the ground under a ceiling fan.

In the late 1990s, companies like Mr. Khawaja's moved production to stitching centers after pressure from international labor groups because of the widespread use of child labor in Sialkot.

The U.N.'s International Labor Organization says the centers are more easily monitored, and Sialkot has combatted the problem.

At the Forward Group factory, machines cut thousands of octagonal ball segments stamped with the World Cup logo before workers sort them into boxes. They are then taken by truck to village stitching centers.

By the end of the year, Mr. Akhtar says, he'll start making machine-stitched balls to compete with China for sales of cheaper balls.

Write to Tom Wright at tom.wright@wsj.com
Pakistan Defends Its Soccer Industry - WSJ.com


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## mrwarrior006

^^^brother ur comments acknowledged 

but this is not the appropriate thread for ur post

thank u


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## kidwaibhai

Can the moderators please delete post 49 please. there seems to be a troll intrusion.


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## SHAMK9

mrwarrior006 said:


> ^^^brother ur comments acknowledged
> 
> but this is not the appropriate thread for ur post
> 
> thank u



ok bro wuts ur problem?


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## ameer219

*PIA revenue rises 7.5&#37; in Q1 2010&#8217;*

Staff Report

KARACHI: Deputy Managing Director PIA, Salim Siyani has said the airline&#8217;s revenue increased to Rs 22.848 billion in the first quarter January &#8211; March 2010, reflecting an increase of 7.5 percent as compared to the same quarter last year. However, the cost driven by higher fuel prices continues to pose huge challenges, he said.

&#8220;The phenomenal performance became possible due to teamwork, dedication and hard work by all PIA employees including the officers and staff of one of our most productive stations, Lahore&#8221;, said Salim Siyani while addressing the Officers of Lahore Region at the PIA Senior Staff Association&#8217;s (PIASSA) Annual Dinner.

Shields and Medals were awarded to Fifty Eight children of PIA Officers&#8217; who secured above 75 percent marks in Matriculation, Intermediate, O-levels and A &#8211;Level examinations and those children who memorised the Holy Quran, becoming young Hafiz-e-Quran. While Twenty Retiring PIA Officers of Lahore region were also awarded shields and cash awards.

While explaining the basic cost structure of the airline he said if PIA earns a rupee, majority of it is utilised for various expenses such as fuel, maintenance of aircrafts and other administrative expenses, and the remaining 15 paisas are used for other operational expenses and meeting the cash flow requirements.

Therefore, he said, the management is cognizant of the constraints and PIA needs to increase the size of the bread by cutting cost and increasing revenue, so that the airline&#8217;s stakeholders may reap the benefits rather than thinking of distributing the same bread.

Remembering his student life, DMD PIA said to the children that when he left for the USA for higher studies he had just 10 dollars in his pocket; with hard work and dedication in academics and work made him excel in his career and also made his dream come true which was to work for the National Flag Carrier. staff report

http://www.dailytimes.com.pk/


* Pak-Qatar to invest Rs500m in family Takaful
Tuesday, May 04, 2010
By Shahnawaz Akhter*

KARACHI: The sponsor of Pak-Qatar Takaful has planned an investment of around Rs500 million in Pakistan for expanding its family Takaful business and other related projects, said P. Ahmed, Chief Executive Officer, Pak-Qatar Family Takaful Limited talking to The News on Monday.

&#8220;Considering potential growth in Takaful business the board of directors of the company decided to make investment during the current year,&#8221; he said. The company would invest further Rs500 million in family Takaful and other related projects for expansion, Ahmed said.

Pak-Qatar initiated the Takaful - sharai compliant insurance - in Pakistan with the help of leading Qatar bank in 2005. The company operates in both general and family Takaful.

During the last financial year the family Takaful business of the company has registered tremendous growth. The contribution of the company reached to Rs466.64 million during the last financial year from Rs129.68 million in 2008.

&#8220;The clients have entrusted the Sharia compliant insurance system that resulted in exponential growth,&#8221; the CEO said. &#8220;The robust growth in contribution provided opportunity for expansion,&#8221; Ahmed said.

The family Takaful was incorporated in 2006 and started operation in 2007 with the paid up capital of Rs533 million. In the very first year the company received overwhelming response amid global recession and economic deterioration at the domestic front.

To a question on the impact on Takaful business of global recession and domestic economic deterioration, the CEO said that the insurance on Sharia principles was in initial phases. &#8220;The insecurity in conventional insurance system attracted the people to adopt Takaful,&#8221; he said.

He said that the global recession was due to financial crisis but in Pakistan it has its own reasons attributed to energy crisis etc. As the contribution for family Takaful increased the number of claims also rose significantly in 2009. &#8220;The claims are integral part of insurance business. Though the claims went up the ratio against the contribution has declined during the year,&#8221; he said and adding the ratio would further decline in upcoming years because the family Takaful is in its initial phases.

Surplus, which is an inherent benefit of Takaful, is calculated as the remaining amount in Waqf Fund after paying off all claims and meeting all expenses for the year. The company will share 15 per cent of the surplus amount with the Individual Takaful participants. &#8220;The advantage of surplus makes the Takaful different from conventional insurance system. The Pak-Qatar Takaful is the first company to declare the surplus,&#8221; the CEO said.

About the insurance business share in Pakistan comparing with GDP growth, he lamented that the insurance industry shares 0.3 per cent to the GDP whereas Takaful is even less. The overall Takaful size is around Rs1.4-1.5 billion in the last year, in which the Pak-Qatar has major share.

Considering the rapid growth during the last two years, the company is aiming to achieve Rs1.8 billion in 2010. &#8220;Though the target is ambitious but we hope to achieve it considering outstanding performance in years 2008 and 2009,&#8221; he said.

About launching the new products, the CEO informed that the customers would have access to an assortment of Individual and Corporate Takaful Plans. For the corporate sector group, the company will soon launch pension plan. For the individual, the company is launching debt protection and critical illness plans. Further, he also said that micro Takaful is also part of plans to reach different segments of the market.

Ahmed stressed the need of human resource for the industry. &#8220;The growth of Takaful business requires skilled human resource and in this regard government should initiate introductory courses at intermediate levels,&#8221; he added.

About the Bancassurance and Takaful line of business, he said that the company believes in joint ventures. He said that big financial institutions such as Dubai Islamic Bank, Standard Chartered, Emirates Global Islamic Bank are already on board and distributing Takaful products through bank counters. Other banks such as Bank Islami, MCB Bank and Bank Alfalah will shortly commence their Takaful operations for the benefit of the people.

An idea of allowing a window to conventional insurance companies for Takaful, the CEO rejected it and said that the two different mode of insurance cannot be operational together.

The News International - No. 1 English Newspaper from Pakistan - Tuesday, May 04, 2010


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## ejaz007

*US clears Pak CSF dues with $467 million payment*
Daily Times Monitor

LAHORE: The United States completed a total transfer of $656 million to the government with a final instalment of $467 million on Monday for some of the costs incurred while conducting counterinsurgency operations against extremists in 2009, a private TV channel reported on Monday.

According to the channel, the reimbursement, known as the Coalition Support Fund (CSF) is also intended to achieve the mutually-shared goals of peace and stability in Pakistan as well as in the region. 

The CSF was established by the United States in 2001 to support 27 nations, including Pakistan, for some of the costs they incurred in the fight against terrorists. Since 2001, the United States has reimbursed approximately $7.2 billion to the countries 

The last CSF payment was delivered to Pakistan in January and included a $349 million reimbursement for all validated CSF claims received from Pakistan for the year 2008, the channel said.

In addition to the CSF, the US civilian and security assistance to Pakistan has totaled more than $4 billion over the last three years.

Daily Times - Leading News Resource of Pakistan


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## ameer219

*Gem and jewellery export during 2008-09 was $289.1 million*

RECORDER REPORT

ISLAMABAD (May 06 2010): Minister of Commerce Makhdoom Amin Fahim on Wednesday told the National Assembly that the export of gem & jewellery during 2008-09 was of 289.1 million dollar. In written reply the Minister said that Trade Development Authority of Pakistan (TDAP) has informed that they have set the target of 450 million dollar for the year 2009-10.

However, Gem and Jewellery Development Company has conveyed that target of 1.5 billion dollar has been set for export of Gem & Jewellery by the year 2017.

Copyright Business Recorder, 2010
http://www.brecorder.com/index.php?id=1053043&currPageNo=1&query=&search=&term=&supDate
=

* DHL Global plans to expand business in Pakistan*

DHL Global plans to expand business in Pakistan

&#8220;There is nothing happening in Pakistan that we have not seen elsewhere&#8221;

Thursday, May 06, 2010
By Saad Hasan

KARACHI: DHL Global Forwarding, World&#237;s largest logistics group, plans to expand operations in Pakistan and spend $9 million in warehouses, its trucking fleet and train human resource.

&#8220;You have 176,000km of paved streets. Go to India or any African country and tell me if they have so much of paved roads,&#8221; Amadou Diallo, the Chief Executive Officer of DHL Global Forwarding business in South Asia Pacific and Angola, told The News in an interview.

The size of the investment is not much, but it shows the confidence of DHL Global in Pakistan, which is struggling to revive its battered economy.

&#8220;Every crisis offers opportunities,&#8221; said Diallo. &#8220;Most of the economies in the region, including Pakistan remained resilient to the recession.&#8221;

DHL Global, which is part of Germany&#237;s Deutsche Group, sees growing business opportunities in the entire region.

&#8220;In the next 30 years, almost 40 per cent of the global trade will be taking place in Asia, Africa and Latin America,&#8221; Diallo said. &#8220;That means at least 50 per cent of the fortune 500 companies will be from Asia.&#8221;

&#8220;Pakistan is producing half a million graduates every year. All these brains will be generating a lot of ideas and in turn a lot of growth. They will want designer clothes and apparels,&#8221; he said.

DHL has been operating in Pakistan for the last 27 years and employs around 1,000 people. Over 50 per cent of its ocean trade revenue comes from Asian countries.

Diallo said investments in telecommunication and infrastructure sectors in Pakistan are playing a key role in the development of small and medium enterprises.

&#8220;Logistics companies such as DHL can help them get their products in various markets,&#8221; he said. &#8220;A lot of people know about Europe and the United States. But not many know that there is a rising middle class in Angola, Kenya, in chunks of South Africa and Sudan. We can help you get there.&#8221;

The freight forwarding companies provide not just transportation services, but give logistics solution, he said. &#8220;Businessmen can organise marketing through Internet. The logistics companies can ship goods even to Guatemala without their having to know the geography of that country.&#8221;

Most importantly, he said, companies such as DHL help exporters guide through customs procedures in different countries. &#8220;Now that is not something that you learn in any university.&#8221;

The deteriorating security situation in Pakistan is not something that deters DHL. &#8220;We operate in 222 countries around the world. There is nothing happening in Pakistan that we have not seen elsewhere.&#8221; He said Pakistan can gain from exporting agricultural products to around 1.2 billion Muslim consumers. &#8220;There is a need for investment in agriculture. But for the private sector to develop you need a lot of people who are willing to take risk.&#8221;


*Pak-India annual trade could reach $10bn&#8217;*

By Moonis Ahmed

KARACHI: The construction work on Integrated Customs Check Posts (ICCP) at Wagha Border has started and is expected to be completed before the end of 2011, Indian High Commissioner Sharat Sabharwal said at Federation of Pakistan Chambers of Commerce and Industry (FPCCI) here on Wednesday.

The Indian envoy, who has specially flown to Karachi to attend a luncheon meeting hosted by FPCCI in his honour, said that the ICCP would be fully computerised and equipped with most modern facilities after which the trade between India and Pakistan would flourish and traders from both the countries would be able to ship their consignments rapidly.
Sabharwal said that there is a trade potential of $10 billion between the two neighbouring countries and it could easily be materialised if done through official channels.

&#8220;Trade is the only way to eliminate the poverty from the region and elevate at least 350 million people living in absolute poverty in the South Asian region,&#8221; said the Indian envoy and added that if India can grow its trade with China to $55 billion in just a brief period then why not with Pakistan. He agreed to the suggestion to open up the land route of trade between the two countries via Tharparkar-Munabao but he said that it depends on nods by both the governments. He said that he realises the visa problems being faced by the business community but the restrictions and regulations are common for all and not just for Pakistan or Bangladesh. He explained that all trading partners are being treated equally.

He informed that Indian High Commission in Islamabad had issued 95,000 visas before Mumbai incident but this number of visas declined later. He however, hoped that the same number of visas would be issued this year as well. He mentioned that India is issuing more visas than Pakistan High Commission in New Delhi.

Regarding opening up of Indian Consulate in Karachi he said that Indian government had accepted this demand and had renovated its consulate building few years back but it requires Pakistan government&#8217;s approval.

He appreciated the idea of creating SAARC Shipping Line owned by SAARC countries and said that this proposal would be passed on to the quarters concerned. Indian envoy has assured the Pakistan-India Chamber of Commerce and Industry President S M Muneer that reciprocal visit of Federation of Indian Chambers of Commerce and Industry (FICCI) delegation is due and he would approach FICCI officials to materialise it soon.
Regarding issuance of five-year multiple visas to 500 businessmen of SAARC Chamber, he said that he would refer this proposal to SAARC secretariat.
To a query he categorically denied that India is stealing Pakistan&#8217;s water or creating hurdles in free flowing of Pakistan&#8217;s water. He said that water resources are depleting but population in the region is increasing and there is a dire need of strengthening water storage. &#8220;India&#8217;s capacity of water storage is low but Pakistan&#8217;s capacity of water storage is even worse. Water availability in monsoon is greater and we should preserve it,&#8221; Sabharwal said.

Daily Times - Leading News Resource of Pakistan

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## ejaz007

*Forex reserves increase to $15.04bn* 

KARACHI: The countrys foreign exchange reserves have increased to $15.04 billion in the week ending on April 30, 2010 from $14.981 billion last week, the State Bank of Pakistan said on Thursday. The reserves held by the central bank increased to $11.18 billion as compared to $11.06 billion last week. Moreover, the reserves held by banks other than SBP declined to $3.86 billion as against $3.92 billion last week. staff report

Daily Times - Leading News Resource of Pakistan


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## ameer219

*Pakistan, Afghanistan vow to promote bilateral trade
*
ISLAMABAD: Pakistan and Afghanistan on Friday resolved to address each others concerns on Afghan-Pakistan Transit Trade Agreement (APTTA) in a positive manner and desired to not only promote the trade but also to facilitate Transit Trade. It was agreed during a meeting between Federal Minister for Commerce Makhdoom Amin Fahim and his Afghan counterpart HE Ghulam Muhammad Ailaqi. Whereas, Pakistan has also assured Afghanistan that would be no discriminations regarding transportation of goods from seaports to the Afghan borders. Amin Fahim said APTTA, which is under negotiations, should be acceptable to the government of Pakistan and Afghanistan and the people of both the countries. Amin Fahim assured the Afghan delegation that all important issues would be addressed in a mutually beneficial manner while framing the new APTTA. He stated it was in the national interest of both the countries to promote trade. 

Both sides also discussed the impediments in bilateral trade. Moreover, the technical sides of both the countries are meeting shortly in Kabul to discuss the draft of APTTA and try to address the concerns of all stakeholders. According to the official sources, Pakistani side urged Afghan officials to ensure cooperation in elimination of smuggling on both sides of the border as it is hurting both the economies. Regularisation of informal trade would help both the countries to generate additional revenues but also help generating precious foreign exchange. It has been agreed that next meeting on APTTA would try to sort out issues relating to the border smuggling so that draft of the APTTA is finalised for formal approval from the respective governments and possible implementation of APTTA from July 1, 2010. staff report

Daily Times - Leading News Resource of Pakistan


*Envoy assures to help enhance trade ties between Pak, UK*

ISLAMABAD: British High Commissioner in Pakistan Adam Thomsan said he would do all what he could to improve the perception of Pakistan in UK and highlight the business opportunities that exist in Pakistan so that British companies could feel encouraged to make the most of those opportunities.

He said it during a meeting with a delegation of Islamabad Chamber of Commerce & Industry (ICCI) led by President Zahid Maqbool with envoy in his office. The delegation apprised him of the business opportunities existing in Pakistan for UK companies.
The envoy said over 100 UK companies were doing business in Pakistan and performing well. Many other companies of UK were taking keen interest to learn more about the dynamics of Pakistani market so that they could explore the possibilities of investment here.

He assured that British High Commission would take measures to provide fast track business visas to Pakistani entrepreneurs so that they could play more effective role in enhancing bilateral trade and economic relations between the two countries. Trusted Partner agreement, which was signed between the British High Commission and ICCI a couple of years ago, would be re-activated to promote business linkages between top business companies of the two countries.

Whereas, Zahid Maqbool talked to the High Commissioner about hurdles in the visa processing system that were creating difficulties for the Pakistani businessmen and students aspiring to visit to the United Kingdom and asked him to play his role in streamlining these matters. staff report

Daily Times - Leading News Resource of Pakistan


*Switzerland appreciates Pakistans stance of trade, not aid*

KARACHI: Switzerland wholeheartedly appreciates Pakistans stance of Trade not Aid and would fully support it with a new strategy, says Swiss Ambassador Markus Peter.
Switzerland is working on a new three pillars concept for engagement with Pakistan. The pillars are trade, foreign direct investment, humanitarian aid and Hindukush Programme, he said while speaking at annual dinner of Swiss Business Council on Thursday.

Peter said Switzerland was a leading investor in Pakistan with investment exceeding over $1 billion. We are committed to a fairer trade regime and actively promoting reduction of trade barriers and quotas for developing states including Pakistan. Humanitarian aid is visible through Swiss longstanding reconstruction efforts in Pakistans 2005 earthquake affected areas. Hindukush Programme is Swiss rural development cooperation spanning over 45 years that pertains to former NWFP now called Khyber Pakhtunkhwa as well as Afghanistan.

Switzerland is among the top five foreign direct investors in the last fiscal year and first nine months of the current fiscal year, said Martin Bienz, Swiss Consul General.
He said Swiss Business Council (SBC) has become an important stakeholder in the promotion of bilateral trade and investments since its launch in Karachi in May 2008.

He said the SBC had shown a great commitment and a broad vision to make the SBC a vibrant entity that was functioning exceptionally well in a very competitive environment. Martin Bienz said the Embassy and Consulate General of Switzerland and the SBC, which is an independent private sector body, pursued many common goals in the promotion of bilateral business relations.

The Swiss Consul General said it was a positive sign that other bilateral business forums were cooperating with each another in promoting trade by bundling synergies and increasing their visibility wherever their interests overlapped. He pointed out that the presence of the Presidents of other business forums showed that joining hands would bring greater benefits to stakeholders. ppi


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## Hyde

*Size of ICT industry rises to $12bn​*
Sunday, May 09, 2010

KARACHI: The overall size of the Information and Communication Technology industry in Pakistan has risen above $12 billion, including $1 billion under foreign direct investment (FDI), an official said on Saturday.

Addressing the inaugural ceremony of 5th Information and Communications Technology Exhibition and Conference, CONNECT 2010 at the Karachi Expo Centre, Adviser to the Prime Minister on Information Technology, Sardar Latif Khan Khosa said that Pakistan has one of the fastest growing tele-density in the world, accelerating at a rate of 63.5pc, while neighbouring India has just 37 per cent.

There are more than 95 million mobile connections in the country, which are still growing in numbers, he said, adding that this is exponential growth as mobile telephone market has seen a 14-fold increase since 2000.

This signifies the importance of the Information and Communication Technology sector and further potential it holds for the economy, he said.

CONNECT brings to Pakistan a focused event in the dynamic fields of IT and telecom and provides a unique platform to the companies to showcase their products and services, he said and called upon the IT professionals to reach out the entire Pakistan and spread IT in every nook and corner so that the people can take benefit of this dynamic technology.

He also supported the idea for a greater cooperation and interaction between the government, industry and academia to get maximum benefits of information technology.

Later, taking to media, Khosa said that the government has again invited foreign IT companies to restart their business in Khyber-Pakhtunkhwa and Balochistan.

&#8220;I have asked those companies to identify the quantum of damage to their infrastructure in Khyber-Pakhtunkhwa area due to the ongoing war on terror,&#8221; he said.

Companies are also seeking a price differential for broadband expansion, but the government has asked them to first start rehabilitation of their infrastructure and then the government will look into their demand of price differential, he added.

Similarly, broadband expansion and laying of optic fibre will be started in Balochistan to provide a faster and dependable Internet access to the people of the province. To a question, Khosa said that efforts are afoot to eliminate grey traffic in the IT sector with the help of International Traffic Control Room.

The government is implementing e-governance to encourage computerisation in the working and is providing LDI licences, the adviser said.

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## ejaz007

*Remittances rise 15% to $7.3bn during 10M FY10*

KARACHI: International Fund for Agriculture Development (IFAD), a specialised agency of the United Nations, in its quarterly Financing Facility for Remittances newsletter has reported that Pakistan showed the highest growth in the world in remittances despite recent global financial crisis. 

According to the newsletter, Pakistan is followed by Bangladesh, Mauritius, Swaziland, Guinea-Bissau and Philippines. 

Remittances sent home by overseas Pakistanis rose to $7.306 billion in the first ten months (July-April) of the current fiscal year, showing an increase of $951.07 million or 14.96 percent over the same period last year. 

In April 2010, an amount of $755.77 million was sent home by overseas Pakistanis, up 8.35 percent or $58.25 million, when compared with $697.52 million received in the same month last year. 

The inflow of remittances in the July-April, 2010, period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1.663 billion, $1.525 billion, $1.461 billion, $1.033 billion, $734.59 million and $210.22 million, respectively, as compared with $1.366 billion, $1.264 billion, $1.435 billion, $996.02 million, $467.98 million and $196.53 million, respectively, in the July-April, 2009, period. 

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first ten months of the current fiscal year amounted to $ 676.86 million as against $ 628.09 million in the same period last year. 

The monthly average remittances for the July-April, 2010, period comes out to $730.67 million as compared with $635.56 million during the corresponding period of the last fiscal year. During April 2010, remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $183.13 million, $165.98 million, $144.09 million, $100.17 million, $73.62 million and $20.65 million, respectively as compared with $150.49 million, $156.64 million, $144.18 million, $102.83 million, $61.55 million and $20.86 million in April, 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during April 2010 amounted to $68.11 million compared with $60.97 million in the same month last year. It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called Pakistan Remittance Initiative (PRI) with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialise and remittances through formal channels are showing considerable growth. 

The amount of $7.306 billion includes $1.02 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). staff report

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Forex reserves rise to $15.357bn*

KARACHI: The countrys foreign exchange reserves have risen to $15.357 billion in the week ending on May 7, 2010, from $15.04 billion last week, the State Bank of Pakistan said on Thursday. The overall reserves have shown an increase of $317 million during the week. The reserves held by the central bank witnessed an increase of $372 million to reach $11.552 billion as compared to $11.180 billion last week. The reserves held by banks other than SBP declined to $3.805 billion as compared to $3.860 last week, showing a decline of $55 million. This includes $468 million received from the United States last week, said SBP spokesperson. Pakistans foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November 2008, largely because of a soaring import bill. An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed to in November 2008 helped avert a balance of payments crisis and shore up reserves. The IMF increased the loan to $11.3 billion in July and the central bank received a fourth tranche of $1.2 billion on December 28. The IMF board is due to meet on Friday to discuss the approval of a delayed fifth tranche of about $1.15 billion. staff report

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Cement exports to increase manifold*
By Moonis Ahmed 

KARACHI: Pakistans cement exports to Middle East and African countries are expected to increase manifold on its rising demands in the upcoming months and countries particularly Afghanistan and Iraq are very attractive markets for the ongoing construction projects.

A report prepared by Topline Securities said Afghanistan will be a permanent market due to lack of availability of limestone while the demand may rise to 15 million tonnes from current 2.5 million tonnes. 

It said that in the last decade the demand for cement has increased by 235 percent to 33.2 million tonnes while, supply, due to expansions has increased to 44.8 million tonnes, i.e. excess supply of 11.6 million tonnes. The Pakistan cement sector may witness an expansion phase in 2014 due to pickup in local and regional demand, it said.

Currently, the combined installed capacity (35.9 million tonnes in North and 8.9 million tonnes in South) stands at 44.82 million while Fauji Cements 2 million tonnes project is expected to come online this year, which will increase name plate capacity to 46.82 million tonnes. After this, Pakistan will be included in top 20 cement producers, the report said. 

Pakistan has great cement export potential of 5 million tonnes to 27 countries. While bagged cement has export potential of 10 million tonnes. 

Key challenges highlighted by the report includes higher indirect taxes (Rs 700 per tonne fixed excise duty, 1 percent special excise duty) which make Pakistans cement less competitive against regional players like India and China.

With huge potential of exports, Pakistan cement industry requires the government to take effective measures to support export sales with reduction in port costs (port duties and dock labor cost), increase of rebate on exports, separate births at ports for export clinker and cement.

With fuel source changing from furnace oil to coal, the dynamics of the sector have changed. Large manufacturers apart from installing waste heat recovery project for cheaper electricity are also looking towards alternate fuel sources (bio mask and municipal waste), which is estimated to fulfill 25 percent of power needs of the respective companies. 

With Pakistan targeting a gross GDP growth of around 6 percent in next 5 years, huge investment in construction, infrastructure and transportation would be required, it said. These infrastructure investments include development projects like dams, highways and trade corridors. Furthermore, with rising coal demand in the country the government should allocate investments for extraction of coal reserves from Thal and Balochistan.

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Mobilink registers double-digit growth in Q1*

KARACHI: Mobilink has posted strong revenues, higher EBITDA and increasing subscriber base in the first quarter of 2010 as compared to the same period last year.

According to the results published by OTH, Mobilink subscriber base increased by 11.8 percent, closing at 31.6 million at the end of Q1 2010. Mobilink EBITDA reached Rs 9 billion, representing an increase of 20 percent over the same period last year and reflecting an EBITDA margin of 38.9 percent versus 35.8 percent in Q1 2009. Mobilink closed the first quarter of 2010 with revenues of PKR 23.1 billion showing a YoY increase of 10.5 percent.

Commenting on the results, Khaled Bichara, Group CEO, OTH shared that Mobilink has shown healthy revenue growth in comparison to Q1 of 2009 thanks to an increased number in subscribers. Orascom Telecom continues to remain focused on delivering innovative and high quality services to over 96 million customers across the globe, Bichara added. Expressing satisfaction on the results, Rashid Khan, Mobilink President and CEO, shared, At a time when the market is approaching saturation point, I am pleased to share that our base is continually growing. staff report

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Release of $1.2bn 5th tranche: IMF board to take decision today*
By Sajid Chaudhry

ISLAMABAD: The International Monetary Fund (IMF) executive board is scheduled to meet today (Friday) to decide the release of the 5th tranche of $1.2 billion for Pakistan under Stand-By Arrangement (SBA) loan programme. 

The release of IMF tranche would also help restore the confidence of the World Bank and Asian Development Bank (ADB) as both the lending agencies require Pakistan to get Letter of Comfort from IMF for obtaining any new loan. 

Non-implementation of some of the performance criteria agreed with IMF especially power sector reforms has already delayed the approval of WBs $6.5 billion Country Assistance Strategy for Pakistan. 

Apart from meeting the budget deficit target of 5.1 percent of the gross domestic product (GDP) agreed with IMF authorities, the most contentious issues that are likely to come under discussion are enforcement of value-added tax (VAT) from July 1, 2010 as well as increase in power tariff by 6 percent to meet the financial requirements of the power generation companies, an official informed. 

The government has already announced to raise power tariff by 6 percent to bridge the Rs 8 billion financial gap of power companies but no date has been fixed for its applicability, however, dispute over VAT on services between federal government and Sindh still needs resolution. 

Federal government has already met a key conditionality of the IMF authorities of laying of VAT legislation before the National Assembly and four provincial assemblies, however, conflicting views of the Sindh and federal government on the subject would have impact on the programme, the official sources added. 

Economic managers of the country, without taking into confidence the province of Sindh, had committed with the fund authorities for enforcement of integrated VAT regime on goods and services with collection right to the Federal Board of Revenue. However, Sindh has strongly agitated this move of the economic managers and informed the economic team sitting at Islamabad that Sindh would not allow, in any case, FBR to collect VAT on services. 

Some 23 days are left in the announcement of the federal budget and federal as well as Sindh government have not been able to settle the VAT on services dispute. 

To settle this dispute, Sindh has proposed a mechanism for implementation of VAT regime to the federal government under which, the province of Sindh thinks, would be acceptable to the IMF authorities, said the official. 

The proposal submitted by Sindh proposes mechanism under which supply chain would remain intact, there would be no difficulty in input tax adjustment on both goods and services, and difficulties of dual registration could be avoided. This mechanism would meet the requirements of the integrated VAT enforcement on both goods and services, in return, Sindh has asked the federal government to allow it to collect VAT on services. 

Federal government has not responded on this proposal till date and it is likely that the federal government may seek IMFs response over the proposal and then decide to accept or reject it, added the official.

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Pak to receive 5th IMF tranche on May 18* 
Updated at: 1400 PST, Monday, May 17, 2010


KARACHI: The Finance Ministry said it would receive $1.13 billion released by International Monetary Fund (IMF) as fifth tranche of loan sanctioned to Pakistan on May 18, Geo News reported Monday.

Talking to Geo News, the Foreign Ministry said the foreign exchange reserves will bulge beyond $16 billion after the fifth IMF tranches is received here, which will add up the total amount received from the IMF to $7.27 billion.

Government of Pakistan resorted to the world body for loan to whittle down the fiscal and current account deficits; under which, the Fund approved $11.3 billion for the country.

It should be mentioned that the government and the Fund officials reached consensus that the remaining $4.03 billion in loan amount would be released in two tranches not three. 

Pak to receive 5th IMF tranche on May 18


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## bc040400065

*Economy expands 4.09pc in FY10 

By Kalbe Ali 
Wednesday, 19 May, 2010 *


ISLAMABAD: *The National Accounts Committee (NAC) on Tuesday noted that the countrys real gross domestic product (GDP) grew by 4.09 per cent in 2009-10 against the target of 3.3 per cent. *
According to the figures presented to the NAC, *the overall manufacturing sector performed well and recorded a growth of 5.1 per cent this fiscal year compared with negative growth of 3.7 per cent in 2008-09. *
The Large Scale Manufacturing (LSM) expanded by 4.3 per cent in 2009-10 against the negative growth of 8.2 per cent the previous fiscal year. 

The NAC meeting was held in the Planning Commission Auditorium and chaired by the deputy chairman Planning Commission to review the performance of the key sectors. 

The committee was informed that the latest figures showed electricity and gas consumption recorded a growth of 7.8 per cent in 2009-10. 

The per capita income had been determined at Rs35,216 on constant prices while the per capita income based on current prices would be determined in few days, an official of the Planning Commission said. 

The meeting was informed that the overall agriculture growth had been estimated at two per cent in 2009-10 compared with four per cent growth in 2008-09. 

However, the major crops recorded a marginal negative growth of 0.2 per cent in the current fiscal year compared to 7.3 per cent growth last fiscal year. 

Similarly minor crops also witnessed as negative growth 1.2 per cent in the ongoing fiscal compared with negative growth of 1.7 per cent in the last fiscal year. 

However, production in the livestock sector rescued the agriculture sector and livestock production had been recorded at 4.1 per cent compared with a positive growth of 3.5 per cent 2008-09. 

*The construction sector witnessed growth of 15 per cent against the negative growth of 11.2 per cent in the last year. *

The services sector which had been a key contributor to GDP growth for several years posted a growth of 4.6 per cent in 2009-10 compared with 1.6 per cent growth in 2008-09. 

DAWN.COM | Business | Economy expands 4.09pc in FY10

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## Hasnain2009

*Per capita income climbs to $1,102 in 2009/10* ​ 
_Size of Pakistan&#8217;s economy peaked to $176 billion_

*Friday, May 21, 2010*
By Mehtab Haider

ISLAMABAD : Pakistan&#8217;s per capita income climbed to $1,102 per person for around 160 million population during the financial year 2009/10, a level which was achieved by the country in 2007/08, but slowdown in economy resulted into falling down of this crucial indicator during the last two years, The News learnt on Thursday.

The per capita income is going to be released officially along with the upcoming Economic Survey, which will likely to be unveiled on June 3, officials said.

*The size of the economy peaked to $176 billion for the financial year 2009/10. In rupee terms, the size of Pakistan&#8217;s economy stood at Rs14.688 trillion,* they said.

The slowdown in economy slashed down the GDP growth, which remained in the range of 1.2 per cent for the last financial year in accordance with the final estimates approved by the National Accounts Committee.

The slowdown of GDP growth, as well as population growth on higher side resulted into getting almost stagnant per capita performance during the last two years, the officials said.

By the end of 2007/08, the per capita income was $1,102 per person and now again it was going to touch the same level by the end of the outgoing financial year 2009/10, they said.

On other side, the real purchasing power of the people eroded rapidly as inflation on an average crossed 55-60 per cent during the last three years, making lives of the people miserable, the officials said.

According to the working done by the Federal Bureau of Statistics (FBS), the country&#8217;s per capita income stood at Rs 91,500 in rupee terms and by taking exchange rate at an average of Rs83 against a dollar the per capita income climbed to $1,102 per person.

The revised GDP growth figures of 1.2 per cent for the last financial year against the initially set target of 2 per cent slashed down the final figures of the per capita income to $1,018 per person from $1,071 per person for 2008/09.

Population growth was 1.9 per cent per annum and the real GDP growth stood at 4.09 per cent, pushing up the per capita to cross $1,100 per person, the officials said.

The per capita income is treated as one of the major indicators suggesting the depth of growth and general well-being of any country.

The per capita income, defined as gross national product at the current market price in dollar terms divided by the country&#8217;s population, has witnessed an upward movement at an average rate of around 13 per cent per annum during the last five years, rising from $586 in 2002/03 to $926 in 2006/07 and further to $1,085 in 2007/08, initial estimates show.

According to the final figures of 2007/08, per capita income increased to $1,102 per person.

Real per capita income in rupee terms on an average surged by 4.7 per cent during the last five years. It grew by 4.2 per cent during the current year against 4.8 per cent last year.

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## bc040400065

*KSE sees more losses as panic sell-off continues
Published: May 22, 2010 *

KARACHI - The stock market saw more losses on the last day of week and panic sell-off continued as local investors preferred to off-load their holdings ahead of budget; sending the KSE 100-index to a two-and-a-half month low following a sell-off in regional markets.
The Karachi Stock Exchanges (KSE) benchmark 100-share index fell 1.22 percent, or 122.24 points, to 9,871.16 points on turnover of 74.73 million shares.
The KSE-index ended at 9,784.98 points on March 10.
On the other hand, the KSE 30-index closed at 9922.16 with a loss of 159.46 points. The KMI 30-index closed at 15013.98 with a loss of 240.77 points. All shares index closed at 6938.65 with a loss of 80.22 points. Trading activity was better as compared to the last trading session as the ready market volume stands at 74.734m as compared to last trading session 66.313m. Future market volume, however, stands at 3.527m shares as compared to 2.280m shares last trading session.
Market capitalisation stands over Rs2.783tr. Total trades increases to 53,483 as compared to last trading session 47,761. Some 138 companies advanced, 226 declined and 24 remained unchanged.
Intense selling continued as Asian markets drop over European debt crisis.
Fall in international oil prices near to $67, global capital markets fall, uncertainty over next monetary policy stance and foreign selling played a catalyst role in negative activity at KSE despite intra day support by state-run mutual funds, said Ahsan Mehanti, Chief Executive Officer at Shahzad Chamdia Securities.
Highest volumes were witnessed in LOTTE at 13.547 million closed at Rs9.70 with a loss of Re0.03 followed by AHSL at 4.736 million closed at Rs40.46 with a gain of Re0.94, JSCL at 3.448 million closed at Rs15.00 with a loss of Re0.04. 
Loud sell-off continued right from the word go thus shattering away even the prospective buyers who have been eyeing index level for making an entry, thus forcing low volume price erosion, although the events like such have stayed a prominent feature in previous session, intensity was indeed high on the last session of the week. 

KSE sees more losses as panic sell-off continues | Pakistan | News | Newspaper | Daily | English | Online


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## bc040400065

*Rs601bn proposed for development budget 
By A Reporter 
Saturday, 22 May, 2010 *

ISLAMABAD: *The Annual Plan Coordination Committee has recommended Rs601 billion for development budget for the next fiscal year &#8212; Rs280 billion for the federal Public Sector Development Programme and Rs321 billion for the provincial Annual Development Plan. *
Deputy Chairman of the Planning Commission Dr Nadeemul Haq, who presided over a meeting of the APCC, said the recommendations for the 2010-11 development outlay were in line with the finance ministry&#8217;s Medium-Term Development Framework 2010-13. 

The total demand of federal ministries and departments was Rs321 billion, but because of financial constraints the committee proposed Rs280 billion for the federal PSDP. 

The proposals will be sent to the National Economic Council which meets on May 28. 

The APCC proposed 49 per cent allocations for ongoing projects in the social sector and 47 per cent for projects in physical infrastructure. 

Dr Nadeem said there was a need to prioritise the projects because of less fiscal space available in the current PSDP. &#8220;In order to avoid throw-forward projects, innovative financing for development projects like public-private partnership and build, operate and transfer modes may also be explored to reduce burden on the PSDP,&#8221; he said. 

The Planning Commission&#8217;s chief economist presented the economic outlook and said that *the main objectives of the Annual Plan 2010-11 were to revive the crop sector and put the manufacturing sector on a high growth path. *
*The meeting was informed that the country had achieved 4.1 per cent GDP growth rate during the current fiscal year, exceeding the target of 3.3 per cent. *

The growth in agriculture sector stood at two per cent, large-scale manufacturing at 4.4 per cent, industrial sector at 4.9 per cent and services sector at 4.6 per cent. 

*The GDP growth for the next fiscal year has been projected at 4.5 per cent, with the growth in agriculture sector at 3.8 per cent, manufacturing at 5.6 per cent and services sector at 4.7 per cent. Inflation has been projected at eight per cent. *

The meeting was attended by federal secretaries and provincial planning and development ministers and finance secretaries.

DAWN.COM | Front Page | Rs601bn proposed for development budget


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## xenia

*Manufacturing gains momentum​*By Mohiuddin Aazim

THE growth in large-scale manufacturing is gaining momentum because of the rising export, increasing domestic demand and low base effect. 
*Large-scale manufacturing (LSM) grew 4.36 per cent in nine months of this fiscal year against 7.6 per cent decline seen in the same period of the last year*. Full fiscal year growth looks set to hit five per centdespite gas and electricity shortages and high interest ratesagainst last years contraction of 8.2 per cent. 

The huge decline in LSM growth in FY09 provided a low base to facilitate handsome growth this fiscal year .But the first half of the year saw no major signs of it while a fragile recovery was reported in October-December 2009. Large-scale manufacturing actually accelerated from January 2010 on the back of a gradual pick-up in international demand and export recovery. A higher growth in the economy and the resultant rise in domestic spending also fuelled demand for industrial goods. 

Primarily, LSM growth has been driven by an early and strong recovery in auto sector, says Mr Zubair Tufail, former vice president of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI). Higher agricultural income in the last two years on the back of improved support prices of crops created auto demand in rural and semiurban areas, he says. Auto sales have also been helped by bank financing since the second quarter. 

Banks almost stopped offering fresh auto loans last fiscal year amidst a slowdown in domestic economy that had fattened their bad debt portfolios. They removed the cap on auto and other consumer loans after the State Bank of Pakistan relaxed rules for loan provisioning. 

*In addition to autos, cement, chemicals, cotton ginning and fertiliser companies also showed marked growth in the first three quarters of this year. Output of other major industries like those of electrical and electronic appliances, agricultural machinery, power looms, leather, cooking oil and medicines also went up. *

Still LSM growth is not very broadbased as producers of sugar, cotton yarn, petroleum products and iron and steel materials continue to report a declining trend in output. Production of cement, chemicals, ginned cotton and fertilisers etc have risen primarily because of low base effect. Future outlook for industries largely depends on whether exports growth seen so far would sustain and whether domestic economy would accelerate fast enough to continue to push up corporate and household incomes. 

Industrial performance continues to remain tied up with exports to a large extent as we have not fully developed vibrant domestic markets, says a central bank economist involved in industrial analysis. *But for the last few years a change for the better is taking place. Agricultural machinery and implements, electrical and electronic items, and of course, autos, all these industries cater to domestic markets. I think other industries also need to penetrate more into domestic markets without which a sustainable growth in output is not possible. *While businessmen generally buy the idea of promoting industrial output through development of efficient domestic markets, they point out that the government has so far not taken up this issue seriously. There is enough potential for developing domestic markets for low to medium value-added products while our exporters need to switch over to higher value-added products, says a former chairman of Export Promotion Bureau (now TDAP) who is himself a businessman. But he laments that developing domestic markets require a lot of spadework in areas like legal framework, taxation, competition environment, infrastructure and interprovincial harmony, etc. 

How much the government has been serious in undertaking such spadework is evident from the way it dilly-dallied re-promulgation of the Competition Commission of Pakistan Act and the manner in which powerful lobbies were allowed to defy the rulings of CCP on charges of cartelisation and business malpractices. 

*Businessmen say that sustainable LSM growth is not possible without exports becoming more competitive in the world markets. On this front too, the situation is far from encouraging. So far this year, exporters have not been facilitated through Competitiveness Support Fund. *

But most of them are upbeat about the future outlook of large-scale manufacturing. They say that the strategy to involve sugar mills in electricity production through captive power plants, recent commissioning of some power generating units, the coming into operation of rental power plants and the campaign launched to conserve gas and electricity would help industries overcome power shortages from the next year. 

Besides, the high interest rates may begin sliding from the next fiscal year as the efforts being made to contain deficit financing through inflationary borrowings start bearing fruits. If energy crisis is taken care of and the interest rates start coming down from next fiscal year, I foresee even better LSM growth in the years to come, commented Zakaria Usman, VicePresident of the Federation of Pakistan Chambers of Commerce and Industry. But, he said, the implementation of value-added tax in a hurry might create inflationary pressures. 

Large-scale industrial production would accelerate further if the government comes up with a comprehensive plan to establish linkages between LSM and downstream smallscale manufacturing units and implements it with effective support of the private sector. This would result in higher efficiency of both large and small scale industries and cut import bills as well, said a senior executive of a chemicals manufacturing unit in Karachi. Innovative thinking on the part of private sector is also important. Citing an example, he said, a small denim manufacturer who was on the verge of losing business last year used a portion of the junkyard of his factory in North Karachi industrial zone to construct residential quarters for his skeleton staff. The result is that production does not suffer due to bad law and order in the city and the resultant drop in workers turn-out.


Dawn ePaper


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## farhan_9909

very very very good

after passing through such a tough time we are again rising

INSHALLAH one day we will again achieve the 8.4&#37; economic ggrowth rate of 2004-05


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## xenia

*Economic stability taking hold in Pakistan: IMF *​Wednesday, 26 May, 2010 

ISLAMABAD, May 25: *Pakistans economy is getting back on an even keel after a balance of payments crisis 18 months ago but it remains vulnerable to shocks and a risky market for investors, according to the IMFs representative in Islamabad. *

Political uncertainty, chronic insecurity and a budget deficit inflated by spending to tackle Taliban militancy were all threats to recovery, but the outlook was far brighter than when Pakistan was on the brink of default in 2008, said Paul Ross. 

*In terms of the economy, stabilisation seems to be taking hold ... progress has been made, he said in an interview on Tuesday. *

Pakistan turned to the International Monetary Fund for an emergency package of loans in November 2008, when inflation was 25 per cent, central bank reserves were the equivalent of just one month of imports and the current account deficit had widened to 8.5 per cent of gross domestic product for fiscal year 2007-08. 

Now,* inflation has dropped to 13 per cent, reserves are four months of imports and the current account deficit is set to be around 2-3 per cent of GDP this fiscal year ending June 30. *
Even among risky frontier markets Pakistan is seen as too long a shot for many investors due to its insecurity, poor governance, corruption and crippling power shortages. 

Indeed, foreign direct investment (FDI) has almost halved over the past year, standing at just $1.77 billion in the first 10 months of the fiscal year 2009-10. In Vietnam, by comparison, the government expects FDI of $10-11 billion in 2010. 

*However, there has been an upturn in foreign portfolio investment as the economy has improved, with net inflows into the stock market of $508.7 million in the first 10 months compared with an outflow of $392 million in the year-earlier period. *
Ross pointed to a narrowing of the spread on Pakistans sovereign CDS, used to insure against sovereign debt default, as a signal of returning confidence in Pakistans economy. 

The 5-year credit default swap spread started to drop steadily at the end of February from levels above 900 basis points. It dropped as low as 675 this month before rising again in line with global trends as Eurozone tremors spooked markets. 

It was at 750 on Tuesday. 

The security situation adds to uncertainty, which investors dont like, but if the economic stability deepens further I would expect CDS spreads to come down some more, Ross said. 

The IMF agreed this month to release a fifth tranche of the $11 billion loan agreed in 2008 after Pakistan sought a waiver on some of its targets, including for the budget deficit, which the government has targeted at 5.1 percent of GDP for 2009-10. 

The governments initial forecast for the budget deficit was 4.9 per cent of GDP for fiscal year 2009-10. 

*The government, which will unveil its budget for 2010-11 on June 5, is now expecting GDP growth of 4.5 per cent for the next fiscal year starting July 1. *

The government is expecting 4.1 per cent GDP growth for fiscal year 2009-10. 

However, Ross said a rise to the Asia emerging markets growth rate of 8 per cent will require a leap in the tax-to-revenue rate, which is just 9 per cent of GDP. Plans for a value-added tax face significant opposition and there are currently fewer than 2 million taxpayers from a population of 170 million. 

This leaves no domestic cushion for the government in the case of an economic shock, constantly forcing it to look externally for assistance, and it limits the resources available for investment in health, education and infrastructure.Reuters 

DAWN.COM | Front Page | Economic stability taking hold in Pakistan: IMF


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## xenia

*Govt may miss fiscal deficit target ​*
By Shahid Iqbal 
Tuesday, 25 May, 2010 


_The SBP expressed doubt that the Federal Board of Revenue could achieve the target of Rs1,380 billion as it needed to collect Rs354 billion over the next two months while the monthly average collection was Rs102 billion. &#8212; File Photo _

KARACHI: The State Bank has expressed fears that the government may miss even the revised target of fiscal deficit for the current year. 

*In the Monetary Policy statement for the next two months issued on Monday, the SBP has taken a critical view of the government&#8217;s heavy borrowing from the State Bank and scheduled banks. *

*&#8220;There is a risk that the government may miss the revised fiscal deficit target of 5.1 per cent of GDP,* which will be inconsistent with the objectives of macroeconomic stability,&#8221; the statement said, adding that further deterioration of the fiscal account would have consequences for debt sustainability and the external balances. 

The central bank decided to keep the policy discount rate unchanged at *12.5 per cent* in the wake of rising inflation. 

*It said persistent borrowing from the banking system for budgetary support coupled with expected borrowings for commodity operations during the fourth quarter of the financial year was jeopardising the space for private sector credit, causing inertia in market interest rates, running the risk of excess domestic credit creation and increasing the debt burden of future generations. *
For the third quarter of the current fiscal the government breached its quarterly borrowing limit from the SBP by about Rs30 billion. 

The government borrowing increased to Rs1,310 billion (on cash basis) on May 14 against the end-June target of Rs1,130 billion. It borrowed Rs206 billion from scheduled banks. 

The SBP expressed doubt that the Federal Board of Revenue could achieve the target of Rs1,380 billion as it needed to collect Rs354 billion over the next two months while the monthly average collection was Rs102 billion. 

*&#8220;Even if the target is met, the tax-GDP ratio is likely to be less than 10 per cent, which is one of the lowest in the world,&#8221; it said*


DAWN.COM | Front Page | Govt may miss fiscal deficit target


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## bc040400065

*Higher price to farmers must to get good crops *
By Amin Ahmed 
Wednesday, 26 May, 2010 


ISLAMABAD: Federal Minister for Food and Agriculture Nazar Muhammad Gondal has attributed this years good cotton crop to the successful policy of the government saying that it was mainly due to the good price given to the growers. 

The domestic requirement of 15 million bales would be met as the government has entered into an agreement with the leading American seed company Monsanto. 

A proper mechanism would be formulated to pass on benefits to the farmers and protect them against any exploitation, Gondal told a delegation of Pakistan Hosiery Manufacturers Association (PHMA) from Faisalabad, which briefed him on the situation obtaining from duty imposed by the government on the export of yarn. 

Mr Gondal stated that the entire economy and industry was based on agriculture and without safeguarding the interests of the farmers community, prosperity could not be achieved. 

The country is presently facing sugar shortage because of low price paid to the growers that has resultantly affected the production of sugar, he said. 

The PHMA urged the government to formulate a mechanism that results into a win-win situation for the growers, spinners and the value-added sector. This could only be achieved if the benefits are also passed on to the farmers, it added. 

The minister told the delegation that the industry could not survive until and unless the interests of the farmers are duly protected. He blamed the cotton- related industry for the crisis as it calls for a free market mechanism and at the same time favours taxation on yarn export. 

If the farmers get good price for their crop locally, there would be no need of exporting cotton or yarn, said the minister. 

The hosiery delegation agreed to jointly work for devising a mechanism that takes into account the rights of the growers and stated that the benefits of regulatory duty imposed on yarn export must be passed on to the farmers. A farmers support fund must be created for this purpose, it added. 

DAWN.COM | Business | Higher price to farmers must to get good crops


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## Hyde

*10-month cotton export up 140 percent ​*

RIZWAN BHATTI
KARACHI (May 27 2010): Despite a massive shortage in the domestic market, the country's raw cotton export registered a robust increase of 140 percent during the first 10 months of current fiscal year mainly due to rising demand in the world market. Industry sources told Business Recorder on Wednesday that Pakistani exporters are getting massive orders on the back of high production and low prices in the domestic market as compared to other countries.

As per world cotton estimates, all major cotton producers including China are facing short cotton crop this year, therefore, cotton demand in the world market is increasing gradually and recently India imposed some 2.75 percent duty on the export of raw cotton to curb rising export of the commodity.

Pakistan achieved a bumper crop during the current cotton season and overall cotton production stood at 12.7 million bales during current fiscal year (2009-10) as compared to 11.2 million bales in last fiscal year 2008-09, depicting an increase of 1.5 million bales. Although, the country has got a bumper cotton crop, however it is much less than the consumption and not sufficient to meet the country's demand, which presently stood at some 15.5-16 million bales per annum.

Recently, the value added textile sector also demanded of the government to slap ban on the export of raw cotton, as local prices of cotton yarn are moving up due to short supply of raw cotton. However, local exporters are taking full advantage of free trade regime, as there is no restriction on the import and export of raw cotton due to the free economy under the WTO agreement.

According to the Federal Bureau of Statistics (FBS), the country's cotton export posted an increase of 140 percent during the first 10 months (July-April) of current fiscal year. The country exported worth $194.154 million raw cotton in July-April as compared to $80.835 million during the corresponding period of FY09, depicting an increase of $113.319 million.

Meanwhile, month on month basis cotton export also surged by 20 percent to $1.12 million during April 2010 as compared to $0.645 million during the same period of last fiscal year. "At present Pakistani exporters and traders are being offered lowest cotton price in the region as compared to other competitors, with the result they are getting massive export orders," said an exporter.

He said Pakistani raw cotton exporters are offering better quality cotton at reasonable price of some 80 cents per maund as compared to some 84-86 cents per maund by the Indian traders, while expected bumper crop in the upcoming season has also put a positive impact on the export of cotton. "We are expecting record export of raw cotton next fiscal year," he added.


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## ejaz007

*China to invest around $1 billion in IT sector*

ISLAMABAD: China would invest over $1 billion in Information Technology sector in Pakistan as sequel to the Memorandum of Understandings (MoU) signed by President Asif Ali Zardari in his visit to China last year.

To discuss the modalities and procedures for investment, Ambassador of China in Islamabad, Lou Zhaohui met with the Advisor to Prime Minister on Information Technology Latif Khosa on Wednesday.

The friendly country would invest in three sub-sectors of Information Technology for re-strengthening the sector.

The Advisor to Prime Minister assured the envoy that all bureaucratic bottlenecks on the way to implement the projects would be overcome. 

He said the government is making all-out efforts to give impetus to the technology sector with ultimate aim to create more job opportunities for the talented youth of the country.

Khosa was thankful to the Chinese Ambassador who has been taking keen interest to further strengthen the existing bonds between both the brotherly nations of Pakistan and China.

The Ambassador of China also discussed the arrangements for upcoming visit of the Vice Prime Minister and Minister for Information Technology to Pakistan.

The Advisor to PM expressed the hope that the upcoming high profile visit of the Chinese Vice Premier would help take the existing relations of the two nations to new heights. app

Daily Times - Leading News Resource of Pakistan


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## xenia

*Economy grows amid lingering concerns​* 
By Mohiuddin Aazim 

IMPROVEMENT in the external account, a strong recovery in manufacturing, high growth in services sector but more importantly, a downward revision of economic growth rates for the last two years have helped the government claim a higher-than-targeted estimate of GDP expansion in FY2010. 
When it presents the national budget 2010-11 in the first week of June, the government is expected to boast of 4.1 per cent GDP growth for FY10 against the target of 3.3 per cent.The FY08 and FY09 GDP expansion of 4.1 and two per cent have been revised downward to 3.7 and 1.2 per cent, respectively. 

The economy is recovering gradually from the last years slowdownthanks to improvements in some vital areas though energy crisis persists, foreign debts continue to pile up, interest rates are still high and agriculture sectors output remains low (See Table). But, the worsening power crisis, which has severe ly hampered economic activity, and fiscal weaknesses, continue to impede sustainable recovery and comprehensive macroeconomic stability, SBP says in its latest monetary policy statement. 

Average inflation in ten months of FY10 has remained much below the last years level but inflationary pressures have lately been building up as international prices of fuel, food and other commodities are on the rise, domestic demand is up and the governments inflationary borrowing from the central bank remains high. *That is why SBP has left its key policy rate intact at 12.5 per cent for next two months. *
*In nine months of FY10, large-scale manufacturing grew 4.36 per cent and fullyear growth rate is expected to reach five per cent against the target of just one per cent*. An increase in domestic spending backed by higher agricultural incomes, growth in global demand after the recession and the resultant upsurge in exports continue to facilitate industrial growth. *Services sector is estimated to have grown by 4.56 per cent this year against the target of 3.9 per cent. *
*But a marginal decline in wheat and rice production and a massive fall in sugarcane output combined with below-ex pectation performance of the livestock and dairy sector due to security-related issues in Khyber Pakhtunkhwa province are likely to keep agriculture sectors growth at two per cent against the target of 3.8 per cent.* 

A decline in inflation and stability in the exchange rates continue to support industrial performance despite high interest rates and energy crisis. But the exchange rate stability and improvements in the external sector account carry a heavy price-tag i.e. *a substantial increase in external debts. *
In mid-May the IMF released the fifth tranche of $1.13 billion out of a total loan package of $10.66 billion. Pakistan has so far drawn $7.27 billion and has requested the Fund to release the last two tranches in one go so it put its financial house in order. 

This huge borrowing from the IMF, an increase in exports, slower import growth and home remittances have helped in reducing its current account deficit and in posting a small balance of payments surplus despite a fall in foreign investment. But at the same time, external debts and liabilities have increased by 9.5 per cent in nine months of this fiscal year and the cost of debt servicing has also gone up. *In three quarters of the current fiscal year, $3.625 bil lion were spent on servicing external debts and liabilities against $3.575 billion for the entire last fiscal year*. 

Higher cost of external debt servicing, increase in se curity-related expenses amidst much lower-thanpromised inflows of funds committed by the Friends of Democratic Pakistan, huge non-development spending by the government and less-thandesired growth in tax revenue have all contributed to ballooning of the fiscal deficit. *The fiscal deficit targeted at 4.9 per cent of GDP for FY10 is expected to shoot up to revised 5.1 per cent*. And the central bank, in its latest monetary policy review, has indicated that the actual deficit may rise even beyond this revised ceiling. The government borrowing from the banking system in general and from the central bank in particular remains higher than in the last fiscal year. 

*However, a recovery in manufacturing sector and increase in exports have renewed the appetite for private sector credit that had bottomed out in the last fiscal year*. The relaxation in rules by the central bank for provisioning of banks bad loans has also emboldened banks to restart lending to the private sector with confidence. 

Higher-than-targeted fiscal deficit has also forced the government to cut its budgeted development spending of Rs616 billion by more than 50 per cent in the current fiscal yearwith all its consequences on future capacity building for sustainable economic growth.



Dawn ePaper


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## ejaz007

*Italy interested in Diamer-Bhasha construction*
Staff Report

ISLAMABAD: Ambassador of Italy to Pakistan, Vincenzo Prati, called on the Federal Minister for Water and Power, Raja Pervaiz Ashraf, here on Monday and discussed various matters of mutual interest and bilateral relations particularly the Diamer-Bhasha Dam.

The Ambassador said that Italian Companies are interested in constructing Diamer-Bhasha dam because they already have a similar experience in Pakistan in the form of the construction of Tarbela dam. 

He said that Italians are also keen to collect data of water quantity in the glaciers in Gilgit Baltistan.

The Minister welcomed the Italian offer and said that the government is all se t to inaugurate Diamer-Bhasha Dam in July 2010 and start construction by the end of current year. He said that ADB, IDB, FOP and WB have assured funding for this project, which is of national importance to the country. He asked the Italian ambassador to collect relevant data for the dam and take part the bidding process for the construction of the dam. The Minister also informed the Ambassador of construction of Kurram Tangi Dam and Kayal Khawar Hydel project.

Daily Times - Leading News Resource of Pakistan


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## farhan_9909

No i think chineese are good for Basha dam construction
it cost 12.5Bn USD.
So we hav to give deal to our chineese friends
is it true
that russia is also in the dam tender..heard it may be nt true

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## bc040400065

*Federal budget 2010-11: Harsh taxation, token relief expected *
Friday June 04, 2010 (1151 PST)


ISLAMABAD: The next budget (2010-11) will unveil tough taxation measures, including hiking the standard rate of the *GST by one per cent to 17 per cent from the existing 16 per cent, **abolishing sales tax and income exemptions and increasing excise duty on cigarettes, air conditioners, refrigerators and other items. *The federal government is going to present the next budget in the National Assembly tomorrow (Saturday) in which it will reiterate its commitment to impose Value Added Tax (VAT) in 2010-11 after evolving consensus among all stakeholders to fulfil the IMF/WB main condition for multibillion dollar financing. 

The federal and provincial governments representatives are going to hold another round of talks today (Friday) to iron out differences on VAT though it has been decided that no announcement in this regard would be made in the budget speech. 

VAT or no VAT, *the FBRs tax collection target of Rs1,667 billion will remain unchanged for the next fiscal year, though the ministry of finance is pressing the FBR to go for Rs1,700 billion target. *

The FBR has proposed capital gains tax with different rates ranging from 7.5 per cent on stock market shares to 17.5 per cent for holding shares depending on timeframe. *The imposition of capital gains tax on stock market share is expected to yield around Rs5 to 6 billion during the first financial year 2010-11,* a senior official of the FBR confirmed to this scribe. 

The FBR, he said, has not proposed to abolish exemption of CVT on land transaction up to one kanal and it would continue in the coming budget. The government is unlikely to allow import of reconditioned cars while taxes on the local cars will remain unchanged. 

On relief side, the FBR has proposed to the government to increase ceiling of taxable income for the salaried class. The government will also include X-Ray film in the list of duty-free items. The list of raw material with zero-rated regime will be expanded in the next budget. 

*Excise duty on air conditioners and refrigerators is likely to be doubled, from existing 5 per cent to 10 per cent in the next budget. On cigarettes it will be increased substantially, close to 70 per cent, in accordance with the international standards. *


Pakistan News Service - PakTribune


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## Marxist

*VAT dispute may delay further IMF loan to Pakistan*

WASHINGTON: The International Monetary Fund has not stopped the release of loans to Pakistan till the imposition of Value-Added Tax, but a further delay in implementing IMF-backed reforms may delay the next disbursement, sources told Dawn on Tuesday.

Some TV channels in Pakistan have reported that the IMF has stopped further disbursements, withholding about $1.15 billion, including budgetary support of $363.7 million.

But IMF and diplomatic sources told Dawn in Washington that while the report was incorrect, Pakistan not only needs to implement VAT but also increase power tariff by six per cent under a 6-12-6 formula already accepted by Islamabad.

If power tariffs are not adjusted now, the delayed increase will have to be accommodated in the 2010-11 schedules, which may further enhance the adjustment rate.

Similarly, if VAT is not implemented by July 1, as already agreed between Pakistan and the IMF, the next review will not take place.

IMF sources blamed the government for creating the impression that the fund was forcing Pakistan to implement these reforms. They noted that Pakistan had promised to implement the reforms and the IMF was only reminding it to fulfil its pledge.

The sources said the IMF resident mission in Islamabad had also asked the ministry to fulfil its pledge to the World Bank to hike electricity rates by six per cent.

VAT was to be imposed in the budget for 2010-11 presented on Saturday but this could not be done due to differences between the federal and provincial governments.

Earlier, Pakistani diplomatic sources in Washington said they had about three months to implement VAT and other reforms to meet its obligations to the IMF. 

DAWN.COM | National | VAT dispute may delay further IMF loan to Pakistan


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## GUNNER

*FATA ADP Doubled: Finance Minister*

Finance Minister Dr Abdul Hafiz Sheikh has announced enhancement of FATA's Annual Development Plan (ADP) from Rs. 8.6 billion to Rs. 15 billion. 

A delegation of Parliamentarians from the Federally Administered Tribal Areas (FATA), led by Mr. Munir Orakzai, MNA, called on the Federal Minister for Finance, Dr. Abdul Hafeez Shaikh here today. During the meeting, the Parliamentarians from FATA apprised the Minister of the economic problems faced by the people of FATA agencies.

Finance Minister Dr Abdul Hafiz Sheikh announced enhancement of FATA's Annual Development Plan (ADP) from Rs. 8.6 billion to Rs. 15 billion and assured the delegation that all constitutional and administrative formalities in this regard would be completed shortly and the Ministry of Finance would ensure that the amount is released promptly.

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## ejaz007

*Australia seeks investment in Pakistan*

KARACHI: Australian High Commissioner to Pakistan, Tim George, said it was the intention of the Australian government to bring their investors, particularly those based in Dubai, to Pakistan. 

He said this during his visit to the Overseas Investors Chamber of Commerce & Industry (OICCI) to discuss investment opportunities in the country. The delegation included Peter Linford, Australias Senior Trade Commissioner for South Asia, Jon Bonnar, First Secretary (Political) Australian High Commission and Bazl Khan, Australian Consul General and Karachi based Trade Representative.

Tim George said the Australian government is looking towards areas of opportunities where potential investment could be made and asked for OICCIs support in identifying such sunrise industries. He also shared that the government is interested in the livestock and dairy industry of Pakistan and is exploring the possibilities of investment in this particular sector. While giving a brief presentation on the role of OICCI, Ameena Saiyid OBE, President OICCI said, the OICCI, a premier body of multinationals in the country, can play a significant role in increasing investment and economic growth despite the challenging times. staff report

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Arab Iron and Steel Union to invest in Pakistan*

KARACHI: Chairman of Al Tuwairqi Holding, Dr Hilal Hussain Al Tuwairqi, said that the current scenario of the Pakistani steel sector indicates a huge growth potential in this industry. 

The per capita-consumption of steel in Pakistan is only 38 kg vis a vis a global average of 175 kg. Even if we consider the very modest increase in per capita steel consumption to 80 kg in the next 10 years, the steel requirement works out to be 16 million tonnes per annum for a population of around 200 million by the year 2020.

Dr Hilal expressed these views after being elected as chairman of the board of Arab Iron and Steel Union (AISU), which is the largest regional Arab conglomerate of iron & steel producers and users, comprising more than 80 companies from 16 Arab states.

Dr Hilal, being the head of AISU board, can help strengthen Pakistans steel industry and would definitely facilitate Tuwairqi Steel Mills in arranging technical expertise to accelerate mining and exploration activities in Pakistan with the help of AISU member companies. staff report

Daily Times - Leading News Resource of Pakistan


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## Hyde

Remittances exceed $8 billion mark

Thursday, 10 Jun, 2010


 It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called Pakistan Remittance Initiative (PRI) with a view to facilitating the flow of remittances through formal channels.  File Photo 

*KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $8,064.47 million was received in the first eleven months (July-May) of the current fiscal year 2009-10, showing an increase of $988.21 million or 14 per cent over the same period of the last fiscal year.
*


This is the first time that remittances exceeded the mark of $8 billion in any fiscal year while the remittances for the month of June are yet to be accounted for. The amount of $8,064.47 million includes $1.02 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).



It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called Pakistan Remittance Initiative (PRI) with a view to facilitating the flow of remittances through formal channels.



In this regards a number of steps have been taken by PRI which has started to materialize and remittances through formal channels are showing considerable growth.



It may also be mentioned Pakistan has been reported as a top nation which has shown the highest growth in the world in remittances despite recent global financial crisis. 



In May 2010, an amount of $757.86 million was sent home by overseas Pakistanis, up 5.16 percent or $37.18 million, when compared with $720.68 million received in the same month last year.



The inflow of remittances in the July-May, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,842.18 million, $1,718.31 million, $1,606.36 million, $1,132.03 million, $793.91 million and $229.74 million respectively as compared to $1,523.89 million, $1,407.23 million, $1,581.48 million, $1,094.54 million, $537.11 million and $224.71 million respectively in the July-May, 2009 period.



Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eleven months of the current fiscal year amounted to $740.88 million as against $706.84 million in the same period last year.



The monthly average remittances for the July-May 2010 period comes out to $733.14 million as compared to $643.30 million during the same corresponding period of the last fiscal year, registering an increase of 14 per cent.



During last month i.e. May 2010, remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $192.41 million, $178.96 million, $144.56 million, $99.03 million, $59.32 million and $19.53 million respectively as compared to $143.16 million, $157.10 million, $145.83 million, $98.52 million, $69.13 million and $28.18 million in May 2009.



Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2010 amounted to $64.02 million compared with $78.75 million in the same month last year.


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## Hyde

*3G mobile broadband service​*

Technology to be launched after extensive discussions

Friday, June 11, 2010
By Mehtab Haider

ISLAMABAD: All stakeholders of the telecom industry will be taken on board before finalising the policy for 3G mobile broadband technology, said Minister for Information Technology Latif Khosa on Thursday.

3G would be introduced after removing concerns of all the telecom players, Khosa said, while speaking at a seminar on 3G technology. it would be launched after extensive analyses and discussions.

*The recent auction results of 3G spectrum in India ending at $15 billion is a sign of upbeat mood of investors in introducing latest telecom facilities in this region, he said.*

Pakistan Telecommunication Authority organised the seminar in collaboration with Qualcomm and Central Asian Cellular Forum (CASF) to highlight the 3G mobile broadband technology.

Experts informed that the International Mobile Telecommunications-2000 (IMT-2000), better known as 3G or 3rd Generation, is a family of standards for mobile telecommunications fulfilling specifications by the International Telecommunication Union, which includes Universal Mobile Telecommunications System (UMTS), and Code Division Multiple Access - CDMA2000 as well as the non-mobile wireless standards Digital Enhanced Cordless Telecommunications (DECT) and Worldwide Interoperability for Microwave Access (WiMAX) a telecommunications protocol that provides fixed and fully mobile internet access.

Khosa said that the telecom sector witnessed an unprecedented growth after its deregulation.

Currently teledensity - the benchmark of persons having access to telecommunications as compared with the total population - stands at 63.5 per cent, he said. We are well on our way to cross the 100 million mobile subscribers mark in the near future.

*The past two years also saw broadband growth of 150 per cent, never before experienced, he added.*

Talking to the media after the seminar, he said that the government could review privatisation of PTCL with Etisalat after the completion of agreement period and any decision would be taken keeping in view the national interest.

If anything is found against the interest of the country, then the PTCL privatisation could be scraped after completion of due period by year 2013.

He said there some mistakes might have been committed at time of PTCL privatisation, but now it was governments responsibility to act upon the clauses of the agreement.

There are international guarantees involved in such agreements and it is the responsibility of the government to fulfill its obligation at all cost.

He said that the transfer of land to PTCL was underway and when this process would be completed, then Etisalat would pay the remaining instalment to government.


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## Hyde

*IT budget up by 795 percent - industries department's down by 24 percent 
​*
MUHAMMAD RIAZ
LAHORE (June 15 2010): *With a view to develop Punjab as a hub of information technology, the Punjab government has proposed to enhance allocation by 795 percent to Rs 1960 million in the budget 2010-11 as compared to last year revised allocation of Rs 219 million.* The Punjab government, however, proposed to curtail the budget for the industries department in the budget 2010-11 by 24 percent to Rs 220 million as compared to revised allocation of Rs 291 during the year 2009-10.

The allocation was increased in the development programme for the year 2010-11 in line with the medium term development goals envisaged under Medium Term Development Framework (MTDF) 2013. Information technology aims at providing better opportunities towards state-of-the-art governance, transparency for implementation in rules and regulations and best official practices in the public sectors. An amount Rs 1960 million has been earmarked for IT in 2010-11 for implementation of projects sponsored by ITD, PITB and the other government departments.

The enhancement in the budgetary allocation during the financial year 2010-11 is aimed at providing a reliable, scalable IT infrastructure for the government of Punjab, including a centralised secure, reliable, scalable data centre, district-level connectivity and license-compliant software.

The budget is also aimed at developing human resource by providing training through boot camps and remedial programmes, IT teachers training, global IT certification, open source training and training government employees for enhancing e-readiness.

The provision of software technology parks and incubator centres, formulation of provincial ICT policy and action plan for short, medium and long term would be ensured during the year while steps would be taken to enhance foreign and domestic investment in the IT sector. The allocation also aimed at making and implementing policies for improved efficiency through automation of business processes and Business Process Re-Engineering (BPR).

A number of projects have been designed to achieve the objectives of the IT development in the province including construction of state-of-the-art 17-storey Software Technology Park, development of IT Infrastructure and Data Centre to connect government departments and districts for e-governance with each other through common gateway. Moreover Incubator Centres for IT start-up firms would be set up besides imparting IT training, manpower development and creating IT awareness.

The improvement of communication through networking of Highway Patrolling Posts. Replication of "Motor Transport Management Information System" and "Motor Vehicle Registration System" in the remaining districts of Punjab have been included in the main objectives of the IT sector. Apart from this, the citizen services and automation of internal processes in health, education, agriculture, livestock and home departments have also been planned during the year. The other projects under the IT development, the Citizen Feedback System, License Compliant Software and Open Source Software are also included in the development programme.

The Development Programme for the year 2010-11 envisages skill development programmes, employment generation projects, and IT led knowledge-based interventions. The basic thrust of the development strategy in year 2010-11 would be to put a greater emphasis on tripartite elements of growth ie development of infrastructure, investments in human resource and use of advanced technology.

The equitable and balanced growth has been expected to achieve during the current year's policy objectives of the development programme besides extending social sector coverage and improving delivery of public services. Equitable investment would also be ensured.

Despite slashing the budget for the industries department, the provincial government has planned to make efforts to make the industrial products internationally competitive. Industrial sector in Punjab is contributing 26 percent of the Punjab's economy. The department aims at the growth of locally and internationally competitive industries in Punjab to achieve the following benefits in the shape of technological upgradation, employment generation in the industrial, services, cottage industries, sustained growth in profits from industrial and services sectors, sustained growth in government revenues and export earning and sustained growth in foreign and local investment in manufacturing and service sectors in Punjab.

The provincial government has earmarked Rs 220.00 million for the Industries sector with the objectives to create an enabling environment for the private sector to grow and prosper. The resulting economic activity is expected to achieve the government's objectives of employment generation, increased income and poverty alleviation. Creating a better quality of life for the citizens of Punjab by encouraging private sector to invest in Punjab. Generating growth in the economy to create employment, upgrading technology to enhance profitability and improving infrastructure necessary for economic uplift.

The provision of one roof facility to the manufacturers under cluster development programme, provision of missing facilities in Small Industrial Estate, lending programme for SSI sector including small industries, cottage industries and household enterprise at competitive rates would be ensured during the next financial year.


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## Hyde

*Punjab government proposes to enhance education budget to Rs 23.3 billion​*

HASSAN ABBAS
LAHORE (June 15 2010): The Punjab government has proposed to enhance the education budget for the financial year 2010-11 to Rs 23,300 million as compared to the last year's provision of Rs 21,525 million in the revised budget of 2009-2010. A substantial amount of Rs 6350 million has been allocated for the year 2010-11 for completion of maximum ongoing schemes and initiation of new schemes especially in college education.

According to the budget document, major initiatives have been taken in the budget includes Internal Merit Scholarship for Professional Students and to recognize the recognize the brilliance of talented students, a scheme for grant of scholarship for professional students has been included in the Development Programme 2010-11.

The focus of the government is on the primary and secondary education and the government is committed to provide science labs in secondary schools and to improve existing science labs in secondary schools and to strengthen practical education, about 1000 high and higher secondary schools having highest enrolment will be provided quality science equipment in the first phase. Standardised practical books will also be developed under this scheme.

Punjab Government has embarked upon a comprehensive plan to enhance the quality college education with special focus on improvement of physical infrastructure of Colleges. To complete the schemes under Punjab Education Sector Reform Program (PESRP) Phase-l, an allocation of Rs 1132 million has been earmarked for the provision of missing facilities and in other colleges an amount of Rs 1337.247 million has been allocated.

Higher Education Department has also decided to introduce 4-Years Bachelor Program in the public sector colleges throughout the province. For the purpose 26 colleges has been identified so far. The scheme would be extended to all the colleges of the province in] coming years.

In order to promote Higher Education in the Province it has been decided to provide graduate facility to all the colleges at District Headquarters, for this purpose, 24 sites have been identified where post graduate facility is not available either for male or for female populations area.

The government is committed to develop an enlightened and prosperous Punjab with improved governance, equitable access, quality education and ensuring achievement of Millennium Development Goals (MDGs) by 2015. The primary focus is on the poor quality education in the Province. In order to better equip the students with I.T. Education, 515 I.T. labs are being established in elementary schools in 2010-11.

Daanish School and Center of Excellence Authority has been established recently in 2010. Fifteen Daanish Schools will be established and 72 existing schools will be converted into Centers of Excellence in Phase-l. Poorest of the poor will get education of International Standards in these institutions.

Punjab Educational Endowment Fund (PEEF) is an initiative of the Government of Punjab with the objective of providing scholarships/monetary assistance to talented and needy students for pursuing quality education with equal opportunities. To make it more efficient, transparent and autonomous in its functioning, the fund has been established under Section 42 of the Companies Ordinance, 1984.

PEEF was established initially with the seed money of Rs 2 billion. In 2009-10, Rs 2 billion were provided for the fund. In 2010-11, an amount of Rs 2 billion would also be added to the fund. Special treatment will be given to the students of fifteen less developed districts of the Southern Punjab.

Special quotas for orphans, children of Government employees (up to BS-14), disabled, minorities and widows have also been allocated. Bright and needy students of other provinces including Azad Kashmir will also be provided opportunities for higher education through this programme.

For the especial education Government is trying to create conducive learning environment for the disabled) so as to make them useful, self supportive and self reliant members of the society and to use their potential and skills in various spheres of life. A block provision with an estimated Rs 500 million has been made available in Development Program 2010-11.

The Special Education Department, on the analogy of School Education Department, intends to establish computer labs in all centers and schools for special students. Like normal students all the disabled ie Hearing Impaired, Visually Impaired, Physically Disabled, Slow learners and even Mentally Retarded students can benefit immensely and tremendously from I.T/Computer Technology/Internet, etc as supportive devices and soft wares make learning easy and even help rehabilitate special students.

In the ADP 2010-11, an amount of Rs 100 million has been allocated for the Pilot project. After successful completion of the pilot scheme, a full fledge scheme will be launched in this regard. Government of the Punjab intends to establish an International Standard Rehabilitation Centre for Disabled with approximate cost of Rs 1000 million. In this regard a Company under Article 42 of the Companies Ordinance has been established and funds amounting to Rs 100 million have already been transferred.

Eradication of illiteracy is critical for achievement of Millennium Development Goals. To provide yet another opportunity for out of school population to return to education, special efforts are being made. For this purpose, an allocation of Rs 800 million has been made in the development program 2010-11. The major projects are campaign for enhancement of literacy in four districts of Punjab Literacy Program (ALCs & NFBE Schools in 31 districts), Punjab Literacy and Livelihood Programs and establishment of 300 Adult Literacy Centers and 200 NFBE Schools at Brick Kiln areas.


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## ejaz007

*Faysal Bank to take over RBS Pakisan*

** Deal signed at a much lower amount than had been offered by MCB Bank* 

By Mushfiq Ahmad 

KARACHI: Faysal Bank (FABL) and RBS Pakistan confirmed signing of an agreement on Wednesday, which will allow FABL to take over local operations of RBS, upon regulatory approval. 

Both banks sent letters to the KSE, saying that FABL will acquire 99.37 percent holding of RBS Pakistan for a total consideration of EUR 41mn ($50.3mn), which culminates in a share price of Rs 2.5 and a P/B multiple of 0.56x. 

The regulatory approval is expected by the third quarter of current calendar year. 

This takeover appears to be the cheapest amongst the domestic transactions in the recent past, said Mustufa Bilwani at JS Research. During the economic boom (FY03-FY08) there were a large number of private sector acquisitions in the banking sector, including those of Union Bank, Prime Bank, PICIC & MCB Bank (20 percent strategic stake). 

These transactions carried out an average premium of 4.5x BV while banks were then trading at an average PBV of 2.2x. 

The acquisition would take FABLs branch network from 134 to 213. FABL would also leapfrog four places to seventh, in terms of total gross advances in the industry, which would rise to Rs 154 bn. In terms of deposits, the bank would move up one place to the 10th, with combined deposits reaching Rs 175 bn; and it would also jump to 10th place in terms of assets. 

This was the second time the bidding took place, after an earlier bid won by MCB Bank failed to go through due to regulatory issues last year. MCB had agreed to pay $87mn or Rs 7.3 bn (Rs 4.22/share) for the bank which translated to a P/B multiple of 0.73x. However, the agreement lapsed following the failure to acquire NOC from the State Bank of Pakistan (SBP). 

Kamran Rehmani, an analyst at First Capital Equities, said the new deal price was lower than that with MCB primarily due to deterioration in micro-level performance indicators of RBS Pakistan. 

The acquisition will ultimately enable FABL to enjoy the prime branch location benefit from RBS Pakistans network. Interestingly, Faysal Bank has added a total of 79 branches in last 4 years (2005-08) with a total cash outlay of around Rs 2.8 billion. 

FABL would benefit from RBSs low-cost deposit franchise, said Rehmani. In 2009, the cost of deposits for both RBS Pakistan and FABL was respectively 6.8 percent and 8.2 percent. That said, combined cost of deposit would be favorable for FABL, he added. 

RBS Pakistan has 1,717,981,391 ordinary shares listed on the Karachi Stock Exchange, the Lahore Stock Exchange and the Islamabad Stock Exchange.

Commenting on the sale, Chairman of RBS Pakistan, Muhammad Aurangzeb, said, We are delighted to confirm that today we have successfully entered into a sale agreement with Faysal Bank for RBS Pakistan which comprises of Retail, Commercial, Islamic and onshore GBM and GTS businesses in Pakistan. Faysal Bank will be an excellent owner of the strong customer franchise we have established here in Pakistan. I am particularly pleased that our staff and customers will become part of one of the countrys progressive and growing banks which has such clear ambition to grow further in the local banking and financial services sector. 

President & CEO of Faysal Bank, Naved A. Khan, said, The acquisition will significantly contribute to Faysal Banks development and will be a major catalyst in achieving our growth strategy. Whilst expanding our geographical footprint, touch points, customer base and product portfolio, this acquisition will boost our ability to raise the bar of our service levels. Furthermore, employees of the combined entity could have potentially greater career opportunities and development options. 

This agreement with Faysal Bank follows the completion of the strategic review and the announcement on 26 February 2009 that RBS was to dispose of its Retail & Commercial businesses across Asia along with the decision to exit its wholesale banking businesses in Vietnam, the Philippines, Taiwan (except the Securities business) and Pakistan in an effort to refocus the groups geographic reach across a smaller number of key markets.

Daily Times - Leading News Resource of Pakistan


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## Marxist

*Pakistan's FDI sees big drop in first 11 months *

The Foreign direct investment ( FDI) in Pakistan dropped by 39 percent to 2.03 billion U.S. dollars during the first 11 months of the current fiscal year ( July 2009 to June 2010) from 3.33 billion in the same period of last year, economists said Wednesday.

There was an outflow of 133.8 million of portfolio investment during these 11 months, which was, however, much lower than the outflow of 1.103 billion in the same period last year, said a report in the Daily Times.

Total foreign investment registered a fall of 14.8 percent to 1. 896 billion from 2.227 billion during the first 11 months, mostly concentrated in the services sector and little invested in the manufacturing sector.

This trend is harmful for the country in the long run because these investments create few jobs, but generate handsome profits in the country, which is then sent abroad, said an economist.

In a breakdown, oil and gas exploration sector attracted 653.9 million FDI, telecommunications 378.7 million, financial business 153.8 million, transport 115.5 million, paper and pulp 80.7 million, construction 95.5 million, chemicals 84.4 million, trade 103.9 million, petroleum refining 79.4 million, personal services 56.9 million, food industry 71.9 million and textiles 24.4 million.

There was an outflow of 21.2 million dollars from the thermal power generation sector. Besides, there was an outflow of 93.1 million from the IT service industry.

The economist said that most of these sectors are not labor- intensive and, therefore, do not contribute significantly to job creation efforts of the government. He said it was necessary for the government to improve infrastructure and ensure elimination of energy shortages in order to attract substantial foreign investment in the manufacturing sector.

The United States, with an investment of 521.8 million dollars, continued to be the largest source of foreign investment for Pakistan, he said.

Pakistan's FDI sees big drop in first 11 months _Latest News--China Economic Net


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## bc040400065

*60pc economy out of tax net *

By Kalbe Ali 
Thursday, 17 Jun, 2010 


ISLAMABAD: Principal adviser to the Finance Ministry Saqib Shirani on Wednesday said almost 60 per cent of the economy was out of the tax net and stressed the need of putting the house in order. 


Speaking at a seminar on Analysis of Federal Budget 2010-2011, he said 65 per cent of the budget went to debt retirement, defense expenditures and the current expenditures of the government.


He informed the seminar that the defence expenditure was more than 20 per cent of the budget.The total defence budget is more than Rs675 billion and not Rs470 billion, he told the seminar, whereas the largest allocation is for debt-servicing. 


The seminar was organised by Sustainable Development Policy Institute (SDPI) in collaboration with the UNDP project of Strengthening Democracy Through Parliamentary Development (SDPD) at Pakistan Institute for Parliamentary Services Hall, Parliamentary Lodges. 


Less than half a dozen parliamentarians attended the seminar.


He said that debt servicing ate up around 28 per cent of the budget, while the state owned enterprises made annual loss of Rs240 billion whereas the mismanagement at the public procurement procedures caused a loss of around Rs330 billion to the national exchequer. With all these expenditures in hand there is hardly any substantial room left for development activities, Mr Sherani said. 


He said war on terror, energy crisis and decline in investment had an adverse impact on the economy. 


The SDPI Executive Director Dr Abid Qayyum Suleri said that making the 2010-2011 budget was as painful for the government as it was for the people because of difficult situation. 


Former chief economist of Planning Commission Dr Pervaiz Tahir said that it was doubtful that the Parliament would do anything more than putting its stamp of approval on the budget document. 


Dr Nazia Salim from Lahore FC University expressed doubts on the capacity of provinces to spend PSPD money on education and health. She said that 70 per cent employment in Pakistan was in informal sector. She criticised the government for not placing defence budget for discussion in the Parliament.

DAWN.COM | Business | 60pc economy out of tax net


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## ejaz007

*Installation of 100 KW on-grid solar power plant planned*

ISLAMABAD: Following the initiatives of power generation from alternative resources, the government is going on to initiate the installation of 100 KW on-grid solar power demonstration unit at Pakistan Engineering Council (PEC) Headquarter Islamabad with financial grant of Japan International Cooperation Agency (JICA), official documents available with Daily Times revealed. The project PEC Initiative for Promotion of Solar Power in Pakistan (on-grid solar power system) will require a funding of Rs 236.209 million  out of which JICA will provide Rs 233.209 million and the local component will be financed by the PEC through their own resources. The grid connected PV system will be installed along with its configuration by the experts from donor country and local manpower. This project will also provide an opportunity to different stakeholders and users to observe the functioning of on-grid solar-based energy system and to popularize the use of solar energy, the documents further revealed. Official sources told Daily Times that an advertisement was floated in order to invite proposals for installation of roof mounted Solar Electricity System on P-Block (Pak-Secretariat) on Build-Own-Operate-Transfer (BOOT) basis. Eight companies submitted their proposals in response to the advertisement. No company agreed to install on BOOT basis. Further the detailed review of the quotations revealed that the lowest quoted offer will generate electricity at about twice the rate of the IESCO. This was due to high initial investment involved, the sources maintained. Subsequently, the JICA indicated their willingness to provide Grant Aid for the installation of Solar Electricity System on the rooftop of Planning Commissions building under their project for Clean Energy Promotion using Photovoltaic System in Asia. The application form for Grant Aid from Japan was submitted by the Planning Commission on June 19 2009 to Embassy of Japan/JICA through Economic Affairs Division. The PEC also requested for a similar unit for their building and the agreement with the JICA has been signed. The country is confronting a great power shortage problem during the last few years and this shortage is growing to increase further if effective measures are not planned urgently. The government is considering and planning alternate renewable energy sources including solar energy to overcome this shortage. ijaz kakakhel

Daily Times - Leading News Resource of Pakistan


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## bc040400065

*US to ask IMF to consider Pakistans positive tax reforms*

June 18, 2010


ISLAMABAD: *The International Monetary Fund (IMF) may not halt Pakistans $11.3 billion loan programme due to the postponement of Value Added Tax, as a key aide to President Barack Obama said the US would encourage the IMF to consider Islamabads efforts to reform the tax system.*
In an interview with The Express Tribune, David Lipton, Special Assistant to the President and Senior Director for International Economics at the National Security Council, said Pakistan is committed to carrying out tax reforms and member states would encourage the IMF to take into account the steps taken by the country.

If the reformed General Sales Tax (GST) brings significant revenues and the result is the same as that of the Value Added Tax (VAT), the IMF should support the reformed GST, said Lipton.

The support from the US, which has majority votes in the Executive Board of the IMF, may allay concerns that the IMF will stop releasing loan tranches after Pakistan failed to levy VAT from July 1.

The government scrapped plans to impose VAT and reformed the GST system in the face of stiff opposition by the business community, Sindhs demand to collect the tax itself on services and the Federal Board of Revenues reluctance to accept the levy.

Lipton said the finance ministry has assured him that it would implement the reformed GST as soon as the issues with the provinces are resolved.

*The government explained the goals of the reformed GST and whether it is the GST or VAT what is important is that the tax system should improve,* he added.

*Dialogue on energy*
Lipton said two-day Pak-US energy dialogue would be held in October and insisted that it is wrong to say that the US is only pushing for phasing out power subsidies. We discussed electricity generation, conservation and pricing issues.

He admitted that despite US involvement energy sector problems have not been resolved. We recognise that more work needs to be done, as financial losses caused by the energy crisis are not sustainable.

*Kerry-Lugar Act*

Lipton said the US government wanted to ensure that funds under the Kerry-Lugar aid programme are used in a way which is effective and consistent with priorities of the two governments.

We are still going through the process of how to spend the money in a best way as we want a meaningful use of the money.

To a question whether spending in bits and pieces will reduce the impact of billions in aid over five years, he said the US government is keen to see visible changes after the utilisation of $7.5 billion worth of Kerry-Lugar funds.

One does not want the money spread in a way which diminishes the impact and some significant multi-million-dollar projects have been initiated in the energy sector.

*CSF disbursements*

Lipton said the US government made very strong efforts to resolve the issue of disbursement of the Coalition Support Fund (CSF). He said during the second half of this fiscal Washington transferred a significant amount, which helped control the budget deficit.

To a question why the US government did not transfer $500 million this year out of the $1 billion pledged at the donors conference in Tokyo, he said, we are doing what we can to support development projects. The US government is mobilising a significant amount of money for agriculture, health and education projects.

*War on terror*

Lipton said the US government is very appreciative of the government of Pakistans efforts in fighting the war against extremists.* It is fighting for the rest of the world.*

*He said the money under the Kerry-Lugar Bill will help cope with the losses on account of the war on terror. He said sustainable growth would be the key to recover the losses, a message that Pakistan has to recover most of the $43 billion losses on its own.*

*He said Pakistan is in a comfortable position in relation to its international debt obligations as the debt-to-GDP ratio is still in the safe range.*

Published in the Express Tribune, June 18th, 2010.
US to ask IMF to consider Pakistan?s positive tax reforms &#8211; The Express Tribune


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## bc040400065

*Tax reforms, reduction in borrowing needed: minister *

By Ahmad Hassan 
Saturday, 19 Jun, 2010 

ISLAMABAD: Finance Minister Dr Abdul Hafeez Sheikh dismissed on Friday as mere politicisation reports about withdrawal of subsidies on food items or any step introduced in the new budget that could hurt the interests of people or hike the prices of essential commodities. 

Winding up a two-week debate on the budget in the Senate, *he proposed drastic cuts in public-sector borrowing, reforms to bring the affluent into the tax net through direct taxation and controlling inflation to give relief to the poor as pre- requisites of a good economic policy.* 

*Subsidies have not been withdrawn but rationalised to ensure that their benefits reach the really deserving people,* he said. 

The minister said self-reliance could not be achieved unless all the stakeholders wholeheartedly and dedicatedly participated in the effort. 

He admitted that the countrys economic situation was grave. *If we shall not rise above our petty political interests, the future of our nation shall be at risk. *

He contended that had the government not approached the International Monetary Fund, the country might have defaulted, which was not a good omen for a sovereign nation. 

He assured the house that the government would give due consideration to the 74 recommendations on the budget, prepared by the Senate Standing Committee on Finance for sending to the National Assembly. 

He said it was the first budget after the 18th Amendment and the 7th National Finance Commission Award, which had increased the role of the provinces manifold. 

*The federation is left with limited fiscal space in the budget and will need to achieve greater fiscal autonomy, which will be a challenge keeping in view the difficult security situation with massive borrowing and poor tax collection,* he said. 

TAXATION: The finance minister said a decision not to increase any duty was aimed at providing relief to people. 

When there is inflation, we have two choices  to reduce prices or compensate through other means  and we have increased the salaries of government employees and allocations for the Benazir Income Support Programme and Baitul Mal. 

Mr Sheikh called for a national debate on subsidies to focus on relief to the poor and make them targeted. 

He said the budget of the civil government was Rs165 billion, which was less than the expenses of the Pakistan Electric Power Company alone. 

*The minister said the capital gains tax was a direct tax on the affluent, which would be levied from July 1. *

*GST: Mr Sheikh said the government wanted to reform the general sales tax through documentation and removal of distortions because of which it had risen to 25 per cent in some cases. He said the government wanted the GST to remain at 15 per cent. *

He reiterated the resolve of the government not to levy GST on food items, health and education, adding that the issue would be tackled in consonance with the provinces. 

The house debated some recommendations from the opposition and the movers withdrew most of them on an assurance by the fin- ance minister for their consideration at the proper platform. 

Prof Khurshid Ahmad, Ishaq Dar, Mushahidullah Khan and Afia Zia withdrew a proposal to lower the mark-up rate to 10 per cent. 

A motion recommending an increase in minimum wages to Rs9,000 was withdrawn when the minister said it could affect industrial competitiveness and cause unemployment. 

A proposal to revive the wealth tax was also not stressed. 

Mr Dar said the tax, which fetched more than Rs15 billion, had been withdrawn by the Musharraf government. 

Prof Khurshid said more than 80 taxes were paid by the lower strata of the society. 

DAWN.COM | Front Page | Tax reforms, reduction in borrowing needed: minister


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## bc040400065

*IMF will not object to VAT delay: official *

By Kalbe Ali 
Saturday, 19 Jun, 2010 

ISLAMABAD: Finance Secretary Salman Siddique said here on Friday the International Monetary Fund would have no objection to the delay in implementation of Value-Added Tax (VAT), expressing confidence that implementation of the IMF programme was on track. 

Talking to journalists in the Parliament House, Mr Siddique said the next meeting with IMF was expected at the end of next month or early August and IMF authorities would have no serious concern over the delay in VAT implementation. 

*The IMF programme is not linked to VAT; it is more linked to the capacity of our system to generate revenues, *the finance secretary said, adding: It is important that we generate our revenues. 

*He said the reformed General Sales Tax (GST) would replace the Value Added Tax and if the country was able to generate enough resources from this there would be no objection from any side. *
He said that consensus had been reached with provinces on technical aspects of introducing the reformed GST, but time would be required to settle some legal issues. The finance secretary declined to comment if VAT had been shelved or it would not be implemented from Oct 1, 2010, as was announced earlier. 

*VAT implementation has only been deferred, but it is our duty to continuously work on all options,* the finance secretary said. 

The media was informed that around $800 million would be disbursed under the Kerry Lugar Bill by the end of ongoing fiscal year and a major part of this amount had already been received. 

*We expect more than $800 million under the Kerry Lugar Bill in next fiscal year 2010-11,* he added 

About ongoing talks with a US team headed by David Lipton, Special Assistance to US President, Mr Siddique said it was an advanced team to assess disbursements under the Kerry Lugar Bill. 

The US team was also assessing utilisation mechanism of the amount received by the Pakistan government from the US under different heads. 

*The US has shown willingness to help Pakistan in three key areas: energy, food security and human resource development,* Mr Siddique said. 

He said that several US projects, many of them by private sector, were expected in the next fiscal year.

DAWN.COM | Front Page | IMF will not object to VAT delay: official


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## bc040400065

*Economy regains momentum, says IMF *
By Amin Ahmed 
Friday, 18 Jun, 2010 

ISLAMABAD: *Emphasising that the introduction of a broad-based value added tax (VAT) is essential, the International Monetary Fund (IMF) says the structural reforms in Pakistan have moved forward, but the agenda remains challenging.*
IMF in a programme note on Pakistan says that the significant steps have been made in preparation for the introduction of VAT, which was expected to be in place by July 1, but has now been delayed till October 2010.

There has been some progress toward the reform in the electricity sector, but more needs to be done to eliminate the financial losses of power companies and other public enterprises, which impose a burden on public finances and pose a threat to macro-economic stability, IMF said.

*According to the note, modest signs of recovery in manufacturing mainly in the textile sector and exports suggest that the Pakistani economy is regaining momentum and economic growth in 2009-10 will exceed 3 per cent and could rise to 4 per cent in 2010-11. *
*However, adverse security developments continue to hurt domestic and foreign investors confidence, while electricity shortages continue to prevent the economy from achieving its potential. *
*Pakistans economic growth prospects are also linked to the pace and extent of the recovery of the global economy, which remain uncertain.*

Despite these risks, the programme can continue to build on initial success in stabilising the economy, but to achieve those economic reforms need to command broad-based support. 

External donors made generous pledges to Pakistan at their meeting in Tokyo in April 2009; it is crucial that these pledges be disbursed promptly to support priority budget spending and reforms, IMF notes.

*IMF emphasised that external support should only be treated as a bridge to a greater domestic revenue effort, which will be indispensable to sustain development spending, achieve poverty reduction, and increase much-needed social outlays over the medium term. Fiscal policy continues to be affected by low economic activity and a difficult security environment.*

DAWN.COM | Business | Economy regains momentum, says IMF


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## bc040400065

*Rs47.3 b tax-free budget announced for AJK*

By APP 
June 19, 2010


MUZAFFARABAD: The Azad Jammu Kashmir (AJK) government on Friday announced a tax-free budget of Rs47.332 billion for the 2010-11 fiscal year. The budget has a deficit of over Rs17.6050 billion while a sum of Rs11.1749 billion has been allocated for annual development programs.

AJK Minister for finance Raja Nisar Ahmad Khan presented the budget in the AJK legislative assembly. The session was chaired by Speaker Shah Ghulam Qadir.

The amount set aside for development projects has been increased by 10 per cent compared to last years allocation of Rs9.555 billion while a total sum of Rs22.9 billion is estimated to be earned as revenue receipts. The revenue includes a sum of Rs9.92 billion to be generated from the Kashmir Council, Mangla dam water usage charges of Rs750 million, share from AJK council taxes worth Rs4.5 billion, and share from federal taxes that are estimated to be Rs6.68 billion.

The finance minister also announced a 50% ad hoc increase in pensions and in the salaries of government employees and police officials. Ahmad announced to regularize 1,100 contractual employees during the fiscal year starting July 1 while no new posts have been announced in the budget.

In the non-development expenditures head, an amount of Rs7.594 billion has been allocated for the education sector, Rs5.30 billion for electricity department, Rs3.31 billion for miscellaneous expenditures, Rs2.5 billion for state trading, Rs1.82 billion for health, Rs1.17 billion for general administration, Rs1.6 billion for the payment of pension and Rs1.58 billion for the police department.

In the development budget, priority has been given to the transport and communication sector with an allocation of Rs4.18 billion for the construction and maintenance of roads and bridges. A sum of Rs1,500 million has been fixed for development projects in the power sector. Local government department will be given Rs1,000 million during the next fiscal year while Rs916 million has been allocated for the foreign funded projects. The education sector will get Rs800 million for its development schemes.

The minister also presented a revised budget estimate of Rs32.78 billion for the outgoing fiscal year, out of which Rs25.65 billion has been spent as non-development expenditures and Rs7.13 billion as development expenditures. The revised budget shows a deficit of Rs5.5 billion.

During his speech, the finance minister said that the AJK governments share in the NFC awards has been reduced which has put the government in a financial crunch. If we are provided net profit over the hydro-electric projects, a complete share of the federal taxes and Kashmirs property, we might not need any grant in aid to bridge the gap between income and expenditures, he claimed.

Published in The Express Tribune, June 19th, 2010.


Rs47.3 b tax-free budget announced for AJK &#8211; The Express Tribune


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## faisaljaffery

KARACHI (June 20 2010): Pakistan needs the support of the United States for mega infrastructure projects that could stimulate the growth process in the country instead of assistance on numerous small projects that it might not be able to monitor transparently. This was emphasised by Chairman Nishat Group Mian Mohammad Mansha during discussion with a high profile US delegation led by David Lipton Senior Economic Advisor to President Obama.

According to a press release issued here on Saturday, the meeting was in relation with President Obama's doctrine to identify measures that could deepen the ties between business leaders, foundations and social entrepreneurs in the United States and Muslim communities around the world.

During their meeting, they discussed various matters including economy, job creation, investment, reforms in financial sector, market access to USA, ongoing power crises in Pakistan including circular debt, implementation of VAT and various other business opportunities in Pakistan.

He suggested that the best way to help Pakistan is to provide access to the US market for Pakistani textile products. He also suggested that the US should take up a major hydal power project as it will help boost investment and create employment opportunities.

He invited the delegation to join hands in his plans to serve education sector by establishing a state of the art university in Pakistan and a University Fund. At the meeting, the delegation also discussed ways of improving access to capital, funding for technology innovation and exchange programme, as the United States trying to improve its image in the eyes of the world's 1.5 billion Muslims.

The delegation apprised Mian Mansha of President Obama's plan to award contracts through its multi-million-dollar Global Technology and Innovation Fund, designed to spur investments in the Muslim world. David Lipton assured the Chairman Nishat Group that his suggestion would be given due consideration.-PR


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## Hyde

*Pakistani goods' exports outside FTA: China willing to allow unilaterally​*

MUSHTAQ GHUMMAN
ISLAMABAD (June 23 2010): China has expressed willingness to facilitate export of substantial Pakistani goods, unilaterally, in addition to the goods being traded under the existing Free Trade Agreement (FTA), whose impact on Pakistan's exports would be around $1-1.5 billion per annum.

This was stated by Commerce Secretary Zafar Mahmood while conducting the proceedings of the Advisory's Council meeting convened to seek suggestions from the business community on Trade Policy 2010-11.

Zafar, who sought an apology from the business community for not implementing the much-talked about three-year 'Strategic Trade Policy Framework (STPF) 2009-12' due to financial constraints, said that Chinese Vice Premier Zhang Dejiang, during his recent visit, had given assurance to consideration of four matters sympathetically.

"I have good news for you that China has assured considering lowering tariff on some of those goods from Pakistan which are not covered under the FTA," he told the participants in clapping. Other three matters will be: (i) provision of place for displaying of goods in trade exhibitions, free of cost or at very cheaper rates; (ii) dispatching of buyers' missions for procurement for public sector; and (iv) training of human resource.

With regard to establishment of the much delayed 'Reconstruction Opportunity Zones (ROZs), the Secretary said that Pakistan has conveyed to the United States that this plan cannot succeed until additional tariff lines are included in the draft legislation, which, according to him, are expected to be approved shortly.

"We have also requested the US to relax rules of origin besides access of goods to the EU countries, Japan and Canada to be facilitated under the GSP," said Mahmood, who recently visited the US with Foreign Minister Shah Mahmood Qureshi.

He said that Pakistan has requested the EU to include Pakistan in GSP plus, in addition to waiver from WTO conditions, otherwise increasing exports of Pakistan's value-added sector would remain a challenge. Dedicated dialogue is also part of strategy to seek market access for Pakistani goods, he added.

"We will do what is humanly possible to get GPS plus from the EU and we need to be reminded that the EU countries are in financial trouble," he said. According to him, Prime Minister Yousaf Raza Gilani had written a letter to his counterparts of the EU member countries seeking their help to increase Pakistan's exports. However, their response indicates that they are in a position to help Pakistan at this juncture due to financial constraints.

Pakistan is also hosting a conference on EU to which the envoys of all the EU members will be invited. Pakistani side will also be represented by Foreign Minister Shah Mahmood Qureshi and Secretary, Defence.

While replying to questions raised by business community, Secretary Commerce said that whichever proposal can possibly be implemented, he would include it in the forthcoming Trade Policy. He admitted that neither 'ambitious' STPF has been implemented in letter and spirit nor refunds have been paid to the exporters. The main reason for this, he lamented, was the financial difficulties of the Centre.

Answering complaints against the Trade Officers abroad, he said that the Commerce Minister will hold conferences on different regions in which Trade Officers will also be invited to respond to exporters' queries. If the performance of any Trade Officer is considered 'poor' he can be recalled, he assured.

Earlier, Chairman, Pakistan Sugar Mills Association (PSMA), Iskandar Khan, urged the government to allow duty-free import of raw sugar, effective ban on sugar smuggling to Afghanistan and linkage of sugarcane price to recovery. He was also of the view that Pakistan should implement Iran Pakistan Gas Pipeline Project as it is in the country's interest.

Chairman, Pakistan Fans Association, Malik Safdar said that the government should patronise the fan industry whose exports have reached Rs 3 billion from Rs 1.7 billion last year. One of the businessmen proposed that the government should include Indian chemicals in the positive list as Pakistani industry is importing Indian chemicals from third country at prices which are still lower than the European chemicals.

One exporter suggested that the government should set up warehouses at Pak-Afghan border to facilitate exporters. Raza Ansari, representing auto manufacturers, argued that the government should take stringent measures in the revised APTTA to curb smuggling of cars.

He was right in pointing out that when Afghanistan is a left-hand drive country why right-hand drive vehicles are being imported by it? He proposed that the incentives already available to this sector should continue. One of the stakeholders of leather garments suggested that the government should impose a ban on export of leather skins, or slap 20 percent duty.

Malik Janhangir, Chairman, REAP, apprised the meeting that rice exports have reached $2.3 billion due to efforts of the Association along with the co-operation TDAP. He assured the government that REAP will capture about 25-30 percent of the African market. He requested resolution of duties and tax issues besides some concessions in the Trade Policy. He suggested that the process of withholding tax on rice may be simplified.

He also requested the government to enhance REAP's share in delegations being sent to Africa. Responding to this demand, CEO, TDAP, Mohibullah Shah said that as the Finance Ministry releases funds, the numbers in a delegation will be increased.

Sohail Nasir of Karachi Cotton Association proposed that the government should allow hedging as per the Cabinet decision taken a couple of years ago. He was also of the view that free trade of cotton should continue but at the same time the government should take measures to improve quality of cotton as recovery in India is better than Pakistan.

Textile sector suggested that the government should eliminate cross subsidies for gas and continue zero rating on textile, leather, carpet and sport sectors even after the introduction of reformed form of GST. Value-added sector was of the view that the government should only allow export of surplus raw material.

President of Lahore Chamber of Commerce said that transit trade was damaging local industry. He asked for better co-ordination between Chambers and Commercial Sections of the Ministry posted abroad. President of the Karachi Chamber asked for abolishing or lowering regulatory duties on particular items to discourage smuggling. President of the Peshawar Chamber demanded that illegal export of wood to neighbouring countries should be discouraged to provide impetus to the Match and Wood industry of the province.

President of South Punjab Woman Chamber suggested that women entrepreneurship must be encouraged. Secondly unconventional export markets like Africa and Middle East should be explored. In his opening speech, Commerce Minister Amin Fahim said that Pakistan, being part of the global trading system, was no exception to the impact of supply shocks, soaring oil, food and other commodity prices and turmoil in the international market. He assured the business community that strategy of his Ministry would be to encourage foreign direct investment (FDI), reduce cost of doing business, and generate economic activities.

Copyright Business Recorder, 2010


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## AstanoshKhan

Hafeez gives tough message in polite words

By Raja Asghar
Wednesday, 23 Jun, 2010 






*Prime Minister Yousuf Raza Gilani shaking hands with the leader of opposition Chaudhry Nisar Ali Khan during the Assembly Session at Parliament House, June 22, 2010.  Photo by APP.*

ISLAMABAD: In polite words of Finance Minister Abdul Hafeez Sheikh, the government gave a tough message in the National Assembly on Tuesday: not to let vested interests block a reform of general sales tax (GST) and take a stand about loss-making state enterprises.

Winding up a 12-day general debate on the new budget, the minister rejected fears of the parliamentary opposition and traders that a reformed GST, earlier proposed to be renamed as value-added tax, would increase prices, explaining that the move would actually reduce the tax rate to a uniform 15 per cent from the present 16 to 25 per cent but would document the economy without exemptions.

The budget for fiscal 2010-11, announced on June 5 and to be effective from July 1, has increased GST rates by one per cent to 17-26 per cent, but the government plans to reform it by October with a uniform rate of 15 per cent. Then why the prices should increase? the minister asked, pointing out that food items, health and education, would be free from the levy, which will be applicable to businesses with a minimum Rs7.5 million turnover annually.

Accusing unspecified powerful people of getting exemptions after the GST was introduced 20 years ago, he said those profiting from the status quo were opposing the reform and, while speaking of the small people, want to benefit the big people.

He asked parliamentarians to let us make up our mind and not to play politics over the issue. The minister evoked cheers from both sides of the house when he proposed formation of a parliamentary committee to have a consensus in deciding the future of loss-making enterprises in the public sector, which he said were neither themselves efficient nor were allowing others to enter their field. We have to take tough decisions.

Mr Sheikh said Prime Minister Yousuf Raza Gilani, who was present in the house at the time, had approved only a Rs3 billion bailout package for the loss-making Pakistan Steel Mills, instead of a recommended Rs25 million and any additional help would depend strictly on performance.

He asked advocates of imposing an agricultural income tax to use their convincing power with provincial governments because agriculture was a provincial subject, but said a committee would examine re-imposing wealth tax as the government had committed in the Senate.

The minister also announced government plans to make the Federal Bureau of Statistics totally autonomous in a few months so that its statistics could be trusted by the people.

Mr Sheikh advanced his arguments in his usual polite manner, but he seemed to have little patience for those unnamed cabinet colleagues who, according to leader of opposition Chaudhry Nisar Ali Khan, were using up to six government cars each though their entitlement was only one car.

What can I say about them? the minister wondered and said: Those keeping six (government) cars should be shamed of themselves.

The minister said the government had accepted 61 out of 71 non-mandatory recommendations made by the Senate about the new budget, including those relating to austerity and targeting subsidies.

After the ministers speech, the house began a discussion on the charged expenditure of more than Rs5 trillion included in the demands for grants and appropriations which are not to be voted upon before the house adjourned until 11am on Wednesday.

The opposition leader earlier led a token walkout by his PML-N party to protest at what it regarded as unsatisfactory reply of Law and Justice Minister Babar Awan about the time of grants-in-aid for bar associations though the minister assured the house the required rules for such allocations had been followed.


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## bc040400065

*UK plans to invest £665m in Pakistan *

By Shamim-ur-Rahman 
Friday, 25 Jun, 2010 


KARACHI: British Foreign Secretary William Hague on Thursday visited the Karachi Stock Exchange and expressed satisfaction over efforts at maintaining stability in the financial sector in Pakistan. 

According to a media release of the KSE Mr Hague participated in a financial services roundtable and was impressed with the overview. 

Speaking on the occasion he discussed the UK governments plan to invest 665 million pounds in Pakistan. He solicited views of the participants on how best to utilise these funds. 

Accompanying the foreign secretary were Adam Thompson, British High Commissioner, Robert Gibson, Deputy High Commissioner, and other members of UK Trade and Investment Office. 

Zubyr Soomro, chairman KSE and Adnan Afridi, MD KSE, organised a financial services roundtable that included Yaseen Anwar, acting Governor State Bank, Dr Ishrat Husain, Dean IBA, Dr Mushtaq Ali Khan, Chief Economic Adviser SBP, Naved A Khan, president Faysal Bank, Anjum Iqbal, CEO Habib Metropolitan Bank, Moazzam M. Malik, CEO BMA Capital, Shahzad G. Dada, Chief Country Officer Deutsche Bank, Gulrez Yazdani, CEO Institute of Capital Markets, Yaseen Lakhani and Abid Ali Habib, directors KSE. 

The roundtable included a presentation on capital markets and the Karachi Stock Exchange by Adnan Afridi. The participants stressed the resilience of the Pakistan economy and the maturity as well as sophistication of the private sector. 

There was a consensus that vocational training combined with primary and higher education should be the focus as Pakistan has a young and fast growing population that requires skill development. Moreover, the participants stressed that public-private partnership model should be employed to leverage the UK funds for optimal impact. 

The British foreign secretary hoped to see stronger relations between Pakistan and UK in trade and investment. 

Talking to media he agreed to a questioner that Pakistan was still a better destination for investment. But he emphasised that Pakistan must focus on addressing the security issues for enhancing investors confidence. 

The British delegation discussed issues of bilateral interest relating to financial services sector, employment, and education, health, investment and energy shortages. 

At the conclusion of the discussions, the UK foreign secretary rang the KSE Bell on the trading floor. He also met informally with KSE members. 

Mr Hague later called on Governor Sindh Dr Ishratul Ibad Khan. He said that Pakistan was a suitable country for foreign investment and on his return he would encourage British investors to explore new avenues of mutual cooperation. 

But he emphasised that it was necessary for Pakistan to ensure improvement in security situation to restore confidence of foreign investors. . 

Mr Hague had wide-ranging discussions with the governor and said that the new government was taking stock of Pakistans needs and the purpose of his visit was to make these relations deep-rooted. 

The British foreign secretary said that during the next four years Britain would provide 665 million pound, besides providing assistance for improving primary education in the country. 

Governor Ishratul Ibad said that Pakistans law provided complete protection to foreign investors and their capital. He claimed that there has been significant improvement in the law and order situation in the country. 

He also referred to Mass Transit Project in Karachi, besides water management, desalination and solid waste management and infrastructure development schemes and hoped that the British investors would invest in these schemes. 

The British foreign secretary also made a courtesy call on the Sindh Chief Minister Syed Qaim Ali Shah and exchanged views on ways and means to improve bilateral relations.

DAWN.COM | Business | UK plans to invest £665m in Pakistan

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## bc040400065

*3.5 million footballs exported for World Cup *
Friday, 25 Jun, 2010 

ISLAMABAD: Pakistan has exported around 3.5 million footballs worth $5.2 million for the ongoing FIFA World Cup, chairman Pakistan Sports Manufacturers and Exporters Association Zia-ur-Rehman said. 

Talking to APP on phone he said that Pakistani balls were being used for only training and promotional purposes and not for the playing purpose. 

The penetration of machine-made footballs in the international market has caused a serious dent to Pakistans hand-made stitched soccer industry as the countrys manufacturers grabbed only 30 per cent of the total orders floated globally for the World Cup. 

Only a few years ago around 70 per cent of world soccer balls were prepared in Sialkot and the country on average was exporting 40 million balls worth $210 million produced annually by some 60,000 highly skilled labourers. 

Sialkot gained international celebrity status when it produced the Tango ball for the 1982 World Cup in Spain, kicking off a lucrative industry. But Adidas, the company that got the responsibility of providing soccer for the 2010 World Cup, has chosen China for producing the thermally bonded balls for the mega event. 

In the past we have been contributing millions of dollars to the national kitty by exporting footballs but our share in the international market has registered a significant decline, mainly due to the use of machine-made balls for the main events, Zia said. 

New players in the international market, particularly China, India, Japan and Thailand have posed a real challenge to Pakistan football industry. Lack of modern technology is the main factor in tilting the balance against the local industry, Zia asserted. 

No doubt, the machine-made footballs have affected our businesses, but we are in process of buying latest machinery and soon the best world teams will again be using our soccer, Zia added. APP


DAWN.COM | Business | 3.5 million footballs exported for World Cup


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## bc040400065

*$270 million ADB loans for Punjab, Sindh *

By Amin Ahmed 
Friday, 25 Jun, 2010 

ISLAMABAD: The Asian Development Bank (ADB) on Thursday approved two loans worth a total of $270 million for Sindh and Punjab. 

One loan is meant to help Punjab to cut infant and maternal mortality rates by improving the delivery of health services and the other to assist Sindh to boost growth and expand economic opportunities in rural areas. 

The bank announced after the approval of the loans by its board of directors in Manila that the funds would come from its concessionary arm, the Asian Development Fund (ADF). 

The Punjab government will receive $150 million for the second phase of the Millennium Development Goals (MDGs) Programme being carried out by the health department. Under the three-phase programme, reforms are being carried out to improve access, quality and equity of public health services. 

&#8220;The programme will help the province cut child and maternal mortality levels and more broadly ensure adequate health care for the poor by improving the availability and quality of health services, and by developing a viable pro-poor health-care financing system,&#8221; Linda Arthur, Social Sector Specialist in ADB&#8217;s Resident Mission in Pakistan, said. 

It supports government measures to enhance equipment and staffing levels at primary and secondary health-care facilities and to strengthen the quality of health workers through expanded training, improved facilities and development of a comprehensive human resources plan. It aims to strengthen the management and performance monitoring of health services and to make the procurement and supply of essential drugs more efficient. It continues a conditional grant mechanism for district governments which allocate funds to meet minimum service standards for maternal, neonatal and child health care, and supports improvements in financial management and fiduciary oversight.

Without major improvements in health-care delivery, the province is unlikely to meet the MDGs for reduced child and maternal mortality by 2015. 

A $120 million loan is for the ongoing second phase of the three-phase Sindh Growth and Rural Revitalisation Programme that will help the provincial government boost growth and expand economic opportunities in poor rural areas. 

The programme supports the provincial government&#8217;s drive to reduce poverty and stimulate economic growth by improving management of public spending and enabling higher private-sector participation in the economy. 

The second phase of the programme supports government reforms to spur growth, including the development of a legal, institutional and regulatory framework for public-private partnerships, increased private-sector representation and introduction of market-based principles of management to agriculture and industrial state-owned enterprises, by computerising land titles and the corporatisation of public agriculture and produce markets. 

It also helps the government improve the management and targeting of public resources. 

As a result of the programme, the government now includes a women development secretary in the Provincial Development Working Party. 

Guidelines have been drawn up to ensure that all public project proposals assess impact on women and explore employment opportunities for them and public-private partnership projects pursued by the provincial government deliver benefits to both men and women.

http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/the-newspaper/national/$270-million-adb-loans-for-punjab,-sindh-560


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## bc040400065

*Petroleum prices can be lowered further, NA told*

* Syed Naveed Qamar says govt lowered petroleum prices in April, May due to downward trend in international market

By Sajid Chaudhry


ISLAMABAD: Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar told the National Assembly on Thursday that the government would reduce oil prices for the third consecutive month if the current trend in the international market continued.

Speaking in the Lower House after the approval of grants for Petroleum Ministry for 2010-11, the minister said that the government had reduced petroleum prices during the last two months due to falling oil prices in the international market.

He said that the government would soon launch a project for supplying liquefied petroleum gas (LPG) to far-flung areas of the country through a new pipeline. 

The government will provide LPG to consumers of these areas on subsidised rates and the first project in this regard is being inaugurated in Noshki next month, he said. Prime Minister Syed Yousaf Raza Gilani will inaugurate the project. 

In the next phase, LPG supply through pipelines will also be started in Kot Ghulam Muhammad, he said, adding that the government would start similar projects in other areas of the country.

The minister also briefed lawmakers about government efforts to increase indigenous oil and gas production. 

*He said the government had issued 40 oil and gas exploration licenses in the past six months alone.* This is for the first time in the history of the country that so many exploration licenses have been issued in such a short time, he said.

He said the issuance of exploration licenses to oil and gas companies would provide them with an opportunity to invest in the key sector of the economy and enable the government to reduce its dependence on imports. 

Successful exploration in this area will benefit the entire country as well as help reduce our import bill, the minister said.

He said that under the 18th Amendment, exploration and development of mineral sectors had been transferred to provinces. 

They (provinces) can develop these minerals with their own investment as well as with the help of local and foreign investors, he said. 

He said that Sindh had auctioned off its blocks in the Thar Coal Reserves to investors and work on two major projects had already started. 

*The government will not only utilise the coal reserves of the country for power generation, but will also use the reserves for preparation of synthetic fuel,* he said.

Referring to the ongoing development activity in Qadir Pur gas field, the minister said that gas pressure had decreased over the months. 

However, new compressors are being installed at the well to bring the pressure back to normal, he said. The new compressor will start functioning by September 2010.

The minister said a court was hearing the case related to the Kunhar Gas Field and production would start once the case is decided.

Earlier, the National Assembly approved five demands for grants worth Rs 1.14 billion to meet expenditures of the Ministry of Petroleum and Natural Resources during fiscal 2010-11.

Minister for Finance Abdul Hafeez Shaikh moved demands for grants, which were adopted by the House with a majority voice vote.

The House also rejected more than 100 cut motions moved by the opposition members citing the poor performance of the ministry as a reason to slash its budget.


Daily Times - Leading News Resource of Pakistan


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## Hyde

*Pakistan's exports to South Korea register tremendous growth​*

KARACHI (June 26 2010): Pakistan's export to South Korea, 80 percent of which is raw material, has recorded tremendous growth during January to March 2010 as compared to same period last year. The export of raw material like Naphtha, Unrefined Copper, Indentured Ethyl Alcohol and Cotton yarn from Pakistan was increased many folds, as Korean overall import was showing signs of improvement having increased 37.3 percent for the three months after the global economic recession, a recently issued report of Pakistani commercial counsellor in Seoul said.

According to the report though there were no imports into Korea during January to March 2009 but the import of the same item from Pakistan during the same period this year was worth $33.972 million. It said Naphtha as a raw material used for many petrochemicals and plastics, ranked the first place amongst the imported items from Pakistan for the year 2009. The product dependency of Pakistan on naphtha is currently 43.23 percent of its total export volume to Korea.

The report said that Pakistan's export of leather prepared (bovine) has shown remarkable increase rate by 238.80 percent in the period January to March 2010, compared to same period of 2009. Also leather prepared (other) has increased by 22.0 percent in the same period, year-on-year.

The total import of cotton yarn to Korea from world-wide sources increased by 90.4 percent in the period January to March 2010, compared to the same period of 2009, also the same thing from Pakistan increased by 22.25 percent and Pakistan ranked as the 3rd largest exporter of this product to Korea, it added.

Pakistan's export of cotton fabric (under 200g/m2) to Korea, it said, has been continuously increasing by remarkable amounts every month and it increased by 170.40 percent during 2009, while total import from world-wide has decreased by 8.4 percent. Also, total import of cotton fabric (over 200g/m2) to Korea has increased by 71.7 percent for the period January to March 2010, while the same from Pakistan increased by 114.7 percent compared to the same period of 2009. Pakistan ranked at second number in each of these categories, respectively.

Since the first export of indentured ethyl alcohol from Pakistan to Korea in March 2007, the same has been one of our leading export items to Korea. However, so far this year $0.413 million worth has been imported, which is a decrease of 87.2 percent compared to the same period of 2009, ranking Pakistan as the largest exporter of this product to Korea.

"While export of unrefined copper from Pakistan to Korea was worth $12.793 million during January to March in 2009, ranking Pakistan as the 2nd biggest exporter of this product to Korea, it has not been imported in January to March 2010. Since import of unrefined copper to Korea is through international trading companies with LME unit price, just like Naphtha, its high position in exports is not certain", it added.

According to the report total import of frozen fish to Korea was gradually increasing from November 2009, but the import from Pakistan has decreased by 15.5 percent in the period January to March 2010 compared to the same period last year. However, the import of Crustaceans from Pakistan has increased by 45.8 percent compared to the period January to March 2009.

For the period January to March 2010, Pakistan's traditional exports such as cotton fabric over 200 g/m (114.7 percent up), leather prepared (238.8 percent up) have performed exceptionally better than the same period last year. However, exports of raw material like unrefined copper, indentured ethyl alcohol (87.2 percent down) have substantially decreased. Apart from local variables, this could be due to demand drying up last year globally for raw material due to the global economic crisis.


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## kugga

*Refineries and OMCs to fix monthly prices *


ISLAMABAD: While protecting the guaranteed tariff for movement of diesel through pipeline, the petroleum ministry has decided to allow refineries and oil marketing companies to fix monthly prices of petroleum products despite opposition to the move by the Planning Commission, Oil and Gas Regulatory Authority (Ogra) and members of an experts committee.

According to a fresh summary, the ministry has also decided to allow refineries to charge 7.5 per cent deemed duty on locally produced diesel and kerosene, similar to the customs duty permissible to marketing companies on imported products.

Sources told Dawn on Sunday that the ministry had withdrawn two summaries earlier submitted to the Economic Coordination Committee (ECC) of the cabinet because of criticism of private members of the experts committee.

At a meeting on June 10, the petroleum ministry had accepted the members proposal that 7.5 per cent deemed duty on domestic production should be removed and the guaranteed tariff for transportation of products through pipeline abolished.

The sources said that the petroleum ministry issued notices on June 15 to the stakeholders, including members of the experts committee, to attend a hurriedly-called meeting the same day, but the private members could not attend it. However, no agreement was reached with the Planning Commission, the committees members and Ogra.

The Planning Commission categorically called for a phased deregulation of petroleum products, allowing the private sector to fix the prices of aviation fuels and light diesel oil in the first phase.

The commission and the private members also advised that in view of the Justice Bhagwandas Commissions recommendations, the deregulation of petrol and high speed diesel should be deferred for the time being to prevent market abuse by refineries and OMCs. They also proposed abolition of inland freight equalisation margin under an Ogra-regulated regime to prevent market abuse.

According to the sources, Ogra expressed its inability to intervene in a deregulated environment unless the relevant law was changed.

A member of the committee said that the petroleum ministry had disregarded recommendations of not only the Bhagwandas Commission, but also of the Planning Commission and Ogra.

But the petroleum ministrys summary expected be taken up by the ECC on June 29 claims that Ogra and the Planning Commission agreed in principle with the proposals of deregulation of the IFEM and pricing of petroleum products, However, they suggested an effective role of Ogra.It says: The issue of removal of 7.5 per cent deemed duty on diesel was also discussed and considered not viable at this stage because of recent losses to the refineries and GoP revenue loss on import of HSD.

The ministry has now proposed to deregulate the road and rail transportation of petroleum products which will reduce retail rates in major cities by 50 paisa to Rs2.5 per litre.

However, for a transitional period of six months, Ogra will notify per litre freight rate to establish standard norms and mechanism and estimated transportation cost of IFEM for various locations.

The summary says the pipeline component of IFEM for movement of HSD only will remain in the common freight pool because of GoP volume and tariff guarantee for oil pipeline from Port Qasim to Muzaffargarh.

It says Ogra will intervene if any violation takes place from refineries in allocation of petroleum products to OMCs and in case of misuse of freight rates.

But a committee member said Ogra could not intervene in market manipulation of prices or freight rates unless its law was changed.

The ministry has proposed to allow refineries and OMCs to announce on a monthly basis the ex-refinery and ex-depot sale prices of motor spirit, HOBC, LDO and aviation fuels on competitive basis.

The committee member said the past practice of the fixing of price by oil companies and refineries had led to probes by the National Accountability Bureau (NAB) and apex courts intervention and the role had to be returned to the regulator.

The summary says that ex-refinery prices will not be more than average import prices of previous months. It says the ex-refinery prices of HSD and kerosene produced by local refineries will continue to be managed by Ogra in accordance with the existing formula, including 7.5 per cent customs/deemed duty on HSD. The OMCs and dealers margin on HSD will remain fixed at the existing Rs1.35 and Rs1.5 per litre.

The summary also calls for fixed margins for dealers and OMCs in absolute terms, assuming crude price at $62.5 per barrel. As such, the OMCs per litre margin will be Rs1.5 on petrol, Rs1.72 on HOBC, Rs1.58 on kerosene and Rs1.61 on LDO. The dealer margin on petrol and HOBC will be fixed at Rs1.87.

As opposed to Justice Bhagwandas report, the summary neither makes it mandatory for refineries not to use special reserves funds for meeting their revenue requirements nor fixes any deadline for sale of 0.05 per cent sulphur content diesel.

The summary says the refineries will be advised not to adjust their losses against the special reserves accumulated since July 2002 and utilise the same on special projects i.e. hydro desulphurisation project to reduce sulphur contents in diesel from one per cent to 0.05 per cent.

The ministry did not consider the Bhagwandas Commissions recommendation for fixed GST.

The ministry has also recommended reduction in investment requirement for new marketing companies from Rs6 billion to Rs500 million to enable four influential parties to set up marketing firms, although 12 companies are already operating.


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## Hutchroy

*Pakistan faces grim economic situation* 
 
Stricter IMF conditionalities in coming months, years

Monday, June 28, 2010
By Mehtab Haider

ISLAMABAD: *Pakistan will have to either accept Greece model IMF sponsored new programme for obtaining $5-$7 billion wrapped in tough conditionalities in the second quarter of fiscal year 2010-11, or Islamabad will have to undertake harsh measures for cutting down imports by 40 percent by banning all kinds of luxury items as well as taking measures to ensure stable exchange rate in order to avoid default.*

A senior official involved in decision making process at the top level confided to The News that Pakistans economy was running on tight rope and a contingency plan was required to consider two available options, including new programme of the IMF or without IMF programme, for avoiding an unwarranted situation that could appear after the first half of the next fiscal financial year, starting from July 1, 2010.

The status quo will not provide solution to the biggest challenges currently faced by the country at the moment as there is a need to sensitize the top political leadership of the country as they are not fully aware of the challenges confronting the national economy, he added.

*Severely criticising the budget makers for 2010- 11, the official said that he remained unable to understand that who advised the Finance Ministry for including projection of Rs43 billion for launching Euro bond as this one step could close doors for obtaining cheaper funding from the IMF under its facility of Poverty Reduction and Growth Facility (PRGF). Now Pakistan will have to get extended Standby Arrangement (SBA) programme, which is more expensive, compared to the PRGF. Under the IMF rules, all those countries cannot qualify for cheaper facility of the PRGF which are approaching international capital market.*

No one should expect that the IMF will extend the second SBA programme on soft conditionalities similar to the ongoing programme because international environment is quite different from 2008 as many countries are in queue for obtaining bailout packages from the Fund, said the official and added that the Greece model IMF programme would be extended to Islamabad under which tough conditionalities, including laying off thousands of employees from public sector enterprises, complete elimination of subsidy for energy sector and many other tough steps could be the order of the day.

*In a scenario of without the new IMF programme, the country will face a major challenge on repayment of foreign debt that would touch new heights from 2011-12 when Pakistan will be required around $6-$7 billion on annual basis to ensure its foreign loan repayments,* said the official, who seems quite worried about the emerging economic situation of the country.

He conceded that the country liberalised its trade regime on fast track basis during the decade of 90s and the situation was rapidly arising where the country would have to seriously consider cutting down all kinds of non-essential imports. According to him, the food items, machinery, fertilizers, edible oil and few other items should be put in those categories which are essential for the country while all other items such as cars, mobiles and several other items should be put in the non-essential list and should be restricted for imports.


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## bc040400065

*CGT to help expand tax net: Hafeez *

Tuesday, 29 Jun, 2010 


KARACHI: Finance Minister Dr Hafeez Shaikh said on Monday that tax collection machinery will not be allowed to harass the stock market players in the name of Capital Gains Tax (CGT). 

He was talking to media after holding a meeting with the members of the Karachi Stock Exchange (KSE) and ringing the bell at the Trading Hall. 

KSE managing director Adnan Afridi, Member Federal Board of Revenue (FBR) Asrar Rauf and senior members of the bourse were also present on the occasion. 

I have given assurances to KSE members that nobody will be allowed to harass them in the garb of tax collection. Nobody should have any doubt about this, he added. 

He said the government can ask the source of income from any assessee under countrys law. But it has nothing to do with CGT, he noted. 

Dr Hafeez said that CGT was a good tax which will help in expanding Pakistans tax net. This will become a new source of revenue for the country and will enhance Pakistans self reliance, he added. 

The enhanced revenue will also help the government to undertake infrastructure development projects in the country and enable it to meet the basic human needs.The minister pointed out that CGT was imposed after due consultation with all stakeholders. 

He said that anybody, who purchased shares before June 30, 2010 and sold them after July 1, 2010 after holding them for six months and making a gain, will be paying 10 per cent CGT. 

Similarly, any person, who bought stocks before June 30, 2010 and sold them after July 1, 2010 after holding them for six to 12 months and making gains, will be paying 7.5 per cent CGT. 

The minister said that he will make all the efforts to expedite the passing of demutualisation bill in the Senate as soon as possible to boost stock market. 

He said the government will be focussing on the growth of stock market and said that new products will also be introduced to further expand the volumes. He pointed out that more public sector enterprises will be listed on the stock market to broaden capital base. 

Dr Hafeez said that KSE has remained the best performing stock market in the world during the last 12 years. The KSE was the second best performing market in the world in asset class after gold. 

Responding to a question he made it clear that collection of GST on services is the right of provinces under the Constitution and nobody can snatch this right from provinces. 

He said that the stance of Sindh Chief Minister Syed Qaim Ali Shah is right in this regard. Nobody can be allowed to create a doubt about this issue as this is the big achievement of the NFC award.APP

DAWN.COM | Business | CGT to help expand tax net: Hafeez


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## bc040400065

*CDAs ambitious Rs 22.7 billion surplus budget announced*

ISLAMABAD, Jun 29 (APP): The annual budget of the Capital Development Authority for fiscal 2010-11 was announced on Tuesday having outlay of Rs 22.7 billion, with ambitious plans of revenue generation and keeping the infrastructural maintenance and sector development at top*.CDA will generate almost 83 percent revenue from its own resources. 17 percent of budget have been allocated by the federal government under Public Sector Development Programme, *said Chairman Imtiaz Inayat Elahi announcing the budget in a press briefing here.



*Out of total allocations of Rs 22.710 billion, Rs 3.815 billion would come from federal government, Rs 4.47 billion from CDAs revenue accounts, Rs 3 billion from Municipal Bonds and Rs 11.421 billion from sale of land assets, making the budget surplus with Rs 2.771 billion.*

*Chairman CDA said the development of city would be focused in upcoming fiscal for what Rs 13.697 billion have been specified against Rs 9.012 billion for non-development expenditures.*

Imtiaz Inayat Elahi told media that the Authority would increase its receipts by Rs 1 billion by curbing the pilferages, effective financial management and regularizing the cases lingering in litigations for years, besides running an austerity drive.
Non-development expenditures have been frozen, rather it would be reduced. The only hurdle we may face is the increase of salaries as announced by the federal government but it has been catered for, said the chairman.
He said the Authority has neither purchased any vehicle during the outgoing fiscal year nor it has got furnished any office and the course would be followed in upcoming fiscal too as measure to manage resources.
Besides effectively pursuing governments austerity drive, the civic body is promoting use of energy savers and replacing streetlights with modern technology consuming minimum power.
Spelling out the priorities set in the budget, the Chairman CDA said smaller sectors of G and I series will be provided maximum facilities with beautification of Marakiz and footpaths what he said are not a costly solution.

Regarding environment conservation, he said Rs 628.738 million have been allocated to be spent on plantation, energy conservation and rainwater harvesting as 20 such projects have already been initiated to recharge underground water table amidst water scarcity.
Hinting at increasing property taxes on basis of location of property and introducing park fees, the Chairman said, we want to sustain the beauty of federal capital by announcing some token entry fee.
Among mega projects to be executed in next fiscal include widening of Kashmir Highway, a turning bridge at Koral Chowk, conversion of Jinnah Super market into City Center, and above all the introduction of air-conditioned transport service, Mentioning to regularization of structures in Zone-IV area, stretched over 70,000 acres, and said the area would also be linked with Simly Dam Road to enrich the real estate value.

He told media that Authority has acquired land for development of six residential sectors but the priority would be given to the stalled sectors like I-11, I-12, D-12 and I-15, adding that Islamabad Chamber of Commerce and Industry has assured cooperation for development of Sector I-17 where industrial units will be shifted.
Imtiaz Inayat Elahi said the CDA would be the first development authority issuing municipal bonds that would bring in Rs 3 billion in CDAs kitty for what an agreement has already been signed with HBL, UBL and Standard Chartered Bank.

*Commenting on water scarcity, he said the land acquisition of Cherah Dam has been initiated and the proposals for induction of pipeline from Tarbella and rehabilitation of waterworks across the federal capital have been forwarded to the federal government to seek funding for multi-billion projects.*

Of total projects, *the Authority has allocated Rs 700 million for Zero Point Interchange, Rs 700 million for Lehtrar Road, Rs 1 billion for land acquisition, Rs 600 million for Kurri Village, Rs 250 million for F-9 Park, Rs 200 million for Citizen Club, Rs 300 million for sector development, Rs 100 million for transport project, Rs 100 million for City Center and Rs 150 million for bridge on Koral Chowk.*
Associated Press Of Pakistan ( Pakistan&#039;s Premier NEWS Agency ) - CDAs ambitious Rs 22.7 billion surplus budget announced


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## Hyde

*Pakistan may get FDI worth $1.7bn from 120 CDM projects: minister​*
Tuesday, June 29, 2010

KARACHI: Pakistan is likely to get foreign direct investment worth 1.715 billion dollars from the 120 clean development mechanism (CDM) projects that are in the pipeline, said Federal Minister for Environment Hameedullah Jan Afridi on Monday. 

He was speaking at a seminar to introduce the business opportunity of Carbon Finance through CDM of Kyoto Protocol under the United Nations Framework Convention on Climate Change (UNFCCC).

These projects will help in green house gasses (GHG) reduction of 28 million tons CO2 equivalent a year, he said.Pakistan has so far approved 25 CDM projects that will bring in FDI of around 742 million dollars and help in GHG reduction of 4 million tons CO2 equivalent a year, Afridi said.

&#8220;The CDM Executive Board has registered six projects (out of the 25) which will generate 195 million dollars worth of foreign direct investment (FDI),&#8221; Afridi said.Foreign companies invest in GHG emission control in developing nations and swap these &#8216;carbon credits&#8217; in home countries where this practice is too expensive and proves uneconomical, Afridi explained.

Carbon Finance through CDM was an attractive business opportunity and an increasing number of governments and private companies are now entering the market, he said.Potential for CDM projects exists in energy efficiency, alternate and renewable energy production, cleaner technologies in industrial processes, and improvements in agriculture and forestry practices, Afridi said.

The Ministry of Environment and Korean Trade and Investment Agency (KORTA) had jointly organised the seminar at a local hotel.The CDM under the Kyoto Protocol of 1997 has been particularly introduced for the developing countries for initiating sustainable development projects in return for Carbon Credits that can be sold to developed countries.

&#8220;The business is expected to grow to billions of dollars,&#8221; Afridi said.

Pakistan offers technical and financial opportunities to attract international investors in the carbon finance, he said.

He appreciated the Korean companies&#8217; interest in CDM project activities.Korean Consul General Lee In-ki highlighted the aim and objective of the seminar. He gave background of KORTA and briefly described the profile of Korean companies interested to invest in CDM projects in Pakistan.


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## bc040400065

*Pakistan ranked 85th in ease of doing business *

By Kalbe Ali 
Wednesday, 30 Jun, 2010 

ISLAMABAD: World Bank (WB) and International Finance Corporation (IFC) in a joint report on Doing Business in Pakistan, 2010 said that Pakistan ranked 85th in ease of doing business in the world and if the best practices already being exercised in different cities can help upgrade its global ranking to 69th place. 

The report has stressed for establishing commercial courts in the country within the ambit of existing judicial setup to provide speedy justice in business disputes. 

The report, finalised after studies conducted in 13 cities in the country, said that the provincial and municipal-level reforms in Pakistan are complementing reforms on nation-wide basis. 

Speakers on the occasion said that the findings of the report would be beneficial for investors and promotion of business in the country. 

The report studied business regulations from the perspective of a small-to -midsize domestic firms starting business in six regulatory areas such as construction permits, registering property, paying taxes, trading across border and enforcing contracts. 

WB Investment Policy officer Jana Malinski announced the key findings of the report and said that *the report has ranked Faisalabad at No. 1 in ease of doing business, Islamabad No 1 in ease of starting business; Multan as No. 1 in ease of dealing with construction work. Faisalabad also ranked highest in ease of registering property, Islamabad in ease of paying taxes, Karachi ranked No. 1 in trading across border and Sukkur ranked No 1 in ease of enforcing contracts. *
*She said results shows that doing business is easiest in Faisalabad, but no single city performed well on all indicators, but all provinces have high performers in key areas. **Islamabad and Peshawar are first and second, respectively, on starting business, while Quetta has been ranked second in ease of paying taxes.* 

The report highlights the need for improving ease of doing business in Quetta and Hyderabad. 

World Bank Country Director John W. Wall speaking on the occasion said that promotion of small and midsize firms, which represent 90 per cent of the countrys total businesses, would be more instrumental for creating job opportunities as well as bringing informal sector into a formal sector, which would eventually be contributing more in taxes. 

Minister of State for Finance and Revenues Hina Rabbani Khar said that the government had already embarked upon comprehensive reforms agenda and it would take maximum guidance from the report. 

The government would restructure and reform at least 2 to 3 major public sector entities this year to stop financial bleeding caused by these units, she added.


DAWN.COM | Business | Pakistan ranked 85th in ease of doing business


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## Hutchroy

DAWN.COM | Business | Pakistan's Foreign investment shrinking

Pakistan's Foreign investment shrinking By Shahid Iqbal

KARACHI: *All major sectors having attraction for foreign investors lost their charm as either investment flew out or shrunk to the minimum level except the oil and gas exploration sector.* 

The telecommunications, which has been the centre of attraction for foreign investment for a decade, witnessed a steep fall as foreign investment reached just $378.7 million during year ending on June 30. 

*The State Bank reported that in the first eleven months the foreign investment in telecommunications declined by 48 per cent, while the communications witnessed a fall of 63 per cent. During the same period last year the telecommunications attracted $727 million.* 

Still attractive is the oil and gas exploration sector, which is the only sector where the investors poured almost the same amount of money. During this period the sector received an investment of $654 million compared to $658 million last year. 

*This was the highest amount of foreign investment in any sector. The total amount remained just about $2 billion during this period.*

The picture emerging from the investment trend shows that the country has lost attraction even in the sectors having great potential to earn like power sector. 

The power sector faced a net loss of 117 per cent and instead of inflows there was an outflow of $17 million. During this period of last year the power sector had received $100.7 million. Food packaging, which received $102.4 million last year, attracted just $5.4 million this year. However, food sector received higher amount of $72 million compared to $46 million last year. 

Another major center of attractions was financial business but it lost the ground and failed to attract foreign investment. The sector attracted $154 million compared to $689 million during the same period of last year. It is a fall of 77.7 per cent. Though, the foreign investment trend changed globally due to financial crisis in the United States and Europe, while it engulfed entire developed world but developing countries like China and India succeeded to maintain their position and remained attractive for foreign investment. 

Analysts believe the country has great potential for foreign investment but the war-like-situation in North of Pakistan, Afghanistan and series of suicide bombings in major cities, including the capital city, rocked the confidence of investors. 

They said the country needs to promote its image by improving general law and order situation despite the continued war against terrorism. 

*The newly-born information technology, which started its journey with enthusiasm to compete with India, fell apart as it witnessed a net outflow of $82 million during this year, while last year it had attracted $62.5 million.*


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## bc040400065

*Pakistan gets $710 mln inflows; IMF target likely met*

1 Jul 2010, 1507 hrs IST,AGENCIES

KARACHI: Pakistan has received foreign inflows worth $710 million, which should be sufficient to cut its central bank borrowing to the level set as a condition of the IMF's $10.66 billion loan programme, officials said on Thursday. 

Syed Wasimuddin, chief spokesman of the State Bank of Pakistan, said the central bank had received the funds over the last few days. "We have received $470 million from an Asian Development Bank loan and another $175 million from a World Bank loan," said Wasimuddin. Another $65 million was received from a USAID grant, he added. 

Under the IMF programme, the government has to pay back any incremental budgetary borrowing from the central bank by June 30. As of June 18, those borrowings stood at 130 billion rupees ($1.5 billion). The quarter-end numbers are yet to be released, but officials said the inflows, along with tax revenues, profit transfers from the central bank and some debt retirements by the government, should be sufficient to meet the IMF target. 

A Finance Ministry spokesman was not immediately available for comment. *The government was also hoping to be paid $500 million by Etisalat, the Gulf's second-largest telecoms firm, as part of a 2006 deal to sell a stake in Pakistan Telecommunication Co. Ltd. *

But officials said that might not materialise. As part of the deal with the IMF, the government must reduce its incremental budgetary borrowings from the central bank to zero at the end of each quarter. At the end of the March quarter, these borrowings with the central bank stood at 30 billion rupees, although it had met the condition in previous quarters. Pakistan has drawn down $7.27 billion of the IMF loan programme that runs to the end of 2010. 

The IMF is due to meet in August to review Pakistan's progress in meeting loan conditions before approving the next tranche, likely to be $1.1 billion to $1.2 billion.


Pakistan gets $710 mln inflows; IMF target likely met-International Business-News-The Economic Times


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## bc040400065

*ECC rejects deregulation of POL products *

Friday, July 02, 2010

By Sajid Chaudhry

ISLAMABAD: The Economic Coordination Committee (ECC) on Thursday rejected the deregulation of petroleum products and continuation of the 7.5 percent deemed duty on high-speed diesel due to strong resistance from different quarters who doubted the profitability of oil refineries, official sources said on Thursday. 

Members of the ECC said deregulation of petroleum products would put the consumers at the mercy of oil refineries and oil marketing companies for oil prices, the sources added.

The ECC also deferred two summaries regarding the Mashal LNG project and the Vitol-Fauji Foundation joint venture for import of 4.5 million tonnes of LNG  3.5 million under the Mashal project and 1 million by the Vitol-Fauji Foundation. The Petroleum Ministry has been asked to resubmit a summary to the ECC for consideration. 

Oil companies: The committee met under the chairmanship of Finance Minister Dr Abdul Hafeez Shaikh. Reviewing the petroleum products pricing formula and to bring it in line with the recommendations of the Bhagwandas Commission Report, the ECC approved the revised formula for the deregulation of inland freight equalisation margin (IFEM) for petroleum products. It also approved the revised investment criteria for the establishment of new oil marketing companies by bringing it back to the March 2006 level, prescribing an investment of Rs 500 million with equity at Rs 100 million. 

This would ensure the opening up of the sector to greater competition and end restrictive trade practices. It was felt that improved environment of competition would protect the interests of the common man. The ECC also desired that the law equating OGRA be amended to allow it to oversee the deregulated framework. 

Criteria: The ECC also approved generic criteria for declaring an industry pioneer in the country. Other salient criteria approved included the concept of pioneer industry shall not be associated with reference to the product rather it would be linked to the technology to be used. 

Besides earning revenue for the exchequer and ensuring maximum employment opportunities, 20 percent minimum value addition benchmark was set for qualifying as a pioneer industry. Such an industry would be least dependent on imports, would have vertical integration with other local industries  either the product manufactured would be consumable for local industry or the industry would itself use the locally manufactured inputs. The pioneer industry would be foreign exchange neutral. 

It was also decided that the status of a pioneer industry would be granted to corporate entities only and to units applying for the same, prior to actually setting up. It would not apply to units that are already operational. 

The ECC also accorded ex-post facto approval regarding the federal government bearing exchange risk for the Khyber Pakhtunkhwa Structural Adjustment Credit.

To increase credit limits for farmers across-the-board, the committee approved enhancement of the current value of the Produce Index Unit from Rs 1,200 to Rs 2,000 for middle-level pills.


Daily Times - Leading News Resource of Pakistan


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## Hyde

*Emaar signs contract with Paragon​*

KARACHI (July 03 2010): Emaar Pakistan, the country subsidiary of global property developer Emaar Properties PJSC, has signed Rs 1.5 billion contract with Paragon Constructors for the construction of mega structures in Crescent Bay Karachi. The contract which involves enormous construction and uplift work to be carried out in the 108-acre Crescent Bay was signed with Regional CEO of Emaar, Dr Dia Malaeb and Aftab Siddiqui, Managing Director of Paragon signing the agreement documents from both sides.

Speaking on the occasion, Matt Cronje, GM Emaar Pakistan elaborated on key features of the nature of projects and the plans for construction and uplift of Crescent Bay, a vibrant seafront community of high-rise towers set along three crescent shaped man-made bays.

"The Crescent Bay Development Project has been planned to enhance the Karachi skyline by providing a unique and quality residential, commercial and retail community in an exclusive area of the city," he said. Matt Cronje, reconfirmed Emaar's presence in Pakistan and noted that Emaar is looking forward to a new era of business growth and in particular to the role Emaar will play in the developing of real estate in Pakistan.-PR


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## bc040400065

*PTCL takes Wireless Broadband EVO to 100 cities*
Tuesday, July 06, 2010

KARACHI: Pakistan Telecommunication Company Limited (PTCL) now extends its wireless Broadband EVO service to 100 major cities and towns across Pakistan. *PTCL EVO is a superior 3G wireless technology that gives opportunity to roam freely with an average download speeds from 300 kbps to 500 kbps.*

*PTCL has made the broadband technology affordable by lowering the barriers to entry and now geographically, the service is within the reach of a large number of Pakistanis.*

The major cities that PTCL EVO covers are, Karachi, Lahore, Islamabad, Peshawar, Quetta, Hyderabad, Chakwal, Gujranwala, Muzzafarabad, Rawalakot, Mirpur, Okara, Sargodha, Sialkot, Multan, Faisalabad, alongside other small towns and cities across Pakistan. 

Expansion of PTCL broadband network will continue to ensure that more customers get the opportunity to experience the latest wireless broadband and related technologies. 

Naveed Saeed SEVP Commercial, on achieving this important milestone, said that the EVO launch in 100 cities reflects PTCLs commitment to connect its customers to the world via Internet and the companys commitment to provide its customers with best telecom services at their doorsteps. Working in a market where technology changes every minute, PTCL always strives to introduce products and services that brings more value to its customers. 

EVP Commercial Planning, Syed Asim Ali, said that *through superior 3G experience we offer to our customers a variety of Prepaid and Postpaid options to suit their needs as well as their budget. With nationwide roaming, customers can take their EVO anywhere and be connected at super fast speeds (except Peshawar).* *Customers have the freedom to download as much data as they want with EVO postpaid and MAX packages, as there are no download limits with these packages. *staff report


Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Pakistan denies Afghanistan transit for Indian trucks *
Updated at: 0730 PST, Thursday, July 08, 2010

ISLAMABAD: Pakistan on Wednesday has denied Afghanistan the transit for Indian trucks, which means that there still exist conflicts on trade agreement through border of two neighboring countries, Geo news reported.

Finance Ministry sources told Geo news the signing ceremony of Pak-Afghan transit trade draft has been postponed till the seventh round of the talks, giving rise to speculations that there have appeared the definite disagreements between two countries on some issues.

Afghanistan put forward a proposal of bilateral trade through providing transit to open trucks from India en-route Pakistan but owing to security reasons, Pakistani officials have denied transit to Indian trucks, sources said.

Pakistan has also refused to an Afghan proposal involving India-Afg trade through Pakistani airports, sources maintained. 

Pakistan denies Afghanistan transit for Indian trucks


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## Hyde

*Malaysia emerges as top Asean importer from Pakistan​*

ISLAMABAD (July 08 2010): According to latest data released by Trade Development Authority of Pakistan (TDAP), amongst 10 countries of the Asean, Malaysia has emerged as top importer from Pakistan in the first eight months of financial year 2009-2010 with an import of US $143.38 million. Whereas Vietnam with an import of US $85. 67 million and Philippines with an import of US $82.30 million were on second and third position.

Malaysia also emerged as the top 18th destination for Pakistan's exports with US $143.38 million in first 8 months of 2009-2010 compared with US $85.96 million of the corresponding period of last year registering an increase of 66.80 percent whereas USA and UAE with an imports of US $2.148 billion and US $987.43 million were the first and second destination for Pakistan's exports.

While commenting on the substantial increase in exports to Malaysia, the Acting High Commissioner for Pakistan in Malaysia, Dr Imtiaz A Kazi noted with satisfaction that bilateral trade between Pakistan and Malaysia was on a rising trajectory which could be gauged from the fact that bilateral trade in 2009 crossed the US $2 billion mark from US $834 million in 2006.

However, he said that potential for bilateral trade was far greater than what has currently been realised. He urged business community of both the countries to fully utilise the enabling environment created after signing of Free Trade Agreement (FTA) between Malaysia and Pakistan in November, 2007 to bring about multifold increase in trade in coming years. According to the data, in all, 61 commodities were exported to Malaysia, out of which 37 registered an increase, whereas 27 registered a decline in the same period.

Among the top exporting commodities, different varieties of rice, including Basmati rice, emerged as the biggest contributor with an unprecedented increase of 536 percent with an exports of US $35.43 million compared to US $5.56 million of the corresponding year last year. Basmati rice registered an increase of 33 percent with an export of US $11.45 million compared to US $8.6 million in the same period last year.

The vegetable exports also recorded a quantum jump and touched the exports figure of US $8.437 million compared to US $2.36 million of the corresponding period of last year, recording an increase of 257.5 percent. Other major increase was noted in exports of Chemical 248 percent, readymade garments (119 percent), towels (40 percent), knitwear (6 percent), surgical goods (4.91 percent), fruits (6 percent), machinery specialised (1040 percent), gloves (66 percent), cutlery (384 percent) and leather foot wear 7500 percent.

According to the data, items which registered decline in the exports were included fish and fish preparations, cotton clothes, bed wear, leather, pharmaceutical products, auto parts, carpet knots and marble and stone.


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## bc040400065

*Rates of wheat falling in open market *

By Tanveer Sher 

KARACHI: In the wake of improved wheat supply from Punjab, its rates have started declining in the open market of Karachi falling even below the official rates of Rs 2,525 per 100 kg bag.

Currently the commodity is available in the open market at Rs 2,475 per 100 kg bag which is Rs 75 less on each 100 kg of the wheat bag sold at official rates fixed by the Sindh Food Department.

The wheat transportation from Punjab to Karachi in the face of its bumper crop continue unabatedly which has largely helped stabilised its rates in the open market which had earlier surged to considerable level.

However, despite declining rates of wheat in the open market, retailers appears reluctant to make downward revision in the rates of all kinds of flour including chakki and Ashrafi brand flour and ex-mills flour.

City consumers are compelled to purchase chakki flour at old high rates of Rs 34 to Rs 35 per kg and ex-mill flour at Rs 29 per kg.

As claimed by traders, demand of the flour during the last one month has plunged sharply in the retail markets of Karachi by 30 to 40 percent mainly on account of summer vacation which had negative impact on the demand of all varieties of flour.

But the retailers appear unmoved to make even a slight downward revision in the rates of flour sold to consumers at higher rates.

Despite declining wheat rates in the open markets, government is unable to force retailers to sale flour at reduced rates manifesting their lack of will to come to the rescue of helpless consumers complained consumers at a busy outlet situated Empress Market.

They said compared to other provinces wheat is available to millers and chakki owners in Sindh at higher rates and in the face of decline in their prices in the open market, they appear reluctant to provide financial space to consumers which amounts to their financial exploitation. 

A leading chakki owner blamed the situation on higher electricity tariff and enhancing labour charges, which has resulted in reduced profits of traders. 

Electricity tariff for commercial traders has increased manifold during the last one year having adverse impact on their financial position.


Daily Times - Leading News Resource of Pakistan


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## Hyde

*Egypt keen to import wheat from Pakistan​*
By Amin Ahmed
Thursday, 08 Jul, 2010






*Egypts Ambassador to Pakistan Magdy Amer called on Federal Minister for Food, Agriculture and Cooperatives Nazar Muhammad Gondal at his office, July 7, 2010.  Photo by APP.
*
ISLAMABAD: Matters relating to the economic cooperation between Pakistan and Egypt will come up for discussion during an upcoming meeting of the joint working group to be held in Cairo ahead of the visit of President Zardari to that country.

Egypts Ambassador to Pakistan Magdy Amer, who held a meeting with the Federal Minister for Food, Agriculture and Cooperatives Nazar Muhammad Gondal here on Wednesday to discuss the possible areas of cooperation said that the presidents visit to Egypt is expected in September or October this year.

Pakistan has shown its interest to benefit from the Egyptian experience in the modernisation of irrigation system and this has been officially communicated to Cairo at the highest level, informed sources told Dawn.

Ambassador Amer said that Egypt desired to import wheat from Pakistan and in return would help Pakistan in improving the irrigation system in addition to offering fellowship programmes to agricultural scientists.

Currently, Egypt meets its requirements by importing wheat from the United States, the European Union and Argentina, and has now desired to taste the Pakistani wheat. Egypt needs 6 to 7 million tons of wheat annually to bridge the deficit.

Pakistans wheat is the best in the world and Egypt must import it, Mr Gondal told the Egyptian ambassador. Pakistan can also export meat and rice to the North African country.

Mr Gondal stressed the need to develop institutional linkages between the Economic Research Department of Pakistan and the Agricultural Research Centre (ARC) of Egypt for exchange of expertise, experience, information and data of joint research studies.

Appreciating the Egyptian offer of fellowships for agricultural scientists, Mr Gondal proposed that the farmers in Pakistan need to be imparted with on-farm training because they are the real stakeholders and the implementing body.

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## ejaz007

*Pakistans forex reserves jump to record $16.77bn*

KARACHI: Pakistans foreign exchange reserves rose to a record $16.77 billion in the week ending July 2, thanks to foreign inflows worth $750 million received during the week, the central bank said on Thursday. The reserves stood at $15.83 billion the previous week. We received $470 million from the Asian Development Bank, $95 million from the World Bank and $185 million from USAID, which has pushed the reserves to a record level, said Syed Wasimuddin, the State Bank of Pakistans (SBP) chief spokesman. The previous record was $16.45 billion, hit in October 2007, he said. Reserves held by the SBP rose to $12.95 billion from $12.06 billion a week earlier, while those held by commercial banks edged up to $3.82 million from $3.77 billion, said Wasimuddin. In May, Pakistan received $1.13 billion, the fifth tranche of a $10.66 billion International Monetary Fund (IMF) loan. The IMF loan package was agreed to in November 2008 to help avert a balance-of-payments crisis and shore up reserves. reuters

Daily Times - Leading News Resource of Pakistan


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## AstanoshKhan

SAP eAcademy Program Very Soon Coming to Pakistan

SAP Pakistan will share the details of its eAcademy program at its launch event at a local hotel on July 8th, 2010. Abacus Consulting is the Gold sponsor for the SAP eAcademy launch in Pakistan while VMS (Virtual Matrix Synergies (Pvt) Ltd) is the Silver sponsor. SAP eAcademy launch will give career-oriented individuals a head start on how they can benefit from this training program to enhance their professional skills.






SAP eAcademy is an internationally accredited certification program that allows participants to attend courses remotely with the flexibility of timings and schedule. The course of the academy is standardized by SAP with voice activated guidance available throughout the course. The main advantage of SAP eAcademy is the flexible learning program, and it allows one to learn whenever they want with high quality standardized SAP guidance available online. The learner gets flexible access to e-learning content, training systems, and help desk support. eAcademy helps its students get ready for job related tasks and prepares them for SAPs certification exams.

Commenting on launch of SAP eAcademy in Pakistan, Waqas Siddiqi, Head of Field Services, SAP Pakistan said,

_SAP eAcademy will raise the bar for managerial-level training being offered in Pakistan. Todays young Pakistani professional are ambitious and career-oriented individuals who are willing to invest time in valuable training programs. SAP eAcademy will offer a unique training program to young individuals to suit their specific career goals and make them further competitive on international scale._

The SAP curricula covers distinct business processes, including the most commonly used functions such as: Financial Accounting, Management Accounting, Human Capital Management, Supply Chain Management  Order Fulfillment, Supply Chain Management ERP Procurement, Supply Chain Management Manufacturing, ERP Enterprise Process Integration and SAP Netweaver Application Development Focus ABAP.

SAP eAcademy is a sophisticated academic program designed to offer a variety of benefits to learners. It offers cross-functional courses that focus on business content relevant to students career path. It gives working class an opportunity to plan course outline that suits their schedule so that they dont have to spend too much time away from work. SAP eAcademy offers high quality training material with consistent content throughout the enterprise. Quality of learning is improved due to small learning units, multi-media, collaboration and interaction and hands-on training process linked to SAP servers.

SAP certified professionals become part of a distinguished community of experts recognised globally. Today, more than 140,000 consultants and users worldwide are part of this exclusive community.


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## Hyde

*D8 targets preferential trade pact: economies include Pakistan, Iran and Turkey​*

ABUJA (July 09 2010): Eight developing Islamic economies including Nigeria, Iran and Pakistan aim to reach a preferential trade agreement by next year to try to double trade and deepen economic co-operation, government officials said on Thursday. Heads of state and ministers from the Developing Eight Countries (D8) - Iran, Nigeria, Bangladesh, Egypt, Indonesia, Malaysia, Pakistan and Turkey - are meeting in Nigeria to discuss developing business ties and reducing trade barriers.

"While the role of government as a catalyst and enabler of economic growth remains pivotal, the primary driver of this process must be the private sector," Nigerian President Goodluck Jonathan told the summit in the capital Abuja. Trade between the member nations of the D8, which was created in 1997 to try to foster economic co-operation between developing Islamic nations, is estimated at around $68 billion year, or about 3 percent of global trade.

Delegates said the grouping had failed to meet its potential because only Iran and Malaysia had ratified a trade agreement, the outlines of which were agreed several years ago. Other nations disagreed on which goods would be subject to reduced tariffs. "The trade statistics among D8 countries may appear positive but this success may be mainly due to existing bilateral trade initiatives rather than ... the co-operation of the D8 as an organisation," Malaysian Deputy Prime Minister Muhyiddin Yassin said.

The main traded goods within the bloc include petroleum products from Nigeria, petrochemicals and edible oils from Malaysia, consumer goods, cars and basic raw materials such as rubber. "The aim is to double trade in the next five years," Abdul Qadir Memon, Pakistan's deputy secretary at the commerce ministry, said on the sidelines of the meeting, attended by Iranian President Mahmoud Ahmadinejad and Turkish President Abdullah Gul.

"The most important step is the preferential trade agreement which we are aiming to operationalise by January 1, 2011, that is the target date ... We thought that by 2006 we would have been able to implement the agreement but unfortunately there have been delays," he said.


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## bc040400065

*Pak Steel to get another Rs 22 bn soon: Khursheed Shah *


By Bachal Chandio and Saleem Chandio

KARACHI: Federal Minister for Labour and Manpower, Syed Khursheed Ahmed Shah on Monday said that the PPP Government is determined to revive and expand Pakistan Steel, and strongly rejected the impression that the Mill will be privatized.
The Minister was addressing the Pakistan Steel workers at the oath- taking ceremony of the newly elected office-bearers of the Pakistan Steel Peoples Workers Union within the premises of the Mills. Central Secretary General of the PPP, Senator Jahangir Badar, Advisor to the Sindh Chief Minister, Rashid Rabbani, Special Assistant to the CM, Syed Waqar Mehdi, President PPP Karachi, Syed Najmi Alam, General Secretary PPP Karachi, Saeed Ghani, Secretary General of the Labour Bureau Pakistan and former Sindh labour minister, Khawaja Muhammad Awan, Acting CEO of Pakistan Steel Imtiaz Ahmed Lodhi besides officials of the Peoples Union (CBA) were present.
The Federal Minister said that the Steel Mill has a great potential to grow. It has never been a burden on the national exchequer. Not a single penny has ever been given to it as subsidy. This project was completed at a total cost of Rs 25 billion and it has so far returned to the national exchequer more than Rs 97 billion in the shape of duties and taxes. It has retired entire previous loans and is capable enough to re-pay the new loan of Rs 25 billion recently approved by Prime Minister Syed Yousuf Raza Gilani that is named Pakistan Steel Bail Out Package. The PSM has already got Rs three billion as part of this package.
The Pakistan Steel has given a lot to the nation. We should not hesitate to provide funds, if needed, for its revival and strength, the Minister asserted. President Asif Ali Zardari takes great interest in the revival and expansion of the Pakistan Steel seeing it as Shaheed Zulfiqar Ali Bhuttos gift to the nation, he added.

Welcome to Daily Regional Times Online Newspaper


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## bc040400065

*Flour mills call off strike By Amin Ahmed *
Tuesday, 13 Jul, 2010 

ISLAMABAD: The All Pakistan Flour Mills Association (APFMA) called off its strike on Monday after federal minister for food and agriculture assured its leaders at a meeting that their demands would be taken up with the Sindh government. 

Food Minister Nazar Mohammad Gondal informed APFMA president Iqbal Daud that their problems would be discussed with Chief Minister Qaim Ali Shah on Tuesday when the latter would be in Islamabad in connection with a meeting of the Indus River System Authority. 

Addressing a news conference after the meeting, Mr Daud said that the Sindh government was not allowing inter-provincial movement of flour. 

He said a similar situation prevailed in the Khyber-Pakhtunkhwa province where political agents were allegedly asking for illegal gratification for allowing movement of wheat flour to Afghanistan. 

He alleged that the Frontier Constabulary was also creating problems in the movement of flour. 

Mr Gondal announced on the occasion that the government would hold an inquiry into the allegations levelled by the APFMA president and redress all its grievances. 

DAWN.COM | Front Page | Flour mills call off strike


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## bc040400065

*KSE crosses 10,000-point psychological barrier*
Published: July 14, 2010 

KARACHI - Tuesday proved to be a very good day for the stock market as the KSE-100 index once again crossed the psychological barrier of 10,000 points on buying by foreign investors especially in the energy sector, with expectation of approval of new leverage product, higher crude oil prices and recovery in global capital markets also playing a key role in the positive activity.
The Karachi Stock Exchanges (KSE) benchmark 100-share index closed at 10,114.65 after gaining 135.58 points, its highest close since May 14.
Higher production numbers for OGDCL and PPL saw buying in the stocks by foreign investors.
OGDCL ended 3.03 percent higher at 149.90 rupees and PPL rose 2.37 percent. The energy sector is also the heaviest weighted sector on the KSE-index.
Volume was 67.97 million shares, compared with 64.70 million shares traded on Monday.
The KSE 30-index closed at 10001.26 with a gain of 149.21 points. The KMI 30-index closed at 15318.60 with a gain of 233.91 points. All shares index closed at 7084.13 with a gain of 90.83 points.
Trading activity was better as compared to the last trading session as the ready market volume stood at 67.917m as compared to last trading sessions 64.074m. Future market volume however stood at 3.346m shares as compared to 3.031m shares of last trading session.
Market capitalization stood over Rs2.842tr. Total trades increased to 54,323 as compared to last trading sessions 49,739. 162 companies advanced, 204 declined and 15 remained unchanged.
Highest volumes were witnessed in BYCO at 7.572m, closed at Rs12.56 with a gain of Re0.49, followed by DGKC at 5.618m, closed at Rs27.20 with a gain of Re0.38, and JSCL at 3.620m, closed at Rs12.83 with a loss of Re0.19.


KSE crosses 10,000-point psychological barrier | Pakistan | News | Newspaper | Daily | English | Online


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## ejaz007

*Barricks, Tethyan to invest $3.2bn in copper, gold project*

By Sajid Chaudhry

ISLAMABAD: Pakistans potential copper and gold deposit Reko Diq (Balochistan) has been able to attract a fresh investment to the tune of $3.2 billion by a joint venture comprising the worlds largest mining company Barricks Gold Corporation of Canada and Chillian Tethyan Copper Company. 

Federal Secretary Finance Salman Siddique hosted a reception in honour of the President and Chief Executive of Barricks Gold Corporation of Canada, Aaron Regent which was attended by Federal Minister for Finance Dr Hafeez Shaikh, diplomats and senior government officials. 

President and CEO of Barricks Gold Corporation of Canada, Aaron Regent speaking on the occasion said that the joint venture to develop the Riko Diq into a world class mine with transfer of technology and human resource development for the benefit of the province as well as for the economy of Pakistan. 

He informed that development of Reko Diq would create around 11,000 job opportunities and the project operations would provide jobs to some 25, 000 to mainly locals as well as technical human resource. He hoped that efforts of all the stakeholders would enable the project to be a success and this would contribute in the economy. He showed full confidence in the economy of Pakistan and said that success of this project would pave the way for more investment in mining sector of the country. 

The details obtained from the officials of the company, the companies managing the Reko Diq project have so far invested $200 million on feasibility and other allied works and upon successful completion of the study both the companies have decided to make an invest of $3.2 billion in mining of copper and gold in Reko Diq. 

According to the results of the feasibility study, the mineral resource at Reko Diq is estimated at 5.9 billion tonnes. From this resource, an estimated 2.2 billion tonnes of economically mineable ore, with an average copper grade of 0.5 percent and an average gold grade of 0.3 g tonne will be processed to produce 22 billion pounds of copper (10.000.000 tonnes) and 13 million ounces of gold in the form of payable metal in about 56 years of mine life. 

According to the details, initial mine capital investment is estimated at $2 to $2.5 billion for development of state-of-the-art copper and gold mine facility and in second investment will add another $2.5 billion. For the development of supporting infrastructure would require an investment of $500 million in Balochistan. The life of the mine is estimated at 50 years to 70 years. The local procurement of goods and services of the project has been estimated at $300 million to $400 million annually. The investors are considering using renewable energy opportunities like wind farms, geothermal and bio-fuels for their operations in Reko Diq. The project would benefit Balochistan in the form of substantial profits, royalties and lease payments. Talking to media on the occasion Federal Minister for Finance said that such a huge investment in Pakistans mining sector shows the interest of the world-class investors in Pakistan. He said that the government of Pakistan would provide maximum cooperation to the investors to make this project a success. 

Secretary Finance Salman Siddique expressed hope that the entry of the worlds largest mining company in Pakistans mining sector would help Pakistan attract more investment, transfer of technology and human resource development within the country. He also extended full assurance of cooperation to the investors for their success in Reko Diq Project. Federal Secretary Petroleum Kamran Lashari informed the reporters on the occasion that with the approval of the 18th amendment in the parliament, the role and scope of the federating units in mining sector have been determined once and for all. After this big achievement the Ministry of Petroleum would again start consultation process with all stakeholders including provinces on finalisation of National Mineral Policy.

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Forex reserves decline to $16.6bn* 

KARACHI: The countrys foreign exchange reserves declined to $16.626 billion in the week ending July 9, 2010, as compared to $16.770 billion last week, State Bank of Pakistan said Thursday. The overall reserves recorded a loss of $144 million during the week. The reserves held by SBP recorded a loss of $129 million to stand at $12.821 billion as compared to $12.950 billion a week earlier. While reserves held by commercial banks were down by $16 million to reach $3.804 billion as compared to $3.820 billion last week. Pakistans foreign exchange reserves hit the record of $16.770 billion, as it received $470 million from the Asian Development Bank, $95 million from the World Bank and $185 million from USAID, which pushed the reserves to a record level. The previous record was $16.45 billion, hit in October 2007. staff report

Daily Times - Leading News Resource of Pakistan


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## bc040400065

*FBR deposits 95pc revenue collections *
Friday July 16, 2010 (1127 PST)


ISLAMABAD: *The Federal Board of Revenue (FBR) has deposited 95.7 per cent revenue collections for the last financial year out of the target of Rs 1,380 billion tax despite adverse conditions like loadshedding and terrorism. *
The southern region had succeeded to collect 98.6 per cent of the target that was set at Rs 641.5 billion. Till last reports, tax collections totalling Rs 632.3 billion were achieved. In the northern region, 91.8 per cent of the target was achieved. 

It is expected that an additional Rs 10 to 15 billion will be poured into the FBR by the time the AGPR winds up the process of reconcilement and book adjustment. In the case of Federal Excise Duty, Rs 62.1 billion had been deposited in the pursuit of collecting Rs 71.9 billion and more are in the pipeline. 


Pakistan News Service - PakTribune


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## ejaz007

*CCI approves construction of Diamer-Bhasha Dam*

** Prime minister says Council of Common Interests needs to play more effective, visible role to resolve national issues*

ISLAMABAD: The Council of Common Interests (CCI), which met under the chairmanship of Prime Minister Yousaf Raza Gilani on Sunday, unanimously passed a resolution approving the construction of the Diamer-Bhasha Dam. 

The resolution reflects national consensus, said the PM, and would send a positive signal for the future progress and prosperity of the country.

The CCI was apprised that the Diamer-Bhasha Dam on completion in 2019 would have a water storage capacity of 6.4 MAF and would produce 4,500 megawatts of electricity. 

It was also mentioned that the dam would pay back its cost within eight years after its completion.

Better role: The PM said the forum of the CCI needed to play a more effective and visible role to resolve issues between federal and provincial governments through mutual consultation and discussion.

Concluding the meeting, Gilani gave special directions to the Ministry of Water & Power to develop a scheme for development of infrastructure to support the early completion of the Thar Coal Project. 

The PM directed that the Ministry of Railways give detailed briefing on making railways a viable entity and also asked the Statistics Division for briefing on the Population Census in the next meeting of the CCI.

The CCI, which met for the first time after the passage of the 18th Amendment took up five agenda items and passed the rules and procedures for the newly constituted CCI. 

The CCI was given a detailed briefing by Raza Rabbani, the chairman of Implementation Commission, on the stage of implementation of the 18th Amendment and the work so far undertaken by the commission. app

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Clinton announces major aid projects for Pakistan*
Updated at: 1045 PST, Monday, July 19, 2010

ISLAMABAD: US Secretary of State Clinton on Monday announced a raft of major aid projects focused on water and energy for Pakistan.

"We will complete two hydroelectric dam projects.... Were also helping Pakistan develop alternative energy sources, like wind and solar power...," said Clinton ahead of talks with Pakistan Foreign Minister Shah Mehmood Qureshi in Islamabad.

The projects are part of a five-year 7.5-billion-dollar funding approved by the US Congress last year and include water and health care projects, as well as help for the agriculture and private sectors.

The aid is a key part of the effort by the US administration to engage more fully with Pakistan, which has long seen Washington as interested only in securing its military cooperation in the fight against terror networks.

Clinton announces major aid projects for Pakistan


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## bc040400065

*No need for VAT if extended GST succeeds: FBR chief *

By Our Staff Reporter 
Monday, 19 Jul, 2010

LAHORE: There will be no need left to introduce the Value Added Tax (VAT) if desired results are obtained through the extended General Sales Tax (GST).

This was stated by Federal Board of Revenue Chairman Sohail Ahmad while talking to reporters after inaugurating a five-day integrated tax management system orientation for 16 officers of the Afghan tax administration here at the Directorate General of Training and Research on Sunday. 

He said the deadline for extending the GST by Oct 1 was not given by the IMF but set by the federal government. 

The government was extending the GST after having some problems in the introduction of the VAT, he said. 

The FBR chairman said collection of GST on services was a problem area. The provinces lacked capacity and giving the job to the federal government would help better collect the tax in an integrated manner. 

Replying to a question he said a junior level IMF team was visiting Pakistan. We are on track with regard to the IMF conditionalities, he said. 

He said the income tax self-assessment scheme for traders was not being withdrawn. The tax evading traders were afraid of the VAT. The country could meet its revenue targets provided traders fully pay their taxes. 

Meanwhile, speaking at the function, Mr Sohail Ahmad said the workshop would be the harbinger of a new era of cooperation and collaboration between tax departments of Pakistan and Afghanistan. 

He said both the countries had a lot in common including the border. Their problems, challenges and difficulties too were identical and this gave them reason enough to support and assist each other for their common good. 

President Hamid Karzai had rightly said in Islamabad on March 11 last that Pakistan and Afghanistan were co-joined twins, inextricably connected to each other in myriad ways. 

He said some statistical figures clearly supported this statement. Pakistan intended to issue 250,000 multiple entry visas to applicants across Afghanistan in 2010, and nearly 28,000 Afghans had studied in Pakistani educational institutions over the past 30 years. 

He said about 500,000 Afghan children attended schools in Pakistan, and a number of leading professionals in Afghanistan were graduates of Pakistani colleges and universities. 

Pakistan had also hosted around 5.5 million Afghans, a majority of whom continue to live with their Pakistani cousins. 

It was evident from these facts that people of both the countries had always enjoyed close relations despite external and international pressures. 

He explained that the Pakistan government initiated the reforms process in 2001 with the objective of achieving an integrated and efficient national economy. 

Reforming the tax machinery and improving the tax environment ranked high on the agenda because no country could achieve financial autonomy without a robust, transparent and efficient tax system. 

He said the FBR had stood in the vanguard of the reforms process. It had overhauled its systems, procedures and processes in order to improve tax administration and collection. It was more than happy to share its experiences with its Afghan brothers, and to assist them in whatever way it could. 

He appreciated the British governments DFID as a third-party sponsor to the training of the Afghan officers. 

DGTR Director-General Abdul Wadood Khan explained the tax reformation process in Pakistan. 

He said the module for the workshop had been especially designed to acquaint the Afghan officers with the processes and procedures of tax administration that have been automated in our headquarters and field formations along with the benefits that have accrued to us. 

He hoped that the participants would find the workshop both educating and interesting. This would also open future avenues for mutual cooperation for sharing experiences in order to foster cordial relations between tax officers of both the countries in the field of tax collection and management.


DAWN.COM | Business | No need for VAT if extended GST succeeds: FBR chief


----------



## ejaz007

*US to assist Pakistan in 18 energy projects*

ISLAMABAD: The US on Monday announced financial assistance for 18 projects in Pakistans energy sector across the country. US Secretary of State Hillary Clinton, while addressing a joint press conference with Foreign Minister Shah Mehmood Qureshi at the Foreign Office after the completion of the second round of strategic dialogue, announced launching of the projects. 

Finances for these projects would be provided through funds under the Kerry-Lugar-Berman Act that will ensure financial assistance of $7.5 billion in the next five years. The 18 projects include Satpara Dam Hydroelectric Project in Gilgit-Baltistan, Tarbela Dam Hydroelectric Power Station Improvements, Peshawar Electricity Distribution Company Performance Improvement, Beaconhouse Schools Solar Photovoltaic Power Supply Feasibility Study in Lahore, Biomass-Fuelled Boiler Feasibility Study for Bulleh Shah Paper Mill in Kasur and Multan Northern Generating Company Re-powering Feasibility Study. staff report

Daily Times - Leading News Resource of Pakistan


----------



## ejaz007

*BP resolves closure of operations in Pakistan *
Updated at: 1030 PST, Tuesday, July 20, 2010

BADIN: The British Petroleum (BP), an international oil-drilling company working in Badin, has resolved to close down all operations in Pakistan and will soon sale out its shares owing to financial crisis being faced on account of Gulf sea oil spill, Geo news reported.

According to sources, talks over sale of BP shares in Pakistan are in final phase with a UAE-based company and a meeting, in this connection, was held at Khaskheli Oil Field in Badin district on Monday.

BP sources said the final decision would much likely be announced following conclusion of series of meetings with the government of Pakistan to be held today in Islamabad.

Company employees, working in Pakistan, told Geo news that the owners have already announced to give three-month salaries to all employees as bonus. 

BP resolves closure of operations in Pakistan


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## bc040400065

*Yarn exports 


Govt likely to extend duty for two months*

Tuesday, July 20, 2010
KARACHI: The government is likely to extend the 15 percent regulatory duty on yarn exports for two months, giving in to the pressure from the value-added textile sector, sources privy to a meeting held in Islamabad told The News. 

Federal Minister for Textile Rana Muhammad Farooq Saeed Khan chaired a meeting with the stakeholders of the industry to decide about the regulatory duty on yarn, which would end on July 26 if not extended. 

No decision was taken in the meeting, but a meeting to be held by the end of the week would taka a final decision, said a source. 

Opposing the continuation of regulatory duty, APTMA leaders demanded there should be free market mechanism. They said any continuation of the regulatory duty would be unfair to them. 

Zubair Motiwalla, leader of the value-added sector, said the country should determine its consumption before exporting the raw material. Once local demand is met, the value added sector would have no objection to export of surplus yarn or cotton, he said. He demanded that the regulatory duty should continue for two more months after which a clear picture of the cotton crop would be available. 

Ijaz Khokhar, former PRGMEA chairman, told the meeting that readymade garment exporters were uncertain of their future as raw material continued to be exported. He said the readymade garments sector comprised mostly of small and medium enterprises (SMEs), who had run out of finances. 

Representatives of the value added textile sector said if they earned good prices after value addition, everyone would benefit including growers, ginners and spinners. However, export of cotton and yarn would bring no revolution, they said. 

All stakeholders agreed that growers should get the benefit of increasing prices. They sold their cottonseed at Rs3,000 to Rs3,200 per maund, but lint was sold for up to Rs8,000. 

Sources said the body language of spinners showed they still had reservations about the Federal Minister of Textile. During last financial year, they had boycotted the textile ministry on the plea that the federal minister supported the value added sector. Former federal minister Jehangir Tarin represented growers. Minister for Agriculture and Food Nazar Muhammad Gondal also attended the meeting. 

Yarn exports


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## bc040400065

*Clintons $500 million for new aid projects takes KSE 48 points up*

Tuesday, July 20, 2010 

KARACHI: The Karachi stock market observed a positive trading session on the first trading day of the week Monday as announcement by US Secretary of State Hillary Clinton of $500 million for new aid projects in Pakistan, US backed transit deal with Afghanistan and high crude oil prices boosted investors confidence.

The Karachi Stock Exchange (KSE) 100-share index gained 48.00 points or 0.47 percent to close at 10,201.85 points as compared to the previous sessions 10,153.85 points. The KSE 30-share index closed at 10,117.55 points with a rise of 55.80 points. The KMI 30 closed at 15,342.20 points with an increase of 12.39 points. The KSE 100 all-share index closed at 7,143.21 points with a surge of 33.10 points. 

Analysts said the market opened in the green zone and this trend prevailed during the rest of the session. Despite positive closure of the market, volumes were thin. 

The market turnover went up by 21.46 percent and traded 67.79 million shares as compared with the previous sessions 55.81 million shares. The overall market capitalisation went up by 0.49 percent and traded Rs 2.866 trillion as against Rs 2.852 trillion. Gainers outnumbered the losers 203 to 160, while 24 were unchanged. 

Cements stocks-led rally kept the 100-share index in the positive territory throughout the trading session on the back of Diamer-Bhasha Dam constructions approval, said Topline Sec analyst Samar Iqbal.

Bullish activity was witnessed led by Mansha Group scrips in banking, textile, insurance and cement sectors on strong valuations while approval of construction of Daimer-Bhasha dam was taken positive by the cement sector, said Shahzad Chamdia Sec senior analyst Ahsan Mehanti. The market maintained the positive trend despite global capital markets fall on slump in US stocks.

Despite concerns on inflation, high government borrowing and declining trend in international markets, bulls displayed strength initially with the support in stocks having high free float, said Aziz Fida Husein and Co analyst Husnein Asghar Ali. With upcoming results likely to stay neutral, an early introduction of flexible leverage product can only allow the local bourses to perform on its axis, wherein price levels can improve if provided support of leverage.

Nishat Mills Ltd was the volume leader with 6.74 million shares as it closed at Rs 50.06 after opening at Rs 47.75, surging Rs 2.31. Jah Siddi and Co traded 5.89 million shares as it closed at Rs 13.87 from its opening at Rs 13.76, rising 13 paisas. Nishat (Chunian) traded 5.17 million shares as it closed at Rs 17.66 as against its opening at Rs 17.23, increasing 43 paisas. Lotte Pakistan PTA traded 5.04 million shares as it closed at Rs 8.63 as compared to its opening at Rs 8.60, gaining three paisas. staff report


Daily Times - Leading News Resource of Pakistan


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## bc040400065

*No sale of PR, PSM, PIA, USC, PEPCO: Waqar*
Staff Reporter


IslamabadSpeaking at a joint meeting of UK Pakistan Chamber of Commerce and industry (UKPCCI) and Pakistan Press Club at London the Federal Minister for Privatisation Senator Waqar Ahmed Khan said that the core assets such as Pakistan Railways, PIA, Pakistan Steel Mills, Pakistan Utility Stores Corporation and PEPCO would not be sold, however, at the same time the government was taking steps to reorganize its core assets and turn them into profitable entities, says a message received here today from UK.

Senator Waqar termed these organizations as a great burden on national exchequer. *Actually they cause a hemorrhage in the balance sheet to the tune of about $ 3 billon to 3.5 billion per year, which was not a small amount. *Pakistan Railways had been working without a balance sheet that has led to its inefficiency and losses to the state amounting to billion of rupees, he added. We have instead embarked upon a policy to re-shape these organizations by bringing in people with sound background and knowledge for running them in a profitable manner he said.

The Minister said that the government was taking steps to launch convertible bonds to generate liquidity and to rely on its own resources. He further said that the government was aware of he huge fiscal deficit facing the country and has taken steps to reduce it in a gradual manner.

The Minister said that the government was thinking of innovative ways to create liquidity and be self-sustained. He was of the view that the government should be in the business of making policies and not running the businesses. The government job was to make policies that were conducive and supportive of the private sector business development process, he stated.

Earlier, UKPCCI President Naheed Randhawa said that the privatisation was the only way forward to put all sick industries back on track. He urged the government to make transparent recruitment policies and bring in really qualified people for running these State-Owned Enterprises (SOEs). 


No sale of PR, PSM, PIA, USC, PEPCO: Waqar


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## bc040400065

*Core assets cause a dent of $3b*
July 20, 2010


ISLAMABAD: *Federal Minister of Privatisation Waqar Ahmed Khan has said core organisations are a great burden on the national exchequer, causing a dent of about $3 to $3.5 billion a year.*

This is not a small amount, he said, adding Pakistan Railways has been working without a balance sheet that has led to inefficiency and losses of billions of rupees to the state.

He was speaking at a joint meeting of the UK-Pakistan Chamber of Commerce and Industry (UKPCCI) and Pakistan Press Club in London, said a handout issued by the Privatisation Commission on Monday.

However, Khan said core assets such as Pakistan Railways, Pakistan International Airlines, Pakistan Steel Mills, Utility Stores Corporation and Pakistan Electric Power Company will not be sold. At the same time, he added, the government is taking steps to reorganise these assets and turn them into profitable entities.

We have embarked on a policy to re-shape these organisations by bringing in people with sound background and knowledge for running them in a profitable manner, he said.

Khan said the government is taking steps to launch convertible bonds to generate liquidity and rely on its own resources, adding the government is aware of the huge fiscal deficit facing the country and has taken steps to reduce it in a gradual manner.

He said the government is considering innovative ways which can create liquidity and become self-sustained.

He was of the view that the government should be in the business of making policies, instead of running businesses.

The governments job is to make policies which are conducive and supportive of the private sector business development process, he stated.

Earlier, UKPCCI President Naheed Randhawa said privatisation is the only way forward to put all sick industries back on track. He urged the government to make transparent recruitment policies and bring in qualified people for running state-owned enterprises.

Published in The Express Tribune, July 20th, 2010.


Core assets cause a dent of $3b &#8211; The Express Tribune


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## ejaz007

*BP selling Pakistan assets to pay for oil spill* 
Updated at: 2100 PST, Tuesday, July 20, 2010

KARACHI: BP Plc plans to divest its exploration and production operations in Pakistan, as part of a plan to sell global assets to help pay for the worst oil spill in US history, a BP official said on Tuesday.

"This process should be completed by December 2010," said Sabeen Jatoi, the BP spokesperson.

"Pricing will be a matter for bidders. ... We will not be selling at a price that does not represent a good deal for BP shareholders."

However, there are no bidders right now and BP is setting up its dataroom in Pakistan after which bidders will come forward as with any acquisition, Jatoi added.

BP unveiled plans last month for about $10 billion in asset sales following the oil spill which has caused an economic and environmental disaster in five US states along the Gulf Coast.

BP said in a statement that it had spent $3.95 billion on efforts to cap the well and clean up the spill. 

BP selling Pakistan assets to pay for oil spill


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## bc040400065

*Afghanistan to withdraw 10% service charge on goods: FBR*

KARACHI: Afghanistan is ready to withdraw the 10 percent service charges on the goods exports to Central Asian countries by Pakistani exporters, said Chairman Federal Board of Revenue (FBR), Sohail Ahmed 

Talking to members of Karachi Chamber of Commerce and Industry on Thursday he said the accord of Pakistan Afghan Transit Trade has not been signed yet, however minutes of the accord were signed, the treaty for 50 years would be approved by Prime Minister, Cabinet and later will be discussed by National Assembly. He said that six rounds of meeting have been completed with Afghan government and it has been conveyed for opening of LCs in Afghanistan. 

It has also been decided to collect customs duty at Pakistani ports and to refund it at Afghan borders, he said adding, in order to make this system effective and hassle-free, a container tracking system would also be introduced. 

He was of the view that non-harassment and self-assessment schemes would not be amended and would continue for the facilitation of taxpayers. He also sought businessmen suggestions for the implementation of desk audit and scrutiny system. 

About budget anomalies, he said two committees would be made - one under the supervision of Munir Qureshi, member customs while the other would be led by Israr Rauf member direct taxes. 

Sohail said there is zero tolerance towards corruption in FBR and strict actions are being taken against officials involved in corruption, whereas several officials have been suspended so far, he informed. Regarding implementation of Value Added Tax (VAT), he said that imposition of VAT is not inevitable, talks are underway with the finance ministry over GST reform, however the ministry has been asked to complete negotiations with provinces to finalise the issue. No secret document is being made by FBR regarding VAT and no ordinance will be presented.

Chairman FBR said that Rs 1330 billion have been collected in the tax collection target against Rs 1380 billion set for FY 2009-10, adding that provision of subsidy on sugar and the reduction of WHT due to cut in PSDP were the main reasons for not completing of tax target. Despite being a large sector of the economy, the retail sector is not paying any taxes and according to a survey only 40 retailers are paying taxes in Peshawar region, he said. 

He also clarified that 0.3 percent charges are for the customers who are dealing only in cash who make pay order, demand drafts and also use other bank instruments, however the account holders are exempted from this charge. 

He said that some unscrupulous elements are running campaign against the Pakistan Computerised Clearance System (PaCCS), however negotiations are being done from the company of software for the continuation of this system. According to the system audit report, there are some problems in this system and we are trying to get its access as we dont have the system control. 

Earlier, Abdul Majid Haji Muhammad president KCCI, Zubair Motiwala, former president KCCI and others spoke at the occasion and apprised Chairman FBR regarding the problems of business community. They said that with the recent budget 2010-11, there is a growing concern in business community that FBR has changed its role as a friendly tax facilitator, which is reflected from the number of notices issued during the last four years. staff report


Daily Times - Leading News Resource of Pakistan


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## ejaz007

*US announces special projects for Balochistan*

QUETTA: US Consul General to Karachi William J Martin on Monday announced the launch of special projects in Balochistan besides the opening of a US consulate in the provincial metropolis. He was addressing a ceremony held in connection with the 234th Independence Day of America at a local hotel in Quetta. The ceremony was attended by Balochistan Assembly Speaker Muhammad Aslam Bhootani, provincial ministers, MPAs and several journalists. Martin said the US was committed to working alongside Pakistan to help improve the countrys health, education and energy sectors. The US is mulling opening a consulate in Quetta, he added. He announced several new assistance programmes worth millions of dollars for Balochistan. Many of these projects will directly benefit the people of Balochistan, he added. He said, During the meetings, the government and people have told us the most important need in the province is water. In addition to a national high-efficiency irrigation project that will include Balochistan, we are working with the provincial government to provide the people with potable water. He said, The programme will enhance irrigation and distribution capacity, energy is also a concern in Balochistan. We already have a programme with the Quetta Electricity Supply Company to help them improve services to the public and reduce losses and increase efficiency. The US geological survey will provide assistance in identifying natural gas resources in Balochistan and to further their development. We will also provide assistance to help the country improve its regulatory and fiscal regimes in order to attract more investment, he said. app

Daily Times - Leading News Resource of Pakistan


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## bc040400065

*Power prices still subsidised despite 56% rise in tariffs *


LAHORE: The cost of producing electricity is still higher than the amount that customers are paying, said Pakistan Electric Power Company (Pepco) managing director Tahir Basharat Cheema. He said this on Thursday while talking about how electricity is still subsidised by the government despite an increase of 56 per cent in power tariffs last year.

Cheema said that the electricity tariff had been irrationally frozen from 2003 to 2008 and the government had no other option but to increase the tariff by such a large amount during the last two years. However, we are still facing a deficit in the pricing mechanism, he added.

He was speaking at a conference on SAP-enabled Business Transformation in Pakistans Utilities Sector, organised by SAP & Abacus Consulting. The conference was aimed at demonstrating how utility companies in Pakistan could be run better.

He said electricity supplying companies needed to invest in acquiring new IT technologies and processes, along with increasing generation capacity, improving management and curtailing operational cost.

Cheema said recourse to new technologies has become urgent for power suppliers, particularly when the country is faced with such a severe power crisis. This power crisis is considered to be the worst of the four such crises the nation has faced since 1974-75, he said.

Hassan Latif Jamal, Country Head of SAP Pakistan, said SAP is a leading provider of software to electricity generation and distribution companies globally. SAP empowers over 1,600 utility companies including 275-plus power generation units globally with best practices to achieve operational efficiency in every aspect of their businesses.

Published in The Express Tribune, July 30th, 2010.




Power prices still subsidised despite 56% rise in tariffs &#8211; The Express Tribune


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## bc040400065

*Switzerland has invested $1.2b in Pakistan *

KARACHI: Swiss multinational companies over the past seven years have invested $1.2 billion in food processing, pharmaceutical, chemical, engineering, banking and other services sectors, said Swiss Consul General in Karachi, Martin Bienz.

Switzerland is currently ranked fifth in terms of Foreign Direct Investment (FDI) in Pakistan, he said while talking to media on the occasion of Swiss National Day here on Thursday.

He said that these multinationals are generally satisfied with the course of business in Pakistan, and based on the market potential, maintain an optimistic outlook despite certain concerns in connection with ongoing energy shortages and law and order situation.

Bienz said bilateral trade has shown consistent growth and is now picking up further. Trade volume is expected to exceed 400 million Swiss francs this year, he said.

Swiss exports to Pakistan are driven by high demand of pharmaceutical products and raw material whereas textiles and garments continue to be the principal Pakistani export items to Switzerland.

The important criteria for todays business practices are related to corporate social responsibility, he stated. UN Global Compact has defined 10 globally-accepted principles on issues like human rights, labour, environment and anti-corruption.

The Swiss Government fully supports this and will fund a two-year programme in Pakistan to strengthen significant principles through a Global Compact network.

I would like to encourage Pakistani and multinational companies to join this meaningful campaign, he added. He said Pakistan is still facing many challenges and hoped that peace and normality will prevail soon throughout the country.

Published in The Express Tribune, July 30th, 2010.


Switzerland has invested $1.2b in Pakistan &#8211; The Express Tribune


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## bc040400065

*Pakistan in surprise rate rise, cites inflation risk*

Published on Sat, Jul 31, 2010 at 17:44 | Updated at Sat, Jul 31, 2010 at 21:20 | Source : Reuters




Pakistan's central bank unexpectedly increased its key policy rate by 50 basis points to 13% on Friday as inflation and fiscal weakness is overshadowing improvement in the current account deficit and economic growth.

The central bank's acting governor Yaseen Anwar said a change in monetary policy was needed to mitigate risks to economic stability.


"Therefore, SBP is increasing the policy rate by 50 basis points to 13 percent with effect from Aug. 2," Anwar said.

In a Reuters poll, 12 of 15 analysts expected the central bank to keep its policy rate unchanged for August and September.

The rate decision came after Pakistan markets had closed but analysts said the move could trigger a drop in shares early on Monday, reversing a 0.9% gain on Friday.

The State Bank of Pakistan (SBP), which meets to discuss monetary policy every two months, kept the rate unchanged at 12.5% on May 24.

Inflation averaged 11.7% in the 2009/10 fiscal year ending in June, 2.7 percentage points higher than the central bank's target and Anwar said current trends and expected developments indicated that inflation risk would continue through the 2010/11 fiscal year.

This is due to a rise in electricity prices, an increase in the general sales tax and a revision in government employees' wages.

Anwar said Pakistan missed its fiscal deficit target of 5.1% for 2009/10 and it could be higher than 6.0%.

Under an IMF programme agreed in November 2008 for a two-year emergency package totalling $10.66 billion, Pakistan's government also agreed to zero net borrowing from the state bank. 

According to official data, the government overshot that target by 41.93 billion rupees (USD 490 million) in 2009/10, a cause for concern among economists and analysts.

"Clearly, such developments are inconsistent with the objectives of macroeconomic stability," Anwar said, adding that a deficit target of 4 percent of GDP for the 2010/11 fiscal year already seems challenging. The deficit could exceed 5.0% of GDP, he said.

The central bank also stressed the need to "urgently" increase the tax-to GDP ratio and boost revenue for sustainable economic growth.

Increased government borrowing from the central bank increases money supply, which in turn can fuel inflation.

The IMF said in its country report on Pakistan last month that it had held discussions with the government focusing on the fiscal programme and also "a possible tightening of monetary policy to address the rebound in inflation".

Pakistan in surprise rate rise, cites inflation risk - Reuters -


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## bc040400065

*Most fiscal targets may be missed, says State Bank *

By Shahid Iqbal 
Saturday, 31 Jul, 2010 


KARACHI: The State Bank increased its policy interest rate by 50 basis points to 13 per cent on Friday on the assumption that most of the governments fiscal targets would not be achieved and its dependence on borrowing would continue during the current financial year and cause inflation and monetary expansion. 

Announcing the monetary policy at a press conference, SBPs Acting Governor Yaseen Anwar said the decision had been taken to mitigate risks to macro-economic stability. Effective from August 2, the policy rate will apply for two months -- August and September. 

The monetary policy says that a number of fiscal targets set by the government for the current financial year cannot be achieved because of various reasons. It said that average CPI inflation was projected to remain between 11 and 12 per cent in FY11 against the target of 9.5 per cent announced in the budget. The FY10 CPI inflation at 11.7 per cent was 2.7 percentage points higher than the target. 

*Containing the fiscal deficit within the announced target of four per cent of GDP for FY11 appears to be a challenging task, *the State Bank said. It is estimated that the federal deficit will be five per cent and a combined surplus of one per cent of the provinces. 

The policy paper said that consolidated provincial figures reflected almost a balanced budget. This suggests that the FY11 fiscal deficit may exceed five per cent of GDP, the SBP said, adding that provisional figures indicated that the revised FY10 fiscal deficit target of 5.1 per cent had been missed and it could be higher than six per cent. 

It said the Federal Board of Revenue might not be able to meet the high tax collection target. *Meeting the FBR tax collection target of Rs1,667 billion will require a 25.6 per cent growth or a 0.8 percentage point improvement in the tax-to-GDP ratio which seems unlikely without broadening the tax base. *

The SBP said that low tax revenues of the government had become a serious concern because it was increasingly relying on foreign borrowings to meet rising expenditures, and delays or shortfalls in such inflows could put pressure on external accounts sustainability. 

The sustainability of external accounts improvement and build-up of NFA (net foreign assets), however, faces headwinds in FY11, it said. Consistent with recovery in the domestic economy and forecasts of higher international commodity prices, import growth is projected to increase to 12 per cent in FY11 as against a decline of 2.3 per cent in FY10. 

Similarly, the SBP said, the export growth for FY11 was projected to be around seven per cent, compared to 2.7 per cent in FY10. After assuming a benign outlook for workers remittances and further CSF (Coalition Support Fund) inflows, this trade outlook is expected to widen the external current account to 3.7 per cent of projected GDP, the SBP said. 

Incorporating projections of the external sector and consolidated fiscal position along with targets set for inflation and real GDP growth, the broad money is projected to grow by 13 per cent in FY11. 

The broad money expanded at a rate of 12.46 per cent in FY10 against 9.56 per cent in FY09. 

The SBP said the total investment as a percentage of GDP had declined for three consecutive years, falling to 16.6 per cent in FY10. However, it said that national saving had improved because of an increase in workers remittances by a 0.5 percentage point to 13.8 per cent of GDP in FY10.

DAWN.COM | Front Page | Most fiscal targets may be missed, says State Bank


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## bc040400065

*Circular debt holding economy hostage *


KARACHI: The economy is being held hostage by the circular debt crisis. This was asserted by Managing Director Pakistan State Oil Irfan Qureshi while addressing journalists at the companys head office here on Friday.

*PSO is the countrys biggest company in terms of revenue and its bottom line has been hurt by high financing costs attributable to non-receipt of receivables on a timely basis,* he highlighted.

*Earnings*

*Pakistan State Oil achieved after tax earnings of Rs9.05 billion in fiscal 2009-10 as compared to a loss after tax of Rs6.7 billion in the preceding financial year. The companys sales revenue has also touched Rs877 billion, compared to sales of Rs719 billion seen last year.*

Qureshi explained that turnover tax from last year was adjusted in the companys books this year, causing a significant dent in earnings. He said that the increase in turnover tax from 0.5 per cent to 1 per cent caused a big jump in the taxes paid by the company. Total taxes payable by the company had almost doubled to Rs9.05 billion against Rs4.66 billion due last year.

PSO has also declared a cash dividend of Rs5 per share in its financial results. An interim dividend of Rs3 had been announced earlier this year, taking the total annual dividend for fiscal 2009-10 to Rs8.

*Growth*

*PSO sold 14.2 million tons of Petroleum, Oil and Lubricant (POL) products during the year, as compared to 13.2 million tons during the preceding year. In black oil, the company enhanced its market share from 85.8 per cent to 88.2 per cent.*

Sales volumes for furnace oil also grew by 17.8 per cent over the same period compared to an industry-wide increase of 14.6 per cent. This surge has been attributed to increase in demand from the power generation sector.

The company also posted a volumetric increase of 20.9 per cent in sales of motor gasoline. However, the company experienced a fall of 9.7 per cent in sales of high speed diesel in the outgoing year.

*Debt*

The MD stressed that the circular debt crisis has continued to remain a serious problem as power sector customers repeatedly defaulted on payments. *On June 30, the companys receivables stood at a staggering Rs117.5 billion.*

Consequently, the company had to rely heavily on bank borrowings, incurring financial charges of Rs9.9 billion in the outgoing year, compared to Rs6.2 billion in fiscal 2008-09.

Qureshi revealed that the company had collected Rs5.7 billion from two independent power producers, Hubco and Kapco, in the outgoing fiscal and that another Rs14 billion was expected within a week by the power providers.

*He pointed out that the company had outstanding receivables of Rs130 billion at present.*
Criticising the increase in turnover tax, Qureshi hinted that the company may post after tax losses in the current financial year if the tax rate is not reduced. At present, the 1 per cent turnover tax is levied regardless of whether the company incurs a loss or makes a profit.

*Future*

As part of a three-step agenda to improve profitability, PSO plans to re-launch its lubricants after Ramazan. Other companies are earning significant profits with their lubricant products, explained Qureshi.

We need to work on backward integration. Due diligence on Pakistan Refinery is being conducted and once it is completed we will decide whether it is profitable for us to buy that refinery, he disclosed.

The managing director stressed on the need of building storage facilities for POL products, particularly in southern Punjab. He explained that more storage would help the country cope with supply concerns during emergencies such as the current flooding of Punjab and Khyber-Pakhtunkhwa.

Storage capacity for POL products is only about one million tons right now, added Qureshi.

Responding to a question, Qureshi said that the federal government is working on a plan to resolve the circular debt problem and a solution may be reached within the next 15 days.
However, he warned: Once this issue is resolved, all institutions involved will have to ensure on an individual basis that this crisis does not emerge again.

Published in The Express Tribune, August 7th, 2010.


Circular debt holding economy hostage &#8211; The Express Tribune


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## bc040400065

*WB to provide $3.7 bn to Pakistan in four years *


Sunday, August 08, 2010

By Mehtab Haider

*ISLAMABAD: The World Bank (WB) is committed to provide loans amounting to $3.7 billion to Pakistan for priority areas in next four years including $924 million for Poverty Reduction Support Credit (PRSC)/public financial management, $850 million for energy sector, $275 million for water/ports and $1.115 billion for education sector.*
According to WBs Country Partnership Strategy (CPS) which was officially released on Saturday, reads out that the priority lending programme amounts to an estimated $3.7 billion (IBRD/IDA), equivalent to about 60 percent of a total potential financing envelope of up to $6.2 billion (including MDTF financing) during the CPS period.

For social safety nets the Bank will lend $300 million to Pakistanis well as it will also provide $100 million for rehabilitation efforts in Khyber Pakhtunkhwa, Fata and Balochistan under the initiative of Multi Donor Trust Fund (MDTF).

*Dwelling upon Pakistans economy and its medium term outlook, the CPS states that total government debt (including obligations to the IMF) as a share of GDP is projected to rise from 59.3 percent in 2008/09 to 62.4 percent in 2009/10. About half of the debt is external and half domestic. Total debt is projected to remain over 60 percent of GDP in the medium term, but thereafter decline. **
The external debt-to-exports ratio rose to 220 percent in 2008/09, is projected to peak at 273 percent in 2011/12 and start thereafter gradually declining.*
However, debt sustainability analysis suggests that external debt service remains manageable although there are potential risks to this assessment from sources such as lower than projected growth and foreign direct investment (FDI), and higher than projected current account deficit, interest rates and exchange rate depreciation.

Credit to the private sector, the CPS states, fell dramatically after the onset of the crisis as economic activity slowed, but is showing signs of recovery.

Thanks to large government borrowing to finance budgetary needs, and a surge in credit demand by public sector enterprises, banks have been able to avoid lending to the relatively risky private sector as non-performing loans (NPL) increased.

During the first nine months of 2009/10, the credit demand for government budgetary operations and public sector enterprises stood at Rs404 billion, more than three times the size of credit demand in the private sector. While the economy is stabilizing, continued improvement in the macroeconomic situation will remain a challenge, the WB forecasts say.

Global economic recovery has started, but remains fragile and slow. Global trade is projected to remain depressed and unemployment high for years in a large part of the world. 

Pakistan can expect little in the way of a substantial growth impetus from global markets. Pakistans future economic prospects will hinge on good economic policies and management, it added.

According to the governments medium-term macroeconomic framework, which is supported by the IMFs Stand-By Arrangement, Pakistans real GDP growth is projected to start recovering slowly at 3 percent in 2009/10, and increase gradually to 5 percent by 2012/13.

However, longer-term projections are particularly uncertain in view of the volatile global and domestic economic environment.

The external current account deficit is projected to widen again to 4 percent of GDP in 2010/11 as imports pick up slowly. Remittances were projected to grow by 7 percent in 2009/10, and continue to grow at 6.5 percent thereafter with the help of governments remittance drive.

WB to provide $3.7 bn to Pakistan in four years


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## bc040400065

*Floods cause major harm to Pakistans economy: IMF*

Wednesday, August 11, 2010
ISLAMABAD: The International Monetary Fund (IMF) said on Tuesday that the floods will cause major harm to the economy of Pakistan as donors and investors concerns are growing over the disasters impact on an already fragile economy.

According to a report by a private TV channel, an IMF spokesman said that the floods are very likely to cause major harm to the economy in terms of loss of output and budgetary consequences... The spokesman said IMF officials were in touch with the authorities to assess the situation, APP reported.

*Separately, Reuters reported a Finance Ministry official as saying that economic growth target of 4.5 percent for fiscal year 2010-2011 would have to be revised downwards once the extent of the damage caused by floods is known. agencies*


Daily Times - Leading News Resource of Pakistan


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## bc040400065

*KSE fails to sustain itself at 10,000 points*

The stock market fell for the third consecutive day this week to close at 9,875.68 points as investors remained cautious and booked profits amid concerns over the economic cost of the devastating floods.

However, Wednesday was a better trading day than the previous two at the Karachi Stock Exchange (KSE) as the benchmark 100-share index only fell by 16.64 points or 0.17 per cent.

Traders tested the psychological level of 10,000 but failed to sustain gains amid selling. Profit taking was witnessed after the bid pattern of todays T-bill auction was released, which gave rise to expectations of the cut-off yields for various maturities to increase by 25-40 basis points, according to Muzzamil Mussani at JS Global Capital Limited.

Meanwhile, volumes continued to be on the lower side reflecting lack of interest in the absence of major earnings announcement, according to Sibtain Mustafa at the Elixir Securities equity sales desk.

Investors opted to remain on the sidelines as volumes fell by almost 35 per cent to 61.5 million shares compared with the 94.2 million shares traded on Tuesday.

Additionally, leading investors were reluctant to commit fresh money owing to recent flood related destruction and its possible inflationary pressures on the economy, according to Mustafa.

*Shares of 374 companies were traded on Wednesday. At the end of the day, 162 stocks closed higher, 180 declined and 32 remained unchanged. The value of the shares traded during the day was Rs2.6 trillion.*

*Hub Power Company (HUBCO) emerged the market leader with a volume of 8.7 million shares traded during the day. The scrip gained Rs0.91 to close at Rs36.42 per share  an increase of 2.6 per cent.*

Arif Habib Securities (AHSL) followed with 5.61 million shares traded. The share closed three per cent higher at Rs30.05. Investors are expecting that a decent dividend will be declared by the company. Even though the board of the company met yesterday to finalise the outgoing years financials, the results will be announced today. Jahangir Siddiqui and Company witnessed a trade of 4.71 million shares.

KSE fails to sustain itself at 10,000 points &#8211; The Express Tribune


----------



## bc040400065

*WBs pledge to provide $900m to Pak takes KSE 31 points higher*

KARACHI: The Karachi stock market managed to close in the positive territory on the last trading day of the week Friday as World Banks (WB) commitment for providing $900 million assistance for rehabilitation of people and infrastructure damaged by the flooding invited accumulation in the front line cement stocks.

The Karachi Stock Exchange (KSE) 100-share index gained 30.56 points or 0.31 percent to close at 9,823.37 points as compared to the previous sessions 9,792.81 points. The KSE 30-share index closed at 9,752.10 points with a rise of 59.39 points. The KMI 30 closed at 15,051.30 points with a surge of 70.79 points. The KSE 100 all-share index closed at 6,877.66 points with an increase of 18.30 points. 

Analysts said the market opened in the green zone and this trend remained throughout the session. The market turnover went up by 25.13 percent and traded 31.96 million shares as compared with the previous sessions 25.54 million shares. The overall market capitalisation increased by 0.29 percent and traded Rs 2.759 trillion as against Rs 2.751 trillion. Decliners outnumbered the gainers 158 to 138, while 14 were unchanged. 

After four consecutive days of decline, equity values inched up, said Topline Sec analyst Samar Iqbal. Foreign interest was seen in Hubco while locals preferred to book profits in AHSL whose payout was not up to the expectations. 

The week saw heavy battering as the market fell 4.8 percent amid concerns that the flood will severely affect the economic growth and corporate earnings. 

*WBs commitment for providing $900 million assistance for rehabilitation of people and infrastructure damaged by the flooding is indeed a sign of relief for the economic team and stakeholders of the economy, *said Aziz Fida Husein and Co analyst Hasnain Asghar Ali. 

There were rumours in the market regarding the total elimination of the proposed and approved product. Verification of such development will force the market to reduce to 9,200 points level, he added.

The KSE 100-share index opened in green zone with a gain of 23.61 points and at the end of the day closed at 9,823.37 with a rise of 30.56 points.

Hubco was the volume leader with 5.46 million shares as it closed at Rs 37.01 after opening at Rs 36.06, gaining 95 paisas. staff report



Daily Times - Leading News Resource of Pakistan


----------



## ejaz007

*Pakistan deserves $53 billion foreign debt write-off*
By Raja Riaz

LAHORE: At a time when Pakistan faces challenges such as terrorism and devastating floods, international financial institutions and donor countries should step forward and write off the countrys massive $53 billion debt to guarantee the Pakistani people the right to life.

International laws, the UN charter, ethics and morality all support Pakistans case for getting a write-off.

Pakistan can refuse to pay its all external debts on the basis of international laws: the state of necessity and the law of illegitimate borrowings, besides emphasising the right of providing basic necessities to its population.

Various countries have invoked these laws at different times to get relief for their people from the international financial institutions and states.

The first principle that can be invoked for the purpose is the law of the state of necessity. 

The state of necessity defence is enshrined in Article 25 of the International Law Commissions Articles on State Responsibility. Under international law, this term is used to describe: A situation in the presence of which a state is excused for not performing an international obligation. Such a situation is generally believed to be an actual threat or a prospective peril to a states essential interests. From an operational point of view, a state of necessity has the ability to change into a legitimate action a conduct that would otherwise be considered wrongful.

The focal person of the Committee for Abolition of Third World Debt (CADTM), Pakistan chapter, Khaliq Shah, has supported this argument. Pakistan must refuse debt servicing on external loans. In view of the devastation caused by floods, Pakistan has a legal right to repudiate debt as there are several arguments in internal laws that can be invoked as legal justification to refuse external debt servicing. One of these justifications is called state of necessity. By this we mean a situation that jeopardises the existence of a state or its economic/political survival, he said.

The provision of health, education, food, water and housing is the basic function of a state. The recent calamity in Pakistan has rendered hundreds of thousands of people homeless. International donor agencies waived off the loans of Haiti in January this year due to the same reason. 

The IMF waived a debt of $268 million given to Haiti. Following the decision of the IMF, the World Bank also eased the life of Haitians by deferring repayment of its debt for five years. The World Bank announced that it, too, supports debt relief, and will waive payments on the $38 million lent to Haiti for at least five years.

The IMF also sanctioned a fresh loan worth $60 million to Haiti stating, The new loan will not have any interest throughout 2011. The IMF and the World Bank had cancelled Haitis $1.2 billion debt in 2009 as well.

The international community pledged $5.3 billion to fund the initial phase of Haitis reconstruction over the next 18 months, including a contribution of $479 million by the World Bank. This includes $151 million in grants, $39 million write-offs through cancelling Haitis remaining debt to the World Bank and $60 million in investments from the banks private sector arm, the International Finance Corporation (IFC).

All these steps were taken citing the fact that the earthquake had ruined the infrastructure of the country, making the state unable to provide the basic necessities to its people.

The Haitian government reported to the international community that an estimated 230,000 people had died, 300,000 had been injured and one million made homeless. They also estimated that 250,000 and 30,000 had collapsed or were severely damaged. Amongst the widespread devastation and damage, vital necessary to respond to the disaster was severely damaged or destroyed. This included all hospitals in the capital; air, sea, and land transport facilities; and communication systems. Roads were blocked with or were broken.

The world community fully supported the government of Haiti in rescue operations: 20 countries sent military personnel to the country, with Canada, the United States and the Dominican Republic providing the largest contingents. The arrived with 600,000 emergency food rations, 100,000 ten-litre water containers, and an enhanced wing of 19 helicopters; 130,000 litres of were transferred to shore on the first day. The helicopter carrier sailed with three large and two survey/salvage vessels, to create a sea base for the rescue effort. They were joined by the French vessel . The Canadians joined Colombian rescue workers, Chilean doctors, a French mobile clinic, and Sri Lankan relief workers who had already responded to calls for aid. The US Navy listed its in the area as 17 ships, 48 helicopters and 12 fixed-wing aircraft in addition to 10,000 sailors and Marines. The navy conducted 336 air deliveries, delivered 32,400 gallons of water, 532,440 bottles of water, 111,082 meals and 4,100 kilogrammes of medical supplies.

Foreign countries raised funds for Haitians and the European Union promised $474 million for emergency and long-term aid. Brazil announced $210 million for long-term recovery aid, $15 million of which were in immediate funds. The UK committed $32.7 million in aid, while France promised $14.4 million. The US government announced it would give $100 million to the aid effort.

Now compare all this with the situation in Pakistan: the total number of people affected by the floods (20 million) exceeds the combined total in three recent mega disasters the Haiti earthquake, the 2004 Indian Ocean tsunami and the 2005 Kashmir earthquake.

The unprecedented rains have triggered a massive humanitarian crisis that has threatened the lives of millions of people including women and children. These people do not belong to a specific age group, but include infants to 80-year-olds. The old women and very young children are most vulnerable. The death toll from the floods is close to 1,100 right now. 

According to the flood data from the last 62 years, the country has suffered cumulative financial losses of more than Rs 385 billion ($6 billion) on account of 15 major floods. However, the damage done by the 2010 floods is far more than that figure.

The communication infrastructure has been totally ruined, roads, bridges and railway tracks have been destroyed, while government buildings have collapsed.

Apart from the human toll, 111 bridges have been destroyed, and more than 3,700 houses have been swept away.

It is very difficult for the government to meet the basic requirements of its millions of displaced people as the international response to Pakistan is far less than the Tsunami and Haiti disasters  the world community has only provided $229 million to Pakistan so far. This translates into $16.16 for each affected Pakistani person as compared to $1,087 every affected person in Haiti and $1,249 per affected person in the Indian Ocean tsunami. 

The UN Human Rights Commission has adopted a number of resolutions on the issue of debt and structural adjustment. One such resolution, adopted in 1999, asserts that The exercise of the basic rights of the people of the debtor countries to food, housing, clothing, employment, education, health services and a healthy environment cannot be subordinated to the implementation of the structural adjustment policies, growth programs and economic reforms.

At the moment, the government of Pakistan is unable to fulfill these requirements, as it has to spend $3 billion per year on debt servicing alone.

All these circumstances prove that Pakistan is passing through its worst times and the state has the just right to deny repaying its debts, owed to international financial institutions and donor countries under the the state of necessity clause. 

Odious Debt and Illegitimate Debt: The second defence for Pakistan for not paying back its debt is the Odious Debt doctrine.

The doctrine was formalised in a 1927 treatise by legal theorist , based upon the 19th Century precedents such as s repudiation of debts incurred by the regime, and the denial by the of liability for debts incurred by the .

According to Sack, Odious debt is an established legal principle. Legally, odious debt is debt that resulted from loans to an illegitimate or dictatorial government that used the money to oppress the people or for personal purposes. Moreover, in cases where borrowed money was used in ways contrary to the peoples interest, with the knowledge of the creditors, the creditors may be said to have committed a hostile act against the people. They cannot legitimately expect repayment of such debts. 

He further states, When a despotic regime contracts a debt, not for the needs or in the interests of the state, but rather to strengthen itself, to suppress a popular insurrection, etc, this debt is odious for the people of the entire state. This debt does not bind the nation; it is a debt of the regime, a personal debt contracted by the ruler, and consequently it falls with the demise of the regime. The reason why these odious debts cannot attach to the territory of the state is that they do not fulfill one of the conditions determining the lawfulness of state debts, namely that state debts must be incurred, and the proceeds used, for the needs and in the interests of the state. Odious debts, contracted and utilised for purposes, which, to the lenders knowledge, are contrary to the needs and the interests of the nation, are not binding on the nation  when it succeeds in overthrowing the government that contracted them  unless the debt is within the limits of real advantages that these debts might have afforded. The lenders have committed a hostile act against the people, they cannot expect a nation which has freed itself of a despotic regime to assume these odious debts, which are the personal debts of the ruler. 

The history of Pakistani debts reveals that the maximum loans were obtained during the dictatorial regimesthe martial law regimes of General Ayub Khan, General Yahya Khan and General Ziaul Haq. 

The people of Pakistan did not benefit from the foreign loans provided to General Ziaul Haq and which were provided by Western countries only after the Soviet invasion of Afghanistan.

The loans were spent on building the infrastructure for running the Afghan Jehad.

In Pakistan, the debt was spent against the wishes of the people and benefited only a specific segment of society. The study reveals that some corrupt generals were the biggest beneficiaries of the aid, whose sons are now billionaires.

This debt is not binding on the nation and government should refuse to pay back these loans.

Illegitimate debt is another valid reason that can strengthen Pakistans case for refusing to pay back the loans. Such loans are got for development projects that are not beneficial for the masses at large.

The Norwegian government canceled illegitimate debt of five countries in 2006.

The Norwegian government proposed to cancel $80 million in debt owed by five developing countries in acknowledgement that the debt was extended irresponsibly and without due regard for the developmental needs of the recipient countries. The countries include Egypt, Ecuador, Peru, Jamaica and Sierra Leone.

Pakistans arguments for getting its loans written off is more moral than legal: Pakistan has been in a constant state of war since 1979. It fought for more than ten years against the USSR directly or indirectly. Pakistan was the closest ally to America in all those years. This war directly affected the country not only within its boundaries but also at international forums.

Since of 9/11, Pakistan is once again in turmoil and has now become the frontline state in the war against terrorism. We are now fighting a battle not only on our borders, but also within our territory. The Pakistan Army is fighting a deadly war not only in the Tribal Areas but also out on the streets and the forces have to keep the collateral damage to the minimum level.

The economy has faced major set backs as the exports and foreign investment both have decreased to the minimum level in the last five years.

The government is spending a lot of money on the war and faced internal migration of thousands of people.

Keeping this situation in mind, it is justified for the calamity-hit Pakistan to get all its loans written off not only by the international financial institutions, but also from the comity of nations.

Daily Times - Leading News Resource of Pakistan


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## mazaha

Industry Grows Leaps and Bounds in FY10!
&#56256;&#56451; FY10 witnessed a dramatic improvement of 43% YoY in sales of
automobiles in the country followed by 2 years of negative growth.
&#56256;&#56451; Sales in Jun10 touched 16,416 units which is 25% higher on MoM basis
and 84% YoY. The key reason behind this significant growth has been
front-loading of purchases; announcement of increase in GST from 16%
to 17% from FY11 led the buyers to make their purchase decisions
during the month to avert higher prices.
&#56256;&#56451; The growth has primarily been led by a number of factors: 1)
Remittances grew by 14% to USD8.9bn compared to USD7.8bn in FY09,
2) A low base set last year of 98,161 units (-47% YoY compared to FY08)
and 3) increasing rural incomes due to high support prices and
subsidized farm inputs.
&#56256;&#56451; Tractor sales also witnessed an increase of 18% YoY to 71,512 units
sold in FY10 compared to 60,351 units sold last year.
&#56256;&#56451; Government support for fresh investment in the auto sector bodes well
for the economy and consumers at large in the shape of greater variety
in the long run.


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## mazaha

*Floods; Corporates&#8217; initial impression*
Pakistan is encountering the worst of natural disasters in its history in the shape of
seemingly unending floods since July 22nd, 2010. Various agencies, including
USAID, IFIs, UN, and Pakistan&#8217;s National Disaster Management Authority
(NDMA) have yet to estimate the extent of the national loss incurred as a result of
this. However, initial estimates suggest that over 13.8mn people have been
affected from this calamity. We opine, this will have notable negative
consequences on the government&#8217;s budgetary estimates and may risk running a
higher fiscal deficit than earlier estimated which in turn will lead to increased
government borrowing. Despite this gloomy picture, we believe, the country&#8217;s
major economic activity areas (industrial & agricultural) are safe from significant
destruction and work is continuing as usual. This was verified by several major
corporates whom we contacted, and barring a few exceptions, a relatively better
situation was portrayed by them than initially feared by all (details to follow). As
fore-mentioned, the flood flow is not over yet, and thus an increased risk to our
initial assessment cannot be ruled out, as there is forecast of further rainfall to
occur in the country.

---------- Post added at 12:19 PM ---------- Previous post was at 12:19 PM ----------

*2010 floods impact; taking the 1992 floods as a reference point*Brief history - 1992: As highlighted above, it is too early to ascertain the macro
impact of the ongoing flood situation, but we are taking the September 1992
floods as a case point for estimation purposes. In 1992, Pakistan witnessed
record floods (also classified as one of the worst floods in the world at that point in
time) and the country witnessed massive infrastructure and agricultural losses.
Approximately half a million people were displaced, over 5 million acres of land, 3
million acres of crops, 200,000 Kacha-area mud houses and about 100,000
houses in other areas were destroyed.
As per the economic survey of 1993, record agricultural losses were witnessed,
e.g. cotton production came in at 9.33mn bales vs. the target of 12mn bales, rice
output was recorded at 3.08mn tons vs a target of 3.48mn tons, and sugarcane
harvested came to 36.5mn tons vs the target of 39.7mn tons. On the macro front,
GDP was reported at a meager 2.1&#37; (from 7.7% in FY92), with the dip primarily
caused by a 5.3% contraction witnessed in the agricultural sector, the current
account deficit surging to 7.2% of GDP (from 2.8% in FY92) and the fiscal deficit
coming in at 8.1% (from 7.5% in FY92). Interestingly, inflation tapered off at 9.8%
(from 10.6% in FY92) and the policy rate was reduced to 15% from 17% in the
previous fiscal year. The stock market since the floods hit in 1992, provided a
record return of 67% within a span of 15 following months.
Flood impact &#8211; 2010: As highlighted in the USAID map on Page 3, the
agricultural loss is likely to be less severe than caused by the 1992 floods. It is
estimated that a total 1.48mn acres of agricultural land has been affected with the
majority cotton producing area safe from the calamity. The national highways are
still operational and hence, the supply of essential foods item is not likely to be
significantly handicapped, as opposed to what was witnessed in 1992.


----------



## mazaha

To assess the losses to the industries, we have spoken to the management of key
corporations in various sectors and all presented a relatively better situation and
that they have been saved from major losses. There were only a few exceptions,
the teleco&#8217;s and PEPCO which foresee infrastructure losses. We expect GDP
growth to remain in the range of 3.5-4.0&#37; in FY11 as against the government&#8217;s
initial projection of 4.5%, with agricultural losses to be mitigated with the
reconstruction activity. Additionally, we anticipate, the government will follow an
expansionary fiscal policy and spend around Rs150bn on rehabilitation and
reconstruction, which will raise the deficit projection by ~1% to 6%. Additional
borrowing needed for this purpose will be achieved through loans from the SBP
and a likely waiver will be sought from the IMF.


----------



## bc040400065

*Pakistan textile industry seeks more market access*
Published on Fri, Aug 20, 2010 at 10:45 | Updated at Fri, Aug 20, 2010 at 17:16 | Source : Reuters

Pakistan's textile industry is asking for greater access to the US and European Union markets as it struggles for survival after floods devastated the country.

Industry representatives say flood damage to the cotton crop and consequent supply shortages could be a final blow to an industry that is already under pressure from shrinking global demand, crippling power shortages and instability brought on by a Taliban insurgency.

Textile makers are asking for support to help make up for the losses.

"We have requested that the government ask the EU and U.S. for greater market access," said an official at the All Pakistan Textile Mills Association.

Foreign Ministry spokesman Abdul Basit told reporters in Islamabad on Thursday that the EU was mulling a meeting of its foreign ministers to discuss providing flood assistance to Pakistan, and possibly greater market access for Pakistani products.

Some products from Pakistan enter the EU market duty-free or at a reduced rate, but textile products such as bed linen and towels, which account for more than 65 percent of its exports to the EU, still face a 12 percent tariff.

*Pakistan's total textile exports stood at over $10 billion in the 2009/10 financial year (July-June), of which about $6 billon worth of textile products went to the United States and the European Union.*

The floods, the worst in the country's history, have killed up to 1,600 people, forced more than 4 million from their homes and disrupted the lives of about 20 million people - nearly 12 percent of the population.

The floods also damaged up to 2 million bales of cotton, and traders say Pakistan will have to import up to 3 million bales to make up for a shortfall. A Pakistani cotton bale weighs 170 kg.

*Pakistan produced 12.7 million bales in the 2009/10 (July-June) financial year, when the country had to import about 2 million bales, and was hoping to harvest 14 million from the 2010/11 crop.*

"This is really the worst time possible for textiles -- that the floods could have occurred -- because textile mills have no cotton," said Ziad Bashir, director of Gul Ahmed Textile Mills, Ltd, one of the country's biggest mills.

*"The devastation they (floods) are causing definitely warrants an action like this (duty-free status for Pakistan's textile products)."

The textile sector is the source of over half the country's exports and about 40 percent of manufacturing jobs. Low output could further add to Pakistan's trade deficit.*

"The government, in consultation with the industry, will take appropriate measures to help the textile sector, depending upon the extent of damage to the crop," said Textile Ministry Secretary Waqar Masood.

Textile mill owners say any further damage to the cotton crop would be devastating.

*"If the floods continue, and this (the amount of cotton crop loss) goes up to 4 million or something, it's going to be colossal," Bashir said.*


Pakistan textile industry seeks more market access - Reuters -


----------



## bc040400065

21 August 2010 Last updated at 20:44 GMT 

*IMF to review 'massive challenge' of flood-hit Pakistan*

The International Monetary Fund says the floods that have struck Pakistan pose a "massive economic challenge" and it will review the country's budget and financial prospects.

The IMF will start talks with Pakistani officials in Washington on Monday to assess how best to give help.

Tens of thousands more Pakistanis have been fleeing the floods, with the south now bearing the brunt.

Overall, about 1,600 people have been killed and 20 million affected.
Masood Ahmed, director of the Middle East and Central Asia department of the IMF, said in a statement: "The floods which have hit Pakistan in recent weeks and brought suffering to millions of people will also pose a massive economic challenge to the people and government of Pakistan.

"The scale of the tragedy means that the country's budget and macroeconomic prospects, which are being supported by an IMF-financed programme, will also need to be reviewed."

Mr Ahmed said that the IMF stood by Pakistan "at this difficult time".

The IMF agreed a rescue package with Pakistan two years ago as the country was then weighed down by soaring inflation, shrinking reserves and fighting militancy.

*The Pakistan government has said that the cost of rebuilding after the floods could be as high as $15bn (£10bn).*

*Trying to survive*

The BBC's Mike Wooldridge in Islamabad says there are concerns about higher inflation and lower growth, along with higher food prices caused by disruption to supply routes.

*He says the extensive damage to the agricultural industry as a whole is another heavy blow because this is such an important part of the economy.*

*Meanwhile, tens of thousands more Pakistanis are being displaced in the southern province of Sindh, which is now being described as the country's worst hit province. *

The BBC's Jill McGivering, who has in Sukkur in Sindh, says families are visible everywhere - on riverbanks, open ground and along the roadside.

About one-tenth of the homeless have places in relief camps, the rest are trying to survive alone, without shelter or any assurance of food, she says. Aid is being provided but it is limited and in enormous demand. 

Dozens more villages have been inundated and although authorities expect flood waters to drain into the Arabian Sea over the next few days, evacuees who return may find their homes and livelihoods have been washed away.

*The UN says it has now raised about 70% of the $460m it called for in its emergency appeal, as donors pledged more money.*

*Pakistan has also accepted $5m (£3.2m) in aid from its rival and neighbour India.*

*The floods began last month in Pakistan's north-west after heavy monsoon rains and have since swept south, swamping thousands of towns and villages in Punjab and Sindh provinces. *

The UN said on Friday that more helicopters were urgently needed to reach communities cut off by the water.

Experts warn of a second wave of deaths from water-borne diseases such as cholera unless flood victims have access to supplies of fresh drinking water.







BBC News - IMF to review &#039;massive challenge&#039; of flood-hit Pakistan


----------



## bc040400065

AUGUST 24, 2010, 11:57 A.M. ET 

*IMF, Pakistan To Discuss Possible Emergency Loan -Official *
WASHINGTON (Dow Jones)--The International Monetary Fund and Pakistan will discuss on Wednesday revision of the existing lending program and the possibility of emergency funding to help the country recover from the worst flooding in its history, an IMF official said Tuesday. 

Beyond easing the terms of the nearly $11 billion financing arrangement in place since 2008, the IMF is considering more immediate measures to help Pakistan cope with the ongoing disaster, said Masood Ahmed, director of the IMF's Middle East and Central Asia Department. 

"We already have a program in place and we also have the possibility of providing financing through an emergency instrument for natural disasters, and we'll be discussing both of those with the visiting delegation," Ahmed said in an interview with the fund's online magazine, IMF Survey. 

*Pakistan's finance minister, Abdul Hafeez Shaikh, is traveling to Washington this week to seek assistance from the IMF and the U.S. Floods have inundated about a fifth of the country, killing 1,500 people and destroying $2.8 billion in crops. *

Budget deficit targets and growth projections under the IMF program will have to be revised, Ahmed said. Pakistan stands to receive the last $3.5 billion of the loan through year-end. 

*"The floods are having a major impact on the economy of Pakistan," said Ahmed. "They are, of course, a human catastrophe and it's still evolving, but the economic impact is also going to be very significant." *

He said it's too early to estimate the economic toll from the flooding and reconstruction costs, but the effects will be major and long-lasting. 

*Pakistan had aimed to cut its fiscal deficit to 4% of gross domestic product this financial year from 5.1% last year. *But the Finance Ministry has warned that gap could widen by about a percentage point.


IMF, Pakistan To Discuss Possible Emergency Loan -Official - WSJ.com


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## ANG

Hi, I just wanted to add some clarifications to some of the comments made. Pakistan was projected to have a 4.5&#37; GDP growth in the upcoming year. Due to the floods, it has been projected that the growth rate will fall by at least 1%-1.5%, translating into a 3%-3.5% growth rate now. 

Pakistan's GDP is not expected to contract, rather not grow that much. However a 3%-3.5% GDP growth is not optimal, given the inflation rate (>10%), a high population growth rate, and most importantly current debt obligations. Also a loss of 1.5% GDP growth in FYI 2011, compounded over future growth rates adds up to a huge opportunity cost/loss.

Moreover, Pakistan is going to have to take loans to cover the reconstruction costs, which will only add more future debt servicing costs in the future. This additional debt servicing will constrain future development spending.

However, if the reconstruction is managed properly, it can stimulate other industries, construction, cement, steel, etc. Moreover, there is the opportunity to move some of the affected people away from subsistance farming to more permanent type of employment.

However, given the corruption in Pakistan and the sorry state of its affairs, I only see more corruption and the poor getting screwed once again. There are people in Kashmir, who are still living in relief camps and waiting for help after the 2005 earthquake.

Pakistan has the money to finance this reconstruction itself, if it only gets people to pay taxes, cracks down/recovers bad loans given, and curbs corruption. Pakistan has one of the lowest tax to GDP ratios.

However, the current government finds it easier to simply go begging for a free handout. I just find it disgraceful that a country of 180M cannot even cough up $450M itself to feeds its own people. Moreover the damages have been estimated to be around $10B, it is a shame Pakistan cannot even cover that itself and Zadari and the Pakistan Foreign Minister go around begging for money. Take care.

http://www.nytimes.com/2010/08/17/world/asia/17pstan.html?_r=2&ref=world

http://iaoj.wordpress.com/2010/01/2...tan-hurts-common-people-and-breeds-extremism/

http://www.dawn.com/wps/wcm/connect...paid+rs455m+against+rs570m+liabilities--bi-07


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## ANG

Hi, more information on the potential GDP rate loss. Thanks!

Business Recorder [Pakistan's First Financial Daily]


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## ANG

Hi, I wonder if the current government is hiding behind the floods to cover its economic mismanagement. Thanks!

Business Recorder [Pakistan's First Financial Daily]


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## ANG

Hi, I do not feel sorry for the financial situation Pakistan is in. It has brought this on itself. If that country was to clamp down on corruption and also make people pay their taxes, they can easily finance this reconstruction themselves. 

The international community is under no obligation to pay for this damage. Pakistan has mismanaged its own house, and should not get a bailout. If you or I were to fall behind on our financial obligations, or not live within our means, we would have our homes, cars, and material possessions repossessed by the bank. Why should a sovereign state be treated any differently for not being able to pay its bills?

The article and acompanying video gives a good explanantion of the reasons behind Pakistan's fiscal woes. Take care.

http://www.nytimes.com/2010/07/19/world/asia/19taxes.html


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## bc040400065

*WB, ADB to lead damage, needs assessment *

By Amin Ahmed 
Thursday, 26 Aug, 2010 

ISLAMABAD: The Asian Development Bank and World Bank agreed on Wednesday to carry out a Damage and Needs Assessment (DNA) of floods in the country in accordance with a request of the government. 

This is the fourth DNA that the ADB and WB are jointly conducting in Pakistan in close collaboration with the Economic Affairs Division, but this one is unique given the scale of devastation and geographical spread of the calamity, said Rune Stroem, ADBs country director for Pakistan. 

If there is no fresh wave of flooding the data collection and its compilation may continue uninterrupted and the assessment is expected to be completed by mid-October. 

The World Bank has completed numerous DNAs worldwide in collaboration with other key financing and donor institutions such as the ADB and we will be bringing that experience to bear on this DNA, which is going to be a challenge considering the enormity of the disaster, said Rachid Benmessaoud, World Banks country director for Pakistan. 

The ADB and WB will collaborate with UN and other key donors through participation and sharing of information. 

According to a WB press release, the DNA focuses on estimating three types of costs: direct damage, indirect losses and reconstruction costs. 

DNAs are generally conducted in the shortest possible time immediately after a natural disaster to provide the government and the international community with a credible assessment of the extent of the damage and an estimate of the cost to reconstruct and rehabilitate the damaged infrastructure and services.

DAWN.COM | National | WB, ADB to lead damage, needs assessment


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## muse

Reading interaction between Pakistani economic and political planners and international financial institutions is always fascinating, particularly as the Pakistanis have to be "pushed" to do right by themselves, it's just a really curious thing, it's like a junkie (addicted to international money) and it's pusher telling it that "it can't go on like this" -- STOP giving these people money: 



IMF insists on tax, energy reforms 
By Anwar Iqbal 


Tuesday, 31 Aug, 2010 

WASHINGTON: The International Monetary Fund continues to insist on more tax and energy sector reforms within the current fiscal year, despite its concerns about the impact of the 2010 flood on Pakistans economy, officials say. 

Pakistans talks with the International Monetary Fund on loan restructuring and emergency assistance for flood victims entered a decisive phase on Monday as the two sides began their policy discussions. 

*Officials familiar with the talks told Dawn that Pakistan would have to implement tax and energy sector reforms within the current fiscal year if it wanted to continue an $11.3 billion loan arrangement negotiated in 2008. 

The IMF also wants Pakistan to grant full autonomy to the State Bank, as it pledged while negotiating the loan arrangement with the fund*. 

A document released by the IMF on the occasion of the talks indicates that the fund is not satisfied with Pakistans pre-flood performance. 

While noting that the IMF-Pakistan loan programme got off to a good start and Pakistans economy has made progress towards stabilisation, *the document notes that the Pakistani economy was once again on a slippery slope. 

It urges Pakistan to treat external support only as a bridge to a greater domestic revenue effort, *which will be indispensable to sustain development spending, achieve poverty reduction, and increase much-needed social outlays over the medium term. 

In this regard, the IMF reminds Pakistan that the introduction of a broad-based value-added tax is essential. 

The document notes that while there has been some progress towards the reform in the electricity sector, more needs to be done to eliminate the financial losses of electricity companies and other public enterprises. 

According to the document, inflation has been on the rise again and reached 13 per cent in March this year.Pakistans fiscal policy continues to be affected by low economic activity and a difficult security environment. 

The document notes that Pakistani authorities have been striving to maintain fiscal discipline by eliminating non-priority spending. 

Such efforts proved initially successful, but since June 2009, the authorities have repeatedly exceeded the quarterly budget deficit targets under the IMF programme.


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## bc040400065

*EU agrees trade concessions to flood-hit Pakistan*

The European Union has agreed to make trade concessions to Pakistan to help it overcome the impact of flooding, diplomats say.

Details of the concessions are not yet available, but British diplomats told the BBC that potentially they could be worth millions of dollars.

They say the deal could allow Pakistan significant reductions in duties paid on textile exports to EU countries. 

The International Monetary Fund has agreed to provide a $451m loan.

The IMF said that money would immediately be made available to Pakistan.

It said it hoped its decision would encourage more lending by international donors.

Opposed

British diplomats in Brussels told the BBC that Thursday's agreement would in principle allow Pakistan to avoid paying in duties on key imports to the European Union.

But correspondents say that countries within the EU that have significant textile industries - such as France, Italy and Portugal - may be opposed to the move.

Any move to grant Pakistan a waiver on textile duties would also require the consent of the World Trade Organisation (WTO) to ensure trade rules are not violated. 

The details will be determined in the coming weeks, with the European Commission working with the WTO to finalise how the concessions can be be implemented. 

Meanwhile, some of the estimated 10 million Pakistanis displaced from their homes by the massive July monsoon floods have begun tentative salvage operations. 

The BBC's Mark Doyle in the north-west of the country says that piles of bricks are some of the first things people salvage from houses destroyed by the water - and the first task is to scrape away several feet of dried mud and river silt.

UN refugee agency head Antonio Guterres - who is also in the north-west - said that with 20 million Pakistanis affected by the floods and so many displaced, the aid effort was inevitably going to be short of what was required. 

He said the international community had a duty to give more money and it was in their "enlightened self-interest" to do so, because if people in Pakistan felt angry and abandoned, this had potential to lead to turmoil and instability. 

Elsewhere, new flooding has been reported from around the town of Dadu near the Indus river in Sindh province.

The army is continuing relief efforts, rescuing hundreds of people trapped or isolated by floodwaters in the area.

The floods which hit the country at the end of July have killed at least 1,500 people and devastated large areas.

The UN has said that billions of dollars will be needed in the long term.

But charities say the response to the UN's appeal has been sluggish.

The US has made the biggest contribution so far, followed by the UK.

UK Deputy Prime Minister Nick Clegg has called the international response "lamentable".

BBC News - EU agrees trade concessions to flood-hit Pakistan


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## Hutchroy

No money left to run government

*No money left to run government*

By Mehtab Haider 

ISLAMABAD: While cutting down macroeconomic targets for 2010-11, the Asian Development Bank (ADB) on Tuesday declared there was no money left for running the federal government after paying for defence, subsidies, interest on loans and pensions.

The ADB said the combined outlays for these sectors of the economy were eating away the total revenues collected by the FBR and operating expenses of the federal government (2.9% of GDP) were to be financed only through loans.

It its Outlook 2010 update, released on Tuesday, the ADB also made the startling revelation that the severe energy shortfall had reduced the GDP growth by 2.0%-2.5%. The growth for the three years from FY2008 averaged 3.0%, substantially below 6.2% recorded in the previous six years.

The ADB 2010 update states that revenue measures are more urgent in view of the massive reconstruction requirements in the aftermath of severe floods, as are improvements in revenue administration and collection.

Assessing the medium-term outlook is problematic due to the devastating floods that began in early August 2010 and that clearly hit the short-term growth. Coping with the human toll and the massive damage will be daunting. The urgency of fiscal reforms to create space for reconstruction and development funding is now more pressing than ever before, said the bank.

The flood-related expenditure, the ADB states, will also alter the fiscal outcome, relative to the budget posted for FY2011, widening the fiscal deficit from the targeted 4.0%. In this context, it will be even more important to address the trends that were troublesome for the FY2010 out turn.

The ratio of the federal tax revenue to the GDP fell to its lowest level in more than 30 years, as tax collection declined from 9.1% of GDP in FY2009 to 9.0%, well below the 9.4% target. The fiscal position is even more precarious than implied by the budget deficit alone. Net tax revenue available to the federal government (9.0% of GDP) was well short of current outlays (12.0% of GDP) in FY2010, the ADB states.

Notably, the combined total of subsidy outlays (1.6% of GDP), defence spending (2.6% of GDP), interest costs (4.4% of GDP), and pensions (0.5% of GDP) amounted to 9.1% of GDP. General operating expenses of the federal government (2.9% of GDP) are thus to be financed by borrowings. Additional pressure on domestic credit markets came from escalating losses of state-owned enterprises in recent years, which amounted to an estimated Rs 245 billion or 1.7% of GDP in FY2010. Despite 37% rise in customer tariffs, power-related subsidies ballooned from the budgeted 0.5% of GDP to 1.0%, as tariff increases were insufficient for cost recovery. Total subsidies (including fertiliser and food) climbed to 1.6% of GDP.

Both the magnitude and the composition of federal spending in recent years have undermined macroeconomic stability and sustainability, and these trends must change, the ADB maintained.

Regarding outlook for 2011, the ADB states that the economic impact of severe floods will be heavily negative in the short run, due to extensive damage and reallocation of resources to cater for urgent needs.

As losses in crops and livestock, damage to infrastructure and limited economic activity in a large part of the country will dampen growth prospects in virtually every sector, such that tepid GDP growth of 2.5% is expected in FY2011, the report states. It is relevant to mention here that the government had envisaged GDP growth target at 4.5 per cent on eve of budget 2010-11.

Nevertheless, the ADB says, reconstruction and rehabilitation activities will subsequently have a positive impact on GDP. As the major transportation arteries of the country have been severely damaged, shortages of goods and services  even with rapidly ramped-up imports  are expected to put substantial upward pressure on prices.

The update projects average inflation in FY2011 at 13.0% compared to the federal government target of 9.5%. The price hike emanating largely from the supply constraints will pose challenges for effective monetary management of the SBP. Also, while the central bank will find it difficult to fully implement its earlier monetary stance in the present circumstances, it will need to make substantial efforts to keep demand for credit from exacerbating inflation pressures.

Pressures on the current account will also intensify in FY2011. These will stem both from a steeper than earlier forecast rise in imports (reflecting the launch of reconstruction activity) and from domestic supply shortages pushing food, raw cotton, and other essential imports upward. Limits on existing infrastructure capacity and flood damage are expected to hold down export growth  already, flood-related damage has curtailed cotton and rice exports.

Still, workers remittances, which increased by 13.2% in July-August 2010 over the same period the previous year, are expected to remain strong. If substantial grant aid is provided for relief, the deterioration in the current account deficit may be limited to 4.3% of GDP.

The massive flood-related devastation underscores the need for reprioritisation on the fiscal front so as to expand fiscal space for reconstruction.

The drain of subsidy requirements for the energy sector also needs attention: while the federal government has increased consumer tariffs, a substantial gap remains, requiring a combination of efficiency gains and further tariff increases. The energy sector as a whole will need to be placed on a financially viable footing if the necessary investment in productive capacity is to be realised.


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## bc040400065

*Pak has made progress in stabilising economy: IMF*

* Agency says reforms must continue to strengthen fundamentals of economy 

* Open to negotiating another programme with country 

WASHINGTON: Pakistan has made some progress in stabilising the economy despite difficult circumstances but it needs to stick to bold reforms to strengthen the fundamentals of the economy, the IMF said on Thursday.

The international lending agency signaled openness to negotiating another programme with the country and said fifth review of the ongoing $11.3 billion programme was possible later this year if sufficient progress was made. The last tranche of $1.7 billion will be made available to Pakistan after the fifth review is completed. IMF Mission Chief to Pakistan Adnan Mazarei underlined the importance of keeping the inflation under check and pursuing tax reforms, including general sales tax. He said all these decisions are for Pakistanis to make in their interest. 

In the past couple of years Pakistan has had some success in stabilising the economy but these should not be temporary, Mazarei said. He saw the current Pakistani economic team very much conscious of the importance of reforms for solid progress. Replying to a question about the possibility of discussing a new package for Pakistan, he said it could be discussed anytime if the country wanted such a package. Mazarei praised Islamabads efforts at bringing down inflation down to single digit but noted that it had crept back up lately. Mazarei, who met Finance Minister Dr Abdul Hafeez Shaikh and his team during the IMF-World Bank meetings, also said he understood the combination of problems facing Pakistan (in the midst of anti-terror fight), which have been compounded by the recent floods. The problems are real but difficulties are an opportunity for building. The official pledged IMF support in flood recovery. He said the World Bank and the Asian Development Bank were carrying out a comprehensive damage and needs assessment, which will be very helpful during flood recovery phase. He noted that it would be helpful for the economy that Pakistan rationalise the prices of electricity without hurting the poor. app

Daily Times - Leading News Resource of Pakistan


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## Hutchroy

Over 90pc manufactured items substandard 

*Over 90pc manufactured items substandard *

KARACHI: The government on Wednesday admitted that over 90 percent locally-manufactured items are substandard.

The government is finalising a draft law for prevention of substandard items, said Muhammad Azam Khan Swati, Minister of Science and Technology, at a seminar on the 41st World Standard Day.

A three-year imprisonment has been suggested in the proposed law for the person involved in adulteration of products, he said.

*Swati alleged that the sugar manufacturers had formed a strong cartel and they are selling substandard sugar in the open market. All the sugar available in the market is substandard, *he said.

The sugar manufacturers have moved the court against the initiatives taken by Pakistan Standard and Quality Control Authority (PSQCA), contending that checking the quality of sugar is a provincial subject and the authority has nothing to do with it.

*The minister claimed that he would prove adulteration of sugar before the court.*

Regarding the quality of imported sugar, he said that not a single product can be imported without quality check by the PSQCA.

The minister, however, *failed to justify the mass availability of substandard drinking water in hospitals and said that the PSQCA has very little human resource to cater to the issues*


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## Omar1984

*KSE up by 1.7pc as foreign buying gains momentum*


LAHORE - Political uncertainty in the country kept the investors&#8217; sentiments weak, as they took a cautious stance throughout the outgoing week, however, foreign buying gained momentum as foreigners stood as the net buyers of shares worth $9.6 million. 

The KSE 100 Index was up by 1.7 per cent on weekly basis and closed at at 10,432 level while turnover stood at 90 million shares, down by 2 per cent.
Cement sector remained in the limelight as UN approved $1.88 billion rehabilitation and reconstruction for Pakistan.

Experts said that weak economic data such as higher than consensus inflation of 15.7&#37; and 28.5% plunge in net foreign investment inflow in 1QFY11 too kept investors sidelined. Even positives such as upward revision in gas wellhead prices and robust remittances data for July-Sept failed to trigger investor interest. 

Sana Hanif, a stock market expert, said foreigners stood as net buyers of shares worth US$9.6mn, where as banks were the net sellers of US$6.9mn.
Ahsan Mehanti, Director, Arif Habib Investments Limited observed that positive activity witnessed on institutional and foreign interest in Pakistan banks, fertilizer and banking scrips ahead of major earning announcements next week.
Expectation rise over pledges in international donors meeting in Brussels for fighting terrorism and rebuilding after Pakistan floods and higher international oil prices near to $83 played a catalyst role in positive activity at KSE despite concerns for rising political-judiciary conflict in NRO case hearings and rising circular debt in Pakistan energy sector.

The finance minister, Hafeez Sheikh met with the IMF and WB officials and although no major development came to the forefront, the IMF has hinted that it may relax the fiscal deficit target by 0.7% and may disburse US$1.8bn by Dec upon successful completion of the reforms. In the outgoing week, the economic data released was a mixed bag: CPI for Sep2010 was higher than industry consensus at 15.7%, foreign exchange reserves were flat at US$16.97bn, whereas remittances were up 13.5% at US$2.65bn.

During the week, OGRA raised the wellhead gas prices for 21 fields. The revision was broadly in line with expectations and the E&P stocks witnessed a rally throughout the week. Additionally, the textile ministry requested the EU to include additional 15 home textiles and garment items to its tariff waiver list for exports. However, this too failed to generate activity in NML, though NCL gained 3.7%.Lastly, a 30% cut in PSDP proved to be a sentiment dampener for the cement sector. With the onset of the result season, the market could witness some pre-result rally, going forward.


Hasnain Asghar Ali from Aziz Fidahusein & Co said that increasing debt burden should be avoided, however efficient debt management may prove profitable. Presence of financial groups from the local as well as through offshore accounts along with activity by foreign fund managers will ensure availability of trading opportunities. While official statement carrying the timeline for introduction of MTS along with salient features may allow concrete stance.

Experts said that US dollar is witnessing a broad based decline against the international currencies these days, as it is currently trading at 1.4 US$/Euros, 81.10 JPY/US$ and 1.6 US$/GBP compared to Thursday&#8217;s closing of 1.4 US$/Euros, 81.77 JPY/US$ and 1.58 US$/GBP, respectively. 

The decline in value of the US dollar has a significant impact on the corporate sector of Pakistan. 

The textile sector stands to gain foremost as 27 per cent of their exports is directed towards the European markets. However, on the flip side local auto assemblers&#8217; stand to lose as 50-60 per cent of the sector&#8217;s parts are imported from Japan. 

Experts currently have a &#8216;Market-Weight&#8217; outlook on both the textile and the auto sector. 

Amongst them, NML remain top pick with a target price of Rs63, followed by an accumulate stance on INDU and &#8216;Hold&#8217; on NCL and PSMC.

They said that both PTA and PX prices are currently trading at 2 year high levels. The later is due to surging oil prices standing at $1265-1275 per ton and on the other hand PTA is currently hovering at $1045 per ton. 

While increase in PTA prices is due to higher cotton prices which prompted consumers to buy more PSF (Polyester Staple Fiber) which is manufactured from PTA. 

Thus, with higher demand, PTA prices are expected to remain on higher side which bodes well for international and local PTA manufacturers. 
&#8211;Salman Abduhoo


KSE up by 1.7pc as foreign buying gains momentum | Pakistan | News | Newspaper | Daily | English | Online


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## bc040400065

*Floods inflict loss of Rs281b to agri sector*
Muhammad Arshad


Islamabad The National Assembly Standing Committee on Food and Agriculture on Friday was told that the agriculture sector was the worst affected in recent floods as cultivated crops on 2.3 million hectares had been wiped away tantamount to total damage Rs. 281 billions. As per the rapid flood damages assessment indicates agriculture sector was the most affected in flood hit areas and International /National Organizations had also confirmed the statistics.

The NA body met here at the Parliament House with Javed Iqbal Warraich, in the chair to discuss estimates of crops, cattle and poultry farming losses by flood in the country along with steps taken by the Government of Pakistan, Zarai Taraqiati Bank and Insurance companies to compensate affected farmers.

Muhammad Baligh-ur-Rehman, Jam Mir Muhammad Yousaf, Dr. Abdul Kadir Khanzada, Syed Haider Ali Shah and Rana Tanveer Hussain were present in the meeting that noted that there would be an extensive loss in productivity of all kinds of Kharif crops, including rice, sugarcane, cotton, maize and pulses.

The cotton was the most affected crop, as it had to bear a loss of Rs 79.270 billion. Rs. 26.045 billion loss occurred to sugarcane crop. The loss to Peddy is Rs 61.073 million. The other crops suffered Rs.115.245 million. A large number of cows, buffaloes, goats, sheep, horses, camels and donkeys have been lost and fish farms and poultry farms destroyed containing Rs. 21.836 million out of total population of 153 million of animals across the country in 48 districts, said the Committee.

The Committee appreciated Government of Pakistan to provide free seed and fertilizer to the farmers of the affected areas having holding up to 25 acres as under at the rate of 50 Kg. Seed per acre at Rs 1500, DAP fertilizer (one bag/acre) at Rs2800 and Urea fertilizer (2 bag/ acre) at Rs 1800. The Committee expressed sorrow that Crop Loan Insurance Scheme (SLIC) has been launched for five major crops viz. wheat, cotton, rice, sugarcane and maize but practically so far no relief is granted to the farmers. The Committee informed that Agricultural Loans for the flood affected areas are around Rs. 90 billion, out of which, Rs.44 billion has been estimated as the loan losses while only Rs. 4.5 billion are insured under CLIS.

The Committee appreciated that recently Government of Pakistan has launched a concessional financing and guarantee scheme for canola cultivation in the flood affected areas. The farmers are provided with the loans for cultivation at concessional mark up of 8% which is much lower than the market rate. This scheme is effective from 05th October, 2010, till 31st October, 2010. 
Floods inflict loss of Rs281b to agri sector


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## bc040400065

*SBP's annual report shows 4.1% growth rate*

State Bank of Pakistans (SBP) Annual report for fiscal year 2010, which was released on Monday, shows Pakistans macro- economy grew at a rate of 4.1 per cent compared to the 1.2 per cent growth in the preceding year. *Projections for the current fiscal year ending June 30, 2011 include a GDP growth between two and three per cent, while annual average inflation has been predicted between 13.5 to 14.5 per cent. Fiscal and current account deficits are likely to be between five to six per cent and three to four per cent of the GDP, respectively. Workers remittances are expected to stay between $9.5 billion and $10.5 billion for fiscal year 2011. Exports and imports value is expected to be $21 billion and $35 billion respectively. *Key reforms that failed to gather traction according to the report are: 

*Persistent disagreements among tax payers and the provincial governments on expansion of the tax net 
Failure to carry out proposed restructuring of public sector enterprises *
*The Energy Sector Debt crisis *
The report pointed out that the principal structural problem, however, was the weak fiscal performance; the fiscal deficit bounced back to 6.3 percent of GDP in FY10, i.e., 1.1 percentage points higher than in the previous year. FY10 fiscal performance was characterized by continuing expansion in fiscal and quasi-fiscal operations, that crowded out and otherwise undermined private sector activities, supported the persistence of double-digit inflation, and increased the total public debt and liabilities substantially, from 68.7 percent of GDP in FY09 to 69.5 percent in FY10, the Report said. Referring to recent unprecedented floods in the country, the Report pointed out that various FY11 macroeconomic targets have suffered a serious setback early into the year as large areas of the country were devastated by widespread rains and unprecedented floods. Large parts of the countrys agricultural heartland were particularly hit hard by these floods, with significant damages to standing kharif crops (cotton, rice and sugarcane) and livestock. The economy also suffered extensive damage to infrastructure (bridges, road networks, gas/power plants, and some industrial units such as rice mills, ginning factories etcetera), productivity losses from supply-disruptions and the large-scale displacement of people, etcetera, it added It said that even a cursory assessment of the broad contours of the losses indicates that their repercussions will continue to stress the economy for many years. It is therefore obvious that the economic priorities and targets for FY11, in particular, will see substantial revision, and all key macroeconomic indicators will likely record deterioration, the report observed. The SBP report said that the impact of the floods has strengthened the inflationary expectations for FY11  the August 2010 CPI, included a 15.6 per cent year-on-year rise in its food component. However, SBP assessments suggest that the direct impact of the flood-related supply shock is likely to be limited. For example, the impact of flood/rain damages and shortages of minor crops are not expected to persist beyond two to three months as supply line improves and as fresh crops enter the market. Similarly, for some other products, any rise in domestic prices would be capped by low international prices. It is important to note that prices of dairy products were already continuing on a secular rise, even prior to the floods, due to sustained strong domestic and external demand. Livestock losses in the flood would exacerbate this rising trend, but only to a small extent, the report added. The report also acknowledged that the worsening in most of the Pakistans macroeconomic variables has further complicated the monetary debate in FY11. On the one hand, there is the argument that the central bank should respond to the rising inflationary pressures and excessive increase in the fiscal deficit, and on the other, the demand-shock stemming from the flood damages argues for a countervailing monetary easing to help revive the faltering economy, it added. In short, the negative shocks stemming from the floods have further exposed the existing structural weaknesses in the economy. Addressing these will require improvements in macroeconomic discipline as well as continued reforms to improve the resilience of the economy, the report added.

SBP&#8217;s annual report shows 4.1% growth rate &#8211; The Express Tribune


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## RabzonKhan

*State Bank predicts 2-3pc growth rate *

By Shahid Iqbal 
26 Oct, 2010 







*KARACHI: The State Bank has predicted 2-3 per cent GDP growth in the current financial year despite severe flood losses. The target set in the budget was 4.5 per cent.* 

*The banks annual report for 2009-10 issued on Monday said there was a noticeable improvement in macroeconomic indicators during FY10 with the economy growing at 4.1 per cent, compared to 1.2 per cent in the preceding year.* 

It projected an average annual inflation in FY11 at 13.5-14.5 per cent and fiscal and current account deficits at 5-6 per cent and 3-4 per cent of the GDP. 

The report said the impact of floods had strengthened inflationary expectations and the August CPI showed a 15.6 per cent year-on-year rise in its food component. 

*However, the direct impact of the flood-related supply shock is likely to be limited and shortage of minor crops may not persist beyond three months as supply line improves and fresh crops reach the market.* 

The SBP said the fundamental structural weaknesses in the economy remained unaddressed and some key reforms failed to gather traction. 

Persistent disagreements led to the deferment of a proposed expansion of the tax net through the introduction of a broad-based GST, the proposed restructuring of public sector enterprises to improve efficiency and lower the fiscal burden did not take place and after some initial work, there was little or no progress in either resolving the energy sector debt chain or substantially improving electricity supply. 

The report said various macroeconomic targets had suffered a setback early into the year because of the floods. Large parts of the countrys agricultural heartland were particularly hit hard, with significant damage to standing kharif crops (e.g., cotton, rice and sugarcane) and livestock. 

*The economy also suffered extensive damage to infrastructure (bridges, road networks, gas/ power plants and some industrial units such as rice mills, ginning factories, etc.), productivity losses from supply-disruptions and large-scale displacement of people, it said.* 

The SBP said that even a cursory assessment of the broad contours of the losses indicated that their repercussions will continue to stress the economy for many years. 

It is therefore obvious that the economic priorities and targets for FY11, in particular, will see substantial revision and all key macroeconomic indicators will likely record deterioration. 

The negative shocks stemming from the floods have further exposed the existing structural weaknesses in the economy.The State Bank criticised slippages on the expenditure side 

*There were significant rigidities in government spending, including debt servicing, defence and the salary bill, but there appeared little evidence of efforts to contain the growth in even the discretionary components, it said.* 

A 10.7 per cent growth in subsidies and losses of public sector enterprises was particularly disappointing, it said. 

In FY10, these expenditures, as a percentage of GDP, were almost equal to the combined total for health and education, it said, adding that this was by no means an acceptable situation. 

The report said the total public debt and liabilities had substantially increased from 68.7 per cent of GDP in FY09 to 69.5 per cent. 

*It projected that workers remittances were likely to stay between $9.5 billion and $10.5 billion, while exports and imports were likely to be $20 billion to $21 billion and $34 billion to $35 billion, respectively.*

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## bc040400065

*Ogra drops petrol-bomb on the nation*

ISLAMABAD: The prices of petroleum products were raised on Sunday by up to Rs7 per litre in the biggest single-time increase in years, a decision that can intensify public anger against the government already being blamed for failing to curb inflation.

A notification issued by the Oil and Gas Regulatory Authority (Ogra) says the increase was to match a similar trend in the international market during the month of October.

*The highest raise was in the prices of high octane blending component (HOBC), which went up by Rs7 per litre from Rs79.56 to Rs86.67. The price of premium gasoline (petrol) was increased from Rs66.99 to Rs72.96, recording an increase of Rs5.97 per litre.

Similarly, light diesel oil will now be sold at Rs66.61, up from the previous rate of Rs62.34 per litre. The price of kerosene has been set at Rs70.95 after an increase of more than Rs5.*

The new prices will be applicable from midnight November 1. The Oil and Gas Regulatory Authority is an independent body and reviews prices of petroleum at the end of every month.

The raise comes after several months during which the prices had seen a continuous downward trend.

Ogra spokesperson Syed Jawad Nasim told the media that the authority had no option but to readjust prices upwards because a cash-starved government could not pick up losses by giving subsidies.

He pointed out that the authority had launched an inquiry into reports that owners of fuel stations across the country had already suspended supplies to consumers in anticipation of the raise. We are probing into it and will penalise those found guilty, he said.

*The international oil prices have been showing upward trends as Brent (London) was traded at $82.25 a barrel and the basket of Opec (Organisation of Petroleum Exporting Countries) rose from $78.71 to $79.26 per barrel last week.*

Average Arab light crude oil price stood at $74.39 per barrel during September, which forced the government to announce a nominal cut in prices of petroleum products in line with reduction in the global prices, effective from October 1, 2010.

Published in The Express Tribune, November 1st, 2010.

Ogra drops petrol-bomb on the nation &#8211; The Express Tribune


----------



## bc040400065

Record rise in sugar price

Peshawar*The crisis of sugar continued in provincial capital as its price was surged to a record Rs.90 per kilogram in the Citys market and traders are looting people on both hands. *The recent hike of sugar prices also affected the businesses of sweets, bakery and other related business and demand of Gur has been increased in local markets.

A top sugar dealer on Ashraf Road, Shakir Ullah Khan told APP that rapid surge in sugar prices were due to recent flood in Khyber Pakhtunkhwa. The traders had stored sugar in private godwons to create artificial shortage. *On Sunday, the price of sugar is Rs.55 per KG at utility stores while the same are being solve at Rs.90 at open market, added to the miseries of middle class and poor.*

The shopkeepers are demanding money of their own choice and people are being refused to get the commodity after not paying the amount demanded by the dealers, Khurshid Khan told APP. He said that he cant afford to buy a KG sugar despite the demand of my family for upcoming marriage of my brother. The shopkeeper said if urgent measures were not being taken, the sugar crisis would go worsen in the coming few months.

The shopkeeper said the recent flood has badly damaged the cultivated land in KPK and one year would be required to address this issue. Khan said there was no other solution but the government would have to import one million tons of sugar to meet the expected shortfall of the current season. An official of Food Department told APP that sugar industry was a highly regulated sector in KPK and the government is thoroughly observing the situation. He said strict action would be taken against hoarders and price hikers.APP 
Record rise in sugar price


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## bc040400065

*Electricity tariff to rise two per cent*

LAHORE: The government has decided to raise the electricity tariff by two per cent per annum on the directives of IMF.

This decision was taken based on repeated IMF directives calling on the government to introduce reforms in the power sector. The government has decided to gradually call off the subsidy on electricity thus shift the burden to the general public.

*The enhancement of electricity tariffs by two per cent each year is an attempt to comply with IMF conditions regarding the release of the $11.3 billion loan to Pakistan.*

The last IMF review was completed in May and the review for the release of the sixth tranche has been delayed since August over several issues, such as an increase in power tariffs and implementation of reformed general sales tax (RGST).

A notification from the Ministry of Water and Power in this regard is likely to be issued on November 1.


Electricity tariff to rise two per cent &#8211; The Express Tribune


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## niaz

I am deeply interested in the economic development of my country but I find that many of the claims are exaggerated and over ambitious targets set in the budget. Benefits of the new projects are also blown out of all proportions and political points scored ignoring economic realities. 

Privatization of steel mill is a case in point. About 4years ago we could have sold the mill and received almost half a billion dollar into the bargain, but opposition thought that we were selling a multi billion dollar asset at throw away prices. Supreme Court ruled to reverse the agreed deal. We see that for the last three years the same asset is now a white elephant and a drain on the national economy. Exaggerated claims were made regarding the benefits of the Gawader port. Port is nearly complete but we dont see any great benefit so far.


I found the following article which explains that as a nation we dont use our grey cells very often but think with the seat of our pants instead.

This was published in today's Daily News.




Angry young nation 

Mosharraf Zaidi 
On October 30, The Indus Entrepreneurs or TIE held a national conference on entrepreneurship whose theme was Unleashing Change. Without a generation of innovators and entrepreneurs, job creation in Pakistan will stay dormant, while our population and its appetite for consumption goes through the roof. TIECON 2010, as the conference was branded was a great success. It brought together many experienced entrepreneurs to share their experiences with aspiring tycoons. The issue of entrepreneurship and the value it adds to the economy, to society and to politics needs greater attention than it gets, and organiser Moonis Rehman did very well in bringing it to light through TIECON 2010. 
The one aspect of the conference that disappointed however was an aspect, that in recent months, I have found to be common to virtually every conference, workshop, seminar or discussion I attended. It may be the single most disturbing aspect of public life in Pakistan. Our national public discourse has become so irrational, personalised, emotive and imbalanced, that a substantive and honest discussion about important issues has become nearly impossible. 
At TIECON 2010 as at other recent events I have attended, through no fault of the organisers, I have seen people stand up and make speeches, where theyve been invited to ask questions. Not speeches about the depth and breadth of the topic at hand. No, no, no  political speeches that belong in Jamshed Dastis kutchehri and not in a serious policy discussion. I have watched young people, students no older than 18 years of age shout into microphones, wailing about inflation, and corruption, and terrorism. Were these young Pakistanis at a political rally or were they participating in a drunken discussion about teenage angst and their collective frustrations? No. They were attending a serious conference in a room full of senior business leaders, government officials and social workers. I have watched retired senior Pakistani citizens veer off course from painstakingly crafted seminar agendas so that they can postulate tired old Marxist, or Islamist, or post-modernist theories about what is wrong with Pakistan. 
Everybody wants to make a speech, and be angry. Everybody wants to make rebuttals based on how they felt when they woke up. People are getting bolder and bolder. Ive watched otherwise serious people begin questions and comments with a very honest and disturbing acknowledgment of their anger, You know, I am very angry.... Old people, young people. Women and men. Leaders and followers. Everyone is part of this new culture of shouting and screaming and making the quality of the national public discourse nearly unbearable. If you are getting tired of the migraine from this unending national shouting match, you are probably not alone. 
What is the answer? Rather, first of all, what exactly is the issue? Far too many times we misdiagnose the problem. Two of the most commonly made assertions about the problem statement, ideology and manners, dont accurately reflect the real problem. 
Partisanship often tends to drive a lot of the criticism in national discourse. The terms liberal extremists and media Taliban are used by folks occupying different ends of the ideological spectrum. If two people at either end of a debate are shouting at each other, the problem of shouting isnt that one person is a so-called Taliban, and the other, a so-called liberal. Clearly, the quality of the national discourse has little to do with what ideology you follow or represent  even if one group has, by dint of larger numbers, a greater capacity to shout and intimidate. A generic lack of civility or manners also seems to be a poor explanatory instrument for the poor quality of the national discourse. We dont have to be civil just for appearances sake. Civility is a personal choice people make based on how they are raised as children, and what their view of courtesy and its social value is. Indeed, aggressive speech may not always be a bad thing. 
Ones ideology or degree of civility does not constitute the real problem in the national public discourse. The real problem is that the discourse is divorced from facts, from data and from reason. It is a largely irrational public discourse. 
The anger with which people are expressing themselves, at conferences, in living rooms, and on the television talk shows that help sell millions of bars of soap, mobile telephone connections and fizzy drinks is a product of frustration. This frustration is a product of ignorance. We simply do not have a culture of numeracy. We dont use enough data to engage in a constructive national public discourse about any of the major issues confronting Pakistan and its future. 
This is terrifying in a country of 180 million people that requires urgent and drastic changes in virtually every sphere of public life. We need data to conduct better delivery of social services, like education. For example, did you know that more than 40 million Pakistani kids between the ages of 5 and 18 are not in any kind of school? If you did, would teacher-training, or curriculum reform deserve the same attention in a discussion about education as school enrollment and dropout rates? 
We need basic facts to decide whether we should roundly condemn entire countries, or whether countries are vast and large and offer a multitude of things. For example, did you know that among the most credible sources of information about drone attacks are in fact American non-profit organisations, some that are funded by the US government? These American think-tanks and advocacy groups have done the lions share of work in quantifying how many drone attacks take place, what kind of damage they do, and what kinds of problems are involved in the deaths of innocent civilians. Two of the most important American organisations working on drone attacks are the New America Foundation, and Campaign for Innocent Victims in Conflict (CIVIC). CIVIC has recently published an excellent report on the deaths of innocent civilians in Pakistan, titled Civilian Harm and Conflict in Northwest Pakistan by Chris Rogers. It is a vital piece of research in the debate around drones that has scarcely received the attention it deserves. Yet every evening someone or the other is railing about these drones on television. 
Fiscal policy, interest rates, foreign affairs, cricket management, post-disaster relief and recovery. No matter what area of public life, none can be addressed without data, and information  of which we use so little in our national discourse. 
It is easy to throw unsubstantiated allegations into the atmosphere in Pakistan because numeracy and evidence have no place in the debate. The frustration of not knowing is what produces a culture of all-knowing ignoramuses  frothing at the mouth on television talk shows, spewing venomous allegations about international conspiracies on Twitter and Facebook, making Bhutto-esque speeches during question hours at serious conferences. This high-volume nonsense is an expression of our collective helplessness. This helplessness can only be addressed through the empowerment that knowledge offers. How can we start? By turning off the TV and opening a book. 
The writer advises governments, donors and NGOs on public policy. Mosharraf Zaidi

Angry young nation


----------



## AsianLion

*LSE eyes new investors*

LAHORE: Managing Director of the *Lahore Stock Exchange (LSE) *Aftab Ahmad Chaudhry has said that he will target* new investors, including institutions, workers, students and others to encourage them to invest more in the capital market.*

Speaking at the first press conference after taking charge of the bourse at the LSE on Wednesday, he said the working of the stock market would be improved and the management would be answerable to members as well as investors in the future.

He said he would also tackle the issue of companies which were actually running in profit but showed losses in order to avoid dividend payments to shareholders.

Besides, the bourse management would contact such companies which have sufficient provident funds and worker welfare funds but were investing in savings schemes and banks.

We will convince them that the stock market is offering good opportunities and returns of up to 15-18 per cent, and that there is minimum risk to their savings.

He dispelled the impression that some brokers have great influence to drive the market upwards or downwards. He said some new products would also be introduced in the market, like real estate investment trusts.

Published in The Express Tribune, November 4th, 2010.


----------



## RabzonKhan

*Pakistani exports surge by 26pc on weak rupee*

November 24, 2010 
By Salman Siddiqui 

*KARACHI: Pakistan has achieved an all-time high export growth of 26 percent in exports during October over the same month last year, data released by the Trade Development Authority of Pakistan (TDAP) said on Tuesday.*

*The growth in goods value was in dollar terms, amounting to $1.989 billion in October against $1.577 billion recorded during the corresponding month last year.*

TDAP Chief Executive Tariq Iqbal Puri said that the demand of goods has yet not recovered to the pre-recession levels.
On the contrary, the value of dollar has surged in parity with the rupee over the period, which was reflected in the export figures. The provided situation will augur well to achieve $20 billion exports mark for the fiscal 2010/11.

Puri said that European Union and USA were the two major sufferers of the recession and simultaneously the two major markets of Pakistan and both the world powers were yet to recover from the slump. *More than 50 percent exports of Pakistan go to EU and US.*The main drivers of this export growth for the last month was knitwear, which earned nearly $207.65 million in exports with over 39 percent growth.

Sector wise, the exports of textile topped the list of exports with 31.55 percent growth to $1.189 billion, followed by food and manufacturing. Both the last two sectors showed a growth of above 19 percent to $273.85 million and $323.5 million, respectively.
The petroleum group and cola exports declined by over 26 percent to $66 million from $89.5 million in October 2009.

Consolidated export figures for July/October period, which was $7.17 billion, was 19.2 percent higher than the similar period of last financial year. Knitwear and cotton cloth were the driving agents in reaching this level of exports. Their exports value stood at $754 million and $734 million, respectively, in the period under review. Bedwear, readymade garments and cotton year were the items which have crossed the $500 million mark during the first four month of the fiscal year 2010-11, TDAP said.


----------



## unicorn

*IT exports: Pakistan can beat neighbours*


Lahore&#8212;Pakistan has the potential to outpace a number of its neighbours in IT exports by providing facilities to its entrepreneurs attached with this sector. This was stated by the LCCI Senior Vice President Sheikh Mohammad Arshad while speaking at the inauguration of the LCCI Web Development class here on Wednesday. The LCCI Vice President Sohail Azhar, Executive Committee member Ibrahim Qureshi and former EC member Sardar Usman Ghani also spoke on the occasion. 

Sheikh Muhammad Arshad said that Pakistan could bridge the development gap in the shortest time by excelling in Information Technology. He said that years long governance issues could also be resolved in matter of minutes through proper utilization of Information Technology. 

He said that the Lahore Chamber of Commerce & Industry was giving special attention towards the IT sector to achieve the goal of progress and prosperity. He said that India was making huge money software export to the developed world but unfortunately Pakistan was still far behind despite having marvalous talent. 

Sheikh Muhammad Arshad said that the development of entrepreneurs was one of the prime tasks of the Lahore Chamber of Commerce and industry so that they could be able to present themselves and their products in the international market in a winsome manner. He said that the LCCI IT courses would strengthen Pakistani entrepreneurs in the international market and they would be able to sell their products with new confidence.

He said that apart from conducting IT-related courses, the LCCI was also conducting language courses at its premises and the vary objective was to enable the business community to express itself in the other countries.


----------



## unicorn

*Engro Coal Power Project faces infrastructure deficiency*

Karachi&#8212;Engro tends to complete its Thar Coal based Power Generation Plant well in time but Government agencies have yet not provided the required infrastructure, hence delaying the target date. Asad Umar, President & CEO of Engro Corporation Limited disclosed this while delivering a lecture on &#8220;Economic Outlook of Pakistan&#8221; hosted by Marketing Association of Pakistan at a local hotel on Wednesday evening. 

Replying to a question he elaborated that there were four vital factors required for this four billion dollar worth first of its kind power project in Pakistan. This included construction of Roads, Supply of Potable Water, Arrangement for Drainage Water, and Laying of Transmission Line for the power produced. These were the responsibilities of Sindh Government but even after six months she was unable to respond in this matter, he said. 

Earlier, in his speech Asad Umar highlighting economic conditions in the country stated that in year 2005 to 2007 the annual borrowings by Central Government were not more than Rs180 billion while private sector had borrowed 768 billion rupees when the interest rate was 8.5 percent. But in year 2008 to 2009 while bank interest rate was escalated up to 12.5 percent the Government borrowings enhanced up to 931 billion rupees and private sector was restricted to Rs132 billion only. This is not a healthy sign government should strictly review its balance sheet by not only increasing its income but also controlling its expenditures, which were curtailing the GDP growth rate. We need a 7 percent GDP growth but in prevailing circumstances it could not be expected beyond 3 to 4pc, Umar added. 

Citing contradictions in government policies he said that all light and heavy industrial units are facing scarcity of gas supplies, but despite promises government was unable to fulfill their need. For example Dharki Urea plant is the biggest urea manufacturing unit in the world but instead of running it at full capacity government was importing millions of tons urea from abroad at the rate of $380 per ton. This was not in the interest of national economy. 

Asad said the petroleum and natural resources minister Syed Naveed Qamar and finance minister Hafeez Shaikh were quite intelligent in performing their duties but still the things were not working properly and no results were achieved which was amazing.


----------



## Introvert

Pakistan rice exports may hit 4 MT in 2010/11-trade

ISLAMABAD: Pakistan&#8217;s top rice export body said on Tuesday it aims to export 4 million tonnes in fiscal year 2010/11, about 1 million tonnes more than previous estimates made after destructive floods in August.

Irfan Ahmed Sheikh, chairman of the Rice Exporters Association of Pakistan (REAP), said total rice production would be nearly 6 million tonnes.

A senior food ministry official on Tuesday, however, low-balled REAP&#8217;s estimate and said output would be about 5 million tonnes.

&#8220;We dispute the government&#8217;s figure,&#8221; Sheikh told Reuters. &#8220;Our assessments are that the production will be nearly 6 million tonnes. We are now aiming to export about 4 million tonnes of rice this year on good global demand.&#8221;

REAP&#8217;s export target tops previous trader estimates by almost a million tonnes.

The government in September estimated losses of up to two million tonnes from the August floods. Before the floods, the food ministry expected 6.1 million tonnes for the 2010/11 crop.

The country&#8217;s eight-month-long rice season runs from April to November and final estimates of the crop size will not be available until late December.

The reason for the increased estimate, Sheikh said, is that the monsoon floods, which devastated more than 2.4 million hectares of farmland, did not affect the rice crop in the Punjab province, which produces 60 percent of the total national output.

Production losses in the second-largest rice growing province of Sindh were estimated at about 500,000 tonnes, but that would largely be offset by the better yield in Punjab, Sheikh said.

The president of the Agri-Forum Pakistan agreed with the REAP&#8217;s production estimates.

&#8220;Despite losses in Sindh, our production estimate is between 5.7 million tonnes and 6.1 million tonnes, as per-acre yield in Punjab has increased by up to 10 percent,&#8221; said Ibrahim Mughal.

Pakistan had a bumper crop of 6.7 million tonnes of milled rice in 2009/10 and exported about 4.5 million tonnes.

Pakistan retained up to 800,000 tonnes from the 2009/10 crop, traders said.

The country&#8217;s domestic consumption of milled rice is about 2.3 million tonnes.

Rice exports in July-October 2010 rose by 17.26 per cent to 1.1 million tonnes, compared with 940,838 tonnes in the same period last year, according to the Federal Bureau of Statistics.

In the July-Oct period in 2010/11, exports of basmati rice stood at 304,141 tonnes, almost the same as last year. Other varieties totaled 799,052 tonnes for the same period, compared with 636,773 tonnes.

Rice is Pakistan&#8217;s third largest crop after wheat and cotton and contributes about 1.6 percent to the country&#8217;s gross domestic product.

Pakistan rice exports may hit 4 MT in 2010/11-trade | Latest news, Breaking news, Pakistan News, World news, business, sport and multimedia | DAWN.COM


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## Introvert

*&#8216;UAE single largest investor in Pakistan, Pak exports to UAE at $2bn&#8217;*

KARACHI: United Arab Emirates Consul General in Karachi Suhail Bin Matar Al-Ketbi said UAE is single largest investor in Pakistan, one of major economic, trading partner and currently volume of Pakistan&#8217;s annual exports to UAE is over $2 billion.

Speaking on 39th National Day of UAE, he announced launch of commercial department at UAE Consulate in Karachi to assist all UAE investors who have invested in Pakistan and also bring any future opportunities helpful to build strong ties between two countries. Commercial department will provide services for UAE businesses to ensure they have accurate information to develop successful business and export marketing strategies, he added. He said Pakistan culturally, geographically, strategically enjoys very strong ties with UAE, which flourished since decades and developed into wide-ranging co-operation in various fields.

Emerging economic ties between two brotherly states is not only paving way for further strengthening economy but also lead to economic cooperation among Islamic world. Al-Ketbi said large number of Pakistani expatriates, numbering nearly 800,000 is gainfully employed in UAE, while major investments made by UAE companies in Pakistan.

Some of the prominent organisations are Pak Arab Refinery, PTCL Etisalat, UBL, Bank Alfalah, Warid, Wateen Telecom, Giga Group, Al-Ghazi Tractors, Emirates Air, Etihad Air, Pak Gulf Construction, CNBC, IFFCO, Dubai Ports World, Abraaj Capital, Emaar, Dubai Islamic Bank. ppi

Daily Times - Leading News Resource of Pakistan


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## Introvert

*Malaysia Top Importer From Pakistan In Asean Region*

KUALA LUMPUR, Dec 3 (Bernama) -- Malaysia is the top importer from Pakistan for the second consecutive financial year (July 2009 to June 2010) out of 11 countries in South East Asia.

Imports stood at US$194.72 million in the financial year 2009 to 2010, whereas the Philippines, with an import of US$156 million, and Vietnam with US$126 million, were the second and third largest importers, respectively, said the Pakistan High Commission here in a statement on Friday.

Pakistan High Commissioner to Malaysia Masood Khalid said his country's exports to Malaysia recorded an unprecedented increase of 56.56 per cent with imports of US$194.72 million in 2009-2010 compared with exports of US$124.37 million in 2008-2009.

Referring to the latest data released by the Trade Development Authority of Pakistan, Khalid said there were many untapped areas like gems and jewellery; marble and stones; light engineering; cutlery; spices; leather; fruits; and vegetable; handicrafts; raw wool; sports goods; pharmaceutical products; readymade garments; meat; and meat-based products.

These products could be tapped to broaden export base to Malaysia which currently revolves around traditional items like rice, fish, yarn, woven fabric of synthetic stable fibre, electrical appliances, line telephony, potatoes, onions and corn, he said.

He urged Malaysian and Pakistani traders and businessmen to fully exploit the concessions available to them in duties, taxes and tariffs under the Free Trade Agreement (FTA) signed by the two countries in 2007.

He said they could also make use of the Joint Business Council for business networking and match-making to bring about a multi-fold increase in the existing volume of bilateral trade.

According to the data, out of the total of 66 commodities exported to Malaysia, 36 registered increasing trend, with rice leading the list with five times increase with an export of US$52.13 million (2009-2010) compared with US$9.64 million (2008-2009).

Vegetables recorded two-fold increase with an export of USS10.75 million compared with US$4.96 million.

Cotton yarn registered an increase of 46 per cent and readymade garments 83 per cent) were among the biggest contributors.

Other commodities which saw increasing trends are paper and paper board, plastics, specialised machinery, leather footwear and auto parts.

BERNAMA - Malaysia Top Importer From Pakistan In Asean Region


----------



## Introvert

*Pakistan seeks to cash in on cement exports*

Cement exports of Pakistan are expected to grow steadily in the years to come, as Russia and Qatar are determined to develop their infrastructure ahead of hosting FIFA&#8217;s World Cup in 2018 and 2022, respectively, a brokerage house has said.
&#8220;We believe a massive infrastructure build-up would be required in these two countries for hosting the event, especially in the case of Qatar, and we believe that Pakistan would be benefiting the most through exporting labour and cement,&#8221; said Atif Zafar, an analyst at JS Research.
The recent past suggested that Pakistan&#8217;s cement exporters had notably benefited from the infrastructure build-up in Federation Internationale de Football Association (FIFA) World Cup host countries. South Africa is the most recent example in this case, he added.
Omar Rafiq, an analyst at BMA Capital, was not optimist about seeing massive growth in Pakistani cement exports in step with infrastructure build-up in the two counties. &#8220;Pakistan&#8217;s cement exports may increase at a negligible pace in these cases.&#8221;
He maintained that Saudi Arabia and United Arab Emirates (UAE) would be more suitable countries for Qatar to import cement for the purpose, as these two had closer ties with Qatar than Pakistan.
&#8220;At present Saudi Arabia holds an excessive cement production of 11mn tonnes per year, which may be increased in the years to come as it has planned to increase its total product to 64mn tonnes in the next two-three years from 50mn tonnes at present.&#8221;
Similarly, the UAE held 4mn tonnes cement production is in excess, he added.
As far as the case of Russia was concerned then it may opt for importing cement from some European countries, as there were some production lines in the continent, which might be run on 100&#37; capacity for a brief period of time.
However, Zafar said that with Pakistan presently producing an excess capacity of 13mn tonnes and its geographic proximity to both these countries, it was expected that Pakistani cement exports, which currently stand at 10mn tonnes (21% of the total installed capacity), would be rising in the long-term, he said.
&#8220;It could be a timely shot in the arm for Pakistan cement exports, which declined after the Dubai financial crisis. Moreover, export prices which came down to $50-52 per tonne at present from a high of $80-85 per tonne in 2008-09 could too see upward revision.&#8221;

Gulf Times ? Qatar?s top-selling English daily newspaper - Qatar


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## WAR-rior

Baazi said:


> *Pakistan seeks to cash in on cement exports*
> 
> Cement exports of Pakistan are expected to grow steadily in the years to come, as Russia and Qatar are determined to develop their infrastructure ahead of hosting FIFAs World Cup in 2018 and 2022, respectively, a brokerage house has said.
> We believe a massive infrastructure build-up would be required in these two countries for hosting the event, especially in the case of Qatar, and we believe that Pakistan would be benefiting the most through exporting labour and cement, said Atif Zafar, an analyst at JS Research.
> The recent past suggested that Pakistans cement exporters had notably benefited from the infrastructure build-up in Federation Internationale de Football Association (FIFA) World Cup host countries. South Africa is the most recent example in this case, he added.
> Omar Rafiq, an analyst at BMA Capital, was not optimist about seeing massive growth in Pakistani cement exports in step with infrastructure build-up in the two counties. Pakistans cement exports may increase at a negligible pace in these cases.
> He maintained that Saudi Arabia and United Arab Emirates (UAE) would be more suitable countries for Qatar to import cement for the purpose, as these two had closer ties with Qatar than Pakistan.
> At present Saudi Arabia holds an excessive cement production of 11mn tonnes per year, which may be increased in the years to come as it has planned to increase its total product to 64mn tonnes in the next two-three years from 50mn tonnes at present.
> Similarly, the UAE held 4mn tonnes cement production is in excess, he added.
> As far as the case of Russia was concerned then it may opt for importing cement from some European countries, as there were some production lines in the continent, which might be run on 100% capacity for a brief period of time.
> However, Zafar said that with Pakistan presently producing an excess capacity of 13mn tonnes and its geographic proximity to both these countries, it was expected that Pakistani cement exports, which currently stand at 10mn tonnes (21% of the total installed capacity), would be rising in the long-term, he said.
> It could be a timely shot in the arm for Pakistan cement exports, which declined after the Dubai financial crisis. Moreover, export prices which came down to $50-52 per tonne at present from a high of $80-85 per tonne in 2008-09 could too see upward revision.
> 
> Gulf Times ? Qatar?s top-selling English daily newspaper - Qatar



any update on indian demand for cement ?

indians will be investing more than 1.3 tr in next 10 yrs !

we will need some serious cement for this and as far as i know indians will import cement and iron ! 

why not pakistan for this? it will be cheap and easy to transport !


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## salman77

*Pakistan allows 1 mn-tonne wheat export after ban*

Pakistan on Tuesday decided to allow the private sector to export one million tonnes of wheat after a three-year ban, finance ministry officials said.

&#8220;The government has allowed the private sector to export one million tonnes of wheat,&#8221; one of the officials said after a meeting of the Economic Coordination Committee (ECC), the government&#8217;s highest economic decision-making body.

He did not elaborate. Pakistan banned wheat exports in 2007 because of shortages and high prices in the domestic market.

Pakistan, Asia&#8217;s third-largest wheat producer, deferred plans in August to export 2 million tonnes of surplus wheat, after summer floods washed away at least 725,000 tonnes of the grain and raised concern about the next crop.

Traders said in early November that despite damages from summer floods, Pakistan still has a surplus for export as wheat stocks soared this year after a bumper crop of 23.86 million tonnes in 2009-10, with a carryover of 4.2 million tonnes from the previous crop.

The central government in November set an ambitious target of 25 million tonnes of wheat from the 2010-11 crop, despite vast damage to farmland in Punjab and in southern Sindh province.

Pakistan allows 1 mn-tonne wheat export after ban | Pakistan | DAWN.COM


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## salman77

*Pakistan, China air cargo service launched*

KASHGAR: The air cargo service between Pakistan and China has been launched with the arrival of first maiden flight from Islamabad here on late Friday.

At the inaugural arrival ceremony, Sardar Aminullah Khan, Economic Minister at Embassy of Pakistan, Beijing, the Deputy Commissioner of Kashi prefecture and representatives of various related agencies including Customs, Civil Aviation, Quarantine, Immigration, port management and representatives of the Airline were present.

Speaking on the occasion, the Economic Minister highlighted the important aspects of the Pak-China relations.

&#8220;There is big potential for business for the air cargo service especially during winter season when the connectivity through land between the two countries remained suspended&#8221;, he observed.

He further pointed out that through cargo service, products of the two countries not only available easily whole the year in the markets of both sides but also in the Middle Eastern countries and Central Asian States.

He also appreciated the assistance provided by the Chinese government to Pakistan at the hours of the need.

Sardar Amin also stated the present economic policy framework of the Chinese government that envisages priority to the development of the western regions including Xinjiang with substantial investment.

The plan includes the development of infrastructure such extension of high speed train and other modes of transport and communication.

The special development zone status recently assigned to Kashgar was also discussed along with its impact on Pakistan in terms of expanded trade, development, investment and facilitation to Pakistan and the adjoining region of Central Asia.

The Minister appreciated the efforts of the sponsors of Rayyan Air Lines for successful operation of the first cargo flight from Pakistan which will go a long way in promoting the trade and investment between Pakistan, China and Central Asia. Cooperation extended by the local government and other agencies in this regard was also appreciated by the Economic Minister.

The Deputy Commissioner, Kashgar Wang in his speech described the importance of reliable communication links between Pakistan and China and expressed the desire for further expanding such connectivity.

He expected the introduction of passenger flights also by the airline. The Deputy Commissioner explained the huge potential of the region after recent efforts for fast development of the area which is necessary for transferring the benefits of the development to the people of the region in terms of better standards of life, employment and other basic facilities.

Captain Bhatti, Chairman of Rayyan Airlines also spoke on the ceremony. He appreciated the cooperation extended by the local government and the other related agencies of the government in Kashgar to make the launch of cargo service possible.

The flight took about 90 minutes from Islamabad to Kashgar and was received by the Deputy Commissioner, the Economic Minister and heads of all related agencies.

This was the first international cargo flight ever landed in the city and the participants in the ceremony were delighted with the initiation of the operation by an airline of the friendly country.

The Foreign office of Kashgar oversaw all the arrangements in this regard.

Pakistan, China air cargo service launched | Business | DAWN.COM


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## salman77

*Pakistan, the largest kinnow grower*

The scientists of National Agricultural Research Centre (NARC) have developed a new seedless variety of kinnow, which is known as kinnow mandarin orange in the world. The production of seedless kinnow on commercial scale in orchards of Sahiwal would probably be started by this year and hopefully show bright prospects of export.

Chaudhry Niaz, a team member of NARC, who discovered the seedless kinnow said, &#8220;The new plant can bear fruit in two years, while full production would start in three to four years that will reduce the high number of seeds.&#8221; According to international standards a fruit having one to five seeds is categorised as &#8216;seedless fruit&#8217; while a normal kinnow has about 18 to 30 seeds, which people from western countries don&#8217;t like as much.

Pakistan is among the top 10 citrus growing countries in the world. The country has vast potential to produce tropical, subtropical and temperate fruits, flowers and vegetables, which are waiting to be exploited. There is a need to focus on horticulture and processing industries for value addition.

Kinnow is known as a special variety of citrus fruit and due to unique climatic conditions it is grown in Pakistan. It has tremendous potential of export to many countries. The twofold increase in exports of kinnow had already taken place by exploring new markets like Russia, Iran and China.

About 200,000 metric tonnes kinnow were exported during 2005-06, showing more than a 100 percent increment over the previous year&#8217;s exports and a 25 percent of increase over the record ever highest export of 149,000 metric tonnes of kinnow. In 2008-09 the export was 177 million kilogrammes (kg) that climbed to 361 million kgs in 2009-10 earned $45.5 million and $97.8 million, respectively.

According to the World Trade Organisation (WTO) requirements of exports, it calls for strict compliance with international quality and health safety standards. Besides, best agricultural practices and dedicated production for specific markets both in terms of timely availability in particular tastes, size and colour. Therefore, the producers and processors need to upgrade their capacities and facilities to produce fruits of international standard.

The Agribusiness Development Project was launched with the assistance of Asian Development Bank aimed to provide business development, support services and facilitate the evolution of enabling environment for agribusiness investment.

The tax relief and other support measures announced by the government over the past years in support of the horticulture crop production and agro industry development would also help to improve the competitiveness of the product and would fetch better prices.

The government has declared horticulture as a priority sector and making efforts to improve the value chain and identifying new markets. The quality of product and the shelf life is being improved so that it could be introduced in the high-end markets.

Exports: Kinnow has already been introduced in more than 25 countries of the world. Its exports can further be increased by manifold if modern marketing techniques are applied. The fruit is among the main exportable horticulture commodities from Pakistan. Annual production of citrus on an average is estimated about 2 million ton, of which 90 percent are kinnow, and export also reached to 360,625 tonnes.

The world export market for horticulture products is about $80 billion, in which Pakistan&#8217;s share was just $140 million in 2004-05. The fruits exports were $194.75 million in 2008-09.

Pakistan exports to Gulf States, Indonesia, Saudi Arabia, Philippines, Sri Lanka, Afghanistan and CIS that are been supposed as traditional markets. East Europe, Iran and China are emerging markets. The export to Russian Federation reached 31,000 tonnes, Ukraine 5,000 tonnes and Iran 22,000 tonnes.

History: Most citrus species originated in Asia, around the Khasia Hills of Assam and southern parts of China, from where this fruit was taken to other parts of the world.

In the 15th century, citrus trees were raised only in private gardens of Moghul emperors and other rich people, as this was considered to be a luxury and commercial exploitation was limited at that time.

The records show that an orange variety popularly known as &#8216;sangtareh&#8217; had found in the region of Lahore, Pakistan. Moghul Emperor Humayun praised this fruit in the following words. &#8220;Indeed there is no tasty fruit than the &#8216;sangtareh&#8217;, a local name for sweet orange. Further, sangtara has been mentioned in the famous book &#8216;Ain-e-Akbari&#8217; by Moghul Emperor Akbar the great; after this the fruit was popularly called as &#8216;shahi sangtara&#8217; or King Orange.

Kinnow was evolved as a result of cross between &#8216;king&#8217; and &#8216;willow-leaf&#8217;. The cross was made by H B Frost, a citrus breeder at the Citrus Research Centre, University of California, USA, in 1951. Both of the parents have Indo-China origins. The name was derived by combining the first and last words of the two parents ie &#8216;kin&#8217; from king and &#8216;ow&#8217; from willow joined by &#8216;n&#8217; in the centre to form &#8216;kinnow&#8217;.

The fruit was commercially exploited since 1958, and is now grown in Pakistan. It is been identified in all over the world for its special flavour and taste, which is the result of a series of grafting and hybridization research work conducted in Pakistan over the years.

Kinnow when ripe is deep cadmium yellow. The surface is smooth and glossy. Its shape is oblong round. The size is medium to large, from 64mm to 84mm in diameter. The rind is easy to peel. The fruit is very juicy, fleshy and can be divided very easily into individual segments.

Harvest season: Kinnow can be harvest from mid November and continues up to May. However, January to March is the peak harvest season.

Daily Times - Leading News Resource of Pakistan


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## salman77

*Pakistan to boost trade ties with UAE*

ISLAMABAD: Pakistan attaches great importance to its cordial and friendly ties with the United Arab Emirates and desires to further cement the socio-economic and trade relations between the two countries, Punjab Chief Minister Shahbaz Sharif said on Sunday during his meeting with Dubai International Financial Centre (DIFC) Governor Ahmed Humaid Al-Tayer.

The DIFC is the world&#8217;s fastest growing international financial centre representing foreign banks from the USA and Europe. Shahbaz, while thanking the UAE government, said that the UAE, and particularly Shaikh Nahyan Bin Mubarak al Nahyan, had always shown support for Pakistan, which translated into concrete investments in Pakistan.

The DIFC governor welcomed him and assured of continued support from the UAE to the Pakistan government.

Giving presentation on the financial centre, DIFC Chief Economist and Head of External Relations Dr Naseer Saidi pointed out the areas in which the DIFC could help Pakistan revive its economy.

Meanwhile, the CM also met with the CEO of Burj Khalifa along with representatives from companies Emaar, Habib Bank and Oman Insurance. They discussed the investment incentives offered by Pakistan and the political will of the government to prioritise UAE investment and trade interests in the country.

Earlier, Shahbaz Sharif started the second day of his business visit to Dubai, UAE with a meeting with Haji Muhammad Rafiq Giga, the chairman of the Giga Group of Companies, at Burj Khalifa.

At an event organised by Habtoor Group, UAE&#8217;s third largest group known for its real estate marvels, he said that the success that Habtoor Group had seen in the UAE had been an inspiration for Pakistani companies. Also, the 100-member delegation, that accompanied the CM to the UAE, visited the Dubai Chamber of Commerce, the Sharjah Chamber of Commerce and the Economic Department of Dubai and signed MoUs of collaboration for trade and investment projects in Punjab. The delegates also met their counterparts in respective sectors to explore potential joint ventures. The CM is on a 3-day visit to the UAE.

Daily Times - Leading News Resource of Pakistan


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## bc040400065

*State Banks Financial Stability Review 2009-10*

*Financial system size grew to Rs 9.2trn by June 2010*

Wednesday, December 15, 2010
KARACHI: The size of the Pakistans financial system, in terms of assets, increased to Rs 9.2 trillion by end-June 2010, showing a robust growth of 20 percent from December 2008 level of Rs 7.71 trillion, says State Banks Financial Stability Review 2009-10 released Tuesday. 

The report, which presents an assessment of financial stability for 2009 (CY09) and the first half of 2010 (H1-CY10), is based on the theme of Role of Government in the Financial Sector and assesses the governments developmental role in enhancing the financial development in the country. 

The report said that stability of the financial system is largely derived from the pre-dominant position of the banking sector, as other components of the financial system continue to grow at a more gradual pace. Domestic banking sector assets constitute 73.2 percent of total financial system assets, the report added.

It said the bank deposits, which have a key contribution in maintaining financial stability, grew by 13.5 percent in CY09, and 8.2 percent in first half (CY10), bringing the total deposit of the banking system to Rs 5.1 trillion by end-June CY10. This bodes well for enhancing prospects of financial stability, especially keeping in view the slowdown in deposits growth in CY08, the report added.

The deposit growth is largely driven by growth in home remittances of 23.9 percent (in USD terms), gradual economic recovery, and the substantial increase in government borrowing, a portion of which flows back into the banking system in the form of deposits, it added. The report opined that healthy deposit growth is indicative of banks resilience to the competition from the National Savings Schemes (NSS), which generally offer a higher rate of return than bank deposits. It said that the pace of deterioration in the quality of advances slowed down considerably as in CY09 Non Performing Loans (NPLs) increased by 24.2 percent to Rs 432 billion and further by 6.4 percent to Rs 460 billion by end-June CY10. Going forward, NPLs remain a key cause of concern for the banking sector, it added. 

However, the report noted that structural weaknesses in the process of revenue generation, significant rigidities in government spending, expansion in quasi-fiscal operations have added to the fiscal burden, which is increasingly financed from the financial system. It pointed out that the banks exposure to the government increased significantly during 2009 and in the first half of 2010, with particular concentration in the power sector due to the ongoing issue of circular debt, and continued increase in lending to public sector enterprises and commodity finance in general. 

Finding the government to be a captive client, banks behaviour to lend more to the government and to public sector agencies impedes the process of productive activity in the economy, it said. This causes crowding out of the private sector, to the extent that demand for credit exists, which in turn carries long-term implications for economic growth, with feedback impact on banks asset quality and hence on financial stability, it added. 

In the current circumstances, while it may be prudent for banks to allocate their loan and investment portfolio in favour of public sector to maximise profits in the short run and minimize risks, a long term strategy requires an allocation of their portfolio in favour of the private sector, which is the main engine of growth and productivity, the report added. At the moment, the flow of bank credit to the private sector remains hampered and the basic objective of financial intermediation i.e. efficient allocation of resources is not being met, the report opined and stressed upon the need to reverse this trend on a priority basis.

Referring to other components of the financial system, the report said that the dormant element of funding risk in case of Non-Bank Financial Institutions (NBFIs), which emerged as a strong threat to their commercial viability in CY08, continues to be a source of systemic risk. Whereas, insurance sector, on the other hand, continues to provide requisite support to the economy, despite its small size and low penetration.

With regard to financial markets, the report said that in contrast to the volatility in global financial markets since the inception of the global financial crisis, financial markets in Pakistan have continued to strengthen, primarily due to the low level of integration with global financial markets, and in response to the ongoing reform process, domestic financial markets continue to provide requisite support to the financial system in performing its function of financial intermediation. staff report

Daily Times - Leading News Resource of Pakistan

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## salman77

*China to help Pakistan enhance steel production*

BEIJING: Pakistan-China cooperation in the area of expansion of steel production is part of the 5-year Development programme, said Ambassador of Pakistan to China Masood Khan. In an interview to APP ahead of the Chinese Premier Wen Jiabao 3-day official visit to Pakistan starting from Friday, the Islamabad envoy to Beijing said specifics have to be discussed by the two sides. &#8220;We would look at the entire steel production picture,&#8221; Khan said when asked to comment on media reports about expansion of Pakistan Steel Mills. Khan suggested Pakistan enhance exports to China as &#8220;there is a need for visit of more buying missions from China to Pakistan; a greater number of Pakistani traders participation in trade fairs/exhibitions in China; trade seminars in Pakistan and China; visa facilitation; establishment of an Electronic Database Interchange for clearance of FTA goods; and establishment of cross-border supply chains.&#8221; He however said the second session of Pakistan-China Free Trade Commission held in Beijing last month has taken decisions to address this aspect comprehensively. More than a dozen MoUs/ Agreements and over 20 business-to-business MoUs/ Agreements are likely to be signed during Premier Wen visit to China, Khan said. The agreements, he pointed out will assist us with the flood reconstruction as well as launching of a new Pakistan-China energy cooperation mechanism so that we can look holistically at the energy requirements of Pakistan in short and long term periods. 

Daily Times - Leading News Resource of Pakistan


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## Aeon

*Russian investors meet Rehman | Business | TheNation*

ISLAMABAD (December 16, 2010) (APP) - A delegation of Russian investors Wednesday called on Interior Minister Rehman Malik and discussed investment opportunities in Pakistan.

Terming Pakistan as `business-friendly country' the Russian investors expressed their desire to launch ventures in Pakistan, which was offering lucrative potentials for foreign investment in various sectors.

The Interior Minister assured the Russian investors of foolproof security to their business in Pakistan. He apprised the Russian entrepreneurs of tremendous investment opportunities in Pakistan.​


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## Aeon

*Australian parliamentary team arrives | Business Recorder*

ISLAMABAD (December 17, 2010) : A visiting 8 member Australian Parliamentary delegation led by the President of the Legislative Assembly of Australia (Chairperson State Senate) Mrs Amanda Fazio, currently on an official goodwill visit to Pakistan were given a briefing on the Privatisation Policy, Programme, initiatives, available investment opportunities and the process here on Thursday.

The delegation was informed that Pakistan's Privatisation Programme being transparent and open was being termed most successful in the South Asia, Central Asia and the Middle East regions by the leading investment houses and the investment groups as it yielded over US $9 billion proceeds (Rs 476 billion) through the privatisation of 167 transactions.

PC plans to proceed with Equity Linked Instruments (Convertible Bonds) for SOEs in International Markets to tap private sector for funding turnaround efforts and to utilise the proceeds to fund future growth plans of these entities.

The PC has also twelve (12) active transactions in the services, power, banking, industrial, infrastructure, production and manufacturing sectors, which include Pakistan Post, SME Bank Limited, Heavy Electrical Complex, Pakistan Machine Tool factory, Pakistan Mineral Development Corporation, National Power Construction Company, Morafco Industries (Machinery on 'as is where is basis' and six (6) power supply and generation projects ie Islamabad Electrical Supply Company, Peshawar Electrical Supply Company, Quetta Electrical Supply Company, Hyderabad Electrical Supply Company, Faisalabad Electrical Supply Company and Jamshoro Power Company Limited.

The distinguished guests were informed that the present government Privatisation Policy was emphasised on sale of 26 percent shares of the entities of Privatisation list with management control for value addition, improving the efficiencies and enhancing the production and making them profitable before offering the turnaround entities to the potential sound investors instead of just divesting the majority chunk.

The other entities on privatisation list includes Pakistan Railways, Pakistan Steel Mills, PTDC Motels and Restaurants, Utility Stores Corporation and Stores, State life Insurance Corporation, Pakistan Reinsurance Company, National Insurance Company, Printing Corporation of Pakistan, Services hotel, Sindh Engineering and Republic motors Limited.

He detailed that 100 percent State Owned Enterprises (SoEs) in the chemical, textile, nitrogen fertiliser, cement, rice, roti and light engineering sectors while 98 percent units of automobile industry, 96 percent ghee (oil) mills and 100 percent of phosphate fertiliser units have been privatised. Banking industry privatised substantially due to which 80 percent of the banking sector is under private ownership, he added.

Elucidating the salient features of the revolutionary project Benazir Employees Stock Option Scheme (BESOS) of the present government to empower the workers of the SoEs, the delegation was informed that twelve percent (12 percent) GOP Shares of 77 SoEs valuing to the tune of Rs 116.082 billion were being given to employees free of cost on the basis of length of service of employees. The Government Guaranteed buy back of these unit on retirement on superannuation or medical ground, retrenchment by organisation or death.

The briefing also focused Institutional Arrangements, TOR and Composition of Cabinet Committee on Privatisation (CCOP), functions of Privatisation Commission (PC), composition of PC Board and the detailed procedure of the process.

Giving an overview of the Geo-Strategic Location of Pakistan, the delegation was informed that having rich natural resources, Pakistan is the Asia's future energy and trade corridor. The purpose of undertaking the Privatisation of SoEs is to reduce the participation of the government in commercial activities, to deregulate the economic and commercial functions, to help the economy move from State control to private control, switch from Monopolistic or oligopolistic markets to competitive markets, Financial repression to financial liberalisation and to turnaround the inefficient state owned companies into efficient private enterprise.

The leader of the delegation the President of the Legislative Assembly of Australia (Chairperson State Senate) Mrs Amanda Fazio and members of the delegation lauded the efforts for the protection of the workers rights through their empowerment and expressed that there existed vast scope for the Australian private sector to avail the available investment opportunities in Pakistan's Privatisation Programme and further stated that there was similarity in the privation through Public private Partnership of Australia and Pakistan. The briefing was followed by Q and A session.

The members of the Australian delegation included Mrs Justice Joanne Harrison, Judge of the State of the Supreme Court, Ms Lynda Voltz Member Legislative Council (State Senator), Shaoquette Mosalmane (First elected Muslim state Senator), Mrs Dawn Fardell, member State parliament, Ms Sonia Hornery, Member State parliament and Parliamentary Secretary, Ms Cassandra Wilkinson, Senior Policy to the Australian Premier, Australian born entrepreneur of Pakistan origin Kashif Amjad, CEO Slimtel and Vice-President of Pak-Australia Business Council and Jon Bonnar, First Secretary of Australian High Commission to Pakistan. The senior officials of the Privatisation Commission were also present during the meeting.-PR

Copyright Business Recorder, 2010​


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## salman77

*Sri Lanka, Pakistan bilateral trade to reach US $ 1 b by 2015*

Bilateral trade between Sri Lanka and Pakistan is targeted to be in the region of US $ 1 Billion by 2015. Sri Lanka and Pakistan should aim to increase the current level of bilateral trade between the two countries to US $ 500 million or even US $ 1 billion by 2015, the newly appointed Consul General of Sri Lanka to Karachi, D W Jinadasa said.

Speaking to the Pakistani newspaper Daily Times, Jinadasa said that bilateral trade between the two countries which was US $ 158 million in 2005 has increased to US $ 252 million in 2009 and the real potential of bilateral trade is yet to be explored.

He said that a target of US $ 1 billion is within reach in the next five years given the special characteristics of the cordial relations, positive economic fundamentals, and keenness at the highest level followed by close proximity between the two countries.

He said that politically and economically, ties between Pakistan and Sri Lanka are sound and are growing from strength to strength.

He told the Daily Times that the signing of the Free Trade Agreement in 2002 and its implementation in 2005 were significant milestones in bilateral relations. news.

Sri Lanka News | Online edition of Daily News - Lakehouse Newspapers


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## Abu Zolfiqar

> ISLAMABAD: China and Pakistan signed around 20 billion dollars worth of deals Friday, boosting trade and investment as Wen Jiabao became the first Chinese premier in five years to visit the nuclear-armed state.
> 
> Pakistan considers China its closest foreign ally and treated Wen and a massive business delegation to a red-carpet welcome.
> 
> The two countries signed 13 agreements and a memorandum of understanding in fields including energy, rail transport, reconstruction, agriculture and culture, Information Minister Qamar Zaman Kaira told reporters.
> 
> China will provide assistance in 36 projects in Pakistan to be completed in five years, he said. Basically this is a five-year development plan.
> 
> He said 14 billion dollars will come through a joint economic cooperation group, five billion dollars in other business agreements, while deals worth another 10 billion dollars are expected to be concluded at a business leaders meeting on Saturday.
> 
> Overall the Chinese investment is expected to be around 30 billion dollars, he said.
> 
> The deals are vitally important to the Pakistani economy.
> 
> Wens visit was accompanied by blanket security as Shia Muslims marked their holiest day, Ashura, which was last year marred by a bomb at a Karachi religious procession that killed 43 people.
> 
> We have unprecedented relations with China. The whole nation is proud of the Pakistan-China friendship, Prime Minister Yousuf Raza Gilani told PTV.
> 
> The Chinese premier held talks with Gilani after being greeted at the airport by Pakistans entire cabinet and military chiefs, who depend on Chinese hardware, and a guard of honour with a 21-gun salute.
> 
> Pakistan says China has already agreed to development projects worth 13.2 billion dollars in energy, agriculture, infrastructure and health, and wants trade to climb from seven billion to 18 billion dollars in five years.
> 
> Work on projects worth 14 billion dollars is continuing at present, while projects of another 20 billion dollars will be signed between the two sides during the visit, a Pakistani government official told AFP earlier.
> 
> Wen will also meet President Asif Ali Zardari, address a joint session of the Pakistani parliament, attend a business cooperation summit during his visit and inaugurate a new Chinese cultural centre in Islamabad.
> 
> Behind the scenes, talks are also believed to be planned on China building a one-gigawatt nuclear power plant as part of Pakistani plans to produce 8,000 megawatts of electricity by 2025 and overcome acute energy shortages.
> 
> The West has expressed concern about the security of Pakistans nuclear material, but China has built a 300-megawatt nuclear power reactor at Chashma in central Punjab province and another of the same capacity is under way.
> 
> Without going into details, officials in Pakistan admit the country has a civil nuclear cooperation agreement with China, a counter-weight to Indias agreement with the United States on nuclear energy cooperation.
> 
> Pakistan depends on Chinas financial and political clout to offset the perceived threat from rival India and rescue its economy from the doldrums of catastrophic flooding, a severe energy crisis and poor foreign investment.
> 
> China will open branches of the Industrial and Commercial Bank of China (ICBC), its top private bank, in Karachi and Islamabad, Kaira said.
> 
> Pakistans prime minister has expressed hope that trade will rise to between 15 and 18 billion dollars over the next five years.




China, Pakistan sign $20bn deals: minister | Business | DAWN.COM


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## great

awesome..congrats Pakistan


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## RoYaL~GuJJaR

Congrats again to pakistan and its people..!


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## salman77

*Pakistan starts onion exports to India*

Truckloads of onions arrived on Monday in Chandigarh from Lahore through the Attari-Wagha land route amid soaring prices of the commodity in Pakistan.

As many as 13 truckloads carrying 5 to 15 tons of onion each have arrived from Pakistan, a senior official of the Customs department in Amritsar told the Press Trust of India (PTI).

About five importers have brought in onion from Lahore for supply in the markets of Ludhiana, Amritsar, Jalandhar in Punjab and Delhi, the official said. The landed cost of onion stood at Rs18-20 per kg, he said, adding this included customs duty, cess, transportation and handling charges.

According to importers, it was for the first time this year onions are being imported from Pakistan. Rajdeep Uppal, the MD of an Amritsar trading company Narain Exim, said that his company had imported 100 tons of onion at a rate of $400 per ton. He said he would import a further 500 tons in coming days from Sindh.

Pakistan starts onion exports to India &#8211; The Express Tribune


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## PeacefulIndian

In all this 'cheerful' pieces of news, has anyone really looked at the trade imbalance with Chinese? 

Trade disparity to be taken up with Chinese premier | Business | DAWN.COM



> The Chinese do not eat basmati rice, Pakistan&#8217;s main farm export, nor are they interested in importing textiles and garments which were produced in much better quality in their country, an official said.
> 
> Even surgical instruments, sports and leather goods could not penetrate the Chinese market because of local production, making the free trade agreement irrelevant from Pakistan&#8217;s point of view.



Taller than mountain people are not interested in buying what Pakistan has to sell. This means potentially zero chance of increasing the array of exports to China. 



> Some elements in the Federal Board of Revenue go so far as to question the logic of having free trade with China which has not increased exports and cost the country a large amount of revenue as a result of massive cuts in duties on Chinese goods.



On target - FTA with China means loss in import duties revenue for Pakistan. Not so much for them - they don't import so much from Pakistan. 



> They said Pakistan&#8217;s main competitor in the international market, India, was constantly opposing free trade deal offers from China fearing that Beijing might only want to dump cheap manufactured goods on its booming economy.



Reality check - take a clue. 



> The untold story of Pakistan China trade &#8211; The Express Tribune
> 
> However, there are major discrepancies and variances in data with relation to Chinese goods imported by Pakistan. For instance, in FY 2008, various anomalies existed in the trade data that was reported to the UN by Pakistan and by China.



So - the imports are way more than they are reported. Means more revenue loss in terms of lost duty. 

The only thing these 'trade deals' are doing is killing the local market & local businessmen. But no one cares looks like.


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## Rafi

PeacefulIndian said:


> In all this 'cheerful' pieces of news, has anyone really looked at the trade imbalance with Chinese?
> 
> Trade disparity to be taken up with Chinese premier | Business | DAWN.COM
> 
> 
> 
> Taller than mountain people are not interested in buying what Pakistan has to sell. This means potentially zero chance of increasing the array of exports to China.
> 
> 
> 
> On target - FTA with China means loss in import duties revenue for Pakistan. Not so much for them - they don't import so much from Pakistan.
> 
> 
> 
> Reality check - take a clue.
> 
> 
> 
> So - the imports are way more than they are reported. Means more revenue loss in terms of lost duty.
> 
> The only thing these 'trade deals' are doing is killing the local market & local businessmen. But no one cares looks like.



In the long run it will be good for our business men to compete with our Chinese friends, and also good for our consumer to get quality products at a good price. 

The Sino-Pak relationship is mutually beneficial  regarding our press, it is free and independent and they can criticise anything they want to.


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## PeacefulIndian

Rafi said:


> In the long run it will be good for our business men to compete with our Chinese friends, and also good for our consumer to get quality products at a good price.
> 
> The Sino-Pak relationship is mutually beneficial  regarding our press, it is free and independent and they can criticise anything they want to.



You have chosen to respond with emotions rather than facts & figures. It is good only if your businessmen were competing successfully. There are no signs of that in last 15 years, no chance possible for next 15 years at least given the chinese attitude. Look at the Chinese official figures. 

http://pk2.mofcom.gov.cn/aarticle/bilateralcooperation/labourlawhost/200905/20090506266956.html

The imbalance has been on the rise always. And even I would like to get good products for cheap, but not at the cost of local business.


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## Rafi

PeacefulIndian said:


> You have chosen to respond with emotions rather than facts & figures. It is good only if your businessmen were competing successfully. There are no signs of that in last 15 years, no chance possible for next 15 years at least given the chinese attitude. Look at the Chinese official figures.
> 
> http://pk2.mofcom.gov.cn/aarticle/bilateralcooperation/labourlawhost/200905/20090506266956.html
> 
> The imbalance has been on the rise always. And even I would like to get good products for cheap, but not at the cost of local business.



We'll worry about Pakistan, and you can worry about your own country, which by the way has a massive trade deficit with China also. 

And we get plenty from China in myriad sectors for this to be a mutually beneficial relationship.

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## SMC

Hey bharati, why don't you worry about your own country? Look at your deficit with China.

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## PeacefulIndian

Keep out if you don't have anything to add except invectives and emotions. 

And yes we are concerned about our deficit to China. That's why we rejected the FTA that was offered to us on a platter. 

Whats more - last I checked this was a thread on Pakistan's economy.

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## TechLahore

Yes, Pakistan should worry about trade gaps. However, with reference to the visit of the Chinese Premier, the kinds of deals that are being announced are all going to contribute to an increase in Pakistan's export potential, and a reduction of imports. How?

1) Energy deals based on nuclear, wind, solar will decrease oil imports - the most major import for us
2) Investments in Pakistani infrastructure, such as roads, bridges, rebuilding of flood affected areas and more will increase economic output
3) Manufacturing industry will benefit from energy availability and will be able to increase exports - this has been a major issue with the manufacturing sector for the past couple of years
4) Investments in agriculture are obviously huge, since Pakistan is a huge agricultural producer
5) Defence deals with China typically mean less money spent, on easier terms, than any other source - so we again save here
6) Joint production deals, such as the JF-17, in which we have a 50&#37; stake, means that the moment this aircraft meets an export success, Pakistan will enter the big ticket defence export industry. In the past, we have succeeded at a smaller scale with the Mushak trainer aircraft and numerous other defence exports.
7) China is creating substantial employment in Pakistan. They have bought all of BP's assets in Pakistan, China Mobile is now one of the largest mobile phone companies in Pakistan, and a single company like Huawei has created 25,000 direct and indirect jobs .
8) The port deal (Gwadar) and KKH /highway upgrades means that the Gwadar port will start to earn substantial business and transit fees will accrue also

This is INVESTMENT in Pakistan. This is where the Chinese Premier's visit to India and Pakistan were so incredibly different. I have seen people - blithering idiot journalists - comparing INVESTMENT with BILATERAL TRADE. These are two completely different economic variables and cannot be compared at all. $100B bilateral trade can be incredibly bad for a country if the deficits being run are very high. On the other hand, $45B in pure investment into a country can change its future.

Let us see where the future takes us. I will say though that I am absolutely floored by Premier Wen's visit and the absolutely monumental deals (not just in terms of money, but also in terms of technology, strategic importance and symbolism) that have been struck. I thought this visit was going to result in the formalization of the $13B in deals that had been announced earlier. I had no CLUE that we would conclude $45B worth of investments in THREE DAYS!

Long live Pak-China Friendship!

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## huzihaidao12

China need attention to our trade imbalance , but China and Pakistan have great trade potential, I mean, Pakistan's exports to China have great potential for growth, as long as enough to improve our transportation network.There are no big problems.

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## salman77

*Pakistan may enhance mango export to 500,000 tons annually*

Pakistan is the fourth largest mango producing country in the world and exports best quality mangoes to different countries earning a big amount of foreign exchange.

The country has the capacity to increase mango export upto 500,000 tons per annum from about 125,000 tons presently, said Chief Executive of Rishad Mateen & Company and Director Agri Business Support Fund, Ministry of Agriculture Food and Livestock, Mateen Siddiqui told APP.

He commented that a better law and order situation is vital to enhance export of agri products as well as foreign investment in country.

He said Pakistan is the fourth largest mangoes producing country after China, India and Brazil.

He informed that the Gulf, Middle East and European countries are the major countries which import Pakistani mangoes.

The Director suggested scores of incentives to exporters including the establishment of Common Export Facility Center in major mango producing cities including Mirpurkhas, Rahimyar Khan, Hyderabad, Nawabshah, Multan, Karachi and Lahore.

He informed that such kind of institutions are working in Indian big cities including Mumbai, New Dehli, Madras and Calcutta where all export facilities are available under one window.

Latest News - Pakistan may enhance mango export to 500,000 tons annually


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## salman77

*Fuso to Sell in Pakistan*







Today, German manufacturer Daimler announced its plans of expanding its truck business in Asia, by launching its operations in Pakistan. The path for growth in the region will be set by the Fuso FV Super Great heavy-duty prime mover and the Fuso FE Canter light-duty truck, who will be marketed in the country by Mitsubishi Fuso Truck & Bus Corporation (MFTBC).

The models will be assembled locally in Karachi by Master Motor Corporation, using completely knocked down kits shipped from Japan. Currently, Daimler is looking to create a sales and service network to handle the task of making the models count for something in Pakistan.

Were very pleased to bring our light- and heavy-duty trucks to Pakistan. We see significant potential for business and economic development in Pakistan and South Asia as a whole, and believe our efficient, high-quality commercial vehicles can strongly support the expected growth, said MFTBC CEO Albert Kirchmann.

We look forward to working together with our partner Master Motor Corporation to ensuring high product quality and to building a strong service network in support of our Pakistan customers.

Pakistan is part of the market Daimler likes to call Next 11. Comprising countries like Egypt, Indonesia, Iran, South Korea, the Philippines, Nigeria and Vietnam, this market is seen by the German officials as key to the expansion and growth of the group. Currently, Daimler sells its trucks in nine of these countries.

Fuso to Sell in Pakistan - autoevolution

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## salman77

*Pakistan, Indonesia likely to sign PTA
*
JAKARTA: Pakistan and Indonesia are expected to sign Preferential Trade Agreement (PTA) in first quarter of 2011, which would increase bilateral trade to around $ 2 billion in two years.

Pakistan Ambassador to Indonesia, M Sanaullah at Pakistan, Indonesia Economic Cooperation event in Jakarta said recent visit by Foreign Minister Shah Mehmood Qureshi and talks with his counterpart, Marty Natalegawa would have conducive affect on process leading to signing of PTA.

He said Pakistan and Indonesia had agreements on protection of investment and avoidance of double taxation treaty, which formed basis of a cordial investment atmosphere. He invited Indonesian businessmen and companies to invest in sectors like agriculture, fruits, cotton, cotton yarn, cement, sugar manufacturing plants and their parts, steel, steel products, surgical instruments.

Daily Times - Leading News Resource of Pakistan


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## salman77

*Gilani to visit Oman to boost economic ties * 

ISLAMABAD, Dec 24 (APP): Prime Minister Syed Yusuf Raza Gilani will pay an official two-day visit to Oman to seek greater investment and increase trade and economic cooperation between the two countries.Prime Minister Gilani during his visit from Dec 27 will have an audience with Sultan Qaboos bin Al-Said and hold talks with the Omani leadership with a focus on trade and investment and further strengthening of bilateral ties in all spheres. Situation in the region, Middle East with particular focus on Iraq, Pakistan-India ties and cooperation at multilateral fora would also figure during the talks.

The Prime Minister would congratulate Sultan Qaboos on Oman&#8217;s 40th National Day, that also coincides with 40 years of his reign that brought unprecedented development and progress to the country. Queen Elizabeth of England and other world leaders had already visited Oman to greet the Sultan.
Prime Minister Gilani, will be accompanied by Minister for Foreign Affairs Shah Mahmood Qureshi and Chief Minister Balochistan Nawab Muhammad Aslam Khan Raisani.
Pakistan and Oman have deep cultural, historic, religious and ethnic ties and almost 30 per cent of Omani population is from Balochi. Gwadar and Makran were part of Oman till 1958.
Oman is also home to around 175,000 Pakistanis, working in diverse fields including skilled and non-skilled workers. The remittances from Oman have also seen a quantum leap over the years, increasing from 130 million in 2005-06 to US$ 287 million in 2009-10.
Sultan Qaboos visited Pakistan in 2001 and announced US 100 million dollars grant, the larger chunk of which - US$ 64 million dollars was allocated for development of Balochistan.
An amount of US$ 17.5 million dollars was earmarked for the Gwadar International Airport and US$ 27.5 for Gwadar, and Pakistan would urge Oman to divert the unspent amount of US 19.1 million dollar for the relief of the flood affected people.
Oman is also a founding member of the Gulf Cooperation Council, member of the Arab League and the United Nations as well as founder member of the Indian Ocean Rim Association for Regional Cooperation.
In November 2010, the UN Development Programme&#8217;s (UNDP) Human Development Report listed Oman as the &#8220;most-improved&#8221; nation in last 40 years from among 135 countries worldwide. The report identified top movers relative to the starting point in 1970. Oman ranks first out of 135, followed by Saudi Arabia (5th), Tunisia (7th), Algeria (9th) and Morocco (10th). 

Associated Press Of Pakistan ( Pakistan&#039;s Premier NEWS Agency ) - Gilani to visit Oman to boost economic ties


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## Aeon

*Punjab government approves projects worth billions of rupees*

LAHORE (December 25, 2010) : Punjab government has approved development projects worth billions of rupees for various districts of southern Punjab and other cities of the province. The projects were approved in a meeting of Divisional Commissioners, which Punjab Chief Minister Muhammad Shahbaz Sharif presided over here on Friday, disclosed an official.

The meeting was told that the projects are aimed at benefiting maximum people as well as ensuring early availability of education, health, infrastructure, sewerage and other facilities to the masses. Addressing the meeting, the chief minister said that all out resources are being utilised for a rapid progress of the province and special attention is being paid on the provision of basic amenities to the masses. He also said funds are being provided to education and health sectors on priority basis.

"Special attention is being paid to the uplift of backward areas and huge funds have been allocated under special package for the completion of high profile projects. The funds allocated for education sector is not expenditure but investment for the development and betterment of future generation. Transparency, high standard of construction work and speedy completion of development projects is the policy of the government which is being strictly implemented," he remarked.

Granting approval to the development projects, Shahbaz directed that committees comprising elected representatives should be constituted in all districts to monitor pace of implementation of the projects. He added that these committees should review the pace of progress of the projects on monthly basis whereas he will monitor these projects every two months.

He also said that a high standard of infrastructure should be ensured and drains should be an essential feature of all sewerage projects. Tree plantation and culture of beatification of development projects should also be promoted so that they become pleasant to see. Education and health projects should be completed on priority basis, he maintained.

On the occasion, the chief minister announced that three Danish schools will be inaugurated in southern Punjab in January while in the second phase, foundation stone of Danish school in Dera Ghazi Khan will be laid on January 3. Foundation stone of Daanish Schools in Rajanpur and Jand in Attock district will be laid soon. He directed the divisional commissioners to personally supervise development schemes for ensuring a timely and transparent completion.

Earlier, divisional commissioners presented high profile projects in education, health, infrastructure, water supply and drainage sectors in their respective areas, which were granted approval by the meeting. These projects include by-passes, construction and widening of roads, up-gradation of rural and basic health centres and DHQs hospitals, water supply and sewerage schemes, as well as setting up new colleges and vocational institutes.

Senior Advisor Sardar Zulfiqar Ali Khan Khosa, Provincial Law Minister Rana Sanaullah Khan, Member National Assembly Hamza Shahbaz Sharif, Chief Secretary, Chairman Planning and Development, Secretaries of Finance, Health, Communication and Works, Higher Education and senior officers were present on the occasion.

Copyright Business Recorder, 2010​


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## Aeon

*Government to provide funds for uplift of backward areas: Gilani *

ISLAMABAD (December 25, 2010) : Prime Minister Syed Yousuf Raza Gilani said that the government would provide all necessary funds for the uplift of backward areas to accelerate economic activity in all fields of the country. He was talking to Ministers and Parliamentarians who called on him at his Parliament House Chamber here on Friday afternoon.

Gilani said the meeting with parliamentarians provides an opportunity to ascertain the needs of the people in different areas of the country. He added that it would also help in fine tuning the government's welfare and development policies according to the requirements of the people.

The Prime Minister said the government was encouraging farm based local industries so that employment opportunities could be generated for the people living in rural areas. He added that in this regard the road network is being improved and government is prioritising the farms to market roads to encourage investment in the countryside.

The Prime Minister said all the political forces of the country have shown political maturity and sagacity in dealing with the major issues of the national importance. He said time has reached to focus energies on the welfare of the people of the country. The Parliamentarians apprised the Prime Minister about various issues relating to their respective constituencies.

They also discussed proposals for the improvement of living standard of the people. The Minister and Parliamentarians who called on Prime Minister included: Syed Khursheed Shah, Minister for Religious Affairs, Deputy Speaker National Assembly Faisal Karim Kundi, Advisor to PM on Political Affairs Nawabzada Ghazanfar Gul, MNAs, Engineer Usman Khan Tarakai and Sardar Salim Haider Khan.

Copyright Associated Press of Pakistan, 2010​


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## salman77

*Pakistan eyes maritime trade with Oman *

MUSCAT, Oman, Dec 26 (APP): Pakistan is looking forward to start passenger and maritime trade service between Gwadar and Muscat to enhance economic and trade ties, as leaders of two countries meet here on Monday to discuss whole range of issues.Prime Minister Gilani, who has expressed keen desire to initiate maritime trade with Oman and make Gwadar Port fully operational, would also discuss ways to boost bilateral economic ties and explore new avenues of bilateral cooperation between the private sectors.The joint working groups of the two countries would further study the prospects of maritime trade and passenger travel through the Gulf of Oman.

Apart from Foreign Minister Shah Mahmood Qureshi, Minister for Ports and Shipping Babar Khan Ghauri, Minister of State for Ports and Shipping Nabil Ahmad Gabol, Balochistan Chief Minister Nawab Muhammad Aslam Khan Raisani, will accompany the Prime Minister and assist him in his talks.
According to maritime experts, the trade from Gwadar can benefit the two countries greatly as a medium ship to Muscat takes only hours to ply as compared to the distance between Karachi and Muscat, which is generally covered in around three days.
Pakistan&#8217;s ambassador to Oman Sohail Amin told APP that Prime Minister Gilani&#8217;s visit to Pakistan&#8217;s closest Arab neighbour on Dec 27, was aimed at intensifying bilateral ties in trade, defence, banking, infrastructure development, energy besides seeking greater investment.
The ambassador said that Pakistan could utilize its manpower and expertise in energy, infrastructure and oil exploration in Oman. He termed the labour and manpower sectors as an attractive area of cooperation between the two countries.
He said that the Prime Minister&#8217;s two-day visit was the result of painstaking hard work with a series of ministerial level meetings between the two countries throughout the year to explore more avenues of cooperation.
He said that work on inking an agreement between the Chambers of Commerce and Industries of the two countries was also in its final stages.
He said bilateral trade between the two countries had more than doubled in the last three years to around US 250 million dollars. Pakistan has been exporting its traditional items, including garments, textiles, footwear, fruits, surgical and sports goods to Oman, he added.
Ambassador Amin said Omani investors were keen to expand business in Pakistan. He said the Oman International Bank and Oman Oil Company were already working in Pakistan, while Omani investors had expressed interest in more sectors.
The two countries initiated their diplomatic relations way back in 1972, and have grown from strength to strength. The current visit is aimed at initiating a more robust relationship and will result in deeper commitment between the two sides for the mutual good of their people.
The last high-level visit from Pakistan to Oman was by Prime Minister Shaukat Aziz in 2005, while Sultan Qaboos visited Pakistan in 2001.

Associated Press Of Pakistan ( Pakistan&#039;s Premier NEWS Agency ) - Pakistan eyes maritime trade with Oman


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## Aeon

*Agreement signed for 106MW project*
Published: December 28, 2010 

LAHORE - WAPDA and SAMBU-SARCO, joint venture of a Korean and Pakistani firm, signed Rs 7.52 billion agreement for 106MW Golen Gol Lot-II Hydropower Project at Wapda House here Monday.

Wapda GM (North) Projects Fazal-e-Mabood and SAMBU Board of Representatives Chairman Oh Sung Hoon signed the agreement on behalf their respective sides. Golen Gol Lot-II involves construction of diversion weir, intake, gravel trap, sand trap, headrace tunnel, pressure shaft, pressure tunnel and roads. The construction work of Wapda offices and colonies for the project is at the advance stage of completion. 

On this occasion, WAPDA Member (Water) Syed Raghib Abbas Shah dilated upon the significance of the Project and hoped that joint venture would complete the works in accordance with schedule.

The Golen Gol Hydropower Project is a part of least-cost energy generation plan, being executed by Wapda on priority basis to harness the indigenous hydropower resources of the country with a view to improving the ratio of hydel electricity in the National Grid, he added.

*The project is located on the River Golen Gol, a major tributary of the River Mastuj in Chitral district of Khyber Pakhtunkhwa about 380 kilometres from Islamabad. On its completion, the project would generate about 436 million units of electricity (Gwh) to earn revenue of about Rs 1b annually.*

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## Marxist

*IMF extends Pakistan loan as economic reforms drag*

Pakistan's fiscal deficit may exceed 7&#37; of economic output, endangering its standing with international donors, due to a delay in implementing a reformed general sales tax, analysts said on Monday.

The International Monetary Fund said its executive board approved a nine-month extension of Pakistan's loan to give authorities time to finish the reforms. The loan program was scheduled to end this year, but will now run through September 30, 2011, the IMF said.

"The extension will provide time to the Pakistani authorities to complete the reform of the general sales tax, implement measures to correct the course of fiscal policy and amend the legislative framework for the financial sector," the fund said in a statement.

The RGST, which is supposed to replace the current general sales tax, was originally scheduled for implementation in July, but has been delayed several times since. Even its latest implementation date, January 1, now seems unlikely.

The delays will squeeze revenue while Pakistan's spending surges in the aftermath of floods that have caused almost USD 10 billion worth in damage.

The floods, which began in late July, rolled from north to south in an unprecedented tide of destruction, destroying or damaging more than 1.7 million homes, official figures show.

The revenue shortfall could push the budget deficit above 7% of gross domestic product (GDP), analysts estimate, compared with the 4.7% target agreed with the IMF for fiscal year 2010-11.

"The rising fiscal deficit is squarely against one of the main covenants of the agreement with the IMF, which is likely to delay future tranches," said Asad Iqbal, chief investment officer at Faysal Asset Management.

"If the IMF loses confidence in the government's ability to manage this deficit, funding from other foreign institutions is also likely to dry up, resulting in severe consequences for the country."

In November 2008, Pakistan agreed to an USD 11 billion bailout program with the IMF to avert a balance of payments crisis. It received the fifth tranche of the loan -- USD1.13 billion -- in May 2010.

The fund said its staff was "continuing its dialogue" with the Pakistani authorities on the loan program's next review.

The United States regards Pakistan as an important ally in its war on militancy in the region and the State Bank of Pakistan reported on Monday it had received USD 633 million in Coalition Support Funds from the United States.

But the delay in the sixth IMF tranche, a lack of foreign aid and the cost of rebuilding after August's floods has more than trebled government borrowing from the central bank, to a provisional Rs 32464 crore (USD 3.785 billion) from July 1 to December 11, compared with Rs 10600 crore in the same period last year.

To try and make up the shortfall, the government is considering a "Plan B," according to media reports.

This would end the current general sales tax exemptions that have been given to sectors such as textile and fertilizer production.

And while the government has not said there are alternatives being worked out, analysts said the exemptions may be quietly removed to avoid the kind of opposition that has greeted the RGST.

Imposing new taxes at the behest of the IMF, which is hugely unpopular in Pakistan, is a tough sell.

"There is no Plan B as far as I know," said a senior government official, who requested anonymity because of the sensitivity of discussing tax reforms.

Reform would help curb Pakistan's endemic tax evasion -- its tax-to-GDP ratio is around 10%, one of the lowest in the world. But the RGST bill, introduced in November after months of delay, is vigorously opposed by almost every political party.

And while it will probably eventually pass, no one can say when or in what form. Thus, Plan B.

The Federal Board of Revenue has the authority to remove exemptions without the approval of coalition partners to the government.

Analysts said there may not be enough political will to implement even that change.

"The government does not realize the gravity of the situation and the sense of compliance is not there as they are not in pressing need to get a tranche released from the IMF because of the improving current account balance," said Asif Qureshi, a director at Invisor Securities Ltd, adding that balance could easily deteriorate with the rise in oil prices.

Pakistan's current account has shown a surplus for the last three months. The IMF bailout was designed to shore up reserves and avert a balance of payments crisis.

IMF extends Pakistan loan as economic reforms drag - Reuters -


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## Aeon

*Power tariff reduced by Rs 2.09 per unit in four months *

ISLAMABAD (updated on: 2010-12-30 00:33:36 PST): 

The government has reduced power tariff at the rate of Rs 2.09 per unit during the last four months under the monthly fuel price adjustment to provide relief to the consumers.

A spokesman of the Ministry of Water and Power said on Wednesday that under the monthly fuel price adjustment, 33 paisas per unit were reduced for the month of August, 36 paisas in September, 32 paisas in October and Rs 1.08 in November.

The reduction in power tariff during last three months (August-October) under the monthly adjustment has already been passed on to the consumers and the relief for the month of November will be given in the forthcoming electricity bills.

Minister for Water and Power Raja Pervez Ashraf has said that the government is determined to provide relief to the consumers in power tariff. The reduction provided under the fuel price adjustment will definitely give relief to the common man.

He said that all the resources were being utilized to generate cheaper electricity. The government had decided to change its present energy mix to enhance hydel, coal and power generation.

Cheaper electricity is only possible when the generation from hydel, wind and coal will be 70 per cent of the total power generation and the steps are being taken in this regard, he added.

Currently this ratio is only 30 per cent of the total generation. Khan Khawar hydro project of 72 MW has started its test generation. The work on 969 MW Neelam Jhelum Hydropower project, Jinnah hydro project, and Allai Khawar hydro project is in progress on fast track basis. Diamer Basha Dam of 4500 MW and Kohala hydro project of 1100 MW will start soon.

Raja Pervez said that wind and coal projects were also being given priority. He said that the government would fulfil its commitment of uninterrupted and cheaper power supply to the people of Pakistan.

Copyright APP (Associated Press of Pakistan), 2010​


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## Aeon

*350 megawatts power production by next year: KESC CEO *

KARACHI (December 30, 2010) : Chief Executive Officer (CEO), Karachi Electric Supply Company (KESC) Tabish Gouhar has said that 560 MW under construction units will start producing 350 MW power by next year. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), Gouhar said due to short supply of gas the company has incurred additional expense of Rs 25 billion on furnace oil to keep its units operating during January to December 2010.

He noted that KESC is getting only 70 MMCFD gas against its agreed supply of 250 MMCFD gas. Oil prices are about 2.5 times higher as compared to gas and still KESC is running its units on oil for the sake of general public. He said the efforts are underway to import Liquefied Natural Gas (LNG) to reduce its dependence on government for supply of gas and oil.

He said that around 50 percent of KESC units are closed due to short supply of gas. If we get required gas supply we will reduce load-shedding. Gouhar said that only three hours load-shedding is being carried out in the city and that too due to the shortage of funds to pay oil bills. However, the industrial areas are exempted from load-shedding, he added.

Gouhar announced to carry out a campaign against kunda-system particularly in the areas of Mehran Town adjacent to Korangi Industrial Area from January 1, 2011. Gouhar said that there are 2.3 million consumers of KESC and around 500,000 Kundas are being used in the city. Efforts are underway to remove the latter.

He advised the KCCI members to share the information of their future expansion plans such as setting up new units with the KESC. He agreed to form a committee comprising of representatives of KESC and KCCI to sort out problems being faced by business community.

Leader of businessmen group, Siraj Kasim Teli advised KESC chief to replace 250,000 old electricity meters with new ones. President KCCI, Saeed Shafiq said that the chamber has received many complaints regarding over-billing without meter reading. He advised KESC to set up an independent meter-testing laboratory to test meters in case of complaints.

Copyright Business Recorder, 2010​


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## Aeon

*Rs11bn for railways approved by cabinet*

ISLAMABAD (30th December 2010): *The federal cabinet approved on Wednesday a Rs11.1 billion bailout package for the Pakistan Railways to enable it to repair 145 locomotives, improve dilapidated tracks and maintain strategic fuel reserves.

A meeting of the cabinet presided over by Prime Minister Yousuf Raza Gilani also enhanced the railway&#8217;s overdraft facility from the State Bank to Rs10 billion which would be converted into a long-term loan.

The cabinet decided to take up restructuring plans for the railways, Pakistan Steel Mills and Pepco prepared by a committee at its next meeting expected in the second week of January.

Restructuring plans for five other loss-making public entities &#8212; PIA, NHA, TCP, Utility Stores Corporation and Passco &#8212; will be taken up by subsequent cabinet meetings.*

The cabinet ignored JUI-F chief Maulana Fazlur Rehman&#8217;s call for removing Prime Minister Gilani.

Information Minister Qamar Zaman Kaira told reporters after the meeting that Mr Gilani had been unanimously elected and he would continue to hold the office as long as he enjoyed the confidence of parliament.

Answering a question about the blasphemy law, he said: &#8220;No faithful, not even minorities, in Pakistan would ever allow anyone to change the law which was framed to prevent blasphemy of the Holy Prophet (PBUH).&#8221;

He said there was a similarity between the ongoing &#8216;Namoos-i-Risalat&#8217; campaign and a joint political movement against the late prime minister Zulfikar Ali Bhutto in the name of Nizam-i-Mustafa which died down after Gen Ziaul Haq&#8217;s takeover.

The minister said the Aasia Bibi blasphemy case had been decided by a lower court and the accused had an opportunity to appeal in higher courts before seeking pardon from the president who seldom accepted such pleas.

He said an investigation into the murder of former prime minister Benazir Bhutto was in final stages and whoever, including former president Pervez Musharraf, was found involved would be punished under the law.

Mr Kaira said the reformed general sales tax bill had not been abandoned but shelved for the time being because of opposition by most parties in parliament.

He said the government had decided to consult all parties on the need to reform the taxation system in order to revive the economy.

The cabinet ratified the Saarc Agreement on Trade in Services and an additional protocol of an agreement on simplifying visa procedure for businessmen of ECO member states.

*APP adds: While agreeing to help the railways meet its immediate needs to keep it running till the implementation of the restructuring plan, the cabinet said it might divert resources from uneconomical to revenue-generating sectors and adjust fares to ensure feasibility of trains with least burden on the users.*​


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## ANG

Hi, like usual Pakistan seems to be # 1 in all the wrong indices. Take care.

Interactive: U.S. slips to historic low in global corruption index | Reuters


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## foxhound

*Pakistan exports surge ahead at a robust pace*APP 
December 29, 2010
ref:Pakistan exports surge ahead at a robust pace | Business | DAWN.COM





Export items like, bedwear, readymade garment, rice other varieties, petroleum top naphtha, rice basmati, raw cotton and towels, were among the top 10 export items during this month. -APP File Photo

KARACHI: Pakistan&#8217;s exports showed continued strength as is evident from the latest trade data available.

According to the latest figures provided by Trade Development Authority of Pakistan (TDAP), exports from Pakistan during November, 2010 were $1,776 million, which is 17.04 per cent higher than that of November, 2009.

The cumulative exports for the period July-November, 2010 totaled $ 8,883 million, as against $ 7,533 million during the corresponding period of last year, showing an increase of 17.92 per cent.

Textile sector was the main strength behind this surge, as all its sub-sectors showed significant increase vis-a-vis November 2009, including cotton, cotton yarn, cotton cloth, knitwear, and bedwear.

Growth in export figures also saw an increase in import figures, especially in the import of raw materials.

Imports in November, 2010 were $3,125 million, being 21 per cent higher than imports in November, 2009.

For the period July-November, 2010 imports totaled $ 15,374 million as against $ 13,086 million in the same period last year, showing an increase of 17.48 per cent.
Major commodities driving import figures higher were crude petroleum and petroleum products, sugar, plastic materials, iron and steel, and synthetic a artificial yarn.

*Groupwise exports of Pakistan during the month of November 2010 and its comparison with 2009 shows a rapid growth in export of petroleum group which has recorded a growth of 61.9 per cent, while export of textile and clothing group reached the level of $ 1.02 billion and recorded a growth of 19.6 per cent of the same month of last fiscal year.*
Analysis of the top 10 highest export value products during the month of November show that the main drivers of this export growth for the last month were: cotton yarn, which earned nearly $ 181 million in export, showing over 54 per cent growth; knitwear, which crossed $161 million registered 9 per cent growth; cotton cloth, which is the third highest export product crossed $161 million mark, registered a growth of 29 per cent.
While other important export items like, bedwear, readymade garment, rice other varieties, petroleum top naphtha, rice basmati, raw cotton and towels, were among the top 10 export items during this month.

Similar is the case with consolidated export figures for July-November period, which was $ 8.88 billion, which is 17.9 per cent higher than same period last financial year. Knitwear and cotton cloth were the driving agents in reaching this level of export, their export value were $928 and $901 million, respectively.

Bedwear, cotton yarn, readymade and garments were the items which have crossed the $ 600 million mark during the initial 5 months of the fiscal year 2010-1


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## kugga

Talking to reporters here on Sunday, he said the transit trade was imperative for sustainable development of the port.

He said that he had suggested to British officials that fuel should be supplied to Nato troops battling the Taliban in Afghanistan through Gwadar port because doing so would be economical.

*Nawab Raisani said the Balochistan government was ready to provide security to Nato vehicles travelling through Gwadar. The US and Nato have to only invest $1.5 billion for construction of roads and then they can easily supply fuel to their troops in Afghanistan from Gwadar, he said.*

He said the roads had been adversely affected by heavy Nato containers and oil tankers passing through Balochistan.

*Regarding the Reko Diq project, Nawab Raisani said when the country could successfully enrich uranium it could also run gold and copper mines.*

He said that he had thoroughly discussed the project with scientist Dr Samar Mubarakmand.

*He said that if the Tethyan Copper Company refined 110,000 tons of ore its income would be only $78 million and if the government of Balochistan refined only 15,000 tons of ore its income would be $209 million.*

Nawab Raisani said that no compromise would be made on the resources of Balochistan and the rights of people.

He reiterated the demand for a new social contract among the federating units to steer the country out of the prevailing political crisis.

The new social contract under the 1940 Resolution offers solution to all ills of the country, he said.

He said the demand of the new social contract by political parties was endorsement of his old stance.

*He said the federal government had released Rs1.5 billion to the National Highway Authority for the construction of highways in Balochistan to lessen the sufferings of the people.*


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## Omar1984

*Punjab delegation to hold investment meet in Dubai ​*

Dubai A huge delegation of top Pakistani businessmen led by Punjab Chief Minister Shahbaz Sharif will visit Dubai from next Saturday to the following Monday to lure investors and boost trade relations, Gulf News has learnt.

The highlight of the visit will be an investment conference at Emirates Towers Hotel on Monday. The conference will be attended by potential investors, both Pakistani and expatriate, and officials from the Dubai government, the Dubai Chamber of Commerce and Industry and the Dubai Department of Economic Development.

More than 100 businessmen and the Punjab government officials will be among the delegation. The event is being organised by the Punjab Board of Investment and Trade (PBIT).

*During the visit, Punjab Chief Minister Sharif will also hold talks with the Dubai Roads and Transport Authority (RTA) on co-operation to develop a metro system in Lahore similar to the Dubai Metro.*

Traffic congestion

"Sharif will meet the RTA official and visit the Dubai Metro as he is interested in having a similar metro system in Lahore, which is facing acute traffic congestion," a diplomat at the Pakistan Embassy told Gulf News.

Apart from the investment conference, the businessmen are also expected to sign some business deals and memoranda of understanding with various business groups in Dubai.

"The purpose of the visit is not only to attract investement, but also to improve trade ties and raise exports from Punjab to the UAE," he said.

Pakistan's Punjab province is becoming a progressively more significant player on Asia's economic map. In 2010, the province with 92 million people is expected to exceed Sri Lanka, Nepal and Bangladesh in terms of the value of its gross provincial product.

"Punjab believes in free trade where there are no restrictions on exports or imports. We also welcome foreign direct investments and do not restrict the repatriation of profits and capital," said Sharif in a statement.

*He added that Punjab has experienced an average growth rate of about 7.5 per cent since 2003.*

As a largely agrarian province which is self-sustaining, Punjab enjoys an abundance of food and livestock output.

Some of the world's biggest crops are found here in rice, cotton, wheat, dairy and meat. It also has various mineral resources and a very large skilled labour force.

Flood aid in focus

More than 2,000 delegates from 52 countries are participating in the 38th India, South Asia, Africa and Middle East (ISAMEE) Forum Pakistan in Dubai to talk about investment projects and flood relief efforts in Pakistan.

About 800 delegates from Pakistan and India will discuss possibilities for initiating goodwill, economic and social welfare projects between the two countries.

The forum is being organised by the Lions Clubs International with the objective of portraying Pakistan's image as a peaceful country.

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## Brotherhood

*Pakistan to increase trade with China: PM - People's Daily Online* January 09, 2011 

*Pakistani Prime Minister Yousuf Raza Gilani Saturday underlined the need for doubling trade with China from current 7 billion U.S. dollars to 15 billion U.S. dollars in the shortest possible time.*

Talking to a visiting 100-member Chinese youth delegation, *the prime minister said 36 projects have been identified for the next Pakistan-China Five Year Development Program* (2012-2016).

*"These include major projects in education, health, energy, Information and Communications Technologies (ICT), transport, agriculture, and water conservancy,"* Gilani said.

*He said Pakistan has also set priorities for China's participation in the reconstruction effort in the flood affected areas, agriculture, highway networks, energy and finance and banking.*

*"We will set up a new Energy Cooperation Mechanism which will promote cooperation in conventional, renewable and civil nuclear energy,"* said the prime minister.

*He said the Industrial and Commercial Bank of China (ICBC) has decided to open branches in Pakistan*, hoping that Chinese bankers would work towards promoting closer financial and banking ties between Pakistan and China.

*"We are grateful to China for giving moral and practical support to Pakistan in the fight against terrorism,"* he said.

Gilani said Pakistan and China are both committed to fighting the forces of terrorism, extremism and separatism.

*"The youth of the two countries has a special responsibility to advocate the values of tolerance and nurture a culture of harmony within societies and amongst members of the international community,"* he said.

*The prime minister said the year 2011 is a special year for Pakistan and China as he himself and Chinese Premier Wen Jiabao in his December visit designated it as the Pakistan-China Friendship Year to celebrate the 60th anniversary of the smooth, successful and ever-blooming diplomatic relations between the two countries.*

He said that youth would be the focus of the Friendship Year and special attention is being paid to a number of youth-related matters including contacts between universities, think tanks, mass media, and film and television.

Gilani said Pakistan will also send 100 middle/high school students to China for understanding of the Chinese way of life.

*He said there are 6,000 Pakistani students in China and the country wants to increase the number to 10,000 as the Chinese educational institutions are becoming more attractive for Pakistani students.*

*The prime minister also thanked Chinese premier for announcing 500 government scholarships for Pakistani students during his recent visit to Islamabad.*

Source: Xinhua

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## bc040400065

*Exports surge by 22.66pc in 7 months*
Staff Reporter


Islamabad&#8212;Country&#8217;s exports surged by 22.66 percent during first seven months of the current fiscal year as compared to the corresponding period of last year. Exports from the country during July-January(2010-11) stood at US$13.227 billion as against the exports of US$10.784 billion recorded during July-January (2009-10), according to data released by Federal Bureau of Statistics (FBS) here on Wednesday.

Imports into the country during the period under review also witnessed positive growth of 16.73 percent by growing from US$19.315 billion in 2009-10 to US$ 22.546 billion during 2010-11, the figures revealed. Based on the figures, the trade deficit stood at 9.318 billion, showing an increase of 9.23 percent over the deficit of US$8.530 billion recorded during last year.

Meanwhile, exports during January 2011 surged by 38.22 percent as compared to the exports of the same month of the last year. Exports during January 2011 were recorded at US$2.328 billion against the exports of US$1.684 billion in January 2010. Imports during January 2011 were recorded at US$3.444 billion against the imports of US$3.320 billion during January 2010, showing an increase of 3.72 percent, the figures revealed.

As compared to the exports of $2.126 during December 2010, the exports during January 2011 increased by 9.51 percent. However, the imports declined by 8.18 percent during January 2011 as compared to the imports of US$3.750 billion recorded during December 2010.

The government with the help of stakeholders, recently prepared a comprehensive road map regarding Trade policy framework to propel the exports of country with identifying new markets for our products. The government has already declared year 2011 as the year of exports with main focus on export promotion for the economic development of the country.
Exports surge by 22.66pc in 7 months


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## bc040400065

*Forex reserves rise to record $17.44 billion*
By Reuters 
Published: February 18, 2011

KARACHI: Foreign exchange reserves rose to a record $17.44 billion in the week ended February 12, up from $17.31 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $13.91 billion from $13.76 billion, while those held by commercial banks fell to $3.53 billion from $3.55 billion, said Syed Wasimuddin, chief spokesman for the central bank.

Foreign exchange reserves rose to a record because of a rise in remittances and increasing exports, added Wasimuddin.

In the currency market, the rupee weakened on Thursday amid higher dollar demand from importers because of rising international oil prices, but dealers said the rupee is expected to move in a narrow band in the short term.

The rupee closed at 85.45/50 to the dollar, down from Tuesdays close of 85.25/30. It closed at 84.78/83 to the dollar on Friday, the highest close since May 25, 2010.

Officials and dealers said a record inflow of remittances, strong foreign exchange reserves, healthy exports and a current account surplus were behind the rupees gain in value in recent days.

Remittances were recorded at $6.12 billion during the first seven months of fiscal year 2010-11, up 17.7 per cent from the same period last year, according to data from SBP.

In the money market, overnight rates closed at its top level of 13.90 per cent, compared with Tuesdays close of 11 per cent amid tight liquidity after scheduled outflows of Rs27.3 billion ($319 million). Dealers said there were scheduled outflows amounting to Rs22 billion on Friday.

Published in The Express Tribune, February 18th, 2011.

Forex reserves rise to record $17.44 billion  The Express Tribune


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## Jango

bc040400065 said:


> *Forex reserves rise to record $17.44 billion*
> By Reuters
> Published: February 18, 2011
> 
> 
> Reserves held by the State Bank of Pakistan (SBP) rose to $13.91 billion from $13.76 billion,[/url]


 
How did it rise?


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## saroshshahid

Pakistan tabb tak tarraqi nhi kar sakta jab tak hamarey leaders nhi thk hotey........
Imran Khan would be the best i think... what are ur opinions on this


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## Karachiite

Self Delete

Wrong thread.


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## bc040400065

*Rs 1604b tax target; 50pc sugar subsidy withdrawn*
Published: March 10, 2011

ISLAMABAD-Coming hard on the tax officers, Federal Minister for Finance and Revenue Abdul Hafeez Shaikh Wednesday said Federal Board of Revenue had to achieve the annual tax collection target of Rs 1604 billion at every cost. Addressing the Chief Commissioners Conference of Inland Revenue Service on Wednesday, the finance minister said tax officers should work efficiently regarding tax collection otherwise they should quit their offices. He said country was facing several challenges, however, we need determination to resolve the economic issues, he added. 
He asked the Chairman of Federal Board of Revenue (FBR) to assign revenue collection target to the tax commissioner and seek monthly reports from them in this regard. The government would give reward to officers, who would achieve the tax collection target, he said.
The Finance Minister cautioned the tax officers to focus on their working instead of watching television or reading newspapers at their offices. He said all the officers should have to be more alert and active and warned there will be zero tolerance for inefficient officers.
The people want that we have to be independent and in this regard have to generate our own resources, he said, adding that we are ready for negotiating with anyone regarding economic situation. He vowed that all the rich people would be brought under tax net and the collected money would be spent on the welfare for the poor.
About tax to GDP ratio, Hafeez said countries like Pakistan had increased the said ratio to 15 per cent while in some cases it is around 20 per cent. If other countries could enhance the tax to GDP ratio, then why cant we, he questioned.
Earlier, Chairman Federal Board of Revenue, Salman Siddique informed that the government would increase the General Sales Tax to 16 per cent from existing eight per cent besides withdrawing 50 per cent subsidy on sugar. Market sources said the decision would result increase of Rs 5 per kilogramme.
He said the government is trying to broaden the existing tax base, as work is already started in this regard, he added. 
On withdrawal of GST exemptions, FBR Chairman informed that some exemptions have been allowed under SROs and these can be withdrawn through the same. However, some GST exemptions were allowed through legislation and these would require amendments through parliament in the relevant legislation for withdrawal.

Rs 1604b tax target; 50pc sugar subsidy withdrawn | Pakistan | News | Newspaper | Daily | English | Online


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## ejaz007

*Bank AL-Habib declares bonus, cash dividend *
Staff Report 

KARACHI: Shareholders at the annual general meeting of Bank AL-Habib Thursday approved the annual accounts for the year ended December 31, 2010. The payment of 20 percent cash dividend (final) and the issue of 20% bonus shares were also approved. Deposits of the bank as on December 31, 2010 were Rs 249.774 billion and profit after tax was Rs 3.602 billion. 

The bank has a network of 303 branches/sub-branches, which includes eight Islamic banking branches and wholesale branch in the Kingdom of Bahrain. A representative office in Dubai (UAE) was also opened during 2010. 

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Korean co to facilitate Sheikhupura dry port*

LAHORE: Korea Railroad Corporation will facilitate the Sheikhupura dry port trust to acquire four locomotives for operating first-ever private sector freight train operators for cost-effective and timely transportation of commercial and industrial cargo.

In this regard, a Memorandum of Understanding (MoU) was signed between Korea Railroad Corporation and the Lahore Chamber of Commerce and Industry (LCCI) Thursday, to act as facilitator to establish a modern and functioning Dry Port at Sheikhupura. LCCI President Shahzad Ali Malik signed MoU on behalf of the chamber while Korea Railroad Corporation (KoRail) was represented by Han Kwang Scok, General Manager Overseas Railways Business Department KoRail and Kim Dong IL, CEO, PAKOR Global Private Ltd, LCCI Senior Vice President Sheikh Mohammad Arshad and a large number of Executive Committee Members were also present in the MoU signing ceremony. 

The initiative will open new opportunities for private investment in trade related infrastructure considered vital for economic competitiveness in the prevalent global market place.

Speaking on the occasion, the LCCI President Shahzad Ali Malik said that the sole objective of having another dry port is to make the trade and industry competitive by reducing delivery time and cost. He said that the project was well on way and it would be a fully equipped, state-of-the-art dry port that would be ensuring cost-effective and efficient logistic solutions to promote economic activities in the region. The LCCI President said that the successful models of private sector-managed dry port already exist in the shape of Faisalabad Dry Port and Sialkot Dry Port. He informed the participants that Faisalabad Dry Port has a capacity to handle 33,000 export cargo containers. It can handle as many as 5500 import consignments per annum, having a value of over Rs 80 billion. Same way, the LCCI President said, the Sialkot Dry Port can handle up to 29000 export cargo containers worth over Rs 46 billion. staff report

Daily Times - Leading News Resource of Pakistan


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## Ababeel

Experts welcome surge in foreign exchange reserves 

ISLAMABAD: Experts here on Thursday welcomed the rise in Pakistan's liquid foreign reserves to $17.609 billion, an all time high in the history of the country and expressed the hope that this would give positive signals to investors about the country's economy and its improvement.

It may be mentioned here that Pakistan's liquid foreign reserves jumped by $239 million to the highest ever total of $17.609 billion on March 12.

According to federal Bureau of Statistics Pakistan's exports grew by 24.64 percent to $15.33 billion during July-February 2011 over corresponding period of the last fiscal year.

Welcoming the swelling in Pakistan's forex reserves to 17.609 billion, former Advisor to Finance Ministry and a financial expert Saqib Sherani attributed the growth in foreign exchange reserves to rising home remittances and export receipts.

He said that Government and the State Bank of Pakistan (SBP) launched Pakistan Remittances Initiative (PRI) to boost the flow of remittances which also helped increase the remittances and foreign exchange reserves of the country.

He also attributed the rise in the reserves of the country to the high growth in the export regime.

He expressed the hope that if this trend continues then exports would cross $24 billion during current financial year.

Saqib Sherani said that rise in the foreign exchange reserves would boost national economy, build confidence of investors on Pakistan's economy and generate economic activities for the prosperity of the country.

President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Senator Haji Ghulam Ali also appreciated the increase in the Foreign Exchange Reserves and hoped this would act as a boost towards the national economy and prosperity of the country.

He called for taking the business community into confidence to boost the exports of the country.

He urged the government to maintain zero rate facility for the export oriented industries for further boosting the exports for the prosperity of the country.

"The increase in the foreign exchange reserves is a good omen for the country and its economy and FPCCI welcomes it", he remarked.

Copyright APP (Associated Press of Pakistan), 2011


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## Indus Falcon

U.S. to give China a pass on NSG commitments for Pakistan nuclear deal
Ananth Krishnan
BEIJING, March 20, 2011

Not to oppose China's building of two nuclear reactors in Pakistan

The United States has indicated it will not oppose China's building of two nuclear reactors in Pakistan, and will give Beijing a pass on its non-proliferation commitments by allowing the deal to go ahead in spite of concerns that it will violate international guidelines governing nuclear trade.

Last week, the International Atomic Energy Agency (IAEA) gave its approval to a safeguards agreement for two new reactors that China is building at Chashma. The deal, many countries say, goes against China's commitments as a member of the Nuclear Suppliers Group (NSG), which bans the sale or transfer of technology to countries that have not signed the Nuclear Non-Proliferation Treaty (NPT).

U.S. Assistant Secretary for South and Central Asian Affairs Robert Blake told journalists here he did not bring up the deal during talks with Chinese officials this week on South and Central Asia. While he reiterated the U.S. view that the deal was inconsistent with China's NSG commitments, he also mounted a defence of the need for the deal in a briefing with reporters, linking it to an energy crisis and instability in Pakistan.

Considerable challenge

What I'd like to emphasise is that it's very important that, on the one hand, China observe its NSG obligations, but on the other hand, the international community do as much as possible to help Pakistan to meet its energy needs, Mr. Blake said. Pakistan is facing quite severe energy shortages in many parts of the country. So the United States has been, I think, in the lead in many cases in trying to help Pakistan to deal with those challenges, and to not only refurbish some of its existing capacity...but to look at new ways to help meet those energy challenges. But those remain a very considerable challenge in Pakistan, and that will be one of our highest priorities, going forward.

While the American position was that the construction of the two new reactors, Chashma 3 and 4, would be inconsistent with China's NSG commitments, the U.S. had also been very clear on the need to support Pakistan's energy development, he said. Mr. Blake's comments mark a shift in the U.S. position over the deal, suggesting that the U.S. will neither oppose the deal nor question China over its NSG commitments.

Only last year, during a visit to Beijing in May, Mr. Blake stressed it would be important that China seek the exception from the NSG, just as the U.S. did for its deal with India. The NSG granted an exemption for India's civilian nuclear cooperation with the U.S. to go ahead in 2008, but only after more than three years of difficult negotiations and after India took on a range of commitments. But in recent months, the U.S. has appeared to shift its stand, amid pressure from Pakistan for a similar civilian nuclear deal and a move to bring back on track its ties with China. Following a strained year, the U.S. has been working to mend fences, also seeking Chinese support on North Korea and Iran.

Mr. Blake said on Friday the U.S. would also seek to work closely with China on South Asia. The U.S. believed that coordinating our efforts in the region with major actors like China was very much in our own interest, he said, adding that he welcomed China playing an important role in the region.

Mr. Blake acknowledged that India had expressed concerns about the deal, and to hold China to its NSG commitments. However, he said the Indian side also understood that Pakistan has severe energy needs and that this affects internal stability.

Asked about perceptions here that the India-U.S. relationship was aimed at China, he said the U.S. had reassured our friends in China that growing relations between India and the U.S. will not come at China's expense.

We want to see the growth of our relations with India, our relations with China, and India's relations with China, he said.

The Hindu : Today's Paper / NATIONAL : U.S. to give China a pass on NSG commitments for Pakistan nuclear deal


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## Trisonics

Sialkots declining sports industry


Pakistans eastern city of Sialkot has been a major source of sports goods for international sporting events for decades. Recent exports of sports goods have fallen to an average $290 million from $343 million over the past four years because of the decline in Pakistans share in international markets, according to Pakistans Federal Bureau of Statistics. 

Sialkot


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## RabzonKhan

*ANALYSIS: A word of cheer: industry looks up* 

Daily Times
Muhammad Aftab
March 28, 2011

Is Pakistani industry looking up despite continuing hurdles and hardships? A word of cheer: industry is looking up. *The data of industrial output for the first seven months to January of the current fiscal (FY) 2011, indicates a positive turn of business for large scale manufacturing (LSM) industry. This is despite the new hurdle that oil prices are surging in the wake of the North Africa-Middle East turmoil.*

*The output of the LSM sector turned positive to the extent of 1.03 percent in seven months to January 2011  a far cry from an actual decline of 1.77 percent during the like period of FY 2010, the State Bank of Pakistan (SBP) the central bank, reports. The quantum index number of LSM industries rose to 200.63 points during July-January 2011, compared to 198.59 points in the like period of 2010.* The latest return to LSM growth this year is spearheaded by textiles, autos, chemicals, leather and electronics.

The ongoing North Africa-Middle East troubles are not only driving up the price of imported commodities, including food, but are seen as hitting exports quite hard. 

It can, in fact, negatively impact industrial output, business turnover and the economy as a whole.

Alongside these new external factors, Pakistan is still undergoing one of its worst energy crises, taxes are rising, the budget deficit has widened and the government continues to be blamed for its failure to curb lawlessness, including criminals directly hitting industry and business.

The key sector of textiles, which has the biggest weight in the LSM basket, led the pack and came up with a strong recovery as its output turned from a decline to a positive growth, the SBP says. Textiles, enjoying a 32.6 percent weight in the overall LSM basket, rose 0.6 percent in the seven month period  up from a minus 2.0 percent in the like period of 2010.

*Pakistani auto output was up 16.8 percent but this industry failed to match its 51.8 percent growth in the same period last year. But demand is rising.* The growing electronics industry rose 6.2 percent on the back of higher consumer demand, compared to a 2.3 percent growth last year. Chemicals recovered significantly and recorded a 3.5 percent growth  up from 0.6 percent in the like period of FY 2010. The leather sector, including leather garments, was 14.2 percent  up from 9.1 percent in the same period last year. The food and beverages sector, which has a 19.1 percent weight in the LSM basket, was minus 2.0 percent. Its performance actually improved because the negative growth of the sector in FY 2010 was 8.5 percent.

*The expanding pharmaceutical industry matched its growth of 5.7 percent this year, which was the same in the like period of last year.* Unhappily, fertiliser output was minus 7.2 percent, compared to 5.3 percent last year. The sector has a weight of 4.5 in the LSM index.

The latest recovery, mainly, took place in January. The performance of the first six months of FY 2011  July to December too was poor as the overall LSM output growth was negative. The growth turned positive in January 2011 alone, according to the SBP.

This positive development notwithstanding, the question now is whether LSM growth for the whole of FY 2011 will be able to match or exceed the actual growth of 2.34 percent in the whole of FY 2010. The economy can grow 2.5 percent this year. Will the LSM sector record a similar growth, exceed it or stay stunted?

*One should listen to the finance boss, Finance Minister Abdul Hafeez Shaikh, when he says, The government is trying to stabilise the economy and pursue its reforms agenda despite the shocks of this summers unprecedented floods and rising oil prices. *Pakistans GDP growth was affected to the extent of 2.0-2.5 percent because of the floods. In monetary terms, the damage was $ 10 billion, he says. In spite of this, the finance minister is upbeat over prospects for the recovery, growth and expansion of the LSM sector.


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## Ababeel

*Services' exports surge 55.69 percent in 7 months*

ISLAMABAD: Exports of services from Pakistan surged by 55.69 percent during the first seven months of current fiscal year as against the same period of last year.

The overall export of services was recorded at US$3.424 billion during July-January (2010-11) as against the exports of US$2.199 billion during the corresponding period of last year, According to data of Federal Bureau of Statistics.

The services that contributed in the positive growth in exports included transportation, exports of which grew by 6.15 percent by growing from US$740.456 million lat year to US$786.012 million.

The travel services exports increased from US$169.004 million last year to US$188.032 million this year, showing an increase of 11.26 percent.

The exports of communication services witnessed slight growth of 0.53 percent during the period by growing from US$143.969 million to US$144.737 million.

Exports of the construction services exports grew by 48.37 percent as these stood at US$13.172 million this year against the exports of US$8.876 million last year.

Exports of insurance services were recorded at US$27.229 million against exports of US$25.120 million, showing an increase of 8.40 million.

Similarly, computer and information services' exports increased by 8.04 percent, government services by 177 percent while the exports of other business service surged by 27.27 percent during the period, the FBS reported.

The service that witnessed negative growth in exports including financial service, exports of which declined by 54.20 percent.

The exports of financial services were recorded at US$33.852 million against the exports of US$73.914 million last year.

Royal ties and license fees decreased by 21.62 percent while the exports of personal, cultural and recreational services decreased by 75.97 percent.

However, on the other hand, the exports of services during January 2011 decreased by 71.63 percent as compared to the exports of December 2010.

Services exports during January 2011 stood at US$333.976 million in January against the exports of US$1.1777 billion in December 2010.


Copyright APP (Associated Press of Pakistan), 2011

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## Abu Zolfiqar

Trisonics said:


> Sialkot&#8217;s declining sports industry
> 
> 
> Pakistan&#8217;s eastern city of Sialkot has been a major source of sports goods for international sporting events for decades. Recent exports of sports goods have fallen to an average $290 million from $343 million over the past four years because of the decline in Pakistan&#8217;s share in international markets, according to Pakistan&#8217;s Federal Bureau of Statistics.
> 
> Sialkot



its difficult to compete with China; load-shedding during peak hours also may have had an effect

Inshallah the right steps will be taken to revive the industry


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## bc040400065

*China's Three Gorges Corp ready to invest $15 bln in Pakistan energy sector*
Thu Apr 7, 2011 7:29am GMT

REFILE-China's Three Gorges Corp ready to invest $15 bln in Pakistan energy sector | Energy & Oil | Reuters

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## unicorn

*Shipload of rice from Pakistan sinks in Bay
*
Friday, April 8, 2011






Rice-laden ship Hyang Ro Bong is sinking in the outer anchorage of Chittagong Port. Photo: Anurup Kanti Das


A North Korean ship transporting 13,492 tonnes of rice imported from Pakistan for Bangladesh is sinking in the bay after it collided with a ship at the outer anchorage of Chittagong port late Wednesday night.

Almost three-fourths of the ship MV Hyang Ro Bong went under water by yesterday afternoon since the crack due to the impact could not be repaired in the face of strong current in the sea.

The rice could not be saved.

After day-long efforts to salvage the ship and bring it to shore with the help of Chittagong Port Authority (CPA), the officials of the ship's local agent Fortune Shipping gave up yesterday around 5:oo pm. They sent six divers to do the repair job.

Earlier in the morning CPA sent Fortune Shipping a letter asking to take immediate measures to repair the crack and bring the ship ashore.

Shoumen Chakravarty, manager of Fortune Shipping, told The Daily Star yesterday around 5:20 pm, Most parts of the ship have sunk and there is no hope now as the Bay is still very choppy.

According to Chittagong Port Radio Control, MV Hyang Ro Bong with 41 crew members and the rice hit the front part of MV Bongo Lanka, which was anchored at C-Anchorage, while entering the outer anchorage of the port around 11:30pm Wednesday.

The collision caused a crack in the engine room of MV Hyang Ro Bong and tilted it, said CPA Secretary Syed Farhad Uddin Ahmed, adding that the 31 crew members had been shifted to another ship.

CPA officials led by Deputy Conservator Captain Nazmul Alam and Harbour Master Captain AKM Jafar Ullah Chowdhury rushed to the spot immediately after the accident.

Shoumen said they tried to unload the rice but failed as the crane of the ship could not be operated due to generator failure.

A team comprised of CPA Dock Master Captain Faridul Alam, Magistrate Mohiuddin Al Faruk and Department of Environment (DoE) Deputy Director Jafar Alam visited the spot around 4.30pm.

A huge quantity of fuel oil was also found leaking in the Bay from the ship.

The CPA took steps to neutralise the oil to prevent pollution.

Captain Faridul said they are spraying oil spill dispersant.

CPA Secretary Farhad said a probe body comprised of representatives from CPA, Bangladesh Navy, Bangladesh Coast Guard and Mercantile Marine Department would be formed to investigate the accident.


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## unicorn

*New car, new price: Indus Motors to launch new Corolla model*
April 8, 2011





Indus Motor Company (IMC) has announced that it will unveil the new Corolla 2011 model next week.

The new XLi and GLi variants will offer new headlamps, sporty front grill and bumpers, along with redesigned tail lamps, according to a statement issued on Thursday.

IMC announced that the new increased prices of the Xli and GLi variants would be Rs1,399,000 and Rs1,529,000, respectively.

The company added that the price has been increased due to the inflationary trend that has put enormous pressure on IMC in the last one year.
The cost of just the local components/parts has increased by Rs40,000, claimed the press release.

The company also claimed to have been absorbing most increases in costs due to rising oil prices due and strong yen.

Published in The Express Tribune, April 8th, 2011.

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## jjdoctor

hm.... nice interesting information


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## monitor

Inflation outlook disheartening 

Posted: 08 Apr 2011 11:36 PM PDT




KARACHI &#8211; The State Bank of Pakistan (SBP) has said that Pakistan&#8217;s economy will continue to grow at a steady pace, facing a number of domestic and external challenges in the current fiscal year 2010-11. 
The State Bank of Pakistan published its report for the second quarter of FY11 on Friday.

The report found the revenue targets set under the tax reforms for the prevalent financial years are ambitious, warning that the planned official inflows from the IMF and other international financial institutions could be affected in case the government fails to implement the fiscal austerity measures effectively. &#8220;With fiscal pressures and below-target external funding, domestic financing pressures may increase; this will either crowd out the private sector further or result in unwelcome borrowing from SBP, which in turn may reverse some of the positive steps taken to date to address the country&#8217;s macroeconomic problems,&#8221; it said. The SBP has stuck to its earlier projection of Gross Domestic Product growth of 2-3pc for the current fiscal year (FY11), accounting for the catastrophic floods in Aug 2010. However, looking at inflation, the report said, &#8220;Although projections for FY11 have eased marginally to 14.5-15.5pc but it seems that inflationary expectations are becoming engrained&#8221;.
Despite expected decent growth in the agriculture sector, the SBP report highlighted three key risks in the present domestic and global economic environment. Firstly, it noted that Pakistan&#8217;s talks with the IMF have been difficult primarily because of socio-political resistance to paying taxes. Hence, it is not surprising that the programme is suspended, and even some of the recent tax measures may be viewed as second-best, being one-off in nature.
Secondly, due to the risk-averse behaviour of commercial banks it is expected that banks would channel increasing volumes of credit to the government, crowding out the private sector further because of a high fiscal deficit and blockages in external sector. Thirdly, if political uncertainty remains and spreads further in the Middle East/ North Africa (MENA) region, oil prices could increase even more sharply than the recent past. Although this will hurt the global economy quite severely, the impact on Pakistan could be disproportionately larger.
Finally, the uncertain investment horizon and an adverse law & order situation &#8211; related to the fight against extremism &#8211; will also strongly influence this outlook.
The report stated, &#8220;Looking ahead, perhaps measures like the withdrawal of exemptions from GST signal a more inclusive and aggressive intent for the FY12 Budget &#8211; recent FBR efforts to identify wealthy non-payers is a good sign in this regard&#8221;.
&#8220;Although we do not have formal data for the period Jan-Mar 2011, a preliminary assessment suggests that the external sector will remain comfortable, the report said adding that we remain cautiously optimistic about progress on the fiscal side, as shown by the recent fiscal measures to reduce the gap by Rs210 billion this fiscal year. On the banking side, the increase in textile lending may slow down as international cotton prices fall from their recent peak, and seasonal demand for credit eases.
&#8220;Despite the staggering humanitarian cost of the August 2010 floods, there is a possible upside for the agriculture sector. Other than better-than-expected wheat production this year, we are also optimistic about cotton, sugarcane and rice in FY12, it said.
In fact, recent weather conditions may help &#8211; the unexpectedly large snowfall this winter will help our kharif crops when the snow melts, while cotton could get a boost with the shift to BT cotton. Although targets for the next crop have not been firmed up yet, there is a view that the target for FY12 could be as high as 17.0 million bales, against FY11&#8217;s target of 14.5 million bales and actual output of 11.7 million bales. The possible upside to GDP in FY12 &#8211; if this were to happen &#8211; could be significant, it added.
The government appears to be working with key stakeholders (Pakistan&#8217;s political leadership) to implement policies, which may not get the necessary support from their financial and political constituencies. However, we remain optimistic that multi-partisan efforts will resolve this stubborn economic impediment. We hope that despite these fiscal challenges, the government continues to meet its commitment (to SBP) to stay below its end-September 2010 level of borrowing from the central bank, it opined.
&#8220;There are only three avenues that Pakistan can take to meet deficit targets &#8211; exceptional steps to increase fiscal revenues; reforming loss-making PSEs; and eliminating end-user subsidies. On the revenues side, although RGST has become the focal point, addressing revenue leakages and glaring exemptions (eg agriculture and ineffective taxation of properties) needs serious attention,&#8221; it suggested.
The report disclosed that the external sector is comfortable. During Jul-Feb FY11, Pakistan&#8217;s current account deficit was only $98.0 million, against $3,027 million in the corresponding period in FY10.
Strong dollar-denominated export growth of 20.3 percent (on the back of high prices of textiles), sluggish manufacturing and consumer demand (reflected in the 12.7 percent growth in imports), and strong remittances (up 18 percent over FY10); are primarily responsible for the improvement.
&#8220;Having said this, net foreign inflows in the financial account have declined sharply, as the stalled IMF programme has stopped inflows from other IFIs and bilateral donors. Nevertheless, the improvement in the current account has pushed Pakistan&#8217;s foreign reserves to record highs, while the Pak rupee remains stable,&#8221; it said.


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## bc040400065

*ECC allows sale, export of 200,000 tons of wheat*

ECC allows sale, export of 200,000 tons of wheat | Newspaper | DAWN.COM

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## Omar1984

*Marble, granite vital to KP economic stability: Hoti ​*
PESHAWAR: Chief Minister Khyber Pakhtunkhwa, Ameer Haider Khan Hoti has said vast resources of marble and granite was vital to economic stability of the province. 

The government was giving priority to development and mining of these resources on scientific lines and taking practical steps in this regard, he added. 

Chairing a briefing regarding these sectors in Khyber Pakhtunkhwa he agreed the suggestions and constituted a committee comprising secretary industries, secretary P&D and chairman PASDEC for finalising matters regarding machinery, funds and land. The committee was directed to come up with workable recommendations after reviewing all matters and needs, in order to include in next annual developmental program. 

He stressed support to private sector for development of this sector. The meeting was informed that 4 billion tonnes marble and granite were available in Chitral, Swat, Buner, Mardan, Nowshera, Dir, Kohistan and Mansehra District. 

Chairman Pakistan Stone Development Company (PASDEC) Ihsanullah Khan said several measures were taken for the development of mining of marble and granite on scientific lines besides provision of funds, machinery, land and other needs. 

The objectives of PASDEC include, development and mining of marble and granite resources on scientific lines mechanised quarrying of marble and granite in partnership with private mines owners, establishment of machinery pool for mechanised quarrying of marble and granite, training of locals in quarrying of marble and granite as part of human resource development and establishment of marble city and mosaic centers. 

While establishment of marble in Chitral and Buner, up gradation of marble quarry in Buner, provision of machinery on rental basis to local mines owners in Buner and mosaic training of three months to female in Peshawar and Chitral are included in activities under the corporation. app


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## Omar1984

*Chinese firm offers business support to Pakistani telecom provider ​*

China's leading telecommunications solution provider Huawei has announced that its latest business support platform is being adopted by Ufone, one of Pakistan's major mobile operators.

According to a press release issued on Tuesday, Huawei and Ufone declared the deal on the Next Generation Business Support System (NGBSS) at a recent forum in Dubai. The two companies started their cooperation in Pakistan six years ago.

"Currently Pakistan has the world's 10th largest telecom market. But the competition is very tough, since there are many operator players in the market," said Ali Ikram, Ufone's General Marketing Manager.

Ikram said the telecom operator needs the state-of-the-art technology to expand its business and Ufone has achieved the highest revenue increase in the market due to leading marketing tactic supported by Huawei.

"The new system helps Ufone integrate with third parties more easily and widely, which expands our business and aligns with our strategy," he said.

Huawei's new OCS system, part of Huawei NGBSS solution, is a renewed business transition charging platform sitting at the heart of Ufone's strategy needed to respond to the changing market and the competition from more personalized marketing.

Pakistan's premier mobile operators include Mobilink, a unit of Egypt's Orascom Telecom, Norway's Telenor, Ufone, a subsidiary of Pakistan Telecommunication Co. Ltd, Warid Telecom Pakistan, a joint venture between Abu Dhabi Group and SingTel Group from Singapore, and Zong (CMPak) of China Mobile. 

Source: Xinhua


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## RabzonKhan

*Foreign investment stands at $1.31b in nine months *

By Ghazanfar Ali
Published: April 15, 2011

KARACHI: 
Foreign investment in the country stood at $1.32 billion in the first nine months of the current fiscal year 2010-11, remaining almost the same as in the same period the previous year when foreign investors injected $1.321 billion, shows data released by the State Bank of Pakistan (SBP) on Thursday.

However, of the total $1.32 billion, the share of foreign direct investment fell by 28 per cent to $1.08 billion in July-March 2010-11 compared with $1.5 billion in the corresponding period last year. On the contrary, portfolio investment surged 229 per cent to $235 million compared with an outflow of $183 million last year.

*According to analysts, the country needs much more than a meagre investment of $1.3 billion to help support industries and accelerate economic growth. To increase investment in the country the government needs to improve law and order and security conditions and provide incentives to investors, they added. Difficult conditions in the global economy, particularly in the United States and European Union, and political conflict in the Middle East and North Africa region have also blocked the flow of investment to the country.*

Political instability, security problems and governance issues have served as a deterrent to the flow of foreign investment into the country, said Hamad Aslam, Group Head of Equity Research at BMA Capital. Improvement in law and order conditions, tax breaks and streamlined regulatory procedures could be an encouragement for foreign investors.

Discussing the increase in portfolio investment, Aslam said investors were focusing on emerging markets which offered lucrative returns on investment compared to developed markets. In Pakistan, foreign investors are investing in shares of good performing big companies which give handsome dividends and bonus shares, he said.

In foreign direct investment, the oil and gas exploration sector attracted the biggest amount of $396 million in the July-March period, but it was 24 per cent lower than $520 million invested in the same period last year. Other big areas which attracted somewhat better investment were financial business and power, which received $126 million and $100 million, respectively, against the previous years $119 million and $19 million, respectively.

Aslam said that Hungarys oil exploration company MOL was investing consistently and heavily in exploration and production activities in the Tal block and that was reflected in the oil and gas sectors performance in terms of investment.

In case of investment in the financial sector, he said Singaporean investment house Tamasek Holdings has invested in NIB Bank while United Arab Emirates Suroor Investments has injected money in acquiring Pakistani banks.

*Among different countries, the largest investment came from the US which invested $387 million, but it was 44 per cent lower compared with the last year. UAE increased investment by 42 per cent to $196 million while UK investment fell 17 per cent to $188 million. Investment by European Union states fell 67 per cent to $186 million.*


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## Abu Zolfiqar

the FDI figure is quite sad........representative of how much the govt. has failed in every imaginable aspect. Who the f*ck wants to invest in a country where returns arent guaranteed --because of graft, because of political uncertainty, because of load-shedding, because of criminal negligence of the state govts. and of course with the recession clouds which only recently began to subside. 











































*

the people in charge of the Pakistani Nation are not fit to run brothel, let alone a country*


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## VCheng

Abu Zulfiqar: Please remember that _"Cream rises to the top"_ but also that _"Only scum rises to the top of a dirty pond"_, and Pakistani rulers are as dirty as scumbags as they come.

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## Abu Zolfiqar

scum has feelings too....dont degrade even scum


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## VCheng

LOL! I was trying to be kind to Pakistani politicians!


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## Omar1984

*Textile exports to cross $11bn mark: Baig​*

KARACHI: Federal Adviser on Textile Dr Mirza Ikhtiar Baig has inaugurated the 8th Textile Asia International Garment and Machinery Exhibition 2011 on Saturday at Karachi Expo Centre. Speaking on the occasion, he said that textile exports will cross $11 billion mark as the country&#8217;s total exports are set touch $22 billion during the current fiscal year 2010-11. TDAP Chief Executive Tariq Iqbal Puri was also present on the occasion. He said that floods have also brought fertile land with them and the country is going to reap 14-15 billion bales this year. app

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## Omar1984

*Clothing, Fabrics and Textile Asia 2012 launched​*

KARACHI: Clothing, Fabrics and Textile Asia 2012 has been launched at the inauguration ceremony of 8th Textile Asia Int&#8217;l Exhibition by Dr Mirza Ikhtiar Baig, Federal Advisor on Textiles and Tariq Iqbal Puri, CE TDAP. 

The industry&#8217;s boosting feedback and a high level of interest from manufacturers & exporters gave way to a bright opportunity for the origination of an event focused on extensive and latest selection of fabrics and materials of textile industry.

Textile Asia is renowned worldwide for the display of textile & garment machinery brands but till date no such exhibition of clothing, fabrics & textile products under one roof was witnessed and now Ecommerce Gateway has successfully flashed such an event on the frontline state. The chief guest termed the launch of Clothing, Fabrics & Textile Asia (CFT 2012) as a first step towards filling this void and providing numerous opportunities for Pakistani manufacturers and global buyers of these products.

Dr Khursheed Nizam, President of Ecommerce Gateway said; &#8220;We are excited about the potential for this show in Pakistan which will expand our presence in the clothing, fabrics & textile sourcing marketplace. Ecommerce Gateway is Pakistan&#8217;s leader in Textile & Garment Machinery Show, and also stands pioneer in providing this opportunity to our manufacturers & exporters which will directly contribute into increasing foreign exchange of the country and result in accelerating the economy of Pakistan.&#8221; 

The exhibition will bring together yarn, fabric, trims and clothing manufacturers, retailers and designers by providing a pure business platform with a wide range of high creativity fabrics with an excellent price and quality relationship. The Event will host more than 300 local and foreign exhibitors from various countries including Pakistan, Turkey, China, Malaysia, Italy, Germany, Russia, Belgium, India, Japan and many others.

Clothing, Fabrics & Textile Asia aims to be the only event in Pakistan focused solely on sourcing for Textile, Garments, Furnishings, Accessories, Gifts & Household Products and materials. The Event will provide manufacturers, retailers, converters, contract specifiers and designers, a one stop-sourcing venue where they can locate new products as well as materials and fabrics for their latest collections. The event is ultimately eradicating the role of the intermediary; thus serves in bridging and connecting the manufacturers & exporters directly with buyers from all around the world.

The first Clothing, Fabrics & Textile Asia will be held on 7-9 April 2012 at Karachi Expo Centre, Pakistan. The Event will continue annually, and would strive diligently to create a larger sourcing destination for the marketplace.


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## Omar1984

*Gems, jewellery exports jump to $649 million​*

ISLAMABAD: The gems and jewellery sector has achieved significant milestones during last three years as its exports jumped from $289 million in 2008-09 to $649 million in 2009-10.

&#8220;Since the government has patronised the gems and jewellery sector with the objective of enhancing foreign exchange revenues from exports, we have seen major jump from $289 million in 2008-09 to $649 million in 2009-10,&#8221; an official of Pakistan Gems and Jewellery Development Company (PGJDC) said. 

The official said that over the last three years the company had successfully launched projects for training in manufacturing of gems and jewellery and gem labs in six different cities of the country including Karachi, Lahore, Quetta, Peshawar and Gilgit to enhance the value chain productivity from mine to market. 

&#8220;These projects have started contributing to the development of the industry at a very significant level providing a lucrative platform to the sector to develop their trade locally and internationally,&#8221; the official added.

The company has so far successfully trained over 4,100 persons in various segments of the industry. The trainings that the company has conducted, include Manual Jewellery Designing, Computer Aided Jewellery Designing (on Matrix with CAD/CAM technology), Gemstone Identification, Gemstone Faceting, Gemstone Carving, Colored Gemstone Grading, Diamond Grading. 

The company has also launched a one-year Diploma on Intensive Jewellery Designing in Karachi, he added. 

PGJDC has been regularly participating in different international gems and jewellery exhibition held in various parts of world including Bangkok, Hong Kong, Dubai, USA and Germany. 

The company has also organised 21 Gems Bazaars across the country including a mega Gem Bazaar in Islamabad in January this year.

In future the PGJDC has a plan to establish mobile training centres, diamond cutting and faceting set-up in the country, mega gems bazaars to attract international buyers and introduction of Assaying and Hallmarking in the country to assure best quality exports of the sector to build consumer confidence, the official concluded. app

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## Omar1984

*Surgical sector presents $1bn export target package​*

ISLAMABAD: The surgical instrument industry has submitted a package of recommendations to Engineering Development Board (EDB) for achieving $1 billion export mark by 2014.

Representatives of the Surgical Instrument Manufacturers Association of Pakistan (SIMAP) highlighted the adverse affects of the ILO campaign against child labour in this industry. 

During a day workshop jointly organised by EDB and SIMAP, they were unanimous in voicing the government should find some solution to it as they were facing active shortage of skilled labour.

The main emphasis is to control the menace of cutthroat price competition between the local manufacturers and the remedy suggested is to fix minimum export price of all the products. 

The government has already made a beginning by fixing minimum export price of basic items. However, the stakeholders want to expand this system in near future. The current export of surgical instrument is $250 million and experts believe that it can touch $1 billion mark within 2 to 3 years. The industry provides employment to more than one hundred and fifty thousands skilled labour force and is the top earner of foreign exchange amongst all sectors in the domestic engineering industry. Former Senator Rukhsana Zubairi Chairperson Pakistan Engineering Council advised the industry to change as the whole world was changing by adopting modern production methods. Better wages to the workers would improve their productivity, which would ultimately increase their profit, Senator added. staff report


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## Raza88

*Pakistan&#8217;s exports are putting the nation&#8217;s food security at risk*

While the country is going through its biggest financial crises led by cost push inflation our business indices reflect that the country is doing better than last years in all its sectors.
Production is up in all major industries, bumper crops and we have excess piles of carry-forward stocks of sugar, rice and wheat. In fact, Pakistan being a net importer of wheat is now exporting wheat.
How can this be when one after the other the country faces multiple crises and acute shortages of sugar, wheat, electricity, gas, petroleum and so on with interest rates touching 17%, and to top it all the number of people forced to live below the poverty line increasing from 25% to 40%?
Our government tells us this is due to the price hike in most essential commodities in the world.
While I tend to agree that prices for imported items will increase due to this factor and its related consequences- but what is happening to our surplus production? The local demand for all the basic food items has dropped due to exorbitant prices in the market along with the reduction in the purchasing power of the common man.
The only reason is that while our countrymen are facing near starvation all excess production is being exported to other countries which may have oil but no food. Prime cases here being Afghanistan and the Middle East who are our biggest consumers.
In order to bring down prices in the country, Pakistan should, with immediate effect, put a ban on export of all basic food items including wheat, rice, sugar, poultry, meat, fish and all vegetable and fruits with a clear warning to all belonging to the production and manufacturing sectors that the ban will remain until the food prices of all these items are brought at a level where the average Pakistani can afford to feed a minimum family of five. As soon as the ban comes into place we will see an immediate reduction in the prices of all consumer based products.
While this may result in a temporary loss of exports of about US1 billion a year it will immediately benefit 160 million people. At the end of the day, the choices we make and the decisions we take are up to us. What is more important &#8212; $1 billion or 160 million Pakistanis?
Imposing a ban will immediately release the pressure on the average Pakistani who will be able to feed his family. Meanwhile, the government can concentrate on creating a long term price mechanism apparatus and devise ways of enforcing this apparatus to ensure that the prices do not go out of control in the future.
In Europe, while the basis costs of raw material and petroleum etc is dependent on the international market rate and subject to fluctuations, manufacturers are allowed a maximum of three per cent price increase per year in their costs to cater to inflation and currency fluctuations. However, this is not the case in Pakistan. The government should warn its local producers of fertilisers, pesticides and seed banks that they cannot increase the prices of their material by more than 5-7 per cent per year.
All that is happening now is the big local and multinational companies dictate their prices and at times have imposed increases of up to 100-300 per cent per year without any authority to monitor them. This is bringing in huge profits to their shareholders at the cost of our nation. When has one ever heard of multinationals lose money?

Pakistan


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## ajpirzada

Omar1984 said:


> *Surgical sector presents $1bn export target package​*
> 
> ISLAMABAD: The surgical instrument industry has submitted a package of recommendations to Engineering Development Board (EDB) for achieving $1 billion export mark by 2014.
> 
> Representatives of the Surgical Instrument Manufacturers Association of Pakistan (SIMAP) highlighted the adverse affects of the ILO campaign against child labour in this industry.
> 
> During a day workshop jointly organised by EDB and SIMAP, they were unanimous in voicing the government should find some solution to it as they were facing active shortage of skilled labour.
> 
> *The main emphasis is to control the menace of cutthroat price competition between the local manufacturers and the remedy suggested is to fix minimum export price of all the products. *
> 
> The government has already made a beginning by fixing minimum export price of basic items. However, the stakeholders want to expand this system in near future. The current export of surgical instrument is $250 million and experts believe that it can touch $1 billion mark within 2 to 3 years. The industry provides employment to more than one hundred and fifty thousands skilled labour force and is the top earner of foreign exchange amongst all sectors in the domestic engineering industry. Former Senator Rukhsana Zubairi Chairperson Pakistan Engineering Council advised the industry to change as the whole world was changing by adopting modern production methods. Better wages to the workers would improve their productivity, which would ultimately increase their profit, Senator added. staff report


 
how is competition a bad thing? fierce competition is always gud for any industry. it will force the domestic firms to stay on their toes and keep looking for new ways which could make them more efficient.


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## bc040400065

*Current account shows $99m surplus*


KARACHI: The Current account was surplus at the end of the third quarter of the current fiscal year, strengthening further the economy on the external front. 
The biggest reason for this surplus was the current transfers mainly dominated by overseas Pakistani workers` remittances.

Current account shows $99m surplus | Newspaper | DAWN.COM


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## Omar1984

*Leather export ​*

Pak share to US market 0.21 percent only 

LAHORE: US total imports are worth $1.6 trillion per annum out of which it imports various products worth $3.36 billion from its war on terror ally Pakistan and this share is only 0.21 percent of the America&#8217;s leather imports. 

This was told to Robert Hawkins, Economic Officer Lahore Consulate during his visit to the office of Pakistan Tanners Association here on Tuesday. PTA chairman Khurshid Alam Chairman PTA Members of Central and Zonal Executive Committees and prominent members of PTA were also present on the occasion. 

Mr Hawkins said that he feels that the ongoing meeting was a great opportunity for him to know more about the second largest exporting industry of Pakistan. He thanked PTA for giving him a chance to make a note of significant problems and issues of exporting community of Pakistan. He promised that he would take these issues to his government for its consideration and he expects that very soon his office would be able to address these issues.

Earlier in his presentation, PTA Chairman presented the current status of Leather Industry of Pakistan stating that a total 800 tanneries are in Pakistan that contributes 5 percent in manufacturing GDP and 6 percent of export earnings besides employing 500,000 peoples. He shared during the meeting with the economic officer that the trade volume between Pakistan and United States of America in leather business was insignificant as per figures. 

US and Pakistan are struggling to win war against terror, which is greatly affecting the business especially the export business. Mr. Khurshid registered the protest against drone attacks on behalf of the second largest exporting industry of Pakistan. He said that these attacks are earning bad name for US and creating wide spread hatred amongst the community against USA. He maintained that victory can only be achieved through trade and creating employment opportunities.

Mr. Khurshid suggested that if US really wants to avert terrorism from the region, it should invest in Power, public transport, railways and mega projects for infrastructure development thus creating employment opportunities in Pakistan. He said that there is no debate on the statement that US has strong influence on Pakistani government which can be effective to deliver the impacts of US financial assistance to the deprived community. He invited attention of US economic officer on Travel Advisory issued by US Foreign Mission/Embassy for its citizens to travel to Pakistan and Visa Restrictions for Pakistani businessmen and visitors to visit US. He said that when buyer and seller could not see each other, how the bilateral trade would flourish. He enlightened the US Economic officer with the following recommendations: War against terrorism has damaged Pakistan&#8217;s face. Worldwide image of Pakistan is just like a country where war is on and a state, which is deprived of its basic infrastructure and facilities. Khurshid strongly urged the US Government to help Pakistan improve image as a viable place for investment to improve economy with its indigenous raw materials and hard working labour force. He also urged to the visiting Economic Officer to arrange talks for investment and promotion of trade with the business community and chambers. staff report


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## Omar1984

*&#8216;Pakistan to export 100,000 tons cement to India&#8217;​*

KARACHI: Pakistan is likely to export 100,000 tons of cement to India in next three months after getting permission to resume exports, a report said on Monday.

&#8220;The Bureau of Indian Standards (BIS) has renewed licences of Pakistani cement exporters, allowing them to export the commodity,&#8221; said Furqan Punjani, an analyst at Topline Securities.

During the first eight-month of current fiscal year, Pakistan exported 320,000 tons of cement to India, which was 24 percent less than the same period last year.

Pakistan is expected to export an additional quantity of upto 100,000 tons of cement to India during the remaining last three-month of the current fiscal year, he added. 

Asad Siddiqui, an analyst at InvestCap, said that BIS licence was essential for all kinds of exports to India. Majority of cement exporters got their licences expired in the last four to five months.

But Siddiqui was quick to add that the renewal did not indicate that India was allowing export through land rout of Wagha Border, but it would continue to do so through rails.

Punjani said that Pakistani cement has an edge over Indian cement in terms of prices in areas where the landed cost is lower. India has planned to add more production lines in future.

&#8220;India has a cement manufacturing capacity of 261 million tons which is expected to increase to around 290 million tons by the end of fiscal year 2012,&#8221; he said. 

Despite chances of major expenditure on construction, supply glut would prevail in Indian markets. This casts pall over the future of Pakistani cement exports to New Delhi compared to fiscal year 2007-2008 when there was an acute shortage of cement in India and it imported around one million tons from Pakistan, Punjani added.

&#8220;(In spite of these realities) this new opportunity of export is set to enhance cement dispatches to India in the range of 500,000 tons to 800,000 tons in next two years.&#8221; &#8212;Salman Siddiqui


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## Brotherhood

*China, Pakistan trade to reach 15 bln USD by 2015 - People's Daily Online* April 22, 2011 

*The Pakistani parliament was informed on Thursday that bilateral trade with China is current over eight billion U.S. dollars and both sides are committed to achieving a trade target of 15 billion U.S. dollars by 2015.*

Minister of State for Foreign Affairs Hina Rabbani Khar said in the National Assembly, lower house of the parliament, that* friendship with China was the cornerstone of Pakistan's foreign policy, adding "Pakistan considers China to be a factor of stability in the region and beyond".*

She said both the countries had developed a comprehensive framework for sustained development of economic and trade relations.

*About India, she said that as the result of the meeting of the Foreign Secretaries of Pakistan and India*, sidelines of 33rd Session of SAARC (South Asian Association for Regional Cooperation) Council of Ministers on Feb. 6 in Bhutan, both countries decided to resume the dialogue process.

*"This has served to reduce trust deficit and the two countries agreed to resume full spectrum dialogue on all issues,"* she said.

She also informed that it was agreed to hold secretary level meetings on all segments of the previous "Composite Dialogue", adding that Pakistan's foreign minister would visit India by July this year to review the progress on all issues.

Source: Xinhua

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## Omar1984

*Taunsa to open new avenues of investment​*







LAHORE - Punjab Chief Minister Shahbaz Sharif has said the agreement for Taunsa Power Project with the Chinese company, which built the biggest dam of the world, will prove to be a new chapter of foreign investment in Pakistan.

He said this at a briefing after a visit to Three Gorges Dam, which is the worlds largest hydel-power project in the Chinese province of Hubei. 

While recording his impressions in the visitors book, the chief minister termed the Tree Gorges Dam a gorgeous one in reality and a tribute to the unshakable commitment, indefatigable efforts and indomitable spirit of the Chinese people. He described the dam as the eighth wonder of the world. 

Referring to Taunsa Power Project, the chief minister said that the project would prove to be a memorable gift for the people of Punjab from the government and people of China and a glaring example of Pak-China friendship. He said that Taunsa Power Project would help reduce loadshedding, transfer of hydel-power technology to Pakistan, resumption of industrial activities and creation of job opportunities. 

The chief minister said that Pakistan wanted to benefit from Chinese expertise at Taunsa Barrage and other projects. He said that he would be happy to play host to Chinese engineers and workers.

Later, leaders of Chinese Communist Party hosted a reception for the chief minister and his delegation in Ye Chang, which is the central city of Hubei province.

Speaking on the occasion, he said people of China are the custodians of the ancient wisdom of China, spanning over thousands of years, while the Communist Party had played a historic role in utilising their capabilities. 

He said that he and his delegation had come with a programme of cooperation with China in agriculture, livestock, road construction, hydel-power, communication and other sectors and were happy that the leadership of the Communist Party was extending all out encouragement and patronage. 

Local leader of Chinese Communist Party Li Ya Long in his address said that visit of the delegation led by Punjab Chief Minister would play an important role in cementing friendly relations between the two countries and mutual contacts would be made more effective and result-oriented in science, technology, culture and other sectors.

Meanwhile, an important agreement was signed between the Punjab government and a renowned Chinese company Sino-tech in Beijing on Thursday.

CM Shahbaz Sharif and other members of his delegation including Senator Pervaiz Rashid, Provincial Minister for Law Rana Sanaullah, Saud Majeed, Hafiz Mian Muhammad Nauman, Zaeem Qadri, Kiran Imran, and Shamsa Gohar were also present on the occasion. 

Chairman Punjab Board of Investment Rizwan Ullah Khan and the head of Sino-tech, Jin Guang Ming signed the agreement under which the Chinese company will select projects for investment in livestock, agriculture and other sectors while Punjab Investment Board will help in the purchase of land, supply of power and gas and other facilities.


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## Omar1984

*Pakistan can be next destination for Chinese firm&#8217;s investment ​*

WEIFING, BEIJING Apr 24 (APP) - A leading Chinese tractor manufacturing firm is mulling over setting up four production units overseas and Pakistan can be one of the choice countries for its investment because of an increasing demand of its farmers to adopt mechanized farming.The Chinese firm Foton Lovol International manufactures heavy machinery like tractors, harvesters, loaders and excavators. It is located in Weifing city which is situated in one of the most developed provinces- Shandong in East of China. It produces one tractor every five minutes and rolls out 200 machines in a month, vice secretary of the party committee Yang Hongyi said in an informal talk to a group of Pakistani journalists during their visit to the plant. 

A group of Pakistani journalists is visiting China as the two countries are celebrating 60th year of establishment of their diplomatic relations which have stood the test of time and are set to expand their multi-faceted cooperation in years ahead. 

Foton is already exporting its quality products to 112 countries including America, European Union and Pakistan as well. It started exporting its machinery to Pakistan in 2005 and had been selling one thousand units per year,sad Hongyi. He said the firm was very keen to expand its exports to Pakistan which would further cement relations between the two countries.

Another official said price of the one tractor ranged from $ 19000 to 18000.Answering a question on number of the workers, he said of the 10,000 workforce, many thousands were women-an indication that over fifty per of Chinese female population were equally contributing to the amazing pace of development of China. China had surprised many in the West, over the way its economy absorbed the shocks of the 2008 recession in the leading economies of the world, by maintaining a double digit gross domestic product.

The tractor firm has won the top ranking in sales of its products in the Chinese market for the last eight consecutive years and &#8220;its percentage of market share exceeds 70%&#8221;.


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## Abu Zolfiqar

*Expo ''Made In Pakistan'' starts in Chandigarh*



> Chandigarh, Apr 29 (PTI) More than 48 exhibitors from Pakistan are showcasing their products in an exhibition 'Made in Pakistan' which started here today.
> 
> After inaugurating the fair, Pawan Kumar Bansal, Minister for Parliamentary Affairs and Science and Technology and Earth Sciences said, "There is potential for bilateral trade to go up to an estimated USD 6.5 billion from the current USD 2 billion.
> 
> Cross-border trade requires the movement of people and investments and both the countries are working towards increasing potential trade dynamics and economic activities."
> 
> The fair presents an exclusive range of products from almost all regions of Pakistan, including garments and embroidered fabric from Multan, Karachi and Lahore, ethnic footwear from Lahore and Multan, exclusive handicrafts from Swat Peshawar, decor products from Karachi, carved rosewood furniture from Peshawar, and designer melamine from Gujranwala.
> 
> Pakistan World Trade and Promotions CEO Khurshid Balras said, "Astonishingly, but true, major part of Pakistan's current export goes to the European Union and US. Presently, only 5.5 per cent of the Pakistan trade is done with SAARC counties, which stand a potential to improve it by 10 per cent."



Expo ''Made In Pakistan'' starts in Chandigarh, IBN Live News


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## bc040400065

*Exports deliver rare good news for Pakistan*
By Syed Fazl-e-Haider 


Asia Times Online :: South Asia news, business and economy from India and Pakistan

KARACHI - Exports from Pakistan surged almost 30% over the past 10 months, and the trade deficit shrank by a third last month amid rising global commodity prices and a weakening of the rupee. The figures were rare good news for a struggling economy that depends to a large part on foreign aid and loans. 

Exports grew 27.9% to US$20.18 billion during July 2010 to April 2011, from $15.77 billion in the same period a year before, outpacing a 14.7% increase in imports to cut the trade deficit in the period by 2%. Exports in April jumped 40% to $2.38 billion from a year earlier, and the trade deficit last month shrank by 34% compared with April last year. 

"Pakistan has been consistently crossing the $2 billion [export] mark for the last five months," Associated Press of Pakistan

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## Abu Zolfiqar

*Sindh Achieves Record Wheat Production*



> KARACHI: Sindh has achieved record production of wheat as the commoditys yield has broken all the past records by reaching more than 4.219 million tonnes this year, Geo News reported on Friday.
> 
> According to sources in Sindh agriculture department, despite floods record wheat production is recorded this year.
> 
> It is pertinent to mention here that the federal government had set a target of 3.68 million tonnes for Sindh province.
> 
> Agriculture experts are of view that floods have enhanced the fertility of the soil, adding the production would further increase in the future.



Sindh achieves record wheat production - GEO.tv

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## Obambam



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## Brotherhood

*Pakistan seeks investment lift - People's Daily Online* May 20, 2011 

*More Chinese investment in Pakistan, especially in the energy, infrastructure, agriculture and technology sectors, will help lift the nation's economy to a new high*, Pakistan's leader said.

*Prime Minister Yousuf Raza Gilani called it a "win-win scenario".*

Gilani, who began a four-day state visit to China on Tuesday, made the remarks at the Pakistan-China Entrepreneurs Forum held on Thursday.

*Pakistani officials said their country could export more non-traditional goods such as "marble, leather, food and minerals" to China under the framework of China-Pakistan free-trade agreements (FTA), to realize the target of almost doubling bilateral trade to $15 billion by 2015. In the past, Pakistan exported mostly textile goods.*

*"As China diversifies its economy, with special emphasis on the development of its western regions, and shifts to high technology, the economic transition makes it attractive for Chinese companies to relocate and establish manufacturing bases in Pakistan," *Gilani said.

"I would urge Chinese corporations to focus on Pakistan in their strategic business plans."

*The sectors that hold huge potential for Chinese companies are "infrastructure, energy and natural resources".*

Pakistan suffered heavy monsoon flooding last year and incurred huge losses. Its government is now attempting to reinvigorate the economy, *discussing with China a second joint five-year economic and trade program, as the first one expires this year.*

*"Pakistan is a developing country, and our strategic priority is development. We are developing infrastructure, not only in railroad links, but also building new cities, airports and expressways,"* Gilani said.

*China has helped Pakistan build the port of Gwadar, in Balochistan, and the Karakoram Highway, connecting northern Pakistan to western China.*

However,* the unstable political situation and shortage of energy resulted in foreign direct investment (FDI) in Pakistan declining during recent months. According to Pakistan's central bank, FDI decreased by 28.6 percent to $1.23 billion in the 10 months leading up to April.*

*"As the political situation stabilizes and the economy keeps growing, there will be increased potential for investment, and Pakistan's exports will gradually pick up,"* said Wan Gang, China's minister of science and technology, at the forum.

*The coming years will see more investment in "energy, infrastructure, telecommunications and agriculture,"* he said.

*China Mobile Ltd, the world's largest mobile operator by market value, is planning to buy Pakistan operations from its parent, China Mobile Communications Corp*, said China Mobile's Chairman Wang Jianzhou on Thursday.

The Asian Development Bank predicted that Pakistan's economy would grow by a moderate 2.5 percent in 2011, and by 3.7 percent in 2012.

*In 2006, the two countries signed the FTA, bringing more Chinese investment into Pakistan. By 2010, it had invested an accumulated $1.37 billion in Pakistan, according to the Ministry of Commerce, and in 2010 alone, the figure was $26.1 million.*

*"The investment is relatively large, and it is mainly in energy," *Tariq Puri, chief executive of the Trade Development Authority of Pakistan, told China Daily.

After Thursday's forum, Ruba Group,* Pakistan's leading industrial and trade group, signed agreements with the energy companies China Huadian Group and Tebian Electrical Apparatus Stock Co.*

In late 2006, when the bilateral FTA was signed, *the Pakistan-China Special Economic Zone was established, the first such zone China established overseas. The zone aims to facilitate Chinese investment into Pakistan, especially in the manufacturing sector.*

China's Minister of Commerce Chen Deming said *bilateral trade could reach $15 billion by 2015.*
*
"As the China-Pakistan FTA is gradually implemented, such a goal will easily be reached,"* said Wan.

Puri agreed. *"The bilateral trade would be probably more than that then."*

*Pakistan is China's second-largest trade partner in South Asia. In 2010, bilateral trade grew by 27.7 percent from a year earlier to $8.67 billion, with exports increasing by 25.5 percent to $6.94 billion and imports by 37.2 percent to $1.73 billion.*

*China exports chemicals, telecommunications equipment and machinery to Pakistan, and it imports textiles and minerals.*

Source: China Daily


----------



## Brotherhood

*China's ICBC opens two branches in Pakistan - People's Daily Online* May 21, 2011

The Industrial and Commercial Bank of China (ICBC), China's largest commercial bank, inaugurated two branches in Karachi and Islamabad respectively on Friday.

Addressing the ceremony in Islamabad, Pakistani President Asif Ali Zardari said the ICBC initiative to open branches in Pakistan would begin a new era of cooperation in the banking sector of the two countries.

"The opening of ICBC branches, which coincided with the 60th anniversary of the diplomatic relations between Pakistan and China, will take the economic relations between the two countries to new heights," he said.

The president hoped that ICBC's investment in Pakistan would prove to be profitable and the bank would play a prominent role in channeling bilateral investments.

Huang Xilian, Chinese Charge d'Affairs to Pakistan, said the economic and trade cooperation between China and Pakistan is entering into a new historical stage of opportunities, featured with wide-range, multi-level and all-round.

ICBC President Yang Kaisheng said the increasingly closer economic ties between China and Pakistan has laid a sound foundation for ICBC's development in Pakistan.

Backed by its advantages in customer base, financial strength, network, IT and brand, ICBC Karachi and Islamabad branches will build up partnership with Chinese enterprises in Pakistan, support the local transportation, energy, telecommunications and other infrastructure, he said.

"They will provide quality and efficient service for companies and individuals, strive to become a bridge for Pakistan-China economic and financial cooperation and play an active role in facilitating the economic development of Pakistan," Yang said.

ICBC, ranking No. 1 worldwide in terms of market capitalization, profits, customer deposits and brand value, has been granted banking license and business certificate by the Pakistani regulatory authorities, becoming the first Chinese commercial bank operating in Pakistan.

Source: Xinhua


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## ejaz007

*390MW power generation capacity added to system*
Staff Report 

ISLAMABAD: Two private sector power projects having cumulative net capacity of 390 MW have been added to the national grid.

The projects include a gas-based IPP i.e. 176.6 MW Fauji Dharki Power Project, which was commissioned on 22 April, 2011 and 213.8 MW Hubco-Narowal Power Project, which started its commercial operations on 16 May this year. This was briefed in the 88th meeting of the Board of Private Power and Infrastructure Board (PPIB) held Monday under the Minister for Water & Power Syed Naveed Qamar.

Secretary Water and Power Imtiaz Kazi, Secretary Planning Commission Sohail Ahmad, Secretary Petroleum and Natural Resources Muhammad Ejaz Chaudhry and Managing Director PPIB N A Zuberi, besides directors of PPIB and other senior government officials and co-opted members of the Board attended the meeting. Another three IPPs are in construction phase which include 209 MW Bhikki Power Project expected to be commissioned very soon while the other two include 84 MW New Bong Hydropower Project and Uch-II 375 MW Power Project based on gas, expected by 2013.

Naveed Qamar said the government believes in the policy of facilitating the investors and saving them from any hurdles or delays during the processing of their projects; therefore Policy for Power Gene-ration 2002 is being reviewed to make it more investor-friendly in consultation with public and private sectors stakeholders. He further said that in order to make electricity affordable, the concept to convert existing thermal IPPs to cheaper fuels like Coal, LNG etc is being seriously considered.

The progress of all the power projects was reviewed in the meeting. The Managing Director of PPIB gave a briefing on the status of power projects under process. While appreciating the role of the PPIB in bringing investment in the power generation sector, the minister asked the PPIB to focus on the development and implementation of the indigenous power projects based on hydro and coal for medium and long-term needs and take measures for facilitating the same.

Daily Times - Leading News Resource of Pakistan


----------



## ejaz007

*Chinese co expresses interest in power generation*

KARACHI: The President of China Water and Electric Corporation (CWEC) Wang Yu has offered Sindh government for financial and technical assistance in the establishment of a Hydro Power Plant at Sukkur Barrage on River Indus.

He pointed out the province has great potential for power generation through the establishment of hydro power plants as well as coal, wind and solar plants. The CWEC was ready to provide all possible technical assistance in enhancing capacity of presently working power plants, he added.

Wang Yu met with Sindh Minister Electric Power Shazia Marri along with a five-member delegation. During the meeting development of hydro, thermal, wind and solar power generation through CWECs expertise and technical support came under discussion. Wang Yu said his company was ready to initiate work on projects in hydro, coal, wind and solar energy power generation sectors immediately. Shazia Marri briefed the media the issue pointed out regarding the development of energy sector was necessary to meet the growing needs of energy. The Sindh Government has enlisted energy sector on top priority, she added.

Marri said the government of Sindh has initiated feasibility reports to look into the development of hydro power plants on 5 suitable points on River Indus of which Sukkur Barrage was recognised as the most potential area. 

She expressed the governments willingness to share available data regarding power generation possibilities in Sindh. staff report

Daily Times - Leading News Resource of Pakistan


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## hembo

*Pakistan Inflation Accelerates to 13.23%, Adding to Interest-Rate Pressure*
By Haris Anwar - Jun 1, 2011 12:50 PM GMT+0300

Pakistan&#8217;s inflation accelerated in May, holding above 13 percent for the third straight month and increasing pressure on the central bank to raise interest rates. 

Consumer prices rose 13.23 percent from a year earlier, according to Federal Bureau of Statistics data released at a news conference in Islamabad today. That compares with a 13.04 percent gain reported earlier for April. 

The State Bank of Pakistan kept the discount rate unchanged at 14 percent in May to support economic growth as it awaited this week&#8217;s budget for signs the government will tighten fiscal policy and help contain price pressures. The central bank raised rates in three consecutive meetings from July to November, blaming state spending for pushing inflation to more than 15 percent late last year. 

&#8220;We see average inflation to be around 14 percent,&#8221; Sayem Ali, a Karachi-based economist at Standard Chartered Plc, said before the report. &#8220;There is a higher chance that the government will keep printing money.&#8221; 

The government cut domestic fuel prices as much as 6.5 percent today, reducing the price of gasoline to 88.23 rupees ($1.03) a liter from 88.41 rupees and light-diesel oil to 82.52 rupees from 88.30 rupees, the Islamabad-based Oil & Gas Regulatory Authority said in a statement on its website. The price of kerosene fell to 84.65 rupees a liter from 89.70 rupees a liter. 

Pakistan&#8217;s $162 billion economy, sapped by terrorism and floods in 2010, is forecast by the government to expand 2.4 percent to 2.5 percent in the year through June, slower than an earlier target of 4.5 percent. The country has the highest inflation rate in Asia after Vietnam, among 17 economies tracked by Bloomberg in the region. 

To contact the reporter on this story: Haris Anwar in Islamabad at Hanwar2@bloomberg.net. 

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net


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## hembo

*SBP to issue new circular to scrutinise written-off loans, SC told*
By: Terence J Sigamony | Published: June 02, 2011

ISLAMABAD - The State Bank of Pakistan will issue a new circular for scrutinising all the cases of written-off loans under Circular BPD-29 and others from 1971 to onwards.

Iqbal Haider, counsel for SBP, on the short notice after consulting the Governor SBP informed the court on Wednesday.

&#8216;Shahid H. Kardar, Governor State Bank of Pakistan, has agreed to issue new circular containing ways and means to examine the cases of write-off loans&#8217;, he added. 

The court has mandated to the counsels of all the parties in the case to prepare a draft of circular and submit it before the bench by Thursday (today). 
The Chief Justice said after finalisation of circular by SBP officials the matter would be referred to the Commission, whose terms of reference have already be formulated, to decide the written-off loans cases. 

The court said that commission should have power not only to re-examine old loan cases, but if need arises reopen them as well. A three-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry which comprised Justice Muhammad Sair Ali and Justice Ghulam Rabbani was hearing a suo moto case of the written-off loans. 

The State Bank has waived off loans worth Rs 256 billion from 1971 to 2009. During the proceedings, the Chief Justice said that they were examining the legality and Constitutionality of BPD-29 on the request of politicians, particularly MQM Quaid Altaf Hussain, who has sent an application that written-off loan cases from 1971 onwards be examined. He said according to Section 25AA of the Banking Companies Ordinance 1962 &#8216;the SBP shall prepare, and submit to the Federal government, a special report every year on cases of written-off loans, mark up and other dues, or financial relief through rescheduling and restructuring of loans in which established banking practices or authorised procedures have been departed from with a view to causing wrongful loss to the bank. If the matter raised in the report relate to public interest, the Federal government may submit the report, or such part of it as relates to public interest to Parliament or to the Standing Committee of a House of Parliament dealing with finance&#8217;.


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## bc040400065

*Against all odds: FBR surpasses tax collection target in May *

Published: June 2, 2011

ISLAMABAD: 
Tax officials have claimed that they have surpassed the monthly revenue collection target by five per cent, making the annual target comparatively easy to reach by collecting Rs278 billion in one month.

*According to the Federal Board of Revenue (FBR), tax collection in May increased by 5.1 per cent to Rs160.6 billion compared to the target of Rs152.8 billion. Compared to the same month last year, the FBR achieved a growth of 15.3 per cent as revenue collection rose by Rs50 billion.*

Still the revenue growth is below the nominal Gross Domestic Product (GDP) growth of 17.4 per cent (15 per cent inflation plus 2.4 per cent GDP). Any growth above the nominal GDP growth indicates the extra efforts put in by the tax authorities. So far, Rs1,310.4 billion has been collected in taxes in 11 months.

*Parliament had approved a tax target of Rs1,667 billion for the FBR, which was later brought down to Rs1,630 billion, then to Rs1,604 billion and finally to Rs1,588 billion. To achieve this, the FBR needs to collect Rs278 billion in June or an average of Rs9.2 billion per day.*

Against all odds: FBR surpasses tax collection target in May  The Express Tribune


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## faisaljaffery

KSE gains 141 points on deregulation of fuel prices

Staff Report

KARACHI: The Karachi stock market witnessed a bullish trading session on Wednesday as the deregulation of fuel prices propelled investors to take positions in scrips across-the-board.

Change in the oil price mechanism boosted investors' hopes that the oil and refinery sectors would reap the benefit from this move.

The Karachi Stock Exchange (KSE) 100-share index gained 140.91 points or 1.16 percent to close at 12,264.06 points as compared to 12,123.15 points of the previous session. The KSE 30-share index also increased 127.34 points to close at 11,890.10 points as compared with 11,762.76 points. 

"Change in local oil price mechanism sparked a rally amid hopes that oil and refinery sectors will reap the benefit," said Topline Sec analyst Samar Iqbal. "OGDC gained by 2.4 percent, POL rose by 2.01 percent and PPL by 1.8 percent." 

OGDC alone contributed 61 points to the total gain of 1.0 percent of the 100-share index, which closed above 12,260 points level after 15-week, he said and added that International Steel Ltd caught the attention on its debut and gained more than 5.0 percent and witnessed a volume of 9.5 million shares. 

The market turnover went down by 3.89 percent to 118.30 million shares after opening at 123.10 million shares. The market capitalisation surged 0.13 percent to Rs 3.256 trillion as against Rs 3.217 trillion. Gainers outnumbered losers 173 to 94, while 83 stocks were unchanged. 

"Bullish activity was witnessed in an oversold market in scrips across-the-board on strong institutional and foreign interest ahead of the federal budget announcement this week," said Arif Habib Investment Ltd Director Ahsan Mehanti. "Pre-budget rally was led by oil sector scrips after US Brent crude crossed $116 and expectations loomed over the positive federal budget announcements for oil, refineries, cement and fertilizer sectors." 

UK's commitment for 1.4 billion pounds for Pakistan's development was taken positively despite concerns over rising fiscal deficit, he added. 

The KMI 30-share closed at 20,977.33 points from its opening at 20,628.89 points, reflecting a gain of 348.44 points. The KSE all-share index went up by 94.27 points to close at 8,534.02 points as against 8,439.75 points.

"Deregulation of fuel prices was taken positively by the market participants, allowing the entire E&P sector to display strength," said Aziz Fida Husein and Co analyst Husnein Asghar Ali. "Reduction in local fuel prices, including deliverable future and Margin Trading System seemingly geared up the resident participants for renewed activity in the frontline stocks."


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## Xeric

Pakistan Times! » Telecom sector adds over RS13 BN to national exchequer despite tight economic situation


*Telecom sector adds over RS13 BN to national exchequer despite tight economic situation*
Submitted by Saleem Shaikh on June 2, 2011  1:32 pm

Karachi: Pakistan Telecommunication Authority (PTA) has deposited Rs13.56 billion to the national exchequer during the current fiscal year (2010-11), according to the Quarterly Report 2011 issued here by PTA. The reports said that the telecom sector also contributed a hefty amount of Rs109.05 billion in the form of different taxes.

During the year under review, the contribution of telecom sector, the report highlights, to national exchequer through taxes, duties and regulatory charges kept growing. At the end of FY2010 the total contribution was over Rs109 billion, of which almost 50 per cent came from GST.

In the first half of the FY2011 the total contribution to national exchequer was Rs56.3 billion which was almost Rs49 billion in the first half of FY2010 showing, growth of 15 per cent since 2009-10. It is, therefore, expected that by end of the FY2011 the total contribution to national exchequer would be higher than the last years contribution, the reports said.

According to an estimate, the telecom sector accounts for more than 90 per cent share in total taxes by the services sector of Pakistan, which is now being diverted to provinces under 18th Amendment. Similarly, share of GST in total contribution from telecom sector is also very impressive where almost 50 per cent of total contribution comes from GST collection.
Only in the 1st half of FY 2010-11, total GST collection is around Rs23 billion which was Rs21 billion in the same period last year.

GST collection in telecom services mainly comes from mobile sector and its share in total GST collection is 86 per cent, followed by basic services as 11 per cent. The Activation Tax contribution to national exchequer stood at Rs3 billion at till end of 1st half of FY2010-11, which was Rs4 billion in the same period last year.

Main reason, the reports points out, for drop in the activation tax is due to market maturity. It is time for the government to abolish this tax levied on operators, so as to further strengthen its growth. Whereas, in order to increase GST the government needs to reduce the existing 19.5 per cent rate. So that usage could be enhanced, which would result in increase in GST collection, the report proposes.

Report says that despite tight economic situation in the country this year, the telecom sector showed robust growth this year. The total tele-density growth kept oscillating between highs and lows till the end of year, the report concluded.

According to the PTAs report, total tele-density including mobile, fixed and WLL services stood at 65.2 per cent. The tele-density growth in the first half of the year (Jan to June 10) was 0.9 per cent, whereas in the second half of the year (July-Dec10) the growth was 1.7 per cent, showing more stability and resilience as compared to 1st half of the year. Total tele-density of the country grew by more than 2.67 per cent in the last one year.

The PTA report further pointed out that the even though the telecom sector is experiencing decreasing ARPUs, exorbitant advertisement budgets, power crises, and negative net profits, aggressive competition, market saturation and falling exchange rates, the financial health of the sector remained stable.

Telecom regulator continued to facilitate the sector on regulatory issues and maintaining competition in the sector. In this regard, PTA has taken many initiatives and launches National Rabta Information Portal, survey to check power level of mobile Towers, billing verification of Mobile Operators, Curbing the menace of illegal traffic, introduced online complaint Management System, and other Consumer friendly initiatives taken by PTA, the report said.


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## Abu Zolfiqar

Pakistan to reel in tax evaders: Shaikh | Business | DAWN.COM



> ISLAMABAD: Pakistan will raise $623 million by forcing wealthy tax evaders to cough up, the countrys finance minister said Thursday, speaking on the eve of unveiling the budget for the next financial year.
> 
> Finance Minister Abdul Hafeez Shaikh did not go into details about how they would be made to pay. Analysts say meaningful tax reform should lift exemptions on powerful interests, such as the countrys enormous agriculture sector.
> 
> Pakistan has long defied Western pressure to end giant tax-dodging in a country where barely one per cent of the population pays at all, as a corrupt bureaucracy starves energy, health and education of desperately needed funds.
> 
> The IMF last year halted a $11.3 billion assistance package over a lack of progress on reforms, principally on tax.
> 
> In the wake of catastrophic 2010 floods that cost the economy $10 billion, Washington donated hundreds of millions of dollars and demanded that Pakistans rich, whose lifestyles outstrip many in the West, step up to the plate.
> 
> The government plans to bring into the tax net, rich people who have so far been evading taxes and hopes to collect 53 billion rupees ($623 million) from new taxpayers, Shaikh told a press conference.
> 
> It will boost confidence and reduce dependence on foreign assistance, he said, adding that enhanced tax collection will reduce the need for loans.
> 
> Pakistans tax revenue amounts to less than 10 per cent of GDP, one of the lowest rates in the world and worse than in much of Africa, say economists.
> 
> Shaikh said the economy had grown only 2.4 per cent in the fiscal year ending June 30 with the fiscal deficit at 5.3 per cent of GDP and inflation at 12 percent.
> 
> An annual government review said that a decade of the war on terror had cost the economy $68 billion.
> 
> Western countries, including the United States, continue to impose a travel ban for their citizen (investor, importers etc.) to visit Pakistan, said the document, reviewing the economy from July 2010 to April 2011.
> 
> This has affected Pakistans exports, prevented the inflows of foreign investment, affected the pace of privatisation programme, slowed the overall economic activity, reduced import demand, reduced tax collection, expenditure over-run on additional security spending, it said.
> 
> In the current fiscal year alone, it said, the war had cost the Pakistan economy $17.8 billion and warned that costs were likely to rise further.


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## bc040400065

*Economic survey 2010-2011: Pakistan fails to meet growth target*By AFP / Express 
Published: June 2, 2011

Finance Minister Hafeez Sheikh said Pakistan was unable to meet its target of 4% GDP growth for the year 2011-2012. 

*Finance Minister Abdul Hafeez Sheikh on Thursday said that Pakistan&#8217;s economy was unable to reach its growth target for the current fiscal year, as 2.5% GDP growth was achieved in the year 2010-2011 while the target was 4%.*
Talking to the media after launching the economic survey 2010-2011, Hafeez said that Pakistan&#8217;s economy has been in danger since 2008. &#8220;Our reserves were falling. Inflation was at a historic high at 25%,&#8221; adding that the government worked with IMF to decrease inflation and fiscal deficit. Hafeez said that the government took steps to reduce the budget deficit, and Rs350billion were given to all provinces.

*Hafeez also said that the economy suffered a loss of $10billion dollars due to the floods in 2010, adding that the uncertain security situation also damaged the economy. He also added that inflation rate was expected to rise to 15% by end of fiscal year.*
Express 24/7 correspondent Syed Ali reports that Hafeez also said while the major crops suffered due to the floods, there was overall growth in the agriculture sector.

Ali reports that figures released by the finance minister indicate that *the manufacturing sector has seen a 3% increase, along with the services sector which has seen a 4.1% increase. He also added that Forex reserves have increased by 28%.*
*The minister said, however, that the investment for 2011-2012 is 13.4% of the GDP, which is less than 2% from last year and that the external debt had increased by $544million. He said that the fiscal deficit is currently 5.1% and is expected to reach 5.7% by end of the fiscal year.*


Economic survey 2010-2011: Pakistan fails to meet growth target &#8211; The Express Tribune


----------



## z9-ec

Economic Survey 2010-11: Floods, terrorism, oil price surge restrict growth to 2.4%

Finance Minister Hafeez Sheikh said Pakistan was unable to meet its target of 4% GDP growth for the year 2011-2012.

ISLAMABAD: 

The worst floods in the country&#8217;s history, the ongoing war against terrorism and a spurt in world oil prices pulled back the economy that grew by only 2.4% against a target of 4.5% in the outgoing financial year, said Finance Minister Hafeez Shaikh.

Unveiling the Economic Survey of Pakistan 2010-11, which reviews all sectors of the economy in detail, Shaikh said the floods created the domino effect that not only damaged the agriculture sector but also had a negative impact on the manufacturing and services sectors. Except at the external front, that is the current account, the government missed all economic targets including the most important one &#8211; the budget deficit.

&#8220;The estimated Gross Domestic Product (GDP) growth might inch up by another 0.1% to 0.2% as final statistics will only be available after June,&#8221; Shaikh said. In absolute terms, *the size of Pakistan&#8217;s economy is estimated at $210.8 billion or Rs18.1 trillion.*

&#8220;Despite difficult times the government maintained austerity, reduced central bank borrowing and expanded the tax net, which ensured the growth rate of 2.4%,&#8221; Shaikh said. The agriculture sector grew by only 1.2% due to growth in the livestock sector, manufacturing sector grew by three per cent and services sector by 4.1%, he said.

Shaikh said that the floods caused losses worth Rs855 billion, of which Rs429 billion was lost only by the agriculture sector. He said that 20 million people were affected and major crops registered a negative growth of four per cent. The floods also disrupted the business cycle, affecting both production and revenue generation. Cotton production declined by 11.3% and the country produced 11.4 million bales this year. Rice production dropped by 30% and remained at 4.83 million tons.

Shaikh said that rampant insecurity had also badly affected the economy. &#8220;Pockets in conflict zones remained underdeveloped, which negatively impacted economic growth,&#8221; he said.

He said the government was caught off-guard by a surge in world oil prices. It had estimated prices to rise to 75 dollars per barrel but actual increase was 125 dollars per barrel.

Due to this increase, production by power plants dipped as the government could not provide the required quantity of oil for electricity generation. On top of that, the government took a Rs50-billion hit in revenue by not fully passing on the increase to final consumers, he said.

&#8220;The power sector was given importance during the last two years for revival of industry and the government gave subsidies worth Rs500 billion to protect the end consumers against a steep rise in the prices of electricity and petroleum products,&#8221; Shaikh said.
He said that investment was one area that could have shown some progress but did not due to an unstable security situation, high interest rates, electricity outages and cuts in the Public Sector Development Programme.

In terms of the economy&#8217;s total size, investment dipped to 13.4% against last year&#8217;s 15.4%. But in absolute terms, total investment grew and stood at Rs2.5 trillion, which is Rs300 billion more than last year.

Shaikh said that the national budget deficit is expected to remain at 5.7% or Rs1.02 trillion. This gap between national income and spending is Rs181 billion more than the revised budget target. But the position of the federal budget deficit is worse which, Shaikh said, is estimated at 6.3% or Rs1.14 trillion.

He said that for budget financing, the government has so far borrowed Rs544 billion, which is Rs114 billion more than last year&#8217;s borrowings. He said that so far, the Federal Bureau of Revenue has collected Rs1.3 trillion in taxes and, to achieve the end-of-year target of Rs1.58 billion, it must collect Rs272 billion this month.

On the external front, he said, the government has a &#8220;good story to tell&#8221;. Exports were healthy and there was encouraging growth in remittances, which will boost business, he said. &#8220;The current account is expected to remain in surplus.&#8221;
&#8220;Despite a bad year, we have to be far-sighted, need to get access to western and European markets and expand the tax base for ensuring macroeconomic stability,&#8221; Shaikh said.

The full text of The Economic Survey 2010-2011 can be viewed here.


The only good thing or highlights about the survey is Pakistan's nominal GDP is now over $210 billion USD and we are not in recession yet.


----------



## monitor

New economic model for growth 
By Alauddin Masood
June 03, 2011

Pakistans average GDP growth rate was around 7% in early 1960s but, over time, it decreased to an average of just over 4% in the first decade of the new century. In contrast to this unstable, fluctuating and declining trend, Pakistans regional competitors  Bangladesh, India and Sri Lanka  have shown signs of decreasing instability and increasing trend in their GDP growth rates over the last 50 years. Bangladeshs average GDP growth rate increased from around 2% in the early 1970s to over 5% in the last 10 years; Sri Lankas average growth rate increased from 4% in the early 1960s to 5% in 2010, while Indias average growth rate hiked from 5 to 6% for the same period. These figures vividly highlight the state and direction of Pakistans economic growth since the 1960s. 

A question may arise here why do nations need economic growth? Nations need economic growth to offset and balance the effects of population increase and the change in age structures of population. With nearly 50% of population below the age of 20, Pakistani is heading toward a window where if right steps are taken it can head towards success, and if corrective measures are not taken the nation can head towards disaster. Availing this window of opportunity is called a demographic dividend and failure to exploit it is referred to as a demographic disaster. 

As Pakistans population increases and age structures change, dependency ratios, i.e. number of people economically dependent on others, also changes. According to Planning Commission, by 2030, Pakistans dependency ratio will reach its lowest point, meaning the number of people in the working group will far exceed the number of people dependent upon others for survival. If by that time it is unable to provide suitable jobs for those people, unemployment will rise sharply, increasing poverty, crime and fuelling extremism. To avoid such a disastrous scenario, Pakistan needs a continuous growth in economy so that it can provide economic opportunities to youth tomorrow. 

Cognisant of this fact, Pakistans planning wizards have mulled a new growth strategy that envisages a paradigm shift by focusing more on software of growth (incentives, institutions, markets, communities and governance) instead of relying on hardware of growth (physical investment in buildings and equipment), as the old model of growth remained unable to achieve higher growth on sustained basis. The new growth strategy aims to increase long-term growth figure in two phases: In the first phase, emphasis will be on raising growth from its current 2.3% to the trend rate of 5% by minimising under-utilized capacity of industry. In this phase, focus will be on strengthening the energy sector, budget reforms to mobilise additional revenues, more effective use of public expenditures, and stabilizing the economy. 

In the second phase, efforts will be geared to increasing the growth rate from the trend level of 5% to sustaining a higher level of 7% growth for at least the next decade in order to provide employment opportunities for the youth of tomorrow. This phase will focus on sectoral interventions, i.e. strengthening the banking sector, deepening capital markets and making them more responsive towards investment needs, and raising productivity through improving sectoral efficiency. 

It is envisioned to sustain this growth level by expanded regional trade, human resource development, governance reforms and initiatives taken towards making cities the engines of growth and increasing the overall connectivity in Pakistan. The first and second stages are not substitutes, but the first stage will complement the second as the second phase kicks in. 

Pakistan will proceed on implementing the new growth strategy after the countrys Parliament adopts 2011-12 budget, which will be presented before it by Finance Minister Dr. Hafeez Shaikh on June 3. Earlier on May 28, National Economic Council (NEC) approved Rs. 730 billion Public Sector Development Programme (PSDP), with a federal and provincial share of Rs. 300 billion and Rs. 430 billion respectively. With Prime Minister Gilani in chair, the supreme economic body also approved macro-economic framework with a 4.2% GDP growth for 2011-12, envisaging growth of 2% in large-scale manufacturing, 3.4% in agriculture, 5% in services and 13.2% in savings against an inflation of 12%. 

After NEC meeting, Planning Commission Deputy Chairman, Dr. Nadeemul Haq told media-men that in 2010-11, there were 1,822 projects with throw forward of Rs. 3.1 trillion that will be decreased to Rs. 2.6 trillion throw forward with 1,152 projects in 2011-2012.The allocation for infrastructure has been earmarked at Rs. 155 billion, for social sector Rs. 122 billion and for others Rs. 123 billion. 

Finance Minister Dr. Shaikh said that to fund Rs. 730 billion development programme, Pakistan will have to opt for self-reliance, increase tax to GDP ratio and bring under tax net all sectors of its economy. Under the new growth framework, if Pakistanis wanted permanent progress and job opportunities for youth, then GDP growth needed to be between 6-7% and the governments role restricted to policy and regulation-making while issues pertaining to business, administration of corporations must be left to the private sector. 

In 2010-11, total development budget stood at Rs. 462 billion because it had to be revised downward  federal from Rs. 280 billion to Rs. 180 billion whereas its actual spending stood at Rs. 196 billion and the provincial from Rs. 420 billion to Rs. 266 billion, because of floods, hike in oil price in international markets and increase in security-related expenditure. If compared with the actual federal spending of Rs. 196 billion, the allocation of Rs. 300 billion as federal share for 2011-12 in the development budget is up by 50%, while at Rs. Rs. 430 billion the provincial share in the development budget is up by 58%. The provincial PSDP of Rs. 430 billion includes: Punjab Rs. 200 billion, Balochistan Rs. 30 billion, Sindh Rs. 122 billion and Khyber Pukhtunkhwa Rs. 80 billion. 

For 2011-12, NEC focused on allocations to on-going projects nearing completion, to foreign aided projects and to less-developed areas (AJK, Gilgit-Baltistan, Fata and Balochistan) for ensuring balanced development across Pakistan. While Rs. 268 billion has been allocated for completion of ongoing projects, even after 18 Amendment the Centre has provided Rs. 14.5 billion for the vertical programme of health and Rs. 4 billion for population welfare. An allocation of Rs. 8.7 billion has been earmarked for Presidents and Prime Ministers initiatives, Rs. 33 billion for water, Rs. 55 billion for energy, Rs. 60 billion for transport, Rs. 32 billion for Benazir Income Support Programme and Rs. 33 billion for education and health projects, while WAPDA and PEPCO will make an additional investment of Rs. 83 billion. 

Meanwhile, it has been reliably learnt that as per budget proposals, except for food, health and education, all commodities will be subjected to sales tax. Tinned and bottled food would be taxed at 5% and other items at a uniform rate of 17%. While retaining existing tax rates, no new tax is being proposed in the budget, which also seeks to increase pay and pensions of employees by 15%. 

Till recently, Pakistani authorities have been involved in formulating plans based on a savings-driven and aid-led approach. However, through experience, Planning Commission has reached to the conclusion that the Rostovian model and Harrod-Domar framework, where growth is primarily a function of savings, did not serve Pakistan well. The Commission has identified four major factors that contributed to non-fruition of Pakistans development plans. These are: a) Lack of developed markets, which implied that savings were not channelled into most productive uses; b) poor quality of investments, obstructing materialisation of take-off into sustained growth; c) low resource mobilization, impelling continuous reliance on foreign resources; and d) absence of indigenous growth elements of innovation, entrepreneurship and learning. 

An unintended consequence of Pakistans economic policies resulted in the stifling of internal markets, cities and communities, which play a critical role in fostering productivity, innovation and entrepreneurship and ultimately promote growth, prosperity and development. These factors bring to the fore an imperative need to search for a new model for economic development. To meet this demand, Planning Commission has prepared a draft new growth strategy Pakistan: Framework for Economic Growth. 

This development framework envisages the markets to be growth-drivers that reward efficiency, innovation and entrepreneurship; while the government would act as a facilitator that protects public interests and rights, provides public goods, enforces laws, punishes exploitative practices, and operates with transparency and accountability. The stated aim of the new development approach is to focus on: a) Rules not Deals: ensuring productivity-led growth by incentivizing innovation and entrepreneurship, b) Reforming markets: improving governance so that markets and commerce can flourish, c) Reconfiguring cities: increasing diversity and resource mobility through inclusive zoning, d) Developing Community Infrastructure: empowering youth and community for improved quality of life.


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## brational

The easiest way for better results is to stick to the basics.. Economy is totally based on better exposure of Market, Skilled workforce, a strong knowledge pool, good governance and balance of payment.. A growing economy must identify the priority/thrust areas. As i hv a little knowledge about your country but I strongly beleive the following areas must be focused for better tomorrow..
1. Education
2. Law N Order
3. Infrastructure
4. Healthcare & Nutrition
5. Liberal Market..

If these things are taken into consideration, a country may reduce her external threats.. A Clear example is India & China.. China is our gratest threat, but due to robust bilateral trade, China can not be offencive against us.. So there is a economic impact during any misadventure.. There is nothing wrong in thinking in this way.. Rest, U can show me the door...


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## fahimbaig

Coal Gasification in Pakistan will eliminate Gas shortage


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## Abu Zolfiqar

the discovery of several trillion C.M of gas reserves is no new news, it was reported even 2-3 years back --- but its good they are ''reminding'' people again since Pakistanis have a bad habit of only focusing on the bad news all the time


its a good opportunity to bring income and jobs to Baluchistan Province. We should ensure that this will only be used for Pakistan. We dont need to export it. This would solve all the gas shortages.


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## robinkipson

Hello...I am new member to this forum.


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## bc040400065

*FBR achieves revenue collection target of Rs.1588 billion * 
ISLAMABAD, June 30 (APP): The Federal Board of Revenue has achieved tax collection target of Rs. 1588 billion for the fiscal year 2010-11, taking the collections to 9.2 percent of the Gross Domestic Product (GDP).Terming the collection achievement as good news for the nation, FBR Chairman, *Salman Saddique told media persons at press conference that the collection may reach to Rs. 1590 billion by 0000 hours and Rs.1600 billion when culminated figures are compiled by July 10.*Achieving the collection target is the big news for the nation, the FBR Chairman remarked and thanked media for guiding the board towards achieving this target. 
He also appreciated taxpayers for helping the board in achieving the target saying that taxpayers have fulfilled their national duty.Chairman FBR, Salman Siddique told media persons that out of the total revenue collection, Rs.1405.462 billion were collected as Inland Revenue whereas Rs. 184 billion as Customs duty.
He said that achieving the target of Rs.1588 billion was not an easy job as apprehension were being expressed both at national and international level about the tax target.
But as a nation we have shown that Pakistanis are able to cope with any challenge, he said.

Associated Press Of Pakistan ( Pakistan&#039;s Premier NEWS Agency ) - FBR achieves revenue collection target of Rs.1588 billion


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## ehsanm1

Nuked said:


> Pakistan economy? Do they even have an economy.



Stop trolling. Also, all your posts are racist to Pakistan and disgracing Islam...well anyways good luck dealing with mods


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## bc040400065

*Pakistan's forex reserves hit all-time high of $18.25 b*

By Reuters 
Published: July 7, 2011

KARACHI: Pakistans foreign exchange reserves reached an all-time high of $18.25 billion in the week ending July 2, following inflows of more than $400 million that included loans from multilateral donors, a central bank official said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $14.79 billion from $14.02 billion a week ago, and those held by commercial banks edged to $3.46 billion up from $3.45 billion, said SBP chief spokesman Syed Wasimuddin.

Pakistan&#8217;s forex reserves hit all-time high of $18.25 b &#8211; The Express Tribune


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## bc040400065

*Pakistan's forex reserves hit all-time high of $18.25 b*
By Reuters 
Published: July 7, 2011


KARACHI: Pakistan&#8217;s foreign exchange reserves reached an all-time high of $18.25 billion in the week ending July 2, following inflows of more than $400 million that included loans from multilateral donors, a central bank official said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $14.79 billion from $14.02 billion a week ago, and those held by commercial banks edged to $3.46 billion up from $3.45 billion, said SBP chief spokesman Syed Wasimuddin.

Pakistan&#8217;s forex reserves hit all-time high of $18.25 b &#8211; The Express Tribune


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## American Pakistani

bc040400065 said:


> *Pakistan's forex reserves hit all-time high of $18.25 b*
> By Reuters
> Published: July 7, 2011
> 
> 
> KARACHI: Pakistan&#8217;s foreign exchange reserves reached an all-time high of $18.25 billion in the week ending July 2, following inflows of more than $400 million that included loans from multilateral donors, a central bank official said on Thursday.
> 
> Reserves held by the State Bank of Pakistan (SBP) rose to $14.79 billion from $14.02 billion a week ago, and those held by commercial banks edged to $3.46 billion up from $3.45 billion, said SBP chief spokesman Syed Wasimuddin.
> 
> Pakistan&#8217;s forex reserves hit all-time high of $18.25 b &#8211; The Express Tribune


 
That's a great news because few days back i saw 17.something, it's great if Pakistan reach 18+ in few days.


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## ejaz007

*Forex reserves hit all-time high of $18.25bn*

KARACHI: Pakistans foreign exchange reserves reached an all-time high of $18.25 billion in the week ending on July 2, following inflows of more than $400 million that included loans from multilateral donors, a central bank official said on Thursday. 

Reserves held by the State Bank of Pakistan (SBP) rose to $14.79 billion from $14.02 billion a week ago, and those held by commercial banks edged to $3.46 billion, up from $3.45 billion, said SBP chief spokesman Wasimuddin. 

During the week we received inflows of $411 million, which pushed the reserves to an all-time high level, he said. These inflows included a loan of $191.9 million from the World Bank, and another loan of $196.8 million from the Asian Development Bank. 

Pakistans foreign exchange reserves totalled to $17.47 billion in the previous week, after reaching a pervious high of $17.95 billion during the week ending on March 26. 

Higher export proceeds and a record inflow of remittances have helped Pakistans forex reserves grow steadily. 

Remittances from overseas Pakistanis topped $10 billion for the first time during the fiscal year 2010-11, hitting $10.1 billion in the first 11 months, an increase of 25.20 percent compared with the same period last year, according to data from the SBP. 

Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds for military and logistical support for Pakistans campaign against a Taliban insurgency. 

In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme. 

The two sides are due to meet this month to discuss the possible release of the sixth tranche. reuters

Daily Times - Leading News Resource of Pakistan

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## ejaz007

*JSIL, AAML announce payouts*

KARACHI: JS Investments Limited (JSIL) and Atlas Asset Management Limited (AAML) approved the final distribution of bonus for the financial year ended on June 30, 2011 for their respective funds. JSILs announcement for the payout in open-end funds includes the final payouts of Rs 1.08 billion and interim dividend payouts announced during the year of Rs 185.7 million. 

This payout is in addition to the interim distribution of Rs 273.6 million announced earlier this year in closed-end funds managed by JS Investments. The JSIL board of directors announced the final distribution to the unit holders of selected funds. The final distribution of Rs 4.50 was announced for JS Cash Fund, taking the total distribution for FY 2011 to Rs 11.00 per unit. A distribution of Rs 11.60 per unit was announced for JS Aggressive Income Fund, while a stock dividend of Rs 35.00 was announced for JS Large Cap Fund. 

A distribution of Rs 42.10 per unit was announced for JS Islamic Fund, an open-end mutual fund. 

The distribution announced for JS Fund, the only open-end fund of funds in Pakistan, is Rs 16.00 per unit while a distribution of Rs 4.50 per unit was announced for Unit Trust of Pakistan. In the capital protected funds category, a stock dividend of Rs 6.40 per unit has been announced for JS Principal Secure Fund I while a stock dividend of Rs 10.25 per unit has been announced for JS Principal Secure Fund II. 

The bonus units will be allocated on the ex-distribution NAV on June 30, 2011. Unit holders, whose names appear in the register of unit holders on June 30, 2011, will be entitled to the above distribution. Unit holders who have opted for cash payout will receive cash payment accordingly. staff report

Daily Times - Leading News Resource of Pakistan


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## AsianLion

*Samsung brings thrilling Road-Show to Karachi & Lahore
*
News Comments (0)
PRESS RELEASE

Lahore - Samsung Electronics, a market leader and award-winning innovator in consumer electronics, semiconductors and telecommunications, is arranging a Samsung Universe Road Show in Karachi and Lahore with the aim of enhancing its "brand image" and boosting product awareness amongst consumer electronic enthusiasts.

The Samsung Universe Road show will be held in Karachi at Park Towers, Clifton from the July 8-10, 2011 and at Dolmen Mall, Tariq Road Karachi from July 15-17, 2011 while in Lahore the show will be conducted at Hyper Star from july 22-24, 2011.

Samsung brings thrilling Road-Show to Karachi & Lahore | Pakistan Today | Latest news, Breaking news, Pakistan News, World news, business, sport and multimedia


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## SpArK

http://www.brecorder.com/pakistan/business-a-economy/21683-pakistan-to-focus-on-regional-and-bilateral-trade-with-india-ikhtiar.html


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## muse

If Pakistan genuinely seek to engage India with regard to regional trade, then serious consideration must be given to developing Afghanistan, in particular southern Afghanistan. To those who wonder why Afghanistan's agricultural sector is in ruins, we suggest they look at what sustained this sector in the past - this sector was sustained by a system of credit - - and this system survives to date, however, the only crop creditors are willing to support is opium - why? Well we can get into that a little later, but lets get to how Pakistan and India can help develop southern Afghanistan - what can replace opium?

COTTON -- one of the efficiencies opium offers, is employment to a largely rural, internally displaced population - Cotton can offer a similar efficiency, both India and Pakistan's textile industries need support, and the production from southern Afghanistan can offer relief to both, even as it sustain the economy of southern Afghanistan, offering employment and hope.


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## Omar1984

*Pakistan to get GSP Plus access in EU by 2014: Gilani*


KARACHI: Prime Minister Yusuf Raza Gilani said on Wednesday that by 2014, Pakistan is expecting to qualify and benefit from the European Union&#8217;s import preferential treatment under the GSP Plus regime allowing duty free access for all export products.

He was speaking at the inauguration of 6th Expo Pakistan 2011 at Governor House. Sindh Governor Dr Ishratul Ebad Khan, Chief Minister Syed Qaim Ali Shah, Commerce Minister Makhdoom Amin Fahim, Minster for Overseas Pakistanis Dr Farooq Sattar, Port and Shipping Minister Babar Khan Ghori President FPCCI were also present on the occasion.

He said that the government has made concerted efforts to acquire better market access for Pakistani products to the world markets. &#8220;In this regard, the President and I have been emphasizing Pakistan needs &#8220;Trade Not Aid&#8221;.

He pointed out that the European Unions&#8217;s offer at the WTO to Pakistan for duty free access to goods from 75 tariff lines is just one example of such endeavours of the present government.

Referring to efforts for market access, he said: &#8220;Pakistan has already entered into preferential and free trade agreements with China, Malaysia, Sri Lanka, Iran, and Mauritius. I would strongly urge our exporters to take full advantage of the market access opportunities of the bilateral agreements&#8221;.

Talking of negotiations with India, he said the government was also making concerted efforts to enhance regional trade with neighbours. Recently held trade talks between India and Pakistan are going in a positive direction, he noted.



Pakistan to get GSP Plus access in EU by 2014: Gilani | Business | DAWN.COM


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## Omar1984

*Corporate results: Pakistan Oilfields profits beat expectation*







Net sales of the third largest oil and gas explorer rose by 36% to Rs7.89 billion driven by surge in oil prices coupled with growth in oil production. 

KARACHI: Pakistan Oilfields&#8217; net profit rose 55% to Rs3.45 billion during July to September 2011 primarily on account of surge in net sales.

The result was 20% more than analyst expectation as they, on average, expected it to stand around Rs2.9 billion.

Net sales of the third largest oil and gas explorer rose by 36% to Rs7.89 billion driven by surge in oil prices coupled with growth in oil production, said Topline Securities analyst Nauman Khan.

The company&#8217;s oil production inched up 7% to 4,750 barrels per day during the period under review on the back of increased flows from Tal block&#8217;s Manzalai and Domail-1. However, gas production remained stable at 87 million cubic feet per day.

Oil prices rose by 46% to average $108 per barrel in the first quarter of fiscal 2012 on a yearly basis.

Stable exploration cost and 58% rise in company&#8217;s other income on bank placements also supported growth in net profit, said.

Exploration costs surprisingly dropped 30% to Rs74 million against market expectation as analysts expected the oil and gas explorer to book dry well costs of Chak Naurang South-1.

The company managed to keep a lid on operating costs as they stayed in the same range at Rs1.35 billion according to a notice sent to the Karachi Stock Exchange.

Production enhancement from Makori of Tal block and better Arab light prices are expected to improve fiscal 2012 earnings, said Khan.

Moreover, positive flows from Domail-2 will remain a key trigger for the scrip in the near-term.

Published in The Express Tribune, October 20th, 2011



Corporate results: Pakistan Oilfields profits beat expectation &#8211; The Express Tribune


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## great

Omar1984 said:


> *Pakistan to get GSP Plus access in EU by 2014: Gilani*
> 
> 
> KARACHI: Prime Minister Yusuf Raza Gilani said on Wednesday that by 2014, Pakistan is expecting to qualify and benefit from the European Union&#8217;s import preferential treatment under the GSP Plus regime allowing duty free access for all export products.
> 
> He was speaking at the inauguration of 6th Expo Pakistan 2011 at Governor House. Sindh Governor Dr Ishratul Ebad Khan, Chief Minister Syed Qaim Ali Shah, Commerce Minister Makhdoom Amin Fahim, Minster for Overseas Pakistanis Dr Farooq Sattar, Port and Shipping Minister Babar Khan Ghori President FPCCI were also present on the occasion.
> 
> He said that the government has made concerted efforts to acquire better market access for Pakistani products to the world markets. &#8220;In this regard, the President and I have been emphasizing Pakistan needs &#8220;Trade Not Aid&#8221;.
> 
> He pointed out that the European Unions&#8217;s offer at the WTO to Pakistan for duty free access to goods from 75 tariff lines is just one example of such endeavours of the present government.
> 
> Referring to efforts for market access, he said: &#8220;Pakistan has already entered into preferential and free trade agreements with China, Malaysia, Sri Lanka, Iran, and Mauritius. I would strongly urge our exporters to take full advantage of the market access opportunities of the bilateral agreements&#8221;.
> 
> Talking of negotiations with India, he said the government was also making concerted efforts to enhance regional trade with neighbours. Recently held trade talks between India and Pakistan are going in a positive direction, he noted.
> 
> 
> 
> Pakistan to get GSP Plus access in EU by 2014: Gilani | Business | DAWN.COM



Well they only give GSP plus status to least developed countries. So Gilani is planning to further ruin the economy to gain that status. Good for Pakistan.


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## Omar1984

*Forex reserves rise to $17.20bn *

KARACHI: Pakistan&#8217;s foreign exchange reserves rose to $17.20 billion in the week ending Oct. 14 from $17.17 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) were flat at $13.46 billion, while those held by commercial banks rose to $3.74 billion, from $3.71 billion in the previous week, according to the State Bank of Pakistan.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to debt repayments.

The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million from the Asian Development Bank.

Higher export proceeds and a record inflow of remittances have helped Pakistan&#8217;s forex reserves grow steadily.

According to official data, remittances rose 25 percent to $3.3 billion in the first three months of 2010/11 fiscal year (July-June), compared with $2.65 billion in the same period last year.

However remittances fell to $890 million in September, compared with $922 million received in September last year.



Forex reserves rise to $17.20bn

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## regular

Okay great job..reserves increasing day after day....


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## Omar1984

*Expo Pakistan fetches $ 517 mln orders: Puri  * 

KARACHI, Oct. 22 (APP): Export orders worth $ 517 million have been finalised for various products at the 6th Pakistan Expo 2011, which was opened on Friday at Karachi Expo Centre. This was stated by the chief executive of Trade Development Authority of Pakistan (TDAP) Tariq Puri while addressing a press conference at the venue of exhibition here on Saturday. He said that around 1,650 business meetings were held between the buyers and the Pakistani exhibitors and manufacturers, while 1,093 foreign buyers visited at different products stalls.

He pointed out that as much as 15 memorandums of understanding (MoUs) have been signed during the mega event. 

Puri said that a Hong Kong based company M/s Ormita has signed an MoU with a Pakistani food company M/s Alpha Dairies worth $ 120 million for the first year with a provision to go up to $ 300 million.

He told newsmen that a Polish company is finalizing partnership deal with Pakistani company in IT Software with tentative business of $ 1 billion.

Another Polish company is interested in partnership with a Pakistani company for setting up a flood rehabilitation centre in DHA with an initial investment of $ 122 million, he added.

He said that Prime Minister Syed Yusaf Raza Gilani had presided the formal inaugural ceremony held in Governor House on October 19 while Commerce Minister opened the show on October 20.

He said Expo Pakistan was organized in five halls whereas the hall number 6 has been allocated for running fashion shows by leading fashion designers of Pakistan on all the four days.

Puri pointed out that overall 295 exhibitors, who are the leading exporters of Pakistan have setup their stalls in Expo Pakistan.

Replying to a question, he said that 582 plus foreign buyers delegates are on the visit to Expo 2011. 

He said TDAP had provided services of interpreters in Chinese, Japanese, French, Spanish, Arabic, German and Russian to foreign buyers.

Responding to a question, Puri met with 22 foreign countries delegations in last three days. The included China, Japan, UK, USA, France, Brazil, Greece, Argentina, Madagascar, Belgium, South Africa, South Korea, Poland, Malaysia, Nigeria, New Zealand, Panama, India, Hong Kong, and Columbia.

Some of the delegations were headed by their ministers or high trade officials. Chinese delegation was headed by vice chairman China Counsel for Promotion of Trade. Malaysia delegation was headed by Haji Abdul Maalik, Penang State Minister. Madagascar delegation was headed by Minister for Trade. 

He said TDAP had set up a dedicated B2B Secretariat in the level 2 of Expo Centre where separate hall was allocated for back-to-back meetings by Karachi Chamber of Commerce and Industry, whose President Mian Abrar Ahmed was available and he met with delegates. A separate hall was provided to FPCCI. 



Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - Expo Pakistan fetches $ 517 mln orders: Puri


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## 53fd

*Pakistani stocks gain sharply; rupee firms:*



> KARACHI: Pakistani stocks gained sharply on Monday, led by the fertiliser sector after a rise in domestic urea prices, dealers said.
> 
> The KSE benchmark 100-share index ended 2.66 per cent, or 307.21 points, higher at 11,868.88. Volume jumped to 101.13 million shares compared with 81.08 million shares traded on Friday.
> 
> &#8220;A surprise increase in urea prices over the weekend triggered a major rally in fertiliser stocks, as investors believed that their earnings will increase substantially going forward,&#8221; said Samar Iqbal, a dealer at Topline Securities.
> 
> &#8220;In line with fertiliser stocks, oil and banking stocks also improved, thereby pushing the index higher.&#8221;
> 
> Stocks at Fauji Fertiliser bin Qasim rose 4.11 per cent to 62.36 rupees, while Engro Corp jumped 5 per cent to 118.23 rupees.
> 
> Dealers said healthy corporate results over the past few days had also helped the index post gains.
> 
> In the currency market, the rupee firmed to 86.48/53 to the dollar from 86.62/66 on Friday, amid soft dollar demand from importers.
> 
> &#8220;There was not much of a demand for the dollar today, so we saw the rupee gaining value,&#8221; said a dealer at a local bank.
> 
> Dealers said healthy remittances from Pakistanis living abroad were also supporting the rupee, but cautioned a widening current account deficit means that the local currency could experience downward pressure in days ahead.
> 
> Pakistan&#8217;s current account deficit surged to a provisional $908 million in September, compared with a deficit of $201 million in the previous month.
> 
> The deficit for the July-September quarter was a provisional $1.209 billion, compared with $597 million in the same period last year, according to data from the State Bank of Pakistan.
> 
> In the money market, overnight rates ended higher at around 11.75 per cent, little changed from Friday&#8217;s close, and dealers said the market was now eyeing Wednesday&#8217;s fortnightly treasury bills auction.



Pakistani stocks gain sharply; rupee firms | Business | DAWN.COM


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## unicorn

*Zardari seeks UAE assistance in free trade agreement with GCC*



> Zardari seeks UAE assistance in free trade agreement with GCC



Zardari seeks UAE assistance in free trade agreement with GCC | Pakistan Today | Latest news, Breaking news, Pakistan News, World news, business, sport and multimedia

UAE FM had come here specifically to talk about Shamsi base, but his excellency President Zardari have other plans.....


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## fatman17

*POL discovers oil, gas in TAL Block*

Published: December 21, 2011 

KARACHI (APP) &#8211; Pakistan Oilfields Ltd (POL) has discovered hydrocarbons in TAL Block in its development well Manzalai-9, which is being drilled and completed in Khyber Pakhtunkhwa Province of Pakistan. 
According to POL sources here on Tuesday, the well has tested 580 barrel per day of oil and 23.3 mmcf gas per day during at 32/64&#8221; fixed choke size at flowing wellhead pressure of 4000 psi in during drill stem test (DST) at Lockhart and Lumshiwal formations. 
Samanasuk formation has tested 716 barrel per day of oil and 6.72 mmcf gas per day during at 32/64&#8221; fixed choke size at flowing wellhead pressure of 1658 psi.
A DST is a procedure for isolating and testing the surrounding geological formation through the drill stem. MOL Pakistan is operator in the Tal Block. The pre-commerciality working interest of Pakistan Oilfields Limited is 25 per cent.

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## Kesang

Pakistani Rupee weakens 4.82pc

KARACHI: The rupee ended almost flat on Friday but has weakened 4.82 percent in 2011, mainly because of import payments and a bleak outlook for the country's economy. Dealers said the pressure is likely to continue in 2012.
The rupee lost 1.53 percent in 2010.
It ended at 89.95/90.00 to the dollar, compared with Thursday's close of 89.96/90.01. The rupee was traded at its record low of 90.03 on Wednesday.
"The rupee remained stable during the first half of the year, but emergence of weakness in the external account...exerted pressure onthe rupee towards the latter half of the year," said Nauman Khan, an analyst at Topline Securities.
The country's current account deficit stood at $2.104 billion in July-Nov compared with$589 million in the same period a year earlier.
The deficit is likely to widen further in the coming months because of debt repaymentsand a lack of external aid.
Islamabad has to start paying back an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, analysts said, its foreign exchange reserves may come under pressure.
More than $1.1 billion are due in the second half of the 2011/12 fiscal year.
Foreign exchange reserves were at $16.77 billion in the week ending Dec. 23, comparedwith a record $18.31 billion as of July 30.
There were also concerns about growing tensins with the West in 2011 which could choke off much needed foreign aid.
The United States is the biggest donor to Pakistan and has allocated some $20 billion in security and economic aid since 2001, much of it in the form of reimbursements for Pakistan's assistance in fighting militancy


Rupee weakens 4.82pc


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## Anish1

One does not want to minimise its importance but, macroeconomics is not all that there is to an economy. Failed reformers have been telling ordinary citizens stretched to the limits of economic survival, ad nauseam, that the fiscal deficit is the mother of all ills. And that the high price of both meat and vegetables, the acute shortage of gas and electricity, the abysmally low quality of education and healthcare are its consequences. The Steel Mills, PIA and the Pakistan Railways fail to perform because of it. Recent presentations by the finance minister, the State Bank governor and the finance secretary before two committees of parliament also focused on this point.
The macro-micro dichotomy appears in its worst form in estimating energy demand. Energy-related ministries have no idea how to go about on the matter. At the Planning Commission, energy is a technical section while economic sections are concerned with macroeconomics, and never do the two work together to estimate the country&#8217;s long-term energy demand. This macroeconomic fetishism is not the monopoly of the official economic team. The media pays more attention to macroeconomic perspectives than microeconomic issues. Partly, the bias results from the compulsion of most reporters to report accurately what policymakers have to say. Editorial writers not trained in economics fall into the same trap, unwittingly allowing officials to set up the economic agenda.


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## SHAMK9

*Wateen to revolutionise communication*

Wateen Telecom, Pakistan&#8217;s leading converged communications company, is proud to announce the launch of its new Freedom Booths, a revolutionary communications medium. *The Freedom Booths, the first of their kind to be launched anywhere in the world* , reflect Wateen&#8217;s capabilities as a leader in converged communication services and exemplify the company&#8217;s data, voice and content creation services.

The applications for the Freedom Booths are limitless. This cutting-edge medium of communications aims to maximise the application potential of the Internet, while helping connect people across the country. The Freedom Booths, which looks like old telephone booths from the 60s, include a laptop fitted with a web camera and a telephone system through which consumers can make voice calls to their loved ones and record the ideas and messages they would like to share with others.

With approximately 1.5 million connections serving a population of over 175 million people, Wateen believes it is necessary to promote the benefits of telecommunications technologies and the Internet to the people of Pakistan. Currently, Wateen has launched the Freedom Booths in select areas with extremely low Internet penetration in order to generate interest in telecom and Internet technology.

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## Hyde

*Pakistani kinnow enters Dutch mainstream market*







WEDNESDAY, 07 MARCH 2012 20:42
KARACHI: A successful in-store promotion of Pakistani kinnow was held at Hanos, Amsterdam on March 2, 2012.

The display and sale of kinnow was jointly organised by Trade Development Authority of Pakistan and Commercial Wing Embassy of Pakistan the Hague in collaboration with Hanos Group, the leading Dutch supermarket chain specializing in Horeca (hotel, restaurant and catering) supplies.

TDAP said that the objective of the promotion was to organise an interactive campaign at point of sale (POS) to introduce Pakistani Kinnow to the Dutch consumers.

In the annual day-long in-store promotion, a grand display of Kinnow was setup near the store entrance and tasting of Kinnow slices and juice was arranged for the consumers.

Simultaneous with the tasting arrangement, the Hanos management offered a price discount on the Kinnow to lure the customers to try and buy the product. The immediate result of tasting arrangement was a three-fold increase in the sale of Kinnow compared with the daily average.

Speaking on the occasion, Head of Fresh Produce Purchase Department in Hanos, Mr Nick said that Hanos had introduced Pakistani Kinnow in the assortment last year. We have found it to be a strong product with immense growth potential, he added.

Commercial Counselor Muhammad Ashraf said that Pakistani Kinnow was repositioned in the Dutch market last year as a juicy mandarin (persmandarijn) and its sale has registered continuous growth in the Dutch mainstream market segment since then. Despite a difficult season for citrus in Europe, Kinnow has successfully penetrated the Dutch market.

Source: Pakistani kinnow enters Dutch mainstream market

---------- Post added at 07:58 PM ---------- Previous post was at 07:55 PM ----------

*PM constitutes committee for recommendations to enhance exports of valuable gems, jewelry*

THURSDAY, 08 MARCH 2012

ISLAMABAD: While appreciating the Export Promotion Strategy of Pakistan Gems and Jewelry Development Company (PGJDC), Prime Minister Syed Yusuf Raza Gilani Wednesday constituted a committee consisting of Secretaries of Finance, Commerce, Production Divisions and Chairman of FBR to submit a summary to the Economic Coordination Committee of the Cabinet (ECC).

*The Committee would suggest recommendations to increase the export of valuable gems and jewelry for which there is big international market to realize the target of $ 5.5 billion by 2016-2017.*

Source: PM constitutes committee for recommendations to enhance exports of valuable gems, jewelry


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## A1Kaid

http://www.thenews.com.pk/Todays-News-3-98168-Pakistani-plastics-have-export-potential


----------



## RiazHaq

A recent book "The Growth Map" features Goldman Sachs' Jim O'Neill's personal account of the BRIC phenomenon, how it has evolved, and where those four key nations currently stand after a turbulent decade.

And the book also offers an equally bold prediction about the "Next Eleven" countries: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam. These developing nations may not seem exceptional today, but they offer exciting opportunities for investors over the next decade, just as BRIC did before them.

The Growth Map: Economic Opportunity in the BRICs and Beyond - Jim O&#39;Neill - Google Books


----------



## Baby Leone

SHAMK9 said:


> *Wateen to revolutionise communication*
> 
> Wateen Telecom, Pakistan&#8217;s leading converged communications company, is proud to announce the launch of its new Freedom Booths, a revolutionary communications medium. *The Freedom Booths, the first of their kind to be launched anywhere in the world* , reflect Wateen&#8217;s capabilities as a leader in converged communication services and exemplify the company&#8217;s data, voice and content creation services.
> 
> The applications for the Freedom Booths are limitless. This cutting-edge medium of communications aims to maximise the application potential of the Internet, while helping connect people across the country. The Freedom Booths, which looks like old telephone booths from the 60s, include a laptop fitted with a web camera and a telephone system through which consumers can make voice calls to their loved ones and record the ideas and messages they would like to share with others.
> 
> With approximately 1.5 million connections serving a population of over 175 million people, Wateen believes it is necessary to promote the benefits of telecommunications technologies and the Internet to the people of Pakistan. Currently, Wateen has launched the Freedom Booths in select areas with extremely low Internet penetration in order to generate interest in telecom and Internet technology.


 
i saw so many freedom booths in my university, first we thought its a sort of some advertisment display..


----------



## kawaraj

RiazHaq said:


> A recent book "The Growth Map" features Goldman Sachs' Jim O'Neill's personal account of the BRIC phenomenon, how it has evolved, and where those four key nations currently stand after a turbulent decade.
> 
> And the book also offers an equally bold prediction about the "Next Eleven" countries: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam. These developing nations may not seem exceptional today, but they offer exciting opportunities for investors over the next decade, just as BRIC did before them.
> 
> The Growth Map: Economic Opportunity in the BRICs and Beyond - Jim O'Neill - Google Books



this is foreseeable and we could call it tidal phenomena.

we have all the good element to be the forefront of the next 11, as long as the WOT end in next year or so.


----------



## Great Sachin

RiazHaq said:


> A recent book "The Growth Map" features Goldman Sachs' Jim O'Neill's personal account of the BRIC phenomenon, how it has evolved, and where those four key nations currently stand after a turbulent decade.
> 
> And the book also offers an equally bold prediction about the "Next Eleven" countries: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam. These developing nations may not seem exceptional today, but they offer exciting opportunities for investors over the next decade, just as BRIC did before them.
> 
> The Growth Map: Economic Opportunity in the BRICs and Beyond - Jim O'Neill - Google Books



This book got bad rating....full of baseless imaginations


----------



## z9-ec

UBL tops performance among big four banks


KARACHI: 
United Bank Limited profits grew by an impressive 49% during January to March 2012, making it the top performing private bank among the big four.

The bank posted net profit of Rs4.87 billion in the first quarter of 2012 against Rs3.27 billion posted in the same period last year, according to unconsolidated results sent to the Karachi Stock Exchange.

In line with the industry trend, the growth was led by jump in non-interest income and a drop in bad loans, said analysts.

The result is at least 16% higher than expectation as analysts expected net profit, on average, to stand around Rs4.2 billion. The deviation stems primarily from higher than expected other income and lower than expected provisioning, according to Global Securities. The result could not help the stock close in the green as all 23 listed banks closed in the red following news of prime ministers conviction in the contempt of court case.

Net interest income (NII)  core area of earnings  grew marginally by 5% to Rs9.6 billion despite contracting margins.
Announced earlier this week, Habib Bank and Allied Bank profits grew by 22% while MCB Bank followed with an increase of 12% during January to March 2012.

UBLs better dividend income from treasury and trading related led overall growth in non-interest income to Rs4.1 billion. The banking industrys focus has recently shifted towards government securities rather than private sector dealing. Allied Bank, one of the top four banks, had 70% of its total investment portfolio skewed towards government securities in 2011.

Fee and commission income also supported non-markup growth, up by 17% while income from foreign exchange declined 24%.
Controlled lending along with improved paying capacity of borrowers after decline in interest rates led overall provisioning to decline to Rs800 million from Rs2.3 billion.

The banks board of directors in its meeting held in Abu Dhabi, UAE also declared an interim cash dividend of Re1 per ordinary share of Rs10.

Lucky Cement profits and foreign projects double

KARACHI: Lucky Cement has managed to increase its profit by 90% to Rs4.69 billion in the current financial year despite production levels staying at the same levels as last year.

The astounding boost was solely driven by selling prices which surged 25% to Rs425 per bag against Rs339 per bag in the same period last year, said Summit Capital analyst Sarfraz Abbasi. Lucky Cement even outpaced its fellow peers when it came to increasing prices, said another analyst who requested anonymity.

The massive increase has been beneficial for the industry, however, it has sparked a debate among builders who question the legitimacy behind the hikes. Association of Builders and Developers of Pakistan on Thursday termed the industry a cartel and decided to protest against the regular price hikes.

Volumetric sales rose marginally by 2% to 4.37 million tons against sales of 4.28 million tons.
Total interest bearing debt reduced by 42% on a quarterly basis as the company repaid debt of Rs2.7 billion on a quarterly basis.

Expansion plans

The company also disclosed its plan to set up a cement grinding facility in Iraq in a joint venture with a local partner. The plant with production capacity of 870,000 tons will cost $30 million of which 50% will be paid by Lucky Cement. The company is already establishing a one million ton manufacturing plant in Congo under a joint venture project.

It also announced plans to buy a 13.8% equity stake in Yunus Energy Limited for $4 million. The company plans to set up 50MW wind farm in Jhimpir, Thatta.

The company also disclosed it would start supplying electricity to Hyderabad Electric Supply Company (Hesco) by May. Lucky Cement has power generation units at production facilities of Karachi and Pezu, KPK, capable of producing around 175MW electricity. Since 2010 both plants installed are contributing additional 22MW electricity converted out of wasted heat it captures and reuses to produce energy.

Reactions: Like Like:
1


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## Nishan_101

Please answer my question:
http://www.defence.pk/forums/economy-development/184585-there-any-new-shares-available-kse.html


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## justanotherdale

*Resource Industry News from the Pakistan Observer *

MQM hails reduction in petroleum prices

Karachi&#8212; Hailing the government&#8217;s decision of reducing the prices of petroleum products, including Compressed Natural Gas (CNG), the Haq Parast members of the National Assembly, urged the government to take more measures aimed at providing further relief to poor people of the country.



Transporters welcome petroleum prices decrease

Quetta&#8212;Transporters bodies of Balochistan have welcomed the government&#8217;s move to reduce the prices of petroleum products and said it would give impetus to economic activities in the country. All Balochistan Bus Federation president Haji Juma Badeni talking tomedia on Saturday described reduction in the petroleum prices, a great relief to the people on the part of the government and said it would help check upward spiraling trend in the prices of essential commodities in the country.


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## Omar1984




----------



## tanzeel736

Omar1984 said:


>


Those growth rates are pretty abysmal for a country that has had a three figure per capita GDP for most of its existence(two figure for the first 20 odd years).


----------



## Introvert

*Pakistan leads world in mango shelving*

By Asad Farooq

KARACHI: Pakistan is considered as a country, lagging behind the developed world regarding science and technology, but the situation was not as much worst as seen, because Pakistan has an edge in treatment of mangoes and its shelving.

Mango is a well-regarded fruit and is known as &#8216;King of fruits&#8217;. Mango appears in local markets as the summer season commences.

Globally, it is one of the most eaten fruits. As many as 11 countries, including Pakistan export mangoes. To meet the global standards, mangoes are treated before export. There are four ways of treatment, out of which three are recognised across the world: hot water treatment (HWT), vapor heat treatment (VHT) and radiation.

There are nine types of bacteria that prevail in mangoes. To kill all of those, in most common way of hot water treatment, mangoes are treated with hot water for one hour, during which the temperature is managed at 75 degree centigrade. Resultantly, the pores at mangoes surface get rupture and its shelving become difficult.

Pakistan has a double edge in regard with treatment and shelving of mangoes. The country has a capacity to treat 15 tonnes of mangoes per hour. Besides this, Pakistani private sector has ability of shelving mangoes for 35 days after treatment, however, the rest of exporter countries could shelve mangoes for maximum seven days.

Recently, Pakistan has achieved another significant achievement in export of mangoes sector. Pakistani has recently initiated to export mangoes to China, which itself is the second largest producer and one among the largest consumers of mangoes.

Though China itself produce mangoes in massive quantity, it still is a vast market for Pakistani mangoes as locally produced mango is small in size and less sweet, however, Chinese people like larger in size and sweeter mangoes and Pakistani types of mangoes all their desired qualities.

AQ Khan Durrani, the owner of treatment plants in Pakistan and exporter of mangoes to China, said while talking to the Daily Times that China is biggest country in term of population and is 2nd largest producer of mango in the world with production of 4.5 million tonnes of mangoes annually. Chinese people like mangoes a lot and while exploring this big market of &#8216;mango lovers&#8217;, Pakistan can earn millions of dollar in fruit sector.

&#8220;China can be the biggest market of Pakistan mangoes and within three years Pakistani export can be doubled,&#8221; he added.

It is pertinent to mention here that the Pakistan produces 1.6 to two million tons of mangoes annually and was ranked fourth to fifth among producer countries of mango. The dire need of hour is that the government should follow and respond to the achievements and strive of private sector, which is going to explore even largest producer countries of mango as consumer market.

Pakistan would become the largest producer and exporter of mangoes due to the quality of local mango, if the government supports the sector. This also would result in very positive impacts on local economy and the position of the country as well.

Daily Times - Leading News Resource of Pakistan


----------



## A1Kaid

I was reading the Economist... Pakistan's latest GDP 2012 figure is 4.2%, industrial production latest March is up by .6% (compare that to Indonesia's which is at .8%), unemployment rate 2011 6.0%


Source Economist magazine June 2, 2012


----------



## Introvert

*Pakistan starts mango exports to South Korea
*
LAHORE: The Pakistan Horticulture Development and Export Company (PHDEC) has started exporting mangoes to South Korea  a big achievement in its endeavours to promote the export of mangoes.

Speaking at a press conference on Tuesday, PHDEC Chief Executive Officer Bashir Hussein said PHDEC worked closely with the Department of Plant Protection (DPP) Pakistan for opening up the South Korean market for mangoes. The company arranged a visit of South Korean quarantine experts to Pakistan and facilitated meetings with relevant institutions, he said.

During the visit, the experts went to examine mango orchards, the irradiation facility of Paras Foods in Lahore and the hot water treatment facility of Pakistan Hortifresh Private Limited, which is a joint venture between PHDEC and Durrani Associates.

Highlighting other efforts, Hussein said this year the company finalised paperwork for mango exports to Australia, which was an open market and PHDECs intervention would make it possible for growers, processors and exporters to ship mangoes.

In this context, an Australian delegation comprising biosafety experts of the Department of Agriculture, Fisheries and Forestry visited Pakistan from May 28 to June 4.

According to Hussein, a mango shipment through sea reached the Netherlands in July and initial reports show that the sea route is going to be the next best option for mango shipments to Europe, which will not only reduce cost but also provide a chance to export the fruit in large quantities.

The shipment to the Netherlands took 26 days and the results were perfectly positive as mangoes were in excellent condition and no trace of withering was found, he stressed.

In 2011-12, the Netherlands imported 537 tons of Pakistani mangoes, three times higher than import of 184 tons in 2010-11.

Responding to questions, Hussain claimed that mango exports were showing a gradual and steady growth as Pakistan exported 75,000 tons in the 2009 season, 85,000 tons in 2010 and 92,000 tons in 2011. This season, exports are expected to remain slightly above 100,000 tons.

Pakistan starts mango exports to South Korea &#8211; The Express Tribune


----------



## A1Kaid

> Pakistan slashes interest rate by 1.5%
> 
> *KARACHI &#8212; Pakistan's central bank on Friday cut its benchmark interest rate from 12 percent to 10.5 percent as it looks to encourage private sector investment.*
> 
> The governor of central State Bank of Pakistan, Yaseen Anwar, said the new rate would come into effect on Monday, at the start of the new working week.
> 
> The bank had decided to give "relatively higher weight" to private sector credit and investment, given that inflation is projected to rise slightly above the target during the current fiscal year, which runs until June 30, 2013.
> 
> He blamed an "unenviable equilibrium of high inflation and low growth" on a protracted energy crisis and "weak fiscal fundamentals", saying that bolstering the balance of payments depends on foreign financial inflows.
> 
> External forecasts for the current fiscal year see the budget deficit rising to about seven percent of GDP, while economists warn the government is running out of ways to fund it and is reluctant to embrace reform with polls looming.
> 
> Some see little alternative to a major financial crisis or a return to the IMF, which bailed out Pakistan with an $11.3 billion loan package in 2008 that ended last November after Islamabad rejected strict reform demands.
> 
> The last time the central bank slashed its benchmark interest rate by 150 basis points, down to 12 percent, was in October 2011.



Source: AFP: Pakistan slashes interest rate by 1.5%


----------



## Abdal Ali

Mangoes would come under Food & Agricultural Exports.

Top Exports of Pakistan, Million USD, 2011	

Textile and Related $13,076
Food & Agricultural	$4,129
Processed Petrochem $1,706
Chemicals and Pharma	$1,090
Leather Manufactures	$895
Ores, Minerals & Cement	$496
Jewellery & Sports $464
Engineering Goods	$423
Software/IT/ITES	$244
REF Total Exports G&S $25,243
REF Total Economy Size	$210,000


----------



## American Pakistani

Abdal Ali said:


> Mangoes would come under Food & Agricultural Exports.
> 
> Top Exports of Pakistan, Million USD, 2011
> 
> Textile and Related $13,076
> Food & Agricultural	$4,129
> Processed Petrochem $1,706
> Chemicals and Pharma	$1,090
> Leather Manufactures	$895
> Ores, Minerals & Cement	$496
> Jewellery & Sports $464
> Engineering Goods	$423
> Software/IT/ITES	$244
> REF Total Exports G&S $25,243
> REF Total Economy Size	$210,000



Dissappointed to see these figures, just 25 billion$ exports of a country having 5th largest population even when almost 75% are under 35 years of age.

Also sad to see Software exports are far less than my expectations, i thought it would be around 1.5 billion$.


----------



## xyxmt

American Pakistani said:


> Dissappointed to see these figures, just 25 billion$ exports of a country having 5th largest population even when almost 75% are under 35 years of age.
> 
> Also sad to see Software exports are far less than my expectations, i thought it would be around 1.5 billion$.



I know someone who works for Pakistan software export board, actual figures are around 1.8 billion now


----------



## Introvert

*UAE investors eye Pakistan sectors *

September 10, 2012

LAHORE: The UAE investors are planning to make investment in Pakistan in different sectors of economy including Cement and Steel sectors.

The Chairman Zarooni Group of Companies, Faisal Muhammad Abdul Karim Al-Zarooni, who was accompanied by Leader of the House in Senate, Senator Jehangir Badr, was talking to LCCI President Irfan Qaiser Sheikh here Monday. 

The LCCI Senior Vice President Kashif Younis Meher and Vice President Saeeda Nazar also spoke on the occasion.

Al-Zarooni said, no doubt that UAE and Pakistan enjoy excellent relations and have bonded in religion, history and culture, and Pakistan was the first country, which recognised the UAE. There is deep cooperation between the two countries in all fields especially in economic and trade sectors.

He said the UAE is the second largest investor in various sectors of Pakistan including banking and real estate, energy, infrastructure, telecommunications, ports, housing and aviation. Raw material import from Pakistan is cheaper than China, therefore, the UAE investors are giving preference to Pakistan, he added.

Leader of the House in Senate Senator Jahangir Badr said that both the countries have huge potential to increase bilateral trade & investment, so the investors of both the sides should join hands to tap this potential.

While, LCCI President Irfan Qaiser Sheikh said that deep friendly ties exist between Pakistan and UAE and both sides are in unison on various international issues. He said that United Arab Emirates is a big economic and trade partner of Pakistan and bilateral economic relations are further expanding with the passage of time. 

He said that Lahore Chamber of Commerce and Industry would be more than willing to facilitate all the UAE investors if they plan to put their money in any new venture in Pakistan.

He said that UAE had played an important role in the rehabilitation of flood affectees during the last flood in Pakistan. He said that the active role of UAE in the public welfare projects and development of Pakistan is commendable.

Irfan Sheikh said the government has evolved a comprehensive strategy for rapid economic development and a special attention has been paid to various sectors including livestock, education, health, communications and information technology, therefore, UAE investors should avail these opportunities.

UAE investors eye Pakistan sectors - thenews.com.pk


----------



## Safriz

Int&#8217;l buyers prefer import of Pak tractor parts 

LAHORE - In engineering sector, only tractor parts makers have managed to export their components throughout the world, including Europe, America, Africa, Sri Lanka, Bangladesh, Afghanistan and India amidst severe energy crisis, security challenges, political instability and world&#8217;s highest interest rate in the country, tractor industry representatives stated.
Mumshad Ali, CEO of RK Gears pointed out that world&#8217;s renowned tractor manufacturing companies preferred to import parts for their tractors from Pakistan owing to their high standard and low cost to make cost effective tractors in world market. He said that Pakistan is currently exporting tractor parts, including gears, engine parts, transmission parts, rims and radiators.
Appreciating the performance of local tractor parts makers, who have presently introduced new technology power steering, turbo charge engine, green engine, electronic display and power brake, said that several foreign companies have failed to compete with Pakistani tractor due to its less cost.
For example, John Den, a US tractor company has flopped in Pakistan to compete local tractor makers, as they were not using domestic cheaper components. Though company imported Chinese tractor parts at zero duty but still they remained uncompetitive to operate.
The EDB, which should be a bridge between the public and private sector enterprises, giving them guidelines to set-up industry and facilitating them regarding latest techniques, has absolutely failed to achieve its target, as its chief has no experience of industry. It is claimed that he is ignorant of local engineering issues, which has witnessed a considerable growth despite unfavourable business-doing conditions in the country. Opposing the extension of Aitzaz Niazi, who is waiting for another term as Chief Executive Officer, Engineering Development Board (EDB), he appealed to the government to appoint a person from the engineering sector who should have enough knowledge of auto industry.
On the other hand, EDB CEO criticises local companies for old technology but the board itself is main hurdle in innovation and research, as earlier it delayed approval of Al Ghazi tractor&#8217;s advanced model of 4/4 for at least one year for unknown reasons, Mumshad said.
Saeed Iqbal, Director Sazgar Engineering, said that if Pakistan tractor industry is compared with the Indian industry, it is just 20 per cent of the India&#8217;s huge engineering sector but Pakistan&#8217;s tinny industry is producing tractor just for Rs600,000 while the same product is being sold in Indian market at Rs1.2 million. &#8220;This shows that Pakistanis are manufacturing tractors at 50 per cent less price than India,&#8221; he reiterated.
Tractor is a most economical agriculture tool in Pakistan as every successive government have given permission to import of tractors but every time it failed due to high price difference. Presently, there is no considerable import of tractor in the country despite the fact that tractors are being imported on zero duty, indicating that customers are availing the facility of cheaper and quality tractors at their doorstep, he claimed. 
Tariq Nazir, CEO of Fabman Engineering, while criticising the statement of EDB Chief Executive Officer who had said that local tractor manufacturers had been using technology of 50s and producing substandard tractors in the country, observed that tractor is a machine not a car, whose models are changed every year. He said that world noted companies are still producing the 1960s model even in Europe. He said that in Pakistan landholding is not huge which requires heavy and modern technology tractors and owners can also afford it. He said that in Europe and the USA, the minimum landholding is 500 acres and their cultivators can afford the modern and costly tractors.
Usman Malik, Kortech CEO, welcomed foreign companies including Belarus Tractor Company in Pakistan, saying that it is in the interest of vendors, as their production and sale will rise due to arrival of new OEMs in the country.
Kortech CEO called for measures to overcome energy crisis, security challenges and political instability. He said that if these factors are not taken into account, they would continue to create problems for the economy in general and for the private sector in particular.
He said that the availability of cheaper liquidity to the business community was need of the hour as in the last five years SBP&#8217;s tighter monetary policy stance in the name of financial discipline had failed to give any results.
He said that the cut in discount rate will not only give boost to local investments because of ease in cost of doing business but foreign investors&#8217; confidence will also go up and they would be willing to put their money in new ventures in Pakistan.

Int


----------



## Introvert

*Pakistan: Kinnow export could reach $100 million *

Although heavy rain has made life difficult for many in parts of Pakistan this year, it has made things easier for kinnow exporters in Punjab. Exports are expected to reach $100 million this year. 

CEO of Harvest Trading and export member of the Islamabad Chamber of Commerce and Industry, Ahmad Jawad said that the recent monsoon had come at the right time, helping the fruit to develop a good quality. 

Quantity as well as quality is expected this season. 

Ground prices, Jawad said, seemed to be a bit on the lower side, but it would be confirmed at the time of price negotiation between the farmer and exporter. Roughly it could be between Rs 600 per 40 kg. "This year again, though, we will not be able to export Kinnow to Iran because of non availability of e-forms by banks, Indonesia and India have been added as new markets for the coming season."

"Over a period of time, Russia and Ukraine have also emerged as leading importers of Pakistani oranges. Total exports to both countries may now contribute almost half of Pakistan's total exports." This though, he said, depended on delivering the fruit at the right time and provided good quality produce.

"Last season, 2011-12, we closed at 0.225 million tonnes against the 0.3 million tonnes target. The losses came as a result of difficulties with the Iranian market due to US imposed trade sanctions." Another reason was that fruits sent by unregistered and new companies to Moscow were sold at $4 to $5 per 10 kilograms against the market price of $6.5 per 10 kg because of huge stocks at the Russian ports.

This resulted in registered exporters incurring a loss of $20 million in Russia. The world market for citrus is valued $2.135 billion in which Pakistan's share has remained at $33 million per annum, around 2.5 percent.

Pakistan: Kinnow export could reach $100 million


----------



## Introvert

*Malaysia seeks increased trade with Pakistan in agricultural sector *

ISLAMABAD: Pakistan was the second largest trading partner of Malaysia in South East Asia last year, therefore both the countries should make efforts to take these relations to a new height by aggressively exploring opportunities for joint ventures in various sectors.

These remarks were made by Dr. Hasrul Sani Bin Mujtabar, High Commissioner of Malaysia to Pakistan, during a meeting with Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry (ICCI).

He said that Pakistan produces quality and affordable agricultural products especially Pakistani rice and mangoes have great demand in Malaysian markets while Malaysia complements this with its expertise and more access to ASEAN trade civility of free trade agreements.

Malaysian High Commissioner was optimistic that bilateral trade volume of Pakistan and Malaysia could be increased by finding new avenues of opportunities and cooperation. He also assured that his country would increase volume of import of Pakistani agro-products which would enhance bilateral trade relation between two countries.

Speaking on the occasion, Yassar Sakhi Butt, President ICCI said that current increase in bilateral trade between Pakistan and Malaysia was subsequent to the signing of FTA between the two countries in 2007 but Pakistan&#8217;s share in the bilateral trade is only $257 million, which has tilted the balance of trade heavily in favour of Malaysia, thus, there is a dire need to balance this gap by increasing export of Pakistani products to Malaysia.

He called on the Malaysian business community to take advantage of vast Pakistani market and investment opportunities in agriculture, construction, livestock and dairy, energy, education, IT and Halal industry sectors.

Yassar Sakhi Butt was of the view that organizing of joint cultural events was the option which could be used to bring people of both nations closer to each other as well as exploit untapped bilateral trade and investment potential in both countries.

ICCI President said that all Muslim countries should further promote and strengthen their economic ties and cooperation for exploiting the existing potential and ensuring maximum possible trade exchange.

Malaysia seeks increased trade with Pakistan in agricultural sector


----------



## Introvert

*45 countries to participate in Exposition Pakistan: Amin*

Around 700 foreign buyers and importers from 45 countries are likely to visit Pakistan next month to attend the country's biggest trade fair, 7th chapter of Expo Pakistan. Expo Pakistan provides an excellent opportunity to participating exhibitors to display the whole range of products, said Amin Fahim Federal Minister of Commerce during a media briefing here at head office of Trade Development Authority of Pakistan (TDAP) on Friday. 

The mega event will help the country in promotion of exports. Expo will also feature Business Roundtable, B2B meetings among foreign buyers and Pakistani exporters. It is hoped that Expo Pakistan shall bring together numerous quality buyers from different parts of the world in a quest to reach out to the prospective local suppliers. 

International participants at the exhibition will also develop new partnership and deepen existing ones, for the benefit of all stakeholders. This will also help in attracting foreign direct investment in the country. In reply to query, the minister said that fashion shows being organised by the government was mainly because of the interest of foreigners specially women who are more interested in fashion and cultural designs in garments. Through this show, Pakistani fashion designs/ garments could get better share in the international markets. 

To another question, he said that the 'trade officers' abroad who have completed their four years' term, have been another one month extension only to facilitate the visit of foreign buyers to the Expo. They would be finally come back to the country after the event. 

Talking about the decreasing trend in exports, the minister claimed that there was a wave of inflation across the world, which has affected demands in major countries. Besides the poor law and order situations mostly shown by our media were defaming the country's image abroad resulting in slow down in economic activities in the country. Much coverage to negativity was adding to negative growths in trade activities. To another question, Amin Fahim claimed that many allegations made about his ministry and government has been proved wrong. 

The Minister was accompanied by Tahir Raza Naqvi, Chief Executive (CE) TDAP, Abdul Kabir Kazi, Acting Secretary TDAP and other officials. Later, exclusively talking to Business Recorder, CE TDAP said that the authority has made all arrangements to make the 7th Expo Pakistan scheduled to be held from October 4 to 7 2012 successful event. 

This year over 260 plus exhibition stalls of various sizes shall be seen in six big halls of Expo Center Karachi. Besides exhibit stalls, B2B meetings shall be facilitated by provision of specific Meeting Cubicles prepared for this purpose. TDAP has made full preparations to make the show a truly one stop sourcing event for foreign buyers and the local exhibitors. 

The show is poised to provide enhanced business opportunities to Pakistani entrepreneurs and exporters. According to him, so far, Expo Pakistan has received confirmations from more than 700 international buyers from around 45 countries. Moreover, the leading Pakistani exporters representing textiles and clothing, engineering, agro food, surgical, pharmaceutical, sports goods, IT, home & decor, handicrafts, and jewellery sectors, have confirmed their participation. Almost 80 percent of stalls have been booked so far. 

A large number of foreign buyers are expected to show up. This year more than the last year's estimated import orders are expected. He said that the authority was going to frame a system of recording follow up orders both local exporters and the foreign visitors. 

According to him, Fashion Shows are planned to be held on the first two days of the Expo, where Pakistani products including Handicrafts, Garments, Jewellery, Leather shoes and other leather products, shall be displayed. For the first two days of the Expo, would be for foreign visitors while the last day of Expo has been declared a Families Day. Exhibitors shall be allowed spot sale on the last day. This year some foreign companies especially from Japan and China are also participating in the Expo Pakistan. The foreign buyers were mostly from China, Japan, UK, USA, France, Brazil, Greece, Argentina, Belgium, South Africa, South Korea, Poland, Malaysia, Nigeria, New Zealand, Panama, India, Hong Kong, and Columbia.


----------



## A.Rafay

*North Korean envoy for enhancing trade ties with Pakistan*
ISLAMABAD - Pakistan has diplomatic and economic relations with North Korea but bilateral trade is still below the potential and both countries should work closely to explore the untapped areas.
North Korean Ambassador, Ro Kyong Chol, made these remarks while talking to President Islamabad Chamber of Commerce and Industry, Yassar Sakhi Butt, during his visit to ICCI. He exchanged views on common interests and agreed to strengthen economic relations between the two countries.
He said that North Korea has abundance of natural resources like coal, limonite, steel, graphite and lead and has the largest open-air iron mine and offer lucrative incentives to foreign investors. Ambassador said that the business communities of Pakistan and North Korea have to play a vital role for promotion of bilateral trade and their greater mutual interaction is needed to achieve the ultimate objectives.
In his welcome address, Yassar Sakhi Butt, President ICCI said that by increasing people to people contract, bilateral trade between Pakistan and North Korea could be enhanced. 
He suggested that cooperation could be enhanced in petroleum, energy, tourism, surgical, sports goods, textile, agro, pharmaceutical and marble sectors.
ICCI President said that North Korean capital and technology combined with Pakistani manpower in diverse sectors such as textiles, leather, construction, telecommunications, pharmaceuticals and IT could create synergy in manufacturing and service sectors, which would be mutually beneficial for both the countries.
He said that marble and granite sector was fast growing sector in Pakistan with huge investment potential, adding that North Korean business community should come forward and invest in marble and granite industry.
Yassar Sakhi Butt said that exchange of sector-specific trade delegations and a proactive involvement of business community of both the countries could enhance bilateral trade relations between North Korea and Pakistan.
North Korean envoy for enhancing trade ties with Pakistan | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia

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## RabzonKhan

*Ishq-e-Rasool Day: Economic damage could be as high as Rs76b*

The Express Tribune 
By Farhan Zaheer / Farooq Tirmizi
Published: September 22, 2012


*KARACHI: Business shutdowns on account of Love of Prophet Muhammad (PBUH) Day have cost the national economy close to the tune of Rs76 billion, a number that does not include the cost of the property damage due to the many protests that turned violent throughout the country.* 

Economic analysts who spoke to The Express Tribune on the condition of anonymity said that their estimates are based on average economic output of a given workday. Given the near total shutdown of the entire economy, with hardly any businesses open, they estimate that the economy lost as much as Rs76 billion in economic output.

The Karachi Chamber of Commerce and Industry estimates that the shutdown of the commercial capitals industrial zones alone cost the economy close to Rs14 billion in losses. That hefty loss, however, was not even close to being the bulk of the losses in Karachi, since despite having the largest industrial base in the country, Karachis economy is mostly services based, which were shut down almost completely throughout the city.

Leading industrialists in the city said that they had shut down their businesses to show solidarity with the nation, especially since it was declared a federal holiday by the government. But many nonetheless expressed frustration at the fact that most of the protests against the blasphemous movie  made in the United States, and completely unavailable in Pakistan since the YouTube ban  had turned violent, causing massive property damage, in addition to several fatalities.

Business lobbyists, however, were keen to show their support of the protests, even as they decried their violent nature. It is no ordinary matter that caused the government to declare a public holiday, said Ehtesham Uddin, chairman of the Korangi Association of Trade and Industry, a leading business lobby in Karachi. The issue of the anti-Muslim film is sensitive and we understand the sensitivities of the nation on this matter.

Many others also expressed what seemed to be a fear of arousing religiously motivated anger against their businesses and cited that fear as a reason for their decision to close their businesses. Many of the people who spoke to The Express Tribune for this article declined to be named, for fear of being targeted as being insufficiently the film.

It is a religious issue, said the chairman of an industrial association who do not want to be named, Nobody can afford any misunderstanding with their workers at this time.

*Exporters had a particularly tough time, since many are often selling in highly competitive markets where their ability to deliver orders on time is a critical element to succeeding in the business. The closure of both ports in Karachi badly hurt their businesses.*

*Yet the closure of business alone was not what hurt the exporters. But more than anything else, the arson and looting that we saw on Friday is more dangerous for our image and our clients in outer world, said one leading exporter in Karachi who wished to remain anonymous.*

The closure of the ports, in addition to the shutdown of mobile communications nationwide, is also likely to have a negative impact on the governments collection of tax revenues, since the overwhelming bulk of government revenues still come from the port. No estimates were immediately available of just how much the government is expected to lose.

Traders in Karachis old city, which hosts the largest wholesale commodity markets in the country, said that the one-day shutdown likely cost them between Rs3 billion and Rs5 billion in lost business.

The closure of the wholesale markets is also how Fridays shutdowns affected the rural economy: while nearly all of the violence and unrest took place in cities, it also shutdown the urban and semi-urban markets that the rural economy relies on to sell their products. Without those markets, economic activity even in rural areas ground to a halt, even though there were no reports of violence in villages.


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## A.Rafay

*Poor water, sanitation quality costs kitty Rs 343b annually​*ISLAMABAD - Contaminated drinking water and insufficient sanitation facilities cost the national kitty Rs 343 billion annually in terms of ailments and environmental degradation. Experts at a Donors Debriefing Session, organized by the Ministry of Climate Change on Thursday, said that poor water quality and insufficient sanitation related losses that stood at Rs 112 in 2006 had increased to Rs 343 billion annually making that four percent of the GDP. Opening the session for discussion, Secretary Climate Change Mahmood Alam called upon the donors to help Pakistan execute water and sanitation related projects to meet its Millennium Development Goals (MDGs).
He said that according to a World Bank Study of 2006, annual total environmental losses were recorded at Rs 365 billion with Rs 112 billion losses due to poor water quality and sanitation facilities.
But, these losses have now risen to Rs 343 billion that incur on curing the water borne diseases like diarrhea, hepatitis, malaria and infant mortality caused by lack of proper water and sanitation system.
Mentioning various commitments and measures taken by the government, the Secretary said that the government was embarking on the implementation of the National and Provincial Sanitation and Drinking Water policies.
We have been successful in undertaking the UN initiative on Global Analysis and Assessment of Sanitation and Drinking Water (GLAAS), he added.
Evolving workable strategies and policies that benefit poor villagers for whom the clean water and sanitation facilities remain a dream, were discussed.
In his concluding remarks, Director General Environment at Ministry of
Climate Change, Jawaid Ali Khan reiterated the governments commitment to pursue the water and sanitation agenda at the global and regional level.
The challenge is serious and we need to pool efforts to achieve MDG targets. This needs continued and concerted efforts.
He said that the government valued its partners and would continue playing the role of a facilitator to accommodate them in their projects as much as possible.


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## SHAMK9

Didn't know where to post this so i will post it here





55 passenger coaches handed over to PR by China.


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## Introvert

*Czech group prepares to launch Euro 600m steel venture in Pak*

An announcement here on Sunday said that a delegation of Santex Pakistan Limited (SPL) apprised Murad Ali Shah, Sindh Finance Minister, and Muhammad Zubair Motiwala, Chairman Sindh Board of Investment (SBI), about the establishment of steel billets making Plant of 1.2 million ton capacity per annum and 300 MW coal-fired power plant during a meeting at the Sindh Board of Investment.

It said that the project will be launched at Bin Qasim close to Pakistan Steel Mills. Santex Pakistan Limited is a subsidiary of Santex Group based in Czech Republic.

The meeting was chaired by Sindh Finance Minister along with Chairman SBI and was attended by Secretary Finance, Secretary Coal and Energy Department, Secretary Energy, DG SBI and other government officials. Brig (R) Ashraf Executive Director SPL further informed the participants that a cooperation agreement with the suppliers has been concluded and project financing has already been secured on this month during the recent Bron International Trade Fair in Czech Republic.

SPL has also arranged the full amount of equity for the project and is planning to formally announce the project and financial close during the month of October 2012 at a befitting ceremony in Prague.

Explaining the salient features of the project it was told that 300 MW power plant has excess capacity of more than 150 MW, which will subsequently be made available to the national grid. It is expected that project will be completed in 30 months time i.e. by June 2015.

Murad Ali Shah appreciated SPL for bringing such a huge project and FDI in Pakistan and assured complete support of the Government of Sindh in the project at all levels.

SPL Team expressed their complete confidence in Pakistan and thanked the Minister and Sindh Board of Investment for their patronage and assurance of support for this venture.

Czech group prepares to launch Euro 600m steel venture in Pak


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## Introvert

*Fruity delight: Pakistani mangoes popular in Kashmir*

Mangos received from Pakistan in trade across the Line of Control (LoC) are selling like hot cake due to the high quality of the fruit, Cross-LoC Traders&#8217; Association President Pawan Anand has said in an interview to the Kashmir Media Service.

He said the mangos had reached markets after the local mango season was over, but were still selling at a considerably high price of 80 Indian Rupees per kilogramme.

Bhola Ram, a local fruit vender in Rajouri, said &#8220;We earn a handsome amount by selling these mangos, as people are eager to buy these without much bargaining.&#8221; While talking to the press, the Cross-LoC Traders&#8217; Association president also expressed his concern over the decline in traded items.

Fruity delight: Pakistani mangoes popular in Kashmir &#8211; The Express Tribune

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## Introvert

*48-member Malaysian delegation to attend Expo Pakistan*

ISLAMABAD - A 48-member strong delegation of Malaysian entrepreneurs and businessmen is scheduled to attend the 7th edition of Expo Pakistan to be held in Karachi from October 4-7.
The participation of such a large delegation from Malaysia which had the largest foreign representation in Expo Pakistan last year as well, is a clear manifestation of the trust and confidence the Malaysian business community has in the Pakistani market and I am sure the visit would pave way for more business matchmakings and economic collaborations, said Acting High Commissioner for Pakistan to Malaysia Mohammad Nadeem Khan while addressing a pre-visit briefing arranged by the Commercial Section of the Mission for the Malaysian delegates here in Kuala Lumpur. Nadeem told the Malaysian delegates that the Expo Pakistan 2012, held every year at Karachi Expo Center, was the premier trade fair in Pakistan, which showcased Pakistans trade and manufacturing potential. 

48-member Malaysian delegation to attend Expo Pakistan | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia


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## Introvert

*Pakistan&#8217;s exports to Malaysia jump from $125m to $257m*

ISLAMABAD &#8211; A 48-member strong delegation of Malaysian entrepreneurs and businessmen is set to attend the 7th edition of Expo Pakistan to be held in Karachi on 4-7 October 2012. &#8220;The participation of such a large delegation from Malaysia which had the largest foreign representation in Expo Pakistan last year as well, is a clear manifestation of the trust and confidence the Malaysian business community has in the Pakistani market and I am sure the visit would pave way for more business matchmakings and economic collaborations,&#8221; said Mohammad Nadeem Khan, Acting High Commissioner for Pakistan to Malaysia, while addressing a pre-visit briefing arranged by the Commercial Section of the Mission for the Malaysian delegates here in Kuala Lumpur. Mr. Nadeem told the Malaysian delegates that the Expo Pakistan 2012, held every year at Karachi Expo Center, was &#8220;the premier trade fair in Pakistan, which showcases Pakistan&#8217;s trade and manufacturing potential&#8221;. The event which started in 2005 has now transformed into a mega event and offers an opportunity for the businessmen across the world to meet each other and avail best opportunities, he said. He disclosed that interfacing of businessmen participating in last year&#8217;s event had resulted in concluding business deals worth US$518 million as compared to $80 million in the preceding year. As a result of the Expo Pakistan last year, 70 MoUs were signed between counterparts associations & chambers while over 600 buyers from 52 countries participated in the event which also drew in excess of 11,000 business visitors to 300 stalls spread over five halls. Dilating upon the bilateral trade ties between Pakistan and Malaysia, Mr. Nadeem Khan said both Pakistan and Malaysia had signed a Free Trade Agreement which had been operational since January 2008. The FTA was Pakistan&#8217;s first comprehensive agreement encompassing trade in goods, services, investment and economic cooperation. &#8220;This Agreement is a timely initiative by both the governments to deepen existing economic and trade relations between them ...it provides market access to a number of items originating in both countries and allows the private sector to explore long-term and sustainable trade and investment opportunities,&#8221; he said. He pointed out that since the implementation of FTA, bilateral trade had witnessed a steady increase. In 2008, our bilateral trade was US$ 1.8 billion, which has now increased to US$ 2.8 billion. &#8220;Pakistan&#8217;s exports to Malaysia jumped from US$ 125 million to US $ 257 million, whereas imports increased from US$ 1.7 billion to US$ 2.5 billion,&#8221; he said, adding &#8220;the increase in bilateral trade may be a source of satisfaction but we believe it is still much below the potential of both countries and more needs to be done to take it to the desired level&#8221;. The Acting HC also touched on Pakistan&#8217;s trade deficit with Malaysia which had also increased after the implementation of the FTA. &#8220;At the time of the signing of the Agreement, our deficit was $ 1.6 billion, which has now jumped to almost US $2.5 billion,&#8221; he said, adding &#8220;the main reason for this growing deficit is the increased imports of palm products, for which we have provided enhanced market access to Malaysia&#8221;. He said Pakistan was the world&#8217;s second largest importer of palm oil after China. &#8220;However, there is a need to restore the balance of trade by offering Malaysian Government to import more rice and beef from Pakistan .. their annual imports have been growing over the years placing Pakistan in a position to bridge the gap between their supply and demand,&#8221; he added. Nadeem Khan urged the Malaysian businessmen to use the occasion of Expo to explore Pakistan and see for themselves the opportunities for trade and investment in Pakistan. &#8220;I may go on extolling the virtues of trading with Pakistan, but you won&#8217;t be convinced unless you see the things for yourself,&#8221; he said, urging the delegates to approach Pakistan with an open mind and not let yourself be influenced by negative propaganda fed by the western media. He said &#8220;there are a number of multinational companies which had done very well in Pakistan and I am sure you will also get a good value for your money&#8221;. &#8220;I would urge all of you to take maximum advantage of this opportunity to know more about Pakistan and Pakistani products,&#8221; he added. Later, Pakistan Commercial Counselor Mr. Wajihullah Kundi briefed the delegates on the arrangements made by Trade Development Authority of Pakistan, the organizer of Expo Pakistan, on providing a business-friendly atmosphere to the Expo delegates. He thanked the Malaysian delegates for their interest in attending the Expo Pakistan, and particularly singled out those who were attending the event for the second consecutive year. 

Pakistan


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## Introvert

*Kingdom-Pakistan trade surged to SR 18 bn in 2011*

ISLAMABAD: ARAB NEWS

Thursday 27 September 2012

Trade exchange between Saudi Arabia and Pakistan rose 31 percent to SR 18 billion in 2011 compared to the previous year, Commerce and Industry Minister Tawfiq Al-Rabiah announced yesterday. Addressing the Saudi-Pakistani Joint Commission, he expressed his optimism that the meeting would boost commercial and economic relations between the two OIC countries. He urged Saudi and Pakistani businessmen and women to make use of the huge investment opportunities in both countries.
"We have to work together to mobilize our untapped potentials in various sectors including trade, investment and information technology for the welfare and progress of people in our countries," the Saudi minister said. He said Saudi and Pakistan businessmen could play a big role in accelerating the economic progress of their countries by entering into joint ventures in vital sectors, making use of incentives offered by governments.
Al-Rabiah underscored the deep-rooted relations between Saudi Arabia and Pakistan and thanked Islamabad for hosting the commission's 9th meeting. Pakistan's Commerce Minister Amin Fahim led his country's delegation during the talks.
Al-Rabiah commended the contribution of more than a million Pakistani expatriate workers to the Kingdom's development. "We receive about 200,000 Haj pilgrims and 500,000 Umrah pilgrims from Pakistan every year."
The Saudi minister arrived here last night at the head of a large business delegation. During the commission meeting, Pakistan will seek Saudi support to finalize Pak-Gulf Cooperation Council negotiations on free trade agreement and investments in various sectors.
According to informed sources, the two sides would take up issues ranging from trade to investment and cooperation in energy during the two-day Islamabad talks.
The discussions will also cover cooperation in banking, industry, investment, power sector, energy, petroleum products and infrastructure, one source said.

*Pakistan and Saudi Arabia enjoy excellent relations. The close geographical proximity, historic trade ties, religious affinity and the complementary nature of economic needs have created a strong bondage of trust between the two countries. In addition, there is a convergence of views and interests of the two countries on most of the regional and international issues. In the trade sector, Pakistan and Saudi Arabia maintain good relations that are improving with the passage of time. The Kingdom is among the top 15 major export destinations of Pakistan. Saudi-Pak annual bilateral trade stands at nearly $ 5 billion. Major items of exports from Pakistan to Saudi Arabia include raw cotton, cotton yarn, cotton cloth, readymade garments, bed linen, towels, tents and canvas, art silk and synthetic textiles, leather garments, furniture, carpets and rugs, footwear, sports goods and surgical goods, rice, fish, fruits, vegetables, spices, biscuits, jams, and juices.*

*Pakistan imports petroleum from Saudi Arabia. Other imports from Saudi Arabia include petrochemicals, organic chemical products, plastic and plastic products, fertilizers, steel products, electrical equipment and materials, raw skins, tanned leather, boilers and heavy equipment, copper and copper products, aluminum and aluminum products, chemicals (in-organic), components, precious metals, steel castings, tractors and other floor coverings of man-made fibers, various chemical products, rubber and rubber products.*

There are more than 350 Pakistani investors in the Kingdom who have obtained licenses from Saudi Arabian General Investment Authority (SAGIA) and have established companies in various fields of construction and services.

Major joint venture investments both in Saudi Arabia and Pakistan include companies like HUBCO, Pak Electron, Attock Cement, National Tiles and Ceramics, Saudi-Pak Industrial and Agricultural Investment Company, Prime Commercial Bank, Falcon Cement, Attock Oil Refinery, Pak-Arab Refinery, Pakistan Cables Limited, Faisal Islamic Bank, Sanaullah Woolen Mills, Al-Dahlawi Sana Co. for manufacturing Surgical Strings, National Fabric Products Factory, United Spinning & Textile Factories Co., Al-Olyan Descon Engineering Co.

Kingdom-Pakistan trade surged to SR 18 bn in 2011 | ArabNews


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## Introvert

*Korea for further expanding ties with Pakistan *

KARACHI: Korea is keenly looking forward to further expansion of its relations with Pakistan.

This was said by Consul General of the Republic of Korea in Karachi, Ki Lee, at a reception hosted by him to celebrate the National Day of Korea on Wednesday evening.

Lee said that Pakistan was well-known to the Korean people as the home of the Indus civilization and a long history of culture spread over thousands of years as well as being the birth place of Buddhism.

He said, to further introduce Korea in Pakistan, a Korean food festival will be held in November and a music festival will also be organized later.

The Korean diplomat said that many Korean corporations were working in Pakistan and that his country was helping to improve Pakistan's economy.

He concluded by saying Korea would always stand by the Pakistani people in their difficult times.

Sindh Assembly Speaker Nisar Khuhro who was chief guest at the reception said Korea had done wonders in the world and had traveled a long way on the path to development.

He said Pakistan could learn a lot from Korea in this respect and benefit from the Korean experience.

Khuhro said Korea can help Pakistan in many sectors and they would find the Pakistani people resilient and willing to work hard to change their fortunes. He added that the Pakistani people appreciated and welcomed the Korean efforts to support Pakistan's efforts to improve its economy.

Federal Minister Dr Farooq Sattar said on behalf of the people and government of Pakistan that he wished the Korean people a happy National Foundation Day.

He added that Pakistan had a great future ahead which could be further enhanced if they followed Korea's example in improving the economy.

Korea for further expanding ties with Pakistan


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## Introvert

*Pakistan, Sri Lanka trade crosses $400mn: envoy *

KARACHI: Pakistan- Sri Lanka trade has more than doubled in the last few years to $ 400, but potential exists to take it much higher.

This was said by Sri Lankan Consul General in Karachi, D.W. Jinadasa, at a reception hosted by President Pakistan-Sri Lanka Business Forum, Tarek Moinuddin Khan, in honour of the 18-member delegation visiting Karachi to participate in the 7th Expo Pakistan Exhibition.

Jinadasa said Sri Lanka was a growing market with great potential and invited Pakistani businessmen to explore the opportunities presented by Sri Lanka.

He added the Sri Lankan people had great regard for Pakistanis and considered them close friends.

The Sri Lankan diplomat said of late there had been renewed interest shown by Pakistani businessmen in tourism industry and real estate development.

President Pakistan-Sri Lanka Business Forum, Tarek Moinuddin Khan, welcomed the Sri Lankan delegation and said much more can be done to reflect the close relations between the two countries.

He added that trade relations between the two countries would continue to improve.

Leader of the Sri Lankan delegation, Rohitha Thilakaratne, said he was happy to be in Pakistan once again, and the 18 members of his delegation were here to promote bilateral trade besides developing staunch economic and social links.

Thilakaratne said the delegation was showcasing food, spices, coconut products besides industrial material and rubber tyres.

He said more than 25 Pakistani companies were operating in Sri Lanka.

http://www.brecorder.com/pakistan/b...tan-sri-lanka-trade-crosses-400mn-envoy-.html


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## Introvert

*Govt to pursue China for duty-free carpet export*

LAHORE - Federal Textile Minister Makhdoom Shehabuddin has said that the government will provide all out support to carpet industry with a view to enhance export.He was speaking at an opening ceremony of the three-day Carpet Exhibition organised by the Pakistan Carpet Manufacturers & Exporters Association here at Expo Centre on Sunday. Besides PCEMA Vice Chairman North Muhammad Saeed Khan, Exhibition chief coordinator Aslam Tahir, Association&#8217;s former chiefs, including Maj (r) Akhtar Nazir Cooki, Sheikh Khalid Saeed and Mian Javedur Rehman also spoke on the occasion.The federal minister said that the Carpet Exhibition is a step in right direction to promote trade and economy. He said that government has taken many business friendly initiatives to attract foreign investment. He said the government also offers lucrative investment opportunities for local investors.Pakistan has to make an extra effort in promoting exports by arranging trade fairs and exhibitions, he emphasised. He said the stability of our economy will help us to overcome many challenges facing our country particularly war against terrorism.World considers wrongly that insurgency is spreading across the country in Pakistan while fact is that it is limited to less than one per cent area of the land. He said Islam is a religion of peace and preaches the lesson of harmony. Responding to questions of media after his address, Makhdoom Shahab disclosed in a satirical way that he was intentionally caught in ephedrine case by his &#8216;well-wishers&#8217; just to keep him out from prime ministership. To another question, the federal minister said that government is all along with the carpet industry and pursue the Chinese authorities to exempt the Pakistani handmade carpets from import duty, bringing it under zero-rated in China.He asked the Pakistani business community to take full advantage of the entry got in Chinese handmade carpet sector.&#8220;Instead of looking towards United States and European Union the Pakistani exporters should now focus on China to take trade relations to a new height by aggressively exploring opportunities for joint ventures in various sectors including hand-knotted carpets.&#8221;He said the economy of the country is growing at a fast pace and we need trade rather than aid for further stabilising our economy. Earlier, PCMEA Chairman Shahid Rasheed Malik observed that that Pakistan&#8217;s carpet export to Europe and China was declined by over 55 per cent which can be compensated by export to China, where this handmade product is in great demand. He said that Commerce as well as Textile Ministry and TDAP have also realised the importance of this point.Demanding special initiatives, he asked the government to finance the carpet industry to open warehouses and retail outlets abroad including China.PCMEA leaders including Akhtar Nazir Cooki, Sheikh Khalid Shaeed and Mian Javedur Rehman said, presently, China is the largest carpet buyer of Pakistan, as over 900,000 feet record size of handmade carpet was sold in a single Pakistani exhibition in China.We are struggling for the enhancement of Pakistani carpet export to China, they maintained. They stated that China, Dubai and Germany are the classic examples of well organised international trade fairs/centers, where businessmen from all over the world used to attend.In order to strengthen the efforts to promote Pakistan&#8217;s cultural heritage, the Government must allocate substantial amount from its annual development budget (PSDP) for promotion of carpet industry, they opined. They said that carpet exhibition could help put the economy on track because fairs were the key to exhibit the untapped potentials of Pakistan and to introduce Pakistan&#8217;s products in the world market.They said that the Carpet Show 2012 has become the largest showcase of Pakistan&#8217;s handmade carpets. The event is being visited by a large number of buyers from across the world while over 50 national manufacturers have also displayed their products in the exhibition.

Govt to pursue China for duty-free carpet export | The Nation


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## Introvert

*Italian Chamber to set up offices in Pakistan by year-end*

LAHORE: The Italian Chamber of Commerce will start working in Pakistan by the end of this year and initially it will set up its office in Karachi while other chapters will be established later in cities like Lahore, Italys Ambassador to Pakistan Adriano Chiodi Cianfarani has announced.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday, the ambassador said the Italian Chamber offices were being set up in Pakistan to promote trade and economic activities between the two countries.

*He pointed out that a number of leading Italian oil and energy companies were operating in Pakistan and more would soon be putting their money here. Italy would like to cooperate with Pakistan in renewable energy, especially solar energy, as it has been cooperating with other countries in this field, he stressed.*

*Underlining the need for frequent exchange of trade delegations for promotion of trade and investment, Cianfarani said a big Italian trade delegation would soon visit Pakistan to have first-hand knowledge about available opportunities.**Italy, a major export market of Pakistan in Europe, comes third in terms of trade with Pakistan. Germany and the UK hold the first and second positions whereas France is at fourth.*

*Average bilateral trade between Pakistan and Italy stood around $1.2 billion from 2009-2011 and has been in favour of Pakistan for the last two years. In 2011, Pakistans exports to Italy accounted for 3.1% of total exports, standing at $777 million. Italy has supported Pakistans bid for a free trade agreement with the European Union. It is because of such support that from January 2014, Pakistan will begin drawing benefits of Generalised System of Preferences-plus status.*

Speaking on the occasion, LCCI President Farooq Iftikhar invited Italian investment in the energy sector, describing it as one of the most lucrative areas for foreign investors. Pakistan is in dire need of foreign investment in the energy sector, which will give rich dividends, he said.

Iftikhar highlighted the export potential of Pakistans quality fashion garments particularly those made of finest leather, sports goods, etc. Likewise, Pakistan can supply organic as well as inorganic fresh fruits and vegetables.

He suggested that both sides should aim to double trade figures by 2015 with the help of efforts from the public and private sectors. In this regard, the two countries should work together to organise catalogue exhibitions, exchange trade information and organise visits of trade delegations on a reciprocal basis.

Italian Chamber to set up offices in Pakistan by year-end &#8211; The Express Tribune

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## Introvert

*Iran-Pakistan trade to hit $3 billion*

TEHRAN - Iran-Pakistan trade targeted to hit dollars three billion a year, Deputy head of Foreign Trade Development Houshang Rezaie Tamrin said on Tuesday.
Tamrin told IRNA that Iran-Pakistan currently stands at less than one billion dollars and planning has been made to augment the figure to three billion dollars in light of abundant opportunities in the field of trade and economic cooperation.
He said common geographical borders as well as religious affinities are among other factors which give impetus to enhance level of trade.
He added that specialized meetings, to be organized by the two sides, would help upgrade knowledge of the two countries&#8217; traders about the grounds for economic cooperation.
He noted that a trade delegation will soon be dispatched to Pakistan later this year for the purpose. 

Iran-Pakistan trade to hit $13 billion | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia


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## luckycharm

Happy to see Pakistan building its trade agreements with Iran, India and Sri Lanka... this is the way forward to go

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## Introvert

*Pakistan, Bosnia agree to promote bilateral ties*

ISLAMABAD: Pakistan and Bosnia on Tuesday agreed to enhance bilateral ties in various fields, especially defence, trade and investment with promoting exchange of visits at various levels between the two countries.

President Asif Ali Zardari and his Bosnian counterpart Bakir Izetbegovic addressing a joint press conference following talks at the Presidency said both countries agreed there was great potential to be explored to enhance bilateral trade and cooperation in various fields, including defence, energy and trade.

President Zardari said, "We agree that there is great goodwill in the hearts of the people of our two countries that will help in further increasing relations." He said there was also a need to transform the goodwill into concrete cooperation.

Zardari said, "We appreciate the interest of Bosnian University of the Presidency to explore possibilities for cooperation in the educational field." He said both the presidents discussed global issues of common concern, including terrorism, extremism and narcotics.

Referring to cooperation in trade, the president said an MoU had been singed between the Foreign Trade Agency of Bosnia and the Federation of Pakistan Chambers of Commerce and Industries. He said, "We hope that Preferential Trade Agreement (PTA) being negotiated between the two countries would also be finalised soon. The second round in these negotiations is expected to be held later this month."

Bosnian President Izetbegovic, while replying to a question, said Bosnia and Pakistan could cooperate in the energy and banking sector also to promote trade and economic activities.

President Zardari during his one-on-one meeting with President Izetbegovic said Pakistan valued its relations with Bosnia and Herzegovina and called for further strengthening cooperation between the two countries in all fields, especially economic and commercial realm. The president assured his Bosnian counterpart of all-out support and cooperation of Pakistan's government in boosting bilateral trade ties. The two leaders shared common concerns on terrorism and extremism and agreed on increased sharing of intelligence between the two countries in this regard. President Zardari reiterated that militancy and heroin were nurtured by the international community as a war weapon and called upon the world to share responsibility and come forward to help Pakistan in curbing militancy and narcotics in the region.

Commenting on defence ties between the two countries, the president valued bilateral cooperation and understanding in defence field and asked for further enhancing defence cooperation. He termed the signing of an MoU in defence cooperation between the two countries a significant step. 

Pakistan, Bosnia agree to promote bilateral ties - PakTribune

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## Introvert

*Pakistan, Afghan trade reaches $1.5b*

Kabul&#8212;Balance of trade between Afghanistan and Pakistan has reached one and a half billion US dollars.

This was revealed by Khanjan Alekozai deputy chairman of the chambers of commerce and industries of Afghanistan and deputy head of joint chambers of Afghanistan and Pakistan in a joint meeting of the Afghan and Pakistan traders held in Kabul, reported BNA news agency.

The aim of the meeting was to seek ways for overcoming the problems of traders&#8217; further expansion of trade and economic relations between Afghanistan and Pakistan.

At the start of the meeting Khanjan Alekozai deputy chairman of the chambers of commerce and industries of Afghanistan and deputy head of joint chambers of Afghanistan and Pakistan said that the balance of trade between Afghanistan and Pakistan reaches one and half billion US dollars, the major portion of which is import of Pakistan goods to Afghanistan and Afghanistan&#8217;s exports makes around USD 200 million.

Zabeer Motiwal head of the delegation and chairman of the chambers of commerce of Pakistan talked of the trade facilities for foreign investments in Afghanistan and added that the Pakistan traders and investors are prepared to jointly and individually invest in Afghanistan.

He added that the present problems in trade sphere can be resolved by the government authorities.

Muzamel Shinwari deputy minister for trade of the commerce and industries said that the ministry of commerce and industries supports the activities of joint chambers of commerce of Afghanistan and Pakistan and is prepared to solve the problems of the traders with the government authorities of the two countries.

At the end of the meeting the 35-member Pakistan delegation were divided in several parts and discussed with the Afghan traders about trade in carpets spheres, pharmaceutical, fresh and dry fruits, precious and semi-precious stones, construction materials, food and marble stone.

Pakistan, Afghan trade reaches $1.5b


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## Abu Zolfiqar

would be interesting to quantify 'unofficial/undocumented/informal' trade between Pakistan-Afgh.

(easier said than done)


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## Introvert

*Japanese companies keen to invest in Pakistan*

ISLAMABAD: Japan on Tuesday termed Pakistan investment policy as best in the region and said Pak-Japan Bilateral Investment Treaty would help encourage Japanese investment in Pakistan. 

ISLAMABAD: Japan on Tuesday termed Pakistan investment policy as best in the region and said Pak-Japan Bilateral Investment Treaty would help encourage Japanese investment in Pakistan. 

Pakistan would be future investment destination in the region, as positively changed perception would help Japanese companies to benefit from incentives available for the foreign investors.

It also demanded to ensure improvement in law and order situation, infrastructure and consistency of policies to attract Japanese investment in Pakistan.

The Japanese business and investment delegation also had meetings with senior officials from the Ministry of Commerce and the Board of Investment and other relevant authorities to learn about trade policy and the government incentives for foreign business and investment. More than 30 Japanese business people took part in these occasions.

After concluding meetings at federal capital on Tuesday, Daisuke Hiratusska, Executive Vice President Japan External Trade Organisation (JETRO) said that this visit of Japanese delegation was unique in nature so as to as to change the perception of Japanese companies about Pakistan. Before the Japanese investors thought Pakistan as dangerous country for investment, however, now they have found this perception as totally in correct and the members of the delegation would be telling their business friends in Pakistan about huge potential and investment friendly policies of Pakistan.

He said Pakistan's population was growing and very good geographic location of the country would help attract investment as there would be human resource availability for the economic development and new investors would be more than willing to utilise local less expansive manpower for expansion in their production base in Pakistan.

In auto sector policy, he termed allowing 5 years old and used cars might be useful for consumers but this policy was harmful for the existing local auto industry and if the existing players were protected than new auto sector players would be coming in to Pakistan especially the venders.

He informed three major players in auto sector like Suzuki, Honda and Toyota were not happy on changes in auto sector policies in recent years.

He also desired interest rate should be brought down to single digit as it would increase buying power and help consumers to benefit from car financing schemes offered by banks.

At present Pakistan and Japan has inked Avoidance of Double Taxation Agreement and Protection of Investment Agreement, there is no Bilateral Investment Treaty between the two countries and incase, governments of Pakistan and Japan ink BIT it would surely help encourage Japanese investment in Pakistan. The delegation consists of representatives from Japanese companies in a wide range of sectors, including mining, manufacturing, trading and banking.

One of the focuses of the government of Japan in the 60th anniversary of diplomatic relations has been promoting trade with and investment in Pakistan.

Delegation also visited Karachi and the Expo-Pakistan and the National Industrial Park. They had an opportunity to network with the members of the Pakistan Business Council, the Pakistan Japan Business Forum and other major enterprises.

Japanese companies keen to invest in Pakistan Pakistan Business


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## Introvert

*Sri Lanka invites Pakistani investors for joint ventures*

ISLAMABAD: Sri Lanka has invited Pakistani pharma investors to explore possibilities of establishing joint ventures in Pharmaceutical industry in Sri Lanka.

"Sri Lanka is planning to set up an Industrial Park for pharmaceutical industry and Pakistani pharma investors should explore possibilities of establishing joint ventures in that facility in Sri Lanka", Rohita Thilakaratne, President, Pak-Sri Lanka Business Council said during his visit to Islamabad Chamber of Commerce here on Wednesday.

Rohita Thilakaratne who was accompanied by Air Chief Marshal (Rtd.) Jayalath Weerakkody, High Commissioner of Sri Lanka exchanged views with business community of the capital on prospects of further improving trade and economic relations between the two countries.

He said that textiles and tourism were also potential areas of cooperation between the two countries as tourism was one of the fastest growing sectors in Sri Lanka.

Sri Lanka also offers cheap and well trained manpower, which could be an additional advantage for Pakistani investors.

Thilakaratne said that by making investment in Sri Lanka, Pakistani entrepreneurs would be able to export their products to huge Indian market and earn substantial profit as Sri Lanka and India were exchanging 110 flights in a week.

Jayalath Weerakkody informed that presently there were only 7 flights from Karachi to Colombo every week and Sri Lanka was planning to start 3 flights every week from Lahore to Colombo to facilitate trade promotion.

Speaking on the occasion, Mr. Zafar Bakhtawari, President, ICCI said that bilateral trade between Pakistan and Sri Lanka was still below half a billion US dollars, which was quite low than the available potential.

He said that both countries should accelerate efforts to take bilateral trade to at least US$ 1 billion.

He said the two countries have the ability to complement each other's economy and stressed that frequent exchange of trade delegation should be encouraged to connect private sectors for exploring new areas of mutual cooperation.

Zafar Bakhtawari suggested that Pakistan and Sri Lanka should enhance the frequency of air flights and proposed that there should be at least one flight from Islamabad to Colombo per week to establish direct air links between the two capitals.

He stressed that the trade promotion agencies of both countries should facilitate businessmen in holding single country exhibitions in each other country to improve trade.

He also announced sending a business delegation led by Sheikh Amir Waheed, Executive Member of ICCI to Sri Lanka in February 2013 to explore new business opportunities between the two countries.

Sri Lanka invites Pakistani investors for joint ventures


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## Introvert

*Sri Lankan C-G encourages stronger ties to fully exploit FTA*

Consul General of Sri Lanka, D. W. Jinadasa has emphasised the need to work hand in hand with the business community to exploited full potential of Free Trade Agreement (FTA). Leading a Sri Lankan trade delegation during a meeting of Karachi Chamber of Commerce and Industry (KCCI) on Monday, he invited Pakistani businessmen to explore existing trade and investment opportunities in Sri Lanka. 

D.W. Jinadasa said that Pakistan- Sri Lanka trade has more than doubled in the last few years to 400 million dollars and added that the potential exists to take it much higher. He said there were lots of commodities that could be traded between the two countries. 

Replying to a question about the investment policy, the Consul General stated that Sri Lanka was one of the first countries to have liberalised its economy and the investment policy went very much in the laissez-faire way: "The whole country has been declared a free zone, you can have 100 percent ownership whatever the area and there is no restriction on repatriating the profits". 

He pointed out that a large number of Pakistan industrialists visit the consulate every day to inquire about investment policy and existing opportunities of trade and investment. The Consul General pointing out that Sri Lanka was a growing market with great potential and invited Pakistani businessmen to explore the opportunities presented by Sri Lanka. 

D. W. Jinadasa said that at present India is the largest trading partner of Sir Lanka and has made a 4 billion dollars investment in various sectors. A special area for Indian Pharmaceutical industry has been allocated in Sir Lanka, he added. He said that Pakistan is very close to Sri Lanka and added that business community must explore ways on how to enhance export and investment in each other country. 

He said Pakistan and Sri Lanka were friendly countries from the day they came into being. And that efforts are been made at all levels to facilitate travel, increase number of flights and have at least one flight per day between the two countries. Referring to law and order, he said the perception about Pakistan is not very clear in the minds of Sri Lankan business community. 

He said the ground reality is very difference from what is projected in the media. President, KCCI, Mohammad Haroon Agar said that the chamber would like to form a joint Chamber with its Sri Lankan counterpart. Over the years, KCCI has signed more than 100 MoUs with various Chambers of the world. KCCI has also formed Pak Afghan Joint Chamber and Bombay-Karachi Chamber to promote regional trade. 

Sri Lanka and Pakistan both have good, friendly, economic and trade relations. Both Pakistan and Sri Lanka have been making efforts to further increase the two way trade among the two countries because full trade potential of Pakistan and Sri Lanka needs to be further explored. He noted that Sri Lanka-Pakistan FTA , was signed in 2005. According to the FTA, both countries have given free access to each other on various trading commodities. 

He expressed his belief that Pak-Sri Lanka trade potential must be increased with effective utilisation of FTA between both countries. To further explore the bilateral trade prospects; he expressed the need for frequent exchange of trade information, delegations and organising of exhibitions. A large number of KCCI members are engaged in trading activities with their Sri Lankan counterparts. 

Sri Lankan C-G encourages stronger ties to fully exploit FTA | Business Recorder


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## Introvert

*Boosting trade, investment: five-year visa facility for Brazilian businessmen proposed*

Ministry of Interior is in a process to finalise modalities for granting five-year multiple entry visa to the members of Brazilian business community in a bid to boost Pak-Brazil trade and attract investment in Pakistan. This was stated by Director General, Ministry of Foreign Affairs, Dr Sohail Ahmed Khan on Wednesday in a conference on Pak-Brazil relations.

The conference was jointly organised by the Embassy of Brazil and Islamabad Policy Research Institute. Nawabzada Malik Amad Khan, Minister of State for Foreign Affairs was the chief guest. To a question, Dr Sohail replied that Ministry of Foreign Affairs agreed with the proposal of granting five-year visa to business community of Brazil and summary was moved to Ministry of Interior to formulate modalities in this connection. The proposal of longer stay of Brazilian businessmen in Pakistan was moved by Government of Brazil three years back. Government of Brazil had repeatedly written to Ministry of Foreign Affairs of Pakistan that Pakistan business community can enjoy five-year multiple visa for Brazil on reciprocal basis.

The DG confidently assured that soon Brazilian business community would enjoy longer stay in Pakistan. Both countries would soon move letters of exchange to give the proposal an official shape, he added. Dr Sohail also emphasised institutionalised co-operation. He mentioned the co-operation in the field of defence supplies particularly for Pakistan Air force and Navy.

Ambassador of Brazil in Pakistan, Alfredo Leoni, who has played a proactive role in development of economic, trade and cultural relations between his country and Pakistan said that nine bilateral agreements had been signed between the two countries and a number of others are being negotiated that cover political, economic, cultural, scientific and technological endeavours, as well as defence.

He also announced that a high-level delegation of Brazilian experts would land in Islamabad on four-day visit and share Brazilian expertise in food security. He specially mentioned the newly opened education project under which placements were being offered to Pakistani students to study in top class universities of Brazil. The conference on Pak-Brazil relations focused on development of soft power, sustained macro-economic stability and conflict-free environment as key to progress in the contemporary world. Pakistan had lessons to learn from Brazil in this respect which has pursued this course during the last two decades and has emerged as the leading nation of South America.

Eminent industrialist Dr Kamal Monnoo, in his speech mentioned a 2008 report of the Commission on Growth and Development which identified five main characteristics of high growth countries: (1), engagement with global economy, importing technology and knowledge and exporting goods to the global market; (2), stable and predictable macroeconomic policies; (3), high saving and investment rates; (4), a well managed market system that provided proper price signals and relatively clear property rights; and (5), strong political foundations.

He said Brazil had shown what a country could do and Pakistan need to learn from its economic soft model. In his detailed presentation on trade and investment co-operation between Brazil and Pakistan, Jamil Ahmad, Chairman Faisalabad Chamber of Commerce trade delegation, recommended ethanol production, renewable energy, hybrid seed production, bio fuels, flex fuel technology for co-operation between the two countries.

Dr Maqsudul Hassan Nuri, Acting President IPRI, in his remarks emphasised the use of soft power and pursuit of peaceful diplomacy as the force behind great strides Brazil had made in the last two decades. He called for co-operation in research through closer ties between think tanks of the two countries. 

Boosting trade, investment: five-year visa facility for Brazilian businessmen proposed | Business Recorder


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## A.Rafay

*Hafeez Sheikh offers Japanese companies to invest in energy sector*

TOKYO - Finance Minister Dr Abdul Hafeez Sheikh has said that Pakistan&#8217;s liberal investment policies and growth potential offers tremendous strategic opportunities for Japanese investors in different sectors of economy.
Speaking at a MIGA lunch hosted in his honor where more than thirty representatives of the top Japanese companies participated the Finance Minister said that MIGA (Multilateral Investment Guarantee Agency) is an important component of World Bank Group, promoting investment and prosperity.
&#8220;We enjoy good political, economic and cultural relationship with Japan, both the countries are collaborating in many projects from textile to mining&#8221;, the Minister said.
He paid tributes to the Japanese people and government for introducing latest technology and management skills to Pakistan.
Dr. Abdul Hafeez Shaikh said that Pakistan is undergoing a transition, &#8220;now we have a democratic government which for the first time in the history of Pakistan is going to complete its full tenure and we are going next year in an election phase, this is a good omen for development and prosperity for the people of Pakistan&#8221;, he added.
He said that all the institutions in Pakistan are working freely in their respective spheres. Judiciary is performing independently media is free and vibrant, there are about 88 TV channels openly criticizing the government policies. All the actions of the government are exposed for close scrutiny of the media. It shows the strength of Pakistani society.
Highlighting the economic situation of Pakistan, the Minister said that measures are being taken to bring macroeconomic stability in the country hence we tried to remain fiscally austere. He said that despite various constraints, the government is trying to mobilize the resources. In the last two years the government has doubled the tax collection. This year the growth rate is expected to be around 4% and we have succeeded in bringing the inflation to a single digit, the Minister added.
Dr. Abdul Hafeez Shaikh said that the government has adopted an open door Investment Policy where all investors are welcomed. He said that Pakistan&#8217;s political leadership including the President, Prime Minister and the Ministers are all available to the investors for all the time.
Answering to the questions of the participants the Minister said that relations with India are improving. Both the countries adopted opening up economic policies. Pakistan has granted India the MFN status, the positive list has been abolished and now we have open visa policy for businessmen from both the countries. Joint ventures like electricity from East-Punjab to West-Punjab are also under consideration to be launched very soon.
He said that Pakistan offers a good opportunity for investment to the Japanese entrepreneurs in Coal, Solar and Wind energy projects. He also offered special economic zone to Japanese Investors in Pakistan. The MIGA-event also included exhibitions of Pakistan carpets, Pakistani honey, rock salt and food products. 
Earlier Izumi Kobayashi CEO and Executive Vice President of World Bank Group MIGA welcoming the Finance Minister Dr. Abdul Hafeez Shaikh said that our mission is to promote foreign direct investment in to developing countries to help support economic growth, reduce poverty and improve people&#8217;s lives. In Pakistan we strongly focus on to create jobs and reduce poverty. We are coordinating hydropower projects in Pakistan to address its energy needs.
Federal Minister for Finance Dr. Abdul Hafeez Shaikh also participated in G-24 Ministers meeting. The implications of the development in the global economy IMF quota reforms and infrastructure finance and development were thread barely discussed.
The Minister also held a meeting with Masood Ahmed, Director MCD, Daniela Gressani, Reviewer, IMF and Isabel Guerrero, Vice President, South Asian Region, World Bank and discussed the issues pertaining to Pakistan&#8217;s economy.

Hafeez Sheikh offers Japanese companies to invest in energy sector | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia


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## Introvert

*PM for preferential trade agreement to boost Pak-Bosnia ties*

ISLAMABAD: Prime Minister Raja Pervez Ashraf on Wednesday said that Pakistan and Bosnia-Herzegovina needed to work on a preferential trade agreement so that economic relations between the two countries could be based on sound footings.

Speaking at a luncheon hosted in honour of the President of Bosnia and Herzegovina Bakir Izetbegovi&#263; at Prime Minister House, the prime minister welcomed the proposal of the Chairman of Presidency of Bosnia Herzegovina to focus on specific projects so that both the countries could make tangible progress.

He said that Pakistan, being an agricultural country and having a large agro-based industry, could extend cooperation in this field.

Reiterating Pakistans commitment to the unity and territorial integrity of Bosnia and support for its quest for membership of the European Union and Nato, the prime minister appreciated the Bosnian support in multilateral forums, including Pakistans candidature for the UN Security Councils non-permanent seat.

The prime minister also proposed exchange of technical experts between the two countries and cooperation in the field of science and technology.

Prime Minister Ashraf said that the Bosnian presidents visit would pave the way for more cooperation between the two countries. He also said that the people and government of Pakistan had great respect for his father Alija Izetbegovi&#263;.

Speaking on the occasion, the Bosnian president said that there was now stability in Bosnia Herzegovina and they were making efforts to attract investment and improve economy.

He said that Bosnia-Herzegovina was also looking forward to joining the EU, which would provide Pakistan a window to Europe and its markets.

http://dawn.com/2012/10/11/pm-for-preferential-trade-agreement-to-boost-pak-bosnia-ties/


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## fatman17

*Pakistan&#8217;s security business booms*



By Farhan Bokhari in Karachi

©AFPA guard from a private security company practises at a shooting range in Karachi


Pakistan&#8217;s decade-long campaign against al-Qaeda and the Taliban may have made the country&#8217;s urban areas calmer, as armed assaults and suicide attacks have tapered off. 

But, as the shooting of a 14-year-old schoolgirl in the Swat Valley region showed this week, lawlessness remains a big problem &#8211; and one that is increasing demand for one type of business: providers of private security guards. 

Armed robberies and extortion in cities such as Karachi, Pakistan&#8217;s commercial capital, have prompted the country&#8217;s elite to turn to private companies offering security guards for protection of their homes and businesses.

The lawlessness has been fuelled by a steady flow of weapons and drugs from neighbouring Afghanistan to poverty-stricken Pakistanis. Though the government doesn&#8217;t publicly reveal the number of people living in poverty in Karachi, which has a population of about 19m, one senior Karachi police officer told the Financial Times, &#8220;between 30 to 40 per cent of Karachi&#8217;s people live in slum-like conditions&#8221;.

As demand for security companies has grown, many have been criticised for the quality of service they provide. Worse still, some private security guards are suspected of taking part in &#8220;inside jobs&#8221; &#8211; providing information to potential criminals in exchange for a share of the spoils. 

The FT was taken to witness a police interview of a private security guard who was picked up by Karachi officers in August, after an armed robbery at a home which he was being paid to protect.

&#8220;This man was on duty, armed with a weapon and wearing a uniform,&#8221; the investigating police officer said. &#8220;He says the burglars overpowered him, tied his hands behind his back and locked him in a toilet. There are big gaps in his story. There isn&#8217;t even a scratch on his body let alone a wound,&#8221; he added, stressing the suspicion the guard may have been an accomplice in the robbery.

The interior ministry has not publicly revealed the number of security companies operating in Pakistan. One senior interior ministry official in Islamabad told the FT there were around 350 companies, employing about 300,000 guards. But none are listed on the Pakistani stock market, which means they are under no obligation to report their earnings. 

Critics say the failure of successive governments to enforce tight regulatory controls has meant that many companies offer services that are below globally accepted standards.

&#8220;I know of instances where there are guards who work as cooks or gardeners in the homes of people during the day, then put on a uniform and take a gun to turn up on duty for the night as security guards,&#8221; says Haroon Rashid, a former president of the Karachi chamber of commerce and industry (KCCI). &#8220;There is practically no regulation ensuring a high standard of service by the companies which provide these guards.&#8221;

Western diplomats warn that improving the standards of private security companies has become a bigger challenge since Pakistan decided in effect to ban foreign security companies from operating on its soil. The decision followed the arrest of Raymond Davis, a contractor for the US Central Intelligence Agency, who shot dead two armed men in January 2011. He was released in March 2011 following an agreement to pay compensation to the men&#8217;s families. 

&#8220;No foreign security companies will be allowed in Pakistan,&#8221; says Rehman Malik, the interior minister. &#8220;In Pakistan, there is a lot of negativity and resentment against foreign nationals serving in the security sector.&#8221; 

This policy means that following the exit from Pakistan in August of G4S &#8211; the company criticised for its failure to provide enough guards at the London Olympics &#8211; there are no immediate opportunities for other foreign security companies to step into the picture. 

Still, businessmen offering security services through local companies say urban lawlessness continues to lift demand from high-income consumers looking for high-quality protection. 

&#8220;Many customers want quality,&#8221; says Ikram Sehgal, chairman of Wackenhut Pakistan. &#8220;Even as a Pakistani company, we have to fulfil those expectations.&#8221; Wackenhut Pakistan has invested in a centralised control room in Karachi equipped with audio-visual connection to many of the premises that it guards &#8211; a contrast to smaller companies which are only in touch with guards through mobile phone connections. 

But others, such as Mumtaz ur Rahim, chairman of Phoenix security &#8211; another of Pakistan&#8217;s large private security companies &#8211; says the absence of regulatory controls has meant &#8220;there are fly-by-night operations&#8221; which can operate with only modest budgets.

&#8220;If you are prepared to set up office in one small room and hire a small team of guards to offer to your clients, you will not have much in terms of overheads,&#8221; he adds.

More experienced customers will ask for background checks to be carried out on guards. In the 1980s, when private security companies began growing rapidly, many of the first comers typically recruited retired army soldiers. Companies were able to run elaborate background checks on army pensioners by examining their documented work history before recruiting them.

The relaxation of standards since the early pioneers entered the business is summed up by the police officer leading the burglary investigation in central Karachi. He says of his suspect: &#8220;This man has no history. He has lived in Karachi for just three months. I simply can&#8217;t tell if he is a hardened criminal who put on a uniform and became a private security guard.&#8221;

The Financial Times Limited 2012.


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## Introvert

*Investment conference in Czech Republic*

IslamabadChairman BOI, Saleem H. Mandviwalla attended an investment conference in the Czech Republic which proved very successful results regarding the business and investment between the two countries. Mr. Mandviwalla was given an extremely warm welcome and several successful meetings were held with Mr. Pavel Bem, Chairman Inter-parliamentary Friendship Group, Czech-Pak in the Parliament of Czech Repubic, H.E Mr. Martin Kuba, Minister of Industry and Trade, Mr. Jaroslav Hanak, President of the Confederation of Industry of the Czech Republic.

In these meetings the need to enhance the already existing cordial relations between the two countries was stressed upon. It was discussed that governmental support is crucial to bring the two countries closer in terms of investment, trade, cultural, tourism and all other potential areas.

Martin Kuba accepted the invitation of Chairman BOI to visit Pakistan to enhance the economic and business relations. Side by side with official meetings on governmental level, productive business meetings were also held with representatives from many potential companies like Vitkovice, Skoda, NANOPROGRES, DT-Pointworks and Engineering Works, EKOL, TechniStone, Wikov Wind and Wahaj Group. All these companies showed keen interest to establish business in Pakistan and Mr. Mandviwalla welcomed them all and ensured complete governmental support on the part of BOI in all respects.

Mandviwalla was also interviewed by the Czech media who gave complete media coverage to the visit of the MOS and termed it very successful in terms of enhancing economic relations between the two countries. The Financial Times, EURO (MF) being two important names of the media of Czech Republic. Moreover, Mr. Jiri Nestoval, President CSOK, Chairman of Energy Holding announced a visit to Pakistan with a cluster of Czech business community in Nov, 2012. 

Investment conference in Czech Republic


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## Introvert

*Japan to extend $93.48 million for five projects*


Japan has decided to extend financial assistance of 93.48 million dollars to Pakistan for five projects including 65 million dollars loan assistance for polio eradication.

Documents available with this scribe show that the government of Japan has decided to extend additional grant of 10.9 million dollars for the project of 'Strengthening of DAE Mechanical and Architecture Department in GCT Railway Road, Government of Punjab, Lahore', dollars 0.62 million for 'Improvement of Audio Visual Equipment of the National Institute of Folk and Traditional Heritage', four million dollars for 'Purchase of Industrial Equipment (For Construction Technology Training Institute and Pakistan Institute of Medical Sciences, Islamabad); and grant assistance of 12.9 million dollars for the project of 'Up-gradation of Mechanical System Wasa Faisalabad'.

Documents reveal that the government of Pakistan is under negotiations with Japan for financial assistance for three major projects including Revival of Karachi Circular Railway, Interconnection of Thar Coal Based 1200 MW Engro Power Plant with NTDC System, and Makhi-Farash Link Canal (Chtiari Phase-II) including Feasibility Study.

According to the documents, Japanese Government has indicated an interest in financing the revival of Karachi Circular Railway (KCR) project as a modem commuter system. The project was approved by Ecnec on August 16, at a total cost of 2.498 billion dollars.

The project 'Interconnection of Thar Coal Based 1200 MW Engro Power Plant with NTDC System' was approved by Ecnec on August 16, at a total cost of Rs 22.04 billion with FEC 14,846.44 million. Economic Affairs Division (EAD) has shared a copy of PC-I with the Jica for review. The project 'Makhi-Farash Link Canal (Chtiari Phase-II) including Feasibility Study' was approved by Ecnec on August 16, at a total cost of Rs 27 billion. EAD requested Japan for financing the project on January 26, while response from Japanese side is awaited. 

http://www.brecorder.com/business-a-economy/189/1247711/


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## A.Rafay

*Sindh to invest Rs4b to utilise solar energy*





KARACHI - The Sindh government has planned to invest over Rs4 billion to explore solar energy to overcome electricity crisis, officials told The Nation on Saturday.
Under the proposed projects, the Sindh government has prepared two uplift schemes to produce solar energy for houses/buildings as to install tube wells of irrigation to save agriculture land from water logging and salinity and the second schemes is to take water of Left Bank Outfall Drain (LBOD) in coastal area of Badin district after treating it to the Thar coalfield in Tharparkar through installing of tube wells.
This initiative has been taken on the directives of the President Asif Ali Zardari, who directed the provincial government to explore alternative energy sources as huge potential of solar and wind resources existed in the province.
The boring and installation of 250 tube-wells would be carried out in the development project, which has been made part of Annual Development Programme (ADP) of the current financial year-2012-13, for which a sum of Rs50 million allocated in the current fiscal.
The total estimated cost of around Rs2 billion (Rs1.9 billion) would be required for the completion of the scheme in next three four years, officials familiar to the development told The Nation.
A high level meeting, which was chaired by the chief secretary of the Sindh government, reviewed the status of the project. The meeting was informed that the same scheme was discussed in the PDWP under which installation of only 25 tube-wells at stage-1 as pilot project planned. On successful performance, the installation of remaining 225 tube-wells would be taken up in stage-2 of the scheme.
According to the official document, the objective of the scheme is to produce most economic and uninterrupted power supply through solar energy system on one hand and to save national exchequer of Rs3.22 million. Besides it will help to irrigate the land and reduce water logging and salinity in the areas and efficiently in comparison with the existing vertical drainage system on electricity.
In details of the project scope showed that the installation of 250 tube-wells on solar energy and ancillary work would be carried out with Rs1562.088 million, while a sum of Rs114.874 million would be spent on the construction of pump house discharging box/duty room of tube-wells.
However, another uplift scheme of installation of 250 tube-wells on solar energy for assured supply of 300 cusecs water for Thar coalfield from RD362 of LBOD spinal drain was also in process.
With total estimated cost of Rs1920.140 million, the proposed uplift scheme is a part of ADP 2012-13, while preparation of (Project Concept) PC-1 of this scheme, with involvement of multinationals on their role of social corporate responsibility, was also under process, officials said.
In the detail of proposed expenditures, the boring and installation of 250 tube-wells on solar energy with Rs1478.630 million, construction of pump house with Rs62 million and other earth work with Rs247.050 million are part of the project.
The objective of this scheme is to provide most economic and uninterrupted power supply through solar energy system and assured supply of water required for power plants at Thar coalfield. Developing of Thar coal energy resource would provide employment and infrastructure as well as boost the trend in the development of various technical resources, officials said.
Highlighting the importance of the project, they said availability of water is prime component for the development of Thar coal power generation besides the other infrastructure.
According to the officials of the alternative energy department, both the schemes are in study process, hoping that the scheme would be materialised from current year.

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## Introvert

*Pakistan carpet industry to tap Chinese market*

China would help Pakistani carpet industry to boost its competitiveness and tap Chinese carpet market.

A Chinese delegation, which is on a visit to Pakistan to explore joint venture opportunities for encouraging economic activities between the two nations, inked a Memorandum of Understanding (MoU) with the Pakistan Carpet Manufacturers and Exporters Association (PCMEA). 

To enable Pakistan to tap the emerging handmade carpet market in China, the delegation has offered research and development assistance to the producers of handmade carpet in Pakistan.

China has led the way for globalization and localization that boosted global economic development, Huang Guojun, Director General of the Administrative Committee of Nanchuan Industrial Park, said while speaking at the MoU inking ceremony.

He said they would be delighted to help the Pakistani carpet industry with its upgradation, and thereby enabling it to tap the Chinese market.

After laying foundation for establishment of a business development centre in Pakistan, Mr. Guojun also launched an office of Nanchuan Industrial Park in Lahore, to extend research and development assistance to the Pakistani industry.

Speaking on the occasion, he urged Pakistani carpet producers to invest in the industrial park and also called on the PCMEA to participate in the world carpet expo slated to take place in Quinghai, China next year.

Anjum Bashir, Secretary, Pakistan Board of Investment, said though Pakistan is also in favour of enhancing mutual trade, still it necessitates some foreign direct investment (FDI) from China.

*FDI worth around US$ 769 million have flown into Pakistan from mainland China over the past five years, and some US$ 11.7 million have flown in from Hong Kong. During last fiscal itself, around US$ 120.9 million and US$ 80.3 million came to Pakistan in FDI from China and Hong Kong, respectively, he said.* 
He added that the trade volume between the two countries is expected to rise to US$ 10 billion over the next two years. Last fiscal, trade between the two countries stood at US$ 5.704 billion.


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## A.Rafay

*Khar for strengthening intra-regional economic cooperation among ECO states *
BAKU (Azerbaijan), Oct 15 (APP): Foreign Minister Hina Rabbani Khar Monday stressed the need to strengthen intra-regional economic cooperation primarily in the important areas of commerce and trade, infrastructure connectivity and energy among the ECO member countries. Speaking to Council of Ministers meeting of the member states, ahead of the 12th ECO meeting, she emphasized that this was essential for the Organization to meet the hopes and aspirations of the people of the region. She emphasized the need to develop synergies between ECO specialized agencies and institutions including the ECO Development Bank in order to realize the full potential of the Organization. The Minister said that the ECO Trade Agreement and the Transit Transport Framework Agreement should be translated into effective vehicles for regional economic integration.

http://app.com.pk/en_/index.php?option=com_content&task=view&id=211763&Itemid=1


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## A.Rafay

*Government expenditure not that high if depreciation kept in mind: Sheikh*
*TOKYO: At a time criticism of the current governments economic performance is growing more strident and many are raising the spectre of default, Finance Minister Hafeez Sheikh in Japan to attend the annual meeting of the World Bank and the IMF. His objective is to persuade the two IFIs to take yet another chance on Pakistan. In an exclusive interview with The News, Sheikh talks about the challenges being faced by the government, the proposed tax measures, the IMF loan and international call charges.*

Q. An increasing number of critics are questioning your teams performance on the economic front

*A. Pakistans economy is growing at a rate of 4.7 percent as compared to the global economy, which is growing at the rate of 3.5 percent. This should be [enough to silence the] critics. Recent economic indicators of the country show positive results: the inflation rate has come down to single digits, which was 25 percent in the previous governments tenure. Furthermore, the present government has collected Rs2 trillion in tax revenues, which was Rs1 trillion during the last government.*

Moreover, while opposition parties criticise government expenditures, the growth rate of these expenditures has been under seven percent annually. This is not much, if we take into account the amount the rupee has depreciated by.

Q. What measures has the government taken to widen the tax net?

*A. The government took a big decision [that is supposed] to bring at least one million people into the tax net. If required, the government can also make laws in the Parliament to implement the decision. If one million people come into the tax net, Pakistan can overcome its financial problems.
*
Q. What are the foremost challenges faced by the government at present?

*A. The increasing cost of importing oil is a major challenge for the government. We are aware that an increase in oil prices leads to an increase in the cost of other utilities but the government depends on international prices, which are not under its control.*

The other challenge is regional security. A good law and order situation attracts foreign investments and the government is working hard to maintain the law and order situation in the country. The [devastating impact of the] monsoon rains is also one of the major challenges being faced by the country.

*Q. Is another IMF loan on the cards?*

*A. The government has not taken any loan from the IMF since May 2010 and even now, it has enough funds to repay the IMF loan.
* 
Q. How have overseas Pakistanis shaped our economic prospects?

*A. Overseas Pakistanis are the backbone of our economy and sent a record $13.5 billion in 2011 to Pakistan in remittances.*

Q. Increasing charges on international calls have been met with criticism. What are your comments?

*A. Increasing the tax on international calls was at the request of the Ministry of Information and Technology, which gets to keep all the income earned by the levy. Meanwhile, I have asked the Secretary of Finance Abdul Wajid Rana to give me a full report on the issue of the international call tax as well as the issue of used cars import duty, which has caused huge losses to overseas Pakistanis.*


----------



## Introvert

*Pak-UK trade reaches $2.3 billion mark*

The United Kingdom's Investment and Trade officer Waqar-ullah has said that bilateral trade between Pakistan and United Kingdom is on a steady rise as it has reached to $2.3 billion. Pakistani companies and exporters should extend their trade ties with British investors and importers etc.

He was addressing a meeting of exporters and representatives of companies organised by the Multan Chamber of Commerce and Industry and chaired by its president Muhammad Khan Saddozai here today. He said that efforts and commitments of both governments were there to achieve the target of 2.5 billion Euros by 2015. According to him, the recent duty waiver from the European Union on 75 selected products from Pakistan would encourage British businesses to buy from Pakistan and it is hoped that Pakistan 2012 will provide a useful opportunity to avail this duty waiver.

Pakistan presents numerous and significant opportunities for investments aiming both at using Pakistan as an export base and at tapping into an emerging market with a rapidly growing middles class. "On the other hand, UK companies have the latest knowledge and technology in the areas of agriculture, healthcare and energy which are much needed in Pakistan to develop the country's industrial base." he added.

He said, "through events like exhibitions, festivals, and expos Pakistan facilitates an exchange of people, knowledge and ideas that are crucial in achieving our objective of increasing bilateral trade between the UK and Pakistan." Waqar-ullah said that both countries also vowed to strengthen bilateral trade to reach £2.5 billion by 2015 as part of "a jointly-owned" Pakistan-UK Trade and Investment Roadmap. The Pakistan and United Kingdom agreed upon "a jointly-owned" Pakistan-UK Trade and Investment Roadmap to actively pursue joint activities on trade and investment promotion. 

The roadmap aims at creating a UK-Pakistan Chamber of Commerce in Pakistan to complement existing trade bodies in the UK and to develop business ties with such entities. Both governments urged UK companies to look at the opportunities Pakistani markets present and build on the success of the over 100 UK-based companies already engaged in business with Pakistan. President of MCCI Muhammad Khan Saddozai assured that MCCI would provide all opportunities and resources for strengthening bilateral trade between the two countries. Bakhtawar Tanvir Sheikh Senior Vice President also spoke on the occasion. 

Pak-UK trade reaches $2.3 billion mark | Business Recorder


----------



## Introvert

*Exhibitions can strengthen Pak-Nepal trade: Envoy*

ISLAMABAD - Nepal greatly values its relations with Pakistan that are based on mutual respect, trust and shared perceptions on regional and international issues. These remarks were made by Bharat Raj Paudyal, Nepalese Ambassador while talking to the ICCI President, Zafar Bakhtawari during his visit to ICCI office. The Ambassador said that exchange of business delegations, single country exhibitions and a proactive involvement of business community of both the countries could enhance bilateral trade relations between Nepal and Pakistan. Bharat Raj Paudyal was of the view that the exhibition would not only provide an opportunity to the exporters of Pakistan to showcase their products but it would also provide an opportunity to people of Nepal to strengthen their economic ties with Pakistan. He hoped that arranging exhibition could be the most feasible option for strengthening mutual economic, cultural and trade ties between Nepal and Pakistan. Speaking on the occasion, Zafar Bakhtawari, President ICCI said that he considers Nepal one of the best friends of Pakistan as people of Nepal have great love and affection for Pakistanis. He said that technology transfer, investment and economic cooperation were the areas in which both countries could collaborate for mutual benefits.He said that the business communities of Pakistan and Nepal have to play a vital role for the promotion of bilateral trade and their greater mutual interaction is needed to achieve the ultimate objectives. He suggested that the two countries should focus on enhancing cultural exchange programmes and people to people contract along with focusing on strengthening trade.He further informed the Ambassador that ICCI has planned to organise an International Industrial Expo in the Federal Capital to promote the export of country&#8217;s industrial products. He further said that businessmen from all over the world would also be invited to this Expo that would give a boost to trade and exports. ICCI President invited Nepalese counterparts to actively participate in that event.

which would provide an opportunity to the business community of both countries to come closer to each other.

Exhibitions can strengthen Pak-Nepal trade: Envoy | The Nation


----------



## foxbat

Foreign investment in Pakistan plummets &#8211; The Express Tribune

KARACHI: Foreign investment in Pakistan plummeted by 67% in the first quarter, according to official data, with experts blaming the fall on poor economic management, energy shortages and persistent terrorism.

The figures from the central State Bank of Pakistan showed net foreign direct investment (FDI) from July to September was just $87 million, compared with $263 million in the same period last year. Pakistans financial year begins on July 1.

The overall FDI inflow during the quarter was $287 million while the outflow was $200 million, with only the oil and gas exploration sector recording a positive net figure.

Even the normally popular telecommunications sector registered a net outflow of $100.9 million.

Analysts said FDI inflows have been falling for the last four years.

Poor economic management and persistent militancy has forced investors away from a market which has huge potential and prospects, said economist AB Shahid.

Earlier this month the International Monetary Fund (IMF) said Pakistans economic situation was worsening and the country faced a return to double-digit inflation as the government prints money to finance its deficit.

The IMF also predicted growth of just 3-3.5 percent and warned the countrys external accounts were deteriorating, with incoming investment slowing and the central banks reserves dropping.

But the biggest of the negatives is the deteriorating law and order situation that seems unmanageable, Shahid said.

Pakistan has repaid $1.3 billion of IMF loans in four instalments, including a $400 million chunk in August, and is due to pay a further $2.5 billion in the current fiscal year, which ends on June 30.

The central bank said Pakistan had foreign reserves of $14.4 billion dollars as of last week.


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## Introvert

*Jordanian envoy shows interest to expand trade relations with Pakistan*

ISLAMABAD - Pakistan and Jordan are enjoying historical good ties and we are very keen to further expand and deepen trade and economic relations with Pakistan.
This was said by Nawaf Saraireh, Ambassador of Jordan during his visit to ICCI office for congratulating Zafar Bakhtawari on his appointment as President of Islamabad Chamber.

*He said that Pakistani rice, furniture, handicrafts, carpets, surgical equipment, leather, pharmaceutical products, garments and many other items are very popular in Jordan. Ambassador said that Jordan was importing cotton and meat from Syria and Egypt but they were not cost-effective, therefore, Jordanian Government have planned to import these products from Pakistan as they have very good demand in Jordanian markets due to their good quality and cost effectiveness.*

Nawaf Saraireh said that Pakistani counterparts should also participate in the exhibitions held in Jordan which provide an opportunity to showcase their quality products and services. He also assured that all the chambers of commerce in Jordan would be informed about the industrial expo which will be organized by ICCI so that Jordanian businessmen could actively participate in that event.

In his welcome address, Zafar Bakhtawari, President ICCI lauded the role of Jordanian Ambassador in promoting good relations between the two countries and said that said bilateral trade between the two countries is much below than their true potential and frequent exchange of trade delegations should be encouraged to tap the untapped bilateral trade potential.
He said that Jordan has duty free access to US and European markets, therefore, Pakistani businessmen could earn huge returns by promoting trade with Jordan.
Bakhtawari was of the view that it is encouraging that Pakistan and Jordan are now moving forward to further strengthen their bilateral economic and trade relations as both countries have great potential to enhance mutual cooperation in various sectors of their economies.
ICCI President said that both countries have huge potential to complement each other in different areas including science & technology, fertilizer, IT & telecommunication, industry, banking & finance, health & pharmaceuticals, agriculture, livestock, fisheries, education and culture.

Bakhtawari highlighted the deep-rooted historical ties between Pakistan and Jordan as Princess Sarwat played a vital role to create bridge between the two countries. He also invited Her Majesty Queen Rania to visit Pakistan to mobilize the women entrepreneurship for the welfare and betterment of the women segment in Pakistan. 

Jordanian envoy shows interest to expand trade relations with Pakistan | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia


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## Introvert

*Turkey-Pakistan agrees to boost economic ties*

ANKARA, 17 October 2012: Turkish President Mr. Abdullah Gul here today warmly received Minister of State/Chairman Board of Investment Mr. Saleem H. Mandviwala.

Mr. Mandviwala, who is visiting Turkey as a Special Envoy of President of Pakistan Mr. Asif Ali Zardari, delivered a special message from him to President Gul.

President Gul agreed with Mr. Mandviwala that both Pakistan and Turkey need to focus energies on further enhancing their economic and commercial relations. President Gul emphasized that the two countries should make concerted efforts to meet the target of US$ 2 billion bilateral trade by 2012. Mr. Mandviwala brought to the attention of President Gul the negative impact of safeguard measures imposed by Turkey on Pakistans textile exports to Turkey and underlined the need for urgently concluding a comprehensive Preferential Trade Arrangement between the two countries.

President Gul said Turkish leadership is encouraging businessmen to further expand their investment ventures in Pakistan, especially in the energy and infrastructure sectors. President Gul also referred to the Istanbul-Islamabad cargo goods train project (Gul Train) and stressed the need for effective and efficient operations of the cargo train. This will give further momentum to economic activities in the entire region, he added.

Mr. Mandviwala briefed the Turkish President about the state of Pakistans economy and investment policies. Mr. Mandviwala stated that attractive investment policies such as 100% equity, profit and dividend repatriation make Pakistan a good candidate for global investment.

Secretary Commerce Mr. Munir Qureshi, Ambassador of Pakistan to Turkey Mr. Muhammad Haroon Shaukat, Consul General Istanbul Dr. Yusuf Junaid and Deputy Head of Mission Mr. Moin-ul-Haq were also present in the meeting.

Turkey-Pakistan agrees to boost economic ties | NewsPakistan.PK


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## Introvert

*Pakistan keen to strengthen relations with Bahrain: Raja Pervez Ashraf*

KUWAIT CITY: Prime Minister Raja Pervez Ashraf has said that Pakistan attaches great importance and keen to strengthen its relations with the Kingdom of Bahrain.

During his meeting with King of Bahrain, Hamad bin Isa Al Khalifah on the sidelines of Asian Cooperation Dialogue (ACD) Summit here Wednesday, the premier said that the two countries enjoy close, cordial and friendly relations based on mutual trust and understanding.

Raja Pervez Ashraf commended King Hamad bin Isa Al Khalifah's endeavour to promote understanding among various segments of society and resolved the problems of his people through dialogue. Pakistan Diaspora is significantly contributing to the development and progress in Bahrain both in public and private sectors, he added.

He said that 65,000-strong Pakistani expatriate community in Bahrain is an asset for both the countries. He also thanked the Kingdom for taking care of the Pakistani community.

Raja Pervez Ashraf said that economic and trade relation between the two countries have been steadily improving. However, it is well below the real potential and it is the need of the hour to improve this by availing existing opportunities.

In this respect it is important to hold meetings of Bilateral Consultations and Joint Ministerial Commission as they are long overdue.

The Prime Minister said that Pakistan has been working for an early conclusion of Free Trade Agreement (FTA) with GCC and expressed the desire to further strengthening Defence Cooperation.

Raja Pervez Ashraf also extended an invitation to King of Bahrain to visit Pakistan which he accepted.

Pakistan is his second home; King of Bahrain said and thanked the government and people of Pakistan for their continued support.

Pakistan keen to strengthen relations with Bahrain: Raja Pervez Ashraf


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## Introvert

*Pakistan: Expo Pakistan continues to attract foreign buyers*

Imtiaz Enterprises, an international company specializing in the import and export of fresh fruit and vegetables participated at the recent Expo Pakistan, held in Karachi from October 4th to 7th 2012, a trade fair organized by the Trade Development Authority of Pakistan with an objective to strengthen contacts with leading players in world-wide fruit and vegetables along with new business development, sourcing suppliers, providing information to industry professionals and building customer relations. 

Imtiaz Hussain, Managing Director at the company said, &#8220;The Expo Pakistan, which is the largest showcase of Pakistan's export merchandize and services has been attracting large number of foreign buyers for the last couple of years. It is remarkable to see many visitors from Western Europe, the Middle East and South East Asia. Trade Development Authority of Pakistan has done well to organize the event, arrange B2B meetings on the sidelines to have in depth interaction among traders of specified sectors and get a few new MoU&#8217;s signed with Chambers of several countries. The level of the trade visitors' decision-making authority remained high throughout the 4 day exhibition and export orders worth $1 billion were ordered by over 1000 foreign buyers and delegates focusing mainly at the Agro Foods, Textile, Sports Goods and Home ware sector.&#8221; 

Regarding the investments in Pakistan he informed: &#8220;Beside the country&#8217;s own companies, stalls from China, Japanese External Trade Organization (JETRO), CBI Netherlands and Sri Lankan Consulate were also the centers of attractions for the local and foreign visitors. The international event would definitely help to enhance the country exports through marketing the countries valued products.

&#8220;We have been exporting Pakistan sweet mangoes and mandarin to European & Far East markets for several years, and it remains the number one product our company ships to the region. Now we are looking forward to introducing other products such as grapes and pomegranates to the European markets. Our traditional markets in the EU are also becoming more competitive, particularly on mango and citrus with Egypt sending more fruit to that region, so we need to find new markets for our products. We are have high hopes from the outcome of this exhibition&#8221; he added.

The company is planning to introduce ultra tech machinery for the sorting, grading and packaging of fruit and vegetables specially for onion and potato that will facilitate industry to improve processing in terms of higher capacity, delicacy, and enhanced quality as well as savings in labour. In other words, efficiency. It will also help to improve the process of quality selection and increase the company&#8217;s market profitability, resulting in a high quality standard in processing and selection never imagined before in the country.

Mr. Hussain concluded by saying he always looks forward to the future with great excitement and confidence.

Pakistan: Expo Pakistan continues to attract foreign buyers


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## A.Rafay

*Austrians keen to invest in mega hydel power projects*
*ISLAMABAD - Ambassador of Austria to Pakistan H.E Axel Wech along with two member delegation called on the Federal Minister for Water and Power, Ch. Ahmed Mukhtar here Thursday and discussed various matters of mutual interest and cooperation in the energy sector.*
The Minister said that the government will well come the Austrian investment and facilitate the investors. The Minister said that Pakistan is energy deficient country and has great potential in hydel, wind and coal generation. The Minister offered them to invest in the small, medium hydel and run of river projects. The govt has planned to change the energy mix to generate cheaper power.
The Ambassador said that various companies are already working in Pakistan in energy sector. He said that Austrians are interested to invest in Tarbela-V extension project and other mega hydel projects. He stated that Austrians would participate in the bidding process for mega Water and Power projects and consider the offer for investment in the small and medium hydel projects.
He remained some time with the Minister and discussed various other opportunities to invest in the power sector.

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## Introvert

*Senior Chinese Leader, Pakistani President Vow to Boost Ties*

Visiting Chinese leader Li Changchun held talks here on Wednesday with the Pakistani President Asif Ali Zardari, calling on the two sides to further implement the important consensus reached between the heads of the two states with the aim of stepping up bilateral relations to a higher level.

"The purpose of my visit is to enhance the strategic mutual trust and promote the bilateral cooperation with mutual benefit," Li told Zardari. Li, a member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China (CPC), noted that the bilateral cooperation on trade was a very important component for China-Pakistan strategic cooperation, promising that China would encourage its companies to establish business and increase investment in Pakistan and continue to provide the assistance to help Pakistan's social and economic development.

"I hope the two sides would work together to expand their exchange and cooperation in fields such as culture, education and media, intensify the interaction among the youth, women and local governments between the two nations and better coordinate on international issues to safeguard the common interests," Li said.

Agreeing with Li's views on the bilateral relations, Zardari said he was committed to foster Pakistan-China cooperation in many fields and would offer comprehensive service to the Chinese companies who come to Pakistan to start business. Pakistan would continue to support China firmly on issues to its key concern and spare no effort to protect the safety and security of the Chinese personnel and institutions who are engaged in Pakistan.

As for the party-to-party relations, Li stressed the ties between the Chinese and Pakistani political parties have formed an important part of the bilateral relations and CPC welcomes leaders and young politicians of the Pakistan People Party (PPP) to visit China.

Zardari, who is also the PPP co-chairman, spoke highly of the achievements China has made under the CPC leadership, expressing his confidence that China's development would provide more opportunities as well as contributions to the regional prosperity and stability.

At the invitations of the Pakistani government, Li arrived in Islamabad on Wednesday afternoon for a two-day good will official visit to the country.

Pakistan is the first leg of Li's three-nation visit to South Asia that will also bring him to the Maldives and Bangladesh.

Senior Chinese Leader, Pakistani President Vow to Boost Ties


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## A.Rafay

*Autonomous Trade Preferences package: Islamabad waiting for European Council's approval: official*

*Pakistan is awaiting the European Council's approval for Autonomous Trade Preferences (ATPs) which will allow import of 75 products from Pakistan scheduled to commence from November 1 this year, said Additional Secretary Ministry of Commerce Fazal Abbas Makan. He was addressing a seminar on the implementation of ATP scheme on Thursday. 
*
The European Union (EU) granted duty free access to 75 items at the HS Code 8 digit level, of which 26 items are under quantity based Tariff Rate Quotas (TRQ) and 49 items are under a 25 per cent quantity increase cap based on average of last 3 years exports. 

The package includes 33 products of non value added textiles, 23 products of textile garments, 8 products of home textiles, 4 products of value added leather, 3 products of footwear, 2 products of raw leather, 1 product of ethanol and 1 product of vegetables. The existing tariff on products included in ATPs for concessions varies from 19.2 Euros/ hector litres on Ethyl Alcohol to 2.5 per cent on raw leather. 

Quota management will be done entirely by the European Commission. The basic role of Pakistani authorities relates to issuance of certificate of origin confirming that the exported products are of Pakistani origin so that they can qualify for ATP concessions. Highlighting government efforts for the trade package's implementation, Fazal Abbas Makan said that these concessions were an EU initiative to help Pakistan's economic recovery from losses it sustained due to devastating floods in 2010. "Several countries and EU's textile lobby tried to block Pakistan's trade package, but our extensive lobbying ultimately succeeded," he added. 

He, however, urged the business community to meet EU standards to benefit from this package and pave the way for Generalised System of Preferences (GSP) scheme, to be finalised next year. Makan argued that the business community should address compliance issues such as environment and labour, adding that as an Islamic country such issues should be addressed. These concessions will be available for December 2013, he stated and added that Pakistan will be eligible for GSP plus from 2014 onwards. For the remaining two months of current year ie 2012, only 25 per cent of the annual quota would be available for duty free access. 

EU importers will apply to the custom authorities of the relevant EU member states to avail the benefit of TRQ on first come first served basis. These requests by the EU importers for TRQ will be entertained with reference to the date on which the custom declaration is accepted by the authorities of the concerned EU member state. 

EU importers and all interested parties will be able to monitor the state of quota utilisation at any given time on the EC Directorate General Taxation and Custom Union (TAXUD) website. As and when 90 per cent of the total quota quantity is used up, its status will be considered critical and an alert will be posted on the website against that particular time line. 

According to Commerce Ministry Pakistan's exports of 75 items to EU would net the country 1.211 billion euros. However, TDAP estimates indicate that value of exports in 2011 was 1.7099 billion euros and estimated exports as per agreed conditions are expected to be 2.247 billion euros. This shows a gain of 537 million euros in value and 31.4 per cent gain in terms of increase. 

Asaf Ghafoor, the Secretary Ministry of Culture, National Heritage and Integration, Mujeeb Ahmad Khan, the head of the WTO cell and research and analysis directorate, TDAP, Tippu Sultan, Head of TDAP's Advisory Services and Roubina Taufiq Shah, TDAP's Director, Islamabad also addressed the seminar.


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## A.Rafay

*Economist lauds Prime Minister's announcement to host ACO in December*

*ISLAMABAD: Renowned economist Dr. Saboor Ghayur lauded the announcement of Prime Minister Raja Parvez Ashraf for hosting Asian Cooperation Organization (ACO) conference on energy in December.*

*Talking to a private news channel, he said that if Pakistan hosts the conference, it will open up new avenues of investment in energy sector for exploitation of enormous resources like Thar Coal and small dams.*

He said that the conference will attract the attention of international investors towards Pakistan.

He lauded the recent conference of Asian Cooperation Organization (ACO) held in Kuwait and said that Pakistan is also concentrating on regional trade in order to reduce its expenditure. Regional trade and cooperation reduce the costs of labor and transportation, he added.

Dr. Saboor said that new economies are emerging in Asia and it is hoped that China will be a leading economy in the next fifteen years. Pakistan has also potential in this regard, he noted.

Moreover, fifty per cent of the world population is also in Asia, therefore, cooperation among regional countries can play a pivotal role in term of utilization of human resources, he said.

*"Pakistan is facing immense energy crisis. The project of Turkmenistan, Afghanistan, Pakistan and India (TAPI) will not only provide energy but also help recipient countries in terms of pipeline transport fee." he stated.*

He said that the surplus of international community is not operational as China has $ 2 trillion reserves and it is expanding its investment.

Gwadar port was constructed with assistance of China which is providing benefits to Pakistan, he said.


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## Introvert

*Pakistan, Italy ink agreement for promotion of olive farming*

ISLAMABAD: A three-year project has been launched under the debt-swap agreement between Pakistan Agriculture Research Council (PARC) and the Italian government for promotion of olive farming in Pakistan, a top official in the council said on Thursday.

As many as 1,500 hectares of land would be brought under olive cultivation within the next three years with an aim to exploit the potential in this particular sector and make the country self-sufficient in olive production.

PARC has already identified olive cultivation areas in Khyber Pakhtunkhwa, FATA, Potohar Region (Punjab) and Balochistan; and has started work on planting olive trees since March this year, said Crops Senior Director and Olive Production National Project Director Dr Mohammad Munir Goraya. He said that the PARC has taken all the four provinces onboard for launching the project. The land being brought under the cultivation under the project would be in addition to that already utilised for the cultivation of olive.

The official was of the view that olive cultivation needs fewer resources and marginal lands are needed for its cultivation so it is a lucrative engagement for farmers who can take full advantage of this. Once established, the olive gardens would start bearing fruit after three years (in 2015), so the council would set up four olive oil extraction machinery (plants) to facilitate farmers, he said and elaborated that one each big plant would be established in Balochistan and Potohar regions while two units would be installed in Khyber Pakhtunkhwa and FATA regions.

In addition, mobile oil extracting units would also be arranged that would be used for oil extraction in those areas where farmers have no access to these four oil extracting facilities. He said plantation of the olive plants takes place in March or November of each year adding that the PARC has identified 12 kinds of plants to be planted in these gardens, keeping in view the climatic conditions.

Dr Goraya said that the Italian government is also interested in launching research project aimed promoting olive cultivation in the country including AJK.

A Memorandum of Understanding to this effect would be finalised soon under which Pakistan would become member of the regional centre that has been engaged in research activities for promotion of olive. The Italian government is already working with Afghanistan and Nepal and Pakistan would be the third member of this centre, he added.

Dr Goraya said that Pakistan has been involved with the Italian government since 1984 for the promotion of olive as three projects were initiated by Pakistan Oilseed Development Board (PODB) in this regard earlier. However, he added, the current project was the forth project in this line, which the Italian government gave to the PARC for execution under debt-swap agreement.

Daily Times - Leading News Resource of Pakistan


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## Introvert

*Opening Khokhrapar-Munabao border*

KARACHI: A Joint Working Group (JWG) is being constituted by Pakistan and India and it will meet soon for deliberations on opening Khokhrapar-Munabao border and air connectivity between New Delhi and Islamabad.

Indian High Commissioner Sharat Sabharwal stated this during his visit to Karachi Chamber of Commerce and Industry (KCCI) on Thursday. He said fostering the process of regional trade and economic cooperation between Pakistan and India would bring peace and prosperity to the region.

He applauded steps taken by Pakistan and Indian to enhance bilateral economic and commercial cooperation and to promote peace and prosperity in the region.

He was of the view that excessive sea trade should be converted to land route via road and railways. New dedicated trade gate is being established near ceremonial gate at Wagah border to enhance trading hours up to 12 hours. Previously trading hours were up to five hours from Wagah ceremonial gate, which is also used by visitors.

First time, besides liberalising business visas, tourism visa is introduced in the new visa regime, which will be implemented after ratification by the government of Pakistan, he added.

On issues relating to non-tariff barriers, he said recently signed three agreements between two governments like customs cooperation, agreement on mutual recognition and redressal of grievances would be implemented after completion of all legal formalities to streamline bilateral trade.

The negative list will be dismantled by December 2012 thereafter likely there would be normalised World Trade Organisation trade regime, he maintained. India has reduced its South Asian Free Trade Area (SAFTA) sensitive list by 30 percent from 878 tariff lines to 614 tariff lines. Out of 264 tariff lines being removed, 155 tariff lines are pertaining to agriculture and 106 are related to textile items.

Upon full transition to most-favoured nation status for India by December 2012, India would thereafter bring its SAFTA sensitive list to 100 tariff lines by April 2013 and thereafter Pakistan after seeking the cabinet&#8217;s approval would also simultaneously bring down its sensitive list to a maximum of 100 tariff lines in next five years. He said Indian trade regulators met Pakistan businesspersons and had deliberations on bilateral trade issues.

He said pace of economic growth in South Asia was slow and intra-regional trade in South Asian Association for Regional Cooperation (SAARC) block was only 5.0 percent while in Association of Southeast Asian Nations, it was 25 percent and EU is about 65 percent.

Consequent to Indo-Pak bilateral talks and its progress, new synergies and opportunities will be created in the SAARC region.

Both countries have to walk the last mile to start moving towards preferential trade by the end of this year, two countries can create an enabling environment while the business communities have to explore new horizons for commercial cooperation, he concluded.

KCCI President Muhammad Haroon Agar recognised and commended efforts of the Indian high commissioner in this regard.

The KCCI firmly believes both countries will have to demonstrate same greater political will to foster relations as shown in negotiations during the last two years.

It is the need of the hour that both governments, besides opening new land routes should positively consider to resume operations of Air India and other private airlines for Pakistan.

The business community had welcomed the moves to establish banks branches to streamline business activities in respective countries and Indian government to allow Pakistani investors for investment in India. Implementation of agreements on customs cooperation, redressal of grievances and agreement of mutual recognition will bring the private sectors of the two countries closer to each other and strengthen business ties, he opined.

Two exhibitions are planned in Karachi with collaboration of Indian counterparts Intexpo Pakistan on November 30, and December 1, 2012 with Synthetic and Rayon Textiles Export Promotion Council of India and India Expo from December 21-23 at Expo Centre with Federation of Indian Export Organisations.

So we seek support of Indian high commission for the said exhibitions. One complete hall for Indian pavilion is also planned in 10th My-Karachi Exhibition being held from July 5-7, 2013.

Businessmen Group Chairman Siraj Kassam Teli said KCCI was in the process of forming Bombay-Karachi Joint Chamber of Commerce and Industry, which would act as the driving force to strengthen the trade ties.

The business community of Pakistan would avail more benefits from huge Indian market, he observed.

Daily Times - Leading News Resource of Pakistan


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## Introvert

*Pakistan, Turkey agree to improve air-rail-road links*

ISLAMABAD: Pakistan and Turkey has decided to improve air, rail and road links in order to improve the economic and business relations.

The Chairman Board of Investment (BOI) Saleem H. Mandviwalla who is on a official visit to the Republic of Turkey as a Special Envoy of the President of Pakistan; exchange the views on ways and means to improve the economic and commercial interaction between the two countries. It was also stressed to remove any impediments in bilateral trade and investment with the Turkish leadership.

It was sought from both sides to make concerted efforts to meet the target of $ 2 billion bilateral trade by 2012. Mandviwalla brought to the attention of President Gul, the negative impact of safeguard measures imposed by Turkey on Pakistans textile exports and underlined the need of urgently concluding a comprehensive Preferential Trade Arrangement between the two countries.

The Turkish leadership is encouraging businessmen to further expand their investment ventures in Pakistan, especially in energy and infrastructure sectors, President Gul said.

In order to boost economic relations and people to people contact, the existing rail, road and air links shall be further improved. Mandviwalla discussed these proposals in a meeting with Turkish minister for Transport, Maritime affairs and Communications, Binali Yildirim. It was agreed on the need on improving existing cargo train operations. Yildirim also suggested increasing the frequency of flights between the two countries. He said Pakistan is a brotherly country and there are many venues of collaboration in trade and investment.

Mandviwalla showed his optimism that existing cargo train Gul train running on pilot basis between Pakistan and Turkey is a viable commercial venture. After increasing the frequency of this cargo train, both countries will commence passenger train, Mr. Mandviwalla informed.

Secretary Commerce Munir Qureshi, Ambassador of Pakistan to Turkey Muhammad Haroon Shaukat and Consul General Istanbul Dr. Yusuf Junaid were also present in the meeting.

ONLINE - International News Network


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## Introvert

*Japan to import mangoes in 2013 on completion of VHT plant*

KARACHI: Japan is keen to import mangoes in 2013 from Pakistan on completion of the Vapour Heat Treatment plant (VHT). Naoaki Kamoshida Economic Counselor and Taichi Arioke, Economic adviser, embassy of Japan while talking to Kabir Kazi Secretary TDAP said business promotion policy of Pakistan was quite welcoming for the investors. The delegation congratulated TDAP on the successful conduct of Expo 2012 while Secretary TDAP appreciated the participation of Japan External Trade Organisation in the event in a big way. Both sides exchange views on the issues pertaining to bilateral trade. The 23 member delegation comprising of business executive and top management of Japanese companies from different sectors visited 7th Expo Pakistan. 

Daily Times - Leading News Resource of Pakistan


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## A.Rafay

*Better transportation = better trade*

Transportation links between Turkey, Pakistan to be improved: Saleem H Mandviwalla - Minister of State (MOS)/Chairman Board of Investment (BOI), Saleem H. Mandviwalla, is currently visiting Turkey as a Special Envoy of the President on Thursday said that the transportation links between Turkey and Pakistan would be improved. 
The visit is primarily aimed to exchange the views on ways and means to improve the economic and commercial interaction between the two countries, says a statement issued by the BOI here. It said that Chairman BOI also stressed to remove any impediments in bilateral trade and investment with the Turkish leadership.
During the meeting it was sought from both sides to make concerted efforts to meet the target of US$ 2 billion bilateral trade by 2012. 
Mandviwalla brought to the attention of President Gul, underlined the need of urgently concluding a comprehensive Preferential Trade Arrangement between the two countries. The Turkish leadership is encouraging businessmen to further expand their investment ventures in Pakistan, especially in energy and infrastructure sectors, President Gul said.
In order to boost economic relations and people to people contact, the existing rail, road and air links shall be further improved. Mr. Mandviwalla discussed these proposals in a meeting with Turkish minister for Transport, Maritime affairs and Communications, Binali Yildirim. 
It was agreed on the need on improving existing cargo train operations. Mr. Yildirim also suggested increasing the frequency of flights between the two countries. He said Pakistan is a brotherly country and there are many venues of collaboration in trade and investment. Mr. Mandviwalla showed his optimism that existing cargo train &#8220;Gul train&#8221; running on pilot basis between Pakistan and Turkey is a viable commercial venture. After increasing the frequency of this cargo train, both countries will commence passenger train, Mr. Mandviwalla informed.
Secretary Commerce Munir Qureshi, Ambassador of Pakistan to Turkey Muhammad Haroon Shaukat and Consul General Istanbul Dr. Yusuf Junaid were also present in the meeting.


----------



## A.Rafay

*Govt allows export of 200,000 tonnes of sugar*

ISLAMABAD: In pursuance of the Economic Coordination Committee of the Cabinet (ECC) decision, the government has allowed export of 200,000 tonnes of sugar in addition to leftover quota of already approved export after fulfilling four conditions.

A statement of the Ministry of Commerce on Friday said the conditions would be that 200,000 tonnes of sugar would be exported in addition to leftover quota of already approved export, the export shall be made against E form.

The other conditions would be that a quantity not in excess of 10,000 tonnes shall be allowed to be exported by individual sugar mills and the State Bank of Pakistan will monitor the sugar exports and no form E shall be issued in excess of any individual mill quota and cumulative ceiling mentioned above.


----------



## A.Rafay

*Greece wants to boost economic ties with Pakistan*

ISLAMABAD: Pakistan and Greece need to improve their commercial and economic relations to promote bilateral trade and investment by taking advantage of new business opportunities.
Ambassador of Greece to Pakistan Petros Mavroidis while congratulating Islamabad Chamber of Commerce and Industry (ICCI) new President Zafar Bakhtawari said cooperation in solar energy sector could be one of the areas for strengthening economic relations between the two countries as current annual bilateral trade between Greece and Pakistan was very low which was around $500 million and needed to be enhanced by exploring the areas of common interest.
Olive oil is one of the major and well-known products of Greece and is known to be the finest in the world. 
Zafar Bakhtawari said Greece has great importance for Pakistan as around 30,000 Pakistanis were working there and contributing in the development of Grecian economy but also giving blood to the Pakistan economy in form of remittances. 
He expressed hope Greece would soon be recovered from economic recession and this was the right time to focus on non-traditional markets, frequent exchange of business delegations and establishing direct B2B contacts.
Contacts should be used to exploit untapped bilateral trade and investment potential in both countries. 
ICCI is arranging exchange of business delegations with different countries while in near future ICCI will also plan to take a business delegation to Greece.
Investment cooperation was another area in which both countries could collaborate for mutual benefits. Information technology, telecommunication, construction, automobile parts, food processing, fisheries, agriculture, hotel industry and real estate offer tremendous opportunities and potential for cooperation, he added.
Organising joint cultural shows and frequent exchange of business delegations are the options which can bring people of both the countries closer to each other that would eventually enhance the mutual cooperation between Pakistan and Greece.
Alexander the Great was the first cultural integrator between the Asia and Europe and Pakistani nation still consider Alexander as hero. 
ICCI, CDA and Greece Embassy in Islamabad would jointly organise a seminar to highlight the contribution of Greece for beautiful city of Islamabad.


----------



## Introvert

*Pakistan-Ukraine agree to boost economic ties*

Islamabad&#8212;Pakistan-Ukraine has agreed to boost bilateral ties in the areas of economic, investment, trade and defence sectors. The Fifth Round of Bilateral Political Consultations between Pakistan and Ukraine which was held in Kyiv two sides reviewed the whole gamut of bilateral relations.

Ayesha Riyaz, Additional Secretary (Europe), Ministry of Foreign Affairs led Pakistan delegation to the Consultations assisted by the Ambassador Ahmad Nawaz Saleem Mela. The host delegation was headed by Yevgen Myktenko, Special Representative of Ukraine for Middle East (including Pakistan) and Africa. Poliha Igor, Director General assisted him during the talks.

During the meeting, Foreign Minister Gryshchenko stated that Ukraine was keen to further strengthen its relations with Pakistan particularly in the economic, trade & investment and defence sectors and he was keenly looking forward to the visit of Foreign Minister Ms. Hina Rabbani Khar to Ukraine. The Additional Secretary by appreciating the Foreign Minister&#8217;s views and conveyed Pakistan&#8217;s desire to significantly enhance its engagement with Ukraine in diverse areas. She stated that visit of Pakistan Foreign Minister is high on her agenda and she will be visiting Ukraine at the earliest convenience.

During the consultations, the two sides reviewed the whole gamut of bilateral relations. Both side noted that close and cooperative relationship between Pakistan and Ukraine has progressed steadily ever since independence of Ukraine in 1991. Last two years have particularly witnessed accelerated growth of bilateral relations with a number of important agreements signed/ratified between the two governments including Agreement on Avoidance of Double Taxation, Agreement on Trade and Economic Cooperation, Agreement on Establishment of Pakistan-Ukraine Joint Inter-Ministerial Commission and Agreement on Establishment of Pakistan Ukraine Business Council (PUBC) between FPCCI and UCCI. 

Pakistan-Ukraine agree to boost economic ties


----------



## Introvert

*UAE to strengthen bilateral economic ties with Pakistan*

LAHORE: While agreeing to work on a roadmap for promoting economic cooperation between the United Arab Emirates and Pakistan, the embassy of the UAE has stressed that it will join hands with businessmen in Pakistan to explore new sectors for deepening economic relations.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) yesterday, UAE Ambassador to Pakistan Essa Abdulla Al Basha Al-Noaimi said a new strategy would specifically focus on exchange of trade delegations, participation in each other&#8217;s fairs and exhibitions, protection to foreign investment and timely dissemination of trade-related information.

Underscoring the need for promotion of people-to-people contacts, the ambassador hoped that this would help strengthen cooperation between the two sides.

Noaimi underlined UAE&#8217;s commitment to consolidate the economic ties and said bilateral trade and investments in Pakistan reached $23bn in banking, real estate, energy, infrastructure, telecommunications, ports, housing and aviation.

The two sides are also taking interest in holding international exhibitions and joint investments in both countries for the development of economy. UAE was the first country, which organised a conference, in Dubai in March 2010, to promote investment in Pakistan.

Speaking on the occasion, LCCI President Farooq Iftikhar voiced concern over the fast declining UAE investment in Pakistan and sought the ambassador&#8217;s help to overcome the phenomenon.

Pakistan has been experiencing trouble in attracting foreign investment for the past many years.

In 2006-07, foreign direct investment (FDI) peaked at $8.1bn, but since then it has been falling and has now dropped below $1bn. In 2006-07, FDI from the UAE stood at $661m, but now it has gone below $50m. 

UAE to strengthen bilateral economic ties with Pakistan


----------



## Introvert

*Brazil improving trade ties with Pakistan*

ISLAMABAD: Promotion of commercial and economic ties between Pakistan and Brazil would boost bilateral relations as Embassy of Brazil intended to help Pakistan in doing business with Brazil.

This was stated by Alfredo Leoni, Ambassador of Brazil to Pakistan who was talking to the business community here at Islamabad Chamber of Commerce & Industry (ICCI).

He also Congratulated Zafar Bakhtawari on his appointment as President of ICCI and expressed hope that he would help built relations with the diplomatic community to enhance Pakistan's trade and economic relations with countries around the globe.

He proposed that Pakistan could share experiences of Brazilian success story in the areas of economy and development achieved through the implementation of "Real Plan" which was introduced in 1994, in order to control inflation and stabilize the economy.

The Ambassador said that Brazil is the sixth largest economy as well as eighth biggest consumer market of the world, adding that Brazil is the largest commercial partner of Pakistan in Latin America but bilateral trade was about US$300 million which needs to be enhanced as Brazil is the major investment hub and also a gateway to South America.

He said that Pakistan's private sector should come forward in tapping the multiple opportunities of mutual trade between Brazil and Pakistan.

He assured the audience that there was plenty of room for investment in Brazil as it is a very strong and reliable economy. Those Pakistani businessmen who are interested in doing business with Brazilian partners must register themselves on braziltradenet.gov.br and become a member and a player of the biggest database available in Brazil involving international trading companies, market studies and information on fairs, Brazilian companies and trade offers.

In his welcome address, Zafar Bakhtawari, President ICCI lauded the devoted efforts of Mr. Alfredo Leoni for playing a dynamic role in further strengthening bilateral relations in all areas between Pakistan and Brazil.

The ICCI President said that we should concentrate on the existing opportunities and suggested that cooperation can be enhanced in the agriculture, energy and pharmaceutical sectors.

He said that visit of business delegations should also be encouraged to explore markets. In this connection, he invited business delegations from Brazil for meeting with the Pakistani counterparts.

Bakhtawari said that we should learn from Brazilian economic plan as they have turned their economy from negative growth indicators into positive economic growth. He called on the Brazilian business community to take advantage of vast Pakistani market and investment opportunities in agriculture, construction, livestock and dairy, energy, education, IT and Halal industry sectors.

Brazil improving trade ties with Pakistan


----------



## Introvert

*Pakistani companies receive US 3 mln orders at Paris food show *

Pakistani companies have received orders worth US 3 million dollars at a Food Exhibition in Paris, reposing confidence in the quality of products.A number of Pakistani entrepreneurs had setup their stalls here at Sial, Global Food Marketplace, considered the number-one industrial meeting place in Europe.The exhibition held every two years was attended by companies dealing in food products from all over the world. Pakistani pavilion comprised twenty companies; mainly rice exporters that included Metco Rice, Al-Hamza, Usman Traders, Maple Food, Mehran Bottlers, Guard rice and Shahpur industries etc.The other countries that participated in the exhibition included Turkey, Brazil, Mexico, Peru, India, China and Taiwan.

The Commercial Section of Pakistan Embassy provided full support and coordination to Pakistani exhibitors under the Trade Development Authority of Pakistan. 
Director TDAP Nasir Hamid, Press Counsellor Embassy of Pakistan Tahir Khushnood and Commercial Counsellor Mrs. Suraiya Butt also met the representatives of Pakistani companies to know the response of the buyers and to facilitate them in attracting foreign buyers. 

Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency )


----------



## Introvert

*Lucky Cement enters into international joint ventures*

According to a notification of the company to the Karachi Stock Exchange, Lucky Cement which claims to be the largest manufacturer of cement in Pakistan has entered into a couple of JV for making investment in international projects, besides expending and diversifying its business locally.

Mr Muhammad Abid Ganatara secretary of Lucky Cement said that the company has entered into joint ventures in cement plants in DR Congo, Africa and Iraq. The plant and machinery for the project in Africa has been negotiated and finalized with a renowned European supplier and the terms of the project financing are under process of negotiations with the development financial institutions and multilateral agencies.

Besides, the company has also entered into joint venture investment in cement grinding facility in Iraq. The contract for the supply of plant and machinery for this project has been signed and the project teams as well as civil contractors have been mobilized at the project site.

An industry source said that the demand for Pakistani cement is on the higher side in Africa and Lucky Cement aimed at capturing that opportunity. The project would also help the company save logistic cost of cement exports to the African countries.

Another industry source said that &#8220;The logistic cost of cement exports remained one of the major hurdles in increasing such exports from Pakistan. The cost factor is causing continuous decline in exports for the last several quarters.&#8221;

He said that moreover, Iraq has been destructed due to the war on terror and it needs to be reconstructed. Therefore, making investment in cement plant in Iraq would also help the company realize higher earnings. Besides, the company could also export cement to nearby countries such as Qatar and other GCC countries.

Lucky Cement also reported to investment equity in an associated company for 50MW wind farm project. The power generation licence and the requisite approval from the authority concerned for the acceptance of upfront tariff have been obtained. The project team is actively engaged in negotiations of concession documents and financing close with the stipulated timeframe.

The company also reported successful supply of uninterrupted electricity to Hyderabad Electric Supply Company with effect from July 1, averaging a supply of over 20 MW per hour during the quarter ended September 30th 2012.

As part of its diversification strategy, the company being part of Yunus Brothers Group led consortium has signed a share purchase agreement with ICI Omicron BV for the acquisition of 75.81% shares in ICI Pakistan. It has been agreed that YBG would pay a total of PKR 13.05 billion to ICI Omicron BV for the acquisition.

Lucky Cement enters into international joint ventures - 289400


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## Introvert

*Pakistan&#8217;s exports to China rising, Beijing investing more: Envoy*

ISLAMABAD - Ambassador of the People's Republic of China Liu Jian on Monday said Pakistan&#8217;s development is our progress and difficulties of Islamabad are our problem which we would mutually overcome soon.
He said that investment climate in Pakistan is very good while government is providing best possible security to investors therefore no Chinese entrepreneur is worried to come to Pakistan.
The Ambassador said that while talking to business community and Chinese Pakistanis at the house of Muhammad Raza Khan, former Chairman Coordination of FPCCI. Former President ICCI Nasir Khan and other business leaders were also present on the occasion.
Ambassador China Liu Jian said that Beijing is encouraging Chinese companies to invest more in Pakistan so that this brotherly country can progress on a fast pace.
Cooperation and trade between Islamabad and Beijing is increasing, bilateral trade has crossed $ 10 billion mark while Pakistan exports to China have increased by 54 per cent, informed Liu Jian.
He said that China is working on 120 projects in Pakistan of which some initiatives are related to energy. Asking Pakistan to resolve energy crisis as soon as possible, he said that we would be pleased if Chinese companies are invited to take part in TAPI gas pipeline project.
He said that China has become Pakistan's largest trading partner and and the fourth largest export destination. We should further strengthen cooperation in energy, agriculture, infrastructure, financial sector, and other fields, as well as enhance people to people exchanges, he said.
Both countries should try to get maximum benefit of bilateral Currency Swap Agreement and recent Agency Agreement signed between State Bank of Pakistan and the People&#8217;s Bank of China, he stressed.
At the occasion, Raza Khan demanded of the government to include Chinese companies in the TAPI project.
China has set a record by completing 7500 km pipeline in 18 months which means it can complete TAPI project in 4-5 months resolving energy our crisis, said Raza Khan.
Nasir Khan said that China is our best and tested friend and all Pakistanis are proud of Beijing. 

Pakistan


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## sur

Didn't know where else to post it so here it is:-

Watch *00:25:00+* "Economic Hit-man's Confession"

*Also 00:48:00+* creation of so-called terrorists by "real terrorists" suited in $5000 suits...

=
=

Zeitgeist: Addendum (2008) - YouTube


----------



## A.Rafay

*EU Commission regulations: Pakistan to automatically qualify for GSP Plus from January 1*

Pakistan will automatically qualify for GSP Plus from January 1, 2014 provided it fulfils declarations as mentioned in Article-2 of EU Commission regulations. The European Parliament and the Council of The European Union have already agreed in principle on granting Autonomous Trade Preferences to Pakistan on Duty Free Access to 75 Tariff lines. 

EU Commission has issued Regulation No 1029/2012 for introducing rules and regulations to this effect. This notification will be effective from November 15, 2012 to December 31, 2013. After the expiry of this Regulation, the EU Commission will submit a detail report as under: 

"That report should include a detailed analysis of the effects of these preferences on the economy of Pakistan and their impact on trade and the Union's tariff income as well as on the Union economy and jobs. In reporting the Commission should take into account in particular the effects of the autonomous trade preferences in terms of job creation, poverty eradication and the sustainable development of Pakistan's working population and poor." The Report would be established after the completion of this regulation by EU Commission on the basis of Article-2 as under: 

(Article-2) Conditions for entitlement to the preferential arrangements: 

i- Compliance with the rules of origin of products and the procedures related thereto as provided for in Part 1, Title IV, Chapter 2, Section 1 and Section 1A, subsections 1 and 2 of Regulation (EEC) No 2454/93, with the exception of Articles 68 to 71, 90 to 97i and Article 97j(2) of those sections. However, as regards cumulation of origin for the purpose of the determination of the origination status of products covered by the arrangements introduced in Article 1 of this Regulation, only cumulation with the materials originating in the Union is allowed. Regional cumulation and other types of cumulation with the exception of the cumulation with materials originating in the Union, is not allowed; 

ii- Compliance with the methods of administrative co-operation as provided for in Part 1, Title IV, Chapter 2, Section 1, subsection 3 of Regulation (EEC) No 2454/93; 

iii- Pakistan is not engaging in serious and systematic violations of human rights, including core labour rights, fundamental principles of democracy and the rule of law; 

iv- Pakistan abstaining from introducing new or increasing existing export duties of charges having equivalent effect or any other restriction or prohibition on the export or sale for export of any materials primarily used in the production of any of the products covered by those preferential arrangements destined for the territory of the Union, from 1 July 2012. 

v- Certificate of origin "Form A" issued by the competent authorities of Pakistan pursuant to this Regulation shall bear the following endorsement in box 4 "Autonomous measure Regulation (EU) No 1029/2012". 

If Pakistan fulfil above declarations as mentioned in Article-2 will automatically qualify for GSP Plus from January 1, 2014. Secretary General, Towel Manufacturers' Association of Pakistan (TMA), M Muzzammil Husain has informed members that EU regulation had been notified and ship would take effect from November 15, 2012 as per rules and regulations below: 

Products wide HS Code 6302.6000 & 6302.9100 are subjected to TRQ (Tariff Rate Quota) and the quantity of items fall under the given HS Codes have been mentioned as under: After exhaustion of the prescribed limit of quantity, the normal tariff will be imposed by EU as per their tariff law. The products fall under the given HS Codes are under 25 percent quantity increase capacity based on average of last three years exports. 

EC Regulation No 2454/93 will apply for quota management which as under: 

---- EU importers will apply to the customs authorities of the relevant EU member states to avail the benefit of TRQ on First Come First Served basis. 

---- These requests by the EU importers for TRQ will be entertained with reference to the date on which the custom declaration is accepted by the authorities of the concerned EU Member States. 

---- EU importers and all interested parties will be able to monitor the state of quota utilisation at any given time on the EC Directorate General of Taxation and Custom Union (TAXUD) website. 

---- As and when 90 percent of the total quota quantity is used up, its status will be considered critical and an alert will be posted on the website against that particular tariff line. 

---- Based on this alert, Member States may demand a guarantee for the relevant duty (MFN or GSP) from the EU importer. 

Quota Management: Quota Management will be done entirely by the European Commission. The basic role of Pakistani Authorities relates to issuance of Certificates of Origin confirming that the exported products are of Pakistani Origin so that they can qualify for ATP concessions. 

GSP FROM PAKISTAN: Certificate of origin "Form-A" issued by competent authorities of Pakistan pursuant to this Regulation shall bear the following endorsement inbox -4 'AUTONOMOUS MEASURE-REGULATION (EU) NO.1029/2012.' TMA has assured its members that it would happily facilitate its members in scrutinising shipment documents before applying for GSP so that proper HS Codes of the products could be mentioned to avoid any problem for their own benefits.

EU Commission regulations: Pakistan to automatically qualify for GSP Plus from January 1 | Business Recorder


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## BATMAN

'Pakistan potential hub for solar energy power projects' Pakistan Business


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## A.Rafay

*PTA with Pakistan in 15 days: Indonesian minister*

ISLAMABAD - Indonesian Minister for Trade Gita Wirjawan on Thursday said that the Preferential Trade Agreement (PTA) signed with Pakistan earlier this year would become operational in 15 days.
He said the implementation of PTA signed on February 4, 2012 will not only improve relations between the two countries but also provide a level playing field to all exporters of edible oil who have vested interests in a lucrative Pakistani market.
Wirjawan stated this while talking to a select group of edible oil importers led by Pakistan Vanaspati Manufacturers Association (PVMA) Senior Vice President Atif Ikram Sheikh who is also Islamabad FPCCI Capital Office Coordination Chairman.
Akbar Iqbal Puri, Malik Sohail, Leonard F Hutabarat, Asia Pacific and African Affairs Director General Muhammad Hartantyo, Indonesian ministry of foreign affairs representatives and others were also present in the meeting arranged by the Indonesian embassy. 
Wirjawan gave assurances that Indonesia will provide every possible facility to Pakistani importers. Sheikh and Puri, on the occasion said the imposition of PTA will provide incentives that will boost Indonesian exports into Pakistan.
Initially, Pakistan will save 35 USD per ton on import of palm oil from Indonesia which will help the country save a total of 70 million dollars of precious foreign exchange per annum. Sheikh further said Indonesia imports will not only help importers save money but will assist manufacturers in clipping prices which will benefit the common man.
He also stated that PTA will help Pakistani exporters gain enhanced access to Indonesian markets on 216 tariff lines at the preferential rate. This will be a great opportunity for Pakistani businessmen dealing in fresh fruits, cotton yarn, cotton fabrics, readymade garments, fans, sports goods, leather goods and other industrial products, he said. He observed that this crucial development will help stakeholders anticipate future developments in an increasingly challenging global economy and enable diversification of exports, thereby increasing their resilience amidst the current economic meltdown.

PTA with Pakistan in 15 days: Indonesian minister | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia


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## RabzonKhan

*Expatriate workers increasingly help float domestic economy*

By Kazim Alam
Nov 27, 2012

KARACHI: Developing countries are expected to receive $406 billion in remittances in 2012, which is 6.5% higher than the remittances they received in 2011, according to a recent World Bank report.

The World Bank projects that remittances to developing countries will grow by 7.9%, 10.1% and 10.7% in 2013, 2014 and 2015 respectively, to reach $534 billion in 2015.

While the international economic downturn has adversely affected remittance flows to Europe and some other regions, South Asia is expected to fare much better than previously estimated, the report says. Remittance flows to South Asia are expected to clock in at around $109 billion in 2012, up by 12.5% over 2011, it said.

*According to the State Bank of Pakistan (SBP), the country received remittances of $13.2 billion in fiscal 2012, which were 17.7% higher than the preceding fiscal year.

Similarly, in the first four months of the current fiscal year, remittances to Pakistan stood at $4.9 billion, higher by 15% compared to remittances received in the corresponding four-month period last fiscal year. *

Regions and countries with large numbers of migrants in oil-exporting countries continue to see robust growth in inward remittance flows, compared with those whose migrant workers are largely concentrated in the advanced economies, especially Western Europe, the World Bank report says.

According to the Bureau of Emigrations Assistant Director Farrukh Jamal, more than 80% of the manpower that Pakistan has exported resides in Saudi Arabia. Almost 90% of recent emigrants from Pakistan currently work in the Middle East, he told The Express Tribune in an interview two weeks ago.


*The largest single-country chunk of remittances that Pakistan received in fiscal 2012  amounting to $1.1 billion  was from Saudi Arabia. It was followed closely by the United Arab Emirates (UAE), with $963.1 million remitted from the country in the same period. The United States ($795.3 million) was the third biggest source of remittances during fiscal 2012. *

*Cost of remittances*

The World Bank report says the high cost of sending money home is an obstacle to growth of remittance flows. It averaged 7.5% in the third quarter of calendar year 2012 for the top 20 bilateral remittance corridors, and 9% for all other countries for which cost data were available, it says.

Interestingly, the two most important bilateral remittance corridors for Pakistan  UAE-Pakistan and Saudi Arabia-Pakistan  are among the five least costly corridors in the world, according to World Banks Remittances Prices Worldwide project.

For example, sending $200 from the UAE to Pakistan costs $4.9, which translates into 2.4% and includes the transaction fee and exchange rate margin. Similarly, transferring the same amount from Saudi Arabia to Pakistan costs $5.6, or 2.8% of the remitted amount.

On the other hand, the World Bank says, the Singapore-Pakistan remittance corridor is among the five most costly corridors in the world: it costs almost $57 to transfer $500 from Singapore to Pakistan, which comes around 11.4% of the remitted amount.

*Workers remittances and compensation of employees for Pakistan  which comprise current transfers by migrant workers and wages and salaries earned by non-resident workers  were 5.5% of the countrys gross domestic product in 2010, the latest year for which the relevant data is available on the World Banks website.*

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## A.Rafay

*Mobilink to invest $1bn in Pakistan*

KARACHI: A delegation of VimpelCom informed Prime Minister Raja Pervez Ashraf of plans for further investment of $1 billion in Pakistan for the enhancement of Mobilink&#8217;s nationwide mobile network. A delegation comprising senior management from VimpelCom, the parent company of Mobilink, called on the prime minister at the Prime Minister House, on Thursday. The delegation was headed by VimpelCom Group CEO Jo Lunder who apprised the prime minister on VimpelCom&#8217;s global operations and the significance of the Pakistani market for VimpelCom&#8217;s growth strategy. The prime minister also discussed VimpelCom&#8217;s outlook on current operating conditions within Pakistan, and was apprised of Mobilink&#8217;s existing investment of over $3.9 billion towards consolidating its position in Pakistan&#8217;s telecom sector.

Daily Times - Leading News Resource of Pakistan


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## W.11

Over 800 Japanese investors to attend conference

KARACHI (PPI): The government of Japan has offered Karachi Metropolitan Corporation of organizing a seminar in the city sometime next month wherein over 800 Japanese investors would participate. The people running the small and medium size cottage industries would be invited to attend the seminar. All the investors would be invited to invest in industrial zone planned at Mehran highway for which the Japan government would also extend financial assistance. A delegation of JICA, headed by Mr. Agaci, informed about the proposal during a meeting with KMC Administrator Muhammad Hussain Syed. Syed told the delegation that services and works department would be directed to pay special attention on construction and repair of roads linked to Mehran highway and starting second phase of highway at the earliest. Japan government has released Rs.550 million grants for construction of second phase of Mehran highway that is about 11km long portion.


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## Daywalker

Pakistani stocks rise, rupee strengthens 
AFP | 5 hours ago


KARACHI: Pakistani stocks closed higher Tuesday as investors remained hopeful that the national saving rate will be reduced soon, dealers said.

The Karachi Stock Exchange&#8217;s (KSE) benchmark 100-index closed at 16,858.68 higher, 0.34 per cent or 57.66 points.

D.G. Khan Cement rose 1.09 per cent, or 0.59 rupee, to 54.95 per share while Fauji Bin Qaim was up 1.11 per cent, or 0.42 rupees, to 38.28 per share.

&#8220;In hope that the national saving rate will soon be reduced, fresh buying was witnessed at Karachi stock exchange,&#8221; said dealer Samar Iqbal at Topline Securities.

Stocks that fell included Hub Power Co, down 1.35 per cent to 43.90 per share, and Jahangir Siddiqui, which fell 2.69 per cent to 16.25 per share.

In the currency market, the Pakistani rupee strengthened, closing at 97.88/97.94 against the dollar, compared to Tuesday&#8217;s 98.08/98.13.

The rally was a brief interlude in a mainly downward slide.

The rupee is under pressure due to import and oil payments and may fall further due to strong demand for the dollar from importers, a dealer said.

Overnight rates in the money market ended at 9.40 per cent compared to Tuesday&#8217;s close of 9.25 per cent.


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## Bobby

I can read so many posts say almost every country in the world vows to boost economic ties.....are you guys seeing any boost in Pakistan economy?.........


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## fatman17

*FT says &#8216;dark prospects&#8217; haunt Pakistan* 

our correspondent

Friday, December 28, 2012 


*LONDON: Influential newspaper Financial Times said in an article on Thursday that there is broad agreement among both Pakistani and foreign observers that Pakistan&#8217;s government has &#8220;failed to restore fiscal discipline, curb corruption or taking essential decisions on infrastructure investment&#8221;.*


The paper said that Pakistan&#8217;s economy was in highly fragile state and was kept alive in part by about $1b a month of remittances from citizens and former citizens working in the Gulf, UK and North America. The country, according to the paper, has a thriving black economy, untaxed and unmeasured, and good prices for cotton and other farm crops that have bolstered the otherwise fragile domestic economy.



The paper quoted Prime Minister Raja Pervaiz Ashraf as saying: &#8220;We have food security. We are a wheat exporting country.&#8221; He boasted about foreign exchange reserves of $14b, higher than when the government was elected four years ago. The paper said IMF has told Pakistan that its reserves actually fell to an estimated $10.8n in the previous fiscal year and are projected to drop to $7.4b in the current year ending in June.



Shahbaz Sharif, Chief Minister of Punjab, accused the government of &#8220;looting and plunder&#8221; of the country and alleged that $700m were &#8220;spent in vain&#8221; on two hydroelectric power projects that were supposed to have been built by Chinese and other contractors having a capacity to produce 950 megawatts electricity.



&#8220;Not a kilowatt of power was generated. They should have been functional two years ago. The plant has been lying in Karachi for two years and there&#8217;s no electricity. The Chinese have gone back to China,&#8221; Shahbaz Sharif told the paper.



The paper also spoke to various industry leaders who painted a bleak picture of the economy.



&#8220;We have around 10 or 12 hours daily of no electricity,&#8221; said Azam Saigol, Managing Director of Saigols in Lahore. &#8220;It&#8217;s a really, really appalling state of affairs, but we are calm about it because it&#8217;s a way of life.&#8221;


&#8220;It&#8217;s very frustrating,&#8221; said Sakib Sherani, an economist who heads Macro Economic Insights in Islamabad. &#8220;You know you&#8217;re heading for a wall at 120mph and no one&#8217;s doing anything. Investment has just fallen off a cliff,&#8221; says Sherani. &#8220;Private domestic investment is at the lowest level on record. Right now reserves are relatively comfortable, but the burn rate is increasing. In Pakistan, the definition of a crisis is a balance of payments crisis. It&#8217;s on the cards.&#8221;



&#8220;The problems facing the country include bomb attacks and assassinations by extremists, high inflation, sluggish growth, extreme corruption, a lack of jobs for young Pakistanis and an unsustainable budget deficit, which the IMF says reached 8.5 percent of gross domestic product in the previous fiscal year, more than double the official target,&#8221; said the report. 



For a country of 180m people &#8212; the world&#8217;s sixth biggest &#8212; the most worrying financial portent is the decline of the domestic and foreign investment that should ensure growth and jobs in the future, according to the paper. According to the central bank, total investment as a share of GDP fell to 12.5 percent in 2011-12, just more than half the level of five years earlier, it said.



Both Sherani and Saigol said that the IMF will provide relief to the country but it will wait for the new government to take charge. 


_fruits of democracy in pakistan._


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## niaz

Recent decision of the SC to set aside the agreement with Reko Diq is detrimental to Pakistan interests and Pakistan may have to reimburse total cost plus interest should the Australian Company decide to take this to the International Court. Pakistan has already suffered from the disastrous consequences on the Steel Mill judgement. Pray tell me, why would any company want to invest in Pakistan if after 20 years, the deal is set aside?

It is controversial enough to deserve editorial comment in the Dawn. 

It makes one wonder if our SC with the megalomaniac CJ is a boon or bane for Pakistan?



Reko Diq deal

INTO a thicket the Supreme Court has stepped again, and again with uncertain consequences. The Reko Diq deal has been struck down: a 1993 agreement signed under a caretaker government in Balochistan with an Australian mining company, which eventually fell into the hands of its present-day owners, Canadian- based Barrick Gold and Chiles Antofagasta. At stake are copper and gold reserves that run apparently into tens of billions of dollars. Set aside the legal minutiae and two central issues are at stake here. One, will striking down a 20-year-old contract deliver a devastating blow to foreign investment, particularly in the mining and exploration sectors, in Pakistan? Two, are the mineral reserves of the country, essentially belonging to the people, to be sold off for a song just because the people do not have representatives in government with their best interest at heart? Lying between those two interests  often at odds with one another  is a third question: was the Reko Diq deal fair when assessed alongside similar contracts internationally and given the particular conditions of Balochistan?

To the last question first: privately, virtually all parties to the Reko Diq hearing in the Supreme Court suggest that the contract was not inherently unfair. Having spent $400m on exploration during various phases of ownership over the years, Tethyan Copper Company discovered that there are indeed vast sums of copper and gold to be mined in Reko Diq  with the Balochistan government not having spent a rupee of its own through the life of the project. Could, and should, the Balochistan government have pressed for a better deal than a small amount of royalties, a 25 per cent share of the project and sundry taxes to be imposed? Yes. But was the deal so outlandish that the companies involved should have known at the outset the danger of it being struck down? No.

Therein lies the difficulty with the Supreme Court judgment. Say a government in Balochistan today were to sign a mining lease on lucrative terms in unfavourable conditions: the government doesnt have the money to even partially finance mega-investment projects; security conditions in the province are a concern for even the hardiest investor; and the medium-term outlook of the Pakistani economy is quite poor. Should the granting of lucrative terms to an investor today, reflecting present security and economic conditions, be struck down 20 years later if conditions at that future time render them too generous? The silver lining in Reko Diq is that investors are keen to begin mining  meaning the devastating impact on privatisation of the Steel Mills judgment is unlikely to be repeated in the mining sector.

Reko Diq deal | Newspaper | DAWN.COM


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## Jango

niaz said:


> Recent decision of the SC to set aside the agreement with Reko Diq is detrimental to Pakistan interests and Pakistan may have to reimburse total cost plus interest should the Australian Company decide to take this to the International Court. Pakistan has already suffered from the disastrous consequences on the Steel Mill judgement. Pray tell me, why would any company want to invest in Pakistan if after 20 years, the deal is set aside?



I had a little chat with somebody who has a business for himself regarding IT and all tht stuff, and he told me that the investors are being scared away. Nobody wants to come now because the CJ instead of catching the government that opens tenders and gives away such deals, he catches the investors and companies that are doing business as a result of those government policies/acts.

IMO the CJ is now trying to be the superhero of Pakistan before his retirement, and taking Suo Motu of every other case and trying to be the lone savior. It's gotten to his head a little bit.

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## xyxmt

^^^ 
If our corrupt leader are selling Reko Diq for $8 billion and allowing them to take out all the Gold, any red blooded Pakistani will have objection to it. what is next sell all the natural deposits in Baluchistan to someone for $20 Billion!!
fcuk no keep it for future maybe we get some honest leader, and maybe our people start working for a change and take it out themself because $8 billion will not make a difference for us


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## niaz

xyxmt said:


> ^^^
> If our corrupt leader are selling Reko Diq for $8 billion and allowing them to take out all the Gold, any red blooded Pakistani will have objection to it. what is next sell all the natural deposits in Baluchistan to someone for $20 Billion!!
> fcuk no keep it for future maybe we get some honest leader, and maybe our people start working for a change and take it out themself because $8 billion will not make a difference for us





It saddens me to hear such as sweeping statements from intelligent and rational people. Firstly the deal was signed 20 years ago when gold prices were far less. Secondly when the deal was concluded no one knew the full extent of the deposits, because before one can determine the full potential, one needs to spend a lot of venture capital meaning that the investor takes a calculated risk and it is quite possible that all the money is wasted.

Now when the company has invested 20 years and about $400-million, in your wise judgement it is okay to tell the original investor to get stuffed! Pray tell me if it was you on the receiving end, would you still have the same view? 

Incidentally, the deal was signed during the interim government with late Ghulam Ishaq Khan as the president and Nawab Balkh Sher Mazari the prime minister. I have not come across accusations that these gentlemen made millions of dollars from this deal.

However, you are entitled to your opinion. Who gives a fig if all the FDI dries up as a result?

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## niaz

First an article against my views:

The gold is ours! 

Muhammad Hussayn

Friday, January 11, 2013 
From Print Edition 


The writer is a lawyer and researcher based in Islamabad.

A cash-starved, insurgency-ridden province; the machinations of Big Capital; the sleazy deals of corrupt third-world public officials; and a fight over mineral resources ending in a court room drama. Indeed, the Reko Diq case has all the makings of an epic thriller.

In another country, this episode would have been quickly pictorialised. But given the punch-drunk nation that we are, we can neither tell apart the truly significant events from the mundane, nor sit down to reflect upon them.

Thankfully, this five year-long saga has ended now in a victory for the poorest of Pakistans poor  the people of Balochistan. Gold and copper deposits possibly worth several billion dollars, which belong to the deprived people of Balochistan, are now back in their custody. At the eleventh hour, they have been rescued from the deathly embrace of Big Capital.



The legal story is contained in the Supreme Courts (SC) sixteen-page short order. Although the abstruse legalese is a bit challenging, it is clear that the case has been decided in accordance with the law, not under policy considerations.



Nowhere does the court harp on about the neo-liberal economic model for mining and its devastating implications for poorer countries. Nor does it seem overly bothered about maintaining investor confidence. Here in the public sphere though, both political and legal aspects are worth discussing. But first let us retell the legal story in plain English.



Experts say that the same Tethyan copper belt which starts in Turkey and goes on to Iran and Afghanistan, also extends deep into the Pakistani part of Balochistan. Folk tradition has it that the existence of copper in the region has been known since, at least, the Mughal era.



In 1991, the Balochistan Development Authority (BDA), which has the statutory mandate for prospecting, exploring and mining in the region, entered into negotiations with BHP Minerals, an Anglo-Australian worldwide mining giant. The negotiations resulted in a concession being granted to BHP, known as the Chaghai Hills Exploration Joint Venture Agreement (CHEJVA). The deal, like most such deals between Big Capital and the third-world, was skewed in BHPs favour: it would get 75 percent of the find, while the people of Balochistan would keep only 25 percent.

In 1996, however, a fateful event transpired. The BHP managed to get various additional concessions from the BDA, through relaxation of the Balochistan Mining Concession Rules. In effect, through a sleight of the legal hand, the deal became further skewed in BHPs favour.

By 1998, however, BHP came to conclude that the finds were not quite as hefty as they had initially hoped for  in fact, the project seemed more a liability than an asset. They offered their rights in the project to South African Iron and Steel Industrial Corporation (Iscor), another mining giant, which turned the offer down. But some people at Iscor could smell a fortune behind the seemingly dead project. They broke off to form Mincor NL, which then bought BHPs share in CHEJVA for precisely $1 (one dollar).

Mincor created a subsidiary, the Tethyan Copper Company (TCC), to handle the mines. A little later, Mincor too lost interest and sold TCC to two Chilean and Canadian mining behemoths which, a few years later, struck gold. The last of the giants had placed its bet in the right place. Today it is one of the worlds largest mining ventures.

However, at least as far back as the year 2000, the legal deficiencies in the deal had begun to surface. That year, an addendum was added to CHEJVA, seeking to make up for those deficiencies. Then in 2002, during General Musharrafs drive to open up the economy to Big Capital, a new and more investor-friendly set of mining rules was enacted.

Hoping to take retrospective benefit of this change in the rules, the parties to CHEJVA signed a Novation Agreement in 2006, hoping to make their gains legally impervious. Fate, however, had something else in store for them.

In 2007, a group of politicians, including the late Senator Maulana Abdul Haq Baloch, took CHEJVA to the Balochistan High Court. The high court turned the case down on technicalities. On appeal, the SC too seemed initially rather disinclined to intervene. Thus in 2011 it sent the matter back to the province.

However, by this time, the provincial government too had realised the magnitude of public resources that were at stake; so it turned its back on CHEJVA. And now, after several weeks of intensive hearing, the SC, ever vigilant of the rights of the people, has declared CHEJVA illegal. Big Capital has been shown the door  the gold and copper reverts to the people.

At first glance, this may seem unjust to Big Capital. After all, they claim to have already spent more than a hundred million dollars. And they were certainly hoping to make billions. But there is a simple and well-known principle of contract law at work here: caveat emptor i e Let the buyer beware!

When buying those concessions, Big Capital should have known that its title was defective, having been granted in violation of domestic laws. In fact, it seems that it was always acutely conscious of this  thus the addendum in 2000 and the novation in 2006; both ill-conceived attempts to cure the defects inherent in CHEJVA.

So now when the court has declared their claim to be what it is, Big Capital, with its legions of hot-shot lawyers, has no moral right to cry foul. They will, of course, pursue the matter in international arbitration forums. They may even try to bring pressure from international financial institutions to bear on Pakistan. But we should not budge. If Big Capital has lost some small change, it should have known better.

Here ends the legal story. But the policy aspects of the situation are even more interesting. Now that these multi-billion dollar resources are back in the nations kitty, what are we to do with them? Shall we, once again, lease them out to some global mining giant in return for a puny share in the finds?

If we go to them once again, they can easily use the investor confidence card against us, and broker an even more favourable deal. A vibrant and informed public debate about the correct approach to natural resources is the need of the hour. In this short piece, all I can do is raise some burning questions.

If the verdict has left Big Capital unimpressed, why should we care? Wouldnt the people be better served if our mining policy was designed to promote consortiums of local mining firms, instead of pandering to the global giants who repatriate all their profits? True, the local firms are small and cannot explore as rapidly or efficiently as global giants. But what about those plethora of skilled and unskilled jobs and the entrepreneurial opportunities they create for our youthful populace?

Shouldnt the state facilitate small local firms in capacity enhancement, instead of putting them out of business at the altar of Big Capital? Looking back, what good has the neo-liberal mode of mining done to scores of African and South American nations? If our operations are slower, whats the rush about? We could save some ore for future generations. They too would want something to work on, you know.

These are tough questions that defy simple answers. The Reko Diq epic has brought us back to the point where we can gainfully engage in this discussion again, because the gold and copper is ours! The law has delivered on its promise. Let policy catch up pace.

The gold is ours! - Muhammad Hussayn!

Unquote.

I personally dont agree with many of the assumptions but the article is based upon sound analysis which is expected from intelligent people, not the sweeping statements such as corrupt politicians etc. 

Firstly, having no large scale mining industry to speak of, we have lack technical resources to competently exploit this mineral wealth. Secondly, Pak economy is in a bad shape and it is doubtful that Baluchistan Govt has the financial or manpower resources to get any benefit out of this project in the near future. We have Thar coal example staring in our face; despite severe shortage of power, have we anything concrete show for from Thar coal as yet?

My main worry is that now that we know there is a fortune in there; there would be a free for all and individuals will make fortunes with nation getting far less than the 25% guaranteed income; something similar to what happened to Nigerian oil wealth. Thus either nothing comes out of it for very long time or the nation comes out even worse than before. Either way it is a loser. Additionally, like it or not, this decision has severely dented FDI prospects.


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## Gentelman

Federal Minister for
Finance Dr Abdul Hafeez Shaikh
invited the General Electric Company
(GE) to invest in Pakistan particularly
in sectors where it had global expertise
like aviation, transport, railways,
energy and alternate energy.
General Electric Company Vice
Chairman John Rice expressed keen
interest for investment in various
sectors in Pakistan particularly
supplying locomotives to Pakistan
Railways and set up a wind energy
projects in the country while
exploring other investment
opportunities.
Shaikh said that Pakistan offered a
favourable environment for foreign
investment and assured full support
and facilitation of the government
for investment by the Fortune 500
company.
GEs vice chairman Rice expressed
his gratitude to the Government of
Pakistan for providing attractive
opportunities for foreign investment
in the country. He thanked finance
minister Shaikh for his continuous
support to the private sector
businesses and attracting
investment by guiding foreign
investors.
Rice appreciated the policies of the
Ministry of Finance in promoting a
business-friendly environment.
GE is a US-based multinational
conglomerate corporation and
operates through four segments:
Energy, Technology Infrastructure,
Capital Finance and Consumer and
Industrial. In 2011, GE ranked
among the Fortune 500 as the sixth-
largest firm in the US by gross
revenue, as well as the 14th most
profitable.


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## Major.

Pak loans cannot be written off: IMF - thenews.com.pk

Pak loans cannot be written off: IMF


January 18, 2013 - Updated 160 PKT 
From Web Edition

ISLAMABAD: Head of the International Monitory Fund (IMF) mission in Pakistan, Jeffrey Frank said that the IMF cannot write off or restructre Pakistans loan.

While speaking to the media, Frank further said that Pakistan has not formally sought a new program, adding that if they did want to seek a new program then their economic strategy must radically change as losses of government institutions had drowned the current economic strategy.

Frank told the media that Pakistan was in need of billions of dollars in revenue in expenditure as it was suffering from a current deficit of 16.24 trillion, adding that Pakistans foreign exchange reserves had diminished.

The IMF mission chief also said that taxation on agriculture, retail and sales should be made more effective and tax relaxations and concessions should be done away with.

He further said that Pakistans major issue is power deficiency and power theft was behind the increasing deficit.


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## NP-complete

ISLAMABAD: The International Monetary Fund (IMF) may sign a loan programme with the caretaker government if all major political parties agree on a broader set of action plans. However, before that is possible, Pakistan will have to take some tough prior actions, says the Fund&#8217;s representative for the region.
In a luncheon meeting with a group of journalists here on Friday, Jeffrey Franks, adviser to the IMF for the Middle East and Central Asia, spoke at length on the grave economic situation the country is faced with. He also shed light on the Fund&#8217;s ongoing dialogue with the government, aimed at building consensus on a set of conditions needed to be fulfilled before and during the course of a fresh bailout programme. Franks was accompanied by the new IMF Country Representative Mansoor Dailami.
&#8220;The current polices will have to be readjusted in order [for Pakistan to become eligible] for an IMF programme. The IMF has discussed with the government what kind of policies would be necessary,&#8221; said Franks.

The IMF&#8217;s prescription to Pakistan includes a healthy measure of &#8211; not surprisingly &#8211; increasing taxes, cutting expenditures, withdrawing electricity subsidies and increasing interest rates to check inflation, which is expected to rebound soon and devalue the currency further.
&#8220;We have agreed with the government that the deficit eventually needs to come down to 3-3.5% of the GDP in three years, from the current level of over 7%,&#8221; revealed Frank. &#8220;According to our one-month assessment, Pakistan&#8217;s currency is overvalued by 5-10%. Modest depreciation might yield positive results for the economy,&#8221; he added. &#8220;The monetary policy also needs to be calibrated to bring down inflation to between 5-7%.&#8221;
He underscored the need for having &#8220;broadest and deepest possible political support for any new programme&#8221;. Franks also sought support at the highest levels, besides taking provinces on board, before the government enters into a formal arrangement with the Fund. He said that if political parties agree on a broader reforms agenda, the IMF can be flexible on how Pakistan goes about achieving it.

&#8220;The decision whether or not we will enter into a programme with the interim government will be made by the IMF management: however, if there is very strong and broad political support, going beyond the interim government, it might be possible,&#8221; Franks said, while responding to a question asking about the timing of the programme.
The IMF official observed that Pakistan&#8217;s problems require long-term solutions, and that any new programme will not last less than three years.
Franks disclosed that, according to the IMF assessment, this year&#8217;s budget deficit will remain around 7-7.5% of the GDP. In absolute terms, the IMF projects a Rs1.624 trillion deficit &#8211; a whopping Rs516 billion or 2.3% higher than government estimates. Besides the significant shortfall in revenues, Pakistan also may not be able to complete the auction of the 3G telecom spectrum, causing another shortfall of around Rs75 billion.
To add icing to that unsavoury cake, the economy will grow just 3.5% this year according to the IMF&#8217;s estimates, as against official projections of 4.3%.
&#8220;The number one bottleneck to growth is the energy sector. The number two bottleneck is the energy sector, and the number three
bottleneck is also probably the energy sector,&#8221; said Franks.
&#8220;Private sector credit growth is very weak; large scale manufacturing is positive, but very low; and we don&#8217;t see robust export growth,&#8221; observed Franks. He further said that while declining inflation is a good indicator, it is also worrisome because domestic demand continues to remain weak. He also criticised the government&#8217;s tax collection efforts, which he said are indicative of weaknesses in the economy.
Even though the IMF has projected a current account deficit of a low 0.7% of GDP, Franks warned that even this low level is dangerous due to drying foreign inflows. As a final blow, he also ruled out any restructuring of IMF loans.
He agreed that tough actions may cause a temporary drop in growth, but insisted that they were necessary for achieving macroeconomic stability.
Franks also hinted that the central bank should be made an independent part of plans for the new programme.
Published in The Express Tribune, January 19th, 2013.

Gifts of democratic government.


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## A.Rafay

*Al-Tuwairqi to invest $900m to upgrade steel plant in Karachi*

*KARACHI: Al-Tuwairqi Holding of the Kingdom of Saudi Arabia and Posco &#8211; the world&#8217;s third largest steelmaker by market value &#8211; signed a memorandum of understanding with the Government of Pakistan for backward and forward integration of the Tuwairqi Steel Mills (TSML) &#8211; Pakistan&#8217;s first private sector integrated environment-friendly steel manufacturing complex. Estimated investment hovers around $900 million for realisation of all these projects.*
Forward integration will allow further value addition through a melt shop, producing world standard steel grades, while backward integration will be to the extent of exploring iron ore locally in Balochistan, its beneficiation and pelletisation, said a press statement. Estimated investment hovers around $900 million for realisation of all these projects.
Under the MoU, Pakistan will facilitate TSML in developing mines and utilisation of iron ore as raw material for TSML&#8217;s relevant plants.
Posco also expressed interest in exploring business opportunities with Pakistan in engineering, procurement and construction services in the fields of infrastructure and industrial, environmental, electric power and oil and gas facilities.
TSML recently kicked off the commercial production at its direct reduced iron (DRI) making plants with the capacity to produce up to 1.28 million tons per annum of high quality DRIs. The first phase had completed with an overall investment of $350 million.

Al-Tuwairqi to invest $900m to upgrade steel plant in Karachi &#8211; The Express Tribune

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## Edevelop

*Lahore RTO posts 200 percent increase in tax collection
*
The checking of sales tax and federal excise returns using the computerised risk-based evaluation of sales tax (Crest) prepared by the Federal Board of Revenue has resulted in extraordinary 200 percent increase in revenue collection by one of the Regional Tax Offices (RTOs). 

Sources told Business Recorder here on Thursday that the sales tax collection of the RTOs has shown steep rise after implementation of the new IT system - Crest - to verify the sales tax returns. The verification of buyers and sellers within supply chain has been effectively done by the Crest in all revenue generating sectors of the economy. The technology recently introduced by FBR is having visible salutary effect on the domestic sales tax collection. One such example is RTO, Lahore where this technology is in operation. 

Astonishingly, the domestic collection posted more than 200 percent growth as compared to actual collection last year. The RTO has significantly surpassed FBR estimates. Such phenomenal growth has been made possible through effective enforcement and efficient use of technology. The growth is not restricted to a specific sector applying coercive measures such as advances or recovery made through any Court decisions. 

The Crest segregated the short filers in sugar, pipe manufacturing industry and restaurants. The RTO followed the short filers and posted impressive growth, it did not resort to any harassment measures other than recovery of the due taxes. In RTO now Crest focus is on the steel sector which is infected with chronic defaulters. The Lahore Electric Supply Company (Lesco) which is withholding agent to the steel melters and re-rollers is being asked to show evidence where it has not charged tax amount to any registered persons of this sector. 

It is learnt that association led by Hafiz Akbar is helping in recovery of defaulted amount and also bringing persons into the tax net, operating in unorganised sector other area RTO is focusing in scrutiny of withholding of Income Tax where RTO has registered 25 percent increase as compared to last year. 

'Crest' implementation: Lahore RTO posts 200 percent increase in tax collection | Business Recorder


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## Mani2020

As of now KSE has reached 17310.42 index


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## Black Widow

Is this map is turkish ???


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## Jango

Black Widow said:


> Is this map is turkish ???



Could you rephrase the question?

Which map?


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## Gentelman

Thursday, February 21, 2013
From Print Edition


KARACHI: The Karachi Stock
Exchanges (KSE) benchmark 100-
index recovered from Tuesdays
decline and surged by 130 points to a
new record high on Wednesday due to
improvement at the political front,
dealers said.
Ahsan Mehanti, analyst at Arif Habib Corp,
said that improvement at the political
front with an end to nationwide protests
and sit-ins condemning the recent
bombing in Quetta has positively affected
the market. Global stock markets also
increased yesterday, which played a key
role in the improvement of the local
market, he added.
The KSE-100 index surged by 129.36
points or 0.73 percent to 17,947.07
points against 17,817.71 points recorded
in the last session. The index, at one time
during the intraday session, reached a
high level of 17,989.70.
The KSE-30 index also increased by
129.11 points or 0.89 percent to
14,715.67 points in the session against
14,586.56 points recorded in the last
session.
The turnover improved by one million
shares to 267.27 million shares from
266.24 million shares, whereas the value
increased to Rs9.27 billion against Rs7.90
billion and market capital increased to
4.47 trillion against 4.44 trillion recorded
in the last session.
Zafar Moti, senior member of the KSE,
said that an end to the sit-ins played a
significant role in pushing the market
upwards. We are expecting the market
to touch the 18,000 mark on Thursday,
he said. On Wednesday, institutional
buying was witnessed in energy and
banking sectors, while foreign investment
was low.
The highest increase was recorded in the
shares of Nestle Pakistan Ltd, which
increased by Rs99.99 to Rs4,900.00 per
share, followed by Colgate Palmolive,
which increased by Rs75.00 to
Rs1,575.00 per share. Major decline was
noted in the shares of Unilever Pak, which
declined by Rs23.90 to Rs10,358.60 per
share, followed by Indus Motor Co that
declined by Rs6.55 to Rs304.45 per
share.
Significant turnover was recorded in the
stocks of Pakistan Telecommunication
Company Ltd (PTCL), NIB Bank Limited,
Maple Leaf Cement, Jahangir Siddiqui Co
and Telecard Limited. PTCL remained the
volume leader with 32.74 million shares
with a decline of 14 paisas to Rs21.75 per
share, followed by NIB Bank Limited with
24.16 million shares with a decline of 22
paisas to Rs2.58 per share.
Shares turnover in the futures market
increased to 39.04 million shares from
32.01 million shares traded in the
previous session.
Of a total of 359 companies stocks
traded, 172 advanced, 150 declined and
37 remained unchanged.
Nestle Pak Rs99.99
Closing Rs4,900.00
Colgate Pak Rs75.00
Closing Rs1,575.00
Bata Pak Rs40.00
Closing Rs1,480.00
Unilever Pak Rs23.90
Closing Rs10,358.60
Indus Motor Rs6.55
Closing Rs304.45
Abbott Lab Rs4.11
Closing Rs217.39



nuclearpak said:


> Could you rephrase the question?
> 
> Which map?



trooling.....


----------



## muse

*The hidden economy*
Khurram Husain 

*GOING by the numbers alone, it would appear that no significant economic activity takes place west of the Indus. Look at the provincial GDP numbers, the revenue figures and you see no movement, no activity on any significant scale.

More detailed metrics of economic activity also show great &#8216;tranquillity&#8217; in the west. Detailed figures on consumption of electricity by industrial and commercial categories of consumer, for instance, show very little change over the years.
*
The number of bank branches operating in the western provinces doesn&#8217;t change much, nor does the provincial ratio of deposits to total bank deposits in the country.

*But take a closer look and you&#8217;ll find something odd.* The State Bank has a data series on its website that shows *something enormous, of truly gigantic proportions, stirring beneath the tranquillity suggested by the formal macroeconomic data.*

*Here is what the data reveals*: *the amount of money passing through the clearing houses of Quetta and Peshawar is so large that it rivals the amounts in clearing houses of cities like Faisalabad, Multan and Rawalpindi.*

First some background. Every time you write a cheque and the other party deposits that cheque in their account, it goes through a process called &#8220;clearing&#8221;. Because banks don&#8217;t hold your money themselves &#8212; much of it is held by the State Bank &#8212; the task of actually taking the money out of the books of one bank and transferring it to the books of another every time a cheque is cleared, is performed by the State Bank at its clearing house.

The State Bank operates 16 clearing houses in cities all over the country. Every month it releases data on how many cheques were presented for clearing in each of these, and what the total amount cleared by cheques was.

*If you take this data, which stretches back to 1999, and plot it for each city in Pakistan, you notice something very interesting. Remove the cities of Karachi and Lahore from the sample for the time being, because these are global cities in a sense with long-distance connections. Compare only the regional cities and here is what you&#8217;ll find.*

*Following 9/11, half the cities in the total sample will show a sharply rising trend in the amount of money going through their clearing houses. For the other half, the line is flat.*

*The cities that show a rising trend are led by Peshawar, with Faisalabad, Multan, Rawalpindi and Quetta in close succession. For Peshawar, the amount of money being cleared via cheque in the year 2011 crosses Rs1.3 trillion! For Quetta, in the same year, the amount is just under Rs900 billion, meaning between them these two regional cities are seeing almost Rs2tr going through their clearing houses in one year alone.

This figure compares with Faisalabad at Rs1.3tr, Rawalpindi at Rs1.4tr, and Multan at Rs826bn.* *Cities that show a flat trend over the entire reporting period include Sukkur, Hyderabad, Sialkot and D.I. Khan.*

*What the data shows is a steep intensification of transactions being cleared by cheque in some cities, and no change in others, meaning the pace of economic activity accelerated unevenly over the decade, sweeping some along its path and leaving others behind.*

*But what are Peshawar and Quetta doing on this list?* With Faisalabad and Multan, it&#8217;s easy to understand. These are regional hubs, productive centres, large seats of agrarian operations.

*Faisalabad hosts Suter Mandi, one of the world&#8217;s largest yarn markets*, where settlements are made largely using banks. *It&#8217;s where more than $5bn of exports are produce*d, where massive fixed investment was installed precisely during this decade.

*Multan is a major site for agricultural procurement*, which is conducted entirely using cheques, *as well as being an industrial city in its own right.* In both these cities, large-scale economic activity is visible in many other indicators too, from bulk consumers of electricity to massive growth in branchless banking.

*In fact, after Karachi and Lahore, it is Multan, Faisalabad and Rawalpindi that account for the bulk of transactions in branchless banking, which shows the intensification of activity in the clearing houses of these cities is accompanied by an overall deepening of the financial sector*.

*But in Peshawar and Quetta, there is no other accompanying trend, not in branchless banking, TT transfers, bulk consumption of electricity. There is only one lone spike, showing an increase in clearing house transactions that keeps pace with the agricultural and industrial heartland of the country*.

The obvious question is: *what is driving this spike in Quetta and Peshawar? Where is the economic activity that is sending such spectacular sums of money through the clearing houses of these two cities? And why does this money leave no trace on any other economic indicator of the city or the province?*

*Perhaps the answer is a simple one*. *Maybe* *the spike is explained by the fact that there is only one clearing house each in Khyber Pakhtunkhwa and Balochistan, while there are at least five in Punjab and four in Sindh. Or maybe it&#8217;s just the Afghan transit trade*. But that still doesn&#8217;t explain why the clearing house spike isn&#8217;t showing up in any other provincial indicator.

*Here&#8217;s another explanation*: *these cities are engulfed by a very large hidden economy, from where a massive river of transactions briefly appears on the official record, then disappears from view again*.

*This intersection between the hidden and the formal economy generates an accidental record which gives us a glimpse of something massive stirring beneath the tranquillity of the macroeconomic indicators of the western provinces. The amounts involved tell us that the size of this hidden economy rivals Faisalabad and Multan, which is impressive if you know anything about those cities.*

*It is crucial for us to develop a better understanding of this hidden economy because its interaction with the settled economy to the east of the Indus is likely to become an important fault line in the near future*.

The writer is a Karachi-based journalist covering business and economic policy.

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## fatman17

muse said:


> *The hidden economy*
> Khurram Husain
> 
> *GOING by the numbers alone, it would appear that no significant economic activity takes place west of the Indus. Look at the provincial GDP numbers, the revenue figures and you see no movement, no activity on any significant scale.
> 
> More detailed metrics of economic activity also show great &#8216;tranquillity&#8217; in the west. Detailed figures on consumption of electricity by industrial and commercial categories of consumer, for instance, show very little change over the years.
> *
> The number of bank branches operating in the western provinces doesn&#8217;t change much, nor does the provincial ratio of deposits to total bank deposits in the country.
> 
> *But take a closer look and you&#8217;ll find something odd.* The State Bank has a data series on its website that shows *something enormous, of truly gigantic proportions, stirring beneath the tranquillity suggested by the formal macroeconomic data.*
> 
> *Here is what the data reveals*: *the amount of money passing through the clearing houses of Quetta and Peshawar is so large that it rivals the amounts in clearing houses of cities like Faisalabad, Multan and Rawalpindi.*
> 
> First some background. Every time you write a cheque and the other party deposits that cheque in their account, it goes through a process called &#8220;clearing&#8221;. Because banks don&#8217;t hold your money themselves &#8212; much of it is held by the State Bank &#8212; the task of actually taking the money out of the books of one bank and transferring it to the books of another every time a cheque is cleared, is performed by the State Bank at its clearing house.
> 
> The State Bank operates 16 clearing houses in cities all over the country. Every month it releases data on how many cheques were presented for clearing in each of these, and what the total amount cleared by cheques was.
> 
> *If you take this data, which stretches back to 1999, and plot it for each city in Pakistan, you notice something very interesting. Remove the cities of Karachi and Lahore from the sample for the time being, because these are global cities in a sense with long-distance connections. Compare only the regional cities and here is what you&#8217;ll find.*
> 
> *Following 9/11, half the cities in the total sample will show a sharply rising trend in the amount of money going through their clearing houses. For the other half, the line is flat.*
> 
> *The cities that show a rising trend are led by Peshawar, with Faisalabad, Multan, Rawalpindi and Quetta in close succession. For Peshawar, the amount of money being cleared via cheque in the year 2011 crosses Rs1.3 trillion! For Quetta, in the same year, the amount is just under Rs900 billion, meaning between them these two regional cities are seeing almost Rs2tr going through their clearing houses in one year alone.
> 
> This figure compares with Faisalabad at Rs1.3tr, Rawalpindi at Rs1.4tr, and Multan at Rs826bn.* *Cities that show a flat trend over the entire reporting period include Sukkur, Hyderabad, Sialkot and D.I. Khan.*
> 
> *What the data shows is a steep intensification of transactions being cleared by cheque in some cities, and no change in others, meaning the pace of economic activity accelerated unevenly over the decade, sweeping some along its path and leaving others behind.*
> 
> *But what are Peshawar and Quetta doing on this list?* With Faisalabad and Multan, it&#8217;s easy to understand. These are regional hubs, productive centres, large seats of agrarian operations.
> 
> *Faisalabad hosts Suter Mandi, one of the world&#8217;s largest yarn markets*, where settlements are made largely using banks. *It&#8217;s where more than $5bn of exports are produce*d, where massive fixed investment was installed precisely during this decade.
> 
> *Multan is a major site for agricultural procurement*, which is conducted entirely using cheques, *as well as being an industrial city in its own right.* In both these cities, large-scale economic activity is visible in many other indicators too, from bulk consumers of electricity to massive growth in branchless banking.
> 
> *In fact, after Karachi and Lahore, it is Multan, Faisalabad and Rawalpindi that account for the bulk of transactions in branchless banking, which shows the intensification of activity in the clearing houses of these cities is accompanied by an overall deepening of the financial sector*.
> 
> *But in Peshawar and Quetta, there is no other accompanying trend, not in branchless banking, TT transfers, bulk consumption of electricity. There is only one lone spike, showing an increase in clearing house transactions that keeps pace with the agricultural and industrial heartland of the country*.
> 
> The obvious question is: *what is driving this spike in Quetta and Peshawar? Where is the economic activity that is sending such spectacular sums of money through the clearing houses of these two cities? And why does this money leave no trace on any other economic indicator of the city or the province?*
> 
> *Perhaps the answer is a simple one*. *Maybe* *the spike is explained by the fact that there is only one clearing house each in Khyber Pakhtunkhwa and Balochistan, while there are at least five in Punjab and four in Sindh. Or maybe it&#8217;s just the Afghan transit trade*. But that still doesn&#8217;t explain why the clearing house spike isn&#8217;t showing up in any other provincial indicator.
> 
> *Here&#8217;s another explanation*: *these cities are engulfed by a very large hidden economy, from where a massive river of transactions briefly appears on the official record, then disappears from view again*.
> 
> *This intersection between the hidden and the formal economy generates an accidental record which gives us a glimpse of something massive stirring beneath the tranquillity of the macroeconomic indicators of the western provinces. The amounts involved tell us that the size of this hidden economy rivals Faisalabad and Multan, which is impressive if you know anything about those cities.*
> 
> *It is crucial for us to develop a better understanding of this hidden economy because its interaction with the settled economy to the east of the Indus is likely to become an important fault line in the near future*.
> 
> The writer is a Karachi-based journalist covering business and economic policy.



the official recorded GDP is ~300BUS$ - the hidden / grey economy is similar in size. one WB report estimated PK total economy at ~700BUS$. the above explains it very well and all is not taxed....!!!

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## muse

fatman17 said:


> the official recorded GDP is ~300BUS$ - the hidden / grey economy is similar in size. one WB report estimated PK total economy at ~700BUS$. the above explains it very well and all is not taxed....!!!



I wpould also invite your attention to the following: *"It is crucial for us to develop a better understanding of this hidden economy because its interaction with the settled economy to the east of the Indus is likely to become an important fault line in the near future".*

Afghanistan, believe it or not is an important segment of the Pakistan economy -- One hopes that our policy wonks will not overlook it's importance, as well as it's strategic significance - please trust me that there is not any place in Afghanistan where business is not transacted in Pakistan rupees, even by the Iranian border and the Tajik and the Turkomen. The inclusion of these in the Pakistani economy, not as "hidden" but vital and welcome segments is something policy makers should take greater cognizance and interest in.

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## fatman17

a 5% tax on this economy would yield 3.4TPKR in taxes if my math is correct and remember there are other taxes also.



muse said:


> I wpould also invite your attention to the following: *"It is crucial for us to develop a better understanding of this hidden economy because its interaction with the settled economy to the east of the Indus is likely to become an important fault line in the near future".*
> 
> Afghanistan, believe it or not is an important segment of the Pakistan economy -- One hopes that our policy wonks will not overlook it's importance, as well as it's strategic significance - please trust me that there is not any place in Afghanistan where business is not transacted in Pakistan rupees, even by the Iranian border and the Tajik and the Turkomen. The inclusion of these in the Pakistani economy, not as "hidden" but vital and welcome segments is something policy makers should take greater cognizance and interest in.



couldnt agree more but who will 'bell the cat', who will remove the 'blinkers' from the eyes of our economic managers.

at a GDP of 1TUS$ a country can join the G20 group.....!!!

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## muse

fatman17 said:


> a 5% tax on this economy would yield 3.4TPKR in taxes if my math is correct and remember there are other taxes also.
> 
> 
> 
> couldnt agree more but who will 'bell the cat', who will remove the 'blinkers' from the eyes of our economic managers.
> 
> at a GDP of 1TUS$ a country can join the G20 group.....!!!



It's curious some of the readership at this forum and the ideas it can help spread


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## RazorMC

fatman17 said:


> a 5% tax on this economy would yield 3.4TPKR in taxes if my math is correct and remember there are other taxes also.
> ...



Considering that our entire (revised) budget has been:








How can turn our budget from defeicit to surplus seeing so many other countries like the US, Japan and India still have massive public debt?


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## BATMAN

German solar company investing in Pakistan

ISLAMABAD: Represent-atives of a German solar company DEQ-SYS GmbH, a subsidiary of Energiequelle GmbH, which is based in the state of Brandenburg visited Lahore and Islamabad from February 23 to March 1, 2013.

The Company designs, plans and installs turnkey wind turbines, biogas systems, solar power plants and substations for grid feeding eco-friendly power.

Meeting with stakeholders of the Punjab government and signing an accord over 400 megawatts solar energy, the delegation visited the Embassy and exchanged views with PPIB (Public Power and Infrastructure Board), Germany&#8217;s Development Agency GIZ and KfW Development Bank as well as with other German companies being active in the renewable energy sector.


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## Introvert

*Yamaha to invest $150m in Pakistan auto sector
*

ISLAMABAD: Yamaha Motors will invest US$150 million in auto sector of Pakistan to produce two-wheelers in the country.

This was stated by Sumioks, Senior Executive Officer of Yamaha Motors Pakistan (YMPK) while addressing a press conference in Islamabad on Thursday.

He said that the company would start production of motorcycles with engine capacity of 100cc and above from 2015.

We have already submitted the application for registration to Securities and Exchange Commission of Pakistan (SECP) and 18 months after getting approved from the SECP, the company would start its production, Sumioks added.

He said that initially YMPK will produce 40,000 units, which will be gradually increased and after five years the production would reach 400,000 units per year.

He said that the company would have its own factory and office of 50 acres at Bin Qasim Industrial Park Karachi.

We will have high ration of localisation in manufacturing starting from 25 per cent since the first day of commercial production up to 85 per cent in five years, he added.

He said the investment will help in boosting economic activity, increasing foreign direct investment, creating job opportunities, developing human resources and broadening the base of parts supplier industry.

He said the investment will create nearly 2000 job opportunities directly and 25,000 indirectly.

He said the motorcycles will be fuel efficient and would have new technology with Euro-II & Euro-III compliance, which were are not yet manufactured in Pakistan.

On the occasion, Feroz Shah, honorary councilor of Board of Investment (BoI) in Japan said that after producing motorcycles, Pakistan would be able to export them.

The annual production of motorcycle is around 1.8m in Pakistan but almost all domestic models, so export is negligible.

This plant will bring opportunity not only for the export motorcycles but vendors will also be able to export their parts as well, he added.

Yamaha to invest $150m in Pakistan auto sector | Business | DAWN.COM

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## fatman17

*Coca-Cola announces $379m expansion plan for Pakistan*

Compan*y to establ*ish three more bottli*ng plants across the countr*y. 

By Farooq Baloch

Published: March 5, 2013 

The announcement comes on top of the $172 million already invested by Coca-Cola in the country in 2011. 

KARACHI: Optimistic about its growth prospects in Pakistan, the Coca-Cola Company &#8211; one of the world&#8217;s largest beverage companies &#8211; will invest $379 million on manufacturing facilities across Pakistan over the next three years to expand its business, the company&#8217;s Pakistani subsidiary announced on Monday.

The announcement comes on top of the $172 million already invested by Coca-Cola in the country in 2011. The beverage giant will be spending the money on three new bottling plants, one each in Karachi, Multan and Islamabad. The announcement was made in the ground-breaking ceremony of the Multan plant on Monday.

The funds will be utilised for expansion and bringing about infrastructure changes and systemic improvements in the Coca-Cola system, an official press release said.

The expansion plans come as rising demand makes it difficult for Coca-Cola to keep pace with its existing production capacity in Karachi and Punjab, according to company officials. A decent growth in its top-line may also be another factor encouraging more investments.

Owing to its strategic location, Multan can not only serve southern and northern Punjab &#8211; which alone accounts for more than 60% of Coca-Cola&#8217;s business &#8211; but can also cater to Karachi&#8217;s market, company spokesman Fahad Qadir told The Express Tribune.

Greenfield investment refers to new foreign direct investment that will be utilised in setting up a completely new project, as opposed to an existing business expanding operations with its free cash flows.

Qadir says the plant will be fully equipped with state-of-the-art production equipment and product warehousing facilities. The plant will also have a much higher manufacturing capacity, he said.

Besides the three Greenfield plants announced, Coca-Cola Pakistan already operates six bottling factories in Pakistan, located in Karachi, Gujranwala, Multan, Lahore, Rahimyar Khan, and Faisalabad. It buys close to Rs13 billion in raw materials from around 300 local suppliers.

The Coca-Cola System, according to the press release, provides direct and indirect employment to more than 8,000 people in Pakistan; while another 35,000 people are employed through its supply chain, and another 100,000 benefit through employment in allied industries.

Coco-Cola Pakistan refused to comment on its revenues: but our sources say the company earned over Rs50 billion in revenues for the financial year ending June 30, 2012; a 55% increase when compared with the previous year. It also paid Rs10 billion in taxes.

Correction: An earlier version of this article incorrectly stated that the term &#8220;Greenfield&#8221; mean energy-efficient.

Published in The Express Tribune, March 5th, 2013.

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## Windjammer

EU ambassador visits LSE

LAHORE: European Union (EU) Ambassador Lars-Gunnar Wigemark has affirmed that EU seeks to promote regional trade in South Asia to boost trade and take advantage of mutual benefits. Wigemark, along with his team, paid a visit to the Lahore Stock Exchange (LSE) here on Friday.

Managing Director and CEO of LSE Aftab Ahmad Chaudhry updated them on Pakistan&#8217;s capital market and LSE&#8217;s contributions in gearing up the economy&#8217;s growth in terms of both local and foreign investment.

Wigemark said that given the current challenges facing the economy, Pakistan&#8217;s capital market has still managed to grow and this brings positive prospects in the future, in particular to the newly elected government that is expected to revise economic and social reforms. He supported Chaudhry&#8217;s opinion to foresee increase in foreign investment, especially investment coming from expatriates to double from its current figure of $16 billion.


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## fatman17

*Nestle brings $104m additional investment to Pakistan *


March 23, 2013



LAHORE &#8211; SALMAN ABDUHU - The Nestle Pakistan has announced the completion of its new milk powder drying facility plant with additional investment of $104 million at Nestle Sheikhupura factory. 

Nestlé Executive Vice President and Operations and Globe System In-charge Joze Lopez, who is on three three-day visit to Pakistan, inaugurated the $104 million Egron Project and visited the whole plant. 

Lopez, addressing the opening ceremony, said that the existing Milk Powder Plant has now been modified with new technology and has an additional yearly capacity of 30,000 tons. The power generation capacity and waste water management system have also been upgraded and additional filling lines have been set up, he added. 

He stated the Nestlé is the largest food and beverage company in the world and the Sheikhupura dairy, juice and water factory embodies Nestlé&#8217;s increased investment in Pakistan. As part of its three-year plan to expand the production capacity in the country, Nestlé has invested a total of $148 million over the past two years in various factory expansion projects to meet rising consumer demands. 

He added that wherever Nestlé is present, the company works and invests in the long term. We are convinced that in order to be successful in the long-term we have to create value for our shareholders, as well as for society. This Creating Shared Value approach encourages businesses to create economic and social value simultaneously by focusing on the social issues that they are uniquely capable of addressing. He observed that Nestlé Pakistan is committed to creating shared value for the communities it works and lives with. The company has made many contributions in this regard, by providing free technical and veterinary advisory and training support to thousands of dairy farmers in the milk districts who now have more sustainable opportunities to gain their living.

Lopez said, &#8220;Pakistan is an important growth market for us and we are dedicated to meet the growing demands of our consumers. Major capacity increases, such as the one just inaugurated in Sheikhupura, allow us to constantly upgrade our facilities to the latest standards in global technology.&#8221;

MD Magdi Batato, on this occasion said that Nestlé Pakistan is the leading food and beverage company in Pakistan and meets international standards in the manufacturing of its products. In 2012, the company grew by 22 per cent to reach an annual turnover of Rs79 billion (Approximately $800million). Nestlé Pakistan is serving the Pakistani consumers since 1988 and it also associates itself with 200,000 farmers in collecting milk and engages in a number of rural development programme for community development.

&#8220;Our reality is &#8216;Har Dam Pakistani&#8217;, (Every Moment Pakistani) and we are delighted to provide our consumers with products manufactured in Pakistan. More than one million Pakistanis, mostly dairy farmers, participate in our value chain and this investment is a further commitment to Pakistan and its people, and to our vision of providing Behtar Kal Hamara, (A Better Tomorrow For Us) to all,&#8221; said Magdi Batato, Managing Director, Nestlé Pakistan.


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## TopCat

RazorMC said:


> Considering that our entire (revised) budget has been:
> 
> 
> 
> 
> 
> 
> 
> How can turn our budget from defeicit to surplus seeing so many other countries like the US, Japan and India still have massive public debt?



YOu need deficit budget to excel growth. Its like borrowing money from bank to invest for profit. But if the deficit is used to cover expenses instead of investment then the real problem starts. I think later is the case for Pakistan in recent years.

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## RazorMC

iajdani said:


> YOu need deficit budget to excel growth. Its like borrowing money from bank to invest for profit. But if the deficit is used to cover expenses instead of investment then the real problem starts. I think later is the case for Pakistan in recent years.



Yes. Borrowing money is fine as long as it is used for investment/development. Providing better healthcare, improving law and order is also an investment in society.

PPP-regime has used it to either fill pockets, or cover the interest on debt (the principle still remains intact).


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## muse

*A new IMF programme*
Shahid Kardar 

THE *International Monetary Fund team is seemingly all set to revisit Islamabad soon armed with a new programme for our acquiescence*, as we struggle to discharge our dues to them as well as give comfort to the market regarding the level and stability of our foreign exchange reserves.

This article argues that *if there is to be a new Fund programme there are three key aspects, other than its content/prescriptions, that are of relevance: its timing, its ownership and the nature of the crisis that it will be attempting to avert*.

*Take timing and ownership. Even those with a cursory exposure to our style of governance (of buying time, complacently thinking that the world cannot ignore us!) and manner of financial management would know that the extent and quality of our preparation for any crisis (which most commentators regard as inevitable in the foreseeable future) continues to be casual*.

However, *it would be difficult to predict exactly when the tipping point will arrive. The caretaker government would have a limited mandate to only hold elections and, at best, check the hemorrhaging of scarce resources and financial extravagance and low priority spending &#8212; especially to safeguard the external accounts. With restricted responsibility and no moral authority, it would hardly be in a position to negotiate a programme with the Fund.

Our history of repeated failures of IMF programmes &#8212; over a dozen by now &#8212;should force both parties to undertake a dispassionate review of the more recent disappointments.* An honest appraisal of the scope of previous programmes, *the prescriptions and the time frame for their implementation, should compel both parties to think afresh because yet another Fund programme is destined to fail without ownership by the government assuming power after the elections, resulting in the IMF blaming us for having signed on but not meeting our commitments. Rather conveniently for the Fund, it would be our fault, yet again.*

*In other words, for holding the new government accountable, the timing is not right*.

Next, *what crises would such a programme supposedly address? Our well-known problem is our stressed external account and the worry about our inability to meet our external obligations on time, even if our past record is by and large exemplary on this front.*

*Our foreign exchange reserves without additional flows from our benefactors (or sudden substantial inflows of remittances through the official system) are barely able to finance two months&#8217; imports and are projected to fall to more perilous levels (below $6 billion) by the end of June. Hence the concern that we could go belly-up by end of calendar 2013*, without adequate funds to repay our foreign lenders.

*The other nature of the crisis could take the form of market sentiment taking a turn for the worse, betting against the rupee and forcing its &#8216;freefall&#8217;. Since the rupee is overvalued by seven to 10 per cent and needs adjustment anyway such an event, a default outcome, may just be a blessing in disguise &#8212; supporting exports and discouraging imports*.

*But what would constitute a freefall with all its political and economic implications, its value crossing Rs110 (although, for essentially a short period, exporters by holding back their receipts and overseas Pakistanis their remittances, would increase pressure on the rupee)?
*
*Luckily, our banking system is not integrated with the global financial system and given the country&#8217;s image large transfers to Western financial institutions from Pakistan would not be accepted. Furthermore, if it were possible for speculators to borrow large sums of money or liquidate other assets (like property) hurriedly to accumulate dollars and ferret them abroad then the situation would be much more worrisome.

In reality, there are severe limits to the credit that would be available for financing such transactions and on the amounts that could be transferred abroad. Hence, speculators would have to cash rupee deposits or quickly dispose of other assets to convert into dollars.

The speedy sale of assets would lead to a lowering of their price (a disposal at a relative loss) because the market would sense this as a distress sale, inducing a correction in the strategy of the speculators. In other words, an automatic stabiliser, a self-correcting mechanism, would come into play.*

*Our Achilles&#8217; heel could be the foreign portfolio investment in our stock market (with a market capitalisation of Rs340bn, approximately $3.5bn) and the revenue reserves available with the multinationals in the country for repatriation as dividends. These two factors could reinforce the downward spiral of the rupee as portfolio investors seek a hasty exit and panic-stricken foreign companies transfer reserves to the head office&#8217;s coffers.*

*To summarise* the arguments above: a) *the timing for getting programme ownership is wrong; b) it is not possible to precisely predict when the crisis involving our default on our external obligations may occur; and c) we need a better analysis of the risks and likely outcomes.

However, the above arguments do not in any way dilute the need to be mindful of the pressures building up on the external front. As the deputy chairman of the Planning Commission is reported to have put it, rather well, this already diagnosed chronic heart patient is carrying on with its leisurely lifestyle, despite running cholesterol levels of 600, smug in the knowledge that it has not had a heart attack.*

We can ignore such symptoms at our own peril, although when it will cause sudden death may be difficult to foretell accurately.

*In other words, we should continue to engage with the Fund as well as undertake a serious analysis of the risks and the politically marketable limitations of measures to address our problems. It is highly disturbing that none of the political parties have even touched upon this issue in their manifestos or public pronouncements*.

The writer is a former governor of the State Bank of Pakistan.


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## farhan_9909

cant we just ignore the next IMF loan program

i mean if we or the new govt increase the tax to gdp ratio to atleast 15%..i dont think we will need the loan from imf than


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## Argus Panoptes

farhan_9909 said:


> *cant we just ignore the next IMF loan program*
> 
> i mean if we or the new govt increase the tax to gdp ratio to atleast 15%..i dont think we will need the loan from imf than



Of course we can. Please know that it is Pakistan that is going to the IMF asking for money. IMF is not coming after Pakistan to forcibly give us loans. The choice is ours.

Except, of course, we don't have a real choice because we have no money to pay for our imports and our national debts. Beggars can't be choosers, after all.


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## Abu Zolfiqar

farhan_9909 said:


> cant we just ignore the next IMF loan program
> 
> i mean if we or the new govt increase the tax to gdp ratio to atleast 15%..i dont think we will need the loan from imf than



That's the big IF!

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## Argus Panoptes

Abu Zolfiqar said:


> That's the big IF!



That "if" is closer to a "never" than a "maybe".


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## Donatello

We need to make quality exports. Like technology, engineering, IT etc. This is 21st century, we can no longer ride on making towels and garments and exporting onions and mangoes.


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## opportunist86

Donatello said:


> We need to make quality exports. Like technology, engineering, IT etc. This is 21st century, we can no longer ride on making towels and garments and exporting onions and mangoes.


If business conditions remain the same and government doesn't take interest in the betterment of trade and business, we'll contiue exporting lolly pop, chewing gum, raw material and human trafficking. Can you imagine how much does the Chinese government supports the factory owners in China?


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## Abu Zolfiqar

Argus Panoptes said:


> That "if" is closer to a "never" than a "maybe".



well it can change if there's accountability on where the money is spent and on tracking down tax absconders (regardless of their wealth and political connections)

again - a big IF

and unfortunately, i dont see any sudden changes so you could be right


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## Argus Panoptes

Abu Zolfiqar said:


> well it can change if there's accountability on where the money is spent and on tracking down tax absconders (regardless of their wealth and political connections)
> 
> again - a big IF
> 
> and unfortunately, i dont see any sudden changes so you could be right



It is easier to go begging IMF for more money than to do what you mention above. Wrong, but convenient, isn't it?


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## muse

*FBR: Revamp it!*
April 04, 2013
RECORDER REPORT


The last month of this year appears to have been a good month for revenue collectors. FBR has claimed that collection is up by 22 percent despite a pronounced economic slowdown as well as a dip in inflation to 6.57 percent. The provisional figures of collection over last nine months reflect an increase of 6.7 percent. Improvement in withholding collection tax due to administrative changes and focused ongoing enforcement to plug leakages in customs duty and sales tax against some major sectors like textile have contributed to this praiseworthy performance.

*This is a result of marked improvement in capabilities of PRAL - FBR's technological arm - to unearth glaring omissions and misdeclarations in various returns filed by taxpayers. Using the databank and undertaking risk analyses will bear fruit only if FBR is given the autonomy that it truly deserves to operate freely and honestly to successfully thwart unwarranted political pressures. Systems, process and governance are a key to improve tax collection from existing taxpayers without hiking rates.
*
Earlier *in a presentation to caretaker Prime Minister, the Chairman FBR had highlighted some of the reasons behind a profound lack of progress in improving the tax-to-GDP ratio. According to him, sales tax collections have declined by 10 percent for two reasons namely (i) federal-provincial agreement enshrined in the National Finance Commission award allowed provinces to collect sales tax on services as per the constitution, which naturally accounted for a decline in sales tax collections from key revenue generating sectors for example telecommunications and other services sectors; and (ii) a decline in collections under fertiliser and sugar mainly due to a massive decline in output due to electricity loadshedding and gas curtailment.

Collection under federal excise duty declined by 16.6 percent was expected due to a reduction in the rate of duties on certain items. Taxes at the import stage dipped due to slow economic growth (a decline of two percent in GDP growth on account of electricity shortage). Poor law and order conditions also contributed to lower industrial output. Finally, customs collection also declined by 4.7 percent on five major import items namely: iron and steel, paper and board, plastic, staple fibres and textiles. This also contributed towards lower sales tax collection at the import stage.

There is no doubt that in spite of a poor tax-to-Gross Domestic Product ratio (under 10 percent) any economy would suffer lower tax collections in the event that growth is stalled. Pakistan's growth rate has not been able to compete with other regional countries including India and China in recent years and this has led to lower-than-budgeted tax collections from all those sectors that have a strong linkage between taxes payable and output.*

*However*, what reflects disjointed budgetary exercise, in the briefing to the caretaker Prime Minister, was *the admission that direct tax collections had declined by 10 percent as a consequence of the enhancement of the exemption limit from 350,000 to 400,000. Surely the budget makers should have taken account of this fact. The FBR indicated its shortfall was around 768 billion rupees.*

*The FBR identified four policy measures that would enable it to meet its target notwithstanding a decline in collections during the first nine months of 2013 which are: (i) widening tax base for direct taxes through administrative measures (computer ballot for FY2011 has been undertaken and audit commenced, while for FY2012 ballot is still awaited) and policy measures like the implementation of the tax Amnesty Scheme and merging the cigarette slabs from three into two. Now only the caretaker Finance Minister can recommend issuance of a Presidential Ordinance for both measures; (ii) abolition of domestic zero rating on export oriented and other domestic sectors (including textiles whose zero rating was abolished and 2 percent sales tax levied and an amnesty scheme offered to those evading taxes in the sector with the option to pay two instead of five percent and all cases against them to end), (iii) standardising withholding tax rates on imports at five percent as well as a dedicated department to deal exclusively with withholding tax, and (iv) enforcement of ADRC/litigation is under way. So far, the luxury car amnesty scheme has net over Rs 9 billion and sales tax amnesty to textiles has roped in Rs 4.5 billion and collection is rising. Both these measures are a result of technology improvements in data comparison. We hope FBR would continue this laudable effort in other major tax paying sectors as well.*

*A number of studies are available which show that a combination of administrative measures and widening of tax base would enable us to improve tax collection by at least 50 percent. The challenge is whether our political leadership is willing to back these recommendations, which involve providing political cover and giving autonomous status to FBR. The tax collecting body had more autonomy in terms of posting and transfers under a military regime prior to 2002 than during the five-year tenure of a civilian-led parliamentary system.

Prime Ministers as well as Chief Ministers openly entertain requests from MNAs and MPAs for posting and promotion of lower cadre inspectors and other field staff besides higher posts such as commissioners and collectors. FBR's policy board as well as Member (Administration) are a mere rubber stamp; they are there to carry out orders from top bosses to issue SROs and announce and effect postings. The World Bank-funded TARP programme failed due to the fact that political forces at the helm are not willing to let go of power they presently enjoy over FBR; nor is there a clear move to change the system of governance in the revenue collection mechanism. Mere tinkering and just taking policy decisions on the basis of monthly numbers will not be enough. Leakages have to be plugged, final tax regime has to be eliminated. Moreover all taxpayers are to be successfully persuaded to file proper tax returns.
*
*Policy of treating deduction of withholding tax or advance tax as a final liability needs to come to an end. Be that as it may, there is a need for FBR to undertake measures to plug in all leakages estimated at around 500 billion rupees per annum. It is also required to proactively undertake audits to improve its collections. If political parties' election manifestos are taken as a guide they are most disappointing on taxation. There appears to be no consensus on an integrated VAT system or on improving collection of tax. There is also no policy outlook on taxing agriculture and the retail sectors. One must not lose sight of the fact that retail sector includes all the shops that sell goods to the ultimate customer. It encompasses all kinds of shops, from kiosks to big groceries, etc. Fiscal deficit cannot be brought down without substantial improvement in tax-to-GDP ratio. Some political parties seek to raise the tax-to-GDP ratio to 15 percent but they lack blueprint for tax reforms*.


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## ShehryarQureshi

Anyone heard about "CDA Crackdown Against Squatter Settlements"?


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## ejaz007

*MCB Bank posts highest-ever PBT of Rs 8.67 billion in Q1 FY13*
Staff Report 

KARACHI: Despite the challenging operating environment, MCB Bank has posted highest quarterly profit before tax (PBT) in its history of Rs 8.677 billion and declared cash dividend of Rs 3.5 for the first quarter ended March 31, 2013.

Board of Directors of MCB Bank met under the chairmanship of Mian Mohammad Mansha to review the performance of the Bank for the quarter ended March 31, 2013.

The Bank in contrast with the industry results, posted an increase of 2 percent and 4 percent in profit before tax and profit after tax respectively. Net markup income of the Bank was reported at Rs 9.723 billion whereas non-markup income was reported at Rs 2.350 billion. Administrative expenses (before pension fund reversal) of Rs 4.338 billion witnessed a decrease of 2 percent over the corresponding period last year. Due to strengthened risk management framework and policies adopted by the Bank, a reversal in provisioning charge of Rs 840 million was reported for the quarter ended March 31, 2013 as compared to a provision charge of Rs 75 million for corresponding period last year.

MCB Bank&#8217;s earnings per share (EPS) for the period under review came to Rs 5.70 compared to Rs 5.51 for March 31, 2012. Return on assets improved to 3.02 percent whereas return on equity was recorded at 25.51 percent with book value per share improving to Rs 90.95.

The Bank&#8217;s total asset base was reported at Rs 759.116 billion, which decreased by 1 percent over Rs 767.075 billion as of December 31, 2012. Net investments increased by Rs 664 million to Rs 402.733 billion. Gross advances were reported at Rs 262.360 billion while the infection ratio of the Bank further improved to 9.41 percent (Dec 2012:9.74 percent). 

On the deposit front, the Bank continued with its strategy of shifting its base to low cost current and saving accounts, each growing by 5 percent over December 31, 2012 and taking the total CASA base to an all-time high of 86 percent. 

Convergent with the declining interest rate scenario, the decrease in high cost fixed deposits can be marked over a series of quarters, with a 4 percent decline in the quarter ended March 31, 2013.

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Lucky Cement registers Rs 7 billion profit*

KARACHI: Lucky Cement (LUCK) posted yearly increase of 49 percent in profit to Rs 7.0 billion in nine months of current Fiscal Year (FY) as against of Rs 4.7 billion in the same period last FY, according to results announced on Monday. The profit translates into Earnings per Share (EPS) of Rs 21.59 in nine months of this FY, depicting 49 percent increase as in opposition to EPS of Rs 14.49 of the corresponding period of last FY. An analyst at JS research said the result was above our expectations (EPS of Rs 20.44) while this growth mainly due to lower effective tax on account of deferred tax. The Company&#8217;s revenues increased by 16 percent on yearly basis in nine months of current FY, on the back of a 14 percent Year on Year (YoY) jump in net retention price, said an analyst. Local cement dispatches of the Company rose 2.8 percent YoY to 2.77 million tonnes while export sales declined by 1.1 percent YoY to 1.66 million tonnes. Hence total dispatches stood at 4.43 million tonnes, up by 1.3 percent YoY. COGS/tonne on the other hand only increased by 3 percent YoY allowing the Company to record a gross margin of 44 percent as against 38 percent recorded in the same period last year. In third quarter alone, the Company posted a Profit after Tax (PAT) of Rs 2.7 billion (EPS:Rs 8.32), translating into a growth of 18 percent Quarter on Quarter (QoQ) and 61 percent YoY. Moreover the Economic Coordination Committee of the Cabinet has approved LUCK&#8217;s investment in DR Congro, while the contract for the supply of plant and machinery for the Iraq project has also been signed, added analyst. staff report

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*IPPs face financial crunch*

Circular debt cripples power generation capacity 

* Narowal Plant, Hubco unable to generate power due to non-payment of dues

By Razi Syed 

KARACHI: The circular debt situation is worsening day by day and crippling the power generation capacity of the country as the independent power producers (IPPs) are operating below their capacity while some of them have even closed down.

Talking to Daily Times on Wednesday, an official of an IPP said, IPPs have requested the Ministries of Water and Power and Petroleum and Natural Resources to help the power plants in their due role of producing maximum possible electricity.

The country is going through the worst load shedding of 12 to 20 hours in different cities of Punjab besides Sindh. The caretaker government should take notice of the issues being faced by the IPPs of the country due to unending circular debt quagmire, he added. 

The biggest hurdle in production of electricity from some of the state-of-the-art power plants is the overdue amount, which has exceeded by billions of rupees and amount overdue to oil supplier companies for fuel.

For instance Narowal Plant, which had been partially operational since the first week of January 2013, is now fully shutdown since March 26, 2013 on account of fuel shortage. 

If this 225 megawatts (MW) plant runs at its full capacity, it can reduce electricity load shedding in Punjab province for over 45 minutes a day. 

Narowal plant has exceeded Rs 19 billion and the amount overdue to oil supplier for the fuel is Rs 3.2 billion. How can an IPP continue its activity under such conditions, he maintained.

How can a private sector oil supplier continue to provide oil without getting its billions of rupees dues, asked the official. 

Receivable of Narowal Plant is thrice the receivable of other similar IPPs and the official hoped ministers for petroleum and water and power would take notice of this discriminatory practice and would take immediate actions to solve this problem to bring this efficient power plant of 214 MW on line. 

At the moment some IPPs who went to Supreme Court last year against non-payment by the government, have been receiving partial payments on orders of Supreme Court and were able to generate fully while other plants were either running at their minimum throughput or are closed due to huge unpaid over dues by the government. 

According to a Hubco official, the IPPs demanded equitable treatment for all the IPPs regarding their pending dues. 

The official informed the reduced fuel supply has also affected the full operation of Hub plant in Balochistan during the third quarter of fiscal year 2012-13. The fuel supplier has reduced supply below requirements for daily operations and fuel stock is at an alarming level.

Daily Times - Leading News Resource of Pakistan


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## haviZsultan

Pakistan's economy is in shambles after 5 years of misrule. #Pakistan had the second highest gdp growth rate in 2005. We miss those days. Power generation and education should be top priorities along with the terrorism situation.

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## fatman17

*KESC, Engro team up to build 600MW power plant at Thar*

09 May, 2013 

KARACHI: Karachi Electric Supply Company and Sindh Engro Coal Mining Company (SECMC) inked a memorandum of understanding to construct a power generation project capable of producing 600 megawatts (MW) at Thar coal field. 

KARACHI: Karachi Electric Supply Company and Sindh Engro Coal Mining Company (SECMC) inked a memorandum of understanding to construct a power generation project capable of producing 600 megawatts (MW) at Thar coal field. 

According to the agreement, SECMC &#8211; a joint-venture between Engro Powergen and the Government of Sindh &#8211; will develop a 600MW Mine Mouth Power Plant in Thar field's block 2, whereas KESC will purchase power from the plant to meet the rising power demand in Karachi and adjoining areas of Sindh and Balochistan, according to a press statement on Wednesday.

Both the parties believe that the agreement will serve as the base for a mutually beneficial partnership for future progress and development of one of largest coal reserves of Pakistan.

The two companies acknowledged that coal from Thar had the potential to address the country's severe power shortages and bring energy security which is indispensable for economic growth.

The Thar Coal Power Project aims to provide affordable and sustainable electricity to consumers using domestic resources. Reliance on indigenous fuel is likely to save billions of dollars in foreign exchange currently spent on import of the expensive alternative furnace oil, cutting the overall cost of power generation.

Beginning of power generation from coal-based plants at Thar will start a new era that will not only enhance availability of electricity but also make it easier for industrial, agricultural and commercial sectors to boost production. Additionally, availability of Thar coal for coal-fired power generation will help create new jobs and achieve energy security.

The memorandum was signed by KESC CEO Nayyer Hussain and SECMC CEO Shamsuddin A Sheikh.

Speaking on the occasion, Hussain said the MoU was of strategic importance for Pakistan and both the companies. &#8220;We are keen to work together to realise the potential of Thar coal reserves which could be the major indigenous fossil fuel resource for Pakistan's present and future energy needs. We are confident that together we WILL do the ground breaking work in coal exploration and coal-fired power generation in the Thar region, paving way for other developers to embark upon major infrastructure development projects.&#8221;

After the signing ceremony, Sheikh said, &#8220;Thar coal is a project of national security as it will bring much-needed energy security to propel the nation into an era of prosperity and development. SECMC's Thar block 2 alone can produce 5,000MW for the next 50 years, amounting to an estimated foreign exchange savings of $50 billion throughout the life of the project. This project will demonstrate maturity and capability of corporate sector to join hands and synergise on national level.&#8221;

End.

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## 2ndslip

Pakistan's rulers govern for the privileged 1/6th or about 30 million who make up the 'middle class' Pakistanis. That has to change. We need to raise all Pakistanis as high as possible.


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## ejaz007

*Pakistan&#8217;s reserves stand at over $11.86bn*


ISLAMABAD: The total liquid foreign reserves held by the country stood at $11,863.1 million on May 3. Giving the break-up of the foreign reserves position a statement of the State Bank of Pakistan (SBP) said foreign reserves held by the it stood at $6,772.4 million while the net foreign reserves held by banks (other than SBP) stood at $ 5,090.7 million. app

Daily Times - Leading News Resource of Pakistan

*Tractors production up by 61% in eight months*

ISLAMABAD: The production of tractors increased by 60.94 per cent during the first eight months of the current fiscal year over the corresponding period of last year.

As many as 33,193 tractors were manufactured during July-February 2012-13 against 20,624 during July-February 2011-12, according to the data of Pakistan Bureau of Statistics (PBS).

The production however witnessed negative growth of 53.47 percent in February 2013 when compared to February 2012, the data revealed.

Tractor production during February 2013 was recorded at 2,665 units against 5,728 units during February 2012.

The country&#8217;s Large Scale Manufacturing (LSM) registered positive growth of 2.93 percent during the first eight months of current fiscal year over the corresponding period of last financial year. 

The LSM grew by 3.84 percent during the February 2013 when compared to the same month of last year. app

http://www.dailytimes.com.pk/default.asp?page=2013\05\10\story_10-5-2013_pg5_14


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## ejaz007

*KSE goes zooming up to breach record 20,000 points*

KARACHI: Karachi Stock Exchange (KSE) went booming up and up to gain in early few hours some 300 points breaching KSE-100 index record of 20,000 points, as the investors hailing the outcome of the May 11 polls and hoping for the restoration of some peace and stability in the country went jolly good and thronged for buying the blue chips, Geo News reported.

Sources said that ML-N landslide victory has given hopes to the investors yearning for peace and stability in the country, which they reveled and rejoiced at the very go of the business in the stock market that soon saw the KSE-100 index zooming up by 300 points and breaching Pakistan&#8217;s all records in the history of stock trading.

KSE-100 index was seen pegged at 20177 points at his hour of filing this report.

KSE goes zooming up to breach record 20,000 points - thenews.com.pk


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## Bobby

ejaz007 said:


> *Pakistan&#8217;s reserves stand at over $11.86bn*
> 
> 
> ISLAMABAD: The total liquid foreign reserves held by the country stood at $11,863.1 million on May 3. Giving the break-up of the foreign reserves position a statement of the State Bank of Pakistan (SBP) said foreign reserves held by the it stood at $6,772.4 million while the net foreign reserves held by banks (other than SBP) stood at $ 5,090.7 million. app
> 
> Daily Times - Leading News Resource of Pakistan
> 
> *Tractors production up by 61% in eight months*
> 
> ISLAMABAD: The production of tractors increased by 60.94 per cent during the first eight months of the current fiscal year over the corresponding period of last year.
> 
> As many as 33,193 tractors were manufactured during July-February 2012-13 against 20,624 during July-February 2011-12, according to the data of Pakistan Bureau of Statistics (PBS).
> 
> The production however witnessed negative growth of 53.47 percent in February 2013 when compared to February 2012, the data revealed.
> 
> Tractor production during February 2013 was recorded at 2,665 units against 5,728 units during February 2012.
> 
> The country&#8217;s Large Scale Manufacturing (LSM) registered positive growth of 2.93 percent during the first eight months of current fiscal year over the corresponding period of last financial year.
> 
> The LSM grew by 3.84 percent during the February 2013 when compared to the same month of last year. app
> 
> Daily Times - Leading News Resource of Pakistan



I month back your reserve was around $6 billion...how can it be doubled in less than a month


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## ejaz007

Bobby said:


> I month back your reserve was around $6 billion...how can it be doubled in less than a month



5 Billion are held by the state bank of Pakistan while 6.7 billion are held by private banks.


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## ejaz007

*NESPAK gets Iraq irrigation project*

LAHORE: Encouraged by past successes of the National Engineering Services of Pakistan (NESPAK), Iraq&#8217;s Ministry of Water Resources has awarded an irrigation project to NESPAK. The project called East of Gharaf aims at strengthening the war torn economy of Iraq by providing sustainable irrigation and drainage facilities to about 390,000 acres of land in Nassiriya and Kut Governorates, the area between Tigris and Euphrates rivers. Dr Mansoor Ahmad Hashmi Vice President Water Resources Division of NESPAK would go Iraq by the end of this month for signing the contract agreement for the East of Gharaf Project with the Ministry of Water Resources, Government of Iraq. NESPAK will render engineering consultancy services including update of topographic survey and detailed design of irrigation and drainage networks of the project area with full reclamation concept. The state-owned NESPAK has worked on a number of irrigation projects in early 1980&#8217;s, such as Euphrates East Drains Project, Saddam Dam Project, North Jazira Irrigation and Drainage Project, Rumaitha Irrigation and Drainage Project. NESPAK still retains its registration with the Iraqi Ministry of Water Resources. NESPAK is one of the largest consultancy firms in Asia with staff strength of over 4,200 with over 1100 professionals including MS and PhD degree holders as well as foreign qualified professionals in various engineering fields. Over the last four years, its revenues have become more than doubled with nearly 30 percent contribution from overseas projects in Saudi Arabia, Oman, Afghanistan, Iran, Qatar, Yemen, Bangladesh and Ethiopia. staff report

Daily Times - Leading News Resource of Pakistan

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## A.Rafay

*Turkey can act as gateway to EU for Pakistan*

Staff Report 

KARACHI: Pakistan is the gateway to Central Asian Republics, South Asia, Middle East and China whereas Turkey can act as the gateway to European Union (EU) for Pakistan and other Asian countries in respect of commerce. 

President Karachi Chamber of Commerce and Industry (KCCI) Haroon Agar talking to a business delegation of Turkey said &#8216;One-Nation, Two-States&#8217; was the phrase which best described the relations between Turkey and Pakistan. 

Turkish delegation headed by General Manager of Turkish Airlines Huseyin Cepni accompanied by regional Director Pak-Turk International Schools Ali Karan and Director Public Relations Huseyin Demirdelen visited KCCI.

KCCI attaches high level of significance to Pakistan-Turkey Bilateral Trade and relationship due to geo-strategic locations of two brother Muslim countries. 

He appreciated the Turkish Airlines was vibrantly operating in Pakistan while providing quality services for Eurasian region and entrance to European Union countries via Istanbul and of course to other countries worldwide. 

Indeed the Turkish flag-bearer airline was not only connecting the business communities of two countries but also providing air cargo services, he added. 

Agar invited Turkish Airways to exhibit in the Turkish Pavilion of KCCI&#8217;s 10th My-Karachi Exhibition 2013 in July 2013. 

Regular flights between two countries are crucial to facilitate the business travelling and transportation of air cargo, particularly for perishable goods, he maintained.

Husseyin Cepni said Turkish Airline aimed to provide services to Pakistanis to fly from Pakistan to worldwide. He announced during his recent visit to Airlines Headquarters at Turkey, he got special approval for discount to KCCI&#8217;s members. All KCCI&#8217;s members can avail exclusive 5 percent discount on ticketing from any Turkish Airlines office operating in Pakistan while showing their membership card. He apprised KCCI members Turkish Airlines was providing quality services to Pakistanis travelling between Pakistan and Turkey and to other regions of the world particularly Europe. From Istanbul, Turkish Airlines fly to all leading European countries and their major cities on daily basis. The Turkish Airlines is also offering air cargo services between two countries and other destination. 

He confirmed participation of Turkish Airlines in the Turkish Pavilion of My-Karachi Oasis of Harmony Exhibition 2013. 

Turkish Airlines will offer free tickets and gift hampers to the visitors of My-Karachi Exhibition through luck draw. 

Turkish Airlines is state-owned enterprise and the Turkish national carrier is negotiating with Pakistan&#8217;s Civil Aviation Authority to start daily operations from Karachi and also flights from Islamabad and Lahore. 

Turkish Airline is also good friend with Pakistan&#8217;s national carrier having joint arrangements on some routes. Turkish Airlines is a Star Alliance member having youngest fleet of more than 200 aircrafts was ranked as best airline in Europe last year and one of the top ten airlines of the world. 

The Airline flies to more countries than any other airline in the world, he told.

Daily Times - Leading News Resource of Pakistan


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## Hyde

The only good thing about PML-N is that it has always been business-friendly government. Keeping the recent history of Pakistan and PML-N in mind, I feel the growth rate may not be my favourite above 8% but still they will manage to raise it to above 5% for sure. It is very much likely as they are far more competent comparing to PPPP. Yes not so as PTI at least by claims

I hope if KPK is able to raise the growth rate to above 10% --- that will certainly boost our hope for future government of PTI in center... as well as Punjab

and if both Punjab and KPK are able to post higher than 6-8% of growth... It will be good competition between two parties and provinces. I am not sure about Sindh right now as I don't see any change of government over there and their past record of 5 years has been very bad... Balochistan i think will be better than last government but not sure how good..

what say?

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## Jango

Zakii said:


> The only good thing about PML-N is that it has always been business-friendly government. Keeping the recent history of Pakistan and PML-N in mind, I feel the growth rate may not be my favourite above 8% but still they will manage to raise it to above 5% for sure. It is very much likely as they are far more competent comparing to PPPP. Yes not so as PTI at least by claims
> 
> I hope if KPK is able to raise the growth rate to above 10% --- that will certainly boost our hope for future government of PTI in center... as well as Punjab
> 
> and if both Punjab and KPK are able to post higher than 6-8% of growth... It will be good competition between two parties and provinces. I am not sure about Sindh right now as I don't see any change of government over there and their past record of 5 years has been very bad... Balochistan i think will be better than last government but not sure how good..
> 
> what say?



PML will be better than PPP, no doubt about that.

And also as you said, competition between the two will be good. Both have a chance to prove themselves, more so PTI since it carries then slogan of change and improvement...

Btw, do provijces shown different growth rates? Isn't the growth rate of a whole country documented only?


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## Hyde

nuclearpak said:


> PML will be better than PPP, no doubt about that.
> 
> And also as you said, competition between the two will be good. Both have a chance to prove themselves, more so PTI since it carries then slogan of change and improvement...
> 
> Btw, do provijces shown different growth rates? Isn't the growth rate of a whole country documented only?



Provinces has different growth rate, country has different. You always know about the progress of each province.


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## ejaz007

*With right support FDI can rise to $6bn: OICCI*
Staff Report 

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) expects that given the right environment and support the foreign direct investment (FDI) inflow can substantially increase to as much as $5 billion to $6 billion annually.

The chamber is optimistic that the new government will set a clear and focused direction to address key issues of governance, security, energy, and inconsistent policy implementation, which in the recent past has severely affected the inflow of FDI in the country.

OICCI President Kimihide Ando, on behalf of the foreign investors, expressed his confidence in the government of Pakistan. He congratulated Nawaz Sharif, Pakistan Muslim League-Nawaz leadership and other major election leaders as the new set up moves towards a smooth transition of the power at the Centre and in the provinces.

OICCI believes that the ongoing democratic process is creating a positive international perception, which is partially reflected in the increasing level of FPI in the stock market. This window of opportunity can be used to channel the longer term FDI to bolster the manufacturing and infrastructure sector for sustained business activities, which will help increase employment and economic growth. OICCI believes in Pakistan&#8217;s great potential and is confident that a few bold economic policy initiatives by the new government can dramatically change the economic situation.

Ando suggested the government to constitute a high-powered Economic and Investment Committee with representation from key trade bodies, like OICCI to get periodical feedback on policies and performance and, more importantly, agree on way forward to achieve rapid economic growth.

Daily Times - Leading News Resource of Pakistan


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## 2ndslip

Even 3-4 bn is good for Pak in the current environment.


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## Bobby

2ndslip said:


> Even 3-4 bn is good for Pak *in the current environment.*



They say ...expects that given the right environment and support...... in current environment that does not look like right environment

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## ejaz007

*Foreign exchange reserves rise to $11.62bn*


KARACHI: Pakistan&#8217;s foreign exchange reserves rose to $11.62 billion in the week ending May 24 from $11.43 billion the previous week, the central bank said on Thursday. The reserves held by the State Bank of Pakistan stood at $6.56billion, after increasing 2.83 percent from $6.38 billion in the pervious week, whereas the reserves held by commercial banks surged by 0.17 percent to $5.059 billion as compared with $5.05 billion in the previous week. Remittances from Pakistanis abroad rose 6.37 percent to $11.57 billion in the first 10 months of the 2012-13 fiscal year, from $10.87 billion in the same period last year. The fiscal year runs from July to June. reuters

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*E&P drilling activities increase by 50 percent*

* 90% drilling target of FY 2012-13 achieved so far

By Abrar Hamza

KARACHI: Manzalai-10 in Tal Block has successfully tested for gas reserves while the exploration and production (E&P) industry has drilled 50 percent more wells in 11 months of fiscal year (FY) 2012-13 as compared to drilling in FY 2011-12, said Pakistan Petroleum Information Service (PPIS) activity report on Monday.

Progress on drillings of important wells promises further production additions as the industry has moved closer to FY 2012-13 target. The E&P industry has drilled 82 wells till the end of May, which includes 29 exploration and 53 development wells. This translates into 90 percent of FY 2012-13 drilling target in the first 11 months, PPIS report stated.

The latest PPIS activity report indicates successful testing of gas reserves at Manzalai-10, located in the Tal Block in NWFP and Gyorgy Mosonyi, while testing at Manzalai-10 is still underway. 

On the other hand, Nashpa-IV&#8217;s drilling bid has been fixed as industry sources suggested that Drill Stem Test (DST) on the well is likely to start in the next two weeks. First three wells on Nashpa are producing cumulatively 15,000 barrels per day (bpd) oil and 50 million cubic feet per day (MMCFD) gas.

Moreover, another production well, Kadanwari, on the field has been completed with flow of 30 MMCFD. Oil and Gas Development Company (OGDC), which carries 50 percent stake in the field, stands to benefit.

JS Research&#8217;s Syed Atif Zafar said that a relatively modest gas discovery of 25-35 MMCFD has been discovered, which will be 20 percent of total Manzalai gas flows, 12 percent of Tal Block gas flows and 1.0 percent of country&#8217;s gas flows.

OGDC, Pakistan Petroleum Limited (PPL) and Pakistan Oilfields Limited (POL) have respective stakes of 27.8 percent, 27.8 percent and 21.1 percent, respectively in the block. Zafar said that production from Manzalai-10 is likely to provide annual earnings upside of two paisas per share for OGDC, five paisas per share for PPL and Rs 2.5 per share for POL. He expects the field is likely to be tied-in over the next three to six months. The E&P space has seen renewed interest in recent times, where OGDC, PPL and POL have gained 19 percent, 21 percent and 5.0 percent, respectively in the past one month.

Meanwhile, the latest industry updates on drilling are largely encouraging and suggest positive production outlook for the listed E&P companies. The industry has already drilled more production wells than envisaged at the start of the year though exploration drilling has relatively lagged behind.

Mohammad Fawad Khan of Foundation Research Equities said that a key highlight of FY 2012-13 activity is contribution from private sector and healthy success ratio. Overall private E&P companies (OGDC and PPL) have drilled 21 exploration wells. United Energy Limited contributed the lion&#8217;s share with two thirds of drillings. Altogether, private sector enjoyed a success ratio of 50 percent. Most of the finds are in Badin block and in terms of size can be termed as small to modest.

Khan further said that Manzalai-10 has been completed though production numbers on development well are not known but should range between 10-15 MMCFD gas. Manzalai-10 will help in arresting the production decline on the field, he added.

Tal drilling on a new exploration well, Kot-01 has started with total target depth of 5,488 metres, highest among all eight wells drilled so far. Kot-01 is the first exploration well since completion of drilling on Tolanj in 2011-12 and highlights operator&#8217;s focus on scanning the remaining potential in Tal block.

Daily Times - Leading News Resource of Pakistan


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## W.11

*Korean delegation to visit Karachi today
*

KARACHI: A high-level Korean delegation comprising business leaders from 12 Korean companies will visit Karachi, Pakistan&#8217;s economic hub and biggest metropolitan city, from Wednesday to Friday (June 5 to 7, 2013). According to the KOTRA Karachi office, the delegation is mainly from Gwangju Metropolitan City, looking for business opportunities with Pakistani companies. The delegation is comprised of automotive, medical and information technology sector companies, which will hold business meetings, on June 6 at a local hotel. KOTRA Karachi Office Head Byung Hoon Sung said, &#8220;Currently, the volume of bilateral trade is only $1.6 billion, which is much below the existing potential. Many Korean companies count Pakistan, with population of 180 million, as a big potential market, rich with natural resources and loaded with dexterous manpower; enough recipe for a nation to make it to the top. It is encouraging to witness big Korean corporations like Samsung, LG, Lotte, Ssangyong, POSCO, Daewoo and others presenting their keen interest in investing and establishing relationship with Pakistani business community, specially in the fields where Pakistan needs the most like hydropower generation, rural development, hospitals, roads etc. KOTRA will play a proactive role for the increase of cooperation between the two countries.&#8221; staff report

Daily Times - Leading News Resource of Pakistan


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## muse

*What&#8217;s the plan?*


Dr Farrukh Saleem
Sunday, June 09, 2013

Capital suggestion


Sir,* we would have to cough out $10 billion in the following 12 months; the current account gap plus our maturing debts. As of May 24, the SBP had $6.5 billion. Sir, the budget that your finance minister is about to announce will have a trillion rupee hole; that&#8217;s Rs1,000,000,000,000.*


Sir, *your manifesto maintains that the &#8220;PML-N will focus on motorways, dams, housing projects and development of new urban centres and cities.&#8221; There is little doubt that we need new drivers of economic growth. Motorways need real money and so do housing projects, development of new urban centres and cities. Sir, where would all that money come from?*


Sir, *your energy plan is about replacing &#8220;furnace oil boilers by coal fired boilers. This will cost around $2 billion.&#8221; Sir, where would all that money come from?* Sir, *you have pledged to &#8220;generate 10,000 MW of electricity....&#8221; That is going to cost $20 billion. Sir, where would all that money come from? *Sir, *your energy plan promises &#8220;Permanent elimination of circular debt.&#8221; Our accumulated circular debt is Rs1,000,000,000,000. Sir, where would all that money come from?*


Sir, *you have three choices: go begging to Saudi Arabia; borrow from the likes of the IMF, the Asian Development Bank, the World Bank and the State Bank of Pakistan or generate funds through fiscal consolidation and internal austerity.*


Sir, *you know it better than anyone else that there ain&#8217;t no such thing as a free lunch &#8211; neither in Saudi Arabia nor in China. Saudi Arabia gives us money to get what it wants from us &#8211; influence over this region along with its agenda*. Sir,* project financing from China is to promote and safeguard Chinese interests in Pakistan &#8211; and the region. As a matter of fact, one of the drivers of state failure is when a state begins to allow interference by other states &#8211; be it Saudi Arabia or China. Sir, we can&#8217;t simultaneously drink free Saudi oil and go for the Iranian gas pipeline. Then there&#8217;s sectarian violence within Pakistan that almost always follows truckloads of free dates. Will the Saudi-American combine tolerate the Gwadar-Khunjerab-Kashgar rail network?* *China, as a matter of principle, finances neither budgetary deficit nor provides funds for balance of payment crisis.*


Sir, *we could take the IMF route but borrowing is what messed us up in the first place. Imagine: every Pakistani man, woman and child is already indebted to the tune of Rs75,000. And if you borrow from the domestic banking sector there will be nothing left for the private sector. Sir, we are already in violation of our own Fiscal Responsibility and Debt Limitation Law of 2005*.


Sir, *all that we are left with is reform, restructuring and fiscal consolidation*. Sir,* the state-owned enterprise sector, if reformed, can save us Rs500 billion a year. Sir, there&#8217;s Rs27 billion in the prime minister&#8217;s discretionary fund (additional billions in the CMs&#8217; discretionary funds). Then there&#8217;s at least Rs4 billion in secret funds of various ministries.*


Sir, *are you serious about tax reforms?* *Let us begin with Punjab. Sir, the tax-to-GDP ratio for the federal government is 9.1 percent. Imagine: the tax-to-GDP ratio for the Punjab government is 0.2 percent. Imagine: the Punjab Revenue Authority, with a population of 97 million, has received a total of 300 tax returns*. Sir, *do you commit to abide by the Fiscal Responsibility and Debt Limitation Law of 2005 (the law caps public debt at 60 percent of GDP)?*


Dear Prime Minister, unless &#8220;commitment is made, there are only promises and hopes...but no plans.&#8221;


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## muse

Just another attempt to allow it to sink in: 




muse said:


> *What&#8217;s the plan?*
> 
> 
> Sir, *are you serious about tax reforms?* *Let us begin with Punjab. Sir, the tax-to-GDP ratio for the federal government is 9.1 percent. Imagine: the tax-to-GDP ratio for the Punjab government is 0.2 percent. Imagine: the Punjab Revenue Authority, with a population of 97 million, has received a total of 300 tax returns*. Sir, *do you commit to abide by the Fiscal Responsibility and Debt Limitation Law of 2005 (the law caps public debt at 60 percent of GDP)?*
> 
> 
> Dear Prime Minister, unless &#8220;commitment is made, there are only promises and hopes...but no plans.&#8221;


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## Argus Panoptes

muse said:


> Just another attempt to allow it to sink in:



300 tax returns in to the Punjab Revenue Authority? Just who are these fools who submitted these returns and why? It is not as if they would face any consequences for not doing so.

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## Edevelop

*PML-N govt unveils first budget today; outlay estimated at Rs 3.4tr*

Govt expected to announce 15% increase in salaries and 20% increase in pension
* Tax to GDP ratio to be increased from 9.5% of the GDP to 14%

By Sajid Chaudhry

ISLAMABAD: The Pakistan Muslim League-Nawaz government will today (Wednesday) unveil its first federal budget with an outlay of around Rs 3.4 trillion for fiscal year 2013-14.
Federal Minister for Finance Ishaq Dar would present the budget in the National Assembly and also present the budget documents in the Senate. It would be the first budget of the newly elected government in the Centre. The government has decided to set realistic budget targets, official sources said. The federal budget will honour the commitments made during the election campaign. Official sources said that being its first budget, the PML-N government is expected to announce a 15% increase in salaries as ad hoc relief allowance and some 20% increase in the pension.
According to economic revival road map developed by the government, tax-to-GDP ratio would be increased from 9.5% of the GDP to 14%. Federal tax collection target is being set at Rs 2.475 trillion for 2013-14 against the expected tax collection of Rs 1.950 trillion during the ongoing fiscal year 2012-13. Some Rs 525 billion additional tax revenue would be generated by blocking Rs 500 billion to Rs 600 billion revenue leakages and tax evasion.
Tax measures will be announced in the federal budget, including administrative measures like recovery of arrears, evaded tax or fake refund claims obtained from the tax authorities. The tax system will be reformed to enlarge tax net through use of information technology for meeting revenue requirements of the country in years to come. According to earlier decision of the caretaker government, the federal government will allocate Rs 627 billion for defence of the country in the fiscal 2013-14.
Macroeconomic Framework targets as approved by NEC for the next fiscal year 2013-14 sets gross domestic product (GDP) growth target at 4.4% of the GDP with growth targets in agriculture at 3.8%, manufacturing 4.5%, services sector 4.6%, and exports at $26.6 billion.
The PML-N government has set seven major priorities in the federal budget as well as medium-term economic road map to be followed during the next five years. Revival of economy would be the priority, as the government believes that this would help meet the challenge of militancy in the country. The GDP growth target for the fiscal year 2013-14 is being set at 4.4 of the GDP and this growth would gradually be enhanced to 7% by the end of fifth fiscal year.

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Federal budget of about Rs 3.5 trillion to be presented today*

ISLAMABAD: The newly elected democratic government is all set to present its very first Federal Budget of about Rs 3.5 trillion for the fiscal year 2013-14 before the National Assembly here today (Wednesday).

Federal Minister for Finance, Senator Muhammad Ishaq Dar will announce the Budget 2013-14, after its formal approval from the Federal Cabinet, sources in the Ministry of Finance said.

"Overcoming the energy crisis, stabilization of economy, cutting down the non-development expenditures, enhancing productivity through new growth strategies and welfare of the people will feature as priorities in the upcoming budget," they added.

The budget will also focus on social sector development and revenue enhancement, besides reforms will also be introduced for improving governance and boosting private sector investment.

Meanwhile, the National Economic Council (NEC) Monday approved Rs.1155 billion development projects including Federal Public Sector Development Programme of 540 billion rupees and 615 billion rupees of development projects for provinces.

The GDP growth has been projected at around 4.4 percent for the next budget while the inflation target fixed single digit at about 8 percent.

The agriculture sector is expected to grow at 3.8 percent, industry 4.8 percent and services sector at 4.6 percent during the year 2013-14.

Exports for 2013-14 are estimated to grow by over 5 percent to $26.6 billion from $25.3 billion estimated for the ongoing fiscal year.

On the other hand, the imports into the country are projected to increase by 7 percent from $40.3 billion last year to $43.3 billion this year.

Federal budget of about Rs 3.5 trillion to be presented today - thenews.com.pk


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## Hawaii's Finest

I read the Pakistan economy in Karachi is really based on crime - what's up with that?


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## qamar1990

Hawaii's Finest said:


> I read the Pakistan economy in Karachi is really based on crime - what's up with that?




where did you read that?


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## qamar1990

Hawaii's Finest said:


> I heard it on Fox. They said Karachi is one of the worst crime cities in the world.
> 
> The Jacqui Low Story - Jacqui Low, American Test Tube Baby




true it is a dangerous city but you said its economy is based on crime.
i gotta a feeling you got fake account and that your a dude pretending to be a girl most likely a indian.


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## ejaz007

*Pakistan discovers new gas reserves in Sindh*


KARACHI: Huge reserves of natural gas have been discovered in Sindh as Pakistan struggles to overcome crippling energy crisis.

According to Geo News report, 39 million cubic feet gas reserves have been discovered during the drilling of wells in Sanghar. The report said 65 percent shares of the project are owned by the PPL.According to initial estimates, 106.8 million cubic feet natural gas would be produced.

70 percent of natural gas reserves in Pakistan are located in Sindh.

Pakistan discovers new gas reserves in Sindh - thenews.com.pk


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## muse

View from McLeod Road: *Why market&#8217;s bet on Engro Fertilizers is likely to fail*
By Farooq Tirmizi
Published: June 23, 2013

KARACHI: 

*One of the biggest bets the market as a whole appears to be making in 2013 is that Engro is set for a comeback. The market is about to be proven wrong, and is likely to lose a lot of money doing so*.

But first, a look at what has been happening to the company&#8217;s stock. Engro has always been one of the most respected companies in the country, and for good reason: it has a highly professional management, its major shareholders have a progressive attitude and its core business &#8211; Engro Fertilizers &#8211; was making a product that has a very high demand in Pakistan. What could possibly go wrong? A lot, apparently.

Engro&#8217;s business is based on some very shaky foundations: the promise of natural gas supply at absurdly low prices in a country that was rapidly ramping up domestic consumption and doing nothing to increase supply. It was a situation that could not last and it did not. *For much of 2011 and 2012, Engro&#8217;s $1.1 billion manufacturing unit &#8211; the largest single-train urea factory in the world &#8211; was shut down owing to a lack of gas*.

In 2013, there have been some rays of hope, with a little more gas supply, particularly to Engro&#8217;s older fertiliser plants, which have allowed the fertiliser business to more than triple its revenues in the first quarter to Rs9.7 billion, and swing to a quarterly profit of Rs646 million, from a loss of Rs1.4 billion in the corresponding period in the previous year.

This fact, combined with the election of Prime Minister Nawaz Sharif, has sent the market into a state of euphoria about Engro. From a trough of Rs81.05 per share on January 16, the stock rallied to a peak of Rs151.95 on May 24, soon after the election, a jump of over 87% in little over four months.

*The problem, however, is that the market has been mistaking Sharif&#8217;s pledge to resolve the electricity crisis in Pakistan with an intention of somehow fixing all issues in Pakistan&#8217;s energy supply chain. The prime minister is indeed resolute in his desire to end power cuts in Pakistan. But doing so will require him to pick fights with a lot of very powerful vested interests. He has no intention of adding to that burden.*

In order to resolve the electricity shortage in Pakistan, *Sharif needs to get the state-owned power plants in Punjab up and running, and the only way the government will be able to afford to do that will be on coal or natural gas. Coal conversion will take time, so in the short run, they have to run on natural gas. The election has resolved at least one segment of the energy debate in Pakistan: the power sector is number one in terms of priorities for supply of natural gas*.

The *fertiliser manufacturers insist that there is still enough natural gas to supply them. In theory, they have a point, but in practise, the government would have to crack down on natural gas theft in upper Sindh and southern Punjab. Cutting theft will yield about 400 million cubic feet per day (mmcfd) of gas.

But, to put things in perspective, it took a highly motivated private sector management at the Karachi Electric Supply Company, operating in a much smaller geographic region, five years to cut electricity theft by one-third. How much gas theft reduction do we think a state-owned gas distribution company will be able to achieve in the next two years?*

*Some Engro investors argue that the government should supply gas only to Fatima Fertilizer and Engro Fertilizers&#8217; new plant in Dharki, the only two in the country with still-valid sovereign guarantee of natural gas supply and cut it off for the rest. That, however, would involve cutting off the supply for the military-owned Fauji Fertilizer Company.* The *prime minister has plenty of fights already that he plans on picking with the military. Do investors seriously think he is going to waste his political capital fighting one of those fights over a fertiliser plant?
*
Which brings me to *my final point about why the market is misinterpreting political conditions: the ruling Pakistan Muslim League Nawaz (PML-N) is an urban party. They have never focused on agriculture and their core constituency are not farmers. And lest anyone think that Engro can hold its investment in Thar coal hostage until the government gives it gas, think again: imported coal works just fine for the PML-N energy policy, and Thar coalfields are owned by the Sindh government, run by the rival Pakistan Peoples Party.

So ramping up local supplies of natural gas to Engro Fertilizers in the next two years is looking unlikely and the company&#8217;s plans to import liquefied natural gas are not making much progress so far. For the moment, the Engro Fertilizers comeback is looking very unlikely. In the long run, the company is likely to solve its natural gas shortage. But the time horizon on that is uncertain, and certainly does not justify a stock price increase this year.*


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## muse

Well boys and girls, Can you learn to say "Mittal" ? good nuz for the CJP, he hates all things private except what's his :

*
Shutdown in August feared: PM urged to privatise PSM*
Sunday, 23 June 2013 12:36


ISLAMABAD: T*he Ministry of Production (MoP) has reportedly proposed to Prime Minister Nawaz Sharif to privatise the Pakistan Steel Mills (PSM) as early as possible, otherwise it will shutdown in mid August this year because of non-availability of new financing, sources in the Finance Ministry told Business Recorder.*

The ministry had submitted the proposal at a time when the federal government was advertising for applications from suitable candidates for appointments as heads of Public Sector Entities (PSEs). However, applications were not invited for the post of Chief Executive Officer (CEO) of PSM which, according to analysts, indicated that the government was serious about privatising PSM. The performance of the incumbent *CEO, Major-General Muhammad Javed (retd)*, was graded as being 'very poor' by the new government.

"*Over a period of time, PSM has emerged as a bottomless pit craving for more and more financial resources with dismal, even scandalous consequences. The basic fact remains that the government should be out of this business as quickly as possible,*" the sources insisted.

The Ministry of Production, sources said, submitted *three options to the Prime Minister which are as follows;
*
Option No. 1

*Shut the mill down*. The immediate benefit will be *mitigation of further losses. However it will render some 15,000 regular and 1,000 contingent staffers jobless with related political outcry and possible law and order situation. This option may also entail permanent damage to production units and depreciation of assets.*

Option No. 2

*PSM may be privatised at the earliest. The option of privatisation of PSM was exercised by the government in 2006, but the Supreme Court set it aside and ordered that the matter be referred to Council of Common Interest (CCI) afresh if the option is to be exercised. The newly-constituted CCI is scheduled to meet on June 29 this year under the chairmanship of Prime Minister Nawaz Sharif.*

Option No. 3

*PSM may be revitalised by injection of a very heavy dosage of funding which would revamp its existing infrastructure and upgrade its capacity from current 1.1 million tons annually to 3 million tons which is contingent on technical assistance of the Russian Federation. This option is not supported by past experiences and is likely to perpetuate the vicious cycle of losse*s.

The sources said that a decision in this regard has to be taken by the federal cabinet after deliberations and recommendations of the Cabinet Committee on Restructuring (CCoR).

The caretaker cabinet had approved a new bailout package of Rs 11 billion for procuring raw material for the mills, but the money was not released by the Finance Ministry. According to sources, initially the caretaker Prime Minister approved the bailout package but later he backed out from his earlier decision, saying that the proposal should be reviewed by the new government.

The pre-conditions, sources said, imposed by the Finance Ministry for Rs 11 billion bailout package were not acceptable to the PSM management.

On the other hand, the Ministry of Production maintained that the success of any bailout package depended on first improving governance structure by appointing competent and experienced professionals especially CEO and Board of Directors, rationalising manpower of the PSM and improving its operational efficiency.


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## Jango

muse said:


> *Some Engro investors argue that the government should supply gas only to Fatima Fertilizer ...*


*

This is the company of Ch Ahmed Mukhtar, former defence minister.





That, however, would involve cutting off the supply for the military-owned Fauji Fertilizer Company.

Click to expand...

*
The military does not own Fauji Foundation in any way...

Courtesy @Xeric:







Infact if you look at the slide, Fauji Fertilizer isn't even completely owned by Fauji Foundation!


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## muse

Set up by ex military -- for ex servicemen and their families

How did you manage to miss the actual news and instead focus on this?? WHY? What's more important??


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## Jango

muse said:


> Set up by ex military --



For the welfare of retired Army men...self funded...not by the Army.

Still a long shot away from being 'military owned'.


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## muse

Perhaps not in practice - you know old associations and influence


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## Jango

muse said:


> Perhaps not in practice - you know old associations and influence



Can't go on making hypothetical inferences...don't you agree?


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## muse

I'm not so sure it's hypothetical - Tirmizi is a rather renowned journalist and Dr. Siddiqa Agha is as well -- So I use to have an agent in China, it was a nraml commercial company but it was owned by the PLA -- None of that means Fauji foundation is not military owned or is military owned - but I would agree that in substance, it is military owned


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## muse

Why do you rob banks? Because what's where the money is - Why is there so much theft in Pakistani State entities? because that's where the money??

"If you get some honest people, things will change" that's what our Awaam pasand (socialist) crowd always has to say about corruption in state enterprises, whether Steel, Airlines, Railways, you name it - but reality is that only privately owned enterprises are successful:


* Audit report points out mega corruption in PSO*
Agha Khalid
Saturday, June 29, 2013

KARACHI: The audit report 2011-2012 has pointed out misappropriation of millions of rupees in PSO in addition to some big fraud cases that would be no less than a challenge to the new petroleum minister, NAB, and FIA to deal with.

These fraud cases have already turned the profitable organisation into a sinking ship. Reinstatement of Nadeem Memon, who was terminated on allegations of corruption ofmillions of rupees, amounts to put him up with another opportunity to do corruption again. No case has been lodged against Memon whereas this decision could result into huge fines on the PSO.

Mangal Brothers, the suppliers of oil to Nato tankers, caused the PSO a loss of millions of rupees by providing fake bank guarantees. A tanker vanished in thin air after getting filled with diesel worth tens of thousands of rupees from a fuel station in Defence area of Karachi. Despite an agreement for recovery of amount with the contractor, the organisation has lodged a case against accountant of the fuel stations and fulfilled its responsibility.

A fraud of tens of thousands of rupees was also reported at a PSO fuel station in Islamabad but attempts are being made to save the culprits instead of handing them over to the FIA for interrogation.

A notice was issued to Nadeem Memon telling him that the leave he had applied was not approved and he was advised to appear in office immediately to make some explanations. The same was published in Jang too but Memon disregarded the notice and was reinstated in office as per presidential ordinance, though he was not entitled to its benefits since he was terminated on charges of misappropriation of funds.

M/s Mangal Brothers Transport (Ltd) had given the organisation a bank guarantee of Rs12.6 billion but it proved to be bogus later. A befitting action is yet to be taken against the culprits. A tanker came to PSO fuel station, got diesel worth Rs528,000 and vanished in thin air. The cashier said that the accountant let the tanker go and the PSO moved against the accountant instead of taking an action against the contractor of the fuel station as per law.

PSO Executive Director Muhammad Javed was called for the official version but he put this scribe on to Mariam Shah, who first got to know the questions through her subordinate and then sent their replies via e-mail. The replies said that FIR had been lodged against those responsible in the tanker scam while FIA would take action against the fraud of Mangal Brothers. It said Memon was restored in the light of a high court decision and after leave without pay, the organisation had again sought his services back.

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## Introvert

*Turkey to invest $1 billion in Pakistan over 3 years​*
Turkey has decided to invest one billion dollars in Pakistans communication, textile and automotive sectors during the next three years, according to Turgat Bayan, founder of the Pak-Turk Business Council.

According to the Board of Investment (BOI), Bayan informed the newly appointed Chairman Board of Investment Mohammad Zubair about the incoming investments from Turkey. Turkey has previously invested $370 million in direct investments in Pakistan.

The news is seen as a significant development that may boost dwindling investments long affected by red tape, a fact the PML-N government is trying to change. For the current year, the government has set an ambitious target of $ 2 billion in investment, more than double the investment that came in the last fiscal year. The Turkish investment, which matures in three years, will help increase an extremely low investment to GDP ratio that has plunged to historical lows.

The country desperately needs to attract financial inflows to build up its dwindling foreign exchange reserves, said Zubair, who was appointed the BOI chairman for five years by the PML-N government last week. Zubair previously served as the CFO of the American Multinational IBM for 25 years.

Turkey has also applied for the license of the Turkish TV channel Samanyolu in Pakistan that will broadcast Urdu and Turkish content simultaneously, according to Bayan.

Zubair also said that Turkey was interested in the hydropower and alternate energy projects in Pakistan and wanted to support the government to overcome the energy crisis

In the education sector, Turkey and Pakistan have been exchanging students in higher education. 23 Pak-Turk schools are also operating in Pakistan to promote Turkish language and culture in order to build cultural and economic linkages between the two countries.

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## salman77

*Export market: China opens up for Pakistani mangoes*

BEIJING: Pakistan and China have signed a protocol paving the way for a significant breakthrough for market access of Pakistani mangoes in China. The document was signed between Pakistans Ministry of National Food Security and Research (MNFSR), and General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) of China.

The protocol on phyto-sanitary requirements for export of mangoes from Pakistan was signed here on Monday.

Pakistan has been aggressively expanding markets for mango exports ever since Pakistani mangoes were cleared for export last fiscal year. Pakistan hopes to capture markets as diverse as the United States, Mauritius, South Korea and Japan among others. Officials are confident that the distinct taste and superior quality of the mangoes will assure its popularity.

According to the protocol all packing-houses and storage facilities intending to export mango fruit to China shall meet the protocol requirements and would have the necessary systems in place. PHOTO: FILE

BEIJING: Pakistan and China have signed a protocol paving the way for a significant breakthrough for market access of Pakistani mangoes in China. The document was signed between Pakistans Ministry of National Food Security and Research (MNFSR), and General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) of China.

The protocol on phyto-sanitary requirements for export of mangoes from Pakistan was signed here on Monday.

Pakistan has been aggressively expanding markets for mango exports ever since Pakistani mangoes were cleared for export last fiscal year. Pakistan hopes to capture markets as diverse as the United States, Mauritius, South Korea and Japan among others. Officials are confident that the distinct taste and superior quality of the mangoes will assure its popularity.

The protocol, signed by Pakistans Ambassador to China Masood Khalid on behalf of the MNFSR and the Chinese Minister Mr Zhi Shuting on behalf of AQSIQ, envisages export of fresh mango fruit from Pakistan to China in compliance with plant quarantine and phyto-sanitary regulations.

According to the protocol all packing-houses and storage facilities intending to export mango fruit to China shall meet the protocol requirements and would have the necessary systems in place.

The protocol shall remain in force for two years, and would be automatically extendable for a further period of two years.

Pakistans Ambassador to China, Masood Khalid described the inking of the protocol as a significant breakthrough for market access in China for Pakistani mangoes.

He expressed his optimism that the relevant departments would synergize their efforts for reinvigorating the processes expeditiously and in compliance with Chinese quarantine and phyto-sanitary requirements.

He pointed out that the protocol was a step forward as it incorporated Hot Water Treatment (HWT) through which mangoes produced in Pakistan could be easily treated.

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## ejaz007

*Byco&#8217;s net sales increase by 220%*


KARACHI: Byco Petroleum Pakistan Limited announced net sales of Rs 26,697 million for the half-year ended on December 31, 2012, which is 220 percent higher as compared with the net revenue of Rs 8,329 million during the same period in 2011, reflecting the reliability and robustness of the core refining and marketing business. 

Byco earned profit before depreciation and amortisation, interest and tax of Rs 647 million as compared to a loss of Rs 464 million.

Highlighting the numbers released, Byco Chief Financial Officer Asad Azhar Siddiqi said, &#8220;This was primarily due to the higher refining and marketing margins as compared to last year.&#8221; Byco refined a total of 2,801,107 barrels averaging 20,152 barrels per stream day. 

During this period, Byco also successfully concluded an agreement with the consortium of nine lending banks for reprofiling of its existing syndicated finance facilities. 

Also, in December 2012, Byco&#8217;s Single Point Mooring (SPM) was successfully commissioned. With the SPM being on line, Byco is saving substantial expenses in the form of reduced road transportation cost, operational losses and storage charges. 

During this period Byco&#8217;s retail network continued to grow. Currently it stands at 229 stations throughout Pakistan. 

Byco is now in the final stages of commissioning its isomerisation plant, the first such unit installed in the country. This plant will enable the company to process light naphtha into low benzene environmental-friendly motor gasoline and will yield better returns to the company due to the significant differential between naphtha and motor gasoline prices. The isomerisation plant will be fed naphtha from Byco Oil Pakistan Limited&#8217;s new 120,000 bpd refinery. Furthermore, this conversion of naphtha would result into substantial savings in transporting, handling and storage costs to the company. staff report

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*PPL makes another gas discovery in Sanghar*


KARACHI: Pakistan Petroleum Limited (PPL) the operator of the Block 2568-18 (Gambat South) EL with 65 percent working interest (WI) along with its joint venture partners Government Holdings Private Limited (GHPL) and Asia Resources Oil Limited (AROL) with 25 percent and 10 percent WI, respectively has made a gas and condensate discovery in its second exploration well Shahdad X-1 located in district Sanghar, Sindh province. This is the second discovery in the block as the first well Wafiq X-1 had also resulted in a gas and condensate discovery.

Exploration well Shahdad X-1 was spud on March 30, 2013 and reached the final depth of 3,665 metres on June 19, 2013. Based on wire line logs, potential hydrocarbon bearing zones were identified. Initial testing in the Massive Sand of Lower Goru Formation flowed 27.8 million cubic feet per day (MMCFD) of gas along with 337 barrels per day condensate at 64/64&#8221; choke size, thus confirming the presence of commercial quantities of natural gas and condensate at Shahdad X-1.

However, the final flow potential of the well will be determined after its completion. This discovery will add more hydrocarbon reserves and also reduce the gap between supply and demand of oil and gas during current energy crisis in the country. staff report

Daily Times - Leading News Resource of Pakistan


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## salman77

*First commercial shipment of Pakistani mangoes to Japan*

KARACHI: Pakistan made first commercial shipment of 550 kilogrammes (kg) of mangoes to Japan by Emirates, after Japan had lifted ban upon exports of mangoes in March 2011 last year.

Before this 1,700 kg of mangoes were shipped to that country in 2011, which was a promotional shipment.

Japan&#8217;s import market is small i.e they import about 12,000 metric tonne from the world but its requirements are rather strict where they require a special vapor heat treatment of mangoes before importing the commodity. Japan is a high value market where Pakistani mangoes could be sold at around $10-12 per kg, which is way above the prices obtained from other markets.

In this regard, the government has procured a big commercial plant with the capacity of 15 tonne per day, which is likely to arrive in the country in the next month.

Daily Times - Leading News Resource of Pakistan

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## ejaz007

*BUSINESS PERISCOPE : FPCCI lauds first seafood consignment to EU*

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed satisfaction on the clearance of the first export consignment of Pakistani seafood to the European Union (EU) after a lapse of six years. President FPCCI Zubair Ahmed Malik said it was a positive sign for the export of shrimp and fish products from Pakistan. The EU had re-allowed fisheries exports from Pakistan in February 2013, and two fisheries companies had received clearance from the 27-member bloc for their consignments. At the time of the suspension of fisheries exports in 2007, Pakistan was exporting $50 million worth of seafood products to the EU, which constituted 26 percent of our global seafood trade. With the imposition of the ban, Pakistan&#8217;s seafood exports had suffered considerably. Exports of seafood stood at $317 million in 2012-13. staff report

Daily Times - Leading News Resource of Pakistan

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## ejaz007

*Etisalat hires Goldman to advise on Pakistan telco buy*

DUBAI: Etisalat, the Gulf&#8217;s biggest telecommunications operator, has hired Goldman Sachs Group Inc to advise on its planned bid for Pakistan mobile operator Warid Telecom, two sources aware of the matter said.

Warid, the country&#8217;s smallest operator, has been put on the block in a sale likely to fetch up to $1 billion, Reuters reported last month. Etisalat and China Mobile, who have existing operations in the country, were seen as potential bidders.

Etisalat, which is also in exclusive talks with Vivendi to buy its 53 percent stake in Maroc Telecom, has existing operations in Pakistan through its stake in Pakistan Telecommunications Co Ltd (PTCL).

Acquisition of Warid, owned by conglomerate The Abu Dhabi Group, would give the company an opportunity to consolidate its operations in the country, said one banking source speaking on condition of anonymity as the sale process has not been publicly disclosed.

Both Etisalat and Goldman Sachs declined to comment.

Pakistan&#8217;s mobile telecommunications sector has five operators and is ripe for consolidation after a period when a troubled economy, increasingly high levels of market penetration and stiff competition has forced companies&#8217; margins lower.

Daniel Ritz, Etisalat&#8217;s chief strategy officer, told Reuters on Tuesday the UAE telecom group would look at opportunities to bolster its existing portfolio without specifying whether the firm was bidding for Warid.

&#8220;We will consider ... opportunities in areas where it gives us a chance to consolidate our existing portfolio,&#8221; Ritz told Reuters.

Warid launched its cellular services in Pakistan in May 2005 and had 12.54 million subscribers by the end of March this year, down from 17.39 million in 2010-11.

Other operators in Pakistan are Oslo-based Telenor and Orascom Telecom, which operates under the name Mobilink and is the sector leader.

The sellers are being advised by Standard Chartered and Lazard. The Abu Dhabi Group, led by ruling family member Sheikh Nahayan Mabarak al-Nahayan, has large investments in Pakistan including Bank Alfalah Ltd, Al Razi Healthcare and Wateen Telecom. reuters

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Jewellery exports surge 28% in FY 13*

ISLAMABAD: The jewellery exports from the country has witnessed increase of 28.54 percent during fiscal year 2012-13 against the same period of last year. The jewellery exports during the period under review were recorded at $1.17 billion while during last year, the exports stood at $916.43 million. The gems exports increased by 15.79 percent which stood at $4.575 million during July-June 2012-13 against the exports of $3.951 million during July-June 2011-12, according to data of Pakistan Bureau of Statistics (FBS). On month on month basis, the jewellery exports of the country decreased by 90.68 percent and increased by 18.9 percent during June 2013 when compared to June 2012 and May 2013 respectively. The jewellery exports decreased from $19.249 million in June 2012 to $19.061 million in June 2013. The gems exports increased from $0.48 million in June 2012 and 0.417 million in May 2013 to 0.568 million in June 2013. Similarly exports of furniture, handicrafts and molasses also witnessed increase of 9.44 percent, 607.08 percent and 333.16 percent respectively. The furniture exports during the year 2012-13 remained $7.062 million against exports of $6.453 million during same period of last year. The exports of handicrafts during the corresponding period under review stood at $1.697 million whereas during last year the handicrafts exports stood at $0.24 million. The molasses exports increased from $6.411 million in July-June 2011-12 to $27.77 million during same period of current year. app

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*Foreign remittances reach record $13.92bn mark: Babar*

ISLAMABAD: Overseas Pakistanis Foundation (OPF) on Thursday said remittances from overseas Pakistani workers reached $13.92 billion in fiscal year 2012-13, their highest level ever. 

Managing Director OPF Iftikhar Hussain Babar said the remittances depicted a growth of 5.56 percent compared with $13.18 billion during the previous fiscal year 2011-12. Babar said OPF had recovered all dues and compensation amounts from various countries and disbursed it amongst the expatriate families. OPF schools and colleges across the country had shown outstanding result as we have appointed talented and highly qualified teachers at OPF educational institutions to provide standard and quality education at all levels. OPF had announced OPF Housing Scheme Zone-V Islamabad, which had been reorganised by completing work on its three sectors under the supervision of Frontier Works Organisation (FWO). app

Daily Times - Leading News Resource of Pakistan


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## Argus Panoptes

The "surges" "records" and "huge discoveries" continue to be revealed at nice and steady pace. The jokes at the nation's expense continue as well.

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## Hyde

salman77 said:


> *First commercial shipment of Pakistani mangoes to Japan*
> 
> KARACHI: Pakistan made first commercial shipment of 550 kilogrammes (kg) of mangoes to Japan by Emirates, after Japan had lifted ban upon exports of mangoes in March 2011 last year.
> 
> Before this 1,700 kg of mangoes were shipped to that country in 2011, which was a promotional shipment.
> 
> Japan&#8217;s import market is small i.e they import about 12,000 metric tonne from the world but its requirements are rather strict where they require a special vapor heat treatment of mangoes before importing the commodity. Japan is a high value market where Pakistani mangoes could be sold at around $10-12 per kg, which is way above the prices obtained from other markets.
> 
> In this regard, the government has procured a big commercial plant with the capacity of 15 tonne per day, which is likely to arrive in the country in the next month.
> 
> Daily Times - Leading News Resource of Pakistan



Anybody lives in Japan?

How about if I export Pakistani mangoes or other fruits to Japan? what is the market potential over there? Anybody know the import taxes in Japan?


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## salman77

*Exploration of new markets pushes Pakistan&#8217;s export*

By Tanveer Sher

KARACHI: Exploration of new markets for fruits and vegetables of the country has elicited positive results, which is evident from the fact that the country&#8217;s exports have made a substantial jump of 16 percent during the last one year.

According to All Pakistan Fruit and Vegetable Exporters Association (APFVEA) Chairman Waheed Ahmad, never before such a steep increase was witnessed in the export volume of fruits and vegetables in a one-year period as the total value of export stood at $625 million. The increase may be attributed owing to export to new valued markets of South Korea, Mauritius and Japan regarded as rewarding markets for the Pakistani exporters.

Besides export of potato, regarded as one of the most essential kitchen items, also took off for Middle East after a yawning gap of seven years from the current season and is expected to increase manifold in coming days ahead as the quality and nutritional value of the vegetable was highly appreciated by the importers which speaks volume of its future demand. The total export volume of the potato was recorded at around 300,000 tonnes, which may be regarded as an achievement and herald better future for the growers and farmers who are receiving healthy rates for their hard work.

During the year 2012-13 new records were set for the export of kinnow, potato and onion as after three years gap, the export target for kinnow was also realised. Previous years the kinnow exporters had suffered colossal financial losses on account of fruits&#8217; poor yield and its high rates making its uncompetitive in the international market.

Similarly a very high volume of around 2.5 million metric tonnes of onion was also exported to traditional markets across the globe and this can be attributed due to bumper Sindh crop, which helped the exporters in fulfilling their commitments with foreign buyers.

The PFVAEA chairman informed that with a view to improve the annual yield of all fruit and vegetable varieties and sustaining export goals over the period of time, the association realising the significance of research and development in this regard has started preparation of a national level roadmap in collaboration with all stakeholders including all agriculture universities of the country and concerned government departments.

In this regard several meetings had been held with Pakistan Council of Scientific and Industrial research and agriculture department of Karachi University for realising the goal of enhanced work in research and development sector, which would ultimately herald revolutionary changes in decades old system of agriculture practices.

Daily Times - Leading News Resource of Pakistan


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## salman77

*Australia allows import of Pakistani mango*

After prolonged and sustained efforts by the Pakistani mango exporters, Australia has allowed import of Pakistani mangoes, which is likely to take off very soon.

It may be recalled here that the Australian market is regarded as very rewarding and allowing the import of any fruit from across the globe may spell a bright future for the growers and exporters alike.

With prospects of $4 million worth of market for Pakistani mangoes over next five years period, Pakistani exporters have also been enjoying three more lucrative markets including South Korea, Mauritius and Japan, which are also considered as very rewarding in terms of the expected high price they offer for fruit and high volume of the fruit.

According to All Pakistan Vegetable and Fruit Exporters Association (APVFEA) Chairman Waheed Ahmad, for the last two years intense visits were carried by the quarantine exporters and other stakeholders from Australia to different Pakistani processing factories and local quarantine to review the situation thoroughly.

The Australian delegations also visited hot treatment plants and laid special emphasis on the hygienic situation in processing factories and granted permission for import of Pakistani mangoes after being fully satisfied with the prevailing situation.

He said that Australia itself is a major mango-producing country but the season starts during November and December regarded as Summer season and before this allowing import of Pakistani fruit offers a great opportunity to Pakistani exporters to capitalise the occasion and help the country earn invaluable foreign currency which the country badly needs at this crucial juncture.

However, to ensure continuation of the export process to Australia during coming years special focus is required on improvement of fruit shape and appearance and introduction of new varieties which can only be accomplished through rigorous research and development (R&D) process at the farm level which is unfortunately not the focus of attention of all stakeholders in the country.

Without improvement in quantity of the export material, opening of the new market may not yield desired results as envisaged by the exporters celebrating the opening of the new lucrative market.

Barring few markets across the globe, majority of the consumers in different countries across the globe regarded as rewarding market are preferring fruit fine in appearance while any fruit lacking in their set standard and quality are out rightly rejected by such consumers which is a set back for exporters.

Replying to a query about major problems during export process to Australia, he said logistic problem is there as high tariff rates push overall cost of the fruit. There is no direct flight to Australia from Pakistan and this results in enhanced cargo rates for the export material.

Australia allows import of Pakistani mango


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## A1Kaid

> FDI surges by 17% in July
> 
> Saturday, August 17, 2013
> 
> 
> By Abrar Hamza
> 
> *KARACHI: The country&#8217;s net foreign direct investment (FDI) surged 17.4 percent to $60.7 million in the first month (July) of the fiscal year 2013-14 as compared to $51.7 million received in the same month of last fiscal year, said State Bank of Pakistan&#8217;s (SBP) data on Friday.*
> 
> The country received $9.0 million FDI in the month of July 2013 in absolute terms. Net inflow of foreign investment in Pakistan during the said month stood at $157.2 million, depicting a 58 percent increase over the $99.3 million investment in corresponding month of the last fiscal year.
> 
> However, on monthly basis net FDI declined by 52 percent as compared to $128 million in the month of June 2013.
> 
> Industry experts mainly attributed this yearly increase in FDI to the improvement in the law and order situation as compared to July 2012, changing of government and finalisation of the $6.6 billion loan between government of Pakistan and International Monetary Fund (IMF).



Excerpt: Daily Times - Leading News Resource of Pakistan

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## FCPX

Zakii said:


> Anybody lives in Japan?
> 
> How about if I export Pakistani mangoes or other fruits to Japan? what is the market potential over there? Anybody know the import taxes in Japan?



Dont know about Japan but there is a growing market for mangoes here in SA and I wonder why Pakistan doesnt export their finest mangoes here?


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## That Guy

*Pakistan to receive $12 billion in 3 years: Dar*







*ISLAMABAD: Enumerating several economic indicators that have shown positive improvement, Finance Minister Senator, Mohammad Ishaq Dar said Pakistan would get about $12 billion in next three years from international financial institutions.*

The country would receive about $12 billion from International Monetary Fund (IMF), World Bank (WB) and Islamic Development Bank (IDB) during next three years, the federal minister said during a press conference here on Monday.

"We have protected ourselves from any default and financially secured for the next three years for payments to lenders but there is need that we now focus on improving country's foreign exchange reserves," he said.

Ishaq Dar said that $6.6 billion are expected from IMF which has called its board meeting on September 4 to discuss the issue keeping in view the progress in country's economy as witnessed by its management.

He said that the country would also get $1.5 billion from WB this year as the bank has principally agreed to provide this loan where as $750 million and Euro 100 million (for trade enhancement) are expected from IDB through various schemes.

The federal minister said that the economy of country was on right path and the government was going ahead in accordance with its budget discipline.

He said that despite changes in management of Federal Board of Revenue (FBR), the revenue collection during the first month of the current fiscal year (2013-14) has reached to $134 billion against the target of $136 billion.

He added that the collection in revenues in July 2013 was 25 percent higher than last fiscal year.

He said that the current account was also in surplus as against the deficit of $427 million in July 2012, the current account is in surplus of $36 million in July this year.

He said that the foreign remittances during July 2013 also increased up to $1.4 billion and if the trend continues, the remittances during the current fiscal year are expected at $14 billion to $16 billion.

He said that facilitating overseas Pakistan to send free of charges remittances to the country under the Pakistan Remittance Initiative (PRI) has produced positively results and helped enhance revenues upto $1.4 billion in July this year.

He said that the government is also working on another initiative to help overseas Pakistan send remittances on fast-track basis.

He said the State Bank of Pakistan has been given task to formulate a system as soon as possible to ensure speedy transfer of money adding that when this mechanism would enhance transfer of money through government channels instead of private schemes.

Ishaq Dar said that the government had put ban on import of gold keeping in view the depreciation of rupees value. He said that the gold imports into the country had increased many fold owing to the ban on gold import by India and consequent smuggling of gold from Pakistan to India.

Pakistan to receive $12 billion in 3 years: Dar | BUSINESS - geo.tv


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## salman77

*Export of surgical, medical instruments increases by 18%*

ISLAMABAD: The export of surgical goods and medical instruments from the country during the first month of current financial year increased by 17.57 percent as compared to same month of last year. In July 2013 surgical goods and medical instruments worth $30.814 million exported as compared to the exports of $26.210 million recorded in July 2012, said the data of Pakistan Bureau of Statistics.

Meanwhile the exports of chemicals and pharma products increased by 66 and 51 percent respectively and reached at $106.02 million in last month, which was recorded at $63.67 million during the same month of last financial year. During the period under review, exports of pharmaceutical products grew by 5.76 percent and country earned $14.68 million by exporting the different pharmaceutical products as compared to $12.04 million of same period last year, it added.

In July, cutlery goods worth $7.25 million exported from the country, which were recorded at $7.23 million in same month of last financial year showing an increase of 0.25 percent, the data revealed.

The export of onyx manufactured registered growth in start of new financial year as it grew by 180.27 percent as about 449 metric tonnes of the product costing $1.264 million exported against the last years exports of 212 metric tonnes worth $0.45 million, it added. About 23,224 metric tonnes of plastic materials valuing $31.85 million exported in month of July 2013 as compared 25,789 metric tonnes worth $33.170 million exported in same month of last year. The other chemicals exports from the country during the period under review jacked up by 232.74 percent and reached at $61.42 million in the first month of current financial year as compared to $18.46 million in the same month of last financial year, the data added.

Daily Times - Leading News Resource of Pakistan

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## ejaz007

*Nestle Pakistan posts 20% yearly increase in first half of 2013*
Staff Report


KARACHI: Nestle Pakistan Limited (NPL) continuing growth recorded 20 percent yearly increase to profit after tax (PAT) of Rs 3.5 billion in the first half of current fiscal against PAT of Rs 2.9 billion in the corresponding period of previous year.

The net profit translated into Rs 77.02 earnings per share during the period under review over Earning per Share (EPS) of Rs 64.19 in the same period of the previous year, the financial results of the Company announced at Karachi Stock Exchange (KSE) on Tuesday. 

The gross sales of the Company stood at Rs 42.4 billion in January to June 2013, registering 3 percent increase as compared to Rs 41.2 billion in the previous year.

The Company&#8217;s financing cost increased meagerly to Rs 1.02 billion in the months under review over Rs 1.00 billion in same period last year.

Nestle Pakistan has not announced a final cash dividend for the period under review.

The Company also announced second quarter (April to June) financials results, during second quarter, on sequential quarter basis the PAT of the Company decreased by 16 percent to PAT of Rs 1.6 billion as compared to PAT of Rs 1.9 billion in the first quarter of 2013 mainly due to law and order situation, energy shortages and lower consumer&#8217;s disposable income. 

However on yearly basis the Company&#8217;s profitability in second quarter 2013 jumped by 23 percent to Rs 1.6 billions with EPS of Rs 35.30 against PAT of Rs 1.3 billion with EPS of Rs 27.48 in the same period last year.

The topline of the Company jumped by 5 percent to the net sales of Rs 22.0 billion in the second quarter of 2013 while it stood at Rs 20.9 billion in the corresponding period of 2012 while gross profit of the Company for the second quarter 2013 period that ended on June 30, 2013 stood at Rs 6.7 billion, registering a growth of 15.0 percent over the gross profit of Rs 5.8 billion in the same period last year. 

Similarly, the selling and distribution expenses soared by 25 percent to Rs 5.9 billion in first half of 2013 as against Rs 4.7 in similar period of previous year. It increased by 31 percent to Rs 3.4 billion in second quarter 2013 from Rs 2.6 billion in same quarter 2012. 

Meanwhile, other income of the blue chips of the Company increased by 17 percent to Rs 106.7 million in the first half 2013 period as compared to the other income of Rs 90.9 million in the first six months period of 2012. Likewise it increased by 7 percent also in second quarter 2013 to Rs 56.9 million as against Rs 53.0 in the same quarter of 2012.

Gross profit before taxation of the Company stood at Rs 4.8 billion in first half of 2013, depicting an increase of 23 percent as against Rs 3.9 billion in the same period last year. It increased by 29 percent in second quarter 2013 to Rs 2.2 billion versus Rs 1.7 billion in same quarter 2012.

Daily Times - Leading News Resource of Pakistan

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## A1Kaid

> *Pakistan posts big rise in tax revenues*
> 
> 
> 
> Country reported a *25% rise in tax revenues due to new tax collection measures*
> 
> 
> Reuters
> Published: 17:14 August 27, 2013
> 
> Islamabad: Pakistan, keen to show its commitment to fixing its ailing finances, on Tuesday *reported a 25 per cent rise in tax revenues since the beginning of the fiscal year due to a raft of new tax collection measures introduced by the new government.*
> 
> Pakistan has one of the lowest tax collection rates in the world and the International Monetary Fund is watching its efforts closely. It wants Pakistan to do more to *tackle rampant tax evasion, particularly by its wealthy elite.*
> 
> Any delay in implementing proposed reforms could disrupt the delivery of vital assistance from the IMF, which last month agreed that Pakistan can seek a loan package worth $6.6 billion to fix its moribund economy.
> 
> The finance ministry said new measures *such as a sales tax rise to 17 per cent from 16 per cent had already generated $1.3 billion in revenues since the beginning of the new fiscal year in July, a 25 *per cent rise compared to a year earlier.
> 
> A finance ministry official, speaking on condition of anonymity, said the new measures were expected to generate Rs207 billion in the current fiscal year.
> 
> In the first month of the fiscal year, that is in July, the increase ascribed to the new taxes would be roughly Rs10 billion, the official said.




Excerpt: Pakistan posts big rise in tax revenues | GulfNews.com


Excellent job by the new Government, tax revenue is very important and widening the tax net is critical for boosting Government revenue and public services.

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## Panther 57

> Excellent job by the new Government, tax revenue is very important and widening the tax net is critical for boosting Government revenue and public services.



It would have been an excellent job had they been able to generate revenue through direct taxes on those, who are eligible for taxation and yet don't pay. There current tax increasing measures are for their own interest. They are suppressing those who are already suppressed and paying taxes. These measures are drawing money from those who are compliant citizens.
1. GST increase and WHT on utilities - from those who are already paying
2. Income Levy Tax - From those who are filing income tax return and paying taxes.
Wealth tax was withdrawn in Gen (R) Musharaf&#8217;s era on the pretext of double taxation, as wealth declared is after tax has been paid. Those who have black money do not declare their wealth in &#8220;Wealth Statement&#8221;. In current budget an Income Support Levy has been imposed at the rate of 0.5% on all moveable assets above one million, that too w.e.f. from June 2013. It is a known fact that Wealth Statement is filed by only those who pay income tax and file IT return. Thus, genuine tax payers are squeezed yet again to compensate for those who evade tax.
3. Advance WHT on motor vehicle - NTN is must for buying a car so double taxation.

What is stopping them from putting non utilisation tax on those landlords who have cultivatable land and are not doing it. Or who are not taking remedial measures for that land which can be made cultivatable. Why they are not taxing those individual who are earning millions from their agricultural produce and not paying any tax. BTW this is taxable under individual income and is not an agriculture tax. 

Instead they have given relief to corporates by reducing their rate of tax by 1%. Engro paid PKR2,015 million as tax for year 2012, at prevailing tax rate. If, Engro&#8217;s taxable income is same for 2013, it will have tax liability less by one percent, against 2012. This reduction in tax rate will allow Engro PKR57.57 Million an additional after tax profit, which ultimately goes to shareholders as dividend.


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## A1Kaid

salman77 said:


> *Export of surgical, medical instruments increases by 18%*
> 
> ISLAMABAD: The export of surgical goods and medical instruments from the country during the first month of current financial year increased by 17.57 percent as compared to same month of last year. In July 2013 surgical goods and medical instruments worth $30.814 million exported as compared to the exports of $26.210 million recorded in July 2012, said the data of Pakistan Bureau of Statistics.
> 
> Meanwhile the exports of chemicals and pharma products increased by 66 and 51 percent respectively and reached at $106.02 million in last month, which was recorded at $63.67 million during the same month of last financial year. During the period under review, exports of pharmaceutical products grew by 5.76 percent and country earned $14.68 million by exporting the different pharmaceutical products as compared to $12.04 million of same period last year, it added.
> 
> In July, cutlery goods worth $7.25 million exported from the country, which were recorded at $7.23 million in same month of last financial year showing an increase of 0.25 percent, the data revealed.
> 
> The export of onyx manufactured registered growth in start of new financial year as it grew by 180.27 percent as about 449 metric tonnes of the product costing $1.264 million exported against the last year&#8217;s exports of 212 metric tonnes worth $0.45 million, it added. About 23,224 metric tonnes of plastic materials valuing $31.85 million exported in month of July 2013 as compared 25,789 metric tonnes worth $33.170 million exported in same month of last year. The other chemicals exports from the country during the period under review jacked up by 232.74 percent and reached at $61.42 million in the first month of current financial year as compared to $18.46 million in the same month of last financial year, the data added.
> 
> Daily Times - Leading News Resource of Pakistan



I am helping in the exports to US market of Pakistani surgical, dental, and medical instruments.

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## That Guy

What does everyone think of the current situation? Is the government on the right track, or is this going to fall back on our face?


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## A1Kaid

That Guy said:


> What does everyone think of the current situation? Is the government on the right track, or is this going to fall back on our face?




Ask @Argus Panoptes this question, you know what kind of answer he will give...


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## salman77

*Turkish bank to provide $300 million credit facility*

Export Credit Bank of Turkey (Exim Bank) is to give $300 million credit facility to Pakistan for 2013-14 for which a formal pact will be signed during the 3-day (September 16-18) official visit of Prime Minister Nawaz Sharif to Turkey, well-informed sources told Business Recorder. Prime ministers of both countries will co-chair the third meeting of the High Level Co-operation Council (HLCC) to be held in Ankara on September 17, 2013.

The HLCC mechanism between Pakistan and Turkey was established during the visit of Prime Minister Erdogan to Pakistan in October 2009. The joint political declaration signed on the occasion provides HLCC "to oversee and steer the unique partnership and intensified co-operation between the two countries." The HLCC has thus far met twice - December 2010 in Ankara and May 2012 in Islamabad. During these meetings, 25 MoUs/agreements were signed between the two countries.

The Prime Minister would accord an opportunity to promote Pakistan as an investment destination despite a dispute between GoP and M/s Karkey Rental Power. A business forum with participation of leading Turkish companies is being planned on the sidelines of the visit. An energy forum is separately being planned to be held in Istanbul on September 6 where experts from the relevant Ministries would provide a detailed overview on the technical and financial aspects of feasible energy projects including measures concerning protection of investments, security and special incentive packages by the GoP.

Commenting on much delayed comprehensive Preferential Trade Agreement (PTA) the sources said it remains Pakistan's foremost priority. PTA negotiations between Pakistan and Turkey commenced in 2004. The progress has been intermittent ever since. The 4th round of technical negotiations took place in Islamabad on May 20, 2012.

Imposition of safeguard measures by Turkey on Pakistani textiles and chemicals has reinforced the need for a facilitative economic framework: following a high of $1 billion in 2011, the bilateral trade volume fell to $831 million in 2012 - Pakistani exports registering a decline of 36 percent. After Turkey failed to accede to Pakistan request for elimination of trade defence measures including safeguards and anti-dumping Pakistan has pushed in earnest for the conclusion of a "comprehensive" PTA giving comparative advantage to both sides.

The two sides have conveyed their offer and wish lists which are being evaluated. Turkey has also offered to host the next round of negotiations ahead of the HLCC; dates are being finalised. "It is our expectation that the process would be completed in time for the PTA to be signed during the HLCC," the sources continued.

FACILITATIVE FINANCIAL FRAMEWORK A Currency Swap Agreement (CSA) was signed between the Central Banks of Pakistan and Turkey in November 2011. Opening of respective bank branches still remains a work-in-progress. While Habib Bank retains token presence in Istanbul, there are no Turkish banks operating in Pakistan. Pakistan embassy in Ankara feels that Is Bank, Halk Bank and Asya Bank, three of the largest Turkish private banks could be attracted to the Pakistani market. Last year, the Is Bank unsuccessfully bid for the HSBC in Pakistan.

Likewise, during the last IEC, the two sides resolved to strengthen co-operation in their banking/insurance/commodity exchange sectors including the possibility of MoUs, between the Securities and Exchange Commission of Pakistan (SECP) and the Under-secretariat of Treasury of Turkey, and the Istanbul and Karachi Stock Exchange. This matter is being pursued by the Ministry of Finance/State Bank of Pakistan.

INVESTMENTS Pakistan and Turkey have bilateral agreement on reciprocal promotion and protection of investments (signed in 1995, renegotiated and signed afresh during the 2nd HLCC in Islamabad) and avoidance of double taxation.

Turkish footprint already exists in Pakistan energy, infrastructure and urban development sectors: A 50 MW wind power project at Jhimpir near Karachi has been commissioned by the "Zorlu Energi Pakistan Limited" (ZAPL) while another Turkish company, FIBA Holdings is at an advanced stage in negotiations for the establishment of a similar 50 MW wind energy project close to the site (the company has requested for an early issuance of licence by the AEDB, determination of power tariff and provision of grid connection by the NTDC). The 57-km Multan-Khanewal section of M-4 Motorway, 160-km Indus Highway, Lahore bypass of the M2, Water Supply of the Ormara Naval Base, etc, have also been constructed by Turkish companies. In Lahore, the Metro Bus Project and solid waste management system have a Turkish role.

According to sources, considerable scope for further Turkish investments especially in the energy (hydel/coal and wind) and infrastructure sectors exists. The Ministry of Water & Power has been directed to prepare a blue-print of workable projects along with their financial and technical feasibility, to be presented during the energy forum in Istanbul with a view to conclude agreements during the Prime Minister's visit.

Similarly, the possibility of engaging the Housing Development Administration (TOKI) of Turkey, in the construction of low-cost housing in Pakistan will be explored. An MoU for co-operation in the field of housing between TOKI and Pakistan's Ministry of Housing and Works was signed during the 1st HLCC meeting in Ankara in December 2010. TOKI would provide a detailed briefing to the Prime Minister during his visit.

Action-plan for joint-initiatives especially in sectors such as energy, infrastructure development, construction, communications and urban development and transportation are also being developed accordingly by the concerned ministries.

COMMUNICATIONS AND TRANSPORTATION Under a code sharing arrangement, Turkish Airlines operates 7 weekly flights to Karachi and Islamabad. The Turkish Airline has evinced keen interest in enhancing the frequency of these flights as well as adding Lahore as a new destination point. The issue is expected to be raised again at the leadership level. The Aviation Division has been requested to provide the necessary update.

Possibilities of collaboration in the Railways sector are also being discussed at different levels. During the last JEC, Pakistani side expressed interest in benefiting from Turkish experience in modernisation of the railways. In this regard, it was agreed that Pakistan would propose an MoU on areas of mutual co-operation.

Turkish bank to provide $300 million credit facility | Business Recorder


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## salman77

*Mangoes dispatched to new market  Australia*

MULTAN - An export consignment comprising 600 kilograms of mangoes was dispatched on Wednesday to Karachi for onward destination - Australia.

Pakistan Horticulture Development and Export Company General Manager Abdur Razzaq while talking to APP informed that the department had been engaged in hectic efforts to export mangoes to Australia during the last four years. He explained that Australian importers had some reservations earlier but the department addressed those professionally.

"The mangoes underwent hot water treatment in Shujaabad, 44 kilometres from Multan city, and were despatched in line with the high standards of health," he said. Abdur Razzaq added that efforts were also being made to start export of mangoes and vegetables to South Korea, Lebanon and Mauritius.

Fareed Khan Khakwani, farm owner, expressed that export of mangoes from his farm was a matter of pride for him. "If Pakistan finds new markets for its delicious mangoes it would do well for the national economy as more foreign exchange would be coming to Pakistan." 

Mangoes dispatched to new market - Australia | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia


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## Argus Panoptes

A1Kaid said:


> Ask @Argus Panoptes this question, you know what kind of answer he will give...



The answer is bound to be truthful.


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## A.Rafay

Argus Panoptes said:


> The answer is bound to be truthful.



I remember you saying that rupee will hit 150 at the end of this govts term.


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## Argus Panoptes

A.Rafay said:


> I remember you saying that rupee will hit 150 at the end of this govts term.



Well, it is 104.33 already and it has only been a few months of this government. Another 4 years or so and it will get to 150. The new loans taken from IMF will ensure such a great fall.


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## A.Rafay

Argus Panoptes said:


> Well, it is 104.33 already and it has only been a few months of this government. Another 4 years or so and it will get to 150. The new loans taken from IMF will ensure such a great fall.



Our economy is already struggling and shaking with rupee gone to 150, what will happen then?? It will become harder to pay back the loans we loaned to pay the existing loans of ppp govt! How will our economy run??


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## Argus Panoptes

A.Rafay said:


> Our economy is already struggling and shaking with rupee gone to 150, what will happen then?? It will become harder to pay back the loans we loaned to pay the existing loans of ppp govt! *How will our economy run?*?



Run? No. It will do what it is doing already: crawl ahead on all fours. Slowly. That is all.


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## A.Rafay

Argus Panoptes said:


> Run? No. It will do what it is doing already: crawl ahead on all fours. Slowly. That is all.



150 is too high, our economy will come under too much pressure, I will disagree on this claim of yours, it may go higher but won't go to 150.


----------



## Argus Panoptes

A.Rafay said:


> 150 is too high, our economy will come under too much pressure, I will disagree on this claim of yours, it may go higher but won't go to 150.



Sure, we still have nearly four and a half years to go. A lot can happen in that time. Who knows?


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## A.Rafay

Argus Panoptes said:


> Sure, we still have nearly four and a half years to go. A lot can happen in that time. Who knows?



Fingers crossed bro!! If energy problem resolve things may change.


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## Argus Panoptes

A.Rafay said:


> Fingers crossed bro!! If energy problem resolve things may change.



It costs about a billion dollars per 1000MW of reliable power generation. What do we need to cure our shortfall and where will that come from? Not to mention our circular debt problem that is still there. And power theft. It is not going to be easy at all.


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## A.Rafay

Argus Panoptes said:


> It costs about a billion dollars per 1000MW of reliable power generation. What do we need to cure our shortfall and where will that come from? Not to mention our circular debt problem that is still there. And power theft. It is not going to be easy at all.



I saw in news and a couple of threads here that circular debt problem solved it was payed off, last time I checked they are curbing power theft as much as they can, our tax revenue has increased than that in previous govt, foreign remittances has increased to $14 billion, govt has initiated gadani power project and ordered completion of dams, begging to China and turkey for investments in energy sector!


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## That Guy

A.Rafay said:


> I saw in news and a couple of threads here that circular debt problem solved it was payed off, last time I checked they are curbing power theft as much as they can, our tax revenue has increased than that in previous govt, foreign remittances has increased to $14 billion, govt has initiated gadani power project and ordered completion of dams, begging to China and turkey for investments in energy sector!



Yup, you pretty much summarized it. Al in all, things may be looking up for Pakistan.


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## Argus Panoptes

A.Rafay said:


> I saw in news and a couple of threads here that circular debt problem solved it was payed off, last time I checked they are curbing power theft as much as they can, our tax revenue has increased than that in previous govt, foreign remittances has increased to $14 billion, govt has initiated gadani power project and ordered completion of dams, begging to China and turkey for investments in energy sector!



Only half of the total circular debt was paid off as a stopgap measure. All the factors that went into accumulating all that debt in the first place are still there.

The tax measures and the energy subsidy withdrawals are part of the IMF package. The rest of the measures are still to bite, including massive currency devaluation.

The only part I agree with you is that much begging will go on in the near future. We have no other choice.


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## A.Rafay

Argus Panoptes said:


> Only half of the total circular debt was paid off as a stopgap measure. All the factors that went into accumulating all that debt in the first place are still there.
> 
> The tax measures and the energy subsidy withdrawals are part of the IMF package. The rest of the measures are still to bite, including massive currency devaluation.
> 
> The only part I agree with you is that much begging will go on in the near future. We have no other choice.



Loan taking will go on meanwhile the currency devaluates, energy crises deepen.


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## ejaz007

*Habib Metropolitan Bank records profit of Rs 2.69bn in 6 months of 2013*


KARACHI: Habib Metropolitan Bank registered a profit-before tax of Rs 2.69 billion for the half-year ended June 30, 2013 and demonstrated a quarter-on-quarter increase of Rs 458 million in profitability. A half yearly growth of 14 percent in the Bank&#8217;s total assets, which stood at Rs 341.77 billion on June 30, 2013 and an increase in the Bank&#8217;s deposit base, complemented this augmented profitability. Meanwhile CASA deposits exhibited a significant growth of 12 percent against the year-end level, as the CASA mix of the Bank amounted to an increased 60 percent. Net Markup Income of HabibMetro Bank increased by 7 percent over the first quarter of 2013 and stood at Rs 4 billion for the half year, while non-markup income registered a quarter-on-quarter increase of 6.45 percent to stand at Rs 2.95 billion. President and CEO Sirajuddin Aziz said, &#8220;We attribute this financial accomplishment to our customers&#8217; trust in us and our business ethics-to which we remain committed&#8221;. staff report

Daily Times - Leading News Resource of Pakistan

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## Argus Panoptes

A.Rafay said:


> Loan taking will go on meanwhile the currency devaluates, energy crises deepen.



Yes, today the PKR is at 104.54, down a further 21 paisa in the last two days already.


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## A.Rafay




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## ejaz007

*Forex reserves fall to $10.390 bn*

KARACHI: Pakistan&#8217;s foreign exchange reserves fell to $10.390 billion in the week ending August 23, from $10.399 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday. Reserves with SBP stood at Rs 5.203 billion from Rs 5.248 billion while commercial bank held Rs 5.187 billion foreign reserves against Rs 5.151 last week. Remittances from Pakistanis abroad rose 5.56 percent to $13.92 billion in 2012-13 fiscal year from $13.18 billion during the same period last year. Overseas Pakistani remitted an amount of $1,404 billion in July compared with $1,204 billion in the same month year
earlier. reuters

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*&#8216;Pakistani mangoes can grab Australian market&#8217;*

KARACHI: Pakistani mangoes could grab maximum share in Australian annual imports of around 15,000 tonnes at faster pace because of its delicious taste, different varieties and sweet aroma. 

Australian High Commissioner in Pakistan Peter Heyward at the first departure of Pakistan mangoes&#8217; shipment weighing 4.5 tonnes valued at $31,000 to Australia on Thursday said despite of the fact Australia produces mangoes itself in a particularly season, the country of 24 million people have been seeking to imports of mangoes in off-season from countries like Pakistan having a production of high class mangoes as well. 

He hoped Aussies would love it taste and hoped Pakistan&#8217;s mangoes would tap big Australian market soon because Aussies were fruits lovers and would love to eat delicious mangoes from Pakistan.

With the exports of mangoes to Australia, it is hoped Pakistan will explore the big foreign market of Australia with its different fruits and vegetable as well through maintenance of all quality standards that has met recently by a Pakistani company, Pak Horti Fresh Limited. 

He said Pakistani companies have potential to commence its exports to Australian market in the future particularly in textile sector, which is biggest exports market in Australia. 

Heyward vowed to make all-out efforts to boost trade ties between the two countries, pledging its full support and technical assistance to ensure an easy access to the Pakistan business community to Australian trade markets. 

Bashir Hussain CEO of Pakistan Horticulture Development and Export Company (PHDEC) said exporters and farmers were being provided an opportunity to enhance their business via exports of their crops mainly fruits and vegetable through Pak Hort Fresh Limited. staff report

Daily Times - Leading News Resource of Pakistan

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## iioal malik

8 billion dollars were the dept since this government took over.regardless of every piece of corruption by PPP n co i have no doubt this government will bring Pakistan back on it's feet.Keep ignoring the haters n be optimistic ..Long live pakistan


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## That Guy

iioal malik said:


> 8 billion dollars were the dept since this government took over.regardless of every piece of corruption by PPP n co i have no doubt this government will bring Pakistan back on it's feet.Keep ignoring the haters n be optimistic ..Long live pakistan



No, that was the circular debt, our actual debt is over $65 billion dollars.

Pakistan Debt Clock :: National Debt of Pakistan

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## Edevelop

*Bank of Punjab more than doubles profits *

KARACHI: On Friday, the Bank of Punjab announced its earnings, multiplying its profits two and half times as exemptions from provisioning allowed by the State Bank in the wake of crisis and income from non-core operations relieved pressure of the bottom-line.

According to a notice sent to the Karachi Stock Exchange, the bank earned Rs1.004 billion in the first half of 2013 ending June 30, compared to Rs406 million in the corresponding period of last year. The earnings announcement was not accompanied by any payouts, however the notice said the auditors without qualifying their opinion have emphasised on relaxation given by the regulator, undertaking and equity injection arrangements by the Government of Punjab. Moreover, all of the Public Sector Development Programme funding the Punjab government will receive will have to go through the Bank of Punjab.

Bank of Punjabs equity has risen Rs940 million in the six-month period as the government injected money into the bank, while its deposits grew Rs30 billion to Rs296 billion and advances shrunk Rs11 billion to Rs139 billion showing that the bank has been working on growing deposit-base while cutting down lending.

Resultantly, net interest income of the bank, excluding provisions, saw an increase of 11.7% to Rs1.1 billion in the period. Reversals in provisioning expense of the bank to the tune of Rs930 million also boosted the growth in earnings.

The State Bank had allowed the Bank of Punjab to not provision for Rs30 billion in bad loans. That provisioning would cost the bank over Rs27 billion, which would more than wipe out the banks total equity of close to Rs13.3 billion on June 30, 2013.

The exemption from provisioning appears to be consistent with the State Bank of Pakistans policy of letting time heal all financial wounds. As a response to the 2008 crisis, the central bank allowed all banks to take asset write-downs over four quarters, instead of having to provision for them all at once.


Non-interest income of the bank witnessed an increase of an impressive 91% as higher capital gains due booming stock market and surging other income helped the bank earn Rs2.05 billion in the semi-annual period, while climbing expenses on account of expansion operations absorbed more than the non-core income leaving the company with a net profit after tax of Rs1.004 billion.

Corporate results: Bank of Punjab more than doubles profits  The Express Tribune

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## ziaulislam

That Guy said:


> No, that was the circular debt, our actual debt is over $65 billion dollars.
> 
> Pakistan Debt Clock :: National Debt of Pakistan


infact circular debt was paid by simply taking more debt!!


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## Edevelop

* Railways earns Rs 2.92b in two months *

LAHORE, Aug 31 (APP): The Pakistan Railways has earned Rs 2.92 billion during two months due to its pro-passenger policies through introducing discount rates for them in trains. According to the PR sources here on Saturday, the department has earned additionally Rs 670 million as compare to the previous year and an additional Rs 249 million than the budget.

It is pertinent to share that the PR had introduced a special discount on fare for rail-cars run between Lahore and Rawalpindi in Ramazan.
It had also reduced fare up to 60 percent on several sections and trains which produced a positive result and the income of the PR had been increased.
The steps also attracted passengers and number of passengers had also been increased due to facilities and discount fare. 

Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - Railways earns Rs 2.92b in two months

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## Edevelop

*Indonesia, Pakistan to operationalize Preferential Trade Agreement on Sunday *

ISLAMABAD: Indonesia and Pakistan have agreed to operationalise the Preferential Trade Agreement with effect from September 1 (Sunday) ensuring greater market access to Pakistani products in the country.

The Indonesia-Pakistan Preferential Trade Agreement (IP-PTA) was signed in February 2012, the Ministry of Commerce said in a statement here on Saturday.

The PTA's operationalization followed the signing of a Mutual Recognition Agreement (MRA), on plant quarantine and SPS measures, between Indonesia and Pakistan, on Friday and acknowledging Pakistan as a pest-free area for Kinnow.

Indonesia also allowed the entry of this product through the Tanjung Port of Jakarta.

Through these steps, Pakistani agriculture products will gain a greater market access in Indonesia, the statement added.

Under the IP-PTA, Indonesia would grant market access, at preferential rates, for products of export interest for Pakistan, including fresh fruits, cotton yarn, cotton fabrics, readymade garments, fans (ceiling, table, pedestal) sports goods (badminton and lawn tennis rackets), leather goods and other industrial products.

Indonesia has also granted market access to Kinnow from Pakistan at 0%, which is expected to significantly enhance the export of this product to that country.

Similarly, Pakistan would provide market access, at preferential tariff rates, for products of export interest for Indonesia.

Pakistan has extended the same concession for Palm Oil products from Indonesia as provided to Malaysia under Pak-Malaysia FTA, i.e. 15% Margin of Preference (MoP) over the MFN tariff.

This would help in decreasing the prices of vegetable ghee, cooking oil e.t.c in the country and have a positive impact on the overall economy of the country.

It is expected that the mutual trade arrangements with Indonesia would also contribute to enhance our trade linkages with other economies in the ASEAN region and help in the diversification of our export markets.

Indonesia, Pakistan to operationalize Preferential Trade Agreement on Sunday

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## That Guy

ziaulislam said:


> infact circular debt was paid by simply taking more debt!!



rule of finance, things must get worse before they get better. There is no way to avoid this.


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## ziaulislam

cb4 said:


> * Railways earns Rs 2.92b in two months *
> 
> LAHORE, Aug 31 (APP): The Pakistan Railways has earned Rs 2.92 billion during two months due to its pro-passenger policies through introducing discount rates for them in trains. According to the PR sources here on Saturday, the department has earned additionally Rs 670 million as compare to the previous year and an additional Rs 249 million than the budget.
> 
> It is pertinent to share that the PR had introduced a special discount on fare for rail-cars run between Lahore and Rawalpindi in Ramazan.
> It had also reduced fare up to 60 percent on several sections and trains which produced a positive result and the income of the PR had been increased.
> The steps also attracted passengers and number of passengers had also been increased due to facilities and discount fare.
> 
> Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - Railways earns Rs 2.92b in two months


so is this the revenue or is it profit?


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## Edevelop

*Pakistan producing 6.16mn ton rice annually*







FAISALABAD: About 438 million ton rice is produced in the world Pakistan produces 6.16 million ton rice annually.

A spokesman for the agriculture department told APP on Sunday that Pakistan was exporting 3.75 million ton rice every year.

He said more than 4,198,456 acre land was brought under rice cultivation in Punjab last year which produced 3,460,123 ton rice.

"The Rice Research Institute is developing new varieties which will not only have strong resistance against bacterial leaf blot disease but also produce high yield," he added.

"In Pakistan, new hybrid rice varieties are being developed which would give maximum yield by utilizing minimum input costs during water scarcity," he added.

He said the Rice Research Institute had developed new techniques to cultivate rice through a broadcasting system instead of manual sapling plantation. Under the new technique, if farmers succeed in planting 80,000 plants in a field, they will get 6-8 maund more production besides saving input costs up to Rs 14,000 per acre. This technique is not only cheaper but also helps save 30-35 % irrigation water, he added.

Pakistan producing 6.16mn ton rice annually


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## ejaz007

*Lucky Cement&#8217;s profit jumps 43% in FY13*


KARACHI: The Lucky Cement Limited announced its fiscal year (FY) 2012-13 result on Tuesday. It posted profit after tax (PAT) of Rs 9.7 billion, reregistering 43 percent increase as against PAT of Rs 6.8 billion in last fiscal.
Lucky Cement, Pakistan&#8217;s largest cement company announced FY13 earnings per share (EPS) of Rs 30.04 as against Rs 20.97 in last fiscal year. The FY13 marks the year where Lucky Cement recorded the highest-ever profit. The company also announced dividend payout of Rs 8.0 per share along with the result.
Despite volumetric variance of 1.0 percent, topline grew by 13 percent to Rs 37.8 billion as against Rs 33.3 billion during the corresponding period last year due to sharp increase in cement prices, said Topline analyst Asad I Siddiqui.
The company successfully increased its export market share to 27.3 percent in FY13 as against 26.3 percent in the previous year. On local front, Lucky Cement&#8217;s market share fell by minor 0.5 percent to 15 percent, the analyst added.
Revenue per tonne of the company rose by 12 percent to Rs 6,240 as against Rs 5,578 during the same period previous year. Cost per 50 kilogrammes (kgs) bag on the other hand inched up by 1.0 percent. This resulted in gross margins expansion by 6.0 percentage points to 44 percent.
Other income was realised at Rs 248 million during the current year as against Rs 5.0 million during the same period previous year.
In the fourth quarter of FY13 the company posted profit of Rs 2.72 billion as against Rs 2.69 billion in the third quarter of FY13, up 2.0 percent while is up 30 percent as against Rs 2.09 billion in the same period last year.
Striving for quality, Lucky Cement has placed orders for two vertical grinding mills to be installed at Karachi plant. In addition to this, the company is planning to introduce Tyre Derived Fuel (TDF) at Pezu Plant to replace coal. Furthermore, the company is in negotiations with PESCO to supply surplus power to the DISCO, said Siddiqui.
According to the analyst at Shajar Capital, higher earnings stem from a 13 percent increase in the company&#8217;s topline despite stagnant dispatches and considerable improvement in the company&#8217;s other income.
The company&#8217;s volumetric sales grew by a meagre 1.4 percent to 6.1 million tonnes while residual variance in the topline came from increased retention prices. Bifurcating the volumes sales, local sales rose by 1.0 percent while company was able to achieve a growth of 2.0 percent in its exports.
On the other hand, retention prices are estimated to have increased by 12 percent to Rs 312 per 50kgs bag.
High cement prices and lower international coal prices (down yearly 30 percent) also reflected positively on the company&#8217;s margins. Lucky Cement&#8217;s gross margin increased by 6pps on yearly basis to 44 percent in FY13. staff report

Daily Times - Leading News Resource of Pakistan


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## ejaz007

*&#8216;NZ offers good opportunities for promoting Pak exports&#8217;*
Staff Report


ISLAMABAD: New Zealand offers good opportunities for promoting the export of Pakistani products. 
This was stated by Pakistani High Commissioner to New Zealand Zehra H Akbari in Wellington during a meeting with a nine-member delegation of local businessmen led by Islamabad Chamber of Commerce and Industry (ICCI) Founder Group Chairman and former ICCI president Sheikh Tariq Sadiq, which visited New Zealand to explore business opportunities.
Ms Akbari said a large number of Pakistani and Indian communities are living in New Zealand having same culture and eating habits. Thus Pakistani businessmen have great scope to promote export of their agro and food products to New Zealand.
She said Pakistan and New Zealand have enjoyed good relations over many years, especially in the field of sports, education and culture, but trade and economic relations are still below their existing potential. She said New Zealand is now focusing towards Asia for trade and Pakistani businessmen should accelerate their efforts for tapping all untapped areas of exports promotion.
She said more business delegations from Pakistan should visit New Zealand to explore new trade prospects. She assured that Pakistan Embassy in New Zealand would extend all possible support and facilitation service to Pakistani entrepreneurs for improving bilateral trade and economic relations between the two countries.
The delegation represented different areas of agro sector including flour millers, rice millers, Halal food processors, exporters and poultry farmers. The matters regarding bilateral trade were discussed and the business prospects for Pakistan were highlighted.
Speaking at the occasion, Sadiq said we have come here to discover more trade opportunities for Pakistani products, especially in agro and food sectors. He said there are opportunities for exporting Pakistani food products, mangoes, textiles, apparel, carpets and software products to New Zealand.

Daily Times - Leading News Resource of Pakistan


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## salman77

*Pakistan: Mangoes worth $60m exported*

All-Pakistan Fruit and Vegetable Exporters, Importer and Merchants Association chairman Waheed Ahmed said mango export got underway with limited quantities to Japan followed by trial shipment to Australia.

He said problems emerged in sending mango shipment this year as the UK rejected mango consignment from Pakistan while big export opportunities were also lost in Japan and US.

In a statement, he said quality related issues also cropped up at Dubai market, causing huge losses to exporters during June. Waheed said exporters lost Iranian market of 30,000 tonnes causing loss of $10 million this season.

However, huge demand of mango arrived during Ramazan in markets, like Saudi Arabia, Middle East, UAE, Afghanistan and Central Asia which fetched better prices as compared to last year, he said.

A record shipment of 165,000 tonnes of mango worth $60 million was achieved this season as compared to 118,000 tonnes last year, valuing $38 million.

Pakistan: Mangoes worth $60m exported


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## American Pakistani

cb4 said:


> *Pakistan producing 6.16mn ton rice annually*
> 
> 
> 
> 
> 
> 
> FAISALABAD: About 438 million ton rice is produced in the world Pakistan produces 6.16 million ton rice annually.
> 
> A spokesman for the agriculture department told APP on Sunday that Pakistan was exporting 3.75 million ton rice every year.
> 
> He said more than 4,198,456 acre land was brought under rice cultivation in Punjab last year which produced 3,460,123 ton rice.
> 
> "The Rice Research Institute is developing new varieties which will not only have strong resistance against bacterial leaf blot disease but also produce high yield," he added.
> 
> "In Pakistan, new hybrid rice varieties are being developed which would give maximum yield by utilizing minimum input costs during water scarcity," he added.
> 
> He said the Rice Research Institute had developed new techniques to cultivate rice through a broadcasting system instead of manual sapling plantation. Under the new technique, if farmers succeed in planting 80,000 plants in a field, they will get 6-8 maund more production besides saving input costs up to Rs 14,000 per acre. This technique is not only cheaper but also helps save 30-35 % irrigation water, he added.
> 
> Pakistan producing 6.16mn ton rice annually



TBH 6.14 million tons rice is nothing. An agrarian country producing just 6.14million tons rice is a joke, it can do alot better than this.


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## ejaz007

*Major development : OMV boosts gas supply in Pakistan by 100 MMSCFD*
By Ijaz Kakakkhel 


SAWAN/ISLAMABAD: In a major energy sector development, Pakistan witnessed headway in integrated gas supply chain. 

This happened as Prime Minister Nawaz Sharif inaugurated the first gas delivery into the 47-kilometre long gas pipeline connecting four development wells of Latif Field with the Sawan Processing Plant. This iconic project led by OMV will result in 100 million standard cubic feet per day (MMSCFD) targeted supply of gas to Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines Ltd (SNGPL). 

As winter inches closer the new development has been received as good news by industrial as well as domestic stakeholders and consumers across Pakistan. OMV along with its joint venture partners Eni and PPL has been working on the project commissioned by Directorate General of Petroleum Concession (DGPC) under the provisions of the Petroleum Policy 2012. 

The field has been contributing to the country&#8217;s gas production since December 2008. DGPC approved the Latif Field Development Plan (FDP) on June 8, 2012 with an addendum reflecting joint venture commitment for development activities and respective funding. In return the govenrment allowed 2012 policy gas price for the incremental volumes beyond the FDP base production once a minimum 10 percent increase is achieved in gas production upon its execution and formal notification.

As a pragmatic result, Latif JV received regulator&#8217;s (DGPC) approval on June 8, 2012 for Latif discovery; Declaration of Commerciality, FDP and the grant of Development and Production Lease over 178 square kms based upon the agreed dual-pricing mechanism. The government also nominated the buyers for Latif gas allocating 50 percent sales volumes each to SNGPL and SSGC.

The revised scope of work in this retrospect includes drilling, completion and tie-in of four development wells; well compression facilities; 47 kms 16 inches CS pipeline to connect Latif Field to Sawan Plant; reception and metering facilities at Sawan.

One of the major project activities; 47 kms of 16 inches pipeline was awarded to two leading contractors SNGPL and Pipe Link Construction that led to simultaneously commence activities thus reducing the pipeline construction time by 50 percent with a further improvement in time due to competitive environment.

Known for the high-held HSE records, OMV ensured completion of Latif Field Development Project while achieving 3.0 million LTI free man-hours with average manpower deployment of around 1,400 at multiple work sites.

The prime minister hailed OMV, its joint venture partners and all contractors engaged in this landmark project on setting examples of excellence while serving the communities and caring for the environment. 

During the graceful ceremony, its was also highlighted that several community development schemes will benefit Latif in addition to Miano, Sawan and Gambat concessions population. OMV is already supporting six schools in the region with local cooperation. On the sidelines, a Training Resource Centre was also established to ensure the quality in education. In addition opportunities have been provided to local youth to obtain technical education and widen their career prospects.

On account of healthcare for communities in proximity with this phenomenal project of national energy security - Family Medical Centre at Chundko, District Khairpur was established. The project also enabled Hepatitis B Prophylaxis vaccination with the financial support of Austrian Development Agency (ADA) benefiting almost 33,000 people from the local communities while support for polio eradication has also been a priority area of focus for the project&#8217;s social responsibility initiatives. 

It is a encouraging to see that foreign direct investment continues to focus on Pakistan as democracy gains stronghold. Besides an exponential boost to the energy-critical gas supply system of Pakistan undoubtedly the Latif Field Development Project provided job opportunity to thousands of unskilled locals throughout the project life besides engaging local contractors in transportation and logistics. It has also been reported that the local landowners received handsome compensation for their land for the right of way for gas transporting pipeline while roads infrastructure was also built in interior Sindh regions to the well sites and facilities.

With more exploration and production players following the success stories of OMV, the future of Pakistan&#8217;s energy sector looks promising.

Daily Times - Leading News Resource of Pakistan


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## jupiter2007

Pakistan is not fully taking advantage of Gwadar Port.... Pakistan work toward establishing commercial port in Pasni and Ormara to in next 5-10 years to reduce dependency on Karachi Port. If the port is established in these cities, these will eventually become major metropolitan cities in Southern Balochistan.


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## jupiter2007

*IS THIS TRUE? IS PAKISTAN GOING TO BE A DEFAULT STATE?*



> 8-Nov-13 : LIQUID PAKISTAN’S FOREIGN RESERVES
> 
> NET RESERVES WITH SBP : US$ 3.8454 Billion
> 
> NET RESERVES WITH BANKS : US$ 5.2323 Billion
> 
> TOTAL LIQUID FOREX RESERVE : US$ 9.0777 Billion
> 
> As the Foreign Exchange Reserves of the Banks, other than with SBP, are held by Individuals so the Government of Pakistan has only US$ 3.8454 available – this amount is the lowest Forex Reserves held by Pakistani since 2004-2005. Of this amount about US$ Two Million has been “Parked” by “Muslim Brother Countries” with the SBP as a support to the “Muslim Pakistani Brethren”.


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## BATMAN

jupiter2007 said:


> *IS THIS TRUE? IS PAKISTAN GOING TO BE A DEFAULT STATE?*

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## Counter-Errorist

BATMAN said:


>


Bad analogy. It means that we're creative enough to sell off the only resource we have available. That we make the best out of whatever resources we have available.

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## BATMAN

justsomeguy said:


> Bad analogy. It means that we're creative enough to sell off the only resource we have available. That we make the best out of whatever resources we have available.



What resource are you talking about?


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## Counter-Errorist

BATMAN said:


> What resource are you talking about?


Sand


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## BATMAN

justsomeguy said:


> Sand


No.. he is not talking of selling, he's talking about shortage.
BTW.. there are always buyers, when you own some thing precious, and Pakistan is the most precious piece of land on earth... of course as united.


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## Counter-Errorist

BATMAN said:


> Pakistan is the most precious piece of land on earth


hmm... ok


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## BATMAN

*Iranian ban on Pakistani kinnow may inflict $40 million loss: PFVA*

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## salman77

Pakistan succeeds in increasing exports to China: Ambassador Masood Khalid

BEIJING: Ambassador Masood Khalid has said that Pakistan's efforts in tapping new trade avenues have had considerable success in the past few months thus resulting in increasing exports to China.
"There is a vast scope of export of Pakistani carpets, fruits, leather, textiles and gemstones as well as different kinds of minerals from our country", said Ambassador Khalid adding that Pakistan had lately succeeded in penetrating carpet market and hoped to showcase its popular brand mangoes next year in China.

He was addressing a group of visiting officers, attending the National Management Course at National School of Public Policy, at Pakistan Embassy on Friday evening.

Ambassador Khalid underlined that both sides recently held negotiations on the Phase II of the FTA, that would further help improve bilateral trade, recalling that while visiting Pakistan, Chinese Premier Li Keqiang had taken along a large delegation of prominent Chinese businessmen who placed orders worth $ 450 million for import of different items from Pakistan. Ambassador Masood Khalid said ensuring competitive prices, quality control and expansion of industrial base on sound footings, was crucial for tapping the vast Chinese market.

He shed light on decades old diplomatic ties saying that successive governments in both the countries have greatly contributed to deepening the multi-dimensional bonds of friendship.

He also mentioned Prime Minister Nawaz Sharif's first overseas trip in May 2013 to China, when eight agreements and MoUs were signed, including the most important one on Pakistan-China Economic Corridor.

Ambassador Khalid said that officials from Ministry of Planning, Development and Reform of Pakistan and National Development and Reform Commission (NDRC) of PRC had been entrusted with the task of working out modalities for fast-track implementation of the mega project.

He explained that both sides were working on a four-pronged strategy of road, optic fiber, energy pipelines and railway connectivity, besides setting up Special Economic Zones (SEZs) along the Corridor to jump-start economic activity and create job opportunities for the local people.

The Chinese government was also encouraging private sector to make maximum investment in energy and infrastructure development in Pakistan, he added. "Coming months will see more progress towards the implementation of corridor related projects", Ambassador remarked. Earlier a presentation was given to the officers on bilateral relations, economic achievements, culture and history of China by Counsellor Tahir Andrabi*http://www.brecorder.com/top-news/1...xports-to-china-ambassador-masood-khalid.html*


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## chauvunist

BATMAN said:


> *Iranian ban on Pakistani kinnow may inflict $40 million loss: PFVA*



After Khomeini Revolution,Iran Has never been Pakistan's Well Wisher....Time has proved it multiple times but Pro Iranian's in Pakistan have always put them ahead of Pakistan...

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## A.Rafay

BATMAN said:


> *Iranian ban on Pakistani kinnow may inflict $40 million loss: PFVA*


Russia just lifted the ban on kinnow from Pakistan.


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## Bilal587

BATMAN said:


> *Iranian ban on Pakistani kinnow may inflict $40 million loss: PFVA*



Thankfully kinno is still expensive in local markets


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## arushbhai

chauvunist said:


> After Khomeini Revolution,Iran Has never been Pakistan's Well Wisher....Time has proved it multiple times but Pro Iranian's in Pakistan have always put them ahead of Pakistan...


Because Iranian leadership wasnt corrupt, they worked for the betterment of Iran and the people of Iran. Iran also never taken any dictation from other countries and stared America right in their eyes. People of Pakistan just admire Iran and wish they had a leadership like Iran. Thats all


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## salman77

*Exports to India likely to touch $500m*

KARACHI: Indian High Commissioner to Pakistan Dr TCA Raghavan said on Wednesday that trade between Pakistan and India has improved substantially to $2.5 billion, and it is expected that Pakistan’s export to India would surge to $500 million this year for the first time.

During his visit to the Karachi Chamber of Commerce and Industry (KCCI), Mr Raghavan said the opening of Khokhrapar-Monabao passenger train service has paved way for a host of opportunities for both countries to boost trade.

Highlighting the need for normal trading activity between the two countries, he said the resolution of all issues, including law and order, terrorism, and the Kashmir, through dialogue was inevitable.

Mr Raghavan also lauded the role of business communities of both nations, saying they were the catalyst for the overall progress in trade ties between the two countries. Efforts must be made by both governments to effectively deal with the visa issues, he added.

Former KCCI president and Businessmen Group chairman Siraj Kassam Teli said that although trade ties between Pakistan and India had improved, a lot more needed to be done. He said the task of improving bilateral relations should not be left only on the governments and bureaucracies.

“It is heartening to note that business communities of both sides have come forward to enhance trade ties, which will ultimately leave no other option for both the governments but to do the same,” he added.

Mr Teli suggested that Indian visa policy restricted city-to-city movement of Pakistani visitors which must be relaxed and Pakistani business community should be allowed to move freely.

Underscoring the need for focusing on enhancing regional trade, he said that instead of focusing on expanding international trade to other countries, priority should be given to improve regional trade by encouraging trading activities amongst Saarc countries which currently remained limited to six per cent only.

“On the other hand, this regional trade amongst EU countries has risen to 70pc and it was around 40pc amongst Asean countries. These countries have been progressing, but unfortunately our region is far behind,” he added.

KCCI President Abdullah Zaki informed that Indo-Pak relations had progressed well with the passage of time but some major obstacles, including ending visa restriction and non-tariff barriers, required attention.

“Both countries have renewed interest to take concrete steps towards further intensifying their relations in the areas of trade, economy and investments,” he added


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## salman77

*Argentina, Chile want to import rice from Pakistan*

Buyers from Argentina and Chile have shown keen interest to import Pakistani rice because of its best quality. A foreign delegation of buyers visited the regional office of Rice Exporters Association of Pakistan (Reap) along with Rabia Javeri Agha, Secretary Trade Development Authority of Pakistan (TDAP) on Thursday.

"We have visited many Rice industries in Karachi and we are satisfied with the quality of rice and the modern technology established in the industries. We are going to import Pakistani rice in near future," said Mariano Senesi, a member of delegation.

The delegation was comprised Mariano Senesi M/s Agrosud Argentina, Enrique Bruzzone Copello M/s. CV Trading Chile, Enrique Bruzzone Caste M/S CV Trading Chile. Representatives of SGS Pakistan, Beauro Veritas, and Intertek Pakistan were also present.

On this occasion, Rabia Javeri Agha said, "It is the primary objective of TDAP to facilitate the exporters and resolve the issue. I would address all issues being faced by the rice exporters association and would step up efforts to enhance the export with other nations."

Senior Vice-Chairman Reap, Chela Ram, said they were delighted to have Secretary TDAP first time at their office and hope she would further cooperate with them and would pave the ways for a smooth export.

He further said he was also happy over the providence of quality rice for the buyers across the world, adding that China has become the largest importer of Pakistani rice in last two years.

"We have beaten our competitors including India, Thailand and Vietnam and captured Chinese market in last couple of years," he added.

Regarding the decline in export of Pakistani basmati rice in last few years, he said the price of Pakistani basmati was higher as compared to the competitors due to which the volume of exports came down. It all happened due the poor law and order situation of the country, he added. He urged the government to ensure proper electricity and gas supply to the farmers so that the exports volume could be increased. He said if the present government restore peace and provide energy to this sector that they would cross $4 billion mark in 2016.

Abdul Rahim, ex-chairman Reap, urged the government to take appropriate measures and encourage formers to adopt latest technology to increase rice production so that the sector could earn maximum foreign exchanges for the country.

Argentina, Chile want to import rice from Pakistan | Business Recorder


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## salman77

French co to explore business opportunities in Pakistan

KARACHI: Mathieu Renard Biron vice President of the Asia Pacific region of one of the world’s largest freight management companies, Geodis Wilson will be visiting Pakistan next week to explore the business opportunities and enhance the Company’s participation in logistic sector. Geodis Wilson Biron will be meeting Prime minister, key officials in the government, business leaders and other French companies operating in the country to seek opportunities to expand its operation in the country through its exclusive partner, e2e.
In 2012 e2e achieved the title of becoming the fastest growing Company in Pakistan by Harvard based AllWorld Network with a revenue growth of 1,918 percent during 2008-2010 period and in just 7 years it has flourished as a group and earned the respect of businesses as the only ‘Supply Chain’ conglomerate of Pakistan. Geodis Wilson belongs to Geodis group which is owned by French rail and Freight group SNCF and is generating revenues of 2.64 billion euro with presence in 150 countries having clients such as Volvo, Hyundai, Nestle, Tetra Pak and Astra Zeneca.


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## ejaz007

*Workers’ remittances rise over 7% to $6.4bn in first five months*

Staff Report 

KARACHI: Overseas Pakistani workers remitted an amount of $6.407 billion in the first five months (July–November) of the current fiscal year 2013-14, showing a growth of 7.10 percent when compared with $5.982 billion received during the same period of last fiscal year (July- November FY13).

The inflow of remittances in July- November 2013-14 from Saudi Arabia, UAE, USA, UK, other GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $1793.73 million, $1297.22 million, $1025.87 million, $962.76 million, $732.64 million and $179.14 million respectively as compared with the inflow of $1609.45 million, $1240.62 million, $993.57 million, $845.86 million, $676.69 million and $161.16 million respectively in July- November FY13. 
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of current fiscal year amounted to $415.37 million as against $454.69 million received in the first five months of last fiscal year.

In November 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, other GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $334.10 million, $236.29 million, $175.82 million, $155.13 million, $128.18 million and $29.84 million respectively as compared with the inflow of $300.84 million, $193.79 million, $152.29 million, $148.53 million, $117.18 million and $26.63 million respectively in November, 2012. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2013 amounted to $71.76 million.

http://dailytimes.com.pk/default.asp?page=2013\12\11\story_11-12-2013_pg5_2


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## salman77

*Sports goods export up by over four percent*

Pakistan's sports goods export went up by over 4 percent to $106.410 million in July-October 2013-14 as compared the goods export of $101.870 million in the same period last fiscal year, official figures said. In the category of sports good: gloves export went up by $5.845 million or just over 15 percent to $44.694 million in July-October 2013-14 as compared to the goods export of $38.849 million in the same period last fiscal year, Pakistan Bureau of Statistics (PBS) suggested.

In terms of volume: gloves export went up by 53,000 dozens or 6 percent to 978,000 dozens in July-October 2013-14 from 925,000 dozens in the same period of 2012-13, the PBS added.

Export of footballs grew by $5.834 million or 14 percent to $48.512 million during July-October 2013-14 from the soccer balls export of $42.678 million in the same period of 2012-13, the statistics showed.

Quantity of footballs export also surged by 240,000 dozens or 28 percent to one million dozens in July-October 2013-14 from export of 861,000 dozens footballs in the same period last fiscal year, the PBS added.

Sports goods export up by over four percent | Business Recorder

*Chinese firm intends to acquire Pakistani textile mills*
December 11, 2013 (Pakistan)







Chinese textile firm Shandong Ruyi Technology Group Ltd., has announced its intention to acquire up to 52 percent of ordinary shares of the Pakistani firm Masood Textile Mills Ltd (MTM), located in Faisalabad, through an agreement or public offer.

The Chinese textile group sent a notice to the Karachi Stock Exchange (KSE), in which it has stated that the company wishes to acquire 31.2 million ordinary shares of MTM, which comes up to approximately 52 percent of the total issued shares of the target company, i.e. MTM.

The notice was sent to KSE through AKD Securities Ltd which has been appointed as manager to the offer for the potential acquisition.

Earlier this year, the Chinese textile group had expressed interest in entering into a joint venture (JV) with the Pakistan Cotton Ginners Association (PCGA) for establishing a ginning and spinning industry in the country.

Shandong Ruyi Technology Group, based in the Shandong province of China, is one of the top ten Chinese enterprises in the textile industry involved in textile and clothing, cotton textile, cotton printing and dyeing, knitting, fiber, and jeans. The company also has a state-grade technical center and research and development (R&D) department.

Masood Textile Mills is one of the few vertically integrated textile mills in Pakistan with in-house yarn, knitting, fabric dyeing, processing, laundry and apparel manufacturing facilities. Currently, 85 percent of the company’s production is exported to the US while the rest 15 percent is destined for Europe.


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## salman77

EU grants GSP Plus status to Pakistan

ISLAMABAD: The European Union (EU) on Thursday granted Generalised System of Preferences (GSP) Plus status to Pakistan with an impressive count of 406 votes, granting Pakistani products a duty free access to the European market.
According to media reports, 406 members of the European Parliament expressed their support for Pakistan while 186 lawmakers voted against the status, which has been granted till 2017.
The GSP Plus status will allow almost 20 per cent of Pakistani exports to enter the EU market at zero tariff and 70 per cent at preferential rates.
Prime Minister Nawaz Sharif congratulated the nation over the European Union award.
“Award of GSP Plus status shows the confidence of international markets in the excellent quality of Pakistani products,” he said in a statement.
The prime minister said: “gaining access to European markets was the top most priority of the government as part of economic development agenda, which has been achieved due to continuous hard work of the ministers and officials from the ministries of finance, commerce and foreign affairs and friends of Pakistan in Europe.”
This status would enable Pakistan to export more than US$1 billion worth of products to the international markets. Only the textile industry would earn profits of more than Rs1 trillion per year.
EU trade concessions will benefit the country’s largest manufacturer and exporter, the textile and clothing industry, the most by enabling its products to compete with those of regional rivals like Bangladesh and Sri Lanka, which already have duty free access to the bloc’s market.
PM Sharif further said that increase in exports would resultantly facilitate in economic growth and help in generation of millions of additional jobs in the country.
Meanwhile expressing his pleasure over the development, Finance Minister Ishaq Dar said the EU status will help Pakistani exports to rise by up to $2 billion.

EU grants GSP Plus status to Pakistan - DAWN.COM


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## ejaz007

*EU grants GSP Plus status to Pakistan*

_Scheme allows 20pc of Pakistani exports to enter EU market at zero tariff and 70pc at preferential rates 

* Textile exports will now have duty-free access to 27 EU countries_

BRUSSELS: The European Parliament has granted GSP (Generalised Scheme of Preferences) plus status to Pakistan, media reports said on Thursday.
In all, four hundred and six members of the European Parliament supported the move in the session, while 186 votes went against the granting of GSP plus status. The EU’s “Generalised Scheme of Preferences” (GSP) allows developing country exporters to pay lower duties on their exports to the EU. This gives them vital access to EU markets and contributes to their economic growth. After getting the GSP plus status, Pakistani exports would be exempted from the general rules.
The formal approval of the EU Parliament next month will allow almost 20 percent of Pakistani exports to enter the EU market at zero tariff and 70 percent at preferential rates. EU trade concessions will benefit the country’s largest manufacturer and exporter, the textile and clothing industry, the most by enabling its products to compete with those of regional rivals like Bangladesh and Sri Lanka, which already have duty-free access to the bloc’s market.
The status will prove to be of great benefit to Pakistan’s textile manufacturers and exporters who will now have access to 27 European countries without having to pay duties. Textile exports had been declining in Pakistan, as manufacturers and exporters were finding it hard to compete with Sri Lanka and Bangladesh who already had duty-free access to European markets. Prime Minister Nawaz Sharif said that award of GSP Plus status to Pakistan shows confidence of the international markets in the excellent quality of its products.
“We are grateful to the European Commission and member countries of the European Union for their unstinting support at every step of the process and to the European Parliament for the adoption of the Single Delegated Act,” the Foreign Office said Thursday. In an interview, Punjab Governor Chaudhry Muhammad Sarwar termed GSP Plus status as a historic and tremendous achievement of Pakistan. He said that All Pakistan Textile Mills Association (APTMA) would get one trillion rupees benefit annually after the grant of GSP plus status. The governor said that Pakistan will be able to export textile goods to European member countries till 2017 without any duties. It will increase export worth one billion dollar. Chaudhry Sarwar added that major groups of European Parliament were in favour of Pakistan.
President Mamnoon Hussain has said that the GSP Plus scheme would not only further strengthen our trade relations with the member countries of the European Union but would also significantly help strengthen our economy through greater trade, generation of economic opportunities and creation of more jobs for our people. Welcoming the approval of Single Delegated Act by the European Parliament today whereby ten countries, including Pakistan would be entitled to GSP Plus Scheme, the president appreciated the efforts of all those who worked hard for passage of this Act. 
He also acknowledged and appreciated European Commission and the member countries of European Union for their continued support to the country for getting GSP Plus status. The president expressed the hope that our economy and the business community would take full advantage of the facility to secure greater place for Pakistani products in the European markets.
Prime Minister Nawaz Sharif congratulated the nation over the award of GSP-Plus status to Pakistan by the European Union. “Award of GSP-Plus status shows the confidence of international markets in the excellent quality of Pakistani products”, said the prime minister. “Gaining access to European markets was the top most priority of the government as part of economic development agenda, which has been achieved due to continuous and hard work of the ministers and officials of the ministries of finance, commerce and foreign affairs and friends of Pakistan in Europe”.
This status would enable Pakistan to export more than one billion dollars worth of products to the international markets. The prime minister further said that increase in exports would resultantly facilitate in economic growth and help in generation of millions of additional jobs. agencies

http://www.dailytimes.com.pk/default.asp?page=2013\12\13\story_13-12-2013_pg1_1


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## salman77

*UAE company to invest $170 mln in Pakistan* 

 

 


ISLAMABAD, Dec 13 (APP): Sultan Al Ghurair Director Business Development Al Ghurair Investment, Dubai, UAE said that his group plans to invest an amount of $170 million for constructing a refinery in Pakistan. During a meeting with Finance Minister Senator Ishaq Dar here on Friday, he said that the proposed refinery would have a capacity of refining 100,000 barrels of crude oil per day. The Finance Minister welcomed the initiative of the group and expressed the confidence that the project will be fast tracked and completed as early as possible so that it can benefit from a growing market in Pakistan.


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## salman77

*GSP Plus status to create 100,000 jobs, enhance exports *

ISLAMABAD: Generalized System of Preferences, or GSP plus status to Pakistan would create 100,000 new jobs in Pakistan, enhance exports up to $1000, State Minister for Trade Khurram Dastigir Khan told National Assembly on Monday.
Answering the questions of legislators in the National Assembly, he said that Pakistan has been allowed to export its products in 27 countries of European Union on zero percent duty from Jan 2014.

The volume of trade between Pakistan and Japan was over $ 2.2 billion, State Minister for commerce Khurram Dastigir Khan informed the National Assembly on Monday. The government has devised a plan to enhance exports to Japan.

Pakistan's exports to Japan were US$ 166 million and Pakistan's imports from Japan are $ 2.03 billion. He said government was pursuing a robust policy to enhance country's exports. Due to effective steps taken - Russia has lifted the ban on import of Pakistani Kinos into their country. While efforts were underway to pursue Japan to lift ban on imports of Pakistani Kinos.

Responding to another question, he said maximum facilities were being offered to Pakistani exporters. Association of Southeast Asian Nations (ASEAN) countries were enjoying preferential treatment from Japan and Pakistan was trying to enhance Pakistani exports after holding negotiations with ASEAN countries.

He said the government has devised a plan to establish Land Court Authorities in country's entry and exit points aiming to facilitate the exporters and importers.

The draft land court authority law would be presented in the Parliament soon. After the establishment of the authority - all the departments would come under the the authority. The Authorities would be established at Torkhum, Wahgah, Chaman etc, he said.

A Chinese company has expressed willingness to invest up to $ 2 billion in Pakistan.

GSP Plus status to create 100,000 jobs, enhance exports


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## salman77

*UK-Pakistan bilateral trade reaches œ2.1 billion: Lord Livingston*

LONDON, Dec.17 (APP): UK Minister for Trade and Investment Lord Livingston said on Tuesday bilateral trade between the United Kingdom and Pakistan reached œ2.1 billion in 2012. “It is a sign that we are heading in the right direction - but work remains to be done to ensure Pakistan and the UK truly benefit from this partnership,” he told the second annual UK- a flagship Pakistan Trade and Investment Conference held at prestigious Lancaster House here. Lord Livingston said prime ministers of the two countries had agreed on an ambitious trade target to increase bilateral trade to œ3 billion by 2015. He said today’s event would raise awareness of the trade opportunities between Pakistan and the UK and help make new connections and highlight the government support available to businesses that want to export.
The conference was organized by UK Trade and Investment (UKTI) in collaboration with the Pakistan High Commission in UK, and Pakistan British Trade and Investment Forum (PBTIF).
The conference was attended by over 80 business representatives from UK and Pakistan companies. The aim is to raise awareness of investment opportunities in Pakistan, the support available for UK companies considering the market, and provides a forum for business leaders from both nations to make important connections. 
The event was attended by Senior Foreign Office Minister Baroness Warsi, with a keynote speech from UK Minister for Trade Lord Livingston. Pakistan High Commissioner for UK Wajid Shamsul Hasan represented the Pakistan side.
Discussions throughout the day focused on three key sectors - Energy, Education, and Retail.
Speaking on the occasion, Senior Foreign Office Minister Baroness Warsi said: “In my role as Minister for Pakistan over the last year I have visited Islamabad and Lahore, most recently with British business representatives, where I was struck by the diversity of businesses that are trading between our two nations, and the wealth of opportunity there is for business.” 
She said today’s conference was an important step in raising awareness of the business opportunities that exist and building even more trade links between the UK and Pakistan. 
“There is much to be positive about for the future. I was delighted that the European Parliament voted last week to grant Pakistan the “Generalized Scheme of Preferences plus (GSP+)” - something the UK has been a tireless advocate for • and will present even greater opportunity for bilateral trade,” she said.
Pakistan High Commissioner Wajid Shamsul Hasan said Britain and Pakistan
had always enjoyed substantial trading relationship, with more than 100 British companies operating successfully in Pakistan. 
He especially thanked British Prime Minister David Cameron, Deputy Prime Minister Nick Clegg, Foreign Secretary William Hague, MP Alistair Burt, Cabinet Minister Baroness Sayeeda Warsi, former Prime Minister Gordon Brown, former Foreign Secretary David Miliband and Baroness Ashton. 
He particularly thanked Lord Green, former Trade Minister, Martin Donnelly, Permanent Secretary for the Department of Business and CEO UKTI Nick Baird, Socialist International’s Secretary General Luis Ayala for their enormous support in Pakistan’s pursuit of the GSP+.
The High Commissioner also thanked MEP Sajjad Karim who over the years had painstakingly garnered support for Pakistan amongst his fellow MEP’s in Brussels.

Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - UK-Pakistan bilateral trade reaches 2.1 billion: Lord Livingston


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## salman77

*‘Kinnow worth $2.7m exported to Russia’ *

KARACHI - The co-chairman of All Pakistan Fruit & Vegetable Exporters, Importers and Merchants Association (PFVA) has claimed that, after withdrawal of ban on Pakistani kinnow by Russia, 150 containers of kinnow worth $2.7 million have been exported to Russia. 
Talking to the media, he informed that export of kinnow (orange) to other countries of the world has generated valuable foreign exchange of $5 million. He further shared that by end of January 2014 there exists very strong possibility of withdrawal of ban by Russia on potato and rice as well, anticipated to fetch USD12 million and USD1.5 billion as valuable foreign exchange by export of rice and potato respectively. He stressed the need for an immediate extension of formal invitation by the Ministry of National Food Security and Research to the Russian Quarantine team to visit Pakistan for the withdrawal of ban on potato and rice. He briefed that as soon as the ban on kinnow was withdrawn, the export of kinnow to Russia commenced from Dec.09, 2013 and various other hurdles in exports of kinnow are being handled enthusiastically by the Chairman PFVA, Abdul Malik. The export target of kinnow for the current year has been fixed at 300,000 tons which is anticipated to yield USD180 million as valuable foreign exchange and of this export of expected 82000 tons of kinnow to Russia would generate USD50 million alone, he added . Besides all the successes in international markets the prominent fruit of the country is mostly seen missing from the local markets. Local consumer still does not have the purchasing power to buy this fruit. Kinnow, available in market, is being sold at Rs 80 to Rs 100 per dozen and its quality as well taste is not good. In some posh areas of the city, good quality kinow is available but usually vendors charge their own price for them, claiming that it export quality item. The issue of over charging at fruit and vegetable stalls in the city is still unresolved and vendors are charging their own prices.

‘Kinnow worth $2.7m exported to Russia’


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## salman77

*'Russia wants to enhance economic ties with Pakistan'*

"Russian envoy stressed on technical and economic co-operation between Russian and Pakistan. Investment in energy sector of Pakistan is already being made by Russian companies," said Yuri Kozlov, Head of Trade Representative of Russian Federation during his visit to the Faisalabad Chamber of Commerce and Industry (FCCI).

He also pledged to make an all-out effort to remove bottlenecks from the smooth way to promotion of bilateral trade ties, and said as Russia was very keen to enhance the trade and business ties with Pakistan, Yuri Kozlov was finding out opportunities available in Pakistan, particularly for the traders, investors and tourists. He agreed to FCCI proposal regarding the regular exchange of trade information and trade delegations to enhance bilateral trade volume between the two countries. He urged both the countries for technical and economic co-operation as well tourism aspect.

Investment in energy sector of Pakistan is already being made by Russian companies, further will also be encouraged, he told. On the occasion, the FCCI president Engr Suhail bin Rashid told that Faisalabad has elevated from 'Textile Manchester' to 'Textile Capital of Pakistan' contributing approximately 50 percent of the total national textile exports. He further added, the volume of bilateral trade between Pakistan and Russian Federation is approx. $432.7 million in 2012, but this is not as high relative to the size of their economies. During the year 2012, our total exports to Russian Federation were USD186.19 million whereas total imports stood at $246.51 million, thus the balance of trade were in favour of Russian Federation.

Russia has a huge market and the country depends to a large extent on imports for textile and clothing items, Pakistan's share in Russian imports is insignificant which is $100 million at the moment, which is quite a meager compared to Russia imports about $10.775 billion of textiles and garments, he said. He proposed, exchange of business delegations composed of sector-specific participants or product-specific group of entrepreneurs be organised regularly. At the end of meeting Vice President FCCI Chaudhry Muhammad Asghar offered vote of thanks while Senior Vice President FCCI Riazul Haq presented FCCI shield to the guest.
'Russia wants to enhance economic ties with Pakistan' | Business Recorder


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## salman77

*China to establish metal processing unit in Risalpur*

A Chinese mining firm will establish a metal processing unit in Risalpur with an initial investment of thirty million dollars. With the setting up of the mining factory, copper sulphite, copper oxide, lead, silver, gold, zinc and antimony used in electronics would be exploited in Upper and Lower Dir, Chitral, Kohistan and Gilgit and Waziristan areas and transported to the factory for purification.

The processing unit would hire four hundred employees from the local people, Radio Pakistan reported on Saturday. Export Promotion Zone, Risalpur is a federal government initiative and investments from abroad and from within the country is processed by the Federal Ministry of Commerce.

The Khyber Paktunkhwa Government has also assured full co-operation in pursuing their business endeavours in the province and hoped that more foreign investors would take a cue from the Chinese firm and invest in the natural resources sector of the province to take benefit of its vast potential.

China to establish metal processing unit in Risalpur | Business Recorder


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## Uzair Younus

*Without true economic reforms, our economy is doomed
*
The government is pursuing an expansionary fiscal policy that is wreaking havoc. The money supply from 2012 to 2014 is going up by ~30% and much of it has been printed to clear the circular debt. Also, this circular debt is reemerging, showcasing that true structural reforms needed in the energy sector have not been implemented.
Furthermore, the finance minister recently accepted that effrots to raise tax-to-GDP ratio have been not as successful. This expansionary fiscal policy means that the State Bank has to use scarce reserves to shore up the rupee. I expect rupee to be north of Rs. 115/US$ by end of 2014.
Opposition parties, including PTI are to be blamed for failing to table any reform-oriented bills in Parliament. Yes, they cannot get things done without the government, but at least can table bills to start discussions and show an alternative. 
You can read more of what I have to say on this subject by clicking here


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## CrazyPaki

Uzair Younus said:


> *Without true economic reforms, our economy is doomed
> *
> The government is pursuing an expansionary fiscal policy that is wreaking havoc. The money supply from 2012 to 2014 is going up by ~30% and much of it has been printed to clear the circular debt. Also, this circular debt is reemerging, showcasing that true structural reforms needed in the energy sector have not been implemented.
> Furthermore, the finance minister recently accepted that effrots to raise tax-to-GDP ratio have been not as successful. This expansionary fiscal policy means that the State Bank has to use scarce reserves to shore up the rupee. I expect rupee to be north of Rs. 115/US$ by end of 2014.
> Opposition parties, including PTI are to be blamed for failing to table any reform-oriented bills in Parliament. Yes, they cannot get things done without the government, but at least can table bills to start discussions and show an alternative.
> You can read more of what I have to say on this subject by clicking here



if you had seen Nisar's statement a few weeks back about the government not coming to the assembly to debate on these issues and the problems that were brought into the parliament were mostly ignore by the government or given a laughable answer


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## salman77

*Pakistan becomes third largest exporter of dates*

Pakistan has become the third largest country in the world that is exporting dates to the rest of the world and with proper attention and appropriate interventions this sector can flourish manifold. The date sector offers substantial opportunities for export, income and employment generation in addition to economic growth of the country, said an official of Ministry of Commerce and Textile while talking to APP here on Friday.
The annual production of dates in Pakistan is estimated at around 535,000 tonnes of which only 86,000 tonnes are exported and the rest are either consumed locally or perish, he informed.
Chief Executive Officer Harvest Trading Ahmad Jawad told media that Pakistani dates exports could be raised to $200 million from the current $28 million with proper processing and packaging. Since 1999, per acre yield of dates in Pakistan did not increase much, whereas world-wide production increased by 166 percent, he added.
Highlighting the problems, the CEO said the country lacked storage facilities and so exported some quantity of dates while the rest perish. Thus due to these problems the country had to import dates during the month of Ramzan. "Importers of dates such as Germany, Denmark, India, Nepal, USA, UK, Afghanistan and Canada are re-exporting Pakistani dates after quality enhancement and preparation of by-products, at a price that is four to six times higher than their import price," said Jawad.
"Of the 300 varieties of dates produced in Pakistan, Begam Jangi of Balochistan, Aseel of Sindh and Dhakki of Dera Ismail Khan are the varieties which are sought after the world over due to their exotic taste," said Jawad. He further said that dates could fetch many more millions of dollars if focus was given to value addition such as the use of dates in preparing date sweets, jams, chocolates and other products.
Even the damaged crop is used for medical purposes and date oil is fit for use in cosmetics. He maintained that the usage of dates increases during the winter season thus its price and demand surge. Another report by the USAID revealed that lack of awareness about the best farming practices, improper fruit handling techniques, and an absence of developed processing facilities are major constraints inhibiting profitable date production in Pakistan. Ghulam Farid, a date farm owner stated that usually the harvest season of dates starts in July in upper Sindh during the monsoon season; they remain safe due to lack of rain in these areas during harvesting.

Pakistan becomes third largest exporter of dates | Business Recorder

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## salman77

*Pakistan receives $4m rice export orders from China *

KARACHI: Pakistani rice exporters have managed to secure $4 million worth of export orders of the commodity from China during the recently concluded visit of rice exporters to the country auguring well for future of commodity’s export. 
This was stated by Rice Exporters Association of Pakistan (REAP) Senior Vice Chairman Chela Ram KK, while briefing members of the REAP about the salutary aspects of the 11 days tour of a rice exporters delegation to China comprising 25 members which concluded on January 15. 
The delegation during their visit had extensive meetings with traders in China’s cities of Beijing, Guangzhou, Shenzhen and Zhongshan. The response displayed by the Chinese importers for Pakistani rice is overwhelming as compared to rice imported from Thailand and Vietnam as the Pakistani quality has drawn attention of Chinese importers which appear to be inclined for importing bulk of the volume during the coming season. 
He said last calendar year, Pakistan’s total rice export to China starting July 2012 to June 31, 2013 was worth $244 million weighing around 5.89 metric tonnes.
With the successful current visit of the REAP delegation to China with enhanced access to rice importers and efforts to create further room for export of Pakistani rice in that receptive market, the export volume can be anticipated to surge sharply. “We had very interactive and fruitful meetings with China’s concerned authorities and leading rice buyers as Chinese people like Pakistani rice due to its quality and aroma,” he added. 
He hoped that the dream of exporting around 10 million tones of irri-6 rice to China can be transformed into reality if sustained efforts to market Pakistani rice to China are pursued with vigour as the target is achievable in view of more than 1.3 billion Chinese population.
The REAP vice chairman informed that the overall export of Pakistani export during the current calendar year starting from July 2013, appears very encouraging as until December 2013, the total export volume stands at 159,000 metric tonnes valuing around $56 million.

Pakistan receives $4m rice export orders from China


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## salman77

*Pakistan forms 15pc of global rice exports*

Pakistan is exporting 70 percent of its rice production to various countries and it is 15pc of total world exports of the commodity, said Masood Iqbal, the chairman of Rice Export Association of Pakistan.
Flanked by some rice exporters, he was briefing a delegation of Russian traders and importers at a rice mills here about the produce in Pakistan. Iqbal said that Pakistan is an agricultural country and rice is its third largest agricultural product after cotton and wheat. Pakistan’s rice is exported to a number of countries including Middle East, Europe and America, he said.
Masood also said that REAP was the representative body of 1,500 rice exporters across the four provinces whose collective rice export was of 2 billion dollars in the last four years. “Annual rice production of the country is 6.5 million tonnes out of which approximately 4.5 million tonnes is exported and it is about 70% of total domestic production. Pakistan is 4th largest exporter of rice whose share in international exports is 15%,” he said.
On the occasion, the Russian traders said that rice is important part of Russian food and lion’s share of rice required by their country is imported from Pakistan. The rice imports from Pakistan in 2010-11 were 32,449 metric tonnes; in 2011-12, 34,420 metric tonnes and in 2012-13 were 27,206 metric tonnes, they said. The delegation also witnessed preparation and packaging of rice and quality control units. They vowed to increase rice imports from Pakistan and hoped that Pakistan would not compromise on quality and standard of production. An honorary shield was given to the Russian delegation at mills.

Pakistan forms 15pc of global rice exports


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## Dubious

*Greece, Pakistan to improve eco relations: envoy*

*LAHORE: Ambassador of Greece to Pakistan Petros Mavroidis has said Pakistan and Greece need to improve their commercial and economic relations to promote bilateral trade and investment by taking advantage of new business opportunities. 
Speaking at Lahore Chamber of Commerce and Industry (LCCI) Petros Mavroidis said cooperation in solar energy, LNG, tourism, agriculture and infrastructure could help strengthen economic relations between the two countries as current annual bilateral trade between Greece and Pakistan was very low that needed to be enhanced by exploring the areas of common interest. 
Greece enjoys great experience in the tourism sector therefore Pakistani businessmen should avail this opportunity to create win-win situation for the two countries in shortest possible time. 
The geographically and strategically, Greece is situated at very important place and any investment made there could help open up countless business avenues. 
President LCCI Sohail Lashari said this was the right time to focus on non-traditional markets, adding frequent exchange of business delegations and establishing direct B2B contacts were the options, which should be used to exploit untapped bilateral trade and investment potential in both countries. He was of the view investment cooperation was another area in which both countries could collaborate for mutual benefits. Information technology, telecommunication, construction, automobile parts, food processing, fisheries, agriculture, hotel industry and real estate offer tremendous opportunities and potential for cooperation. 
He said organising of joint cultural shows and frequent exchange of business delegations were the options which could bring people of both the countries closer to each other that would eventually enhance the mutual cooperation between Pakistan and Greece. The mutual trade in terms of value between Greece and Pakistan meagerly averages around $73 million having no significant impact on the volume of trade of the two countries. 
Pakistan is in positive balance of trade with its exports to Greece averaging around $56 million and imports from Greece averaging around $18 million. It is required to make concerted efforts to exploit the untapped potential of each other’s markets. 
This is not a healthy state of affairs especially when this meager trade is ranging way below even $100 million. A declining trend in exports from Pakistan is depicting and we need to critically review our strategy and come up with a solid plan. 
We need to adopt modern and progressive marketing techniques substantiated with properly targeted research activities with result-oriented follow-up. 
Greek import profile suggests Pakistan can satisfactorily cater to the requirements of the Greek market sourcing food items and consumer goods including items like frozen meat, dairy products, household electric appliances, fancy furniture and fashion industry etc in addition to more appropriate introduction of internationally renowned Pakistani products like sports goods and variety of textile products. 
Both the sides should consider organising trade delegations composed of sector specialists. Chambers of commerce from both countries under the umbrella of the Greek Embassy can coordinate such events more efficiently. 
Energy, oil and gas exploration, infrastructure and tourism development are some sectors where Greek investors can earn profits through sector related investments. 
Pakistan exports to Greece comprise bed linen, woven cotton fabrics, polymers of styrene, articles of apparel and clothing, oil seeds, footwear, rice and garments, whereas the imports from Greece include cotton, ferrous waste and scrap, lifting machinery, air conditioning machines, preserved fruits and mechanical appliances etc. *

*Greece, Pakistan to improve eco relations: envoy*

*Pak, Nepal enjoy bilateral trade ties: envoy*

*FAISALABAD: Nepal and Pakistan can enhance bilateral trade ties as there is vast potential of tourism in both the courtiers.
This was stated by Ambassador of Nepal in Pakistan Bharat Raj Poudyal while addressing a gathering of business community at Faisalabad Chamber of Commerce and Industry (FCCI) here Thursday.
He emphasized that single country exhibition of Nepalese products should be organized in Pakistan like businessmen of both the countries already organizing exhibition of Pakistani products in Katmandu. 
Pakistan is very rich in agriculture sector so agro-based support can be enhanced to Nepal.
He said that its an honor to interact with the vibrant business community of Faisalabad. Nepal and Pakistan enjoy close and friendly relations nurture by friendship cooperation and mutual respect. There exist great potentials for increase volume of trade between two countries.
He urged to enhance bilateral trade by utilizing Finance Minister’s level ‘Joint Economic Commission’ for mutual cooperation.
In welcome address, President FCCI Engineer Suhail Bin Rashid said that Nepal and Pakistan has enjoyed diplomatic and bilateral relations over a period of half century. Since then both the countries have sought to expand trade, strategic and military cooperation. *

*Pak, Nepal enjoy bilateral trade ties: envoy*

'US supporting sustained research in Pakistan’

ISLAMABAD - Findings of the US government-sponsored programme Pakistan Strategy Support Programme (PSSP) were featured in a two-day conference that commenced here on Tuesday. The PSSP programme, supported by the United States Government through the United States Agency for International Development (USAID), serves to promote economic growth and development in Pakistan.
“The United States is supporting vibrant and sustained research and development efforts in Pakistan. The U.S. and Pakistan joint efforts in the field of agriculture and economic growth will contribute to a stronger, brighter future for Pakistan,” said USAID’s Mission Director Gregory Gottlieb during his address at the event. “We look forward to our continued partnership with the Planning Commission and the Government of Pakistan as they chart this path to prosperity,” he added. 
The United States strongly supports Pakistani researchers and the Government of Pakistan to make evidence-based policy reforms that address rural poverty. Professor Ahsan Iqbal, Federal Minister for Planning, Development and Reforms and Deputy Chairman of the Planning Commission, said that Pakistan must embrace a research-based policy to transform agriculture, enhance the rural economy, and ensure food and water security. “We need to improve research-based policy analysis, build capacity, and create networks of select government and non-governmental researchers and policy analysts, and then share results among diverse stakeholders,” he added.
The PSSP is one of many joint Pakistan and the United States initiatives to reduce poverty and increase workers’ incomes. Other examples in Pakistan’s agricultural sector include expanding irrigation by 200,000 acres to spur farming near the Gomal Zam and Satpara dams, and increasing the incomes of 250,000 farmers and female agricultural workers through training and increased access to market networks, allowing them to earn more for the crops they grow.

‘US supporting sustained research in Pakistan’


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## salman77

*1,000 new utility stores to be set up across the country.*

Utility Stores Corporation (USC) has decided to establish 30 new warehouses and 1,000 new utility stores across the country.

In this regard, under the directive of the government, USC to initiate work on the project aimed at facilitating the people living in far flung areas of the country with affordable edible items.

In the compliance with decision of the government, the corporation has submitted a proposal for opening of 1,000 new stores and establishment of 30 new ware houses, said USC Managing Director Khaqan Murtaza.

He said according to the proposal of the USC will open 400 stores and 14 warehouses in Punjab, while 250 stores and seven warehouses would be opened in Sindh.

Murtaza said that USC also established 100 stores and three warehouses in Balochistan province, adding that while in Azad Kashmir, 25 stores, one warehouse and 25 stores and one warehouse was also part of proposal for northern areas. He also confirmed that USC will also be established 200 stores and four warehouses in Khyber Pakhtunkhwa province.

Appreciating the role of Cooperation as a price moderator, the government has directed for expansion of the USC, he added.

1,000 new utility stores to be set up | Pakistan Today


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## salman77

*Textile Ministry to train cotton growers for maximizing GSP+ benefits*

*Monday, February 03, 2014 - Islamabad—Ministry of Textile Industry will train cotton growers for harnessing the full potential of Generalized Scheme of Preference Plus (GSP Plus), granted by European Union to Pakistan for free market access to its textile products in EU markets.*

*The Ministry will start training programmes in electronic media to provide training to the farmers living in far flung and remote areas of the country to introduce them with modern technologies of cultivations and crop management, said Cotton Commissioner in Ministry of Textile Industry, Dr Khalid Abdullah.*

*Talking to APP, he said that in this regard the Ministry of Textile industry was negotiating with Radio Pakistan and PEMRA to initiate training programmes from FM radio stations to educate and equip the farmers with latest information about cotton crop cultivation.*

*Besides this, he said that the government in collaboration with the research stations will also provide first-hand training to cotton growers technology transfer, pest and crop management to enhance crop output in the country.*

*Dr Abdullah further said that Federal Government in collaboration with the provincial agriculture departments had started programme on “Clean Cotton Picking” and trained about 2,700 female trainers to introduce the farmers with clean cotton picking mechanism to enhance the prices of their produces.*

*He informed that the programme was further extended for one more year to train more staff for the training and avoiding the cotton crop from different pollution which minimize the prices of the cotton crop in local as well as international markets.*

*The Cotton Commissioner said that after getting the GSP Plus status, demand of cotton is expected to increase by 28 percent which will also enhance the area under crop cultivation in the country.*

*In this regard, he said that all other departments including seed certification, bio-safety were also directed to work closely to fulfill the domestic requirements of seeds and pesticides to increase per acre crop production in the country.*

*He said that final targets of the crop would be fixed in the meeting of Federal Cotton Committee who is scheduled to met in the second week next month. Dr Abdullah further said that Federal Government in collaboration with the provincial agriculture departments had started programme on “Clean Cotton Picking” and trained about 2,700 female trainers to introduce the farmers with clean cotton picking mechanism to enhance the prices of their produces.*

*Besides setting the production targets of cotton crop,the FCC will also take stock of availability of other inputs including water, seeds, fertilizers, pesticides, weather conditions and credit availability during the crop sowing season.*

*Textile Ministry to train cotton growers for maximizing GSP+ benefits*


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## salman77

*Canada is ready to help Pakistan develop agri sector * 

 

 


ISLAMABAD, Feb 3 (APP): Canadian High Commissioner Greg Giokas, during his recent three-day visit to Karachi, held extensive discussion with Sindh Chief Minister Syed Qaim Ali Shah and experts to mull over ways to improve Pakistan’s agriculture. During his separate meetings with the chief minister, agricultural and social leaders, Greg expressed his country’s desire to share expertise in economic development with special emphasis on providing technical know-how to Pakistan’s agriculture sector, said a statement issued by Canadian embassy here on Monday. 
He said Canadian agriculture exports now exceeded to $47billion “as a result of comprehensive policy development, private investment and meaningful consultation with sectoral stakeholders, “A key element of Canada’s agricultural success has been its willingness to explore new markets, including opening up trade relations with large competitors, and ensuring a business-friendly investment climate,” he said. 
Greg Giokas said Canada and many friends of Pakistan wished only for its increased economic prosperity and stability.
The agriculture sector could be a strong pillar for economic Pakistan’s development and its excellent agriculture sector “is well positioned to be a leader in economic development in the region.
There is every reason for Pakistan to succeed,” he added

Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - Canada is ready to help Pakistan develop agri sector


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## salman77

*4,000 orange fruit containers exported *

KARACHI: The former chairman and spokesman of All Pakistan Fruit & Vegetable Exporters, Importers and Merchant Association (PFVA) said on Monday that the export of orange fruit was on full swing to the global markets as 4,000 containers worth USD $88.90 million had been exported, while possibility of export of potato to Russia during current week had also been brightened.
Wahid further said that the export volume of orange fruit to Russia had been restricted to 30% as compared to last year and the exporters were facing huge financial losses despite availability of good quality of Moroccan's oranges. The Russian market has been flooded with Pakistani oranges amid low price offered by this market. On other hand, a ban on import by Iran has further mutilated problems of the exporters.

Sharing good news, he stated that due to an increased demand of Pakistani potato in Gulf, Sri Lanka, Far-East, the export of potato had now reached 65,000 tons and out of the total production of 50 million ton, an additional three million ton was expected to be exported.

Chance of withdrawal of ban by Russian Quarantine on import of Pakistani potato was quite fair and it was strongly anticipated that the export of potato to Russia would commence in the current week, he further added.

The price of potato in local market is thrice of last year since it is being exported via land to Russia through Afghanistan, Iran and Iraq, and if price of potato is reduced locally, then 50,000 tons are expected to be exported to Russia, he further stated.

Despite low price of potato from India & Bangladesh, we are still striving hard to achieve export target of potato this year, Wahid said.

4,000 orange fruit containers exported

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## salman77

* Pakistan, Oman firms finalise joint venture accord *


*LAHORE: Due to the efforts of Punjab Board of Investment and Trade (PBIT), a joint venture agreement has been finalised between a Pakistani and Omani trading firm.
This agreement has been signed between Green Spring Fruits, a Pakistani SME which manufactures value added products from fruits such as fruit leather and fruit pulp etc and Al Kharusi Trading, Oman.
According to the agreement, Green Spring Fruits will supply its products to the Omani firm. It is worth mentioning that PBIT sent a delegation comprising of businessmen from the food and agriculture sector to World Trade Bridge Summit 2013 in Istanbul. The delegation also comprised businessmen from Green Spring Fruits.
Turkey hosted international business summit, the 19th World Trade Bridge 2013, organised by the Turkish Confederation of Businessmen and Industrialists in Istanbul. Turkey-World Trade Bridge 2013 had a sectoral focus and covered sectors of food, agriculture, fast moving consumer goods and related machinery.*

*Pakistan, Oman firms finalise joint venture accord*


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## Devil Soul

*Pakistan forex reserves rise to $8.017 billion*
REUTERS
Published 2014-02-07 19:50:45
KARACHI: Pakistan's foreign exchange reserves rose to $8.017 billion in the week ending January 31compared to $7.994 billion in the previous week, the central bank said.

Remittances from Pakistanis abroad rose 9.46 per cent to $7.8 billion in the July-December first half the 2013/14 fiscal year, from $7.11 billion in the same period last year.

The fiscal year runs from July to June.


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## salman77

*Nigerian market has huge potential for Pakistani products: Danladi*

Saturday, February 08, 2014 - Lahore—The Nigerian High Commissioner in Islamabad Dauda Danladi has said that Nigerian market has huge potential for Pakistan Rice, Textile products, Pharmaceuticals and Agricultural machinery including tractors, therefore Pakistani businessmen should avail opportunities in these areas. The High Commissioner was speaking at the Lahore Chamber of Commerce and Industry on Friday. LCCI President Engineer Sohail Lashari presented address of welcome while Chairman LCCI Committee for Pakistan-Africa Trade Promotion Zafar Mehmood, LCCI former Executive Committee Member Rehmatullah Javaid also spoke on the occasion.

The High Commissioner said that the President of Pakistan and the Chief Minister Punjab had promised to take business delegations to Nigeria that would pave way for frequent business exchanges between the two countries. Mr Dauda Danladi said that Chief Minister Punjab had formed a committee to finalise modalities for a high-powered visit to Nigeria. The High Commissioner expressed the optimism that the trade between Pakistan and Nigeria would get a new boost as both sides were planning to sign various trade-related agreements including Preferential Trade Agreement very soon.

Speaking on the occasion, the LCCI President Engineer Sohail Lashari said that Pakistan’s business community was well aware of the market size of Africa and Nigeria could serve to be the best destination to exploit the potential. The LCCI President said that the continuity of organizing Africa Show every year in Lahore is a clear sign of LCCI’s commitment towards bridging the gaps and upsizing the current level of two way trade. Engineer Sohail Lashari said that it is encouraging to note that Nigeria is one of the major member states of African Union and classified as an emerging market rapidly approaching to middle income status. 

“By way of having good banking network and stock exchange, Nigeria seems fully poised to lead the acceleration of Africa’s economic development.” He said that the joint efforts in the form of organizing Africa Show on regular basis from the last three years or so have started paying off.

Nigerian market has huge potential for Pakistani products: Danladi

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## salman77

*Berlin finds Pakistani fruits to be sweet*

As many as 13 Pakistani companies participated in the world’s leading international fresh produce trade fair Fruit Logistica-2014 in Berlin, Germany which ended on Saturday.

The Pakistani exhibitors were optimistic of substantial increase in export of fresh produce from Pakistan as they made good contacts with the international buyers of fruit and vegetable products.

Buyers from Russia showed keen interest in Pakistani potatoes whereas Pakistani mangoes have also made inroads into EU market with increase in shelf life through better processing technology and other corrective measures, says a message received here from Pakistan Embassy in Berlin.

About 2,566 including 2,311 foreign exhibitors from 84 countries presented a comprehensive overview of all levels of fruit and vegetable production and marketing and more than 58,000 trade visitors from 130 countries, besides a large number of general public/end consumers visited the venue.

Earlier, Pakistan Ambassador to Germany Abdul Basit visited Pakistan pavilion along with commercial counsellor Dr Erfa Iqbal and met Pakistani exhibitors. He also held a meeting with the delegation of mango growers and exporters of Pakistan, who put up their stalls under the umbrella of UNIDO and the USAID.

Both the organisations are running projects of increasing income through improvement of quality and better yield and generating additional employments in the major mango-growing areas of south Punjab and northern Sindh.

The ambassador said that the world’s leading trade fair provided great opportunity for promotion, development and marketing of fresh fruit and vegetable products. He emphasized the need of intensive interaction between farmers and exporters to up-grade the quality and increase yield of fresh products.

Berlin finds Pakistani fruits to be sweet | Pakistan Today

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## salman77

*Pakistan invites Saudi telecom companies to 3G auction*

Pakistan’s Telecommunication Authority (PTA) has extended an invitation to Saudi telecom companies and entrepreneurs to participate in the auction of 3G telecommunication licenses, which is expected to be held in March 2014. Pakistan expects to earn an estimated $2 billion with the auction of these licenses.
Syed Ismail Shah, chairman of PTA, recently extended the invitation in his meeting with Abdulaziz A. Alsugair, chairman of the board of Saudi Telecom Company (STC). Commercial Attaché of the Pakistani Embassy, Waseem Hayat Bajwa was also present.
Norwegian telecom conglomerate Telenor, China Mobile and Pakistan-based Mobilink have already shown interest in bidding for the 3G licenses.
Highlighting the opportunities, the PTA chief mentioned that Pakistan has an untapped data market, with less than two percent penetration that can be captured by new companies who obtain the 3G spectrum.
He said: “The government is considering not only to auction spectrum in the 1900/2100 MHz range but also in the 1800 MHz band for deployment of long term evolution (LTE) in the country, thus making it a very attractive option for investors.”
The STC chairman showed his enthusiasm in the upcoming auction, acknowledging that statistics pertaining to opportunities in Pakistan were highly attractive. He also appreciated the efforts being undertaken by Pakistan and agreed to continue the dialogue with PTA.
According to reports, Pakistan’s mobile sector has been increased with more than 129 million mobile subscribers as compared to 13 million in 2005.
The total tele-density is climbing up to around 75 percent with the widespread use of smart phones, while the launch of 3G and LTE services is expected to result in exponential growth in broadband subscribers in Pakistan.

Pakistan invites Saudi telecom companies to 3G auction | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.

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## Chak Bamu

@salman77, I really appreciate your posting of news in this thread. That is how it should be, instead of opening threads like:

(OMG) Pakistan's reserves Fall (rise) to xyz B $
xyz project for 2.2 MW started test run
xyz country interested in investing in Pakistan
xyz politician expressed hope that abc project would be completed in 123 time frame with only 789 Rupees

You may feel that others get more attention because they open threads faster than breeding Bunnies on Viagra. But I am sure there are others who appreciate your correct approach.


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## salman77

*Pakistan cotton yarn exports crosses $1 billion mark first half of FY14*

Despite some decline in overall exports of Pakistan cotton yarn, it still is in the one-billion-dollar club. During the first half of this fiscal year, with stiff competition going on in the world markets, Pakistan cotton yarn exports managed to cross one billion dollar mark. Exporters told Business Recorder on Friday that there are only four sectors, with a turnover of over $1 billion during the first half of this fiscal year and cotton yarn is one of them.
According to official statistics, Pakistan exported cotton yarn worth $1.072 billion during the first half of FY14 compared to $1.1 billion in the corresponding period of last fiscal year, depicting a slight decline of $34 million or 3 percent. Month-on-month basis, cotton yarn exports presented some improvement and posted an increase of 35 percent. With current surge, cotton yarn exports reached $178 million in December 2013 up from $132 million in November 2013, showing a rise of $46 million.
China is one of the world’s largest buyers of cotton yarn. Presently, there is some slowdown in the Chinese market, which resulted in a slight decline in the export of the commodity during the first half; however Pakistan’s cotton yarn exports are likely to increase in coming years.
As China is the major buyer of Pakistan’s cotton yarn and approximately some 80-95 percent of the commodity is being supplied to neighbouring country, said Yasin Siddik, Chairman All Pakistan Textile Mills Association (APTMA). India is stands as their major competitor and one of the leading exporting countries of cotton yarn as it gets government subsidy. Presently, India has adopted an aggressive marketing strategy to capture the world market.
The major reasons for slow growth in Pakistan is the high cost of doing business followed by rising power rates, labour wages, and gas crisis. However, he said, it is good that the overall textile exports are gradually increasing; and these have posted an increase of 8 percent in the first half of this fiscal year.
For the last few years, they are insisting on a level playing field that could help cotton yarn exporters to compete in the world market. The Pakistan government is also being urged to support the textile sector particularly textile mills and remove hurdles such as sales tax and higher power tariff to see Pakistan cotton industry grow over the years.

Pakistan cotton yarn exports crosses $1 billion mark first half of FY14

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## avrilcory

These events provide an opportunity to put the country’s economy on the right track and enable it to overcome stiff challenges of persistent energy. he economy has shown itself to be much more resilient than many people would like to admit. With necessary structural reforms, Pakistan has all the potential to rise above its current low growth trap shortages.

Thanking You
Latest News


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## salman77

*Russia lifts ban on Pakistani agricultural products* 

ISLAMABAD: The Russians Federation Service of Sanitary and Phytosanitary has lifted the ban on Pakistani food products from February 24, said a notification of the service issued in Moscow.
It may be noted that the Embassy of Pakistan in Moscow made consistent efforts for removal of the blanket ban on all Pakistani agricultural products by Russian Federal Service 'Rosselkhoznadzor' since September 30, 2013, in view of unsatisfactory compliance of sanitary rules and procedures by Pakistani exporters, a message received here Tuesday from Moscow said.
In this connection, embassy officials held several meetings with the head of 'Rosselkhoznadzor', Dankvert Sergey Alexeevich for the removal of ban from all Pakistani agricultural products. As a result of these meetings, the partial lifting of the ban had been agreed upon as a first step and the import of the citrus allowed forthwith by the Russian side.
This partial lifting at the start of citrus season was not only unprecedented but very beneficial for Pakistani exporters who annually export citrus worth $20 million to Russia.
In his regard, a delegation of Russian Federal Service for veterinary and Phytosanitary Surveillance visited Pakistan in the 3rd week of January, 2014 to resolve all the issues related to the import of Pakistani agricultural products to Russian Federation and to enhance collaboration between the two countries in this field.
In a related development the Phytosanitary Surveillance informed the Ministry of National Food Security and Research, Government of Pakistan regarding its decision of lifting the temporary restriction on all plant products of high phytosanitary risk from Pakistan except potato from February 24, 2014.
It is hoped that the ban on potato import will be soon lifted as the embassy is actively engaged with the Russian authorities to resolve the issue.

Russia lifts ban on Pakistani agricultural products

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## salman77

*Pakistan to boost trade with Muslim states: Dar *

*DUBAI: Pakistan is ready to sign preferential trade agreements and free trade deals with Muslim countries to boost bilateral cooperation and investment in the days to come, Finance Minister Ishaq Dar said.
In an interview with Khaleej Times, Senator Mohammed Ishaq Dar said the government’s preference is to promote trade and investment among Muslim countries. “The trade among Muslim Ummah should increase and it is our priority to sign preferential trade agreements [PTAs] with Muslim states to promote bilateral relations and cooperation on economic front,” Dar said during his recent visit to Dubai.
Pakistan, which is the current chairman of the D-8 Group representing a combined population of one billion and a foreign trade market of $1 trillion, is very active to boost regional preferential trade, investment, energy cooperation and jobs for their workers. The group that includes Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey are signatories of the PTA, which is expected to be made operational shortly.
“We are ready to consider similar mutual bilateral trade benefits, which other Muslim countries will extend to Pakistan. We are ready to give them the same incentives that they offered to Pakistan,” Dar said, adding that Pakistan is a safe country for trade and investment in the region. To a question, he said Pakistan is willing to conclude free trade agreements, or FTAs, with GCC countries, but the issue was not part of the agenda during his talks with top UAE leadership.
“We did not specifically discuss the free trade deal with the GCC during the meetings, but we are ready to proceed with it,” he said. Pakistan has been striving hard to finalise an FTA with GCC states since 2005 to increase its trade volume with the bloc from $60 billion to around $350 billion by 2020. The country has so far signed FTAs with China, Sri Lanka, Malaysia and the South Asia Association of Region Countries.
Dar cherished close friendly relations with the UAE and said the Emirates’ fast progress on the economic front is a manifestation of its prudent leadership. He termed the talks with the UAE leadership “fruitful” and said it would help promote bilateral trade and investment between the two countries. “We have very positive meetings with the UAE leadership in Abu Dhabi,” the finance minister said.
During his eight-day stay in Dubai, Dar held meetings with His Highness Shaikh Muhammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai; Shaikh Hamdan bin Rashid Al Maktoum, UAE Minister of Finance and Industry and Deputy Ruler of Dubai; Dr Anwar Mohammed Gargash, UAE Minister of State for Foreign Affairs; and Shaikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Culture, Youth and Community Development, among others, and discussed matters of mutual interests.
The UAE has become Pakistan’s largest trading partner, with annual bilateral trade reaching $10 billion. It is also the second-largest investor in Pakistan with $21 billion investments in banking, real estate, energy, infrastructure, telecommunications, ports, housing and aviation. During the meetings, Dar raised the issue of etisalat’s $800 million payment held due to non-transfer of properties in the name of PTCL and said the issue is expected to be resolved soon.
“We request the intervention of the UAE government and confident of receiving a ‘substantial amount’ of outstanding dues soon,” he said. He said out of 131 disputed properties about 52 have already been transferred while another 56 have been cleared for handing over to PTCL. “Only 23 properties are involved in litigation and we are unable to transfer until these are cleared from the courts,” he said. The finance minister also proposed the UAE to consider relaxation in terms of payment of crude oil purchase by Pakistan from Adnoc.
“We seek oil purchase on deferred payments due to rising crude import bill amounting to $16 billion,” he said, adding that it is part of commercial deals with friendly nations including the Saudi Arabia and Pakistan will absorb the cost of extended period for deferred payments. During his meeting with Shaikh Nahyan, the finance minister said Pakistan can provide skilled manpower for the growing UAE economy. He also expressed the hope that telecom companies from the Middle East would participate in the forthcoming spectrum licence auction for introducing 3G services in Pakistan. 

Pakistan to boost trade with Muslim states: Dar
*

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## salman77

*China to help Pakistan in all sectors: Shahbaz 
*
ISLAMABAD, Feb 23 (APP): Punjab Chief Minister Shahbaz Sharif on Sunday said that China will help Pakistan in all sectors including energy and road networks. Talking to Pakistan Television, he said that China will invest billions of dollars in energy sector to put Pakistan on path of speedy progress. He said that Quaid-i-Azam Solar Park will produce 100 mega watt (MW) energy. He said that roads, fly overs and other infrastructure in this area are being completed for the benefit of the people. Shahbaz Sharif said that the project will start generating energy by the end of this year. 
He said that China will help Pakistan in the construction of Multan Motorway section. 
Chief Minister said that China is fully trusted in the leadership of Pakistan, adding that huge investment in different sectors will improve economy besides bring prosperity for the people of this region. 
He said that Nandi Pur project will also start functioning in the next year. He said that garment city will be established in Lahore which will help promote business activity in the area. 

Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - China to help Pakistan in all sectors: Shahbaz

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## salman77

*Lucky Cement records Rs 5.16bn profits for half year* 

KARACHI: Lucky Cement Limited leads the cement industry with a rise in its half yearly net profit for the year 2013-14. It has recorded a net profit for the half year ending December 31, 2013, of Rs 5.161 billion which is 20.3% higher than the corresponding period last year.
The earnings per share (EPS) for the corresponding period increased to Rs 15.96 against an EPS of Rs 13.27 of corresponding period last year. The company’s gross profit increased by 10.7% during the half year as its net sales revenue improved by 11.8% to Rs 19.575 billion against Rs 17.511 billion of the corresponding period last year.
The local sales volume of Lucky Cement during the half year registered a growth of 4.3% that rose to 1. 9 million tons as compared to 1.8 million tons of same period last year, whereas export sales volume for Lucky Cement registered a growth of 19.10% to 1.2 million tons as compared to 1.0 million tons of the same period last year.
During the period under review, the combined sales revenue of Lucky Cement Limited increased by 11.8% which was contributed by 9.6% increase in volume and 2.2% increase in net retention.
Lucky Cement also reported progress on its ongoing projects including the commissioning of a Waste Heat Recovery (WHR) plant at its power generation units, the installation of new Vertical Grinding Mills at its Karachi plant aimed at improving quality, enhancing productivity and reducing energy costs, and a Tyre Derived Fuel (TDF) plant at its Pezu facility. It is noteworthy to mention that Lucky Cement’s joint venture investment in a cement grinding mill in Iraq has also been commissioned and started commercial production in February 2014. Lucky Cement also led the way in its social responsibility by granting numerous scholarships to students on merit during the half year under review, as well as providing support for the reconstruction of a girl’s high school in Pezu. Lucky Cement is one of the few companies in Pakistan to report its sustainability initiatives and was granted an A+ ranking by the GRI Institute of Netherlands for its Sustainability Report 2012.

Lucky Cement records Rs 5.16bn profits for half year

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## salman77

*Surgical goods, medical instruments export up by 7.96pc in seven months *

*ISLAMABAD: Exports of surgical goods and medical instruments during first seven months of current financial year grew by 7.67 percent as compared to same period of last year.
During the period from July-January, 2013-14, surgical goods and medical instruments worth US$ 191.422 million exported as compared to US$ 177.785 million exports of corresponding period of last year.

According the data of Pakistan Bureau of Statistics, cutlery goods worth US$ 50.032 million exported which registered an increase of 2.56 percent as against US$ 177.785 million of same period last year.

During the period under review, chemicals and pharma products exports increased by 53.60 percent and country earned US$ 677.41 million as compared to US$ 441.014 million of same period last year.

However, exports of pharmaceutical products decreased by 0.92 percent and exports of plastic materials shrieked by 4.29 percent respectively during the period under review.

Meanwhile, fertilizers manufactured exports decreased by 100 percent and reached at zero level during the period under review, the data reveled.

The exports of onyx manufactured recorded growth of 34.09 percent as about 2,492 metric tons of the onyex valuing US$ 6.046 million exported as against 1,713 metric tons of the above mentioned product worth US$4.50 million during same period of last financial year.

According the data, the exports of other chemical increased by 192.90 percent and reached at US$ 347.67 million which stood at 127.92 million during the same period of last year.

http://www.brecorder.com/top-news/108-pakistan-top-news/159913-surgical-goods-medical-instruments-export-up-by-796pc-in-seven-months.html
*

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## Devil Soul

*GDP grows 5pc in first quarter: SBP*
APP
Updated 2014-02-28 13:24:06
ISLAMABAD: The country’s Gross Domestic Product (GDP) grew by five per cent during the first quarter of the current fiscal year as compared to only 2.9 per cent in the corresponding quarter of the previous fiscal year, according to the first quarterly report released by the State Bank of Pakistan (SBP).

The report says that since macroeconomic indicators were favourable at the start of the year, the increase in real GDP growth in FY14 was discernible.

The report suggests that in order to maintain the current growth momentum, and to take the economy to a higher growth trajectory, the government should speed up structural reforms in the fiscal and energy sectors.

“Estimates for growth exceeded expectations: the GDP grew by five per cent during the first quarter of the FY14, compared to only 2.9 per cent in corresponding period of the previous fiscal year,” the report says.

According to the report, a GDP growth of 4.4 per cent is the target for the full year 2014.

Moreover, industry and services were the major drivers of growth, while agriculture performed below target.

As the industrial sector revived, import pressures reappeared, especially for capital goods and raw materials.

The import of petroleum, machinery, and metal was particularly strong, which increased the trade deficit by $0.6 billion during first quarter of the FY14 over the corresponding period of last fiscal year.

Additional stress on the current account came from delayed inflows of coalition support fund (CSF) in FY14’s first quarter. As a result, the current account posted a deficit of $1.2bn in the first quarter of FY14, against a surplus of $0.4bn in the same period in FY13.

Although worker remittances posted an impressive 9.1 per cent growth, this was not enough to cover the foreign exchange gap in other heads.

The report said that repayments on external debt continued to exceed fresh disbursements while foreign investments remained shy.

This caused a strain on the country’s forex reserves, which posted a decline of $1.2bn during the quarter.

As a result, the local currency depreciated by six per cent against the US dollar during the first quarter of FY14, compared to only 0.3 per cent in the first quarter of the previous year.

The report pointed out that headline consumer price index (CPI) inflation increased to 8.1 per cent in the Q1 of FY14, compared to only 5.6 per cent in the preceding quarter.

In its monetary policy decision announced in September 2013, the central bank increased its policy rate by 9.5 per cent (or 50 bps). The step was aimed at curtailing the second-round effect of food inflation and the inflation expectations, as well as counter market sentiments following volatility in the rupee.

According to the report, government borrowing from the central bank was more pronounced, as commercial banks did not participate actively in auctions of the Treasury Bills held during the quarter.

As a result, the government could not meet the limit of zero quarterly borrowing from the SBP, though its borrowings were well below the limit agreed with the International Monetary Fund (IMF).

The fiscal deficit fell to 1.1 per cent of the GDP in the first quarter of FY14, from 1.2 per cent in the corresponding quarter last year.

This improvement occurred on both the revenue and expenditure sides, the report says adding on the revenue side, it was the increase in tax rates and not the base which is responsible for higher collection during the quarter.

Non-tax collections were also high due to certain one-off revenues, while on the expenditure side, a major positive was the reduction in interest payments, following the interest rate cuts in FY13.

The report said that public debt posted a record increase of Rs1 trillion during the quarter. This increase, however, does not represent the fiscal imbalances alone, which recorded only a modest increase.

Instead, this increase can primarily be traced to large revaluation losses associated with the external debt stock due to adverse exchange rate movements during the period.

According to the report, there is a corresponding need to rebalance the maturity profile of Pakistan’s domestic debt.

The growing prominence of three-month instruments in the outstanding volume of T-bills requires attention because this exposes the financial system to interest rate and roll-over risks.

The report also suggests that in order to maintain the current growth momentum, and to take the economy to a higher growth trajectory, the government should speed up structural reforms in the fiscal and energy sectors. By focusing on these sectors, the government has signalled that its priorities are correct.

Moreover, the report urges the government to manage long-standing issues in a sustainable manner, as these issues have restricted the growth to remain below potential.

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## fatman17

*Pakistan likely to enter into export of bulletproof cars *

Staff Report 
March 13, 2014
 






KARACHI: Pakistan is likely to enter into lucrative export market of bulletproof cars as the company manufacturing bullet-proof cars has received export inquiries from Indonesia.Managing Director Toyota Central Motors (TCM) Salim Godil on the eve of 8th Toyota Dream Car Contest at TCM said his manufacturing plant in Karachi was already in full production and converting around 25 cars a month. He said, “If Pakistan enters into export arena of bullet-proofing it may prove to be the most lucrative export sector as bullet proofing cost is ranging from Rs 4 million to Rs 12.8 million depending upon the models and shapes of the vehicles”. He said majority of the customers were interested in bullet-proofing of their 4X4 vehicles which usually costs Rs 4 million while cars like Mercedes cost up to Rs 12.8 million. Pakistan has fully capable in converting vehicles into bulletproof as the best and number one bullet-proofing company in the world has given franchise to him. 
TCM has also exhibited a locally bulletproof 4X4 vehicle on the occasion, which was also shown to the media. He said at present his manufacturing unit has limited production capacity and if the government formulates a policy to encourage this industry, export of bulletproof cars might fetch huge foreign exchange to the national exchequer. 
He said production of locally assembled cars has dropped at a significant level as government has allowed import of secondhand cars. He demanded of the government to impose restrictions on import of secondhand vehicles in order to rescue local automobile industry. He said hybrid cars’ future in Pakistan was yet to be clear as only a limited number of such vehicles have been imported since the government announced to encourage these cars. He said unless and until hybrid cars get economical, they might not become popular in Pakistan.

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## niaz

It is clear that difference between the ‘Haves’ and ‘Have-nots’ is increasing. Some areas get all the development whereas other areas are totally neglected.

I may be becoming a Socialist in my old age but in my view no point in having motorways & metro buses & metro trains when more than 400 children have died of ‘HUNGER’ in the Tharparker area!

I would rather have 20 hour load shedding than even one person dying of hunger in my home country. No point in recriminations but the Central & Provincial governments must ensure that:

1. No one dies of hunger in Pakistan.

2. Clean drinking water is available to all the population.

Any other develop project should only be started after these objectives have been achieved.

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## xxxKULxxx

Guys i'm here to tell you something briefly & honestly as a brother of you from Türkiye...

You guys should focus on your economy for a while rather then your army... Your nukes provides this ease to you...

You shouldn't just purchase weapons... If you want to receive a weapon IMO you should do it in exchange for producing parts for that weapon... I think by this way you can gain weapons & technology & money... I don't know your relations with China but IMO you should work with us, you should make very good deals with us for your benefits... Your benefit is our & our benefit is your benefit...

And i think by this way you can reach a very good level and you will grow faster & in a healthy way...

If you reply my comment i will not be able to discuss the issue because i don't know enough about you...

But i know our brotherhood & our common history in a very good way...

& That's why i wanna see you in a very powerful in a very strong place

& That's why i wrote these...

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## FunkyGen

Pakistan economy outlook improved despite terrorism and energy problems - The Times of India
KARACHI: Despite problems of terrorism and energy crisis, the economic outlook of Pakistan improved last fiscal with inflation remaining in single digit and foreign remittances showing a rise, the State Bank of Pakistan said today. Pakistan follows a financial year beginning July 1-June 30. Unveiling its bi-monthly monetary policy for the new fiscal, the Bank kept the key interest rate unchanged at 10 per cent and forecast a CPIinflation rate of 7.5-8.5 per cent during the year.

Governor State bank, Ashraf Mehmood Wathra told a news conference that despite the problems of energy crisis and terrorism in the country the economic outlook had improved in the last fiscal year. This he said was due to improved foreign remittances, better tax returns and reduced government borrowing from the banks.

"But more tax reforms have to be undertaken to overcome the budget deficit and also improve the overall economic scenario," he said.


Wathra said the *government borrowing from banks had decreased in the last fiscal year while private sector had availed loans of 329 billion rupees during the period*. This was a positive indicator of development taking place in private sector.

He said that *rate of inflation remained below 10 percent* in the last fiscal year and was expected to remain unchanged in next two months.

He said the foreign remittances had increased in the last six months with forex reserves with the central bank at USD 9.6 billion.

PTI be like

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## Men in Green

Pakistan's Economy - News and Updates | Page 39

can some one merge this thread @Manticore


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## fatman17

Karachi
Cambridge system gaining popularity in Pakistan 
our correspondentThursday, August 14, 2014 

*
Karachi*
The overall enrolment for Cambridge examinations in Pakistan rose seven percent this year, with 218,000 students appearing for O and A Levels across the country.
“We had 14,000 more students taking the exam this year, as last year the total figure was
204,000,” said Uzma Yousuf Zaka, the country director of the Cambridge International Examinations.
“There has been a similar increase worldwide as a 14 percent growth has been recorded in all CIE qualifications. The enrolment rate for A Levels is up by eight percent, while global O Level enrolment went up by 15 percent,” she said.
The most popular A Levels subjects in Pakistan were mathematics, physics, chemistry, economics and business studies, with 71,591 entries received for these five this year in comparison with the 69,432 last year.
For O Level students, the most popular subjects were English language, mathematics, second language Urdu, physics and chemistry, with more than 142,000 appearing in this session – an increase of more than 11,000 from last year’s 131,000.
“Congratulations to all students and their teachers over the hard work that went into their exam performance. At this time of the year, we all focus on results but schools know that good outcomes depend on a curriculum that inspires children to learn, motivates and challenges them and provides a good balance between knowledge and skills,” said Zaka.
“That is the programme the CIE offers and our rigorous examinations are aimed at providing a fair, internationally-recognised assessment of what each student has achieved.”


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## Mugwop

*Raw cotton exports increase by 33 percent in fiscal year 2014*

The country's raw cotton exports posted a notable growth of 33 per cent to $205 million during FY14 mainly due to bumper crop and low prices. Official statistics revealed that raw cotton export posted a substantial growth of 33 per cent during FY14 compared to the same period of last fiscal year. With the current increase, the country's total raw cotton export reached $205 million mark during the July-June of the FY14 as against $154 million in the same period of the FY13, depicting an increase of $51 million. 
In term of quantity, raw cotton export is also higher than that of the previous year and with an increase of 24 per cent Pakistani traders exported some 760,000 bales during July-June of the FY14 compared to some 611,056 bales in the corresponding period of FY13. 
"Although, the export of cotton has posted a declining trend in the last few months of FY14, however overall it has witnessed a massive surge during the last fiscal year," exporters said. 
Bumper cotton crop in the last season (2013-2014), low cotton prices in the local market and higher demand in the world market have provided some opportunities to Pakistani exporters to earn more foreign exchange for the country by exporting raw cotton, they added. Ihsan ul Haq, a member of Pakistan Cotton Ginner Association (PCGA) and a leading trader, said that Pakistan can export much more commodity with proper planning. 
"Pakistan is an agricultural base country and can produce over 20 million bales every year with timely and proper availability of water, certified seeds and pesticides. Talking on the higher raw cotton export, he said that there are several reasons of rising cotton exports and this attributed to a lower price trend in domestic market, bumper cotton crop of 13.3 million bales and export oriented opportunities. 
Haq said that the federal government has set a cotton production target of 15 million bales for the year 2014-2015 and the country is likely to achieve. Meanwhile, Month on Month basis, the export of raw cotton has posted a decline of 81 per cent in June 2014 when compare with June 2013. Overall raw cotton amounting $1.38 million was exported in June 2014 compared to $7.205 million in June 2013. It may be mentioned here that during the last fiscal year 2012-2013, raw cotton export registered a decline of 67 per cent to $154 million down from $462 million in fiscal year 2011-2012.

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## ejaz007

*Cost of Nandipur power project goes up by another Rs 27 billion*

* Original cost of the project was estimated at Rs 22 billion, which now stands at Rs 84 billion owing to delay of seven long years in its completion
By Ahmad Ahmadani
September 17, 2014

ISLAMABAD: The cost of Nandipur Power Project has risen by Rs 27 billion, which has made the project unfeasible.
The production cost of the power project which has a capacity of only 450 megawatts has escalated by Rs 27 billion to Rs 84 billion. This unprecedented cost and small capacity of the project has shocked the power experts who claim that a mega project of over 800MW can be executed in this cost. The project would provide power at Rs 8.50 per unit, compared to Rs 4 per unit of the IPPs operationalised in 2007. A copy of official documents made available to Daily Times by top power gurus unearths the extremely dark and shady side of this project. 
The official documents show that the engineering, procurement and construction (EPC) and related cost was $502.318 million, taxes and duties $21.773 million, emergency spare parts $15 million, O&M Mobilisation $5 million, non-EPC construction $56.750 million, financial fees and charges $16.838 million, interest during construction (IDC) $229.491 million. In this way the total cost stands at $847.016million. It has also been learnt that the Northern Power Generation Company (NPGC) has recently sought approval of National Electric Power Regulatory Authority (NEPRA) to fix the power tariff of the project for 30 years at Rs 18.16 per unit with furnace oil, Rs 27.91/unit with high speed diesel (HSD) and Rs 8.44/unit with gas. 
When contacted, Nandipur Power Project Managing Director Muhammad Mehmood minced no words to categorically express his utmost surprise about increase in the cost under mysterious and suspicious circumstances, saying that he was unable to say how NEPRA had determined the cost of the Nandipur Power Project at Rs 84billion. According to the MD, cost of the project currently stands at Rs 57 billion. He said the reported cost of $847 million is equal to Rs 57 billion “only if you count value of one dollar equal to Rs 67,” he told Daily Times in response to a host of queries posed to him. Shocked at the mega escalation in the project’s cost, energy expert Arshad Abbasi said the project should be rejected outrightly as it would add more burden on national kitty. 


Cost of Nandipur power project goes up by another Rs 27 billion


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## fatman17

*Economy 2014 *
Dr Farrukh Saleem
Sunday, November 09, 2014 






Capital suggestion

For the media, good news is not news. To be certain, every coin has two sides and every cloud has a silver lining. Yes, the economy is cloudy, murky and muddy but here’s the silver lining: One: Budget deficit, the root cause of at least a hundred other financial ills, is at 5.5 percent of GDP – more contained than an average budgetary deficit of 8 percent of GDP over the past three years. In rupee terms, that amounts to an improvement in excess of Rs500 billion in just one year.

Two: Construction activity is up 11.3 percent, LSM is up 4 percent and electricity supply is up marginally by 3.7 percent (LSM is large-scale manufacturing including fertilizer, chemicals and leather).

Three: Foreign exchange reserves are up by a hefty 40 percent from $9.5 billion in October 2013 to $13.2 billion in October 2014.

Four: Rural income, country-wide consumption expenditures, wholesale and retail trade volumes are all up. Rural income is up because of bumper harvests of wheat, sugarcane and rice. And consumption is up because of increased foreign remittances and higher rural income.

Five: After a gap of seven years, the minister of finance managed to sell $2 billion worth of Eurobonds (against an initial target of $500 million).

Six: Privatisation is underway after a break of seven years. Target: $4 billion.

Seven: On August 18, the IMF issued the following statement:“The IMF is encouraged by the overall progress made in pushing ahead with policies to strengthen macroeconomic stability and reviving investment and growth. Economic indicators are generally improving, with growth continuing to momentum……”

Now the cloudy, murky and muddy part of the economy:

One: No reforms, neither expenditure nor taxation. No reforms, neither fiscal nor monetary. No regulatory reforms either. The economy is going nowhere without reforms – and there are no reforms on the agenda.

Two: The government has completely failed to decipher the energy sector puzzle. A 60 percent increase in electricity tariff is rendering the export sector globally uncompetitive (exports are down 7 percent).

Three: The trade deficit is widening as exports are declining and the import bill rising.

Four: Rising income inequality; rich getting richer, poor poorer. The economy is getting more and more cartelised and the cartels are becoming more and more powerful – the power cartel, the oil cartel, the sugar cartel, the cement cartel and the banking cartel.

Five: The Public Sector Development Program (PSDP) on the butcher’s block – down a scary 25 percent from a budgetary allocation of Rs1.1 trillion to an actual spending of Rs865 billion.

Six: No strategy or plan to remove structural constraints to investment and growth. Look at Pakistan’s global ranking on ‘ease of doing business’ slipping.

Seven; The PML-N in a fix; restless voters on the one side and a stringent IMF on the other.

PS: Most figures extracted from the Asian Development Bank’s database.

The writer is a columnist based in Islamabad. Email: farrukh15@hotmail.com 

Twitter: @saleemfarrukh

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## Abu Zolfiqar

fatman17 said:


> *Economy 2014 *
> Dr Farrukh Saleem
> Sunday, November 09, 2014
> 
> 
> 
> 
> 
> 
> Capital suggestion
> 
> For the media, good news is not news. To be certain, every coin has two sides and every cloud has a silver lining. Yes, the economy is cloudy, murky and muddy but here’s the silver lining: One: Budget deficit, the root cause of at least a hundred other financial ills, is at 5.5 percent of GDP – more contained than an average budgetary deficit of 8 percent of GDP over the past three years. In rupee terms, that amounts to an improvement in excess of Rs500 billion in just one year.
> 
> Two: Construction activity is up 11.3 percent, LSM is up 4 percent and electricity supply is up marginally by 3.7 percent (LSM is large-scale manufacturing including fertilizer, chemicals and leather).
> 
> Three: Foreign exchange reserves are up by a hefty 40 percent from $9.5 billion in October 2013 to $13.2 billion in October 2014.
> 
> Four: Rural income, country-wide consumption expenditures, wholesale and retail trade volumes are all up. Rural income is up because of bumper harvests of wheat, sugarcane and rice. And consumption is up because of increased foreign remittances and higher rural income.
> 
> Five: After a gap of seven years, the minister of finance managed to sell $2 billion worth of Eurobonds (against an initial target of $500 million).
> 
> Six: Privatisation is underway after a break of seven years. Target: $4 billion.
> 
> Seven: On August 18, the IMF issued the following statement:“The IMF is encouraged by the overall progress made in pushing ahead with policies to strengthen macroeconomic stability and reviving investment and growth. Economic indicators are generally improving, with growth continuing to momentum……”
> 
> Now the cloudy, murky and muddy part of the economy:
> 
> One: No reforms, neither expenditure nor taxation. No reforms, neither fiscal nor monetary. No regulatory reforms either. The economy is going nowhere without reforms – and there are no reforms on the agenda.
> 
> Two: The government has completely failed to decipher the energy sector puzzle. A 60 percent increase in electricity tariff is rendering the export sector globally uncompetitive (exports are down 7 percent).
> 
> Three: The trade deficit is widening as exports are declining and the import bill rising.
> 
> Four: Rising income inequality; rich getting richer, poor poorer. The economy is getting more and more cartelised and the cartels are becoming more and more powerful – the power cartel, the oil cartel, the sugar cartel, the cement cartel and the banking cartel.
> 
> Five: The Public Sector Development Program (PSDP) on the butcher’s block – down a scary 25 percent from a budgetary allocation of Rs1.1 trillion to an actual spending of Rs865 billion.
> 
> Six: No strategy or plan to remove structural constraints to investment and growth. Look at Pakistan’s global ranking on ‘ease of doing business’ slipping.
> 
> Seven; The PML-N in a fix; restless voters on the one side and a stringent IMF on the other.
> 
> PS: Most figures extracted from the Asian Development Bank’s database.
> 
> The writer is a columnist based in Islamabad. Email: farrukh15@hotmail.com
> 
> Twitter: @saleemfarrukh



sooner Pakistan removes itself from the debt trap and slavery of the IMF, better off it will be


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## quang minh

While reviewing the sector-wise trends of exports the TDAP disclosed that textiles and clothing, agro-food and metals and minerals have shown an upward trend over the previous year.


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## Bilal9

salman77 said:


> ISLAMABAD: Exports of surgical goods and medical instruments during first seven months of current financial year grew by 7.67 percent as compared to same period of last year.
> During the period from July-January, 2013-14, surgical goods and medical instruments worth US$ 191.422 million exported as compared to US$ 177.785 million exports of corresponding period of last year.



Mashallah excellent news!

Slightly OT question: Is Sialkot the sole city/region driving this export of surgical goods and medical instruments ?


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## Chak Bamu

Bilal9 said:


> Mashallah excellent news!
> 
> Slightly OT question: Is Sialkot the sole city/region driving this export of surgical goods and medical instruments ?



Not really, but Sialkot is the major player because people of the area have a very strong work ethic and aggressive attitude to earning money.

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## NaMaloom

Err, to my knowledge Sialkot has a long way to go to meet international standards of manufacturing medical instruments and surgical goods. I cannot yet post a link here but everyone is welcome to search for news article titled, 

"Why does so much of the NHS's surgical equipment start life in the sweatshops of Pakistan?"

by Louise Tickle in The Independent (UK newspaper) dated January 19th, 2015


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## Zibago

Pakistan to forward TTA draft to Turkmenistan soon


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## Qalandari

Any updates ?


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## salman77

*Pakistan in deals to export 250,000 T sugar*

Pakistan has signed deals to export 250,000 tonnes of sugar, after the government approved in December a subsidy of $100 a tonne for overseas sales of 650,000 tonnes of the sweetener lying with its mills, a top industry official said.

Rising shipments from Pakistan in an amply-supplied world sugar market could further depress the benchmark New York prices that sank to their lowest level since 2010 on Tuesday and are on track for their fifth consecutive annual drop.

Mills in Pakistan have sealed export deals at $370-$400 a tonne for prompt deliveries to the buyers in Africa, Central Asia and the Middle East, Iskander Khan, chairman of the Pakistan Sugar Mills Association, told Reuters.

Pakistan produces about 6 million tonnes of sugar but consumes only around 4.5 million tonnes a year. It has been struggling to export the sweetener to shore up the deteriorating financial health of its mills hit by two straight years of surplus output, which has hammered domestic prices.

Local sugar prices have dropped 13 percent over the past six months, falling below the cost of production and stoking worries about mills going bust.

"We are making sugar for 64 rupees ($0.63) a kg and selling at 45 rupees a kg. How will I pay farmers?" Khan asked.

The weak local prices could force about 20 sugar companies to shut shop, depriving cane growers of their dues, he said.

Neighbouring country India, the world's top sugar producer after Brazil, is also awash with the sweetener after five years of surplus output and recently decided to give mills a subsidy for exports to help cut stockpiles.

It has signed deals to ship out 50,000 tonnes of raw sugar in the first overseas sale of the season that began in October.

But traders believe that India will struggle to export, despite the government subsidy, as global prices remain weak in anticipation of large supplies from Brazil. (Editing by Mayank Bhardwaj and Himani Sarkar)

Pakistan in deals to export 250,000 T sugar, subsidy helps| Reuters


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## salman77

*Ukraine eyes more than $1bn trade potential with Pakistan *

ISLAMABAD: The Ambassador of Ukraine Volodymyr LAKOMOV said that Pakistan and Ukraine has the potential to increase current volume of less than US$ 200 million bilateral trade to beyond USD1 billion by enhancing collaboration between their private sectors.

He said this while interacting with business community during his visit to Islamabad Chamber of Commerce and Industry. He said that during the last couple of years, Pak-Ukraine trade has witnessed significant improvement, however, there was lot more scope to improve it. He said that Ukraine has signed an association agreement with European Union which would help it integrate into Europe. The agreement also includes a free trade zone deal with European Union and added that by enhancing cooperation with Ukraine, Pakistani businessmen could get easy access to $17 trillion Europe’s market.

He said that Ukrainian entrepreneurs were eager to promote trade with Pakistan and were looking for permanent partnerships with Pakistani counterparts. He said ICCI should sign MoU with Ukrainian Chamber of Commerce and Industry to promote private sectors connectivity so that businessmen of both countries could play positive role for enhancing trade relations. He assured that his Embassy would facilitate such initiatives to further strengthen and deepen commercial ties between Pakistan and Ukraine.

In his welcome address, Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said that Pakistan and Ukraine enjoy good relations since long that should be transformed into growing trade and economic relations. He identified energy, agriculture, textile, food processing, fruits, steel, mining & minerals, machinery & equipment, transport and chemicals as potential areas of cooperation between the two countries.

He said there existed great potential for increasing bilateral trade and emphasized that both countries should consider signing a preferential trade agreement to tap all untapped areas of mutual cooperation. He said sector-specific efforts should be accelerated to start a new era of trade and economic relations between the two countries.

Muzzamil Sabri urged that both sides should enhance exchange of trade delegations, organize trade fairs and single country exhibitions, which could play a significant role to achieve the desired goals. He said both countries should explore establishment of direct communications links that would facilitate two-way trade. He said ICCI was ready to sign MoU with Ukrainian CCI and would consider taking a delegation to Ukraine in order to explore new avenues of mutual cooperation between the two countries.

Muhammad Shakeel Munir Senior Vice President, Muhammad Ashfaq Hussain Chatha Vice President, Islamabad Chamber of Commerce and Industry, Khalid Chaudhry, Tahir Abbasi and others were also present at the occasion.

Ukraine eyes more than $1bn trade potential with Pakistan

*Pakistan secures Chinese order for 1,500 tons rice*

*A Chinese delegation of grain traders, which is on a visit to Pakistan, has signed an agreement for the import of 1,500 tons of rice from Pakistan.*

According to a press release, the 10-member delegation of the Guangdong Grain Association met with representatives of the Rice Exporters Association of Pakistan (REAP) at the head office of the Trade Development Authority of Pakistan (TDAP) here on Wednesday.

The business-to-business meeting of the two associations was arranged by the TDAP, which was held in a friendly atmosphere. The participants discussed issues related to rice exports to China and their possible solutions.

Earlier on March 23, the Chinese delegation visited a rice processing factory in Karachi, which was arranged jointly by the TDAP and REAP.

The delegates showed satisfaction over the quality of rice and standard of the processing factory. They will also visit Lahore and Islamabad in order to continue negotiations with the relevant authorities.

Pakistan secures Chinese order for 1,500 tons rice | Pakistan Today


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## Kurlang

*Sales of above 70cc bikes grow 22pc*





KARACHI: Consumers are now more inclined towards high engine power bikes and sales of such bikes may remain strong in the coming months if low petrol price persists.

Industry sources said that sales of above 70cc bikes grew by 22 per cent in July-February 2014-15 as compared to the same period in last fiscal year.

The difference in urban and rural buying of motorcycles is no more a major factor. Besides, fuel efficient engines and comfort of riding above 70cc bikes also lure buyers for whom high price of 100-125cc bikes appears affordable. The tilt towards above 70cc bikes has been in vogue for the last five years.

“We expect sales of above 70cc bikes to grow in the current fiscal year due to a variety of factors including fuel economy,” a bike dealer at Akbar Road said.

Pak-Suzuki Motor Company Limited (PSMCL), which produced 15,326 bikes in 2008-09, sold out 24,358 units in 2013-14. In July-February 2014-15, its sales stood at 14,661 units.

Realising shifting trend in the last few years, some assemblers opted to introduce new products based on 100cc and 125cc engines. An international new player has entered the market with products based on 125cc bikes.

The size of motorcycle market in Pakistan was 1.3 million units in 2009-10. The size of three-wheelers during the period was around 45,469 units. These included two-wheelers used as prime movers for three-wheelers.

The number of 70cc motorcycles produced during the period was 1.17 million units. Those of 100cc were 47,549 units. Motorcycles of 125cc were 113,217 units. Thus in 2009-10, production of 70cc was 88pc of the total market. As of 2013-14, bike production was around 1.52 million and 83pc of these were 70cc.

On the other hand, during the same period, share of 125cc motorcycles in the two-wheeler market increased from 8pc (113,217 units) in 2009-10 to 13pc (200,983 units) in 2013-14.

Year-wise growth of 70cc engine capacity bikes had been 2010-11 (11pc), 2011-12 (2pc), 2012-13 (Nil) and 2013-14 (1pc).

This magnitude in drop in growth rate can be appreciated when seen in the backdrop of growth in production in 2009-10, which was 47pc. Total production of motorcycles in 2008-09 was 910,753 units and it grew to 1.33m in 2009-10.

The annual cumulative average growth rate (CAGR) for 2000 to 2010 was 35pc.

When analysed in this backdrop the ‘standalone’ growth in 125cc and 100cc category, each is reflected to be around 24pc in the five years period under study.

The 70cc had literally dominated the country’s roads due to low price and affordable maintenance cost. But it seems that its growth has eluded.

Some people facing difficulties in maintaining cars which they already have are seen switching towards above 70cc bikes which gives them social recognition as well as mobility they can afford, a bike dealer said.

_Published in Dawn, March 29th, 2015_

*Export proceeds from non-textile products fall*





Export proceeds from these products fell to $6.826bn in July-Feb 2014-15 from $7.704bn last year. -Reuters/File
ISLAMABAD: Pakistan’s export of non-textile products witnessed a negative growth of 11.39 per cent during the first eight months of this fiscal year from a year ago.

In absolute terms, export proceeds from these products fell to $6.826 billion in July-February 2014-15 from $7.704bn in the corresponding months of last year.

In the 2014-15 budget, the government announced to provide support on export of nine value-added non-textile products, but the decision is yet to be notified by the government despite a lapse of seven months.

The support scheme was announced for leather manufacturers, footwear, sports goods, surgical, engineering goods, furniture, meat and meat products, fish products and cutlery.

Exports from the non-textile sector are witnessing a declining trend since July 2014, but the Ministry of Commerce has yet to take corrective measures for arresting the fall.

Last year, export of non-textile products reached $11.40bn from $11.42bn in the previous year, showing a decline of 0.18pc.

Product-wise details show a decline of 12pc year-on-year in export of petroleum products. Petroleum naphtha led the decline in the petroleum sector’s export. However, exports of petroleum crude witnessed an increase of 100pc and petroleum products 7.50pc.

Export of carpets and rugs witnessed a negative growth of 5.18pc during July-February 2014-15 period of this fiscal year from a year ago.

Export of sports goods dipped by 3.08pc year-on-year during the months under review. Foreign sales of footballs were also down by 3.06pc.

Export of tanned leather witnessed a negative growth of 3.06pc in July-February 2015 from a year ago.

Leather products’ export declined by 4.22pc during the period under review. All value-added leather products witnessed decline in exports in July-February 2014-15. However, export of leather gloves witnessed a growth of 9.16pc during the period under review.

Export of footwear swelled by 18.73pc, mainly driven by 23.70pc increase in export of leather footwear. This is the only sector which witnessed an impressive growth during the first eight months of the current fiscal year from a year ago.

The growth in footwear was mainly because of preferential market access in the EU market because of GSP Plus scheme.

Export of surgical goods and medical instruments went down by 0.14pc and engineering goods dipped by 27.54pc during the period under review over last year.

Year-on-year export of gur was down by 7.50pc, cement 2.37pc, molasses 66.93pc, and jewellery 98.40pc during the first eight months of this fiscal year from a year ago. However, export of furniture was up by 1.65pc and handicraft 473.41pc.

In the food basket, export of rice witnessed a decline of 6.58pc in the first eight months of this fiscal year from a year ago.

The decline was witnessed in export of both basmati and non-basmati rice. Export of meat, sugar, oil, wheat, tobacco, leguminous vegetables, vegetables also witnessed a decline during the period under review.

However, export of spices witnessed an increase of 23.93pc during July-February 2014-15. Exports of fruits also witnessed an increase of 0.72pc during the period under review.

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## A1Kaid

*Pakistan to attain seven pct GDP growth target, says Dar | ARY NEWS*


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## Kurlang

*Nepra announces cut in power tariff rates*





The rate-cut would not apply on those users who consume less than 50 units of electricity per month.— DawnNews screengrab

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Tuesday notified a Rs1.23 per unit decrease in electricity rates for consumers of K-Electric and a Rs2.08 per unit slash in the rates for consumers of all other distribution companies (Discos).

The fuel adjustments worth Rs13 billion would be passed on to consumers during the billing month of April 2015 out of which Rs1 billion would be received by K-Electric users and Rs12 billion would be passed on to users of all other Discos.

The rate-cut would not apply on those users who consume less than 50 units of electricity per month.

Fuel worth Rs55.75 billion was spent for the generation of 6.8 billion units of electricity consumed by the users of all Discos apart from those of K-Electric.

The actual fuel cost for January 2015 was determined at Rs9.27 per unit against corresponding determined fuel charges of 11.36 per unit.

It was reported that the highest share of furnace oil-based plants at 45.4 per cent in total power supply was generated at Rs10.26 per unit while 9.42pc generation came from high speed diesel with an average cost of Rs15 per unit, followed by 23.3pc generation from natural gas amounted to Rs4.2 per unit. Only 13pc generation came from hydropower with zero fuel cost while fuel cost of 5.65pc generation from nuclear power cost came at Rs1.17 per unit.

K-Electric had sold 1.06 billion units of electricity to consumers during the month of December 2014.

Under the automatic fuel adjustment formula Nepra is required to determine the difference of fuel cost every month and directly pass it on to consumers.

*Zero effect, say experts*





Independent economists agree that the trickledown effect has had no effect on the lives of lesser mortals.

Former chief economist Dr Pervez Tahir says that while inflation is down, one sees no cheers on the faces of ordinary folks. “Other improvements that the ministers brag about — ratings, stock exchange, donor endorsements — do not make any sense to them. What does make sense to them is continued loadshedding, shortages even with historically low oil prices, fears of scarcity of flour amidst plenty of wheat, rising school and health costs and so on,” he says.





“In short, they see a government ineffectively busy in issues that do not concern them. The economic incompetence does not have a parallel in living memory. The people see the opposite of what was promised. Instead of breaking the begging bowl, they see the glorification of increasing debt. Energy is left to MOUs that do not have a timeline. For jobs, they have threats of privatisation. The poor seems to have been assigned permanently to mechanisms like the Benazir Income Support Programme (BISP). There is not much difference between the cricket team and the economic team!”






Former finance minister Dr Hafiz Pasha blames the government decision to exorbitantly increase procurement price for the “significant upward swing” of the prices of food items.

“The price of staple food items like sugar, wheat and vegetable ghee has not been brought down. To protect the interest of big farmers, wheat and sugar price was almost increased by Rs9 per kg. The prices of wheat byproducts have witnessed gradual increase. This is the outcome of the imposition of regulatory duty of 20pc on sugar import and 25pc on wheat. As a result, the prices of these staple food items which are mostly in use of common people are artificially raised. Contrary to this, the government has provided subsidies on export of these commodities to give benefit to the foreign consumers,” he says.

“The trickledown is not there though the government reduced petroleum prices. Still, it is not clear how much benefit in oil price was transferred to the local consumers. High speed diesel, the main fuel in the transport sector, was subject to 37pc sales tax. The trickledown effect will only be visible in case government’s policies focused on bringing the food prices down. The maximum benefit should be passed on to the end consumers. We should have used the fall in international price to reduce the price of food items so that the trickledown effect could reach the consumers,” he concludes.

Faisal Bari, a Lahore-based economist and academic, notes that while the inflation is down and the rupee is stable, there still is low level of economic growth. “We cannot achieve rapid poverty reduction or even reduce inequality with this level of growth. Now, to achieve those, we need a higher level of growth or much stronger re-distributive policy that takes assets and resources from the rich, and give them to the poor.

“Our taxation system and our social protection policy or even the expenditure on health and education are not strong means of re-distributing resources. Hence, with the current state of economy, it is almost impossible to achieve any poverty reduction targets. What we need is significant policy shift,” he asserts.

Former caretaker finance minister and a leading World Bank official Shahid Javed Burki is clear on the way things should move. “Much of the economic gains have been captured by the rich. The gains are going to the urban rich, and not to the rural well-to-do as was the case in the past. The only way to address this is via fiscal policy; by increasing taxes on the urban rich.”

_Published in Dawn March 22nd , 2015_


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## salman77

*Russia shows its readiness to renovate Pakistan Steel Mills*

ISLAMABAD: Russian Ambassador to Pakistan Alexey Y. Dedov said that his country was ready to renovate Pakistan Steel Mills, Karachi and in case of its privatization, Moscow would mull over whether to bid for it or not.

“We demonstrated our readiness in modernization of these Steel Mills. In general we are ready to participate in renovation of the PSM. But as for purchasing shares, first of all Pakistani government should finally decide what to do with these mills, whether to renovate or to privatize,” Alexey told APP in an interview here.

In case of its privatization the decision would be taken keeping in view its price or other aspects because then it would be a commercial deal, he added. Pakistan Steel Mills is largest industrial mega corporation with a production capacity of 1.1-5.0 million tonnes of steel and iron foundries.

When questioned on the construction of floating Liquefied Natural Gas (LNG) terminal at Port Qasim in Karachi and gas pipeline, he said “these projects are also in the sphere of our interest and we are already participating in it. So far there are some practical steps ahead in term of our negotiations and the process has already been launched.”

Our company Global Resources is already in negotiations with Pakistani side concerning this gas pipeline from Port Qasim Northward and he hoped there would some practical outcome of these talks.

When asked what hampered boosting trade between the two countries, he said there existed an old problem of “unsettled mutual debt obligation” of US $120 million pending resolution since 1990s”. The ministries of finance of the two sides were working to sort it out, he added.

In the existence of this issue, Russia cannot provide state guarantees on state loans until this issue is resolved. Actually some Pakistani companies had supplied goods to Russian firms but were not paid.

However, he said that ministries of the finances of the two countries had agreed to draft an agreement to resolve this issue, “so we are moving ahead in this direction,” though in slow pace, he said. Russian side has given its draft to Pakistani side and is waiting its response, he added.

The envoy said that the aggregate bilateral trade between Moscow and Islamabad was $460 million in last two years and the main reason for this was a drastic fall of Pakistani demand for importing Russian iron and steel as it used to be $ 60 million which slumped to $17 million per year. However there were some “positive trends” as Pakistan was exporting toys and sports goods to Russia.

He stressed bilateral exchange of business delegations for establishing direct links between Russian and Pakistani entrepreneurs. He said Russian honorary consul in Lahore Habib Ahmed had been engaged in organizing tourists and businessmen trips between the two countries.

On Free Trade Agreement between Russia and Pakistan, he said it is on the table but there is a lot of work to be done in this regard.

Russia shows its readiness to renovate Pakistan Steel Mills | Customs Today Newspaper

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## Matrixx




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## Viper0011.

Kurlang said:


> *Zero effect, say experts* Independent economists agree that the trickledown effect has had no effect on the lives of lesser mortals.
> 
> Former chief economist Dr Pervez Tahir says that while inflation is down, one sees no cheers on the faces of ordinary folks. “Other improvements that the ministers brag about — ratings, stock exchange, donor endorsements — do not make any sense to them. What does make sense to them is continued loadshedding, shortages even with historically low oil prices, fears of scarcity of flour amidst plenty of wheat, rising school and health costs and so on,” he says.



Former chief economist in who's time? Mushy the bushy or Corrupt-Dari (Zardari's)??? Of course to him all these hundreds of projects producing jobs, building power plants, dams, schools, universities, canals, highways, link roads, buildings, advance police, fire and rescue, military products produce NOTHING.

These are the statements which show you someone's true colors, skills and education. If he had some experience as a real economist, he would know that Pakistan's economy is under "pressure" but not stopped or being destroyed to bankruptcy like it was in 2012, when the current government took over.

Currently, Pakistan's economy is advancing but in a slower mode. Its called "transition" period, when an economy is still slow, but there is job growth and upwards movement below 5%. But, there are significant projects in pipes that once they start to finish up, you'll gain significant advantage and much faster economic activity as the resulting products of these large projects, will be available, whether its the electricity, dams, water reservoirs, car manufacturing, hospitals, school, universities, etc. As every single project completes, more revenue, more jobs, taxes and ongoing expansion will start to come into the system, resulting in ongoing revenue and tax generation, helping growth in GDP. 
By the end of 2017, the electric issue will have resolved by 80-90%, there should be plenty of different water reservoirs and dams to provide for additional land irrigation, producing more agriculture output, there should be hundreds of thousands of more jobs around the highway system, particularly, the economic corridor to support travel to and back from China, rest stops, shops, hotels, new hospitals, communities, new business, etc, etc. The birth of economic growth in Pakistan has happened in the past two years. Now projects need to complete so they can provide results. And EVERY project goes through its own challenges and cost runs. There is nothing perfect, even in the US, I've been involved with many large programs, and almost all of them go through some challenges, like additional cost, scope or time related issues. So be patient and support your system, the system will take care of its people like how it is in the US, UK and elsewhere. The system provides opportunity for everyone.


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## Matrixx




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## wiqi21

*CDWP clears Rs48bn projects for Ecnec approval*

ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday approved Rs128 million project and recommended three other projects of Rs48 billion to the Executive Committee of the National Economic Council (Ecnec).

The CDWP meeting, chaired by Federal Minister for Planning, Development and Reform Ahsan Iqbal, discussed six public sector development projects

The meeting referred two energy projects to Ecnec, including the import of electricity from Central Asia under the CASA-1000 project and establishment of a coal-based power plant in Karachi.

The CASA-1000 project is to bring electricity from Tajikistan through 500KV high density transmission system to Pakistan.

The CASA-1000 interconnection will transmit 1,300MW of surplus electricity from existing hydro-power resources in the Central Asian countries (Tajikistan and Kyrgyzstan) through Afghanistan to Pakistan.

The total distance of transmission line is 1,200km. Out of the 1,300MW of power being exported, 1,000MW will be supplied to Pakistan while 300MW will be supplied to Afghanistan.

The project costs Rs31.85bn and PSDP allocation of 2014-15 is Rs4,000 million. It will be completed within three and a half years.

The project was approved by the board of World Bank in March 2014.

The other energy project referred to Ecnec was establishment of 1,320MW imported coal-based power plant at Bin Qasim near Karachi.

The project envisages transportation of power produced at the plant to upcountry load centres by construction of 500KV transmission line of 180km from the proposed plant at Bin Qasim to Matiari.

The project costs Rs13.66bn and the PSDP allocation for 2014-15 is Rs200 million. It is scheduled to be completed in four years.

A health related project on the Expanded Programme on Immunisation was also referred to the Ecnec.

The CDWP also approved a Rs128m foreign funded project on water and livelihood.

The project will be executed by the Ministry of National Food Security and Research and relates to glacier and snow pack dependent river basins of the Himalaya and Hindukush Region.

On the occasion, the federal minister said that development projects reflect government’s priority to energy sector through knowledge initiative.


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## Al Bhatti

12 May 2015

*Pakistan to get fresh $506million IMF loan
Pakistan would achieve the fiscal deficit target of 4.9 per cent of GDP by the end of the fiscal year on June 30, and for next year the target would be 4.3 per cent. *


Pakistan in June will get the next installment worth $506 million of its loan from the International Monetary Fund after a successful review of its economic performance, the finance minister said on Monday.

“The seventh review was completed successfully today, for which an IMF team came to Islamabad,” Ishaq Dar told a joint Press conference with IMF delegation head Harald Finger.

“After the approval from the IMF board, some $506 million should be released to Pakistan in June.”

Dar said the country had satisfied qualitative performance criteria relating to its net international assets, net domestic assets and borrowing by the central bank.

“All these three were right on target.”

The minister said Pakistan would achieve the fiscal deficit target of 4.9 per cent of GDP by the end of the fiscal year on June 30, and for next year the target would be 4.3 per cent.

Finger said Pakistan had made “significant progress” over the last year and a half in strengthening its economy. He said the IMF mission and Pakistani authorities had reached staff-level agreement on economic and financial policies which would be considered by the IMF executive board in June.

“After completion of this review, SDR 360 million (about $506 million) will be made available to Pakistan,” Finger announced.

The IMF official said the economy was improving.

“Pakistan’s economy continues to gradually improve, helped by macroeconomic stability, lower oil prices, robust remittances and higher supply of gas and electricity.”

Real GDP growth was expected to reach 4.1 per cent this fiscal year and accelerate to 4.5 per cent next year, he added.

Excluding next month’s payment, the IMF since late 2013 has provided $3.7 billion out of a $6.6 billion loan.

Business - Pakistan to get fresh $506million IMF loan


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## Al Bhatti

July 12, 2015






Pakistan's big five banks - National Bank of Pakistan, Habib Bank, United Bank, MCB Bank and Allied Bank - earned a profit after tax of Rs111.892 billion, up 32 per cent in the whole year 2014 when compared to their CY-13 profit of Rs84.708 billion.


*Pak bank profits hit peak despite slow economy *

The latest profit reports for Q1 of calendar year 2015, which closed on March 31 showed banks profits recorded a historic high of 58 per cent. 

Pakistani banks profits have gone through the roof while the economy still stays slow to pick up. The latest profit reports for Q1 of calendar year 2015, which closed on March 31 showed banks profits recorded a historic high of 58 per cent, totalling Rs80 billion compared to the like period of CY-14.

The asset base of the banking system was up 3.5 per cent, or Rs422 billion, to reach a total of Rs12.5 trillion. The increase came on the back of the banks' larger investment in government bonds and securities. The credit advances recorded a net retirement "primarily due to the seasonal adjustments and drop in commodity prices." The liquidity of the banking system remained at "a comfortable level: with "a continuing accumulation of huge stocks of liquid assets in the form of government securities," State Bank of Pakistan (SBP), the central bank, said in its Quarterly Review of the Banking Sector for January-March 2015. But the SBP also cautioned about the quality of assets, which it said, "slightly deteriorated".

The ratio of non-performing loans (NPLs) to gross loans increased by 50 basis points to 12.8 per cent. The ratio of NPLs to net losses rose by nine basis points to 2.8 per cent in Q1.

But with the increase in the capital base during the quarter, capital impairment ratio (net NPLs to capital) was down 27bps to 9.8 per cent, which means "declining risk to the future earnings and equity of the banking system."

The Return on Assets (RoA) rose 2.6 per cent from 1.9 per cent in Q1 of CY-15 as compared to the like quarter of CY-14. The smaller bank are doing fine in terms of earnings and sometime even doing better than the large ones. Lets have a look at the Big Five banks.

National Bank of Pakistan, Habib Bank, United Bank, MCB Bank and Allied Bank earned a profit after tax of Rs111.892 billion, up 32 per cent in the whole year 2014 when compared to their CY-13 profit of Rs84.708 billion. As the banks lent more and more to the government rather than the private sector, their overall amount of NPL came down. Their provisioning for NPLs has also come down by 39 per cent to Rs1.2 billion as compared to Rs2.2 billion, respectively for full year 2014 and 2013.

Ironically, these high profits accrued from commercial banks' huge lending to the cash-starved government, which is facing growing budgetary deficits even after claims of "positive performance" made by Finance Minister Ishaq Dar. Naturally, while the commercial banks were gleefully lending to the government at high rates and with sovereign guarantees, the private sector -industry, business and the foreign trade segments of the economy are cash-starved for working capital, renewal and upgrading of old machinery, what to talk of new capital investment. As of now, out of the banks' total lending, credit to government mounts to 90 per cent. It is 43 per cent of their total assets.

While the profits are going up and up, the bankers have turned snug and lazy. They do not have to go after potential borrowers and undergo the routine chore of checks for safety of the money to be lent or face the hassle of ensuring repayments.

The big plus in the profits has assisted banks to improve their capital adequacy ratio (CAR) to 17.4 per cent, the SBP reported. The minimum CAR limit set by SBP is 10 per cent while the international benchmark is eight per cent. The CAR as at end-December-214 was 17.1 per cent.

Thirty-three per cent of the banks have posted profit. The number of loss-making banks is down to four.

The banking systems' growth and increased profitability is attributable several elements, including return on investment in government bonds and securities, which alone contributed 34 per cent. There was a nine per cent increase in return on investment. Forex-based income also rose.

There was a "negligible increase in deposits". The deposit base of Rs9.38 trillion increased by Rs85 billion. The quarter saw saving deposits rise by 3.4 per cent and current account deposits by 2.1 per cent while the fixed deposits were down by 2.4 per cent.

Going forward, the SBP sums up the banks' operations and their performance by saying: "The earnings performance of the banking sector is expected to remain robust and will boost the equity base of the banking system."

Views expressed by the author are his own and do not reflect the newspaper's policy.

Pak bank profits hit peak despite slow economy - Khaleej Times


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## fatman17

Pakistan to receive $337m under CSF this month

July 15, 2015

ISLAMABAD - Pakistan would receive $337 million from the United States under Coalition Support Fund, it was learnt on Tuesday.
"Yes Pakistan will receive CSF installment within July", a top official of the Finance Ministry confirmed while talking to The Nation. 
Pakistan would receive over $1.5 billion (Rs154 billion) from the United States under Coalition Support Fund during 2015-16. The tranche would help build the country's foreign exchange reserves. 
Pakistan's current reserves have climbed to an all-time high of $18.71 billion last week, adequate for five months of import cover. The State Bank of Pakistan's reserves are $13.53 billion and commercial banks held $5.18 billion. Earlier, the country's reserves reached an all-time high of $18.243 billion in 2010-11.
The country's foreign exchange reserves had increased to the highest level after receiving $688 million in June from the Word Bank and $506 million from the International Monetary Fund (IMF) under an Extended Fund Facility (EFF) arrangement in June 2015. The reserves would have much higher if it had received two loans from the World Bank and Asian Development Bank. Pakistan had failed to convince the World Bank and Asian Development Bank for providing $500 million and $400 million loans respectively for the energy sector before till June 30. 
The government had received Rs200 billion (around $2 billion) from the US under the CSF during previous fiscal year 2014-2015, showed in the budget documents. As against meagre CSF amount of Rs204 billion, Pakistan had faced financial loss worth of Rs458 billion in the ongoing war on terror.
The Coalition Support Fund is reimbursement to Pakistan for expenses already incurred and compensation for facilities made available to the coalition forces in fighting war against terrorism. During last 14 years, since 2001 the direct and indirect cost incurred by Pakistan due to incidents of terrorism amounted to $106.98 billion equivalent to Rs 8,702.75 billion.


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## Al Bhatti

July 20, 2015

* Record Pak remittances to shore up national economy *

*Officially-received amount surges 16.6% to hit $18.454b in FY-15 *

Home remittances sent by Pakistanis working abroad overshot all targets and all records during fiscal year 2015, which ended on June 30, the central bank confirmed.

The officially-received amount was $18.454 billion - up 16.6 per cent, the highest ever since FY-1997 and compared to $15.837 billion in FY-2014. The target set by Ministry of Finance and the State Bank of Pakistan, or SBP, was $16.7 billion. The total inflow of $18.454 billion in FY-2015 is very close to the country's forex reserves of $18.714 billion as on July 3, which is in fact more than the SBP-owned amount. Part of this forex in reserves is owned by commercial banks.


Special cheers go overseas Pakistanis, who sent the largest-ever amount to their homeland to help it in its need. The government of Pakistan, the SBP and other banks do get a part for acceding this target. Still more cheers should go to the leadership and the government of the UAE who helped overseas Pakistanis working here as they recorded the highest growth of 35 per cent year-on-year in earning and sending their remittances. The amount sent from the UAE in FY-2015 was $4.206 billion compared to $3.10 billion in FY-2014.


Saudi Arabia was No.1 in the total amount of remittances with $5.6 billion; remittances grew 19 per cent. The growth of remittances from other GCC countries was 16 per cent and the total amount was $2.151 billion compared to $1.865 billion in FY-2014.


The Pakistani leadership and people equally appreciated the big cash received from the UAE, Saudi Arabia and other GCC countries.


"These Islamic countries stood firm and, once again, came out as our true brothers and friends in our need," Prime Minister Nawaz Sharif said.

The UAE, Saudi Arabia and the GCC region contributed 65 per cent or $11.987 billion of all inflow of home remittances.


Remittances from the United Sates totalled $2.585 billion, also higher than last year. Pakistanis sent $2.28 billion remittances from the United Kingdom, 4.9 per cent higher than FY-2014.


Remittances from the European Union, comprising 28 countries, were down to $361 million from $461 million in FY-2014. This was the only fall of the year compared to the previous one.


The remittances also witnessed the traditional surge that takes place in the holy month of Ramadan and Eid Al Fitr period as overseas Pakistanis send home more cash to meet their family requirements as well as expenses for Haj and Umrah.


Besides commercial banks receiving larger amounts of remittances, member companies of the Pakistan Foreign Exchange Association handled $4 billion in FY-2015.


While all this credit goes to Pakistanis working abroad, what did Finance Minister Ishaq Dar and the 190 million people living inside Pakistan do to shore up the economy? Three quick economic indicators to examine the situation come to mind.


One, the government failed to produce more and export more, as a result of the energy crisis and stagnating businesses. Exports are stagnating for the last three years, and fell short of the $27 billion target; the actual amount achieved was $25 billion.


Two, foreign direct investment declined 58 per cent in FY-2015 as compared to the previous year. Dar "succeeded" in accumulating high-interest foreign borrowing, loans and by sale of bonds, which will hit the country hard at the time of repayment of huge amounts of interest and the principal amounts.


Three, even after doing all these and despite a record amount of inflow of remittances, Pakistan is still facing a $2 billion current account deficit as seen in the external balances for the first 11 months of FY-2015, the SBP report showed.


What is the way forward? The undocumented, private and hundi and hawala inflows have been growing to some extent and are expected to go up further. But the fact also is that some of such inflows are turning to the official channels as easier, low-cost and faster banking facilities are now available. The easy inflow trend started in August 2009 when the SBP, the Ministry of Finance and the Ministry of Overseas Pakistanis had launched the Pakistan Remittances Initiative.


Bankers and forex-market analysts project that FY-2016 will see "the officially-recorded remittances to rise to $20 billion".


Views expressed by the writer are his own and do not reflect the newspaper's policy.

Record Pak remittances to shore up national economy - Khaleej Times


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## Jahanzib

wiqi21 said:


> *CDWP clears Rs48bn projects for Ecnec approval*
> 
> ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday approved Rs128 million project and recommended three other projects of Rs48 billion to the Executive Committee of the National Economic Council (Ecnec).
> 
> The CDWP meeting, chaired by Federal Minister for Planning, Development and Reform Ahsan Iqbal, discussed six public sector development projects
> 
> The meeting referred two energy projects to Ecnec, including the import of electricity from Central Asia under the CASA-1000 project and establishment of a coal-based power plant in Karachi.
> 
> The CASA-1000 project is to bring electricity from Tajikistan through 500KV high density transmission system to Pakistan.
> 
> The CASA-1000 interconnection will transmit 1,300MW of surplus electricity from existing hydro-power resources in the Central Asian countries (Tajikistan and Kyrgyzstan) through Afghanistan to Pakistan.
> 
> The total distance of transmission line is 1,200km. Out of the 1,300MW of power being exported, 1,000MW will be supplied to Pakistan while 300MW will be supplied to Afghanistan.
> 
> The project costs Rs31.85bn and PSDP allocation of 2014-15 is Rs4,000 million. It will be completed within three and a half years.
> 
> The project was approved by the board of World Bank in March 2014.
> 
> The other energy project referred to Ecnec was establishment of 1,320MW imported coal-based power plant at Bin Qasim near Karachi.
> 
> The project envisages transportation of power produced at the plant to upcountry load centres by construction of 500KV transmission line of 180km from the proposed plant at Bin Qasim to Matiari.
> 
> The project costs Rs13.66bn and the PSDP allocation for 2014-15 is Rs200 million. It is scheduled to be completed in four years.
> 
> A health related project on the Expanded Programme on Immunisation was also referred to the Ecnec.
> 
> The CDWP also approved a Rs128m foreign funded project on water and livelihood.
> 
> The project will be executed by the Ministry of National Food Security and Research and relates to glacier and snow pack dependent river basins of the Himalaya and Hindukush Region.
> 
> On the occasion, the federal minister said that development projects reflect government’s priority to energy sector through knowledge initiative.


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## ghazi52

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__________________
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## salman77

*Tajikistan, Pakistan to develop trade and economic coop*

Tajikistan and Pakistan are keen to increase the trade turnover between the two countries, said the Tajik's Chamber of Commerce and Industry.

The trade and economic development between the two countries was discussed during the meeting of Head of Tajik's Chamber of Commerce and Industry Sharif Said with Pakistan ambassador designated to Tajikistan Iqbal Soomro on September 3, reported Review.uz.

Tajikistan interests in strengthening cooperation with Pakistan as it has very favorable location, facilitating profitable trade and economic cooperation with the states of the Central Asia.

For example, the distance between Islamabad and some cities in Central Asia is less than the distance between the Islamabad and Karachi cities (Pakistan).

The distance from Islamabad to Karachi is 1,142 kilometers or 709 miles, while the distance from Islamabad to Dushanbe is 659 kilometers, to Tashkent-906 kilometers, and to Almaty-1,040 kilometers.

Tajikistan is one of the main trade and economic partner for Pakistan with total amount of trade turnover between them amounting to about $41 million over the first half-year, according to the Tajik's State Statistics Committee.

This figure decreased by 17.3 percent as compared with the same period of previous year.

Only supplies of Pakistani products to Tajikistan over the six months of the current year amount to $27 million of the total volume of trade turnover between the two countries.

Following the meeting, the sides stressed the great importance of exhibition of Pakistani products of the Rawalpindi city and business forum with participation the business circles of the two countries scheduled for October, 2015 in Dushanbe.

These exhibitions, meeting and other events provide the favorable conditions for further development of bilateral relations between Tajikistan and Pakistan.

These both countries also participate in electric power line project CASA-1000 scheduled to launch in 2018, which will supply electricity from Kyrgyzstan and Tajikistan to Afghanistan and Pakistan.

Tajikistan, with the world's largest environmentally friendly and inexpensive electric power, can help Pakistan to meet its demand for energy in the summer time.

Tajikistan has 527 billion kWh of electricity reserves per year, which exceed by thrice the current demand of the Central Asian region for electricity.

Tajikistan plans to export 3 billion kWh under the CASA-1000 project can stimulate the interregional cooperation between the countries of Central and South Asia, as well as provide the rational use of natural resources.

Tajikistan, Pakistan to develop trade and economic coop - AzerNews


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## salman77

*Jordan interested in importing 400,000 tons wheat from Pakistan*

ISLAMABAD: In yet another opportunity to dispose of the country’s surplus wheat, the Jordanian government has expressed an interest in purchasing 400,000 tons from Pakistan.

“The Jordanian government has contacted us, expressing interest in importing 400,000 tons of wheat from Punjab and we have referred the case to the provincial government to make necessary arrangements,” said an officer in the Ministry of Commerce while talking to _The Express Tribune._

“The provincial government has also expressed its willingness to export wheat to Jordan as it has around 500,000 tons as surplus.”

The Ministry of National Food Security and Research will prepare a summary to be forwarded to the Economic Coordination Committee (ECC) for approval.

An officer in the Ministry of National Food Security and Research also confirmed Jordan’s interest in importing wheat from Punjab.

“The ministry is taking all steps to dispose of the entire surplus wheat stock before arrival of the next crop as the provincial governments have almost exhausted the entire storage capacity in their stores,” he said.

Pakistan’s major agriculture produce includes wheat, rice and sugarcane. Amid falling prices, the country has been stuck with surplus stocks.

“There was another good opportunity to export 500,000 tons of wheat to Afghanistan through a private exporter, but the ECC did not approve the summary,” said the officer.

“This proposal, however, is likely to get approval since the demand has come directly from the Jordan government, rather than a private exporter,” he said.

Jordan interested in importing 400,000 tons - The Express Tribune


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## black-hawk_101

When the Govt. is privatizing the water and power sector along with transportation of Pakistan?


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## salman77

Turkish companies to explore Pakistan for investment, joint ventures

Turkey considers Pakistan an important country and many Turkish companies have shown interest to visit Pakistan to explore opportunities of business collaboration, joint ventures and investment, observed Ferhat KAVAKLI, newly appointed Commercial Counsellor of Turkey to Pakistan during his visit to Islamabad Chamber of Commerce and Industry.

He said Turkey was already cooperating with Pakistan in waste management, transportation and education sectors while there were good prospects for mutual collaboration, especially in food and other sectors between the two countries.
He said after the elections in Turkey in November this year, many Turkish companies were interested to enhance their presence in Pakistan.
He assured that Commercial Council of Turkish Embassy in Pakistan would play its role in promoting connectivity between the private sectors of Pakistan and Turkey to explore new avenues of bilateral cooperation.

In his welcome address, Muzzail Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said that Pakistan and Turkey enjoyed good historic relations, however, bilateral trade of less than US$ 1 billion was far less than the real potential of both countries.

He said Turkey has imposed high tariffs on Pakistani fabrics and carpets along with strict safeguard measures due to which Pakistani exporters were facing problems in promoting exports to Turkey.
He said Turkey should revise high duties on Pakistani products that will help in promoting bilateral trade.
He said during the visit of Prime Minister of Turkey Mr.
Ahmet Davutoglu to Pakistan in February this year, both sides had agreed to sign a free trade agreement to take bilateral trade up to US$ 10 billion in coming years, which were encouraging signs.
However, he stressed that both governments should take practical steps to materialize these targets.

He said frequent exchange of trade delegations and organizing single country exhibitions were the way forward to tap all untapped areas of mutual cooperation between Pakistan and Turkey.
He assured that ICCI would fully cooperate with Turkish Embassy to develop strong business linkages between the entrepreneurs of both countries.

Turkish companies to explore Pakistan for investment, joint ventures


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## black-hawk_101

I think Turkey should invest in Northern Karachi and also in Hyderabad and Thatta to make it a modern city and an Off Shore port that would be made by filling land in the sea of Thatta.


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## Introvert

*Pakistan-Korea FTA likely to be finalised by 2017*

KARACHI: A free trade agreement (FTA) between Pakistan and Korea is likely to be finalised by 2017, said a Korean diplomat.


“I heard that FTA negotiation has started…the agreement may be finalised within one and a half year,” said Kim Donggi, Consul General, Embassy of the Republic of Korea, talking to journalists during a dinner late on Friday at his residence.

“The FTA will increase the bilateral trade between the two countries from the present level.”

Donggi said Pakistan has a very small share in the Korea’s annual total trade volume of $1.1 trillion.

The bilateral trade stands at around $1.7 billion with Pakistan’s exports to Korea estimated at $402 million.

To a question, he said cooperation can be increased in many areas, including information and communication technology.

“The total investment by Korea in Pakistan is about $400 million,” the envoy said.

“However, there remains much room to further our relationship, especially considering the great potential our two countries possess. In this context I hope that relationship between the two countries will rapidly broaden in near future.”

The diplomat is concerned about the security challenges in the country.

“My office is tirelessly trying to protect safety of Korean people living in Karachi and promote economic and cultural exchanges with Pakistan,” he said. “That is our mission’s important objective.” There are around 800 Koreans living in Pakistan and 12,000 Pakistanis in Korea.


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## Ragnar

Pakistan ranks 138 of 189 in Ease of Doing Business index: World Bank report - The Express Tribune


By Web Desk / AFP
Published: October 28, 2015
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WASHINGTON: Pakistan’s global ranking has slipped 10 ranks in a report on ease of doing business owing to poor performance on almost all indicators, while Singapore remains on top of the list.

A World Bank report published on Tuesday ranked Pakistan 138 of 189 economies, dropping 10 ranks from last year’s 128.

The “Doing Business 2016: Measuring Regulatory Quality and Efficiency” report, now in its 13th year, looks at the regulatory environment for small and medium-sized companies to see how it hampers or helps them conduct business, from starting up and paying taxes to registering property and trading across borders.

*July-September: Pakistan misses IMF trade projections*

The country’s biggest drop was on the trading across borders indicator, which slipped from 108 all the way to 19.

On the getting electricity indicator, Pakistan slipped from 146 last year to 157. The report also noted that businesses in Pakistan estimated losses due to power outages at up to 34% of annual revenue.

While Pakistan kept slipping on the ladder, its eastern neighbour India has improved its ranking, moving 12 places up to rank 130 on the index.





Indicators showing Pakistan’s economic performance. SOURCE: WORLD BANK DOING BUSINESS 2016 REPORT

“For any big economy, a rank improvement of 12 is a remarkable achievement. Going from 142 in the world to 130, as India has done, is very good sign. It gives a good signal about the way things are moving in India,” World Bank’s Chief Economist and Senior Vice President Kaushik Basu told _PTI_ in an interview.

The International Monetary Fund said in a report early in October that India was poised for the fastest growth of any other emerging-market economy this year, at 7.3%, thanks in part to policy reforms.





PHOTO: AFP



Singapore at the top

Singapore remains the easiest place to do business, while developing countries have stepped up their pace of business-friendly reforms in the past year, according to the report.

There were barely any changes in the report’s top 10, according to adjusted data using this year’s criteria for both the 2015 and 2016 rankings.

New Zealand remained in the number-two position, followed by Denmark (3), South Korea (4), Hong Kong (5), Britain (6) and the United States (7). Sweden moved up a notch to number eight, switching places with Norway. Finland kept its 10th place.

“A modern economy cannot function without regulation and, at the same time, it can be brought to a standstill through poor and cumbersome regulation,” said Basu.

“The challenge of development is to tread this narrow path by identifying regulations that are good and necessary, and shunning ones that thwart creativity and hamper the functioning of small and medium enterprises.”

By surveying and ranking economies, the 188-nation development lender hopes that its “report card” will encourage regulation that contributes to economic growth and prosperity for people.

Progress was tilted to the downside among the five emerging-market powers known as the BRICS: Brazil, Russia, India, China and South Africa.

China, the world’s second-largest economy, slipped one notch to 84th place. Brazil fell to 116th from 111th and South Africa dropped four notches to 73rd.

But Russia, struggling with an economy hit by the plunge in oil prices and Western sanctions over the Ukraine conflict, moved up in the ranks, to 51 from 54.

Of the 189 economies surveyed through June 1, the World Bank found improvements in regulatory frameworks in 122 of them.

Among developing economies, 85 implemented 169 reforms during the past year, compared with 154 reforms the previous year.

Adding the 62 reforms undertaken by high-income economies, a total of 231 reforms were implemented, the report said. Sub-Saharan Africa accounted for about 30% of the reforms, followed closely by Europe and Central Asia.

The World Bank highlighted the world’s top 10 “improvers” — economies that implemented at least three reforms during the past year and moved up the rankings scale: Costa Rica (58), Uganda (122), Kenya (108), Cyprus (47), Mauritania (168), Uzbekistan (87), Kazakhstan (41), Jamaica (64), Senegal (153), and Benin (158).

Eritrea held on to the worst ranking for businesses. The bottom 10 economies were largely in Africa, with the exceptions of Haiti (182) and Venezuela (186).


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## Bilal9

^^^^

World Bank Report courtesy of -

Kaushik Basu, Senior Vice President and Chief Economist, World Bank 

Another Kolikata Bajrangi Ghoti appointed at a high position at the World Bank (the dark side) - which is a Zionist Neocon organization no one gives two hoots about.

Sanghis and Zionists united in their propaganda against the good and the pure (China/Pakistan) 

Nice try & Epic Fail....Next!!!!!!!


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## skyisthelimit

Islamabad Airport's cost hikes to Rs 97 Billion from actual cost of Rs 34 Billion. @MaryamNSharif's "Samdhi" Chaudhry Munir is contractor. Just saw on twitter..are you aware of this?

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## MystryMan

*Where has $11 billion gone?*

By Dr. Farrukh Saleem
January 17, 2016

In January 2015, the price of petrol in Pakistan was Rs70.29 per litre. A year later, in January 2016, the price of petrol in Pakistan had gone up to Rs76.26 per litre – an annual increase of 8.5 percent. In January 2015, the OPEC basket price stood at $44.70 a barrel. A year later, in January 2016, the OPEC basket price had gone down to $25 a barrel; a decline of 44 percent.

In 2008, the Ministry of Petroleum and Natural Resources told us that the government was subsidising petroleum products to the tune of Rs30 billion a month. The government further said that the World Bank has given the government a deadline of end-2008 to withdraw all subsides on petroleum products. Lo and behold, all subsidies on petroleum products were withdrawn by end-2008 and we were told that from now on Pakistani prices shall be directly linked to the prices in the international market.

For the record, in the past one year the OPEC basket price is down a wholesome 44 percent. For the record, in the past one year the price in Pakistan has gone up 8.5 percent. Where has the 52.5 percent differential gone?

In 2014, Pakistanis consumed some 434,000 barrels a day. In 2014, when the OPEC basket price was $96.29 a barrel, Pakistanis consumed $15 billion worth of oil. In 2016, Pakistanis consumed more or less 434,000 barrels a day. By early 2016, the OPEC basket price had fallen to $25 and, as a consequence, the value of oil consumed by Pakistanis had gone down to $4 billion. For the record, the difference in value between 2014 and 2016 is a whopping $11 billion. Where has $11 billion gone?

How much is $11 billion? Well, $11 billion is the equivalent of Rs6,000 for every man, woman and child in this country. Well, $11 billion is the equivalent of Rs42,000 for every Pakistani family. Imagine if each and every Pakistani family was given a cash grant of Rs42,000. Imagine, with a multiplier effect, the positive impact of such a cash grant could be between $50 billion to $80 billion.

The fact is that there has been a $11 billion bonanza. The question is whether the government should spend it as per its wishes or let the private sector make spending decisions. There’s almost a consensus within economists that “government spending distorts resource allocation”. And that “government spending is a less effective way to deliver services (this is referred to as the ‘inefficiency cost’)”. And that when “individuals use other people’s money” they become reckless. And that “government spending inhibits innovation”.

Economic history and empirical evidence stand in favour of smaller governments. According to Daniel Mitchell, senior fellow at the Cato Institute, “Controlling federal spending is particularly important because of globalization. Today, it is becoming increasingly easy for jobs and capital to migrate from one nation to another. This means that the reward for good policy is greater than ever before, but it also means that the penalty for bad policy is greater than ever before.”

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## Danish saleem

Forign Exchange Reserves also touching to the level of Us$21 Billion.


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## fatman17

17 February 2016



New highway in Pakistan being built

First published on World Highways - Welcome

Work is now underway in Pakistan on the new Gwadar-Turbat-Hoshab highway. This 193km highway is expected to cost close to US$124 million to construct. The Gwadar-Turbat-Hoshab Road (M-8) in Pakistan will connect Gwadar Port with Quetta by connecting the port with the eastern, central and western routes of the China-Pakistan Economic Corridor (CPEC).

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## Sulman Badshah

skyisthelimit said:


> Islamabad Airport's cost hikes to Rs 97 Billion from actual cost of Rs 34 Billion. @MaryamNSharif's "Samdhi" Chaudhry Munir is contractor. Just saw on twitter..are you aware of this?


this project is going for an decade now .. and its estimated cost get tripled ...Politicians are cashing it


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## fatman17

Pakistan’s oil and gas discoveries made in last three years

Posted By: News Deskon: June 14, 2016


ISLAMABAD, June 14 (APP): Pakistan’s oil and gas discoveries made in last three years

Oil and Gas exploration companies operating in different parts of the country made 75 discoveries after 281 drills in the last three years.

“Following the discoveries, 580 million cubic feet per day (MMCFD) gas and 25,000 barrels per day (BPD) Crude Oil production has been added to the system, while the highest crude oil production – 100,000 BPD was achieved on December 7, 2014,” official sources in Ministry of Petroleum and Natural Resources told APP.

They said the domestic production had increased to 90,000 BPD, while there were imports of 400,000 BPD.

The refining capacity has been enhanced to 11 metric tonnes per annum (MTPA) whereas the consumption was 23 MTPA.

They informed that Pakistan was facing a huge gap between demand and supply of energy.

Currently, its total gas production was four billion cubic feet per day (bcfd) against the demand of eight bcfd of gas, adding that the oil production stood at 10,000 barrels per day, while its requirement was seven to eight times high than the production.

The government, they said, was taking solid measures to meet the country’s growing energy need, for which it had enhanced monitoring of Exploration and Production (E&P) activities besides acquiring 17,864 LKm of 2D and 14,233 Sq.Km of 3D seismic survey to identify new prospects.

The sources informed that during the above mentioned period, 46 new exploration licenses, covering an area of 94,608.85 Sq. Kms, had been awarded to accelerate exploration activities in the country.

The ministry’s drive against non-performing oil and gas exploration companies was continuing and it had recently issued notices to 18 more inactive license-holders for their failure to start exploration work as per agreement, the sources disclosed.

“More inactive licences will be revoked shortly after completing all formalities,” they added.

The government is making all-out efforts to pave way for exploration of unconventional resources like “Tight Gas”, Shale as and Low BTU gas etc.

They said, other measures to minimize the gas shortfall included import of Liquefied Natural Gas (LNG), projects to import gas through pipelines from Iran and Turkmenistan besides promotion of LPG air mix.

The ministry is facilitating oil and gas companies with incentives under the Petroleum Policy-2012 to expedite exploration activities, the sources concluded.

Not much but every little discovery counts.

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## AsifIjaz

i don't think this was reported... but apparently all OMC / Refineries (except ARL) have agreed to jack up the RON value of petrol from current 87 to 92. I wish they would have gone to a slightly higher number but 92 RON would still do.

*Pact signed for partial launch of high-grade expensive petrol*
http://www.dawn.com/news/1264669


ISLAMABAD: The oil-marketing companies (OMCs) and refineries have reached an agreement with the government for partial introduction of a high-grade petrol in the country at a higher price.

The government has been asking the oil industry to replace low-quality petrol — 87 Research Octane Number — currently in use with a better grade 92 RON which offers better engine efficiency and slightly lower carbon footprint.

The local refineries have been resisting the “expensive switchover” and have now been promised price compensation.

The two sides confirmed mixing of kerosene oil and jet fuels in the petrol, diesel and other expensive fuels because of price differential.

“It was, therefore, agreed that the kerosene price should be rationalised to discourage adulteration into HSD.”

Under the agreement, the 87 RON petrol would now improve to 92 RON while High Octane Blending Component of 95 RON at present would be replaced with 97 RON HOBC. All the OMCs will be allowed HOBC imports.

In view of the technological challenge, the government has now agreed to allow local refineries to continue with their existing operations, but marketing companies would be required to import high grade gasolines to upgrade locally produced petrol.

“Each refinery will opt for producing 87 RON/90 RON as per their own configuration and limitations,” a senior government official said, quoting an agreement initialed by the oil industry.

Except for Attock Refinery Limited in Rawalpindi – the only petroleum refining facility in the northern region – “all other refineries have agreed to produce 90 RON.”

This would be further improved to 92 RON with even better grade imports.

“The OMCs will ensure upliftment of local refinery product first as per the prevailing policy, irrespective of difference of RON,” added the agreement.

ARL would not change its configuration because it would incur an additional loss of about $75 per tonne of naphtha transportation and handling to Karachi for subsequent export.

“Producing 90 RON (for ARL) mean that its premier motor gasoline production will reduce by 12,000 tonnes per month and naphtha production will correspondingly go up,” the official explained.

The determination of new price for the high grade petrol – 92 RON – will be made on the basis of a new formula that encourages the industry to switchover. This will be called a penalty to the price. Freight on board (FoB) price differential between 95 RON and 92 RON will be divided by three. This will give the per RON penalty.

For 87 RON, the penalty will be five multiplied by each RON. For 87 RON, the ex-refinery price will be determined on the basis of import price of Pakistan State Oil, inclusive of all incidentals minus RON penalty and so will be the case for 90 RON as well.

The pricing will be done by the oil industry on the basis of monthly averages. The new product will be out in the market in July and would be reviewed in October 2016.

Previously, the oil industry had demanded to keep marketing the existing quality, for a few years, at the price of the superior variety so that oil companies could have adequate funds for technology up-gradation but this was not acceptable to the petroleum ministry, said an official.

“Pakistan has been using 87 RON motor spirit for the past 20 years while the world has moved on to higher RON petrol. In view of sharp reduction in oil prices, it is the best time for switching over to 92 RON premier motor gasoline (PMG) at the earliest,” Petroleum Minister Shahid Khaqan Abbasi told OMCs and refineries.

“Higher the RON, better the quality and engine performance and cleaner environment,” the minister said explaining that all the petrol pumps in the country were selling 87 RON petrol while HOBC was of 99-105 RON. The minister wanted to introduce 92 RON, commonly known as Euro-II gasoline across the country.

Some oil industry players wanted allowing petrol sale of three different qualities with 87, 92 and 95 RON (as was the case in India) with price differential for an interim period to allow various consumer groups to have a choice on purchasing power.

This was not acceptable to the petroleum ministry which believed it would lead to adulteration without giving a consumer the confidence if he/she was getting 87 RON for 92 RON price. A few hinted that some smaller players were already mixing jet fuel (Rs37 per litre) with petrol (Rs72 per litre) or benzene or kerosene with petrol because of taxation difference.

Pak-Arab Refinery (Parco) would start producing 92 RON by November 2017. National Refinery cannot produce 92 RON in the near future but would mix imported finished products to improve its RON.


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## ashok321

IMF to release final instalment of $6.6 bn loan to Pakistan


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## Danish saleem

Foreign Exchange reserves reached to record levels of Us$:24.5 Billion, another highest level.

That will defiantly raise investor Confidence.


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## ahsanhaider

Fly Dubai Promotional Video for Pakistan. A russian Tours Lahore and Gilgit Baltistan! Its amazing!


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## Abingdonboy

Sulman Badshah said:


> this project is going for an decade now .. and its estimated cost get tripled ...Politicians are cashing it


For that time and budget the airport should be amongst the finest on the planet but from what I have seen it looks far from it so your assertion (corruption) seems accurate.


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## ahsanhaider

Economy of Pakistan is still appreciably based on the Agricultural outputs from Punjab and Sindh
Aerial Views of Okara and Sahiwal District/ Ravi River Punjab




[youtube]XVsRD8PYrN8[/youtube]


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## what

http://www.arcelikas.com/page/2107/...ness_Further_Into_Asia_With_Major_Acquisition

One of Turkeys giants is buying Pakistani Dawlance. 

---
Which made curious. Could anyone provide me with some information about the economy of Pakistan? Like growth areas, big companies etc. Looking for articles or documentaries, anything.


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## ahsanhaider

New Documentary and Aerial Views of M4, video by Asian Dev Bank


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## Nilgiri

@Sarge @RAMPAGE @farhan_9909 @That Guy

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## farhan_9909

Nilgiri said:


> @Sarge @RAMPAGE @farhan_9909 @That Guy



Loadshedding with the growing demand despite the some major projects i doubt will end before 2030-35.

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## Signalian

Nilgiri said:


> @Sarge @RAMPAGE @farhan_9909 @That Guy



defence establishments are not affected. Public is the worst hit. need dams and strategic planning for future.

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## Clutch

Nilgiri said:


>




Are things still this bad in Pakistan? I thought the power issue was getting better...


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## Nilgiri

Clutch said:


> Are things still this bad in Pakistan? I thought the power issue was getting better...



Well video says its getting better but the promises made by ganja have not yet been met.

Better is a relative thing, not sure how much better it is now compared to before.


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## ahsanhaider

I swear if Pakistan government even invests just 1 Million Dollars in developing this Beach with 1 5 star hotel and a few attractions, it will not only generate jobes for over 1000 local people but on the long run they will earn millions of dollars from tourism. this beach is simply magnificent, it could easily attract foreign tourists also, and it is a safe place with easy access from Karachi.


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## That Guy

Nilgiri said:


> @Sarge @RAMPAGE @farhan_9909 @That Guy


There is no doubt that the last decade has been a lost decade for Pakistan, solely due to the power crisis. I have no doubt that if Pakistan can fix its power issues, it can very likely match India's economic growth, but that will likely take at least half a decade to get started on.

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## Areesh

Nilgiri said:


> @Sarge @RAMPAGE @farhan_9909 @That Guy



Situation is far better in Karachi though as compared to PPP regime days. If the area you live in is paying its bills and their are no electricity theft then you get electricity 24/7. Most areas of Karachi are now load shedding free. I get electricity 24/7 and mostly face electricity outage because of some maintenance or technical issue. 

Don't know about other areas of Pakistan. Members from other cities can tell you better about it.

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## Nilgiri

Areesh said:


> Situation is far better in Karachi though as compared to PPP regime days. If the area you live in is paying its bills and their are no electricity theft then you get electricity 24/7. Most areas of Karachi are now load shedding free. I get electricity 24/7 and mostly face electricity outage because of some maintenance or technical issue.
> 
> Don't know about other areas of Pakistan. Members from other cities can tell you better about it.



So will people of Karachi be voting mostly for Nawaz Sharif in the next elections in 2018?


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## Areesh

Nilgiri said:


> So will people of Karachi be voting mostly for Nawaz Sharif in the next elections in 2018?



Not really. People are angry with federal and provincial government for neglecting Karachi in infrastructure and development and other issues. Nawaz needs to do lot more to win elections in Karachi.

People also attribute this improvement towards privatization of K-Electric and less on government. The present owners of K-Electric the abraaj group have already modernized K-electric a lot which has resulted in less load shedding. lower line losses and lower electricity theft. Privatization of K Electric is a success story. K Electric also showed a revenue of around 190 billion PKR in year 2014-2015 as per wiki.

This is the reason the new buyer Shenghai electric has bought its majority shares for $1.77 billion.

http://www.samaa.tv/economy/2016/10/shanghai-electric-to-buy-1-77-bln-stake-in-k-electric/

Me and other karachiites are expecting even better performance and more modernization from K Electric after this deal from new buyer since it is said to be a very big company.

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## ashok321

*Pak’s economic growth soars to highest mark in eight year: WB*

*




*

http://dailytimes.com.pk/business/1...c&utm_medium=twitter&utm_source=socialnetwork


*ISLAMABAD: Pakistan’s economic growth in fiscal year (FY) 2016 soared to 4.7 percent—the highest rate in eight years and a significant increase from the previous year’s 4.0 percent, says a new World Bank Report.

The World Bank noted that South Asia continues to lead global growth, expanding by 6.8 percent in FY16. Like others in South Asia, Pakistan’s growth was driven by domestic consumption that continues to compensate for weak global demand.

According to press release issued on Thursday, the report warned that Pakistan’s low rates of investment and declining export competitiveness, however, remain a concern.

“Pakistan continues to make good progress in restoring macroeconomic stability. Building on this Pakistan needs to push forward with deeper structural reforms that spread benefits more widely, and the World Bank stands ready to support the reforms agenda” says IllangoPatchamuthu, World Bank Country Director for Pakistan. Growth acceleration will depend on the implementation of structural reforms, such as energy and taxation and implementation of the China Pakistan Economic Corridor (CPEC). In the long term, growth will be driven by increased investment in both physical and human capital, with increased focus on better nutrition, health and education outcomes.

The WB highlighted Pakistan’s success in reducing poverty over the last decade and a half – but contrasted this with the lack of progress in health, education and nutrition outcomes since 2010.

“Pakistan has made significant progress in reducing poverty over the last decade. Based on the revised poverty line adopted in early 2016, the percentage of people living below the poverty line decreased from 64.3 percent in FY02 to 29.5 percent in FY14. This reduction in poverty is corroborated when analyzing other data, such as asset ownership”, says Muhammad Waheed, Senior Economist and lead author of the report. “But stunting rates have been unchanged for decades and health and education outcomes have shown little improvement since 2010. By reinvesting its economic gains in health and education systems, Pakistan can make growth matter for all its citizens.”

The report projects that the pace of Pakistan’s economic growth will accelerate to 5.4 percent in FY18. A moderate increase in investment (related to CPEC projects) is expected to contribute to an acceleration of growth, which will continue to be driven by public and private consumption.
*


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## Kabira

Areesh said:


> Not really. People are angry with federal and provincial government for neglecting Karachi in infrastructure and development and other issues. Nawaz needs to do lot more to win elections in Karachi.
> 
> People also attribute this improvement towards privatization of K-Electric and less on government. The present owners of K-Electric the abraaj group have already modernized K-electric a lot which has resulted in less load shedding. lower line losses and lower electricity theft. Privatization of K Electric is a success story. K Electric also showed a revenue of around 190 billion PKR in year 2014-2015 as per wiki.
> 
> This is the reason the new buyer Shenghai electric has bought its majority shares for $1.77 billion.
> 
> http://www.samaa.tv/economy/2016/10/shanghai-electric-to-buy-1-77-bln-stake-in-k-electric/
> 
> Me and other karachiites are expecting even better performance and more modernization from K Electric after this deal from new buyer since it is said to be a very big company.



Why they are angry at N? Vote for N league if you want to see development. Even metro bus in Karachi is federal project and not provincial. Where does trillion rupees budget of Sindh goes?


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## ahsanhaider

Karachi New 2016 Documentary Released By Mastercard on the Financial Boom of Karachi


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## ahsanhaider

CPEC , a short and Concise Documentary ! Must Watch!


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## ahsanhaider

Alhamdulilah CPEC


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## Cyberian

Really good documentaries.


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## WAJsal

@Nilgiri ,@Shotgunner51 ,@ahojunk ,@Chinese-Dragon ...

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## Shotgunner51

WAJsal said:


> @Nilgiri ,@Shotgunner51 ,@ahojunk ,@Chinese-Dragon ...



Bro that's an excellent Natgeo video! Wish OBOR brings all the best to Pakistani prosperity.


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## Bad Guy

Hey friends, can anyone help me to get what the heck is this, I found?


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## fatman17

*Pakistan’s debt profile*

November 23, 2016








*Dr Kamal Monnoo*


So what exactly is Pakistan’s present debt profile? As per the figures released by the State Bank of Pakistan (SBP) in November 2016, the total Central Government debt as on 30.09.2016, stood at Rs19.9 trillion, ‘excluding liabilities’, and of which the domestic debt constitutes Rs14.4 trillion while external debt makes up Rs5.5 trillion. Meaning, this is excluding government’s contingent liabilities, which in their own right have swelled to nearly Rs1 trillion. What this latest debt number also means is that over the first quarter (July-September) of this fiscal year, the government added to the debt by some Rs858 billion, taking the debt to GDP ratio to nearly 69.50%, which in June 2016 stood at around 66.50%. The trend is rather alarming because despite government’s claim of being at the peak of debt’s bell curve, which theoretically meant that the national debt should have started to come down, it instead is going in the reverse direction! This, not withstanding, that when finishing the last fiscal year, the government to hide its inefficiencies had made a clever move to avert criticism over mounting debt by amending the ‘Fiscal Responsibility and Debt Limitation Act of 2005’, through a Finance Act that literally changed the debt goalposts. The Finance Ministry not only diluted the law but also got relaxed the statutory limit of restricting the public debt at 60% of GDP. Both the previous PPP government and the present PML-N governments have been in violation of this condition, but with the above master stroke the PML-N government has set a new statutory deadline of June 2018 to bring the debt back to 60% GDP level, as against the earlier deadline of June 2013.

The trouble is that Pakistan’s debt sustainability indicators have significantly worsened in the past years and especially in the last three years due to a high increase in foreign exchange and refinancing risks, which appears to be the result of reckless high cost borrowings. The average time to maturity of public debt fell in fiscal year 2015-16, which in-turn has increased the refinancing risks and similarly, the short term foreign currency debt as a percentage of official liquid reserves and net international reserves increased in fiscal year 2015-16, which in-turn increases the foreign currency risk. The government of course argues that its debt management strategy clearly sets target ranges for currency, refinancing and interest rate risks, and though quite a few indicators are currently in red, they still fall within the limits prescribed in its Medium Term Debt Management Strategy 2016-19.

It further takes heart from the some global statistics by citing that amidst a high prevalent global debt phenomenon, Pakistan’s current debt at around $73 billion (over a population base of 200 million) is still quite manageable in comparison with say for example, Greece $367 billion, Ireland $865 billion, Spain $1 trillion and Italy $1 trillion. Fine, but the underlying flaws in such an argument being that not only are all these failed economies, but also that they represent a single monetary block that gets balanced through a complex system of intra-regional monetary balancing mechanism overlooked by a rather dubiously accountable European Central bank. And then, Pakistan on the other hand is neither a European economy nor does it have the luxury of printing (at will) the second leading reserve currency of the world.

Pakistan’s debt profile presents an even bleaker picture when one starts to dissect the nature of its historical debt and the one that has been piled up in recent years. The historical debt profile has little to show for itself: national infrastructure fails to match that of any developed economy; public support systems of health, housing, utilities, education and social benefits remain unsatisfactory; stubborn poverty level stuck at about 30% or more; extremely narrow and small industrial base; and a top heavy public administration system that despite being inefficient has become further entrenched over time. To make matters worse, during the past three years, government has been on a borrowing binge, acquiring expensive foreign and domestic debt at commercial rates. Though it has repeatedly claimed that it is increasing its credit only to the extent of budget deficit requirements, the reality is quite different. For example, the increase in federal government’s debt from July-September 2016, adds up to Rs858 billion, whereas, the budget deficit in the same period was only Rs450 billion - only about half.

Now where is all this money going? It is the answer to this question that forms the real troubling part. Borrowing in itself is not essentially a bad thing as long as it can be spent in a productive manner. So, really if all these borrowing would have been put to productive use in self-sustaining projects or outlays, it would have been wonderful, because essentially the government could have claimed success in raising necessary investments and then putting them to use in a manner that not only generates growth, but also leaves the country richer in due course. Sadly, this has not been the case.

The growth continues to remain elusive at under 5% - private analysts say closer to 4% - and by all accounts unless the GDP growth rate shores up to 6.50% or beyond, the present level of debt may already be unsustainable. The problem is compounded by the fact that Pakistan’s exports are rapidly declining and foreign remittances have also slowed down considerably – both these trends are likely to continue in the near-term. Owing to slowdown in exports and provided external borrowing are not capped, Pakistan’s external debt to export ratio is projected to be at 442% by 2019-20, which obviously will make it un- serviceable. Exports, which used to finance 80% of imports in the early 2000s, now finance less than 50% of imports. Over the last decade, our exports have grown by merely 4% compared to 12% in Bangladesh and 10% in India. As for remittances, since they are negatively correlated with oil imports (bulk of remittances coming from the Gulf countries), the former are naturally slowing down due to oil prices being low. Finally, what do we have to show for these piled up liabilities? Not much: higher foreign exchange reserves that in effect represents debt; public sector enterprises with a bottom-less subsidy pit; fancy projects that continue to run in red; and a three years spending spree that belies any kind of prioritisation, transparency or accountability. IMF in its last country report opined that for a developing country like Pakistan, 50% debt-to-GDP ratio should be considered prudent level, whereas, we seem to be miles away. No marks for guessing, unless the present debt strategy is quickly re-visited, Pakistan may well be fast slipping into a debt trap!


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## Nilgiri

WAJsal said:


> @Nilgiri ,@Shotgunner51 ,@ahojunk ,@Chinese-Dragon ...



Thanks mate, will watch asap.


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## ahsanhaider

Government of Punjab E Learn Program Documentary




[youtube]KJTWXo7DPUY[/youtube]


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## ahsanhaider

Giga Mall Opening Ceremony Last Month


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## Zibago

@django @Moonlight @The Sandman

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## The Sandman

Zibago said:


> @django @Moonlight @The Sandman


 that's awesome yr


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## ahsanhaider

Documentary by CCTV on the Bangle Makers of Hyderabad Pakistan


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## ahsanhaider

Raheel Sharif at DAVOS full Debate


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## VCheng

A somber read:

http://www.dawn.com/news/1310066/economic-dilemma

*Economic dilemma*
IDREES KHAWAJA 

*THE latest available Pakistan Standard of Living Measurement Survey asked households to compare their economic situation in 2014-15 with the previous year. Thirty-seven per cent of the households reported, their economic situation as ‘worse’ or ‘much worse’, 44pc reported ‘no change’; only 19pc reported ‘better’ or ‘much better’.* If even half the perceptions are true, the situation is worrisome.

The people’s economic situation improves with growth of the economy and the wide dispersal of the benefits of this growth. Pakistan’s economy is in dire need of a boost. But without addressing structural issues, ad hoc policy measures such as export packages, cutting interest rates and a public expenditure boom will have limited success.

The World Economic Forum computes the Global Competitiveness Index annually. The GCI for 2014-15 has been computed for 138 countries using 120 indicators. The index accounts for a large number of variables that directly or indirectly influence an economy’s long-term potential. Pakistan’s ranking on various elements of the GCI highlights the structural issues the economy faces.

*Structural issues must be sorted out for economic growth.*


The policy of cutting the interest rate assumes that lower rates will induce businessmen to borrow more and therefore produce more. However, banks lend only if they can recover their money. What if a borrower enjoying the means to pay back refuses to do so? The banks expect the courts to come to their rescue. With* Pakistan ranking 103rd on the ‘efficiency of legal framework’*, can we expect that the legal framework will deliver? Disappointed with its performance, banks erected barriers to access to finance. No wonder *Pakistan ranks 95th on ease of access to finance.*

Much of the credit to private businesses goes to the manufacturing sector, which contributes just 21pc to GDP. The services sector contributing about 60pc to GDP borrows much less. Why? We at PIDE surveyed 300 small retailers in Rawalpindi for a study on entrepreneurship. The survey reveals that *37pc of retailers do not have a bank account and the majority has less than 10 years of schooling.* Should we expect those who do not even maintain a bank account to be able to negotiate a bank loan? It is the literacy level of the entrepreneurs that limits their demand for bank loans and hence investment options.

The government may itself invest in the economy in a big way or subsidised different inputs. Will such a fiscal stimulus boost growth? Yes, but only if public money is actually put to the intended use. *Pakistan ranks 102nd on ‘wastefulness of government expenditures’* — can we expect the entire sum to be put to the intended use?* Our 135th position in ‘efficient use of talent’ and 95th in the ‘relationship between pay and productivity’ categories* makes effective utilisation even more suspect. Finally, *ranking 117 out of 167 on the corruption perception index *computed by Transparency International, it appears that part of the money may end up in the likes of Swiss banks. Clearly, fiscal stimulus is unlikely to be very effective.

No developed economy relies entirely on its own talent. It is their capacity to attract talent from abroad that has made developed economies what they are. *We rank 110th on the ‘capacity to attract talent’ *— can we hope to attract the talent required to grow economically? *Pakistan ranks 126th when it comes to reliability of police services* — entrepreneurs have to hire private security services to guard their income and assets. This increases cost and decreases competitiveness.

Countries that grow fast make sufficient use of technology. *Pakistan ranks 114th on technological readiness *— our use of technology remains well below what characterises high-growth economies.

No entrepreneur can handle unlimited work himself. It is the delegation of tasks that generates greater output.* Pakistan ranks 115th on the willingness to delegate* — are we delegating enough to make us grow fast?

Slashing interest rates and a public expenditure boom can boost economic activity. To realise this potential,* structural issues such as efficiency of the legal framework, the state of law and order, the quantity and quality of schooling, the capacity and efficiency of public employees, leakages of money from government, technological readiness and willingness to delegate, etc must be addressed.*

Addressing structural issues calls for a long-term perspective. However, the vision of politicians extends only to the next election, ie a maximum of five years. Reason: a road project begun today will be operational in a few years and therefore yield votes. But a child enrolled in grade one today will only be in the sixth grade five years later. This conflict between political objectives and the economy’s long-term needs is a dilemma we need to resolve. The solution lies in having intuitions that curb myopic policies.

_The writer is a researcher at the Pakistan Institute of Development Economics._

idreespide1@gmail.com

Twitter: @khawaja_idrees

_Published in Dawn, January 23rd, 2017_

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## Aqsa Mateen

Major economic reforms not likely in 2017: experts
LAHORE: Major reforms in the economic and social sectors are not expected from the government during the year 2017 but some relief measures could be initiated while there is a need to save the public sector institutions, ensure justice and effective accountability.

These views were expressed by the experts in the Jang Economic Session on ‘Economic reforms expectations in 2017’. The panellists were Dr Ikram-ul-Haq, Qalb-e-Abid, Hamid Malhi, Hussain Ahmed Sherazi, Farooq Tariq and Younis Kamran while hosted by Sikandar Lodhi.

Dr Ikram-ul-Haq said that economic prospects were not good as the country needed over two million new jobs for which a huge investment was required. He said value addition, modernisation and quality education were crucial for strong economic system while the Chinese investment was only for its own objectives. He called for resetting the priorities. Qalb-e-Abid said that civil society played a vital role in the growth of any country while Pakistan had been passing through critical junctures despite the label of a failed state. He called for planning commission, economic managers and public should jointly work for the economic prosperity of the country. He stressed the need of good governance.

Hamid Malhi said that new policies were not expected this year but issues could be reduced by implementing existing policies. He called for practical steps to bring the agriculture sector into the tax net while establishment of Punjab Agriculture Forum was a welcoming step as it would resolve long-term issues of the sector. He called for improving every sector’s performance to revive the system.

Hussain Ahmed Sherazi said that economic reforms could not be expected as 2017 would be an election year. He called for improving the performance of regulatory institutions. He said majority of national institutions were on board to make CPEC successful which was a good omen. He called for promoting knowledge-based economy. He believed that indirect taxes increased the burden on poor public.

Farooq Tariq said that concerns of counter reforms in 2017 were emerging while the debt burden had increased on the economy due to CPEC and Chinese were purchasing national assets due to weak economy.

He believed that local investors had surrendered quickly while there was a need of individual and collective measures to cope with the situation. He suggested that the government should try to establish its might against the Chinese invasion, reduce the debt burden and improve the labourers condition.

Younis Kamran said that 2017 would be the election year so it would be hopeful year for the public as the government would focus on availability of utilities. He said the Chinese companies were keenly taking interest to invest in Pakistan due to CPEC while economic activity would increase with special economic zones and the US and Europe would also focus on Pakistan. He called for increasing exports to China as well.


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## monitor

*766 New companies registered in Pakistan in January 2017. Foreign Investment was seen in 49 new companies: Securities & Exchange Commission*

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## RISING SUN

Pakistan sends its first vegetable shipment to Dubai via sea
https://tribune.com.pk/story/1333420/pakistan-sends-first-vegetable-shipment-dubai-via-sea/


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## fatman17

The Express Tribune
> Business
 
* German truck maker MAN SE to set up assembly plant in Pakistan*
Share Tweet 
*German truck maker MAN SE to set up assembly plant in Pakistan*
Company also expected to export trucks from country, say industry officials
By Farhan Zaheer
Published: March 2, 2017






Company also expected to export trucks from country, say industry officials. PHOTO: REUTERS

*KARACHI: *German truck maker MAN SE is at an advanced stage of setting up a plant in Pakistan, industry officials say.

Forecasting greater demand of heavy vehicles under the China-Pakistan Economic Corridor (CPEC), vehicle manufacturers are flocking to Pakistan to explore opportunities of investment with MAN SE being the latest addition to the growing list.

*Europe to be largest market for Pakistan’s textiles*

MAN SE, which has been watching the Pakistan market for over five years, is expected to officially announce its decision within a couple of months.

It is pertinent to mention that 75% of MAN SE’s ownership rests with the Volkswagen Truck and Bus GmbH, a wholly-owned subsidiary of Volkswagen AG.

Industry officials say this is a big development for Pakistan because the company is also expected to export trucks from the country.

The National Logistic Cell (NLC) is expected to give significant orders to MAN SE because Pakistan’s leading logistic company is looking to replace its old fleet, an auto industry official informed.

Officials from the German company are also coming to Pakistan to participate in the Pakistan Auto Show (PAPS) 2017, being held from March 3 at the Expo Centre, Karachi.

CPEC is expected to generate huge demand for trucks in Pakistan and industry officials say Pakistani companies like NLC would prefer to use German trucks due to quality concerns. Local industry officials say German trucks are better placed to commute on extraordinary high altitude of Karakoram Highway (KKH) – one of the highest paved roads in the world that connects Pakistan and China.

In February 2012, German Embassy’s Commercial Section Head Samy Saddi, while talking to media, said that German auto giant MAN was looking at Pakistan as a potential market.

The 250 year-old company operates through fully owned subsidiaries or joint ventures with local companies in India, Poland, Turkey, China, the US, the UAE South Africa, Uzbekistan, Portugal etc.

After years of stagnant economic activity and poor automobile sales, Pakistan is witnessing huge demand in heavy vehicles due to CPEC, macroeconomic stability and relative improvement in the country’s security situation.

Earlier, it was reported that Volkswagen Commercial Vehicles is in final talks with Premier Systems Private Limited – the authorised importer of Audi vehicles in the country – to set up a manufacturing/assembly plant for its Amarok and T6 (transporter range) models.

*17 predictions for Pakistan’s economy in 2017*

In the past year, a number of international auto makers have expressed interest to set up manufacturing plants in Pakistan.

France’s Renault and South Korea’s Hyundai and Kia have announced they will soon start assemblies in Pakistan, in partnership with local companies.

This will mark a return for Kia and Hyundai, which left in the previous decade when their local partner suffered financial problems.

_Published in The Express Tribune, March 2nd, 2017._

_Like __Business on Facebook_, _follow __@TribuneBiz_


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## Introvert

*Pakistani firm to supply automotive rubber parts to EU*

ISLAMABAD: Darson Industries Pvt Ltd Wazirabad, manufacturer of automotive rubber hose pipes and rubber moulded parts, signed a collaboration agreement with Butsch GmBH Germany for the sale of automotive rubber products to vehicle manufacturing industry in Germany and other European countries.

Thomas Butsch, CEO of Butsch GmBH, a leading company in Europe which has 12 million euro turnover in 2015-16, and Abdul Hamid, CEO of Darson Industries, signed the document at the Pakistan Pavilion of Hannover Messe 2017, one of the world's largest trade fairs being organised by the Engineering Development Board (EDB) in collaboration with the commercial office, Embassy of Pakistan, Berlin.

Under the agreement, Darson will be the manufacturing hub, while Butsch will act as a holding, distribution and customer services representative in Germany. The Darson and Butsch synergy will provide Darson with access to European automakers. Darson and Butsch will together develop the products and place them in serial production.

It is pertinent to mention that the two companies met at Hannover Messe in 2016 and negotiations were set in.

Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Chairman Mashood Ali Khan, who is participating in Hannover Messe 2017 as an organiser of the group, highlighted that promotion of engineering sector needed efforts on a long-term basis. "The Darson-Butsch collaboration is an example of the continued participation, which will increase the confidence of German and other European buyers in Pakistani auto parts manufacturers as well."

The PAAPAM chairman appreciated the continuous efforts of the EDB, which resulted in converting opportunities into real businesses.

The Engineering Development Board CEO congratulated the management of Darson and Butsch for entering into a new business relationship, and assured them of his full support for all such future developments. He reiterated that Pakistan could only increase its exports significantly through enhancement of value added engineering exports and providing such platforms for establishing technical linkages.

Meanwhile, the EDB organised a seminar in collaboration with the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) and the Embassy of Pakistan in Berlin during the exhibition. Approximately 30 industrialists from different countries, mainly China, Thailand, Germany, France and Turkey, attended the seminar.

Mashood Ali Khan highlighted the business potential in Pakistan and the incentives being offered to the new investors under different schemes of the government, which included incentives under the special economic zones, national industrial parks and export processing zones. He highlighted that under the new Automotive Development Policy (ADP 2016-21), lucrative incentives had been offered to the investors in the Greenfield investment category - the new investment in vehicle manufacturing. The investors appreciated the efforts of Pakistani government to attract investment in the country through provision of incentives to vehicle manufacturers and assured that they would soon visit Pakistan to discuss the possibilities of doing business in Pakistan.

The commercial councillor, Embassy of Pakistan, also expressed his views on the business opportunities available in Pakistan and appreciated the efforts of the EDB for organising one of the largest participation of engineering industry of Pakistan in the specialised international fair attracting investment in the engineering sector.

He welcomed the participants to discuss their plans for technology tie-ups/joint ventures with the management of the EDB/Ministry of Industries and Production, who are working hard to uplift various industrial sectors in the country.

The international visitors appreciated the ambiance at the Pakistan Pavilion and the hospitality shown. While visiting the pavilion, the quality of engineering goods being manufactured by Pakistan was also admired.

The participants showed interest in having business ties with Pakistani engineering companies in the form of joint venture agreements, technical collaborations and licensing agreements.

http://dailytimes.com.pk/business/29-Apr-17/pakistani-firm-to-supply-automotive-rubber-parts-to-eu

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## Introvert

*Turkish companies’ investments in Pakistan stand at $900m*

Turkey and Pakistan are enjoying deep-rooted and time-tested relation of brotherhood. The excellent bilateral relations are already being transformed into a vibrant economic partnership as both countries want to build strong and mutually advantageous relations.
Turkish companies’ investments in Pakistan currently stand at US$ 900 million. There were various areas for Turkish investors – to explore in the vibrant and potential sectors of tourism, information technology, food processing, agro-based products, dairy development, hotel industry and resorts development. Both countries agreed to enhance bilateral trade to US $3 billion within the next two years besides signing 11 agreements and MoUs for cooperation in various fields.
While having a look on trade statistics, Pakistan and Turkey bilateral trade volume is just US$ 599.7 million comprising of Pakistan’ export to Turkey $310.5 million and imports from Turkey US$ 289 million in 2015. With the implementation of Free Trade Agreement (FTA) both countries will come closer to each other and will open a new horizon in economic and commercial ties.
Turkey-Pakistan Business Council and the Union of Chambers and Commodity Exchanges of Turkey are closely cooperating with the Federation of Pakistan Chambers of Commerce and Industry to provide platforms for increasing interaction among the business communities.
Turkish and Pakistani business communities are also cooperating at the regional and trilateral level in the organizations and mechanisms such as the Federation of D-8 Chambers of Commerce and Industry and Economic Cooperation Organization (ECO), Chambers of Commerce (ECO CCI) and Istanbul Forum for Economic Cooperation between Turkey, Afghanistan and Pakistan.
Turkish textile companies with their developed technical capabilities and investment capacity were also encouraged to explore this sector for joint ventures. Infrastructure is another area where Turkish companies have extensive international experience. Turkish contractors have undertaken 8,693 projects in 107 countries with a total value of US$ 322.6 billion. At present 42 Turkish companies are included among the ‘Top 250 International Contractors List’ with an annual turnover of US$ 19.3 billion in 2015.
With this figure Turkey ranked second in the world after the People’s Republic of China. On the other hand Turkey is among the world’s top 12 producers of building materials such as cement, glass, steel and ceramic tiles. Despite the effects of global crisis in the international markets that have been felt in 2008 and aftermath, Turkish international contracting services fared quite well in this period. As an economic expert, it is suggested that Pakistan should make use of expertise of Turkey in various sectors particularly in development of infrastructure, construction, energy and information technology.
Role of TOBB chairman Rifat Hisarcýklýoðlu the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the country’s leading business organization and of Chairman of Tumsiad Yaþar Doðanrole for opening Tumsaid Pakistan branch for Turkish businessmen at Pakistan aim to increase trade between Pakistan and turkey up to 2 billion USD signing of free trade agreement with Pakistan which is the world’s 6th most populous country with 190 million citizens attracts attention of businessman by opening a new branch is appreciated, TOBB and Tümsiad will try to seize an opportunity at Pakistan which is the market already suitable for Turkish businessmen whose willing to be effective in sectors such as construction, energy, infrastructure, communications, automotive industry, plastics, iron and steel, food, paper, glass, cosmetics.
The free trade agreement which is signed between Turkey and Pakistan for increasing the volume of current trade, has converted this market to be attractive for Turkish businessmen. Pakistan is the world’s fourth largest producer of milk, fourth largest holder of livestock, fifth largest producer of wheat, among top rice producers and of course in mango production as well, which are potential business windows for foreign investor.
Pakistan and Turkey have been indispensable partners working assiduously to promote peace and prosperity for their people and the region. People-to-people connections were also of great importance for fostering connectivity and integration between Turkey and Pakistan.The writer is a prominent social activist and an economic expert on Pakistan Turkey relations.

http://pakobserver.net/turkish-companies-investments-in-pakistan-stand-at-900m/

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## ashok321

IMF says Pakistan outlook 'favourable', warns of risks

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## ashok321

http://www.economist.com/news/economic-and-financial-indicators/21723831-output-prices-and-jobs

April 2017 Industrial production of India = 3.1%
April 2017 Industrial production of Pakistan 10%

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## Danish saleem

Positive Indicators thorugh out~

1. Agriculture sector performing ok
2. Industrial Growth Steady
3. Inflation under control
4. Massive investments in Infra Structure Development.

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## Introvert

*Canadian companies explore investment opportunities in Pakistan*

It is a fact that Pakistan is emerging as a trading nation, primarily because of its location at the crossroads of South Asia, China, Central Asia, West Asia and the Indian Ocean. With its liberal pro-investment policies, Pakistan is a combination of a rapidly growing economy with a highly skilled and moderately priced workforce. Pakistan’s economy has shown a relatively well economic trend for the last few years.
Numerous Canadian companies are already exploring opportunities in Pakistan in various sectors, including solar energy and information technology. However, our economic ties haven’t been reached to its true potential. In a report by Statistics Canada, bilateral merchandise trade alone topped the $1 billion mark in 2016, depicting a 49%.
A recent meeting was held between Pakistan’s Finance Minister – Ishaq Dar, and the Canadian High Commissioner – Perry Calderwood, where the commissioner said “a robust economic growth and a visible improvement in the security situation in Pakistan had provided a good opportunity for further strengthening economic and business linkages between the two countries”.
The President of All Pakistan Business Forum (APBF) – Mr. Ibrahim Qureshi expressed his opinion over Pakistan and Canada’s economic relations and said: “Pakistan and Canada have been traditionally enjoying friendly relations over the years, with close co-operation in development, people-to-people contacts and regional security. Pakistan’s exports value at $350 million+, whereas Canadian exports totaled $690 million. Canada has vast business opportunities in Pakistan, such as oil, gas and minerals exploration, information technology, agro-business and power generation.”
The current state of bilateral ties including economic cooperation between Pakistan and Canada were discussed along with the steps that had been taken to reactivate the bilateral Trade and Investment Working Group to help promote economic cooperation. The Canadian High Commissioner also encouraged Canadian investors and firms to explore and benefit from the business and investment opportunities available in the country.

https://pakobserver.net/canadian-companies-explore-investment-opportunities-pakistan/


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## Introvert

*Sri Lankan delegation in Pakistan to finalise export of 300,000MT of rice*

A Sri Lankan delegation has arrived in Pakistan to finalize the issue of exporting 300,000 tons rice to Sri Lanka.

A high level Sri Lankan delegation has started bilateral negotiations for reaching the final agreements to export non-basmati rice to Sri Lanka, Senior official of ministry of commerce told the Associated Press of Pakistan (APP) on Monday.

A meeting in this regard would be held here Monday headed by Secretary Commerce Younas Dhaga in which the two side would discuss the modus operandi and procedure for exporting non-Basmati rice to Sri Lanka, he said.
Pakistan produces roughly 700,000 tons of rice annually, and is leading the regional countries in production of Basmati and non Basmati rice,official said.
He said the government would support the Sri Lankan delegation for talks at government to government, and government to business level.
The official said that Trading Corporation of Pakistan (TCP) and representative of local rice association were also participating in negotiation.
He said that domestic production of rice in Sri Lanka was low and they are willing to import non Basmati rice from Pakistan. It may be mentioned here that Free Trade Agreement (FTA) between Pakistan and Sri Lanka was operational from 2005.
He said under the FTA, both of the country have already agreed to offer preferential market access to each others’ exports by way of granting tariff concessions.
Additionally, he said according to FTA, Sri Lanka would be able to enjoy duty free market access on 206 products in the Pakistani market including tea, rubber and coconut. Pakistan, in return, would gain duty free access on 102
products in the Sri Lankan market,including oranges, basmati/non basmati rice and engineering goods.

http://www.sundaytimes.lk/article/1...kistan-to-finalise-export-of-300000mt-of-rice


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## Introvert

*Iran, Pakistan Optimistic over Trade Turnover*

Iran and Pakistan are optimistic they would achieve the target of $5 billion USD bilateral trade in coming years despite some hurdles.

In an interview with Iran's news agency, IRNA, Bilal Khan Pasha, a high ranking official at Pakistani Commerce Ministry, said that Tehran and Islamabad are holding talks to take full advantage of the potential of their bilateral trade.

'Iran and Pakistan are enjoying complementary trade capacities,' as the two countries produce items that both of them need, said Khan Pasha.

He added that right now under the Preferential Trade Agreement (PTA) only 300 items are covered in the range of 7,000 plus items.

'To achieve the figure of $5 billion USD, we immediately need to increase that list. We need to pay more focus on the things which are in demand and Pakistan can export like agriculture items, textiles, rice and many other things to Iran and can import petroleum products, cement and other chemicals,' the Pakistani official suggested.

At the moment, Tehran and Islamabad are now holding the second round of negotiations on Free Trade Agreement in the Pakistani capital.

Last year, trade turnover between Iran and Pakistan increased to more than $1 billion which shows a growing trend after the nuclear deal between Tehran and six world powers, formally named Joint Comprehensive Plan of Action.

http://www.plenglish.com/index.php?o=rn&id=15477&SEO=iran-pakistan-optimistic-over-trade-turnover


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## Introvert

Pakistan is hoping that $2 billion will make its way into the country as it seeks investment in its auto sector with the arrival of four new companies.

Under the auto policy, four companies have been granted permission to set up their assembly/manufacturing plants in Pakistan. It had been reported in June that three companies were granted permission by the government, a move that would result in a total investment of $372 million.

However, a government official with knowledge on the matter said that authorities are expecting a total of $2 billion to make its way into the country as the number of companies interested in setting up their plants goes up.

*Auto sales jump to 20,720 units, up 21.5%*

“One plant needs an investment of around $500 million,” the official told The Express Tribune. “Hence, we hope and believe that these four auto manufacturing plants will invest $2 billion in the automobile industry.”

He added that within a week, two more firms be allowed to set up plants which is expected to attract around $1 billion as investment.

Meanwhile, he said that a total of nine companies had applied to set up new manufacturing plants and four had been granted permission already, whereas two had completed documents and would be given the go-ahead in a week.

It was earlier reported that United Motors Private Limited, Kia-Lucky Motors Pakistan Limited and Nishat Group, which is collaborating with Hyundai, have been granted permission. Moreover, the official said that Regal Automobile Industries Limited Karachi has also been given permission.

*Three companies get approval to set up car assembly plants in Pakistan*

The remaining five entrants who have applied include Habib Rafiq Private Limited, Khalid Mushtaq Motors, Pak-China Motors, Foton JW Auto Park, and Cavalier Automotive Corporation.

According to a statement, a follow-up of the meeting held on June 6, was arranged on Wednesday in the Conference Room of the Board of Investment. The meeting was co- chaired by the Secretaries, Industries and Production and Board of Investment.

Officials of Board of Investment, Ministry of Industries and Production and Engineering Development Board also attended the meeting. Four awardees of ‘Greenfield’ status were also present and appreciated efforts in finalising investment proposals.

Under the new automobile policy, approved in March 2016, the government has allowed one-off duty-free import of plant and machinery for setting up an assembly and manufacturing facility. It has also permitted import of 100 vehicles of the same variant in the form of completely built units (CBUs) at 50% of the prevailing duty for test marketing after ground-breaking of the project.

A major incentive for the new investors is the reduced 10% customs duty on non-localised parts for five years against the prevailing 32.5%.

Similarly, localised parts can be imported by new entrants at 25% duty compared to the current 50% for five years. A-category investors will be entitled to import of 100% parts at 10% customs duty for a period of three years in respect of passenger cars below the 800cc category.

They will also be entitled to import 100% parts at prevailing custom duties applicable to non-localised parts for a period of three years in respect of buses, trucks, tractors and prime movers.

_Published in The Express Tribune, July 13th, 2017._

https://tribune.com.pk/story/1456683/pakistan-looks-inflow-2b-four-auto-companies-get-permission/


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## Introvert

*Vietnam, Pakistan, Burma expected to drive 2018 global rice exports*

Global rice trade is projected to increase 1% to 42.3 million tonnes in 2018, the third highest on record and the second consecutive year of expanded trade. 

The U.S. Department of Agriculture’s (USDA) Economic Research Service (ERS) noted that a major factor behind the expanded trade in 2018 is increased exports from three of the top six exporters—Vietnam, Pakistan, and Burma. Vietnam’s 2018 exports are expected to increase 400,000 tonnes, to 6 million tonnes, due to increased demand from Southeast Asia, especially from the Philippines. 

China is again forecasted to be the largest export market for Vietnam’s rice. Pakistan is projected to export 4.1 million tonnes of rice in 2018, up 100,000 tonnes from a year earlier, a result of a slightly larger crop, the USDA said. 

Burma is expected to export 1.7 million tonnes of rice in 2018, up 100,000 tonnes from 2017, primarily due to stronger demand from regional buyers and the E.U. 

In contrast, India’s exports are projected to drop 500,000 tonnes in 2018 due to a smaller crop and stronger domestic use. According to the USDA, Thailand’s exports are expected to be flat in 2018, while U.S. rice exports are projected to decline 50,000 tonnes as a result of higher prices and tighter supplies. 

http://www.world-grain.com/articles/news_home/World_Grain_News/2017/07/Vietnam_Pakistan_Burma_expecte.aspx?ID={F5D0A983-7F41-4958-9C0E-F114C5702997}&cck=1

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## Introvert

*Hong Kong to import Tuna fish from Pakistan*

Pakistan has entered into business negotiation with a trade delegation from Hong Kong export world famous Tuna fish from Pakistan. In this respect a three member trade delegation comprising of importers of Sea Food from Hong Kong visited TDAP on 13th July 2017.The objective of visit of delegation is to place orders of Tuna Fish from Pakistan. The delegation had a meeting with Director General TDAP who briefed the delegates about potential of seafood export from Pakistan. The delegation informed that currently they are importing 1000 containers of seafood from the world.
TDAP have arranged the meeting of delegation with Chairman Pakistan Fisheries Exporters Association and leading exporters of seafood. The delegation had fruitful meetings with seafood exporters .It is expected that due to this visit Pakistani exporters will export around 50 containers of Tuna Fish to Hong Kong.
It is important to mention that Hong Kong is one of the potential market for seafood and their annual import of seafood is around US$ 3.3 billion. Due to visit of this delegation our exports of seafood to Hong Kong will increased.

https://pakobserver.net/hong-kong-import-tuna-fish-pakistan/


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## Shahzaz ud din

*CPEC MAGIC-CAR SALES IN PAKISTAN REACH AN ALL TIME HIGH.*

The stability in the economy, improvement in the security situation throughout the country and low interest and financing rates pushed up the sales of local automobile companies to record levels in the financial year of 2016-17, and reached 185,781 units.
These sales broke the record of the previous years’ numbers of 181, 145 units and also broke the six years old record of 164,650 units set in 2008-07
The outgoing financial year is the most impressive in the history of automobile industry in Pakistan having witnessed an incredible demand for local cars by the public outpacing the production capacity of different companies.
According to the statistics of Pakistan Automotive Manufacturers Association (PAMA), the sales of locally-assembled cars are more than 4,636 units than sales of previous financial year, which showed a good pace in growth especially without any Taxi scheme of the provincial government.
These sales numbers could have been much higher if the demands of the consumers were met. Main automobile players—Indus Motor Company, Pak Suzuki and Honda Cars have hired extra staff members to run their production even in off days but they have failed to meet the demand of local market in the outgoing financial year.
The impressive sales are excluding those of imported cars in Pakistan which have also seen high demand, particularly in the small cars segments.
1300 CC and Above Cars
The segment of high-end locally produced cars drove the overall sales of passenger cars as Toyota Corolla remained the first choice of Pakistan. Its sales dropped this year due to delays in the delivery of cars and the anticipation of new model in 2018.


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## Introvert

*Qatar Chamber and Pakistan plan to set up joint factories*

Business leaders from Qatar and Pakistan are mulling the establishment of joint factories in Qatar to provide various commodities to the local market and export the surplus, Qatar Chamber (QC) has said.
The plan was discussed recently by officials of Qatar Chamber during a series of business meetings with the Federation of Pakistan Chambers of Commerce & Industry in Pakistan’s capital, Islamabad.
During the meetings, QC also discussed ways to increase Qatar’s imports of Pakistani goods, Qatar Chamber said in a press statement. The deliberations, held from July 11 to 14, focused on enhancing co-operation ties between both parties in economic and trade sectors, including construction, building materials, foodstuff, textiles and furniture.
The meetings were attended by QC board member Rashid bin Hamad al-Athba and director-general Saleh bin Hamad al-Sharqi, who reviewed trade relations between Qatar and Pakistan.
Pakistan’s Minister of Commerce Khurram Dastgir Khan also held a meeting with the Qatari delegation to discuss ways of boosting bilateral relations particularly in the private sector.
Khan said the visit significantly reflected the strong ties of both countries. He also praised the Qatari businessmen’s confidence in Pakistan’s economy, and hoped the meeting would help expand co-operation and establish more ventures.
Al-Athba said Qatar’s delegation invited their Pakistani counterparts to visit Qatar to explore investment opportunities. The invitation was “highly welcomed by Pakistan and there is a large business delegation expected to visit Qatar soon”, he noted.
Meanwhile, al-Sharqi stressed QC’s interest in opening new channels of trade co-operation with all friendly and sisterly countries and to find new sources of imports.
He said there was a large trade exchange between Qatar and Pakistan, adding that the chamber sought throughout the discussions with the Islamabad chamber to increase Qatar’s imports from Pakistan, especially food items and building materials.
“Trade with Pakistan is witnessing rapid growth. The trade volume last year reached QR2.8bn from QR1.9bn and QR887mn in 2014 and 2015, respectively. Qatar’s exports to Pakistan in 2016 touched QR2.5bn, whereas Pakistan’s imports to Qatar were only QR317.7mn,” al-Sharqi said.

http://www.gulf-times.com/story/556743/Qatar-Chamber-and-Pakistan-plan-to-set-up-joint-fa


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## Introvert

*Chinese delegation interested to invest in Pakistan’s agriculture sector*

A delegation of Chinese entrepreneurs led by Lee of Ministry of Commerce, China visited Islamabad Chamber of Commerce and Industry (ICCI) on Monday and showed interest to make investment in Pakistan’s agriculture sector to produce silk worms, mulberries and many other agro products.

Speaking at the occasion, Lee said that Chinese entrepreneurs were looking for suitable land to set up an agriculture farm in the first phase and in the second phase they would set up a factory in Pakistan to produce silk.

He said their investment was likely to create 30,000 new jobs in Pakistan. He was of the opinion that the establishment of silk factory in Pakistan would make it self-sufficient in silk production and it will not have to import silk from China.

The Chinese delegation discussed many possibilities of investment in local agriculture sector as they considered Pakistan a potential country for business and investment in this sector.

Speaking at the occasion, ICCI President Khalid Iqbal Malik said that Pakistan was an agricultural country and it offered huge investment opportunities to foreign investors in various sectors of agriculture including crops, seeds and tree farming, livestock, dairy farming, milk processing.

He stressed that Chinese investors should bring in latest machinery and technology in agriculture sector that would help in improving Pakistan’s agricultural productivity and enhance its per acre yield.

He said by investing in Pakistan, Chinese investors could export agricultural products to Middle East, Central Asia, Europe, Afghanistan and many other countries.

He said Potohar region and District Chakwal were suitable for production of many agro products including silk worms, olive oil, mulberries, grapes and others. He assured that Islamabad Chamber of Commerce and Industry would fully cooperate with Chinese investors in identifying land for agriculture investment in this region.

http://nation.com.pk/national/17-Jul-2017/chinese-delegation-interested-to-invest-in-pakistan-s-agriculture-sector


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## Introvert

*Canadian HC eyes various sectors as potential areas of cooperation*

High Commissioner of Canada Perry John Calderwood has said that Pakistan and Canada have good potential to enhance cooperation in ICT, agriculture, energy, mining and other fields and private sectors of both countries have to play the leading role in exploiting these opportunities.

He said that Canada and Pakistan could complement each other in many areas by sharing expertise and developing partnerships. He said Canada was quite strong in oil & gas, hydro & solar power and Pakistan could benefit from its expertise to improve its energy generation. He was addressing the business community at Islamabad Chamber of Commerce and Industry.

Calderwood said that Canada was an advanced economy and Pakistan could achieve better results by developing close cooperation with it. He said Canada was providing development assistance to Pakistan for women economic empowerment and added that the new development policy of Canada would also benefit Pakistan. He said Pakistan was a potential country for business and investment, but due to security concerns, Canadian investors were avoiding to visit Pakistan. However, he said the security situation was now improving and he was hopeful that it will help Canadian investors to explore Pakistan.

Khalid Iqbal Malik, President Islamabad Chamber of Commerce and Industry, said that Pakistan and Canada enjoyed old friendly relations as they established diplomatic relations in 1947. However, bilateral trade of just over $1 billion in 2015 did not reflect the real potential of both countries. He said that trade in limited items was the main reason of low trade volume and stressed that both countries should focus on trade diversification to improve bilateral trade figure. He said that trade balance was in favor of Canada and it should enhance its imports from Pakistan as many Pakistan products could meet the needs of Canadian customers at affordable cost. He emphasized that Canadian businessmen should benefit from Pakistan’s IT-enabled services in animation and gaming, retail banking and finance, mobile content, document management and call centers.

ICCI President said that many sectors of Pakistan’s economy including oil & gas, infrastructure, power generation, information & communication technologies, mining, agro business, wood sector and science & technology offered great investment potential to Canadian companies and they should explore these sectors. He said Pakistan needed more oil rigs and mining equipment to exploit its vast natural resources and Canada should take benefit of these opportunities.

He said Canadian investors should also explore joint ventures and investment in CPEC projects in Pakistan. He said that Pakistani exporters have to face cumbersome visa formalities for attending trade fairs in Canada while its travel advisories discouraged Canadian businesspeople from visiting Pakistan.

Khalid Malik, Senior Vice President ICCI, welcomed Perry John Calderwood and introduced his profile to the business community. He urged that Canadian authorities should revisit business visa regime and travel advisory for Pakistan to facilitate more bilateral economic engagement between the private sectors of both countries.

http://nation.com.pk/business/19-Ju...om-canadian-expertise-to-up-energy-generation


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## Introvert

*Pakistan keen to further strengthen its relationship with Russia*

Pakistan cherishes its cordial relationship with Russia and is equally committed to promote the same on strong lines, said Governor of Sindh, Muhammad Zubair here on Wednesday.

Talking to the Consul General of Russia, Oleg N Avdeev, in a farewell meeting at the governor house, he said the rampant changes in the geo-political scenario in the world, since 2011, has renewed closeness between the two countries.

Appreciating the Russian C.G. for his role in promoting friendship between the two people, he said this has also led to series of partnerships in the spheres of technology, investment, trade and business.

Establishment of Pakistan Steels and technical assistance extended by Russia for Guddu and Muzaffargarh power plants, over the years, are the most prominent projects that can never be ignored by the people of Pakistan, said the Governor of Sindh. 

Muhammad Zubair said Russian investment in the Thar Coal Project is also highly appreciable and that the people of Sindh and Pakistan look forward to more such partnerships.

Mentioning that Karachi, the commercial hub of the country has emerged to be a favorite destination for numerous multinational companies, he said Russia can take advantage of the potential that the city offers.

Consul General Oleg N Avdeev on the occasion expressed his gratitude to the people of Sindh and its capital Karachi for extending him all respect and care.

http://www.brecorder.com/2017/07/19...her-strengthen-its-relationship-with-russian/


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## Introvert

*Iran-Pakistan $5b Trade Target Optimistic*

*

*

Pakistan is serious about its preferential and free trade agreement with Iran, in the quest of an elusive exponential increase in exports.

Pakistani policymakers hope for significant jumps in foreign trade, especially exports, as they enter round after round of negotiations with their international trading partners.

A report on the issue, published by Pakistan’s biggest financial daily Business Recorder on Tuesday, follows:

A case in point is the current PTA with Iran whose second phase of negotiations concluded last week. Pakistan and Iran hope to increase their $359 million trade in 2016 to $5 billion by 2021.

In 2004, Pakistan and Iran signed the PTA that came into effect in 2006. As per data from the International Trade Center’s Trade Maps, Pakistan’s bilateral trade with Iran increased from $622 million in 2006 to $1.2 billion in 2009, a 194% jump post-PTA implementation.

Despite the increase in trade, bilateral trade with Iran comprised just 2.5% of Pakistan’s global bilateral trade, with exports to Iran accounting for 1.4% of Pakistan’s total exports. The only significant export to Iran was that of rice with 12% of Pakistan’s exports finding a market in Iran.

In 2011, sanctions were placed on Iran and trade tapered off, not recovering even when they were lifted in 2013. For bilateral trade to increase from the current level to $5 billion in the next four years, the jump needs to be nearly 14 times!

Let us look at the exports to Iran for now. Going through the product lines, the highest potential of increase in trade is of rice exports to Iran. At the peak of Pakistan’s exports in 2009, the top export to Iran was $200 million of rice that constituted nearly 80% of Pakistan’s exports to Iran.

Pakistan produces roughly 700,000 tons of rice annually and is a leading producer of Basmati and non-Basmati rice regionally. While Basmati rice is considered a premium high-end rice, enabling Pakistan to earn more forex, Iran is also a market for non-basmati rice. Since the decline in non-Basmati variety has caused some concerns, the Pakistan-Iran PTA in the works may give it the much needed boost.

Pakistan’s top export in 2016 included $19 million worth of paper and paperboard while rice exports fell to $8.3 million due to the sanctions placed in 2011. On the other hand, Iran’s rice imports from the world stood at $517 million, 97% of which were from India, since India circumvented the sanctions by using a barter model of trade that would not suit Pakistan.

Currently, other than rice, Pakistan has the potential to increase exports of medical instruments, since Pakistan’s current exports to Iran are limited to $780,000 whereas Iran’s imports globally were $147 million in 2016. As Sialkot’s surgical goods industry is one of Pakistan’s success stories, reduction in tariffs of medical instruments should be negotiated to become a part of the PTA.

Another product that Pakistan has potential to export to Iran is cotton fabric. Woven fabrics of cotton are a significant export of Pakistan, but exports to Iran are non-existent, whereas Iran’s imports from the world were $42 million in 2016.

Similarly, there is a long list of Pakistan’s exports that the country is currently not exporting to Iran, but which Iran is importing from other countries. In the past, Pakistan’s exports have been limited to a single top export to Iran but the PTA is an opportunity for Pakistan to increase its basket of exports.

However, if Pakistan insists on putting all its eggs in one basket as it usually does, the PTA is not likely to give a significant increase in exports, much less reach the naively optimistic goal of $5 billion of bilateral trade.

https://financialtribune.com/articles/economy-domestic-economy/68621/iran-pakistan-5b-trade-target-optimistic


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## Introvert

*Swiss telecom company likely to enter Pakistan*

The Global Message Services (GMS) AG, a telecommunication services provider in Switzerland, is likely to enter the Pakistan's telecom market within few months, it is learnt.

In this regard, a delegation of the company led by its president and Chief Executive Officer (CEO) Iurii Makeranko recently visited Pakistan to explore good business opportunities, especially in banks & payment systems sector and held useful business-to-business meetings with various stakeholders in the Pakistan telecom industry.

GMS is a global telecommunications company and network operator which specializes in SMS- and MMS- services, mobile marketing, and business Information Technology (IT) solutions. GMS was founded in 2006, is a GSMA associate member, a licensed telecommunications operator in Ukraine and an approved telecommunication services provider in Switzerland.

Responding to Daily Times, Chief Marketing Officer of GMS, Olga Velgus, said, "During our visit, we had a chance not only to conduct business meetings, but also to savour the culture and hospitality of magnificent country (Pakistan). We returned with a wonderful impression and hope to deepen our knowledge and reinforce the positive impressions in future visits."

However, Velgus refused to share details of meetings citing that due to confidentiality reasons.

"I am unfortunately unable to elaborate on any details of meetings for the time being, other than that I believe the trip was a success."

Velgus, who was part of the delegation, further added that this was an initial relationship-building visit and exploratory in nature.

"My team and I were simply overwhelmed at the friendliness, hospitality and generosity of all those we met in Pakistan. We were made to feel very special and cherished by each and every person. We are eagerly looking forward to our next trip, whenever that might be,"

GMS, through its cutting edge technology and service coverage in 200+ countries, provide receipt and delivery of personal and bulk messages to any destination worldwide in just milliseconds.

According to industry sources, the GMS, is interested to explore business opportunities in Pakistan's banks & payment systems sector as the GMS having expertise in mobile marketing technologies helps the clients to manage customer relationship starting with e.g. registration by SMS or using customized mobile applications under its brand.

GMS is a long-term partner of around 50 of the largest Ukrainian banks offering considerable advantages to these clients through direct interconnections with operators and a technological base by one of the world's leading suppliers: Boost your online business by communicating with your customers via mobile phone.

http://dailytimes.com.pk/business/21-Jul-17/swiss-telecom-company-likely-to-enter-pakistan


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## Introvert

*UK confirms ambition to increased trade with Pakistan*

Additional resources are being invested in helping UK-based companies looking to do business with Pakistan, in line with the UK commitment to increase trade between UK and Pakistan.

A new Deputy Director for Trade was appointed in Islamabad and the trade team has been increased in both Karachi and Lahore, with an ambition to supporting UK-Pakistan trade relations across the length and breadth of the country.

Matt Lister, the new Deputy Director for Trade, said: “I am really excited and honoured to have been appointed Deputy Director for Trade in Pakistan. Working with colleagues in Pakistan and in the UK, my aim is to fulfil the potential for trade between our two countries identified by the International Trade Secretary. My focus will be to help UK companies increase their trade with Pakistan, or to establish a presence in the market here.

“As Britain leaves the EU our aim is to strengthen Pakistan’s access to UK markets. The UK also has an ambition to expand our trade relationships with Pakistan in the future.

Director for Trade and Deputy High Commissioner, Belinda Lewis, said: “During their visits over the past year, the Foreign Secretary, Development Secretary and Home Secretary all talked about the potential for the UK and Pakistan to do more trade together. As Trade Director, I’m delighted to see more British companies winning business here, right across a range of sectors.

“With a shared history and shared future, we are well placed to support the increased prosperity of both our nations. The new (and growing) British trade team in Pakistan will help deliver the huge potential in the Pakistan market.”

Over the past year, UK Government trade services in Pakistan were largely delivered by the British Business Centre (BBC), whose Board decided it should cease operations on 30 June 2017. Going forward, trade support for UK-based companies looking to export goods or services, establish a presence in Pakistan or explore opportunities in the market will be supported directly by Department for International Trade officers and other HMG colleagues in the British High Commission Islamabad, Deputy High Commission in Karachi and by the trade officer in Lahore.

http://www.pakistanchristianpost.com/detail.php?communityid=788


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## Introvert

*UK working to increase FDI in Pakistan*

KARACHI:UK Deputy High Commissioner in Karachi Belinda Lewis has said that her government is working on plans to increase foreign direct investment (FDI) in Pakistan in a sustainable way.

“We plan to have long-term mutual benefits through trade and investments,” she said in an interview with _The Express Tribune_.

Governments of both Pakistan and the UK are trying to increase bilateral trade, but trade and investment numbers have not reached desired targets.

Currently, bilateral trade is close to $2 billion, which is heavily in favour of Pakistan. The two countries targeted to push trade to $4 billion in 2015, but slowdown in global economy mainly due to record low oil prices hit both economies in recent years.

In 2017, Pakistan has become a $300-billion economy after achieving 5.3% economic growth, the highest in a decade. However, its exports have declined more than 20% from the peak and it desperately needs FDI to create new jobs.

Pakistan received $2.41 billion in FDI in fiscal year 2017, up 5% compared to the previous year, but much lower than the record high of $5.4 billion received in fiscal year 2008.

FDI from leading western economies has been on the decline in Pakistan for the past few years and the UK is no exception. FDI coming from the UK fell to just $69 million in FY17, down 54% from $151 million in the previous year.

Talking about UK’s declining investment in Pakistan, the deputy high commissioner said, “it would be interesting to see if the UK’s FDI is declining generally (in other countries as well) or is it specific to Pakistan. I would be surprised if it would be just Pakistan.”

Despite a slow improvement in bilateral trade, Lewis believes the two countries can increase trade ties due to the inherent potential that has not been tapped yet.

For instance, she said, British companies generally do not know that the situation in terms of regulations has improved in Pakistan and it is easy to do business here than it used to be.

When representatives of British companies come here for the first time, they desire to come again to find out right partners for businesses.

About 120 British companies – many of them world renowned – operate in Pakistan in different sectors like consumer goods, banking, energy, pharmaceutical, education, etc.

Tesco Plc – UK’s largest and world’s third largest retailer in terms of turnover – in February 2017 partnered with Alpha Supermarkets to launch its food and non-food products in Pakistan.

Currently, Tesco is not investing in Pakistan, but its local partners say it may enter the market if its experience goes well.

Lewis believes Tesco can come to Pakistan independently due to its fast growing retail market, growing middle class and the overall size of population.

Speaking about major concerns of UK investors, she said regulations and legal framework came on top when new investors looked towards Pakistan as an investment destination.

“Finding a right partner is also very important, there are some new UK companies that are entering Pakistan because they have partnered with their partners of choice,” she added.

The immediate challenge for both the countries is to maintain the current trade volume in the wake of the UK’s departure from the European Union (EU), also known as Brexit.

The UK has already assured Pakistan that it would provide the same trade benefits that Pakistan currently enjoys under the Generalised System of Preferences (GSP) Plus in the EU.

Within EU, about 25% of Pakistan’s exports go to the UK, so it is a very important market.

“Our first priority is to maintain current trade access to Pakistan after Brexit,” Department for International Trade Deputy Director Trade Matthew Lister commented.

“Once we succeeded in maintaining the current trade volumes, we will enhance our relationship even further.”

https://tribune.com.pk/story/1465025/uk-working-increase-fdi-pakistan/
*
*


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## Turingsage

Introvert said:


> Talking about UK’s declining investment in Pakistan, the deputy high commissioner said, “it would be interesting to see if the UK’s *FDI is declining generally (in other countries as well) or is it specific to Pakistan. I would be surprised if it would be just Pakistan.*”



Not according to the Chamber of British Industry (CBI)

*UK strengthens position as largest G20 investor in India – CBI/PwC*
The UK has strengthened its position as the single largest G20 investor in India, and supports close to 800,000 jobs, according to the CBI’s second _Sterling Assets India_ report, supported by PwC and the UK India Business Council.







Click here to read _Sterling Assets India 2_

Between 2000 and 2016, the UK invested $24.07 billion in India – increasing its investment by $1.87 billion between 2015 and 2016 – representing 8% of all foreign direct investment (FDI) into the country. The UK also managed to see off tough competition from Japan to remain the largest of all foreign investors into India after Mauritius and Singapore, and significantly ahead of the USA.

British business interests in India span a broad spectrum, both in terms of firms – with several medium-sized businesses taking their place alongside larger companies to do successful business – and sectors, with India attracting investment from industry to services. The chemicals sector receives the lion’s share of British investment in India at $6.1 billion (25% of UK FDI), followed by drugs and pharmaceuticals at $4.1 billion (17%) and food processing at $3.2 billion (14%).

The top reasons British firms invest in India are the size and growth potential of the market, the easy availability of talented workers and the stable political system.

The UK also remains the largest job creator in India via FDI. Between 2000 and 2016, British FDI created 371,000 jobs – 10% of all jobs created by FDI. The total number of people employed by British companies in India currently stands at 788,000 – representing 5.3%, or one in twenty, of private sector jobs.

Carolyn Fairbairn, CBI Director-General, said:

“It’s really encouraging to see the vibrant economic relationship between India and the UK continues to flourish.

“These figures reflect the thriving commercial links that Britain’s businesses – large and small, and from a whole host of sectors – have built in India, and which the Prime Minister saw on her first visit outside the EU.

“From strengthening the UK’s leading position as the largest G20 investor in India to being the biggest Indian job creator through direct investment, it’s clear the country is a magnet for British firms.

“As UK companies grow, they also create jobs and drive prosperity here at home. So, as new opportunities spring up in India – from its rapid digitisation to more young people wanting to study at the UK’s world leading universities – our firms will be looking to take full advantage. Further reductions in India’s corporate tax rates and improvements to the ease of doing business will see the relationship between India and the UK go from strength to strength.”

Kevin Burrowes, executive board member and head of clients and markets at PwC UK, said:

“India offers excellent opportunities for UK businesses looking to engage in a fast-growing emerging economy. Building ever closer business ties with India will be critical, especially at this current time, given the changing global and European stage.

“It is encouraging to see that confidence among British and Indian business leaders has increased in comparison to last year. According to PwC’s latest CEO Survey, 75% of Indian CEOs are ‘very confident’ about their company’s prospects for revenue growth over the next three years, compared to 41% globally, adding to India’s attraction as a place to invest.”

Rt. Hon. Patricia Hewitt, Chair of the UK India Business Council, said:

“It is great to see the UK solidifying its place as the number one G20 investor and job creator in India through FDI.

“The Indian Government’s efforts to improve the business environment are clearly bearing fruit, and British businesses of all sizes and from across sectors have continued to spread right across this exciting and fast-changing market.

“The bilateral business relationship is certainly strong, and it is important to both economies. The fact that Prime Minister May’s visit to India in November was her first bilateral destination showed how much India matters to the UK.

“Indeed, the findings of this report also show how much the UK matters to India in terms of investment and job creation. As Prime Minister Modi said, the UK and India are an “unbeatable combination”.”

UK investment continues to be spread across India, with significantly more firms choosing to invest in Delhi as of late. Between April 2015 and September 2016, nearly a quarter (22.35%) of British investments went to Delhi. The state of Maharashtra, with the city of Mumbai, attracted the largest share of British investment (($7.47 billion) between 2000 and 2016.

http://www.cbi.org.uk/news/uk-strengthens-position-as-largest-g20-investor-in-india-cbi-pwc/


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## Introvert

*USAID holds gala to promote Pakistani mangoes*

ISLAMABAD: A "Mango Gala" event organized by US Agency for International Development (USAID) was held.

USAID Missional Director Jerry Bisson and Chairman, Pakistan Agricultural Research Council (PARC) Dr. Yusuf Zafar (T.I) Attended the event and paved the way for 13 Mango Farmers to receive Mango Graders worth more than $750,000/- which will greatly increase Pakistan Mango Production and Exports.

Nepalese Ambassador Sew Lamsal Adhikari also attended the event to learn more about the Pakistani Mango Sector. He expressed his great pleasure to attend the event and said that Pakistan is the largest producer and the largest exporter of mango in the world. Its soil and climatic conditions enable production and market supplies of good quality fresh mango. Pakistani mangoes therefore enjoy a prominent position in the international market.

USAID Mission Director Jerry Bission that the U.S Govt. through USAID is determined to increase access to new markets for Pakistani mango farmers, while ensuring compliance with international grading standards and export protocols and want to make Pakistani mangoes as competitive as they can be in the international market.

Chairman, Pakistan Agricultural Research Council (PARC) Dr. Yusuf Zafar (T.I) expressed his appreciation for the generous contribution from the United Stated in supporting this sector of Pakistan's Agriculture Industry.

It is pointed out that USAID launched the U.S Pakistan Partnership for Agricultural Development in 2015 to increase Pakistan's Commercial Agriculture and livestock sectors competitiveness in International and national markets in four product lines: Meat, High Value and off-seasons vegetables, Mangoes and citrus. This partnership acts as a catalyst for development and investment and promotes cooperation among farmers, processers, exporters and buyers of agricultural products from Pakistan. Under the project's grant program, USAID has provided 13 state of the art, custom made, automated mango grades.

These Mango graders are bring utilized for the first time to grade export quality mangoes during 2017 season.

http://dailytimes.com.pk/business/25-Jul-17/usaid-holds-gala-to-promote-pakistani-mangoes


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## Introvert

*Pakistan, China in rice research tie-up*

KARACHI: The scientists of Pakistan and China will join forces to promote collaborative research for producing high yielding and high quality rice varieties, a statement said on Monday.

“Conducting research for the developing new high yielding, disease resistant, and high quality varieties of rice is extremely important for ensuring food security,” said Prof Dr Cheng Shihua, DG China National Rice Research Institute (CNRRI) of Hangzhou, China, in a sitting with Prof Atta-ur-Rahman, at Karachi University (KU). The meeting, which was also attended by Prof Iqbal Choudhary, a rice expert, and Dr Fida Abbasi of Hazara University, was held at Dr Panjwani Center for Molecular Medicine and Drug Research (PCMD) in KU.

Prof Shihua, who is leading the delegation of Chinese scientists, said it was imperative for the researchers of both the countries to compare notes. “We are resolved to promote further collaborative research between the scientists of two countries,” he said while talking to Prof Att-ur-Rahman, the former minister for science and technology. Giving his input, one of the visiting scientists said that China was the largest producer of rice in the world, but Pakistan produced a number of high-quality varieties of rice in the world.

https://www.thenews.com.pk/print/218598-Pakistan-China-in-rice-research-tie-up


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## Introvert

*Pakistan, Maldives agree to increase bilateral cooperation in diverse fields*

ISLAMABAD: Pakistan and Maldives have agreed to increase bilateral cooperation in diverse fields.

Addressing a joint news conference in Male today along with Maldivian President Abdulla Yameen Abdul Gayoom, Prime Minister Nawaz Sharif said both countries are unanimous in combating common challenges.

He said both the countries are unanimous in enhancing cooperation in all areas including trade, education, defence, tourism, and people-to-people contacts.

The prime minister said both the countries share common views to make the South Asian Association for Regional Cooperation a vibrant organization for regional development.

He expressed best wishes for the prosperity and development of the people of Maldives.

Earlier, Muhammad Nawaz Sharif arrived in Maldives on a three-day official visit to the country.

On arrival, he was received by Abdul Gayoom and cabinet members.

Nawaz Sharif will be chief guest at the celebrations of 52nd Independence Day of Maldives being celebrated on Tuesday.

Adviser on Foreign Affairs Sartaj Aziz is accompanying prime minister during the visit.

https://arynews.tv/en/pakistan-maldives-agree-increase-bilateral-cooperation-diverse-fields/


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## Introvert

*Textile sector to get Rs15 billion under PM’s package by August 14*

ISLAMABAD: The National Assembly Standing Committee on Textile Industry on Wednesday emphasised the importance of value addition and promoting and facilitating garment exports in order to enhance the country’s overall shipments.

Members of the committee came up with recommendations in an attempt to offer incentives to the garments industry and its small units, which would help them enhance their value-addition capacity. The move comes at a time when Pakistan’s overall exports have gone down from around $24 billion to around $20 billion per annum over the past few years of which textile exports constituted more than half of the total shipments.

The committee meeting, held at the Ministry of Textile Industry and chaired by MNA Haji Muhammad Akram Ansari, discussed the current situation of textile industry and proposals floated by exporters. Federal Minister for Commerce Engineer Khurram Dastgir Khan insisted that the government was committed to resolving the issues of electricity tariffs and sales tax on a priority basis.

He revealed that Rs15 billion would be given to the textile sector under the prime minister’s trade enhancement package by August 14, 2017.

The minister said the government gave priority to facilitating the textile sector and helping it gain competitiveness in order to enhance the country’s exports.

“We want to revive confidence of the textile sector through the trade enhancement package worth Rs162 billion. We are committed to providing an enabling environment for the sector,” he said.

Committee members underscored the need for protecting the domestic textile industry and enhancing export volumes of the country.

All Pakistan Textile Sizing Industries Association Chairman Mian Zahid Rasheed, while speaking during the meeting, emphasised that the government must support the textile industry for an export-led growth of the national economy.

He pointed out that now the fast widening trade deficit is a big challenge for the country and asked the government to provide facilities for the textile industry. He called for competing effectively in textile trade with regional countries and sought the resolution of genuine woes of the industry.

He also demanded proper implementation of the prime minister’s export enhancement package for facilitating the textile industry.

Compared to regional countries, Rasheed said, member mills of his association were concerned about the high cost of doing business, including the burden of surcharges in electricity bills and levy of taxes on the export-oriented industry.

https://tribune.com.pk/story/1467365/textile-sector-get-rs15-billion-pms-package-august-14/


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## Introvert

*TURKISH BUSINESS COMMUNITY SHOW GREAT INTEREST IN PAKISTANI MANGOES*






The business community in Turkey showed great interest in Pakistani mangoes at a Mango festival organized by the Pakistani Embassy in Ankara.

Speaking at the opening ceremony of the festival, Pakistan's ambassador in Ankara, Sohail Mahmood said they want to popularize Pakistani mangos, and facilitate their availability in Turkish markets.

He said Pakistan was the fifth largest producer of mangos, out of over 100 countries, with a production of 1.8 million tons per year.

http://www.radio.gov.pk/03-Aug-2017...nity-show-great-interest-in-pakistani-mangoes


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## Introvert

*Japanese companies to double their investments in Pakistan*

TOKYO: Ajinomoto Co Inc., a leading food and chemical firm in Japan is keen to increase its investment in Pakistan to capitalise on the demand of halal-certified seasonings, an envoy said.

“Ajinomoto, Pak Suzuki and several other Japanese companies have agreed to double their investments in Pakistan,” newly-appointed Pakistani Ambassador to Japan Asad Majid told The News in an interview.

“We are working to bring more investment from Japan to Pakistan,” Majid said. Ajinomoto’s products are already being marketed in the country through a joint-venture company. Japanese firm holds majority stake in the venture, selling meat-flavored coating and fried chicken seasoning.

Pak Suzuki, which is a subsidiary of Japanese Suzuki, is the biggest automaker in terms of economical passenger cars. Majid said Pakistan’s exports to Japan amounted to $200 million, while Japanese exports to the country stood at $1.8 billion in 2016.

“Pakistan is working hard to reduce this trade gap between the two countries,” he added. The bilateral trade volume is much below the actual potential. Japanese government had also proposed Pakistan to sign a free trade agreement and wanted to extend cooperation in information technology and textile sectors.

Majid said Japan is a biggest manufacturing partner in Pakistan and its companies provide employments to thousands of workers. “Pakistan has a long historical relation with Japan. Some of Japanese banks and trading houses operated in Karachi before the country came into being,” he added. “Japan is running a lot of aid projects in the country as well.”

The ambassador denied the perception that Pakistan was experiencing a cold business relation with Japan. “We just started exports of Pakistani mangoes to Japan and are optimistic that positive results would come in,” he said.

Pakistan’s embassy is trying to bring a delegation of Japanese investors to Pakistan and invite Pakistani manufacturers to visit Japan, which may increase Pakistani exports to Japan, he added.

https://www.thenews.com.pk/print/220590-Ajinomoto-plans-to-double-investment-in-Pakistan-envoy


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## Introvert

*Pakistan exports surgical good, medical instruments worth $339.19 million*

ISLAMABAD, Pakistan: Pakistan exported surgical goods and medical instruments worth US$ 339.19 million during the last fiscal year ended on June 30, 2017 as against the exports of US $ 358.766 million of the corresponding period of last year.

The exports of above mention goods were recorded at US$ 358.766 million during the financial year 2015-16.

According the data of Pakistan Bureau of Statistics, the cutlery exports grew by 2.52 percent and reached at US$ 82.436 million in fiscal year 2016-17 as compared the exports of US$ 80.404 million of same period last year.

Meanwhile, the exports of chemical and pharma products increased by 9.21 percent as chemical and pharm products valuing US $ 878.463 million exported as compared the exports of US $ 804.337 million of same period of last year.

During the period from July-June, 2016-17, about 44,250 metric tons of fertilizers manufactured valuing US$ 10.158 million exported as compared the exports of the same period last year.

During the last financial year ended on June 30, 2017, exports of fertilizers manufactured grew by 100 percent as compared the corresponding period of last year, the data added.

According the data, about 9,029 metric tons of pharmaceutical products worth US$ 212.291 million exported which was up by 3.63 percent against the exports of last year.

The country had earned US$ 204.846 million by exporting about 11,112 metric tons of pharmaceutical products during the year 2015-16, it added.

https://dnd.com.pk/pakistan-exports-surgical-good-medical-instruments-worth-339-19-million/132720

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## ghazi52

*FY 2018 : Cement industry capacity utilisation to stand at 90 percent.*

LAHORE - The capacity utilisation of the cement industry in fiscal year 2017-18 will likely stand at 90 percent versus 87 percent in fiscal year 2016-17. According to industry experts, this utilisation is after incorporating 1.2 million tons of additional combined capacities of Attock Cement and Lucky Cement, coming online in second half of FY18. Even after taking into account DG Khan Cement’s 1.5 million tons of capacity in Second half FY 2018, utilization of the industry will come down to 86 percent. However, this is far off from the levels seen in FY09-FY 2010 when capacity utilization stood at average 75 percent that led to price war among manufacturers.

According to expert, Pakistan cement sales kick start the new fiscal year on a positive note where it is expected that total dispatches would post 32-36 percent growth in Jul 2017. On monthly basis, sale is likely to grow by 13-17 percent. This buoyed sale is due to low base effect owing to fewer working days as a result of Eid holidays in Jul last year.

Local dispatches will post 44-47 percent growth during the outgoing month. Despite lower number of working days last year, no improvement in export dispatches is possible in the backdrop of dull sales to Afghanistan market and manufacturers’ increased domestic concentration as compared to same month last year. Resultant, exports to fall by around 15 percent YoY. Despite recent shuffle in politics, as Supreme Court of Pakistan disqualified former Prime Minister Nawaz Sharif on 28 Jul 2017 on corruption charges and former petroleum minister Shahid Khaqan Abbasi has succeeded the throne, it is believed that local cement sales will remain sanguine in FY 2018.

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## Introvert

*Govt committed to finalise FTA with GCC*

ISLAMABAD: Pakistan is committed for finalising the free trade agreement (FTA) with Gulf Cooperation Council (GCC) to enhance the multilateral trade.

Text of initial frame work on FTA was completed with Gulf Cooperation Council (GCC) which comprise six countries, including Saudi Arabia, Bahrain, Oman, Qatar, Kuwait and the United Arab Emirates, senior official of ministry of commerce told APP on Friday.

He said negotiation on third round of FTA between Pakistan and GCC countries to be resumed after joint ministerial level meeting in GCC's countries presided by Bahrain. Commerce minister of GCC countries would meet at the end of August 2017 where Pakistan-GCC FTA will be on priority agenda.

He said negotiations on FTA between Pakistan and six GCC states would also be discussed in coming negotiation round for concluding the agreement.

The official said Pakistan and GCC countries are committed to trade liberalisation and promotion of bilateral trade and business relations. Priority of both sides is to promote private sector to enhance business contacts and increase trade volume, he said.

The official said Pakistan would have huge opportunity to export rice, meat, fruits and also investment in agro-processing unit in Pakistan. GCC countries had opportunity to concentrate on tourism, manufacturing and services sectors of Pakistan.

https://www.thenews.com.pk/print/221386-Govt-committed-to-finalise-FTA-with-GCC


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## Incog_nito

Will Pakistan going to outsource Govt. owned companies to Chinese instead of returning loan?


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## Introvert

*Korean firms keen to establish JV in Pakistan*

LAHORE: Economic growth of Pakistan has impressed the Korean companies and they are eager to establish and develop their business operations in collaboration with their Pakistani counterparts.

These views were expressed by South Korean National Assembly speaker Chung Sye Kyun, while speaking at the Lahore Chamber of Commerce and Industry on Wednesday. Kyun said that Pakistan is blessed with valuable mineral and human resources and the two countries are enjoying good historic relations, while a number of Korean companies were already working in Pakistan successfully.

He expressed optimism that the volume of trade between Pakistan and South Korea will increase, as both the governments are taking measures to get the desired results. The Korean delegation held a number of high-profile meetings with the government officials and representatives of private sector, he said.

LCCI president Abdul Basit said that the exchange of parliamentary delegations between the two countries is indeed a commendable activity. South Korea is famous for its spectacular rise from under-developed economy to developed, high income economy in just a few decades. South Korea is pioneer in export-led growth model. Pakistan needs advice to increase its exports, he added. “We need to promote bilateral trade with each other, as there is immense potential between the two countries,” the LCCI president added.

https://www.thenews.com.pk/print/222556-Korean-firms-keen-to-establish-JV-in-Pakistan


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## Introvert

*Exports to Russia increases by 10pc in three months*

ISLAMABAD: Pakistan's exports to Russia increased by 10 percent in June, 2017 as compared to May 2017, which showed positive sign for enhancing the trade ties between the two countries. 

Pakistan and Russia have agreed to sign Free Trade Agreement for increasing bilateral trade and improving long term economic ties, said senior official of Ministry of commerce here on Thursday. 

"Russian President Vladimir Putin during his meeting with then Prime Minister Nawaz Sharif on the sidelines of Shanghai Cooperation Organization (SCO) offered the agreement, which Pakistan accepted," he added. 

He said the trade turnover between Russia and Pakistan has slightly increased and both of the countries have huge potential for economic cooperation in future, he said. 

He said that Pakistan is exploring Russian markets to boost exports of food products to take advantage of the vacuum created after Moscow banned food imports from European countries. 

The official said that Pakistani citrus, rice, potatoes and mangoes are making their way into the Russian market. 

He said Pakistan had huge opportunity to export fresh meat and poultry, vegetables which include carrot, cabbage and beet-root, and fruits including dates, dry fruits, apple and plum in Russian market. 

The government is committed to support Pakistani exporters for gaining facilities to increase excess and competitiveness in the Russian markets. 

Both sides were also willing to sign Preferential Trade Agreement (PTA) before the FTA to get excess to Russian market for enhancing trade facilities to the exporters. 

http://www.brecorder.com/2017/08/10/364309/exports-to-russia-increases-by-10pc-in-three-months/


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## Introvert

*Overseas Pakistanis remit US $1.54 bln in July 2017*

KARACHI: Overseas Pakistani workers remitted US $1541.67 million in July, the first month of the fiscal year 2017-18 (FY18), as compared with US $ 1328.18 million received during the same period in the preceding year.

A State Bank of Pakistan (SBP) announcement here on Thursday said that during July 2017, the inflow of workers remittances amounted to US $ 1541.67 million, which is 16.2% less than June 2017 and 16% more than July 2016.

The country-wise details for the month of July 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $408.84 million, US $334.63 million, US $193.7 million, US $199.18 million, US $ 192.02 million and US $ 52.08 million respectively compared with the inflow of US $378.69 million, US $ 293.72 million, US$ 169.68 million, US $143.61 million, US $169.61 million and US $35.74 million respectively in July 2016.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during July 2017 amounted to US $161.22 million together as against US $137.13 million received in July 2016.

https://www.samaa.tv/economy/2017/08/overseas-pakistanis-remit-us-1-54-bln-in-july-2017/


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## Introvert

*Turkish firms eye more investment in Pakistan*

Around 15,000 member companies of Anatolian Tigers Businessmen Association (ASKON) are ready to support Pakistani companies and institutions, a statement said on Saturday.

“Turkish businessmen are eager to share their experience, knowledge and capital with their Pakistani brothers,” said Mustafa Koca, chairman, ASKON, addressing the “Pakistan-Turkey Business Opportunities Conference” as the chief guest.

The event was organised by the Rawalpindi Chamber of Commerce & Industry (RCCI) in collaboration with All Industrialists & Businessmen Association of Turkey (TUMSIAD) in Istanbul.

The conference was attended by over 700 businessmen from Pakistan and representatives of over 150 Turkish companies.

In his keynote address, Raja Amir Iqbal, president RCCI, urged the Turkish counterparts to take advantage of the favourable investment and business environment in Pakistan.

"Pakistan has over 185 billion tons of coal reserves which were equivalent to 618 billion barrels of crude oil reserves in terms of energy output, while the country has 31.3 trillion cubic meters of natural gas reserves,” said Iqbal.

He urged the businessmen of both countries to play their role to enhance bilateral trade, which was about $610 million in 2016. 

Iqbal also briefed the Turkish businessmen about the multi billion-dollar China Pakistan Economic Corridor (CPEC) project which will transform the entire region into a hub of economic activities. 

Speaking on the occasion, Mustafa Riza Arsan, vice president Turkey-Pakistan Business Council of the Foreign Economic Relations Board (DEIK), shared his experience about doing business and making investments in Pakistan.

“We found Pakistan as the most business friendly 
country where investments are safe and offer high return in the entire region,” said Arsan.

Syed Ali Asad Gilani, Charge d’ Affairs of Pakistan, in his remarks, highlighted the multi-faceted relationship between Pakistan and Turkey is flourishing in diverse fields.

“The growing Turkish involvement in socioeconomic development of Pakistan is a clear manifestation of the desire of the leadership on both sides to transform this strong political and cultural relationship into a robust economic partnership,” said Gilani.

The conference was followed by Business-to-Business (B2B) session.

Turkish and Pakistani companies explored 
opportunities for joint ventures and trade in various sectors including construction, textile, services, energy, tourism, etc.

A number of orders were placed while the B2B forum proved a useful platform for establishing joint ventures and business collaboration in diverse sectors.

Meanwhile, successful Pakistani companies and entrepreneurs were honored in the 30th RCCI International Achievement Awards ceremony, held on the sidelines of the conference.

Fatih Metin, Deputy Minister for Economy of Turkey, graced the ceremony as the chief guest. Awards were presented to successful Pakistani companies and entrepreneurs for their outstanding performance.

“On the instructions of President Recep Tayyip Erdogan, Turkey is negotiating a comprehensive Free Trade Agreement (FTA) with Pakistan. Our target is to enhance bilateral trade to $5 billion in a short term,” said Metin, while addressing guests.

https://www.thenews.com.pk/print/223220-Turkish-firms-eye-more-investment-in-Pakistan


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## Introvert

*Pakistan starts assembling Chinese passenger car*

The first Chinese passenger car is now being produced in Pakistan, a market that is currently dominated by three Japanese carmakers.

Al-Haj Faw Motors (Private) Limited, a collaboration between Faw China and a commercial importer of heavy vehicles Al-Haj Motors, has started assembling Faw V2, a 1,300cc hatchback, at its assembly plant in Karachi.

The company was importing Completely Built Units (CBU) of V2 for the last two years to see market response. Now that it is satisfied with the response, it has decided to produce the car locally to compete with well-established Japanese brands.

“We want to become the export base of Faw for export of cars to Southeast Asia and African markets,” Al-Haj Faw Motors Managing Director Bilal Afridi said on Saturday at a ceremony organised at the company plant.







The company initially targets to produce 300 units of V2 per month and then increase the production level to 500 units by the end of 2017. Currently, the company has over 600 workers and its annual capacity is 10,000 units (single shift) that will be increased to 15,000 units by 2020.

The company has recently invested Rs1.3 billion to improve the assembly plant, apart from its initial investment of Rs2.5 billion in the company.

The current price of Faw V2 is Rs1.069 million Company officials say they have only increased the price by Rs20,000 in over two years to make it an attractive product and compete well with the Japanese competitors.

Its Japanese competitor Pak Suzuki’s Swift, another hatchback with a 1,300cc engine, is available for Rs1.327 million (prices of its automatic variants go up to Rs1.511 million).

“I think they (Al-Haj Faw Motors) are maintaining a very good quality, something they should do because they have to compete with Japanese brands,” Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) Chairman Mashood Ali Khan told The Express Tribune while inspecting a Faw V2 on the assembly line.

Company officials say they wanted to produce Chinese passenger cars and light commercial vehicles (LCVs) locally for a long time, but delay on the part of the government (from 2013 to 2016) in announcing a new auto policy interrupted the planned investments.






Al-Haj Faw Motors has been assembling trucks since October 2011 while its plant is also capable of producing LCVs and passenger cars.

The Al-Haj Group has been present in Pakistan since 1960 when it started trading in different products like tyres, textiles and electronic goods.

The group, in May 2017, launched a separate company, Al-Haj Hyundai (Pvt) Limited, which will invest about Rs4 billion in producing Hyundai trucks and buses in Pakistan.

Chinese vehicles, led by Faw, are gradually getting a good response from the market, which has historically been dominated by Japanese companies.

Chinese brands have faced difficulty in the presence of Japanese and Korean companies that have enjoyed production facilities in Pakistan. However, the situation is going to change with the first locally produced Chinese car in the market.

Although Faw V2 has a distinct customer base, some analysts say it could take the market share of used cars that have caught the attention of Pakistanis for over a decade and a half. Pakistan currently imports over 45,000 used cars annually.

Analysts say growing middle class, better macroeconomic indicators and easily available car financing are some of the top reasons why car sales are continuously growing in Pakistan.

After over seven years of slowdown in the automobile industry, the country is once again producing over 250,000 units of LCVs, jeeps and cars annually.

https://tribune.com.pk/story/1480364/pakistan-starts-assembling-chinese-passenger-car/

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## PDF

*Army-Owned Firm Seeks to Double Share in Pakistan Dairy Market*
By 
Faseeh Mangi
, 
Iain Marlow
, and 
Chris Kay
August 14, 2017, 4:00 AM GMT+5

Fauji Foods aims to expand milk business to tap middle class
Royal FrieslandCampina, Nestle among competitors in sector
Pakistan’s Fauji Foods Ltd. wants to significantly expand its dairy business, ratcheting up competition among fast-moving consumer goods firms chasing the country’s growing middle class.

The firm, a subsidiary of the military-owned Fauji Foundation, one of the largest conglomerates in Pakistan, is looking to double its market share to 8 percent of the country’s packaged milk business this year, Chief Financial Officer Syed Aamir Ahsan said in an interview in Islamabad. 

The Fauji group, which entered the dairy business by acquiring a majority stake in Noon Pakistan Ltd. about two years ago, will be up against Engro Foods Ltd., whose share dropped to 48 percent of the market in the 12 months ended November, according to the latest available data. In that time, Fauji Foods had already seized 19 percent of the country’s creamer segment, Ahsan said.

The Fauji group’s push is part of a wider effort by companies competing to tap a growing middle class in South Asia’s second-largest economy. Dutch firm Royal FrieslandCampina NV entered the country’s market by buying a 51 percent stake in Engro Foods in December for $450 million, one of the largest acquisitions in Pakistan’s consumer sector. Nestle Pakistan Ltd. is also a player.

*‘More Competitive’*
“Processed dairy has become much more competitive,” said Hasnain Malik, the Dubai-based head of equity research at Exotix Partners LLP. “There is no doubt that Fauji’s marketing push behind its brands -- Dostea and Nurpur Original -- has put pressure on the incumbents to respond.”

Dairy sector growth has slowed, however, in a nation where only 10 percent buy boxed milk, while most people buy raw milk and boil it before drinking.

“If you look at the dairy sector, again because of the poor policies of the government, it has actually shrunk and we are the only company in the dairy sector which is actually growing its market share,” said Ahsan. “Unfortunately in this government’s time, both the industry and the agri sector both have been badly affected, both were ignored.”

Fauji Foods took over Noon Pakistan’s facility in December 2015 and expanded it, investing about 7 billion rupees ($66 milllion). Capacity has gone from 100,000 litres per day to about 600,000 litres per day, he said. 

The company’s shares have declined 3.6 percent compared with a 4 percent drop in the nation’s benchmark KSE100 Index. Engro Foods Ltd. has declined 38 percent this year.

*Fertilizer Costs*
Ahsan said the fertilizer business was attempting to cut costs in part by providing its own power. A Fauji-owned coal project began producing power in May, reducing the firm’s dependence on gas. Part of the power is also sold on to K-Electric Ltd, a power utility that provides power to more than 22 million people in Pakistan’s commercial hub of Karachi.

Read more: Amid Critical Blackouts, Pakistan Races to Fix Power Network

“Our profitability last year was around 1 billion,” Ahsan said. In 2017, the “first half was a loss and going forward we probably break even or have a little bit of profit.”

However, the government was “destroying” the fertilizer industry with its policies, Ahsan said, taxing farmers for fertilizer at 17 percent and at the same time providing a subsidy to reduce the cost of fertilizer.

Ahsan said government has yet to pay back as much as 3.8 billion rupees in subsidies to Fauji, which cost the industry billions of rupees, he said, part of an effort on behalf to gain revenues by taxing the industry up front and then choosing when to pay them back. “This is no way to govern.”

Pakistan’s Ministry of National Food Security and Research secretary, Muhammad Abid Javed, said the government had paid the industry“around 50 percent of total amount last year and some this year too.” The rest will be paid when the prime minister approves the disbursement, he said by phone.
https://www.bloomberg.com/news/arti...eeks-to-double-share-in-pakistan-dairy-market


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## Stephen Cohen

THE EXPRESS TRIBUNE > BUSINESS

*Foreign exchange: SBP's reserves continue to decline, stand at $14.31b*


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## EpiiC

Stephen Cohen said:


> THE EXPRESS TRIBUNE > BUSINESS
> 
> *Foreign exchange: SBP's reserves continue to decline, stand at $14.31b*


Our already low foreign reserves are $14.31B?


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## Introvert

*Pakistan-Indonesia trade volume to grow to $2.5b this year*

Bilateral trade between Indonesia and Pakistan is expected to reach $2.5 billion this year, said Indonesian Consul General in Karachi Dempo Awang Yuddie.

Speaking at a ceremony held to celebrate the 72nd anniversary of the Republic of Indonesia on Thursday, he said that the two countries had tried to improve both political and economic ties since 2015.

Resultantly, a number of Pakistan’s parliamentarians, trade delegations and military personnel visited Indonesia recently to further enhance the bilateral relationship.

Trade between Pakistan and the Southeast Asian giant has been growing strongly for the last couple of years. The volume of bilateral trade grew from $700 million in 2010 to $2.3 billion in 2016, an increase of 229%.

Pakistan’s major exports to Indonesia include textiles and clothing, vegetables and fruits (mainly oranges) while its major import item from Indonesia is palm oil.

With over $2 billion worth of imports, the balance of trade is in favour of Indonesia while the two countries are trying to strike a balance so that it can become a win-win situation for both the trading partners.

Indonesia imports over $650 million worth of fruits and $550 million worth of vegetables annually. Now that Pakistan is regaining its share in Indonesia’s fruit imports, its exporters want to export more vegetables as well.

Speaking to the gathering, which included people from trade and business, diplomatic community and academia, Sindh Governor Mohammad Zubair said, “Pakistan wants to further strengthen its relationship with Indonesia, especially in trade and business.”

He remarked that the recent economic rise of Indonesia was also an example for Pakistan to follow, especially because the two countries shared many similarities in their demographics.

To improve trade relations, the two countries signed the Preferential Trade Agreement (PTA) on February 3, 2012, which came into effect in September 2013 after many rounds of negotiations.

Under the PTA, Indonesia offers market access for 232 tariff lines, of which 103 are zero-rated. Items in the preferential trade list include fresh fruits, cotton yarn, cotton fabrics, readymade garments, fans, sports goods, leather goods and other industrial products.

Zero-rated market access is offered to kinnow (mandarin) and oranges from Pakistan, providing a level playing field to this product in the Indonesian market.

Pakistan’s offer to Indonesia under the PTA covers 313 tariff lines that include items such as edible palm oil products, sugar confectionery, cocoa products, chemicals, kitchenware, rubber, wood, glassware and electronic products.

Pakistan has offered the same preferential treatment to edible palm oil products from Indonesia as provided to Malaysia under the Pakistan-Malaysia Free Trade Agreement (FTA).

https://tribune.com.pk/story/1485208/pakistan-indonesia-trade-volume-grow-2-5b-year/


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## Introvert

*Pakistan, Indonesia opt for concession on 20 items*

ISLAMABAD: Pakistan and Indonesia have agreed on concession for 20 different items during bilateral negotiation under Preferential Trade Agreement (PTA).

Both sides discussed 20 tariff lines and Indonesia agreed to give concession on major exports from Pakistan including rice, textile, ethanol, kinnow and mangoes during renegotiation on PTA, senior official of Ministry of Commerce told APP here on Sunday.

Concession on 20 tariff lines was major success of Pakistan and now Pakistani kinnow export to Indonesia will increase from 18 to 35 million tons and mangoes exports will increase to 10 million tons in a year, he said. The official said that before PTA, Indonesia granted only two months for export of Pakistan's kinnows and mangoes but now after renegotiation, Pakistan can export these fruits to Indonesia for the whole year and any time-limit was removed.

Replying to a question, he said that Pakistan and Indonesia have current annual trade volume of $170 million which is expected to increases after renegotiation on PTA between the two countries. Pakistan wants the same concessions from Indonesia which is getting from other countries like China, India, Sri Lanka and ASEAN countries, he said.

Both the countries agreed to expand PTA and go for a Free Trade Agreement between them, the official said. He said the Pakistan-Indonesia Preferential Trade Agreement (PTA) was signed in February 2012. Under the PTA, Indonesia allowed Pakistani kinnow to be shipped to Tanjung Port of Jakarta, he added.

He said that through these steps, Pakistani agricultural products will gain greater market access in Indonesia.

http://nation.com.pk/business/21-Aug-2017/pakistan-indonesia-opt-for-concession-on-20-items


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## Introvert

*China offers high-yielding rice variety to boost Pakistan’s food security*

CHANGSHA, China: Prof Yuan Longping, globally known as ‘Father of the Hybrid Rice’, has claimed to have developed Super-Hi Hybrid Rice seed, having more than double the yield potential of the paddy varieties currently under cultivation around the world.

“We have recently developed a very successful Super-Hi Hybrid Rice variety with a yield potential of 18 tons per hectare,” said Longping in a rare conversation with the visiting Pakistani journalists.

“This latest tier variety can help Pakistan in increasing rice yield very significantly and China will be happy to share newly developed very high-yielding rice variety with its friendly neighbor.” 

The typical production of presently sown hybrid rice in China and Pakistan is around 7-8 tons per hectares. The Chinese expert observed that down the line, China wanted to help Pakistan in developing latest super-hi hybrid variety of rice for cultivation in local conditions.

“I think this new variety is the toughest ever in commercial large scale trials in terms of yield and this development and sharing its benefits have been a part of my lifelong wishes,” said he pointing to a rice plant sown in a pot in a corner of his room for demonstration purpose.

Prof Longping, 86, is a simple-looking man who’s pioneering research has ended famine and hunger from the world most populous country and other regions. Known as one of the world’s outstanding scientists in agricultural science, he worked hard for combating food shortages and hunger through his successful development of high-yielding rice varieties.

The United Nations (UN) Educational, Scientific and Cultural Organization, the UN World Intellectual Property Organization, the UN Food and Agriculture Organization (FAO), as well as academic and non-governmental institutions in the US, Japan, Great Britain and other countries, conferred on him nine honorary titles and prizes. 

He received the 2004 World Food Prize for his breakthrough achievement in developing the genetic materials and technologies essential for breeding high-yielding hybrid rice varieties. He continues his innovative scientific work as Director-General of the China National Hybrid Rice Research and Development Center in Changsha, Hunan Province, China.

Longping is widely acknowledged as the first person to discover how to achieve fast growth with greater yield and stress resistance. In 1964, he happened to find a natural hybrid rice plant that had obvious advantages over others. Greatly encouraged, he began to study the elements of this particular type. In 1973, in cooperation with others, he was able to cultivate a type of hybrid rice species which had great advantages. 

It yielded 20 percent more per unit than that of common ones. And then he never looked back. His untiring efforts on the front of research continue. Now, about half of China’s rice production area is planted with hybrid rice. Worldwide, more than fifth of rice comes from rice species created by hybrid rice following Longping’s breakthrough discoveries. China has recently built a sprawling Hybrid Rice Museum to solely highlight his work. This facility includes extensive demonstration of his several rice varieties sown in fields. 

While warmly welcoming ‘Pakistani friends’ at his institute, he said that one of his friends from Pakistan told him that hybrid rice varieties are performing well in their country. “The area of hybrid rice in Pakistan is about 200,000 hectares and per hectare yield of hybrid rice is as high as eight tons, which is very good,” said Longping. However, he said, the currently Pakistan needed to further increase the yield of the hybrid rice varieties.

“The new breakthrough in increasing yield of hybrid rice will help Pakistan augmenting its production,” he observed.

To a query about the role of hybrid rice role in ending hunger from the world, he said, China has opened the doors for all to take the advantages of the high-yielding hybrid rice varieties. “Our government has allowed us to spread the benefits of hybrid rice to other nations, especially developing countries,” said the Chinese scientist. 

He added that it was his pleasure to help Pakistan in this regard. “I have heard many very good things about Pakistan. And I am very happy that hybrid rice varieties are performing very well in your country,” the expert said.

Replying to a question, Longping said, he did not face any obstacles in his quest for the hybrid rice seed. “Now our focus is on the development of disease-resistance and stress-tolerant super-high hybrid rice varieties,” the professor said replying to another query.

Referring to climate change and its impact on agriculture, he said, the planet is becoming warmer and warmer due to climate change. “We are working on heat-tolerant varieties, which can be sown in Pakistan where temperature is generally very high in summer. Hot weather at flowering stage is not good for hybrid rice and it should be lower than 38 degrees. Same is the case with growing problem of water scarcity,” Longping explained.

On Pakistan-China friendship, the ‘father of hybrid rice’ emphatically said there was a ‘very good friendship and relationship between China and Pakistan.’ “This friendship continues helping each other. Pakistan also is a very good country and China has a good friend in the neighborhood,” said the elderly agronomist. In the next breath, Longping wished Pakistan to become better and better and a leading nation. 

Mansoor Ahmad, the leader of Pakistan media delegation, in his welcome note said that Prof Longping has done a great job for ending food scarcity from China as well as the whole world by introducing hybrid rice. 

At the end, Fakher Malik, a veteran journalist, presented the renowned scientist a well-painted portrait of himself. Thanking, the Pakistani journalists for this gesture of goodwill, the Chinese scientist, said he would keep this portrait in his office as a reminder of this wonderful occasion.

https://www.thenews.com.pk/print/22...rice-variety-to-boost-Pakistans-food-security

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## Introvert

*Pakistan to Target UAE as Major Poultry Exporter*

PAKISTAN - Pakistan has decided to boost exports of poultry and poultry products to the United Arab Emirate (UAE).

_Pakistan Today_ reports that the government's target is to become part of the top ten exporters to the UAE. The UAE is expected to import poultry products worth $ 1.1 billion in 2018 and initially, Pakistan would be targeting a share of $ 40 million.

An industry source said that it was decided at a meeting chaired by the Secretary of Commerce Younas Dagha at the capital on Friday. The meeting was attended by the Pakistan Poultry Association (PPA) and concerned officials of the other ministries.

The meeting was informed that there was a massive demand for halal poultry products in the Middle East markets. The local industry could not compete internationally due to a high ratio of taxes in the country. The PPA demanded reduction in import duties on machinery and equipment, sales tax and regulatory duty on poultry inputs.

The Commerce secretary assured that their demands would be looked into and resolved on an urgent basis. It was decided that a comparative chart of incentives given by other countries would be drawn to assess the negative impact on local industry and required tax relief.

The meeting was informed that 14 units were approved for exports to UAE, but due to price issues, exports worth only $0.88 million were materialised. Nearly 70 per cent of the exports were made only by a single local company (K&N) that has invested heavily in value added products over the last few years.

The PPA claimed that Pakistan could export up to $200 million per annum to UAE alone if the issues of competitiveness were resolved on an urgent basis.

Earlier this year, the UAE government had lifted the 8-year ban on the import of poultry and poultry products from Pakistan. The UAE has granted permission to import day-old chicks and hatching eggs from the companies which are certified for export from the relevant ministry and have attached health certificates.

Pakistan is a major meat exporter to the UAE and is branding itself as a hub for halal meat, including poultry, beef and veal. The UAE annually imports more than $700 million of poultry products, a market from which Pakistan was barred for eight years.

The removal of the ban has opened this market for Pakistan exporters, who have made commendable technological progress in the recent years. The ban was placed in 2005 and had caused a loss of half a billion dollars.

http://www.thepoultrysite.com/poultrynews/39073/pakistan-to-target-uae-as-major-poultry-exporter/

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## Introvert

*Pakistan to increase poultry export to the UAE*

Pakistan will boost exports of poultry products to the United Arab Emirate (UAE), a move through which the country is aiming to be placed in the top ten exporters to the UAE

As the UAE is expected to import poultry products worth US$1.1bn in 2018, Pakistan initially targets a share of US$40mn, according to Pakistan Today.

The decision was taken in a meeting chaired by Younas Dagha, secretary of commerce, and attended by the Pakistan Poultry Association (PPA) and concerned officials of the other ministries.

The source said that during the meeting, the PPA demanded to reduce import duties on machinery and equipment, sales tax and regulatory duty on poultry inputs to boost the export to the UAE market.

Dagha said that the PPA’s demands would be considered on an urgent basis. It was further decided in the meeting that a comparative chart of incentives given by other countries would be drawn to assess the negative impact on local industry and required tax relief.

Fourteen units were approved for exports to the UAE. Nearly 70 per cent of the exports were made by K&N, a local company, which has invested heavily in value added products over the last few years.

The PPA claimed that Pakistan could export up to US$200mn per annum to the UAE alone if the issues of competitiveness were resolved on an urgent basis, mentioned the source.

With the massive demand for halal poultry products in the Middle East markets, the local industry could not compete internationally due to a high ratio of taxes in the country. Therefore the Middle East governments are looking for international suppliers to meet the demand of poultry and poultry based products in the country.

In February 2017, the UAE lifted the eight years old ban on the import of poultry products from Pakistan. The UAE has allowed Pakistan to export day-old chicks and hatching eggs from the companies with attached health certificates from the ministry.

http://www.fareasternagriculture.co...akistan-to-increase-poultry-export-to-the-uae


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## Introvert

*Rice worth US$107.896mn exported in July*

ISLAMABAD: Rice worth US$ 107.896 million has been exported during the first month of current financial year. 

Rice exports from the country during the month of July, 2017 grew by 34.74 percent as about 200,995 metric tons of rice worth US$ 107.896 million was exported as compared the exports of 164,092 metric tons valuing US$ 83.974 million of same month last year. 

During the period under review, exports of basmati rice increased by 28.49 percent and reached at 30,951 metric tons worth of US$ 32.990 million. 

The exports of basmati rice during July, 2016 was recorded at 28,725 metric tons valuing US$ 27.731 million, according the data of Pakistan Bureau of Statistics. 

Meanwhile, the country earned US$ 74.906 million by exporting about 170,044 metric tons of rice other then basmati rice, which was recorded at 135,367 metric tons valuing US$ 56.24 million of same period last year. 

During first month of current financial year about 32,704 metric tins of vegetables of different kinds worth of US$ 10.330 million exported as against the exports of 32,791 metric tons valuing 8.147 million of same period of last year. 

The food commodities including wheat and sugar witnessed tremendous increase in their respective exports during first month of the current financial year by showing 100 percent increase. 

On the other hand food group imports into the country during first month of current financial year swelled by 43.15 percent as compared the imports of same month last year. 

The imports of food commodities into the country was recorded at US$ 534.693 million as compared the imports of US$ 373.512 million of same month last year. 

The major food items which had registered increasing trend in their respective imports included dry fruits, nuts tea, spices, soya bean and palm oil. 

The food commodities with negative growth in their respective imports including tea and leguminous vegetables (pluses) and milk cream and milk food for infants. 

http://www.brecorder.com/2017/08/25/366684/rice-worth-us107-896mn-exported-in-july/


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## Introvert

*Iraq buys 60,000 tonnes rice from Pakistan, Uruguay*






​
Iraq's state grains buyer purchased a total of around 60,000 tonnes of rice in an international tender which closed this week, European traders said on Thursday. 

Some 30,000 tonnes will be sourced from Pakistan and 30,000 tonnes from Uruguay, they said. 

The Pakistani rice was purchased at $416 a tonne c&f free out. Pakistani rice had been offered at the lowest price in the tender although the country has not been offered in Iraq's purchase inquiries recently. 

The Pakistani purchase is made under the additional condition that a sample must be submitted to Iraq's state grain board before contracting. A delegation from the grain board must also attend the loading of the cargo, traders said. 

The rice from Uruguay was purchased $580.50 a tonne c&f free out, traders added. 

The tender had closed on Sunday, Aug. 27, with offers having to remain valid up to Thursday. 

Volumes in Iraq's tenders are nominal and the country can buy more than requested in the tender. 

Iraq made no purchase in its previous international tender to buy rice which closed on July 30. 

The country has been struggling to import grain for its food subsidy programme after introducing new payment and quality terms that left trading houses unwilling to participate in its international tenders. 

Iraq is expected to produce about 250,000 tonnes of rice this year, suggesting the country will face a shortfall of about 1 million tonnes, which will need to be covered by imports. 

http://www.brecorder.com/2017/08/31/367446/iraq-buys-60000-tonnes-rice-from-pakistan-uruguay/

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## Introvert

*Pak products to be introduced in Bahrain*

Pakistan’s Ambassador to Bahrain, Javed Malik inaugurated the first special food, jewelery and garments store- Pakistani Desi (local) Bazaar to promote Pakistani trade and effectively introduce Pakistan-exported products in Bahrain.

According to a message received here, the food, costume and jewelery store in Bahrain is expected to attract customers and would play an important role in introducing Pakistani products in Bahrain.
The Bahraini people, officials and families of the Pakistan Consulate, the Pakistani ambassador and others participated the inauguration ceremony.

National Anthem was presented on the occasion, which won the hearts of the attendant.
Addressing the ceremony, Ambassador Javed Malik said that Pakistan’s exports needed Pakistani retail stores abroad and there was dire need of sucha facility in Bahrain and other Gulf countries.
Pakistan’s domestic market would help the Pakistani Desi Bazar to grow smoothly.
Javed Malik assured Pakistani trader community in Bahrain and other Gulf countries that the initiative would help promote exports of finished goods from Pakistan.

http://pakobserver.net/pak-products-introduced-bahrain/

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## Introvert

*Pakistani mangoes set to enter Chinese market*




​BEIJING: Pakistani business community, keeping in view the high demand of Pakistani mangoes in the Chinese market, is planning to export up to 3,000 tons of mangoes to China from next year, Roshan Enterprises Chairman Khalid Ejaz Qureshi said on Thursday.

“We have received a positive response from China about Pakistani mangoes and as a result, we are planning to export 2,000 to 3,000 tons mangoes to the huge Chinese market from next year,” he stated.

He said mango exports will depend on air logistics charges and support of other concerned departments, adding that fares are being negotiated with an airline.

Updating on the current status of mango exports, he said that Middle East, Europe, the US and Hong Kong are major destinations being served by Pakistani producers.

“Pakistani mangoes have more than 400 varieties and are considered one of the best in the world,” Qureshi claimed, adding that “the most popular commercial varieties are different in colour and sizes and have distinct flavour and taste.”

Mangoes are considered the ‘king of fruits’ in Pakistan. They are heavily grown in Punjab and Sindh provinces and are abundantly available in most parts of the country between May and September.

Mangoes are also the main input in several food related industries and products including jams, squash, milkshakes and ice creams. The fruit is also dried and canned for sale during the off season while raw mangoes are used for preparing pickles.

‘Chaunsa and Sindhri’ are arguably the most popular varieties and stand out amongst mangoes with their golden-yellow colour.

Pakistani exporters recently organised a ‘mango show’ in collaboration with the Pakistan Horticulture Development and Export Company at Pakistan Embassy in Beijing.

The different varieties of ‘king of fruits’ were showcased at the show to enhance its export to China. The event attracted a large number of people including high ranking Chinese officials, local business community and senior diplomats of the two countries.

https://tribune.com.pk/story/1496345/pakistani-mangoes-set-enter-chinese-market/


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## Introvert

*Mauritius buys 6,000 tonnes white rice in tender from Pakistan*




HAMBURG: Mauritius' state purchasing agency has purchased 6,000 tonnes of long grain white rice to be sourced from Pakistan in an international tender which closed on Aug. 24, European traders said on Friday.

It was purchased at $380 a tonne C&F Mauritius.

The rice was sought for delivery between Oct. 1 to Dec. 31 in shipping containers.

The purchase marked another return of Pakistani rice to export markets following the purchase of 30,000 tonnes of rice from Pakistan by Iraq on Thursday.

http://www.brecorder.com/2017/09/01...00-tonnes-white-rice-in-tender-from-pakistan/


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## Introvert

*UK, Pakistan’s biggest trade partner with trade amounting to 2.08b Euros*

Federal Minister for Commerce, Mohammad Pervaiz Malik on Wednesday said that the United Kingdom (UK) is Pakistan’s biggest trade partner in Europe with bilateral trade amounting to 2.08 bn Euros in 2016.

Bilateral trade between Pakistan and UK has increased from 1.5 bn Euros in 2013 to 2.08 bn Euros in 2016 that represents an increase of 39%, he said in a meeting with British High Commissioner to Pakistan Thomas Drew.
During the current year, the statistics indicate an increase over 2016, he said in statement issued by Ministry of Commerce here.

Mohammad Pervaiz Malik said that it is a matter of satisfaction for both sides that bilateral trade between the two countries has been increasing over a period of time.

“Pakistan’s inclusion in EU’s “Special Incentive Arrangement for good governance and sustainable development” has been the major catalyst for promoting bilateral trade,” Pervaiz Malik added.
The Minister said that the UK has been a great supporter of enhanced market access for Pakistani products in the EU.

He said that its support was crucial for Pakistan’s inclusion in EU’s GSP+ Scheme in 2014 and then for a successful review in 2016 by the EU Parliament.
“Pakistan acknowledges and appreciates the government of the UK decision to maintain the enhanced level of market access available to Pakistan in EU under its GSP+ Scheme after formal exit from the EU”, the minister added.

Pakistan’s exports to UK amounted to 1.3 billion euros while imports from UK amounted to 756 million Euros, he added. The Minister said that the economic and social indicators are on the rise in Pakistan and it offers a lucrative market for investment.

http://pakobserver.net/uk-pakistans-biggest-trade-partner-trade-amounting-2-08b-euros-pervaiz/


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## Adam WANG SHANGHAI MEGA

Just saw Pakistan made a 5~6% growth recently ,way to go Pakistani Bros and hope you can achieve 10% growth per year for 10 or 15 years!

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## Talwar e Pakistan

I'm not really too knowledgeable of economics, so forgive me if I sound dumb.

How is the GDP per capita of Pakistan around $1600, when all Pakistani provinces 'apparently' have higher GDP per capita than $1600. Sindh and Punjab have around $7000 alone; AJK, GB and Balochistan range from $3000-$5000. Is the information wrong or am I missing something?

https://en.wikipedia.org/wiki/List_...mestic_product#Provinces_by_GDP_.28nominal.29

@eagleeye @That Guy


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## That Guy

Talwar e Pakistan said:


> I'm not really too knowledgeable of economics, so forgive me if I sound dumb.
> 
> How is the GDP per capita of Pakistan around $1600, when all Pakistani provinces 'apparently' have higher GDP per capita than $1600. Sindh and Punjab have around $7000 alone; AJK, GB and Balochistan range from $3000-$5000. Is the information wrong or am I missing something?
> 
> https://en.wikipedia.org/wiki/List_...mestic_product#Provinces_by_GDP_.28nominal.29
> 
> @eagleeye @That Guy


Per capita gdp I'd a really odd thing, as it varies region by region, city by city. I have always said that nation wide per capita average is a useless figure, and helps no one.


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## Nilgiri

Talwar e Pakistan said:


> I'm not really too knowledgeable of economics, so forgive me if I sound dumb.
> 
> How is the GDP per capita of Pakistan around $1600, when all Pakistani provinces 'apparently' have higher GDP per capita than $1600. Sindh and Punjab have around $7000 alone; AJK, GB and Balochistan range from $3000-$5000. Is the information wrong or am I missing something?
> 
> https://en.wikipedia.org/wiki/List_...mestic_product#Provinces_by_GDP_.28nominal.29
> 
> @eagleeye @That Guy



For the GSP table, it implies a population of just 23 million people for Punjab (173 billion USD divided by 7577 USD). Its probably some form of PPP measurement rather than nominal.


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## Talwar e Pakistan

Nilgiri said:


> For the GSP table, it implies a population of just 23 million people for Punjab (173 billion USD divided by 7577 USD). Its probably some form of PPP measurement rather than nominal.


It has a separate section for PPP

List_of_Pakistani_provinces_by_gross_domestic_product


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## ziaulislam

we need more investment, whee are nawaz Gulf connection that he boast about so much
if he could attracted just 1% of all saudi/GCC foreign investment that would have been enough


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## Nilgiri

Talwar e Pakistan said:


> It has a separate section for PPP
> 
> List_of_Pakistani_provinces_by_gross_domestic_product



Hence I said some local form/variant of PPP concept rather than global international dollar PPP.

Either its cherry picked urban stat, taxable demographic or some localised state version of it. No link is given to the source data in the table so I can't tell what it is/where its taken from/context.

Using pure division, the derived population base does not make sense...there is some multiplier that is being used. It is definitely not nominal USD.

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## Chak Bamu

Talwar e Pakistan said:


> I'm not really too knowledgeable of economics, so forgive me if I sound dumb.
> 
> How is the GDP per capita of Pakistan around $1600, when all Pakistani provinces 'apparently' have higher GDP per capita than $1600. Sindh and Punjab have around $7000 alone; AJK, GB and Balochistan range from $3000-$5000. Is the information wrong or am I missing something?
> 
> https://en.wikipedia.org/wiki/List_...mestic_product#Provinces_by_GDP_.28nominal.29
> 
> @eagleeye @That Guy



Screwy numbers. BS references. Just ignore it.

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## ejaz007

*Pakistan's State Bank Green Lights Yuan-Based Trade With China*
© Sputnik/ Alexandr Demyanchuk
ASIA & PACIFIC
16:01 03.01.2018(updated 16:42 03.01.2018)Get short URL
171022
The State Bank of Pakistan (SBP) has announced that all arrangements for using the Chinese currency for trade and investment are already in place.

The central bank of Pakistan has given permission for the Chinese yuan to be used for investment and bilateral trade deals, which will eventually replace the dollarin Pakistan-China trade.

The increase in trade and investment with China under the China-Pakistan Economic Corridor (CPEC) makes it easier for Pakistan to see that CNY-denominated trade with China will increase significantly and will provide with long term benefits for both the countries.

"SBP has already put in place the required regulatory framework which facilitates use of CNY in trade and investment transactions," the press release of the central bank stated.







© AFP 2017/ FRED DUFOUR
China May Launch Yuan-Denominated Oil Futures in Shanghai by 2018
In late December Pakistan’s Minister for Planning and Development Ahsan Iqbal said that the government was considering a Chinese proposal to use the renminbi or yuan instead of the US dollar for payments in all bilateral trade. 


The minister further said that China had not stopped CPEC-related investments in Pakistan and all projects had been identified and committed to by both sides. The areas of cooperation include connectivity, energy, trade and industrial parks, agricultural development and poverty alleviation, tourism, people’s livelihood and exchange programs and financial cooperation, Dawn news reported.

Pakistan and China have also agreed to establish and improve cross-border credit systems and financial services. In the near future plans strengthening currency swap arrangements and the establishment of a bilateral payment and settlement system will also take place.

Hence with the central bank’s approval this cooperation will take on another dimension as it means that Pakistani and Chinese banks will, in the course of time, be able to open import letters of credit in rupees and yuan.







© REUTERS/ EDGAR SU
Yuan's Growing International Status 'Not Under Threat' From Dip in Global Transactions
Pakistan will be able to pay for imports from China in yuan rather than in dollars, and Chinese companies investing in CPEC projects will bring in yuan-denominated funds to Pakistan and remit back their profits and dividends also in yuan instead of dollars or other foreign currencies.


"The SBP, in the capacity of the policy maker of financial and currency markets, has taken comprehensive policy related measures to ensure that imports, exports and financing transactions can be denominated in yuan," Dawn news reported quoting the bank's statement.

Furthermore, even non-Chinese companies participating in the CPEC will be able to do bilateral trade via their Chinese principal companies, according to the publication.

“The dollar may remain the most dominant medium of exchange for the foreseeable future. But if Islamabad and Beijing can materialize their dream [to settle bilateral trade and investment transactions in rupees and yuan], we can reduce our dependence on the greenback gradually over a long time,” the head of a large Pakistani bank told Dawn news in a comment.

The banker also said that once proper developments are made the free flow of capital and cross-border transfer of lawful funds between the two countries would become much easier, curbing the need for more complex centralized international clearing systems in New York and London.

https://sputniknews.com/asia/201801031060493758-pakistan-state-bank-yuan-trade-china/


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## Adam WANG SHANGHAI MEGA

how much money wasted by changing RMB yuan to USD and than USD to Rupee and than Rupee to USD and than to RMB yuan?
There is less political role but economic law in this logic otherwise ,it would be stupid not to do direct currency changing unless we have no choice !
If i can buy a ticket with 10yuans or 10rupees i do not see the reason why i need spend 0.5USD change fees to do it!!!

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## ejaz007

*Tehran to Lodge Complaint Against Pakistan Over Pipeline Deal*
© AP Photo/ Vahid Salemi
ASIA & PACIFIC
03:55 06.02.2018(updated 03:56 06.02.2018)Get short URL
141
The Iranian government vowed to take legal action against the Pakistani government on Sunday over Islamabad’s failure to keep up their end of a bargain to build an oil pipeline bridging the two nations, Pakistan Today reports.

Iranian Petroleum Minister Bijan Namdar Zangeneh told reporters on Sunday that Iran has laid down pipeline up to the Iran-Pakistan border, but Pakistan has neglected to hold up its end of a bargain to construct the pipeline on the other side. As such, Tehran will lodge a complaint about the delayed process.






© AP PHOTO/ RONALD ZAK
Tehran Suspects Saudi Intelligence of Attempts to Stage Terror Attacks in Iran


Talks surrounding the deal to build the pipeline have been ongoing since 1995. Islamabad has been pressured by the United States and Saudi Arabia against completing the deal. But Washington may also be changing its tune.

Analysts say Beijing may pick up the slack in helping to build the pipeline inside Pakistan. China has already dedicated billions to the China Pakistan Economic Corridor as part of Beijing's One Belt, One Road initiative.

In December, the US backed off its opposition to the project. Jerry Bisson, mission director at the US Agency for International Development, said he supported Islamabad getting financing from any country, including Russia or China, in order to build the Iran-Pakistan pipeline.

"We can look at it. Any donor investment in infrastructure either from Russia, China, the World Bank or the Asian Development Bank and any investment for the benefit of the Pakistani people and economy, we support it," Bisson told the Express Tribune.





© AP PHOTO/
UK Intelligence Agency Actively Plotted Social Disruption in Iran - Security Researcher

"We don't have any particular views about where the money comes from; we support the government of Pakistan in improving lives of the people," the Express Tribune quoted Bisson saying.

The Economic Times reported that New Delhi was considering an underwater pipeline to ship liquefied natural gas from Iran to India to avoid running a line through southern Pakistan, which is marred by conflict due to a militant insurgency in Balochistan. While India has reportedly never officially pulled out of the $7.6 billion deal, it has stopped participating in the talks.

https://sputniknews.com/asia/201802061061387228-tehran-lodge-complaint-pakistan-pipeline/


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## ghazi52

*Pakistan rice export touches $1.06bn*







*
KARACHI:* Rice export from Pakistan has seen significant growth and crossed $ 1.0 billion by the end of January since July 2017 showing an increase of 29 per cent in value and 15 per cent in quantity.

In a statement here on Friday, Rice Exporters Association of Pakistan (REAP) Senior Vice Chairman Rafique Suleman said that Pakistan exported total 2.28 million metric tonnes of rice worth $ 1.06 billion in last seven months, whereas in the same period of last fiscal year the figure was 1.971 million metric tonnes amounting to $ 820 million.

‘We have come out of the crisis. REAP members were making their untiring efforts and doing aggressive marketing to increase the rice exports and to earn valuable foreign exchange for our beloved country Pakistan,’ he re-affirmed.

He was hopeful that this year the set target to export more than 4.0 million metric tonnes of Pakistani rice and would earn $ 2 billion.

Due to the excessive pesticide residue found in Indian rice, India is expected to lose the European market hence REAP had also focused on European countries. This is an excellent opportunity for Pakistani rice exporters to grab EU market, he added.

He also urged the government departments concerned to extend maximum support and facilitation to rice exporters for an increase in their exports to European countries.

REAP leader informed that right now, demand for rice had increased around the globe.

He was satisfied that this year the country had a very good crop in terms of quality and quantity, adding that the prices of Pakistani rice were comparatively cheaper than that of its competitors including Thailand and Vietnam.

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## Adam WANG SHANGHAI MEGA

I would like very much to have Pak bro rice to support this effort!

how can i buy it?


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## Nilgiri

Adam WANG SHANGHAI MEGA said:


> I would like every much to have Pak bro rice to support this effort!
> 
> how can i buy it?



Easiest way is to check on alibaba....or can go to a Pakistani restaurant in China and ask them who their basmati etc supplier is...even if its wholesale... ppl will direct you to which grocers carry their product.


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## Introvert

*Pakistan, Canada trade talks today*

ISLAMABAD - Pakistan and Canada will hold trade dialogue on Monday that is aimed at promoting bilateral trade , between the two countries to its true potential.

According to a message received here, Commerce Minister Pervaiz Malik, who is on the visit to Canada at the invitation of his Canadian counterpart, is scheduled to meet with Minister of International Trade Francois-Philippe Champagne to discuss all traderelated issues.

The current volume of bilateral trade has increased by 133% during the last three years from $ 732 million in 2013 to $ 1.8 billion during the last year. Both sides recognize that there exists a huge potential for enhancing the existing bilateral trade .

Besides meetings with Canadian Minister of Agriculture, Lawrence MacAulay and Minister for Immigration Ahmed Hussen, at Ottawa, the commerce minister is also expected to meet with the Canadian investors and businessmen at Montreal and Ontario Chamber of Commerce at Toronto.

He will also interact with the Canadian media.

https://nation.com.pk/12-Feb-2018/pakistan-canada-trade-talks-today

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## Clutch



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## fatman17

__ https://twitter.com/i/web/status/972556353075077121


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## ziaulislam

fatman17 said:


> __ https://twitter.com/i/web/status/972556353075077121


when it comes to debt only worrisome indicators are
circular debt ~10 billion dollars
PIA libaliltes and steel mill and DESCO(power sector liabilities)=8 billion dollars

over all Fiscal deficit was pushed to 5.2 which i think is too high should be kept around 4..

for those who curse musharraf





keep an eye on trend between in 1990s and 2012-2016

we need urgent reforms in power sector and we need to get rid of PIA, DESCOs and all govt institutes

debt has to be kept below 60% per parlimentry law passed in mushi era

debt accumlated via CPEC and infrastutre is needed
its the useless debt as mentioned above that is the problem


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## Chak Bamu

ziaulislam said:


> when it comes to debt only worrisome indicators are
> circular debt ~10 billion dollars
> PIA libaliltes and steel mill and DESCO(power sector liabilities)=8 billion dollars
> 
> over all Fiscal deficit was pushed to 5.2 which i think is too high should be kept around 4..
> 
> for those who curse musharraf
> 
> 
> 
> 
> 
> keep an eye on trend between in 1990s and 2012-2016
> 
> we need urgent reforms in power sector and we need to get rid of PIA, DESCOs and all govt institutes
> 
> debt has to be kept below 60% per parlimentry law passed in mushi era
> 
> debt accumlated via CPEC and infrastutre is needed
> its the useless debt as mentioned above that is the problem



Musharraf regime was beneficiary of massive foreign exchange inflows that had much to do with WoT. The same war has wreaked havoc in Pakistan ever since. Its not quite so simple a thing as looking at a graph and clapping for the dictator. Kargil alone did more damage to Pakistan's fortunes than all else combined. I am not yet even addressing really bad policy choices made by his regime.

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## ziaulislam

Chak Bamu said:


> Musharraf regime was beneficiary of massive foreign exchange inflows that had much to do with WoT. The same war has wreaked havoc in Pakistan ever since. Its not quite so simple a thing as looking at a graph and clapping for the dictator. Kargil alone did more damage to Pakistan's fortunes than all else combined. I am not yet even addressing really bad policy choices made by his regime.


I am not fan of him but we need to keep eyes in facts
Lets assume that musharraf got all the money usa claimed (i.e 12 billion) it still is not much different than IMF programs and money that was received via expensive bonds

Steel mills,power sector reforms and pia failure has nothing to foreign inflows
Currwnt account crisis is due to poor policies of defending rupee artificially to 98 and than taxing exports and refusing refunds


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## Chak Bamu

ziaulislam said:


> I am not fan of him but we need to keep eyes in facts
> Lets assume that musharraf got all the money usa claimed (i.e 12 billion) it still is not much different than IMF programs and money that was received via expensive bonds
> 
> Steel mills,power sector reforms and pia failure has nothing to foreign inflows
> Currwnt account crisis is due to poor policies of defending rupee artificially to 98 and than taxing exports and refusing refunds



I remember the after-math of 9/11 very clearly. Many many worried ex-pats bought property in Pakistan. It started a property boom that continued until 2005. It was not the 12 billion that you are alluding to. Do notice how the debt-gdp percentage climbed until 2001 and then began a big sustained drop. Its no accident and had very little to do with Musharraf regime's policies. If anything Musharraf's economic policies were crafted by bankers and had predictable results. I would very much like to know how much investment was made to ensure that energy requirements of an expanding consumer economy were met? Gas company executives kept telling the government of the impending severe short-fall but Musharraf regime did nothing, and people kept converting their cars to CNG. While bankers were doling out loans so that people could buy ACs, no thought was given to electricity generation. Both these actions impacted our export industry very very hard. I should know, I was running 2 textile factories, one of which was oriented towards exports. That factory died a slow painful death as it got badly starved of electricity and it could never get a gas connection because there was precious little left over after mushroom growth of CNG gas stations.

Now sir, please tell me more about how good were the Musharraf years for Pakistan and what wonders they did for GDP-Debt percentage of Pakistan? Also throw some light on the stellar performance of Pakistan's export sector while you are at it. Indeed without export-led growth there can be no sustained GDP-debt percentage drop, unless we strike big oil somehow.

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## Nilgiri

Chak Bamu said:


> I remember the after-math of 9/11 very clearly. Many many worried ex-pats bought property in Pakistan. It started a property boom that continued until 2005. It was not the 12 billion that you are alluding to. Do notice how the debt-gdp percentage climbed until 2001 and then began a big sustained drop. Its no accident and had very little to do with Musharraf regime's policies. If anything Musharraf's economic policies were crafted by bankers and had predictable results. I would very much like to know how much investment was made to ensure that energy requirements of an expanding consumer economy were met? Gas company executives kept telling the government of the impending severe short-fall but Musharraf regime did nothing, and people kept converting their cars to CNG. While bankers were doling out loans so that people could buy ACs, no thought was given to electricity generation. Both these actions impacted our export industry very very hard. I should know, I was running 2 textile factories, one of which was oriented towards exports. That factory died a slow painful death as it got badly starved of electricity and it could never get a gas connection because there was precious little left over after mushroom growth of CNG gas stations.
> 
> Now sir, please tell me more about how good were the Musharraf years for Pakistan and what wonders they did for GDP-Debt percentage of Pakistan? Also throw some light on the stellar performance of Pakistan's export sector while you are at it. Indeed without export-led growth there can be no sustained GDP-debt percentage drop, unless we strike big oil somehow.



Yes your post is backed up by the debt Pakistan took on in that period that did not translate into hard capital investment (say gross capital formation etc) as % of GDP....compared to the short and mid term GDP growth percentages.

https://data.worldbank.org/indicator/NE.GDI.TOTL.ZS?locations=PK

i.e effectively a prioritisation of consumption over much needed long term investment (the power gen you talk of for example) with future growth in mind.

This meant the debt was largely wasted or was used for immediate end consumption only largely (when it was somehow passed on through say subsidy to whoever thats politically connected or vote groups etc)....which is no good because you only get ROI on small % of the debt, not even including the compound interest....and you ramp up the long term debt burden and can even affect your credit score etc, and definitely hurt your balance of payments (because why produce and export, just import and consume etc from the "free" short term debt money). Can read this to get an idea of some recent issues/trends on this: 

https://blogs.worldbank.org/opendata/are-south-asian-countries-sinking-debt-trap

By this I further mean that the GCF that would have risen %-wise of GDP if these monies were converted into electric power lines, power plants, gas lines, canals, schools, construction etc...rather than what seems to be waste (asset inflation) from "hot" volatile money kind of debt (India saw some scale of this from 2004 - 2010 as well but it was laundered through the stock market rather than politicians at least (initially)...and it was really FPI rather than debt per se in first place). 

How to fix that (restricted routing of debt/foreign investment to the Pak private sectors/entrepreneurs) needs the deep massive reform, because the kickback potential of debt or investment to GCF is not good for political types (basically money has to be deployed and accounted for and then you got to actually work on the results long term etc.... rather than sitting in some ministers hidden hedge fund portfolio, but posing as available funds for department). Only transparency and/or well disciplined audit procedures can prevent/deal with this.

Given severe lack of those two things, I think relying on govt is lost cause for Pakistan and region, there needs to be bigger and larger drive for more private controlled banking (and govt/central bank focused only on standards) and having those be the main credit route for private sector industry. But each country, maybe even state, city etc needs to come up with specific legislation and implementation......but this is somewhat antithetical to the political class....because it displaces/disrupts their cushy corrupt system.

@django @Xlvee01 @farhan_9909 @Zibago

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## salman77

*Fishery Exports can cross $1 Billion*

ISLAMABAD: With the China-Pakistan Economic Corridor (CPEC) and related infrastructure development in Sindh and Balochistan, Pakistan’s exports in the fisheries sector have the potential to cross the $1-billion mark a year, against the current annual export of around $400 million. Pakistan’s exports of fishery products stand at about 0.25% of world exports. Other than a huge domestic market, Pakistan has an export market for fish and fish products and around 30% of the total produce is exported to 30 countries of the world, stated a latest report titled, ‘The state of economy: China-Pakistan Economic Corridor Review and Analysis’, issued by The Shahid Javed Burki Institute of Public Policy at NtSol. According to the report, the fisheries sector in Balochistan is a major source of employment for people residing along the coastal belt.

https://tribune.com.pk/story/1682380/2-annual-receipt-fishery-exports-can-cross-1-billion/

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## Shahzaz ud din

*PAKISTAN,S GDP FIGURES FOR THE YEAR 2017-2018*

_Per ca-pita income increased to *$1,640.50*_

_Pakistan’s economy expanded to *$313 billion*_*, *

_The economy provisionally grew at a pace of *5.8%* in the outgoing fiscal year 2017-2018_

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## Nilgiri

Janbaz Rao said:


> *PAKISTAN,S GDP FIGURES FOR THE YEAR 2017-2018*
> 
> _Per ca-pita income increased to *$1,640.50*_
> 
> _Pakistan’s economy expanded to *$313 billion*_*, *
> 
> _The economy provisionally grew at a pace of *5.8%* in the outgoing fiscal year 2017-2018_



Good job. Pakistan needs more reforms and clampdown on corruption to have a good solid growth in say chunk of 5 - 10 year timeframe.

@django @Hell hound @Zibago @DESERT FIGHTER @Areesh

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## Shahzaz ud din

Nilgiri said:


> Good job. Pakistan needs more reforms and clampdown on corruption to have a good solid growth in say chunk of 5 - 10 year timeframe.
> 
> @django @Hell hound @Zibago @DESERT FIGHTER @Areesh

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## Hell hound

Nilgiri said:


> Good job. Pakistan needs more reforms and clampdown on corruption to have a good solid growth in say chunk of 5 - 10 year timeframe.
> 
> @django @Hell hound @Zibago @DESERT FIGHTER @Areesh


insallah bro.but yeah you are right we need some serious reforms in exports and quality control departments if we want to do something about this trade deficit .

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## Muhammad Omar

Janbaz Rao said:


> *PAKISTAN,S GDP FIGURES FOR THE YEAR 2017-2018*
> 
> _Per ca-pita income increased to *$1,640.50*_
> 
> _Pakistan’s economy expanded to *$313 billion*_*, *
> 
> _The economy provisionally grew at a pace of *5.8%* in the outgoing fiscal year 2017-2018_



Isn't this GDP rate of Pakistan in 2016-17?? 
Any source of this figure please


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## Shahzaz ud din

Muhammad Omar said:


> Isn't this GDP rate of Pakistan in 2016-17??
> Any source of this figure please


Bro source is current budget presented by finance minister of Pakistan.

For 2016-2017
GDP---------------------------------$304 billions
PERCAPITA INCOME ---------------$1541
GDP GROWTH-----------------------5.2 %


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## itachii

Janbaz Rao said:


> *PAKISTAN,S GDP FIGURES FOR THE YEAR 2017-2018*
> 
> _Per ca-pita income increased to *$1,640.50*_
> 
> _Pakistan’s economy expanded to *$313 billion*_*, *
> 
> _The economy provisionally grew at a pace of *5.8%* in the outgoing fiscal year 2017-2018_



Isn't 313 billion/ 207 million = 1512 $ ?


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## Shahzaz ud din

itachii said:


> Isn't 313 billion/ 207 million = 1512 $ ?



Hopefully census results would be announced officially at the end of 2018.Then you can do the aforementioned calculations again. Until then I_SI PE GUZARA KARO _

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## _Bosniak_

ziaulislam said:


> we need more investment, whee are nawaz Gulf connection that he boast about so much
> if he could attracted just 1% of all saudi/GCC foreign investment that would have been enough




Hi,

From my point of view PK should focus on export. Do as much as possible to increase export. As I can see on wikipedia (list of country by export) it seems PK is exporting only +-22 bilions USD/year. Probably this figures are not 100% up to date but should be close to the reallity.

What kind of product for general consomption from PK could I find in Europe? I am thinking and I am quite sure I never tried something from PK. 

Can you give me some excample oh PK products. Food or not. 

Thanks


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## ziaulislam

itachii said:


> Isn't 313 billion/ 207 million = 1512 $ ?


well sir, why are you dividing these two numbers????????????????????

..people calculate GDP PP ratio per capita not nominal..



Janbaz Rao said:


> Bro source is current budget presented by finance minister of Pakistan.
> 
> For 2016-2017
> GDP---------------------------------$304 billions
> PERCAPITA INCOME ---------------$1541
> GDP GROWTH-----------------------5.2 %


per capita in nominal is misrepresentation for example 
if apple produced in Pakistan costs 50 cents and 75 cents in Bangladesh, it will be in terms of dollars(nominal) be higher in Bangladesh but actual(PP) will be same

so when it comes to per capita almost always its counted in PP as that is actual national product

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## Nilgiri

ziaulislam said:


> well sir, why are you dividing these two numbers????????????????????
> 
> ..people calculate GDP PP ratio per capita not nominal..
> 
> 
> per capita in nominal is misrepresentation for example
> if apple produced in Pakistan costs 50 cents and 75 cents in Bangladesh, it will be in terms of dollars(nominal) be higher in Bangladesh but actual(PP) will be same
> 
> so when it comes to per capita almost always its counted in PP as that is actual national product



Well per capita can be done for both....it just means how much of something per person.

PPP is just a much more accurate measure socio-economically....because of exactly the insulated price levels from country to country (compared to world price level of USD reference).


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## monitor

A very surprising information .

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## Nilgiri

monitor said:


> A very surprising information .
> View attachment 486963



Source? German economy was doing quite well at that time period...a lot of their industry was coming online after the WW2 devastation.


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## Shahzaz ud din

Nilgiri said:


> Source? German economy was doing quite well at that time period...a lot of their industry was coming online after the WW2 devastation.


*Pakistan lent Rs120 million to West Germany in 1963*

Listen
LAHORE: Currently on a tour to Germany, Premier Nawaz Sharif should be walking in Berlin with his head high because 51 years ago in 1963, the Ayub Khan-led government dished out Rs120 million loan to this largest European economy of today for a period of 20 years, some decades-old Ministry of Finance documents reveal.
The situation is totally opposite in 2014, and the total German funding volume for Pakistan or its net trade investment has exceeded 2.3 billion Euros.The economical and financial development cooperation between Pakistan and Germany goes back to 1961. Germany is Pakistan’s fourth largest trade partner currently. During July this year, the German government announced 1 million Euros in immediate assistance to support the relief activities of the World Food Programme (WFP) in the north-west of Pakistan.
Not long ago, some 4,900 classrooms were built or renovated with German cooperation in Khyber Pakhtoonkhwa (KP).Moreover, some 3,50,000 elementary and secondary school teachers in Pakistan have attended the German-funded programmes across the country.
On the health front, just to give one more example, a German support of 42 million Euros had helped Pakistan’s Family Planning Prgrammes during the 1990s. A February 27, 2013, a report appearing in prestigious British daily newspaper “The Guardian” reveals that Pakistan had been lending money to Germany even before 1953!
This is what “The Guardian” had stated: “By 1953, Germany also had debts based on reconstruction loans made immediately after the end of the Second World War. Germany’s creditors included Greece and Spain, Pakistan and Egypt, as well as the US, UK and France.”
The British newspaper had maintained in its afore-cited report that 60 years ago, Greece and Spain had helped post-war Germany recover and half of the country’s war debts were cancelled to build its economy. An agreement to write off the German debts was inked in London.
The credible British media outlet notes: “Following the London deal, West Germany experienced an “economic miracle”, with the debt problem resolved and years of economic growth. The medicine doled out to heavily indebted countries over the last 30 years could not be more different.” The Guardian further states: “Germany emerged from the second world war still owing debt that originated with the First World War.”
Countries such as Greece had willingly taken part in a deal to help create a stable and prosperous Western Europe, despite the war crimes that German occupiers had inflicted just a few years before. In 2014, the German economy is the fourth largest in the world with a nominal GDP of $3.747 trillion, exports of over $1.516 trillion, Foreign Direct Investment stock of $1.335 trillion and Foreign Exchange reserves of $233.813 billion. It is, however, shocking to note that according to a 2013 BBC World Service Poll, only 5 per cent of Germans had viewed Pakistan’s influence positively, with an overwhelming 82 per cent had expressed a negative view.

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## TopCat

DANCING GIRL said:


> *Pakistan lent Rs120 million to West Germany in 1963*
> 
> Listen
> LAHORE: Currently on a tour to Germany, Premier Nawaz Sharif should be walking in Berlin with his head high because 51 years ago in 1963, the Ayub Khan-led government dished out Rs120 million loan to this largest European economy of today for a period of 20 years, some decades-old Ministry of Finance documents reveal.
> The situation is totally opposite in 2014, and the total German funding volume for Pakistan or its net trade investment has exceeded 2.3 billion Euros.The economical and financial development cooperation between Pakistan and Germany goes back to 1961. Germany is Pakistan’s fourth largest trade partner currently. During July this year, the German government announced 1 million Euros in immediate assistance to support the relief activities of the World Food Programme (WFP) in the north-west of Pakistan.
> Not long ago, some 4,900 classrooms were built or renovated with German cooperation in Khyber Pakhtoonkhwa (KP).Moreover, some 3,50,000 elementary and secondary school teachers in Pakistan have attended the German-funded programmes across the country.
> On the health front, just to give one more example, a German support of 42 million Euros had helped Pakistan’s Family Planning Prgrammes during the 1990s. A February 27, 2013, a report appearing in prestigious British daily newspaper “The Guardian” reveals that Pakistan had been lending money to Germany even before 1953!
> This is what “The Guardian” had stated: “By 1953, Germany also had debts based on reconstruction loans made immediately after the end of the Second World War. Germany’s creditors included Greece and Spain, Pakistan and Egypt, as well as the US, UK and France.”
> The British newspaper had maintained in its afore-cited report that 60 years ago, Greece and Spain had helped post-war Germany recover and half of the country’s war debts were cancelled to build its economy. An agreement to write off the German debts was inked in London.
> The credible British media outlet notes: “Following the London deal, West Germany experienced an “economic miracle”, with the debt problem resolved and years of economic growth. The medicine doled out to heavily indebted countries over the last 30 years could not be more different.” The Guardian further states: “Germany emerged from the second world war still owing debt that originated with the First World War.”
> Countries such as Greece had willingly taken part in a deal to help create a stable and prosperous Western Europe, despite the war crimes that German occupiers had inflicted just a few years before. In 2014, the German economy is the fourth largest in the world with a nominal GDP of $3.747 trillion, exports of over $1.516 trillion, Foreign Direct Investment stock of $1.335 trillion and Foreign Exchange reserves of $233.813 billion. It is, however, shocking to note that according to a 2013 BBC World Service Poll, only 5 per cent of Germans had viewed Pakistan’s influence positively, with an overwhelming 82 per cent had expressed a negative view.


Free money from e. Pakistan jute sale.

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## Shane

fatman17 said:


> __ https://twitter.com/i/web/status/972556353075077121




__ https://twitter.com/i/web/status/1025712962223259650


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## Shane

Sunta Jaa, Sharmata Jaa! The Swiss Gate Scandal.

The legend of the looters & plunderers and their Swiss Stash...






@BHarwana @Arsalan @The Accountant @Zibago @war&peace @El Sidd Your Views... I know you don't like Klasra but bear with me on this one @PakSword

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## El Sidd

Shane said:


> Sunta Jaa, Sharmata Jaa! The Swiss Gate Scandal.
> 
> The legend of the looters & plunderers and their Swiss Stash...
> 
> 
> 
> 
> 
> 
> @BHarwana @The Accountant @Zibago @war&peace @El Sidd Your Views... I know you don't like Klasra but bear with me on this one @PakSword



Sharmindagi me khamosh rehna chaiye

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## PakSword

Shane said:


> Sunta Jaa, Sharmata Jaa! The Swiss Gate Scandal.
> 
> The legend of the looters & plunderers and their Swiss Stash...
> 
> 
> 
> 
> 
> 
> @BHarwana @Arsalan @The Accountant @Zibago @war&peace @El Sidd Your Views... I know you don't like Klasra but bear with me on this one @PakSword


I don't like Klasra at all.. but I have listened to it and it was an excellent investigation conducted by him.. but that won't change my views about him.. lolll

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## Shane

PakSword said:


> I don't like Klasra at all.. but I have listened to it and it was an excellent investigation conducted by him.. but that won't change my views about him.. lolll


I look into Klasra's shows precisely for his financial corruption investigative work and his focus on reporting the proceedings of Finance committees of Parliament. The rest of this work is mostly the usual prime time political manjan.

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## Shane

Shane said:


> Sunta Jaa, Sharmata Jaa! The Swiss Gate Scandal.
> 
> The legend of the looters & plunderers and their Swiss Stash...
> 
> 
> 
> 
> 
> 
> @BHarwana @Arsalan @The Accountant @Zibago @war&peace @El Sidd Your Views... I know you don't like Klasra but bear with me on this one @PakSword​




*آخری شام نوم لیگ کی حکوت نے دو سو ارب روپے بانٹ دیے۔ چلیے، غداری نہ کہیے، کیا یہ ملک سے بے وفائی نہیں، جس کا بال بال قرضوں میں چکڑا ہوا ہے۔*



__ https://twitter.com/i/web/status/1025845106363052033


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## fatman17

__ https://twitter.com/i/web/status/1026378903512915968Pakistan on the verge


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## fatman17

ExxonMobil close to hitting huge oil reserves in Pakistan, bigger than Kuwait’s http://www.arabnews.com/node/1351556#.W2ecVW6P6oM.whatsapp


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## FuturePAF

We have to be careful not to get distracted by these RUMORS of huge oil discoveries. they will waste our precious time in pushing for the needed reforms in civil service, tax collection, and lowering waste we need to transition to a stable and sustainable economy.


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## Dazzler

TopCat said:


> Free money from e. Pakistan jute sale.



E.Pakistan was a part of the country so the objection goes moot. Jute was no gold, and was used more as a political propaganda than anything.


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## jupiter2007

Any news about Karachi metroRail projects?


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## El Sidd

Any Update on Panama Papers or that other scandal which went totally ignored?


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## VCheng

https://www.dawn.com/news/1430852/imf-by-month-end-very-likely-says-citi

KARACHI: With projected external financing requirements of $31 billion in FY19, *Pakistan is “very likely to seek an International Monetary Fund (IMF) programme”,* says Johanna Chua, Citigroup’s Head of Emerging Markets Asia Economics & Strategy Bank in a report released on Monday. *The report says an approach is likely by end September.*

*“The sheer size of Pakistan’s external financing gap and an experienced list of technocrats advising the government on economic issues will likely lead to the same conclusion”* she says, going on to warn that *“not going to the IMF is a far more economically and politically painful/riskier option than otherwise.”*

................


Concerns over the lack of urgency on the part of the government could potentially drag the negotiations, the report continues. *The report challenges Imran Khan’s claims on “attracting overseas diasporas money and bringing back looted wealth” labelling the approach “unrealistic and inadequate”.*

Stressing the need to deal with loss-making Public Sector Enterprises and circular debt, the report highlights “the accumulation of new payment arrears of power distribution companies (circular debt), which was brought to near zero levels in FY 2016 has been climbing since, reaching 596bn — 1.7 per cent of the GDP,” requires immediate attention. Criticising, the talks of setting up a sovereign wealth fund, the report termed viability of such project “unclear”.

*In the unlikely event of Pakistan not opting for an IMF program, the government will more likely “lean on import controls” and suffer higher funding costs.*

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## Nilgiri

VCheng said:


> https://www.dawn.com/news/1430852/imf-by-month-end-very-likely-says-citi
> 
> KARACHI: With projected external financing requirements of $31 billion in FY19, *Pakistan is “very likely to seek an International Monetary Fund (IMF) programme”,* says Johanna Chua, Citigroup’s Head of Emerging Markets Asia Economics & Strategy Bank in a report released on Monday. *The report says an approach is likely by end September.*
> 
> *“The sheer size of Pakistan’s external financing gap and an experienced list of technocrats advising the government on economic issues will likely lead to the same conclusion”* she says, going on to warn that *“not going to the IMF is a far more economically and politically painful/riskier option than otherwise.”*
> 
> ................
> 
> 
> Concerns over the lack of urgency on the part of the government could potentially drag the negotiations, the report continues. *The report challenges Imran Khan’s claims on “attracting overseas diasporas money and bringing back looted wealth” labelling the approach “unrealistic and inadequate”.*
> 
> Stressing the need to deal with loss-making Public Sector Enterprises and circular debt, the report highlights “the accumulation of new payment arrears of power distribution companies (circular debt), which was brought to near zero levels in FY 2016 has been climbing since, reaching 596bn — 1.7 per cent of the GDP,” requires immediate attention. Criticising, the talks of setting up a sovereign wealth fund, the report termed viability of such project “unclear”.
> 
> *In the unlikely event of Pakistan not opting for an IMF program, the government will more likely “lean on import controls” and suffer higher funding costs.*



a) the conditions will be quite tough (i.e cannot be used to repay or even service chinese loans) given pompeo earlier statement on the issue

b) import controls will kick the can down the road to some degree, but the window for extensive reform (production/export wise) will not be very wide for pakistan to grow itself out of this systemic problem that has festered this long. Pakistan economy (given its largely consumption based, as the investment % and tax base % is still very low) will suffer in the interim too.

c) Pakistan has had enough of approaching China? Or is that still being looked at?


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## VCheng

Nilgiri said:


> a) the conditions will be quite tough (i.e cannot be used to repay or even service chinese loans) given pompeo earlier statement on the issue
> 
> b) import controls will kick the can down the road to some degree, but the window for extensive reform (production/export wise) will not be very wide for pakistan to grow itself out of this systemic problem that has festered this long. Pakistan economy (given its largely consumption based, as the investment % and tax base % is still very low) will suffer in the interim too.
> 
> c) Pakistan has had enough of approaching China? Or is that still being looked at?



a) is a given. It is just a matter of determining just how tough. If the recent rise in gas prices is any indication, the rollback of energy subsidies, without effective measures to combat theft and non-payments, will be quite painful for the general public.

b) must be a part of the solution. Energy imports are non-avoidable, but the balance of payments requires some measures to control imports for private consumption. Of course, more measures incentivizes more smuggling too, so there is a limit to what such measures can achieve.

c) I think it is and will be looked at as supplemental support. The situation is dire enough that all measures need to be considered and likely will form parts of the overall solution.

Even with all of the above, the basic and fundamental problems that have led to the present situation remain unchanged and no durable solution of the chronic imbalance of payments can be found without addressing those on an emergent basis. However, all indications are that another proverbial re-arranging of the deck chairs on a famous ship is all that will happen, unfortunately.

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## shah_123

__ https://twitter.com/i/web/status/1038580019549880320

__ https://twitter.com/i/web/status/1038651123429793793


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## shah_123

__ https://twitter.com/i/web/status/1040408849117786113


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## Introvert

*Al-Futtaim Group Looks to Invest $230 Million in Renault Pakistan*

Al-Futtaim-Renault cars are set to hit the roads in the year 2020 and with an investment of $230 million, it looks like the automobile manufacturer will not settle for anything else. In fact, Renault has already gotten hold of Faisalabad Industrial Estate Development and Management Company (FIEDMC) – one of Pakistan’s biggest industrial zones.

With about 12 car makers investing a total of $746 million so far, the Auto Development Policy (ADP) 2016-21 has come out to be quite profitable for Pakistan. Two companies have already gotten the Brown Field investment status – this is where a company buys or rents an existing industry or facility for making a new product. Meanwhile, around ten companies have been honored with Green Field investment status. This will allow the concerned companies to begin their operations in local markets from the ground up.



This investment is a good opportunity for the Pakistani automobile market – which was previously dominated for decades by Japanese car manufacturers: Honda, Toyota, and Suzuki. Moreover, the new auto policy has also attracted many key foreign players in the auto category.

Pakistan’s automobile market is being invested in at a time when the country is in dire need to direct foreign investment – considering the economy is in crippling state and falling its forex reserves.

*Earlier Investments:*

Ever since the ADP was announced, Pakistani market has gotten new players into the auto area and have shown great interest in the potential of the country’s market. These investors have made the following investments:


Regal Automobile Industries with DFSK Motor – $10.71 million
United Motors (Pvt) Limited with Yangste Motor Group and Luoyang Dahe New Energy Vehicle – $19.05 million
Khalid Mushtaq Motors (Pvt) Ltd with Changan Kuayua Automobiles – $3.50 million
Kia Motors with Kia Lucky Motors Pakistan Ltd – $190 million
Hyundai Motors with Hyundai Nishat Motors (Pvt) Limited – $163million
Changsha Foton Vehicle Technology with Foton JW Auto Park (Pvt) Ltd – $11.45 million
BAIC International Development Company with Sazgar Engineering Works Ltd – $31.01 million
Changan International Cooperation with Chongqing Changan Automobile, Master Motors Ltd and IVECO – $101.52 million
Chongqing Lifan Automobile with Pak China Motors – $24.25 million
Mianyang Huarui Automotive, T Dev Group, Chongqing Big S with Topsun Motors and Engineering Services – $5.43
Ssang, Kia and Kolao Group with Dewan Farooq Motors – $145 million
Nissan Motor Cooperation Japan with Ghandhara Nissan – $41.3 million
The entry of investors into the auto market is a sign that we might see a number of newly improved, advanced cars which can competing with the existing Japanese auto giants in Pakistan.

https://enews.hamariweb.com/autos/al-futtaim-group-to-invest-230-million-in-renault-pakistan/


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## VCheng

Well worth reading:

https://www.economist.com/asia/2018/10/11/pakistans-new-prime-minister-turns-to-the-imf

*Imran can’t*
*Pakistan’s new prime minister turns to the IMF*
Imran Khan had hoped for hand-outs from “friendly countries” instead

*Print edition | Asia*
Oct 11th 2018| ISLAMABAD

*ON THE campaign trail, Imran Khan, Pakistan’s new prime minister, presented himself as the man to break the country’s addiction to hand-outs from the West.* Whereas previous governments used to go begging to the IMF for funds, he said, his Pakistan Movement for Justice (PTI) would focus instead on recouping billions of dollars hidden from the taxman abroad. *But after less than two months in office, Mr Khan reversed himself on October 8th. *His finance minister announced that the government would, after all, be seeking a big loan from the IMF.

*The economy’s troubles are not Mr Khan’s fault.* The previous government, led by the Pakistan Muslim League-Nawaz (PML-N), lifted annual GDP growth to a ten-year high of more than 5%. But it did so on the back of expensive imports of fuel and machinery, even as its determination to prop up the Pakistani rupee hurt export industries such as textiles. The result has been dramatic growth in the current-account deficit since early 2016 (see left-hand chart). Foreign-exchange reserves have fallen sharply as a result (see right-hand chart). They currently stand at $8bn, which is not enough to cover the expected bill for imports and foreign-debt repayments until the end of the year. To keep the lights on (literally—many of Pakistan’s power plants run on imported coal), the government needs to find around $10bn in short order.

*Even Mr Khan could see that Pakistan was going to need a loan. But for the past few weeks he has desperately been seeking alternatives to an IMF bail-out.* In a televised address, he asked all Pakistanis living abroad to donate $1,000 apiece to the government, ostensibly to help pay for a big dam. *To show that government funds would no longer be wasted, he has engaged in public displays of austerity.* The government has auctioned off eight buffaloes kept to provide milk for the prime minister’s residence, along with 61 luxury cars.






*As recently as October 7th Mr Khan held out hope that “friendly countries” would stump up loans, sparing him the embarrassment of turning to the IMF.* Mr Khan has courted Saudi Arabia, in particular, visiting it on his first official trip abroad. *Yet the Saudis did not offer a bail-out (it was “awful to beg”,* sighed the commerce adviser, Abdul Razzak Dawood). Instead, they volunteered to invest in the China-Pakistan Economic Corridor (CPEC), a $60bn infrastructure scheme financed mainly by China. That seemed to upset China, Pakistan’s “iron brother”, oldest ally and another potential donor, so was dropped. Some observers had imagined that China might increase its lending to Pakistan rather than have the IMF pore over the details of the contracts behind CPEC, which have not been made public and are thought to be unfavourable to Pakistan. But even the prospect of a row over CPEC does not seem to have been enough to persuade China to become Pakistan’s lender of last resort.

*As Mr Khan hunted for benefactors, investors panicked. *The stockmarket had its biggest daily drop in a decade on October 8th, doubtless spurring the government’s reluctant reversal the same day. The delay, says Khurram Hussain, a journalist, has weakened Mr Khan’s hand in negotiations with the IMF over the terms of any loan. *In addition to demanding a good look at CPEC contracts to make sure Pakistan can afford them, the fund is likely to push for further devaluation of the rupee, increased tax collection and higher interest rates. *None of these readily aligns with Mr Khan’s promise to create an “Islamic welfare state”. *But if Mr Khan was unsure of it before he assumed power, he must surely now realise that Pakistan’s problems run deeper than corrupt leadership. And if voters were unsure of it before they cast their ballots, they are quickly discovering that Mr Khan, for all his self-assurance and star power, cannot fix things quite as quickly or easily as he promised.*

_This article appeared in the Asia section of the print edition under the headline "Imran can’t"_


----------



## ziaulislam

VCheng said:


> Well worth reading:
> 
> https://www.economist.com/asia/2018/10/11/pakistans-new-prime-minister-turns-to-the-imf
> 
> *Imran can’t*
> *Pakistan’s new prime minister turns to the IMF*
> Imran Khan had hoped for hand-outs from “friendly countries” instead
> 
> *Print edition | Asia*
> Oct 11th 2018| ISLAMABAD
> 
> *ON THE campaign trail, Imran Khan, Pakistan’s new prime minister, presented himself as the man to break the country’s addiction to hand-outs from the West.* Whereas previous governments used to go begging to the IMF for funds, he said, his Pakistan Movement for Justice (PTI) would focus instead on recouping billions of dollars hidden from the taxman abroad. *But after less than two months in office, Mr Khan reversed himself on October 8th. *His finance minister announced that the government would, after all, be seeking a big loan from the IMF.
> 
> *The economy’s troubles are not Mr Khan’s fault.* The previous government, led by the Pakistan Muslim League-Nawaz (PML-N), lifted annual GDP growth to a ten-year high of more than 5%. But it did so on the back of expensive imports of fuel and machinery, even as its determination to prop up the Pakistani rupee hurt export industries such as textiles. The result has been dramatic growth in the current-account deficit since early 2016 (see left-hand chart). Foreign-exchange reserves have fallen sharply as a result (see right-hand chart). They currently stand at $8bn, which is not enough to cover the expected bill for imports and foreign-debt repayments until the end of the year. To keep the lights on (literally—many of Pakistan’s power plants run on imported coal), the government needs to find around $10bn in short order.
> 
> *Even Mr Khan could see that Pakistan was going to need a loan. But for the past few weeks he has desperately been seeking alternatives to an IMF bail-out.* In a televised address, he asked all Pakistanis living abroad to donate $1,000 apiece to the government, ostensibly to help pay for a big dam. *To show that government funds would no longer be wasted, he has engaged in public displays of austerity.* The government has auctioned off eight buffaloes kept to provide milk for the prime minister’s residence, along with 61 luxury cars.
> 
> View attachment 505451
> 
> *As recently as October 7th Mr Khan held out hope that “friendly countries” would stump up loans, sparing him the embarrassment of turning to the IMF.* Mr Khan has courted Saudi Arabia, in particular, visiting it on his first official trip abroad. *Yet the Saudis did not offer a bail-out (it was “awful to beg”,* sighed the commerce adviser, Abdul Razzak Dawood). Instead, they volunteered to invest in the China-Pakistan Economic Corridor (CPEC), a $60bn infrastructure scheme financed mainly by China. That seemed to upset China, Pakistan’s “iron brother”, oldest ally and another potential donor, so was dropped. Some observers had imagined that China might increase its lending to Pakistan rather than have the IMF pore over the details of the contracts behind CPEC, which have not been made public and are thought to be unfavourable to Pakistan. But even the prospect of a row over CPEC does not seem to have been enough to persuade China to become Pakistan’s lender of last resort.
> 
> *As Mr Khan hunted for benefactors, investors panicked. *The stockmarket had its biggest daily drop in a decade on October 8th, doubtless spurring the government’s reluctant reversal the same day. The delay, says Khurram Hussain, a journalist, has weakened Mr Khan’s hand in negotiations with the IMF over the terms of any loan. *In addition to demanding a good look at CPEC contracts to make sure Pakistan can afford them, the fund is likely to push for further devaluation of the rupee, increased tax collection and higher interest rates. *None of these readily aligns with Mr Khan’s promise to create an “Islamic welfare state”. *But if Mr Khan was unsure of it before he assumed power, he must surely now realise that Pakistan’s problems run deeper than corrupt leadership. And if voters were unsure of it before they cast their ballots, they are quickly discovering that Mr Khan, for all his self-assurance and star power, cannot fix things quite as quickly or easily as he promised.*
> 
> _This article appeared in the Asia section of the print edition under the headline "Imran can’t"_


Most of the supporters knew about this and leadership said this many times..
Problem is opposition, media who just lost 40 billion rupees of money...


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## VCheng

ziaulislam said:


> Most of the supporters knew about this and leadership said this many times..
> Problem is opposition, media who just lost 40 billion rupees of money...



All I can say for now is that the next five years will surely be interesting for Pakistan.


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## maithil

__ https://twitter.com/i/web/status/1052238511703642113
Very competent professional. Looking at past records  Surely a merit based appointment.


__ https://twitter.com/i/web/status/1052308398757302272


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## maithil

__ https://twitter.com/i/web/status/1052435484507541504


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## Introvert

*Iran wants barter trade with Pakistan*

Iran wants stronger trade and economic ties with Pakistan, therefore, barter trade should be encouraged as it will be equally beneficial for both the countries.

These views were expressed by Iran Consul General Reza Nazeri while addressing business community at the Lahore Chamber of Commerce and Industry (LCCI) on Friday.

The consul general highlighted that Pakistan and Iran shared common borders and cultural bonds and Iran had always tried to strengthen bilateral relations with neighbouring countries. “Pakistan is its first preference in this regard.”

He extended full support of the Iranian consulate to prospective trade delegations, adding Iran would organise an exhibition of its products in Punjab.

“Oil, chemical, gas and other sectors of the economy should be focused for mutual trade,” he emphasised. “Pakistan has a distinguished status in milk production and Iran’s experience in dairy sector can be beneficial in this regard.”

He pointed out that Iran had a massive construction potential and could cooperate with Pakistan in that area. He underlined that both countries should join hands for the promotion of tourism as the two had an immense potential in that sector.

Answering a query, Nazeri lamented that lack of banking channels between the two countries was quite troublesome. “Last year, Iran signed an agreement with the previous Pakistan government in this regard,” he recalled. “I will contact the current Punjab government to reactivate this agreement.”

Speaking on the occasion, LCCI President Almas Hyder pointed out that over the years, the chamber and Iran consulate had worked hand in hand. He appreciated efforts of the Iranian consul general in aiding the ease of doing business through frequent direct flights between the two countries.

“Both the countries have huge domestic markets and a unique geostrategic competitive advantage,” he emphasised. “In order to utilise each other’s strength, Pakistan and Iran will have to work jointly.”

Hyder recalled his visit to Iran at the head of a business delegation in 2016 and said a great potential existed for Pakistani products in Iran.

https://tribune.com.pk/story/1829597/2-iran-wants-barter-trade-pakistan/


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## BHarwana

__ https://twitter.com/i/web/status/1054296242161889281


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## Hephaestus

http://www.arabnews.com/node/1395101/world


KARACHI: It took rickshaw driver Mohammad Rasheed a year to save 300 rupees to buy his daughter a bike, so when he found three billion rupees ($22.5 million) had passed through an unused bank account in his name, he was stunned ... and scared.
“I started sweating and shivering,” said the 43-year-old — just the latest victim of a money laundering scheme that Pakistan’s new prime minister, Imran Khan, has vowed to crush.
When he got a call from the Federal Investigation Agency, Rasheed’s first inclination was to go into hiding, but friends and family members finally convinced him to cooperate with officials.
His case mirrors dozens of similar stories in recent weeks that have filled newspapers in Pakistan and riled a populace long accustomed to extravagant tales of corruption and theft.
The incidents follow a similar arc — bank accounts in poor residents’ names are flooded with cash, then suddenly emptied in a laundering scheme that has likely seen hundreds of millions of dollars moved out of the country.
Rasheed’s name was eventually cleared, but his anxiety remained.
“I stopped driving my rented rickshaw on the roads because of the fear that some other investigating agencies might pick me up,” he said.
“My wife fell sick because of the tension.”
Only weeks before the fiasco he had finally been able to buy a 300-rupee bike with worn tires for his daughter — the fruit of a year’s careful saving.





Pakistani auto-rickshaw driver Mohammad Rasheed plays with his daughter Nabeeha Rasheed in their home in Qur’angi, a slum area in eastern district of Karachi on Oct. 16, 2018. (AFP/File)
The revelation of the laundering frenzy comes as the newly elected Khan has vowed to squash rampant corruption and recover billions siphoned from the country as his government scrambles to shore up Pakistan’s deteriorating finances.
“This is your stolen money,” said the former cricketer during a televised address to the nation Wednesday.
“It was stolen on public contracts... and transferred into these accounts, then laundered abroad.
“I will spare no corrupt man in this country,” he promised.
But for victims like Mohammad Qadir the damage has already been done.
“I have never even seen a bank from the inside,” said the 52-year-old ice cream vendor.
Transactions were nevertheless made in his name for 2.25 billion rupees.
Since news of the incident spread Qadir says he is regularly mocked by his neighbors and also fears being kidnapped by criminal elements who believe he has billions of rupees to spare for hefty ransoms.
“He is a penniless billionaire,” one of Qadir’s acquaintances laughed while driving past his ice cream cart in the Karachi slum of Orangi town.
“People make fun of me, but I ended up with nothing at all from this situation,” said Qadir. “It is such a tragedy.”
Sarwat Zehra, a 56-year-old official, says she has suffered from high-blood pressure after being handed a bill for 13 million rupees in back taxes.
“I was told that a company had illegally passed 14 or 15 billion rupees through my account,” she said.
Pakistan’s poor have long been used as fronts for the elite to dodge taxes and hide assets.
But the scale of the bank account scheme is unprecedented, with authorities pointing the finger at some of Karachi’s wealthiest power brokers including figures with links to former president Asif Zardari.
In September, Pakistan’s Supreme Court established a commission to investigate the scourge, finding that at least 400 million dollars had passed through “thousands of false accounts,” using the names of impoverished people.
Some 600 companies and individuals “are associated with the scandal,” the commission concluded.
It is all the more embarrassing for Khan as his administration scrambles to secure billions of dollars in foreign financial assistance, while also entering talks with the International Monetary Fund for a potential bailout amid a widening balance of payment crisis.
The brazen laundering schemes come as Pakistan was again placed on a watchlist this year by the Financial Action Task Force (FATF) — an anti money-laundering monitor based in Paris — for failing to do enough to combat terror financing.

*This is the problem.*


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## Path-Finder

__ https://www.facebook.com/


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## jupiter2007

maithil said:


> __ https://twitter.com/i/web/status/1052238511703642113
> Very competent professional. Looking at past records  Surely a merit based appointment.
> 
> 
> __ https://twitter.com/i/web/status/1052308398757302272



NSA hires hackers who hacked FBI and NSA. why? Because they know their stuff. 

If the above news is true and if IK think that this guy can help the government, I support IK on his decision.

IK government need at least 24 months to establize the financial situation in the country. Once the financial situation is under control then he needs to draw the plan for south Punjab provinces.


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## jupiter2007

Question: If Chinese are willing to invest $$$ in tourism Industry in Pakistan for Chinese tourists, where should they invest in Pakistan? Should Pakistan allow Chinese to build resorts which manage and operated by Chinese workers for Chinese tourists in Pakistan?





10 Most Breathtaking Tourist Attractions of Pakistan

1. Deosai National Park /Deosai Plateau – The land of Giants
2. Concordia (Karakoram)
3. Kel Valley
4. Kalam, Swat
5. Leepa Valley
6. Toli Pir
7. Gorakh Hil
8. Hingol National Park
9. Pir Sohawa
10. Babusar Pass

Best outdoor locations
1. Hunza Valley
2. Saiful Muluk Lake
3. Attabad Lake
4. Satapara Lake

Famous destination in Azad Kashmir
1) NEELUM VALLEY
2. RAWALAKOT
3. BANJOSA LAKE
4. JHELUM VALLEY
5. RAMKOT FORT
6. TOLI PIR
7. PIR CHINASI
8. LEEPA VALLEY
9. RED FORT
10. SHOUNTER LAKE

Most Beautiful Landmarks
1. Pakistan Monument, Islamabad
2. Mohatta Palace, Karachi
3. Anarkali Bazaar, Lahore
4. Faisal Masjid, Islamabad
5. Hiran Minar, Lahore
6. Minar-e-Pakistan, Lahore
7. Lahore Fort, Lahore
8. Mazar-e-Qaid, Karachi
9. Shalimar Gardens, Lahore
10. Sheesh Mahal, Lahore
11. Badshahi Masjid, Lahore
12. Wazir Khan Mosque
13. Rohtas Fort
14. Noor Mahal, Bahawalpur
15. Tomb of Jahangir

Other Places.
Derawar Fort, Near Bahawalpur)
Khewra Salt Mine
Katas Raj Temple

All list-
Hunza Valley Hunza
Badshahi Mosque Lahore
Masjid Wazir Khan (Wazir Khan Mosque) Lahore
Faisal Mosque Islamabad
Margalla Hills Islamabad
Saif-ul-Muluk Lake Naran
Pir Sohawa Islamabad
Pakistan Monument Museum Islamabad
Dolmen Mall Clifton Karachi
Lahore Fort (Shahi Qila) Lahore
Deosai National Park Skardu
PAF Museum Karachi
Daman-e-Koh Islamabad
Altit Fort Hunza
Mohatta Palace Museum Karachi
Mazar-E-Quaid Karachi
Lahore Museum Lahore
Pakistan monument Islamabad
Army Museum Lahore
Saidpur Village Islamabad
Walled City of Lahore Authority Lahore
Frere Hall Karachi
Rawal Lake Islamabad
Baltit Fort Karimabad
Jilani Park Lahore
Lahore Guided tours Lahore
Architectural Buildings , Castles
Rohtas Fort Qila Rohtas
Tomb Shah Rukne Alam
Attabad lake Hunza
Margalla Hills
K2 Mountain
Peer Chanasi
Thandiani


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## jupiter2007

My prediction on dollar value compare to Pakistan rupees based on PTI government economic agenda, reforms and investment from Chinese, Saudi, UAE, Qatar, Kuwait, Iran, Malaysian, Turkish, Germany, USA, Russian, Norway and other European countries.


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## Syed1.

jupiter2007 said:


> My prediction on dollar value compare to Pakistan rupees based on PTI government economic agenda, reforms and investment from Chinese, Saudi, UAE, Qatar, Kuwait, Iran, Malaysian, Turkish, Germany, USA, Russian, Norway and other European countries.
> 
> View attachment 524623



Bhaijaan I'm a PTI supporter thru and thru but even I have to call it BS when someone predicts the economic policies will cause dollar to go half in price in just 5 years 

If performance remains good then dollar will remain at same vicinity of 140-150 by this time in 5 years, or maybe appreciate to max 120-130.


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## jupiter2007

Syed1. said:


> Bhaijaan I'm a PTI supporter thru and thru but even I have to call it BS when someone predicts the economic policies will cause dollar to go half in price in just 5 years
> 
> If performance remains good then dollar will remain at same vicinity of 140-150 by this time in 5 years, or maybe appreciate to max 120-130.



I will fix this graph, but it will be less than 100 for sure by 2023.


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## maithil

Witty this...


__ https://twitter.com/i/web/status/1077928261429153792


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## Maxpane

*Process on Qatari promise to provide 100,000 jobs started'*
*28 Dec, 2018*







*SHARES*




Qatar has opened "Visa Facilitation Center" in Islamabad to facilitate Pakistani work force in getting visa.

READ MORE:Cabinet committee on Energy meets: PM Imran Khan takes important decisions
Special Assistant to Prime Minister on Overseas Pakistanis and Human Resource Development, Zulfikar Bukhariand Qatar's Ambassador to Pakistan Saqar Bin Mubarak inaugurated the facilitation center.

Talking to media on the occasion, Zulfikar Bukhari said Qatar has promised one hundred thousand jobs for Pakistani workforce and the process in this regard has been started.


READ MORE:Pakistan FM Shah Mehmood Qureshi holds important meeting with Russian counterpart in Moscow
He said Pakistan is one of the eight countries to have a Qatari Visa Facilitation Center for swift processing of workers' Visa.

He said the government is also in dialogue with Qatari officials to adjust the skilled labor force coming back from Saudi Arabia, in Qatar.

READ MORE:Panama JIT, Fake Accounts JIT are case studies on how states fail: PM Imran Khan
The Qatari ambassador on the occasion said that in the past, Visa process was handled by Qatar government but now applicants can get their Visas processed and approved through the Visa facilitation centre in Islamabad

Reactions: Like Like:
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## aziqbal

I don't know why Pakistanis are so obsessed with loans 

they do realise its a loan and has to be paid back?

what Pakistan needs is investment and turn away from loans 

1st liberation 
2nd domestic reforms through deregulation 
3rd lower cost of doing business 
4th using public investment to build capital 

then watch 5-6% growth rate

Reactions: Like Like:
1


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## Maxpane

*Russia expressed keen desire to build multiple mega peojects in Pakistan*
*28 Dec, 2018*






*SHARES*




KARACHI: Bilateral trade between Pakistan and Russia improved to US$660 million during 10 months of the current calendar year which is expected to reach around US$750 to US$800 million by year end.

READ MORE:US General Scott Miller held important meeting with COAS General Bajwa at GHQ
According to an official of Karachi Chamber of Commerce & Industry (KCCI), Trade representative of Russia , Yury Kozlov, during his visit to the chamber said there existed huge potential to boost the current trade volume between the two countries.

This, however, said to be gradually improving due to lack of direct banking channels and this was despite the fact that State Bank of Pakistan and the Central Bank of Russian Federation had already signed a Memorandum of Understanding (MoU) in January 2018.


READ MORE:Pakistan Army Chief awarded with Medal from Russian Federation
The Russian Trade Representative said the central banks of both countries need to act more energetically so as to ensure that needed progress is made without any unwarranted delays.

Deputy Trade Representative of Russia , Ruslan Aliev, President KCCI Junaid Esmail Makda, Vice President KCCI Asif Sheikh Javaid, Chairman KCCI’s Subcommittee for Diplomatic Missions and Embassies Liaison Shamoon Zaki and Managing Committee members were said to be present on the occasion.

READ MORE:Cabinet committee on Energy meets: PM Imran Khan takes important decisions
Yuri Kozlov was quoted to have said that Russia was engaged in numerous projects and was cooperating with Pakistan in the construction of north and south gas pipeline from Karachi to Lahore and also engaged in a project at Jamshoro Power Plant for production of 600MW.

Russia was said to had also offered assistance in the expansion of Pakistan Steel Mills while Russia’s Gazprom has also shown interest in financing Iran-Pakistan (IP) gas pipeline project.

On the occasion compact discs carrying presentations of 200 Russian companies and details of the exhibitions scheduled to be staged in Russia throughout the year were also handed to KCCI officials.

It was said that all these Russian companies were keen to explore opportunities in Pakistan whereas the business and industrial community of Karachi Chamber should look into the possibility of participating in numerous trade exhibitions in Russia .

KCCI was suggested to send a trade delegation to Russia with a view to enhance the existing trade and investment cooperation between the two countries.

Earlier, KCCI President, Junaid Esmail Makda mentioning that oil and gas sector and heavy industries were the two promising areas for Russian investors.

Pakistan Steel Mills, he said can be turnaround through Russian assistance, he added emphasizing that Pakistani food exporters can capitalize on the ban imposed by the Russian government on agricultural imports from European countries.

Pakistan can export livestock, meat, apple, mango, citrus and seafood to Russian markets, he said.

Makda also suggested need to sign a MoU between the Karachi Chamber and Moscow Chamber to help improve business linkages between the two.

Reactions: Like Like:
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## ARMalik

There are so many infrastructure projects needed in Pakistan in areas like transportation, water and sewage, energy, agriculture and so on. My question to Imran Khan is why are overseas Pakistanis not being invited to invest in these projects?? Why is he going around to countries like China, Turkey, Saudi Arabia, etc and asking them to invest and why not asking overseas Pakistanis to form partnerships by establishing Government-Private enterprises?? I really do not get it.


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## insight-out

*Malaysian company to invest $250m in telecom industry*






Edotoc chairman Datuk Azzat Kamaluddin calls on Prime Minister Imran Khan in Islamabad on Friday. PHOTO: PID

ISLAMABAD: Malaysia’s Edotco Group plans to increase its investment in Pakistan by $250 million in the next five years.

The plan was revealed by the group’s chairman Datuk Azzat Kamaluddin, who called on Prime Minister Imran Khan in Islamabad on Friday.

Edocto, an integrated telecommunications infrastructure services company which specialises in end-to-end solutions in the tower services, has an existing investment of $100 million in the country.

The prime minister highlighted the steps being taken to improve ease of doing business in Pakistan, and assured that all possible facilitation would be provided to investors.

The group chairman appreciated the PM’s vision, as well as the policies of the government.

Separately, the Malaysian delegation led by Kamaludin also called on Finance Minister Asad Umar, and shared his company’s plans for cooperation in the telecom sector.


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## Introvert

*Pakistan receives $15m export order for kinnow, dates, fruits and vegetables*

Extensive efforts initiated by Govt. of Pakistan (GoP) to uplift of economy and exports’ enhancement has now started paying dividend. Pakistani companies participating in the World’s renowned exhibition – “Fruit Logistica – 2019 (Berlin)” are getting very encouraging response from foreign buyers while the big companies participating in this great exhibition, engaged in manufacturing of technology related to production and logistics of fruits & vegetables, economical & efficient use of water technology and related machineries/equipment are displaying keen interest to introduce their technologies in Pakistan while on other hand giant companies promoting modern methods of Agriculture and production of Fruits & Vegetables and transportation facilities for Food items have reflected deep interest in investment for joint ventures with Pakistan.

The exhibition “Fruit Logistica – 2019” is being held from Feb. 6-8, 2019 in Berlin. A national pavilion for companies participating in the exhibition has also been set up. There are stalls of 6 various companies of the Association (PFVA) participating in the exhibition while M /s Iftekhar & Company (IAC) has established it’s own stall. 25 representatives from various export companies are also participating in the exhibition, Besides, the growers are also participating to get themselves well versed with the current modern trends in this specific sector (Fruits & Vegetables).

Pakistani Kinnow, dates, Value-added products of dates, Fresh Vegetables, Mango and Guava Pulp and apple concentrate are getting overwhelming attention from the visitors . According to Waheed Ahmed, Patron-in-Chief and convener of standing committee of the FPCCI on Agriculture and Horticulture, so far export order worth of US$ 15 million has been received.

Pakistan stands bright chance to explore new international markets through this fair while the existing available markets would get further consolidated. Buyers from UK, Italy, Germany, Russia, United Arab Emirates, China, Japan , Saudi Arabia , Belgium , Mauritius , Finland , African countries and other countries have expressed great interest in Agri-produces of Pakistan. The latest technologies related to Climatic change, Pre and Post-harvest process, Saeed development and logistics, displayed in the exhibition would be play vital role to inculcate awareness among Farmers and export companies.

According to Waheed Ahmed, the GoP is displaying very keen interest for development of Horticulture sector having promising potential. The road map “horticulture vision -2030”, a comprehensive policy covering issues and solution of the sector, jointly developed by collaboration of the FPCCI & PFVA has been transformed into documentary form and is anticipated to be presented soon to the GoP.
The Ministry of National Food security and the Primer Imran Khan himself is taking personal interest and with implementation of the vision, export of Fruits & Vegetables can be enhanced to US$2.5 billion within 5 years simultaneously creating employment opportunities for 1.5 million people while export can be further increased to US$ 6 billion in a decade generating new jobs for 2.9 million people and these initiatives would not only further strengthen economy of Pakistan but also ensure Food Security .

https://pakobserver.net/pakistan-receives-15m-export-order-for-kinnow-dates-fruits-and-vegetables/


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## xyxmt

If you want to talk about Pakistan economy then open a thread about how much remittance is coming on daily basis, how many expat visited Pakistan for buying stuff for their kid's wedding, how much are expat buying Pakistani food products like masala and achars etc etc.

Other than that Pakistan has no economy, even Venezuela might have bigger economy than Pakistan, assembling foreign car kits is not economy!!


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## Introvert

*Chaudhry welcomes PepsiCo decision to invest $1bn in Pakistan*

DUBAI: Minister for Information Fawad Chaudhry Monday welcomed the decision of PepsiCo Inc. to invest $1 billion in Pakistan.

During a meeting with the minister, Senior Vice President of PepsiCo Krista Pilot said the company intended to invest in the field of food (snacks).

Under the investment, a potato unit will be installed in Multan, she said.

Pilot expressed the desire that Prime Minister Imran Khan should inaugurate this unit, saying that farmers who cultivate potatoes would benefit from the installation of the unit in Multan.

Chaudhry said that investment by British Airways, PepsiCo and other global companies was an ample proof of growing trust of the world in Pakistan.

He said Imran Khan's vision, policies and reforms agenda would attract more foreign investments in the coming days.

The minister said the government wanted a collaboration with PepsiCo in promoting Pakistan's diverse culture, music and tourism.

He said Pakistan was a great destination for breathtaking valleys and colorful cultures, and the government would promote the real face of Pakistan in the whole world.

Chaudhry added that foreign investment would also increase employment opportunities in the country.

https://www.geo.tv/latest/227842-chaudhry-welcomes-pepsico-decision-to-invest-1bn-in-pakistan


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## jupiter2007

Which Countries should we request FTA from?


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## maithil

*Fiscal health deteriorating sharply, half-year data shows*

*Pakistan’s fiscal deficit crossed 2.7 per cent of gross domestic product (GDP) in the first half of this fiscal year* – the highest in eight years – despite government’s claims to have put the house in order with greater fiscal discipline and austerity.

*Almost all the major fiscal indicators – both on expenditure and revenue side – showed deterioration in first half of the current fiscal year when compared to same period of last year.*

According to fiscal operations data released by the Ministry of Finance on Wednesday,* the fiscal deficit in absolute terms amounted to Rs1.029 trillion in first half (July-December 2018) that was almost 30pc higher than same period of last year – the pre-election spending session of PML-N.*

For its part, the PTI government slashed development spending and net lending by a massive 36pc to rein in runaway spending in mark up payments and defence, posting an increase of 32pc and 22pc respectively.

*The country has never posted such a higher fiscal deficit since 2010-11 when the gap between the government revenues and expenditure stood at 2.9pc of GDP or Rs490 billion in absolute terms. Nevertheless, the country’s fiscal deficit had stood 2.6pc in 2012-13 and 2.5pc twice in 2011-12 and 2016-17.*

While defence expenditure went up, spending on the Public Sector Development Programme was reduced by 37pc

The Ministry of Finance reported that defence expenditure and mark up payments also posted an upward journey as share of the size of the national economy (GDP), leaving little space for the government to spend on improvements in the living standards of the people in the form of infrastructure development and social sector spending.

Data showed the total mark up payments amounted to Rs877bn in first six months of the current fiscal year compared to Rs751bn of same period of last year, showing an increase of Rs126bn or 32pc. As percentage of GDP, mark up consumed 2.3pc compared to 2.1pc of GDP the same period last year.

The defence expenditure in first six months of current year stood at Rs479.6bn compared to Rs393bn of same period last year, showing a jump of 22pc or Rs87bn. Its share in GDP also inched up to 1.2pc this year against 1.1pc of GDP same period last year.

Unfortunately this led to a cut back in the Public Sector Development Programme (PSDP). The PSDP spending in first half of this year plummeted to Rs328bn compared to Rs520bn of same period last year, showing a reduction of 37pc or about Rs192bn. This is also evident from the fact that overall development spending and net lending dropped to a paltry 1pc of GDP compared to 1.6pc of GDP of last year.

The total expenditure in first half of CFY amounted to Rs3.36tr against Rs3.18tr of comparable period last year, showing an increase of 5.5pc. The trade off in spending between non-productive and productive sectors of economy helped contain FY19 total expenditure at 8.7pc of GDP compared to 8.9pc in FY18.

The current expenditure, however, remained out of control. For example, current expenditure in FY19 stood at Rs2.98tr compared to Rs2.55tr of FY18, showing an increase of Rs44bn or about 18pc. The current expenditure stood at 7.8pc of GDP during CFY, significantly higher than 7.1pc of GDP last year.

On the other hand, total revenue collection dropped to just 6.1pc of GDP in first half of current year compared to 6.6pc of GDP last fiscal. Tax revenue was also down to 5.4pc of GDP this year compared to 5.6pc of last year. The performance of non-tax revenue was no exception that stood at 0.6pc of GDP in first half of CFY compared to 1pc of GDP same period last year.

The revenue performance in absolute terms was no better either. For example, total revenue collection stood at Rs2.33tr in first half of current year compared to Rs2.38tr of last year, showing a reduction of Rs58bn or 2.43pc. This is perhaps a rare phenomenon that revenue collection has ever been lower than previous year.

Tax revenue amounted to Rs2.08tr in first half of current year compared to Rs2.03tr, showing a nominal increase of Rs55bn or 2.71pc. Normally, the tax revenue should increase every year at the cumulative rate of inflation and economic growth rate. That means the tax revenue should have automatically increased by at least 11pc (over 4pc GDP plus over 7pc inflation).

Direct taxes also dropped to 1.8pc of GDP during CFY against 1.9pc of same time last year. Taxes on goods and properties also declined to 2.1pc of GDP compared to 2.2pc. The share of sales tax also dropped to 1.8pc of GDP from 1.9pc last year.

Non-tax revenue also dropped to Rs245bn in first six months compared to Rs358bn of same period last year, down by a massive Rs113bn or 32pc. Both the federal and provincial revenues contributed to poor tax revenue performance. Provincial revenue slightly increased in absolute terms to Rs188bn this year against Rs176bn of last year while federal revenue inched up to Rs1.89tr compared to Rs1.85tr of same period last year.


https://www.dawn.com/news/1465070

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## pkuser2k12

__ https://twitter.com/i/web/status/1098645010977824768


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## Nilgiri

maithil said:


> *Fiscal health deteriorating sharply, half-year data shows*
> 
> *Pakistan’s fiscal deficit crossed 2.7 per cent of gross domestic product (GDP) in the first half of this fiscal year* – the highest in eight years – despite government’s claims to have put the house in order with greater fiscal discipline and austerity.
> 
> *Almost all the major fiscal indicators – both on expenditure and revenue side – showed deterioration in first half of the current fiscal year when compared to same period of last year.*
> 
> According to fiscal operations data released by the Ministry of Finance on Wednesday,* the fiscal deficit in absolute terms amounted to Rs1.029 trillion in first half (July-December 2018) that was almost 30pc higher than same period of last year – the pre-election spending session of PML-N.*
> 
> For its part, the PTI government slashed development spending and net lending by a massive 36pc to rein in runaway spending in mark up payments and defence, posting an increase of 32pc and 22pc respectively.
> 
> *The country has never posted such a higher fiscal deficit since 2010-11 when the gap between the government revenues and expenditure stood at 2.9pc of GDP or Rs490 billion in absolute terms. Nevertheless, the country’s fiscal deficit had stood 2.6pc in 2012-13 and 2.5pc twice in 2011-12 and 2016-17.*
> 
> While defence expenditure went up, spending on the Public Sector Development Programme was reduced by 37pc
> 
> The Ministry of Finance reported that defence expenditure and mark up payments also posted an upward journey as share of the size of the national economy (GDP), leaving little space for the government to spend on improvements in the living standards of the people in the form of infrastructure development and social sector spending.
> 
> Data showed the total mark up payments amounted to Rs877bn in first six months of the current fiscal year compared to Rs751bn of same period of last year, showing an increase of Rs126bn or 32pc. As percentage of GDP, mark up consumed 2.3pc compared to 2.1pc of GDP the same period last year.
> 
> The defence expenditure in first six months of current year stood at Rs479.6bn compared to Rs393bn of same period last year, showing a jump of 22pc or Rs87bn. Its share in GDP also inched up to 1.2pc this year against 1.1pc of GDP same period last year.
> 
> Unfortunately this led to a cut back in the Public Sector Development Programme (PSDP). The PSDP spending in first half of this year plummeted to Rs328bn compared to Rs520bn of same period last year, showing a reduction of 37pc or about Rs192bn. This is also evident from the fact that overall development spending and net lending dropped to a paltry 1pc of GDP compared to 1.6pc of GDP of last year.
> 
> The total expenditure in first half of CFY amounted to Rs3.36tr against Rs3.18tr of comparable period last year, showing an increase of 5.5pc. The trade off in spending between non-productive and productive sectors of economy helped contain FY19 total expenditure at 8.7pc of GDP compared to 8.9pc in FY18.
> 
> The current expenditure, however, remained out of control. For example, current expenditure in FY19 stood at Rs2.98tr compared to Rs2.55tr of FY18, showing an increase of Rs44bn or about 18pc. The current expenditure stood at 7.8pc of GDP during CFY, significantly higher than 7.1pc of GDP last year.
> 
> On the other hand, total revenue collection dropped to just 6.1pc of GDP in first half of current year compared to 6.6pc of GDP last fiscal. Tax revenue was also down to 5.4pc of GDP this year compared to 5.6pc of last year. The performance of non-tax revenue was no exception that stood at 0.6pc of GDP in first half of CFY compared to 1pc of GDP same period last year.
> 
> The revenue performance in absolute terms was no better either. For example, total revenue collection stood at Rs2.33tr in first half of current year compared to Rs2.38tr of last year, showing a reduction of Rs58bn or 2.43pc. This is perhaps a rare phenomenon that revenue collection has ever been lower than previous year.
> 
> Tax revenue amounted to Rs2.08tr in first half of current year compared to Rs2.03tr, showing a nominal increase of Rs55bn or 2.71pc. Normally, the tax revenue should increase every year at the cumulative rate of inflation and economic growth rate. That means the tax revenue should have automatically increased by at least 11pc (over 4pc GDP plus over 7pc inflation).
> 
> Direct taxes also dropped to 1.8pc of GDP during CFY against 1.9pc of same time last year. Taxes on goods and properties also declined to 2.1pc of GDP compared to 2.2pc. The share of sales tax also dropped to 1.8pc of GDP from 1.9pc last year.
> 
> Non-tax revenue also dropped to Rs245bn in first six months compared to Rs358bn of same period last year, down by a massive Rs113bn or 32pc. Both the federal and provincial revenues contributed to poor tax revenue performance. Provincial revenue slightly increased in absolute terms to Rs188bn this year against Rs176bn of last year while federal revenue inched up to Rs1.89tr compared to Rs1.85tr of same period last year.
> 
> 
> https://www.dawn.com/news/1465070



@VCheng


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## VCheng

Nilgiri said:


> @VCheng



It does not supprazz me at all. The proper rescue of Pakistan's economy is dependent on what it is able to deliver in Afghanistan, as I have said before.

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## Nilgiri

VCheng said:


> It does not supprazz me at all. The proper rescue of Pakistan's economy is dependent on what it is able to deliver in Afghanistan, as I have said before.



And 100's of Pakistani members rather bicker and trumpet about 20 billion "MOU investment" from Saudi Arabia (given the history of where and what materialises of that). smh.

Defence spending goes up 22%, development spending goes down 37%....


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## VCheng

Nilgiri said:


> And 100's of Pakistani members rather bicker and trumpet about 20 billion "MOU investment" from Saudi Arabia (given the history of where and what materialises of that). smh.
> 
> Defence spending goes up 22%, development spending goes down 37%....



And anytime there is talk of reducing the defense expenditure, tensions at the border ratchet up conveniently. Every time.

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## Nilgiri

VCheng said:


> And anytime there is talk of reducing the defense expenditure, tensions at the border ratchet up conveniently. Every time.



You've had too much to think. Better scoot before the thought police show up.

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## H!TchHiker

VCheng said:


> And anytime there is talk of reducing the defense expenditure, tensions at the border ratchet up conveniently. Every time.


I don't think there is any correlation here..Military budget is independent variable here...It will move in positive trend whatever the case is


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## VCheng

Nilgiri said:


> You've had too much to think. Better scoot before the thought police show up.



Scooting away quickly, far far away! 










H!TchHiker said:


> I don't think there is any correlation here..Military budget is independent variable here...It will move in positive trend whatever the case is



Of course. Of course! Nothing to see here.

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## Maxpane

*Pakistan gets a big news from Indonesia*
*22 Feb, 2019*






*SHARES*




ISLAMABAD: Indonesia has issued a formal notification for the correction of Indonesia-Pakistan Preferential Trade Agreement (IP-PTA) by offering immediate market access for 20 products of Pakistan’s prime interest.

READ MORE:Pakistan Army vows to give India a big surprise if attacked
The priority products included mangoes, broken rice, ethanol, tobacco, yarn and fabric, home textile, terry towel, apparel and knitwear.

A memorandum of understanding to amend the Preferential Trade Agreement between the two countries was signed during the visit of the Indonesian president in January 2018. Following this, a meeting was held between the Indonesian trade minister and Commerce Secretary Younas Dagha on the sidelines of Shanghai Expo in 2018 wherein the latter underlined the need for correction in PTA and requested for early resolution of this issue.


READ MORE:National Security Committee meeting: PM Khan gives free hand to Armed Forces to retaliate to Indian misadventures
The secretary also took up the issue of non-tariff barriers imposed on Pakistani agriculture products by Indonesia . Owing to the sustained efforts of the Ministry of Commerce, Indonesiahas finally offered unilateral market access for Pakistani products.

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## Introvert

*South Korean company shows interest to invest in Pakistan*

Dr. Won Ho Jung, Head, Overseas Business Division, Line Tech Inc, South Korea visited Islamabad Chamber of Commerce & Industry and exchanging views with local business community said that his Company was interested to make investment in Pakistan to manufacture various products including LEDs, solar cells, machine tools, vacuum products and others. He said in the first phase, his Company was looking for partners in Pakistan to introduce its products in Pakistani market and at later stage it was planning to setup a factory in Pakistan for manufacturing activities with transfer of technology from South Korea. Dr. Won Ho Jung said that his Company was also interested in water purification and water treatment plants in Pakistan as they have found Pakistan a potential market for business and investment. He said his Company was importing leather from Brazil and was interested to import leather from Pakistan for which it was looking for credible leather exporters. Speaking at the occasion, Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry said that Pakistan was a huge market of over 200 million consumers due to which foreign investors were doing successful business in Pakistan. He said that consumer products including LEDs, solar cells, vacuum products and others have great demand in our market and South Korean Company should explore setting up manufacturing plant in Pakistan.

https://dailytimes.com.pk/358070/south-korean-company-shows-interest-to-invest-in-pakistan/

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## thunderkaka

*Pakistan, Turkey sign accord to set up centre of Excellence for Hospitality, construction*

ISLAMABAD - Pakistan and Turkey have inked an agreement for establishment of state of the art Center of Excellence for Hospitality & Construction.

Statment issued by federal ministry of education said that under this agreement, Turkish Cooperation & Coordination Agency (TIKA) will establish State-of-the-Art Centre for Hospitality & Construction at National Skill University Islamabad (formerly NISTE). 

“Pakistan and Turkey share the bond which joins the hearts and binds us emotionally” said the minister for Federal education & professional Training, Shafqat Mahmood while addressing an agreement signing ceremony between Pakistan and Turkey, organized by National Vocational & Technical Training Commission (NAVTTC) here today. 

From Pakistan’s side, Mr. Mr. Shafqat Mahmood, Federal Minister for Education and Executive Director NAVTTC Dr. Nasir Khan, and from turkey’s side President of TIKA, Dr. Serdar Cam signed the agreement.

“Pakistan is brimming with a diverse landscape and there is so much to see.

We are focused on creating the right environment and infrastructure for tourists and in the next few years Pakistan will emerge as one of the best tourist destinations in the world, the minister said. 

Creation of a state of the art institute in hospitality would be a step further in meeting the vision of our Prime Minister of a developed nation, the minister said.

He thanked the government of Turkey for its never ending support and expressed hope to enhance cooperation in future. He appreciated the efforts of NAVTTC in creating an enabling environment and making skill sector vibrant and attractive for youth.

The ambassador of Turkey Mr. Mustafa Yurduakul while addressing the ceremony said, “Pakistan and Turkey are brotherly countries and we are very happy to be a part of the present government’s quest towards provision of better education and vocational training to youth”. 

Turkey will always be standing by Pakistan and we look forward to enhancing cooperation in not only education but also other sectors, he emphasized.

Together we will harvest the result of our collective efforts in the near future, he stated.

President of TIKA, Dr. Serdar Cam termed the agreement a huge success in taking cooperation between the two countries further. When we are investing in young people we are investing in our future, he added.

Establishment of Center of Excellence for Hospitality & Construction would be a masterpiece of Pak-Turkey friendship, said the Chairman NAVTTC Syed Javed Hassan while addressing the ceremony.

This institution will be the first public institution of its kind in Pakistan, which will provide the most advanced training in the Hospitality sector. 

The hotel industry in Pakistan is one of the most vibrant and rapidly growing industries and provides exciting career opportunities for highly skilled workforce. 

It has great potential to increase remittances, generate employment for youth, contribute to taxes and boost other important allied business activities such as tourism, event management, airline, transportation, and logistics etc. 

Pakistan has more than 10,000 hotels including five, four, three stars with over 50,000 rooms. Hotel and Tourism Industry generates over 1.5 million jobs Hotels and Sierra tourism industries generate more than 1.5 million jobs which is about 2.5% of the total employment this agreement is expected to significantly increase this rate. 

Moreover, the entire hospitality and tourism sector will get a boost and will also provide a highly trained workforce to the domestic and international hospitality industry. 

Highly skilled workforce trained from the Centre will meet the requirements of domestic industry including CPEC projects and would be a source of increase in remittances.

https://nation.com.pk/01-Mar-2019/p...re-of-excellence-for-hospitality-construction

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## ziaulislam

Nilgiri said:


> And 100's of Pakistani members rather bicker and trumpet about 20 billion "MOU investment" from Saudi Arabia (given the history of where and what materialises of that). smh.
> 
> Defence spending goes up 22%, development spending goes down 37%....


Its called election year adjustment 
Than you are quoting federation budget 60 resources go to provinces and they dont even have to do debt financing 
E.g development project of punjab province is lare than federation !

Defence budget in terms of dollars wss decreased



Newswala said:


> if Pakistani Rupee Value Increase Then Inshallah Pakistan Grow . Check Today Dollar Rates : http://eurotopkr.com/dollar-to-pkr.php


Rupee value has nothing to do with growth

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## thunderkaka

*Iran expresses interest to import meat, livestock from Pakistan*

ISLAMABAD: Iran has expressed interest in importing meat and livestock products from Pakistan, saying it has huge potential in this particular sector.

Iranian Ambassador Mehdi Honardoost expressed his interest for importing meat and livestock from Pakistan during a meeting with Minister for National Food Security and Research, Sahibzada Mehboob Sultan.

The Iranian envoy said that Iran had a big demand for these products, adding it was importing them from Latin America and Brazil, which were quite costly.“Iran is aware of Pakistan’s potential in the field and is more eager to import from Pakistan,” he said.

Honardoost said that Iran was eager to talk on every forum at their side to benefit from Pakistani meat products.

During the meeting, matters related to promoting bilateral relations through trade especially in the field of agriculture were discussed.

They agreed that there were certain issues in trading agricultural commodities between the two sides.

He told the Iranian ambassador that Pakistan had a state of the art meat processing plant in Karachi and it had potential to export to Iran the required quantity of meat.

The federal minister invited the Iranian team to visit the remarkable meat facility in Karachi.

https://arynews.tv/en/iran-keen-import-meat-livestock-pakistan/


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## Clutch




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## ziaulislam

If CAD of 400 million is maintained for next 12 months this will be 6 b dollars which is the target (~2% of GDP)

This will be difficult if oil picks up and once summer fuel import start to kick in but will hope exports and remittances keep the current pace of 12-14% and 2%(hopefully near to 10%)

This will mean adjustment of 70% from projected 24b dollars without really hurting the growth(down to 4.4% from 5.2%) the drop in growth is more due to fiscal adjustment rather than CAD curtail(down to 5% from 6.6%)

The fiscal deficit will probably touch 5.5 and may even go further due to three reasons
1. Additional 400b in interest rates 
2. Loss of 400b from oil and mobile and early tax relief by PMLN govt
3. War expensive of tune of 20b rupees

5.5% will still be a big achievement if it can be achieved..the key will be gas GIDS ..if that materialize govt will acheive 5-5.5%

Next year will be real challenge !

Will FBR deliver or not


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## VCheng

Taken from:

https://www.dawn.com/news/1470592/p...-jet-but-the-economy-is-the-real-battleground

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## ziaulislam

__ https://www.facebook.com/video.php?v=10156453541744527





Update on Malaysian investment and chinse export updates


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## thunderkaka

*UK-Pakistan chamber to invest £200m*





LAHORE: The UK-Pakistan Chamber of Commerce and Industry (UKPCCI) on Sunday announced to invest £200m in Pakistan under which it would operate an aircraft of the Pakistan International Airlines (PIA) under the public-private partnership.

It would invest £140m in the government’s Naya Pakistan Housing Project and other segments of real estate while paying attention to the textile sector also.

The announcement was made by UKPCCI President Amjad Khan and Secretary Mian Wahidur Rehman at a news conference at the Lahore Press Club on Sunday.

They said the selected areas for investment, included the PIA, housing, education and health, tourist destinations in Gilgit-Baltistan and Khyber Pakhtunkhwa, halal food restaurants chain, a food processing plant in Malir, Karachi, and Sialkot’s surgical and sports goods. They said the chamber’s director, Syed Siraj Ahmad, would provide free-of-cost software to improve the PIA management. Under the initial negotiations, the administrative matters of the PIA plane, which the chamber wanted to operate, would rest with it and the PIA would handle its operations.

https://www.dawn.com/news/1476156


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## jupiter2007

Any information regarding government investment in IT field and possibility of building IT city in KPK.


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## SSGcommandoPAK

Just a joke though !




__ https://www.facebook.com/


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## maithil

*Hafeez Shaikh rejects Asad Umar’s tax amnesty scheme model*

The prime minister’s adviser on finance, Dr Hafeez Shaikh, rejected the design of the recently proposed tax amnesty scheme on Sunday, raising objections over the classification of assets and tax rates — marking a clear departure from the policies of his predecessor, Asad Umar.

In his first meeting with the Federal Board of Revenue (FBR), Shaikh asked the tax officials to come up with a more simplified version of the scheme.

He turned down the proposal to introduce six types of tax rates for various categories of assets, a finance ministry official told _The Express Tribune_.

Instead, Shaikh asked FBR officials to reduce the tax classifications to only two — which means that the Benami assets that would have attracted the highest rates under Umar’s model may now be cleared at the same rate set for other domestic assets.

Unlike Umar, Shaikh also did not rule out the possibility of more tax amnesty schemes in the future, the official said.

Shaikh acknowledged the need for offering a tax amnesty scheme because of the problems arising out of the enactment of the Benami Assets Prohibition Act.

However, he asked the FBR to focus more on the budget than spending too much energy on the amnesty scheme.

According to a handout issued by the finance ministry, the adviser “reviewed the proposed Assets Declaration Scheme 2019 in detail with FBR officials and instructed them to fine-tune the scheme to make it simple to understand and easy to implement.”

The discussion focused on the scope and the features of the scheme.

The objective of the scheme should be to make the economy more tax compliant and documented, Shaikh told the officials.

Shaikh was appointed the adviser to the prime minister on finance, revenue, and economic affairs on Friday – a position that he had earlier held between 2010 and 2013 during the tenure of then president Asif Ali Zardari.

*Shaikh, who was living in the United Arab Emirates, first came to meet Prime Minister Imran Khan around 10 days ago when Umar was on a trip to Washington, according to sources.*

It is unclear as to whether Shaikh has formally joined the Pakistan Tehreek-e-Insaf (PTI) or not.

The FBR official said Shaikh did not show urgency over the tax amnesty scheme and sought further deliberations.

https://tribune.com.pk/story/1956068/2-hafeez-shaikh-rejects-asad-umars-tax-amnesty-scheme-model/


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## thunderkaka

​*Japan to provide over Rs7bn for Pakistan’s health, transport sectors*





TOKYO: The Japanese government on Tuesday agreed to provide over Rs7 billion for Pakistan’s health and transport sectors.

The announcement was made during Foreign Minister Shah Mahmood Qureshi’s three-day official visit to Tokyo at the invitation of his counterpart Taro Kono.

The visit has provided an opportunity to further build on the momentum of recent high level visits between the two countries, according to a statement issued by the Foreign Office.

Two MoUs relating to aid projects were signed between the two countries, according to which Tokyo will invest Rs7.4 billion in health and transport sectors. Rs4.85 billion will be given for extension of intensive care maternal and child health care centre and children’s hospital at PIMS in Islamabad and Rs2.55 billion for strengthening inspection capability of inland transportation cargo.
Foreign Minister Qureshi also urged Japanese companies to benefit from Pakistan’s special economic zones (SEZs) to cater the needs of not only local but also regional markets in a one on one meeting with his Japanese counterpart, which was followed by delegation level talks and a joint press briefing.

The two sides reviewed the entire spectrum of bilateral relations and identified areas for further cooperation in political, economic, trade, investment, education and cultural fields, according to the statement.

The foreign minister appreciated Japan’s role as Pakistan’s key development partner over the years and highlighted the areas of investment, human resource development, information technology, tourism and agriculture had potential to further deepen through mutually beneficial cooperation. The foreign minister also stressed that Pakistan with its geographical location at the cusp of the Middle East and Central Asia had the potential to become a manufacturing hub for Japanese companies.

While discussing the regional issues, Qureshi briefed FM Kono on Pakistan’s constructive role in Afghanistan aimed at peace and reconciliation, outreach efforts by the government with its eastern neighbour and deteriorating situation of human rights in the Indian Occupied Kashmir.

Minister Kono appreciated Pakistan’s efforts for peace and stability in the region. He termed the recent signing of the Memorandum of Cooperation on the Technical Internship Training Programme (TITP) as an important step towards entry of young Pakistani skilled workers to the vast and vibrant market of Japan.
Addressing a joint press conference, Qureshi said both sides held in-depth discussions and agreed to enhance bilateral relation and promotion of cooperation in various fields.

Appreciating Japan’s role as premier development partner of Pakistan, the foreign minister said the country was ready to welcome Japanese investors in all sectors of economy. He, while conveying the special message of greetings and well wishes for the people and government of Japan on behalf of Prime Minister Imran Khan, invited Prime Minister Abe to visit Pakistan.

FM Qureshi said both countries had also agreed to continue joint efforts for peace and stability in the region.

Aso assured that the government of Japan would continue to contribute in trade and investment opportunities in Pakistan. He said both sides also exchanged views on the current developments in the region and reaffirmed their commitment to promote the goals of peace and prosperity of the region.

https://www.pakistantoday.com.pk/2019/04/23/pakistan-japan-agree-to-further-foster-bilateral-ties/


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## thunderkaka

*Pakistan, South Korea sign $500mln framework deal*

ISLAMABAD: Pakistan on Wednesday signed a framework agreement with South Korea for various development projects worth $500 million to be completed by 2020, a statement said.

Noor Ahmed, secretary Economic Affairs Division and Kwak Sung-Kyu, ambassador of the Republic of Korea signed the arrangement on behalf of their respective governments. The ceremony was also witnessed by Dr Abdul Hafeez Shaikh, adviser to the Prime Minister on Finance, Revenue and Economic Affairs.

“Under the signed Framework Arrangement (2018-20), Republic of Korea will provide long term concessional financing up to $500 million for execution of various development projects in health, information technology, communication, agriculture, and energy etc,” the government statement said.

Earlier, Kwak Sung-Kyu , Korean ambassador called on the adviser and discussed matters pertaining to enhancement of bilateral cooperation between the two countries.

“The adviser informed the envoy that Pakistan attached significant importance to its ties with the Republic of Korea which had so many layers of cooperation with Pakistan in both public and private sectors,” the statement added.

Shaikh appreciated the role and cooperation extended by the Korean government for development projects in Pakistan.

He said the economic relations between the two countries would be further strengthened with the passage of time and framework arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various infrastructure projects in Pakistan.

Sung-Kyu hoped that the arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Pakistani government.

The agreement would go a long way in further strengthening bilateral cooperation,” the ambassador was quoted as saying in the statement. He also said

Korea would extend all possible cooperation for economic development of Pakistan, which would be greatly conducive to promoting bilateral relations in the years ahead. In February last, South Korea had increased workers’ quota for Pakistan that would help the country enlarge its workforce in the East Asian developed economy. Korea decided to increase the workers quota for Pakistan by 11 percent.

According to the Ministry of Overseas Pakistanis and Human Resource Development, the Ministry of Employment and Labour South Korea has increased Pakistan’s Labour quota for 2019 from 900 per year to 1,000 per year. It is worth mentioning here that over 8,000 workers had been proceeded South Korea since 2008.

https://www.thenews.com.pk/print/462470-pakistan-south-korea-sign-500mln-framework-deal


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## maithil

100 Billion dollars to be paid pack in next 6.5 years.


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## aziqbal

Pakistans foreign debt is almost $100 billion 

Only 20% is owed to China 

The Western 80% accounts for only 20% of Pakistan’s development 

China’s 20% accounts for 80% of Pakistan infrastructure development 

Do the math and check the results we are much better off with China over any western countries

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## VCheng

aziqbal said:


> Pakistans foreign debt is almost $100 billion
> 
> Only 20% is owed to China
> 
> The Western 80% accounts for only 20% of Pakistan’s development
> 
> China’s 20% accounts for 80% of Pakistan infrastructure development
> 
> Do the math and check the results we are much better off with China over any western countries



If those numbers are true, then why even consider IMF? Why not seek a similar arrangement, or better, from China?

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## ghazi52

*$110m wheat, $1.3b rice exported*

Wheat worth US$ 110.355 million were exported during first eight months of current financial year as against the exports of US$ 12.577 million of the corresponding period of last year. According the data of Pakistan Bureau of Statistics, exports of the wheat during the period under review had witnessed about 777.44 percent growth as compared the same period of last year.

During the period from July-February, 2018-19, 513,124 metric tons of wheat were exported as against the exports of 65,822 metric tons of same period of last year, which was up by 777.44 percent, it added.


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## Path-Finder




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## Path-Finder

__ https://twitter.com/i/web/status/1127223907726053377


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## TheDarkKnight

VCheng said:


> If those numbers are true, then why even consider IMF? Why not seek a similar arrangement, or better, from China?



Chinese loans are truely “developmental” in nature - in order to carry out the development only chinese state owned companies are contracted with closed door dealings and no open bidding of-course. Most of the Labor is then “imported” from China as well, who carry out these projects at lightening speed. In short all the money flows back to China, with you ending up with the “development” and a loan to payback + interest. Western loans are basically loans in pure sense - that is you get money inflows in your account but have to payback with interest. This money is used mostly by your free will for balancing your budget.
We cannot replace or refinance the western loans with these types of chinese loans - western banks would want their money back with interest and won’t accept chinese “development” in exchange for the money that Pakistan owes. 

What Pakistan needs to do is 1) show that we can control our budget deficit, which I think only IMF can ensure - I dont know of anyother independent body that can ensure this 2) refinance these loans once budget deficit has been under control 3) make necessary reforms to get on a sustained growth path, in the breathing space once secured from IMF and refinancing.
@Nilgiri @ziaulislam

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## Path-Finder

*Economic performance in 4-year report card, failing grade for PML-N*
By Shahbaz Rana
Published: December 4, 2017
ISLAMABAD : The Pakistan Muslim League-Nawaz (PML-N) promised much in its election manifesto but delivered little in terms of economic performance.

The gap between what was said and what was done has pushed the country into a deep debt trap, increased income inequality, and an increasing number of question marks hovering over the economic outlook.






Foreign investors are concerned by macroeconomic indicators, and the possibility of Pakistan needing another bailout is much more real than ever before.

Barring progress on the pace of inflation and increasing national output, which grew from 3.7 per cent to 5.3 per cent in four years, the government’s performance remained questionable on all economic fronts. Even the annual economic growth of 5.3 per cent in the fiscal year 2016-17 was the result of growth in the services sector, which is not labour intensive.








In its election manifesto, the government had promised to increase the economic growth rate to 6 per cent by the end of the fourth year, and 7 per cent by June 2018.

PPP, PML-N agree to work together to avert technocrat govt

According to a report from the International Food Policy Research Institute, Pakistan remains near the bottom of the Global Hunger Index, standing at 106 among 119 developing countries ranked.

In June 2013, the official unemployment rate in the country was 6.24 per cent, but due to growing joblessness, the government has not announced unemployment figures for the last two fiscal years, showed a State Bank of Pakistan report.

The literacy rate, which was 60 per cent in 2013, actually slipped to 58 per cent in June 2016. Figures for the current year have not been released yet. Health expenditure, which stood at a meagre 0.56 per cent of total national output in 2013, has been decreased even further to 0.46 per cent in June 2017, according to the SBP’s annual report on the state of the economy.






In its latest report, which covered the four-year economic performance of the PML-N, the Policy Research Institute of Market Economy (PRIME) noted that the incumbent government has failed to fully implement its election manifesto on the economic front and has achieved just six of its 89 announced goals.

According to the report, progress has been reversed on the elimination of VIP culture by reducing expenses on the Prime Minister’s office and the Presidency, appointing independent professional boards of state-owned entities, eliminating circular debt, and notifying the tariffs determined by the National Electric Power Regulatory Authority.

Even in areas where it had initially shown some progress, performance deteriorated during the January-June 2017 period, says the report from the Islamabad-based, independent think tank.

Growing debt burden

Former finance minister Ishaq Dar claimed that Pakistan’s economy had turned around and the country did not need another International Monetary Fund (IMF) bailout. However, the situation has already worsened. From July through October of this fiscal year, the federal government has obtained $2.3 billion in foreign loans, including $1.02 billion in commercial loans.

PML-N’s economic scorecard: a story of under-performance

A team of Finance Ministry and SBP officials is already in the United States to raise between $2 billion and $3 billion from the debt markets by floating sovereign bonds aimed at creating some space till the time a new programme is negotiated with the IMF, sources said.

The country’s official foreign currency reserves, which peaked to $19 billion, slid on the back of foreign borrowings to $13.54 billion as of November 17, barely enough to finance two-and-a-half months of imports.

The federal government consumed a significant amount of foreign currency reserves to manage the rupee-dollar exchange rate parity while turning down proposals to let the currency devalue to its ‘real value’ of around Rs118 to a dollar. The current parity is Rs105.4 per dollar.






The biggest criticism against the incumbent government, however, is the massive increase in external debt and liabilities, which have increased to $83 billion as of June 2017. In June 2013, a few weeks after the PML-N government came into power, external debt and liabilities stood at $61 billion.

The government is also accused of twice amending the Fiscal Responsibility and Debt Limitation Act of 2005 in an effort to understate the growing debt burden. Against the total debt of Rs15.56 trillion in June 2013, the country’s total debt has now increased to Rs24 trillion, which is equal to 75.3 per cent of the GDP and far above the ‘safe’ threshold.

Since the government has not been able to enhance exports and attract significant foreign direct investment, the external sector has remained under pressure. In June 2013, the current account deficit – the gap between external receivables and payments – was $2.5 billion or 1.1 per cent of the GDP. The government closed the fiscal year 2016-17 at a record deficit of $12.1 billion, equal to 4 per cent of the GDP.

PML-N’s performance in two years – a blend of effort and luck

That record is likely to be short lived, as the government has already booked a $5-billion current account deficit during the July-October period.

Exports, which stood at $24.5 billion in June 2013, have decreased to $20.42 billion as of June 2017, according to the SBP annual report.

Poor fiscal performance

In June 2013, the country had booked Rs1.834 trillion as its budget deficit, equal to 8.2 per cent of GDP. This figure was inclusive of the Rs480-billion circular debt payment the PML-N government cleared after coming into power, but booked in the last year of the PPP tenure.

However, at the end of the fiscal year 2016-17, the budget deficit widened to a record Rs1.864 trillion, excluding Rs800 billion as circular debt. In terms of GDP, the 2016-17 budget deficit was equal to 5.8 per cent of GDP, which was far higher than the 4.1per cent limit approved by parliament. After including the impact of unsettled circular debt, the budget deficit as a percentage of GDP would increase to the same level in the last fiscal year that the county witnessed in 2013.






The extremely poor position of the fiscal and external fronts belies the official claims of turning around the economy. Instead, the worsening situation forced the chief of army staff to give a wakeup call to the government. The army chief warned the authorities about the “sky-high debt” and “abysmally low tax base”.

In June 2013, the FBR’s tax-to-GDP ratio was 8.7 per cent, which increased to 10.5 per cent in 2016-17, but remained far below the government’s target of 15 per cent. In absolute terms, the FBR’s tax collection increased from Rs1.946 trillion to Rs3.361 trillion due to the imposition of roughly Rs1.4 trillion in new taxes.

The government also failed to meet its promise of rationalising sales tax by ensuring standard rates for all items.

Nawaz tells party MPs to improve performance

In fact, a recent World Bank report suggests that Pakistan is losing Rs3.2 trillion in revenue every year due to weak tax compliance and enforcement.

Core macroeconomic indicators remain disappointing

The government failed to show notable progress on the two most critical macroeconomic areas – investment and national savings. The investment-to-GDP ratio inched up from 15 per cent in June 2013 to 15.8 per cent four years later. It was well below the government’s targets, and Dar would conveniently fail to bring it up.






The PML-N always boasts of promoting private investment in the country — a claim far from reality. In June 2013, private sector investment was 9.8 per cent of GDP. At the end of June 2017, it stood at 9.9 per cent, according to the SBP report.

The same is the case with national savings. In June 2013, Gross National Savings as a percentage of GDP was 13.9 per cent, which actually decreased to 13.1 per cent in June 2017.

PSEs’ performance

Another poorly managed area was the functioning of Public Sector Enterprises. The PML-N government claimed that it would privatise all loss-making enterprises and reduce their losses. The numbers tell a different story.

PML-N to grill ministers over performance

In June 2013, the PSEs’ debt and liabilities were Rs495 billion. By June 2017, they had rocketed up to Rs1.107 trillion, according to the SBP annual report. There was a net 123 per cent increase in PSEs’ losses in just four years. This was primarily because the government did not settle the circular debt and parked huge sums outside the budget.

In the energy sector, the government was unable to reform Nepra. Likewise, reforms could not be introduced in power distribution and generation companies. These entities kept causing heavy losses, which the government tried to cover by charging various surcharges from consumers.






The PML-N also failed to meet its election promise of permanently eliminating circular debt, which has piled up to Rs400 billion. By including the stock of debt that is parked in a holding company, the total circular debt would jump to Rs800 billion.

The government somehow managed to build the confidence of the private sector, but it was still not up to the mark. The two components where it performed well were infrastructure building and creating job opportunities.

There was no development on the goals of converting at least 50 per cent of remittances from overseas Pakistanis into investments and reforming tariffs to eliminate anti-export bias. The PML-N could not establish an equity fund to facilitate investment from the private and public sectors. It also could not fulfil its promise to tax all income, including agriculture income, and failed to reduce the number of federal and provincial taxes, according to PRIME.


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## VCheng

TheDarkKnight said:


> Chinese loans are truely “developmental” in nature - in order to carry out the development only chinese state owned companies are contracted with closed door dealings and no open bidding of-course. Most of the Labor is then “imported” from China as well, who carry out these projects at lightening speed. In short all the money flows back to China, with you ending up with the “development” and a loan to payback + interest. Western loans are basically loans in pure sense - that is you get money inflows in your account but have to payback with interest. This money is used mostly by your free will for balancing your budget.
> We cannot replace or refinance the western loans with these types of chinese loans - western banks would want their money back with interest and won’t accept chinese “development” in exchange for the money that Pakistan owes.
> 
> What Pakistan needs to do is 1) show that we can control our budget deficit, which I think only IMF can ensure - I dont know of anyother independent body that can ensure this 2) refinance these loans once budget deficit has been under control 3) make necessary reforms to get on a sustained growth path, in the breathing space once secured from IMF and refinancing.
> @Nilgiri @ziaulislam



Any lender will have its own sets of rules and requirements, as you have described for China and IMF. It is up to Pakistan to decide what combination meets its own needs in the best possible way. 

Let us see what PMIK decides in this regard, an under what conditions. No deal has been finalized as of yet I understand.


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## Nilgiri

TheDarkKnight said:


> Chinese loans are truely “developmental” in nature - in order to carry out the development only chinese state owned companies are contracted with closed door dealings and no open bidding of-course. Most of the Labor is then “imported” from China as well, who carry out these projects at lightening speed. In short all the money flows back to China, with you ending up with the “development” and a loan to payback + interest. Western loans are basically loans in pure sense - that is you get money inflows in your account but have to payback with interest. This money is used mostly by your free will for balancing your budget.
> We cannot replace or refinance the western loans with these types of chinese loans - western banks would want their money back with interest and won’t accept chinese “development” in exchange for the money that Pakistan owes.
> 
> What Pakistan needs to do is 1) show that we can control our budget deficit, which I think only IMF can ensure - I dont know of anyother independent body that can ensure this 2) refinance these loans once budget deficit has been under control 3) make necessary reforms to get on a sustained growth path, in the breathing space once secured from IMF and refinancing.
> @Nilgiri @ziaulislam



The Chinese do that for a reason. Every bit of forex they use (and their own currency is also tied at the hip to it essentially) for their loans is less of it they can use to hold up their own forex dam (to help with their internal economy employment level in the end and also nowadays to have as buffer for trade war). That means different set of conditions/costs/requirements of the loans they make to others. They tend to work more into the micro print to ensure there is some guaranteed return for them......whereas IMF/WB take on aura of more institutional type lenders who go for macro discipline etc.

That is why China will not offer anything like the IMF does to anyone generally....as far as such packages at this scale go.

It is like a lender lending to you (that has taken a loan already from previous lender)...he needs to charge the original rate (he took the loan at) and then his own rate on top...but has more discretion to do this in different ways because his USP is he is not the original guy and wont require you to get your house in order etc....but you gotta use more of his buddies/materials (i.e operating/deployment wise of the loan, less flexibility and choice for you). The cost always come from somewhere in the end....no matter which route you go.

Reactions: Like Like:
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## Path-Finder

__ https://twitter.com/i/web/status/1127650490035134464


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## Path-Finder




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## maithil

__ https://twitter.com/i/web/status/1127521725380550656

__ https://twitter.com/i/web/status/1127786212109029376


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## Path-Finder

__ https://twitter.com/i/web/status/939520003090546689


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## Path-Finder

__ https://twitter.com/i/web/status/1127959462982160386


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## maithil

Inflation has started to hit people from lower economic strata. People have started to speak. Not good for govt. Urgent measures must be taken.


__ https://twitter.com/i/web/status/1128138231013265408


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## Path-Finder




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## Path-Finder




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## Path-Finder




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## Path-Finder

__ https://twitter.com/i/web/status/1129198207815360512


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## Path-Finder

__ https://twitter.com/i/web/status/1128791725080764418


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## thunderkaka

*Demand for Pakistani cotton increasing in int’l markets: official*

*




*

Punjab Pest Warning & Quality Control of Pesticides Director General Muhammad Zafaryab Haider has said that the demand for Pakistani cotton is increasing in the international markets.

He expressed these views during his visit to Multan, Khokhran, Shujabad, Galewal and Lodhran areas where he monitored the ongoing activities of agriculture pest warning and provided technical guidance to growers in order to achieve the cotton sowing targets.

The DG said that cotton was the only crop which earned the most foreign exchange during the last 70 years. He hoped that cotton crop would be profitable this year and urged growers to follow the recommendations issued by the Agriculture Department for the cultivation of the cotton crop.

He said the Pakistan Cotton Ginners Association (PCGA) has shown an interest in providing Rs200 per maund extra premium to growers over clean cotton picking due to the increasing demand for cotton. “The availability of canal water remained better during recent Khareef season, especially in the cotton crop areas.”


He said Rs800 on potash and Rs500 subsidy on DAP per bag was being offered for proper usage of fertilisers and to reduce the cost of production on cotton crop.

He said there were not many chances of pink bollworm attack on the cotton crop this year owing to better off-season management. He advised the growers to complete cotton sowing by May 31 and cultivate the recommended cotton seeds only.

He urged growers to keep a strength of 35,000 cotton plants per acre, adding that the agriculture department officials were paying visits to cotton zones continuously to provide guidance to the growers.

Agriculture (Extension) Director Faiz Ahmad Kundi, Pest Warning Deputy Director Chaudhry Muhammad Ashraf and others were also present on the occasion.

https://profit.pakistantoday.com.pk...i-cotton-increasing-in-intl-markets-official/


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## kris

thunderkaka said:


> *Demand for Pakistani cotton increasing in int’l markets: official*
> 
> *
> 
> 
> 
> *
> 
> Punjab Pest Warning & Quality Control of Pesticides Director General Muhammad Zafaryab Haider has said that the demand for Pakistani cotton is increasing in the international markets.
> 
> He expressed these views during his visit to Multan, Khokhran, Shujabad, Galewal and Lodhran areas where he monitored the ongoing activities of agriculture pest warning and provided technical guidance to growers in order to achieve the cotton sowing targets.
> 
> The DG said that cotton was the only crop which earned the most foreign exchange during the last 70 years. He hoped that cotton crop would be profitable this year and urged growers to follow the recommendations issued by the Agriculture Department for the cultivation of the cotton crop.
> 
> He said the Pakistan Cotton Ginners Association (PCGA) has shown an interest in providing Rs200 per maund extra premium to growers over clean cotton picking due to the increasing demand for cotton. “The availability of canal water remained better during recent Khareef season, especially in the cotton crop areas.”
> 
> 
> He said Rs800 on potash and Rs500 subsidy on DAP per bag was being offered for proper usage of fertilisers and to reduce the cost of production on cotton crop.
> 
> He said there were not many chances of pink bollworm attack on the cotton crop this year owing to better off-season management. He advised the growers to complete cotton sowing by May 31 and cultivate the recommended cotton seeds only.
> 
> He urged growers to keep a strength of 35,000 cotton plants per acre, adding that the agriculture department officials were paying visits to cotton zones continuously to provide guidance to the growers.
> 
> Agriculture (Extension) Director Faiz Ahmad Kundi, Pest Warning Deputy Director Chaudhry Muhammad Ashraf and others were also present on the occasion.
> 
> https://profit.pakistantoday.com.pk...i-cotton-increasing-in-intl-markets-official/
> 
> *Kuwait To Invest Heavily In Pakistan*
> 
> *The authority is interested to invest in various sectors in Sindh mainly in infrastructure including roads network, energy, desalination, food security and fisheries*
> 
> Islamabad (UrduPoint / Pakistan Point News – 18th May, 2019) The Kuwait Investment Authority (KIA) organization had come up with mega investment programme for Pakistan; with initial investment fund of 20 billion Dollars.
> 
> The authority is interested to invest in various sectors in Sindh mainly in infrastructure including roads network, energy, desalination, food security and fisheries under different investment modes that is, public-private partnership and independent power producers (IPP), build, operate and transfer (BOT), and build operate and own (BOO) basis.
> 
> The mode of investment would depend on viability of the projects.
> 
> These projects would might require guarantees and mechanism of recovery.
> 
> The representatives of World Bank and KIA held separate meetings with Sindh Minister for Works and Services, and Irrigation Syed Nasir Hussain Shah and discussed future development projects in different sectors for financing and investment.
> 
> In the first meeting Sindh Minister for Local Government Saeed Ghani also joined and discussed infrastructure development projects related to his department.
> 
> Special Assistant to Sindh Chief Minister, Ashfaq Memon, Provincial Secretaries for Works and Services Sajjad Hussain Abbasi, for Forests Abdul Rahim Soomro and for Irrigation Jamal Mustafa Syed and other senior officers attended the meeting.
> 
> Representative of KIA offered that his authority was ready to construct a large number of houses in Sindh with a payment under very easy installments; for example Rs 20,000 a month. This formula had proved very successful throughout the world, he said.
> 
> https://www.urdupoint.com/en/pakistan/kuwait-to-invest-heavily-in-pakistan-624278.html


A depreciating pkr probably makes sense why your exports now seem attractive.....

At least some positive news


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## thunderkaka

*Kuwait To Invest Heavily In Pakistan*

*The authority is interested to invest in various sectors in Sindh mainly in infrastructure including roads network, energy, desalination, food security and fisheries*

Islamabad (UrduPoint / Pakistan Point News – 18th May, 2019) The Kuwait Investment Authority (KIA) organization had come up with mega investment programme for Pakistan; with initial investment fund of 20 billion Dollars.

The authority is interested to invest in various sectors in Sindh mainly in infrastructure including roads network, energy, desalination, food security and fisheries under different investment modes that is, public-private partnership and independent power producers (IPP), build, operate and transfer (BOT), and build operate and own (BOO) basis.

The mode of investment would depend on viability of the projects.

These projects would might require guarantees and mechanism of recovery.

The representatives of World Bank and KIA held separate meetings with Sindh Minister for Works and Services, and Irrigation Syed Nasir Hussain Shah and discussed future development projects in different sectors for financing and investment.

In the first meeting Sindh Minister for Local Government Saeed Ghani also joined and discussed infrastructure development projects related to his department.

Special Assistant to Sindh Chief Minister, Ashfaq Memon, Provincial Secretaries for Works and Services Sajjad Hussain Abbasi, for Forests Abdul Rahim Soomro and for Irrigation Jamal Mustafa Syed and other senior officers attended the meeting.

Representative of KIA offered that his authority was ready to construct a large number of houses in Sindh with a payment under very easy installments; for example Rs 20,000 a month. This formula had proved very successful throughout the world, he said.

https://www.urdupoint.com/en/pakistan/kuwait-to-invest-heavily-in-pakistan-624278.html


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## Turingsage

kris said:


> A depreciating pkr probably makes sense why your exports now seem attractive.....
> 
> At least some positive news



There is just one fly in the ointment. On the day the PKR reached 150 to the dollar. Pakistans external debt increased by $4.63 Billion.
That is an INCREASE in 24 hrs of $4.63 Billion due to that rapid slip in value


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## Nilgiri

Turingsage said:


> There is just one fly in the ointment. On the day the PKR reached 150 to the dollar. Pakistans external debt increased by $4.63 Billion.
> That is an INCREASE in 24 hrs of $4.63 Billion due to that rapid slip in value



Well the external debt as measured in foreign currency remains the same.

What increases is the PKR now needed to pay off the same dollar of debt.


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## Turingsage

Nilgiri said:


> What increases is the PKR now needed to pay off the same dollar of debt.


OOps thats what I meant. But that is one stiff stretch on the rack
Of course they will revert to printing rupees which will lead to a steep rise in inflation and another bout of devaluation will follow to control imports again

Reactions: Like Like:
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## Nilgiri

Turingsage said:


> OOps thats what I meant. But that is one stiff stretch on the rack
> Of course they will revert to printing rupees which will lead to a steep rise in inflation and another bout of devaluation will follow to control imports again



This is where I.K will eventually be judged on, how much of the bureaucracy+policy was managed (to contain/mitigate)...how much was reformed (to get better long term)...and how much was just left as is (status quo rot).

There are steps that can be taken internally to help the first two and combat the last bit.....to essentially do the best you could with the system you inherited etc....but all of it only comes to light later.

I for one didnt know just the extent of loan laundering was done by PMLN admin to keep PKR (artificially) at the rate it was before....till the end of his admin and after.

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## kris

Turingsage said:


> There is just one fly in the ointment. On the day the PKR reached 150 to the dollar. Pakistans external debt increased by $4.63 Billion.
> That is an INCREASE in 24 hrs of $4.63 Billion due to that rapid slip in value


How does your debt increase in dollar terms if your pkr devaluates....???

It's only the burden that increase due to devaluation


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## CHN Bamboo

thunderkaka said:


> Pakistan is brimming with a diverse landscape and there is so much to see.


I'd like to know more details about your tourist attractions.
Could you give me a link about tourist attractions in Pakistan? It's better to be as comprehensive as a guidebook.


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## thunderkaka

CNSpeed said:


> I'd like to know more details about your tourist attractions.
> Could you give me a link about tourist attractions in Pakistan? It's better to be as comprehensive as a guidebook.



https://www.tripadvisor.ca/Attractions-g293959-Activities-Pakistan.html

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## pkuser2k12

*Pakistan stock market gains over 1195.04 points*

*




*

*May 22,2019*

KARACHI: *The Pakistan Stock Exchange showed a bullish trend on Wednesday with the benchmark KSE-100 Shares index gaining 1195.04 points.*

*The current index stood at 34,637.14 with a 3.45 per cent change since trading opened.*

*Bullish activity was also witnessed at the stock market a day earlier with the KSE-100 gaining 191.56 points. *

The Pakistan stock market has performed well after reports that government-backed financial institutions would pump liquidity into the market.

Last week, a delegation led by businessmen and brokers held a meeting with Adviser to Prime Minister on Finance Dr Abdul Hafeez Sheikh and discussed the overall macro-economic situation and its impact on capital markets in the country.

Considering the present depressed market sentiment, the delegation suggested various measures for strengthening the capital markets.

It was suggested that the proposed draft of Listed Companies (Buy Back of Shares) Regulations, 2019, be approved on priority basis and the limit of 10 per cent on treasury shares should be enhanced.

It was also proposed to resolve the present issue of ready futures transaction at PSX, which is also hurting the market volumes.

The delegation also recommended that keeping in view the attractive valuations at the PSX, a market support fund may be considered.

On the occasion, Sheikh took note of all the suggestions positively and assured full support and cooperation of the government.


https://www.geo.tv/latest/238038-pakistan-stock-market-gains-over-1100-points


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## thunderkaka

*Turkish giant Arçelik eyes further expansion in Pakistan*

*



*​
The chief technology officer of Arçelik, the largest Turkish enterprise, visited Pakistan on an official visit from 14th to 16th of May, 2019.

During this three-day tour, Arçelik CTO Oguzhan Ozturk held meetings with the corporate leaders and operational teams of Dawlance – the market-leader in Pakistan’s home-appliances industry.

Arçelik is the third-largest manufacturer in Europe, while Dawlance is its fully-owned subsidiary in Pakistan that produces the most reliable electronics and appliances for the consumers.

Ozturk also visited the home-appliance market and toured the Dawlance manufacturing facilities in Karachi and Hyderabad. The purpose of his visit was primarily to make a first-hand assessment of the progress made by Dawlance, with continued investments in innovative product-development and modernization of its manufacturing facilities in Pakistan.

Ozturk commented, “Since acquiring Dawlance in 2016, Arçelik has invested more than 36 million euros in its Pakistani subsidiary with an aim to improve productivity through research and development of new products, in accordance with the evolving needs of this growing market. More investments are being made in product designing and design facilities too, while new equipment and machinery are being deployed to further expand the wide range of Dawlance products. Additional capital of 16 million euros is expected to be injected within the current calendar year.”

He further stressed on the need to enhance technical collaboration between Dawlance plant in Pakistan and Arçelik plants in Turkey, Russia, Romania, Thailand and South Africa. The Dawlance team was also assured that in the coming days, Arçelik will further increase the pace of transferring technical know-how and expertise to the engineering team at Dawlance.

https://profit.pakistantoday.com.pk...t-arcelik-eyes-further-expansion-in-pakistan/


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## maithil

Petrol price increased by 9 rupees per litre. Kerosene 12.5 RS per litre.

Perfect way to reduce consumption.





 of


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## shah_123

News and Updates are:
Petrol price increased + Govt is taxing the poor and bailing out the rich (brokers) + Dawood says that govt unlikely to achieve export target inspite of massive devaluation of rupees.


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## Wikki019

shah_123 said:


> News and Updates are:
> Petrol price increased + Govt is taxing the poor and bailing out the rich (brokers) + Dawood says that govt unlikely to achieve export target inspite of massive devaluation of rupees.



Exporters are saying you have to have patience and an export oriented policy that will go for at least 5 years. You can't expect miracles with these abrupt policies.


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## ghazi52




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## shah_123

*Eid economy shrinks by one-fifth*
Afshan Subohi
June 03, 2019
Pakistan will celebrate Eid simply this year. The falling family income and a steep rise in prices forced people to resist the temptation to indulge, stick to prudence and focus on necessities.

https://www.dawn.com/news/1486276/eid-economy-shrinks-by-one-fifth


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## The Accountant

shah_123 said:


> *Eid economy shrinks by one-fifth*
> Afshan Subohi
> June 03, 2019
> Pakistan will celebrate Eid simply this year. The falling family income and a steep rise in prices forced people to resist the temptation to indulge, stick to prudence and focus on necessities.
> 
> https://www.dawn.com/news/1486276/eid-economy-shrinks-by-one-fifth



What the hell so much of cooked up numbers ... eid has not yet even realized and they are projecting no. Of consumption ... dawn is completely sold out to fifth generation warfare ...


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## shah_123

The Accountant said:


> What the hell so much of cooked up numbers ... eid has not yet even realized and they are projecting no. Of consumption ... dawn is completely sold out to fifth generation warfare ...


Ask business/trader community, no doubt business very low this time around.


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## Introvert

*Pakistan, Belarus agree to intensify bilateral cooperation in agriculture, industry, technology*

Pakistan and Belarus on Friday agreed to optimally utilize the existing institutional mechanisms and intensify bilateral cooperation in agriculture, industry and technology.

The consensus was reached at a bilateral meeting between Prime Minister Imran Khan with
President Alexander Lukashenko of Belarus on the sidelines of the 19th SCO Council of Heads of State meeting in Bishkek.

According to the Foreign Office, during the meeting, the two leaders exchanged views on all aspects of bilateral relations and reaffirmed the desire to upgrade mutual collaboration in diverse fields.

The two sides also agreed to increase the frequency of high-level political exchanges. It was further agreed by the leaders that the next session of Inter-Governmental Commission (IGC) would be held during the second half of 2019 and concrete steps would be identified for approval at the leadership level.

http://www.app.com.pk/pakistan-bela...operation-in-agriculture-industry-technology/


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## Exxxe

https://www.dailysabah.com/business...ns-top-market-for-project-financing-in-region


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## maithil

Any truth in this ?


__ https://twitter.com/i/web/status/1144162797577789440


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## maithil

__ https://twitter.com/i/web/status/1145747916293902339


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## xyxmt

CHN Bamboo said:


> I'd like to know more details about your tourist attractions.
> Could you give me a link about tourist attractions in Pakistan? It's better to be as comprehensive as a guidebook.



wish we had one
our tourism dept is sleeping for last 70 years once they wake up we will guide you to their handbook.

Reactions: Like Like:
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## maithil

Cant say if he is joking...


__ https://twitter.com/i/web/status/1144581587083788288


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## thunderkaka

*Pakistan, Iran agree to strengthen bilateral trade by removing bottlenecks*

Pakistan and Iran have agreed to strengthen bilateral trade and economic ties and vowed to remove potential bottlenecks coming in the way, local media reported on Friday.

The understanding came during the first session of the 8th Pakistan-Iran Joint Trade Committee, which was attended by an Iranian delegation, led by Minister of Industry, Mines and Business Reza Rahmani and Pakistani delegation led by Pakistani Prime Minister's Advisor on Commerce and Textile Abdul Razak Dawood on Thursday here.

During the meeting, Pakistan urged the Iranian side to take appropriate measures to remove non-trade barriers so that real potential of bilateral trade could be actualized, suggesting removing various forms of taxation such as road and loads taxes on vehicles which are crossing the borders.

The Iranian side pledged to address all the issues which were hampering bilateral trade on its part, and assured a win-win situation for both sides.

While recognizing the fact that Pakistan-Iran trade relations are not up to the mark, both sides reflected on ways and means to enter into barter trade deal.

"To start barter trade, both countries should select a few items having competitive advantage," Dawood said, adding that in this regard, Pakistan can enhance export of wheat, sugar, rice and fruits to Iran.

During the meeting, Iran also showed profound interest in import of 500,000 tons of rice from Pakistan and asked the Pakistani side to devise necessary mechanism for early shipment.

http://www.xinhuanet.com/english/2019-07/05/c_138202023.htm


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## BATMAN

*ADB finds ‘deadly flaws’ in Peshawar BRT project*
Lender’s findings reveal substandard material used in project

The Khyber-Pakhtunkhwa (K-P) government significantly deviated from the original, agreed design and used inferior quality material in the Rs70 billion Peshawar metro bus project putting lives and assets at risk in the process, according to the Asian Development Bank’s (ADB) findings.

They were recorded by a technical team of the ADB after an on-site inspection of the Bus Rapid Transit (BRT) project in March this year, according to an official correspondence between the lender’s headquarters and the K-P government available with The Express Tribune.

The ADB has warned in clear words that BRT buses could collide at stations number 10, 12, 15 and 26 during operations because the lane width is less than the minimum requirement of 6.5 metres.

Also in March, the ADB stopped the provincial government from making future payments to contractors because of the poor quality of work. The ADB loan will not be disbursed further until the provincial government introduces changes in the design to address “critical” deficiencies.

BRT underpasses still closed

The inferior quality construction could damage the project’s reputation at the international level, warned the lender that had approved a $335 million (Rs53 billion) loan for the project in mid-2017.

The critical deficiencies would result in improper docking of buses at the stations and could cause injuries to passengers as well. The tiles are slippery and directional arrow tiles are missing as well.

The ADB noted that there were “significant design deviations from the agreed detailed design that impede or degrade system performance.

The provincial authorities also used “inferior material” that both harm system functionality as well as deliver an aesthetically inferior product, according to the correspondence.

The lender’s third major objection relates to the lack of adequate construction supervision and communication. The ADB seeking modifications to remove the defects might not only slow down the completion of the already much-delayed project, but also further surge its cost.

The project was initially approved to be constructed at a cost of Rs50 billion.

However, after coming into power in the Centre, the federal government allowed an increase in the cost by 38% or Rs18 billion to nearly Rs70 billion.

‘Critical’ deficiencies

The ADB has identified 22 “critical” deviations from the detailed project design at the implementation stage, which not only compromised its quality but could also cause injuries to passengers.

While compromising on the safety of passengers, the provincial authorities have used slippery floor tiles. The lender has asked the authorities to replace these tiles. The safety signalling yellow tiles are also missing even though they were included in the design.

Instead of using directional tiles as was required, the provincial government has placed “taped arrows”.

“It is disappointing that the directional arrows are entirely missing from the implementation. As a remedy, it will not be acceptable to merely place taped arrows on the surface,” the ADB correspondence read.

In yet another
glaring deviation, the curb interface between the vehicle and the platform does not meet the Kassel curb design mandated in the detailed design of the project.
“The lack of an effective curb means that the docking process will be slow, inefficient and potentially damaging to the vehicle tyres,” the lender observed.

The width of the lane, against the requirement of a at least 6.5 metres, is generally below the minimum threshold at many stations, which the ADB noted “causes concern over the safety and efficiency of the operations”.

“There is significant concern of corridor lane widths at turns near BS10, BS12, BS15 and BS26. Over the course of operations, the current design may well result in collisions between BRT vehicles,” according to the ADB correspondence.

The station roofs are not built as per the design and at many stations the passengers will be exposed to rain during boarding. The road marking is also defective.

Despite the ADB’s strong recommendation to install anti-cut and anti-climb fencing, the provincial government used a fencing material on the instructions of former Chief Minister Pervez Khattak that could be “broken and stolen”.

The lender has asked the provincial authorities to change the pit design of the Chamkani depot and station number 1 to provide adequate drainage. It has also objected to the change of sub-contractors for signage work, observing that it could compromise the quality of work.

The ticketing kiosks are also of inferior quality where corrugated steel has been used. “This is not acceptable for the effort and investment made into the Peshawar system; this will generate a very negative view of the system both [on a] national [level] and internationally,” the lender warned.

The stair step height varies “considerably”, which presents a safety problem. “The mild steel flooring material utilised for the ramps and stairs is of an unacceptable quality,” the ADB noted.

At many places, pillars or stairways “do not align properly”. At certain stations, the stairs and escalators have been built in the middle of the stations, obstructing walking space. “The footpaths are blocked by the placement of the public toilets and stairways,” according to the correspondence


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## maithil

Reforms kicking in for Pakistan Radio.


__ https://twitter.com/i/web/status/1148235018151636997


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## ghazi52

*Spices exports increase 11.77 pc
*
July 19, 2019








The exports of spices from the country witnessed an increase of 11.77 percent during the first eleven months of fiscal year against the exports of the corresponding period of last year.

According to a statement, the spices exports from the country were recorded at 83.081 million dollar during July-May 2018-19 against the exports of 74.333 million dollar during July-May 2017-18.

In terms of quantity, the exports of spices witnessed an increase of 9.79 percent by going up from 19,511 metric tons to 21,421 metric tons, according to the data. Meanwhile, on-year-on-year basis, the export of spices, witnessed an increase of 1.89 percent during the month of May 2019 when compared to the same month of last year.

Reactions: Like Like:
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## pkuser2k12

__ https://twitter.com/i/web/status/1154654027965173760


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## maithil

CPEC is dead. Somebody tell Beijing.

_Pakistan’s political and military leadership, and business elite, have stopped investing their capital in CPEC. Now how do we get out of it?_


_It’s over. If ever there was a thought within Pakistan’s leadership — political, military, and business — that Beijing could replace Washington as the foreign capital with the most influence in Islamabad, that idea is now firmly dead. We just have not gotten around to telling China yet.

Over the past few weeks, Profit has spoken to several sources in both Pakistan’s business elite circles as well as people who are familiar with the thought process of the military leadership and the picture emerging is not a favourable one of the relationship with China: the more Pakistanis learn about the true costs of the China Pakistan Economic Corridor (CPEC), the less inclined they are to want to participate any further than we already have.

If anything, the signal coming from the country’s establishment appears to be that, far from pivoting Pakistan’s economic and political orientation towards China, Pakistan should retain its historical role as the country that is able to balance its relationship with both China and the United States.

This emerging consensus — particularly within the military leadership — represents a subtle but important shift in the relationship with Beijing. Pakistan stared long and hard at the costs and benefits of becoming an integral part of what Beijing hopes will become the new Pax Sinica world order, and found it wanting. For all its flaws, Pax Americanastill offers Pakistan a good deal. Nobody in Pakistan’s leadership wants to offend China, but nobody wants to bend over backwards to become a Chinese satellite state either.

Why CPEC is a raw deal

The biggest difference between the Pax Sinica and Pax Americana is one of how each superpower defines its own self-interest. The United States, though far from perfect, has a somewhat more enlightened view of the world order and America’s place in it: at least until the advent of President Donald Trump, the United States wanted to create a world order which is designed to benefit both the United States and its allies. China it seems, by contrast, wants to build a world order where China’s needs are met first and foremost, and the rest of the world’s needs — including those of its allies — are at best secondary considerations, and at worst, not even considerations at all.

We will explain why we think this difference exists, and how it impacts Pakistan, but first, it is important to recognise why it may have developed in the first place.

The United States started becoming a powerful country in the 1890s as its wealth grew, but in the early years, the US did not make the effort to translate that wealth into significant military power, though it developed increasingly sophisticated military capabilities over the next 50 years.

By the end of World War II, however, the United States was not just the richest country in the world, it was richer than the rest of the world combined. (Seriously, for over 10 years following the war, the United States accounted for over half of global GDP.) It was also, despite some threats from the Soviet Union, more powerful militarily than the rest of the world.

It was in that heady moment of near absolute power that the United States stumbled into having to create Pax Americana, never having fully wanted a globally dominant role, and never having historically seen itself as the arbiter and guarantor of global peace and stability. That absolute power gave America a confidence that is unrivaled in history, and the accidental nature of its arrival in power allowed it to be generous with those who were losing it.

As a result, the system that the United States designed — the Bretton Woods institutional order, the Marshall Plan, etc. — were all designed to enable mutually beneficial relationships between Washington and its allies. America was unquestionably the leader, but it was a confident leader that did not feel the need to thump its chest and point out that it was the leader.

China, by contrast, is arriving at its Great Power status in a very different set of circumstances. We tend to speak of the ‘rise’ of China, but the truth is that for most of human history, China has been the richest and most powerful country on earth. The past three hundred years where this has not been the case are actually a historical anomaly, and, from the Chinese perspective, an embarrassing interregnum from which they must recover.

In other words, China is not merely stumbling into Great Power status: it wants it, it believes it deserves it, and it will brook no opposition to getting what it wants.

The system that China has designed, therefore, is geared towards a completely different goal: unlike the United States, which was comfortable sharing its wealth and power as a means of growing wealth for both itself and its allies, China wants to create a global system where wealth and power flow in the direction of China as a means of strengthening it relative to its main rival (the United States), even if that means weakening its allies in the process.

This latter system has obvious flaws from the perspective of Pakistan, which has seen itself as one of modern China’s oldest and staunchest allies. The deal that Islamabad is getting from Beijing in the form of CPEC looks impressive from a distance, but is in fact far from a mutually beneficial relationship. CPEC makes British colonialism in South Asia look generous by comparison.

The flaws in CPEC

The biggest so-called mystery about CPEC is as follows: if CPEC was supposed to be such a huge bonanza for Pakistan in terms of investment, which is it not showing up in the foreign direct investment (FDI) numbers? Why is Pakistan’s current account balance still negative? In fact, why is Pakistan’s current account balance actually getting worse?

The answer is relatively straightforward: because CPEC is not an investment into Pakistan, it is structured as a resource extraction exercise. Here is how it works: China announces that it has invested in a project in Pakistan worth, let’s say $1 billion. That $1 billion, however, is required to mostly be spent on Chinese equipment, and labour, a significant portion of which is to be imported from China as well, with very little by way of supplies coming from the local economy.

That $1 billion, therefore, never hits Pakistan’s economy as an investment. It is $1 billion that goes from the Chinese government or state-owned company to a state-owned company within China to pay for equipment. Even the Chinese labour gets its salaries deposited into bank accounts within China. The money, in other words, stays completely within China and so never shows up as foreign investment into Pakistan.

Where it does show up is in the trade statistics: that $1 billion of equipment will show up as an import, against which Pakistan will have to arrange foreign currency from somewhere. And it will show up as a liability on the balance sheets of whichever company or government entity is contracting with the Chinese government or state-owned company.

Let us recap what we get and what China gets out of this so-called $1 billion investment.

China gets:

· $1 billion in sales for a Chinese state-owned company

· $1 billion in new loans for a Chinese state-owned bank at very high interest rates

Pakistan gets:

· $0 in investment

· $1 billion in imports and increase in net trade deficit

· $1 billion in liabilities for a Pakistani company or government entity

As is evident from the above, this is an arrangement designed purely to benefit one party and that party is not Pakistan. It could still work out in Pakistan’s favour if the economic value of the asset being built was greater than the $1 billion in liabilities taken on to build it. Unfortunately, more often than not, it is far from clear as to whether that is the case.





This example cited above, by the way, is not hypothetical. It is actually showing up in Pakistan’s macroeconomic numbers.

Pakistan’s imports from China have dramatically increased since 2013, when CPEC was first announced. Prior to 2013, Pakistan’s imports from China had been rising because of the 2007 China-Pakistan Free Trade Agreement, but had stabilized to around $6.6 billion a year. After 2013, the rise has been very steep.





We estimated how much of that is CPEC-related by assuming that the pre-2013 levels of imports from China can be categorized as the “normal” level and the amounts above that are broadly CPEC-related. By our calculations, using data from the Pakistan Bureau of Statistics, we estimate that Pakistan’s CPEC-related imports have come to $31 billion over the past six years.

Does that number sound familiar? It is very close to the number that was originally touted as the total economic value of CPEC’s “fast-track” projects. The government of China was not lying when they said CPEC would be worth that much. They just left out to whom.

The actual investment flows from China during that time have been higher than in the past, it is true, but still relatively smaller compared to this other method. Since 2013, China’s net investment into Pakistan has been $2.5 billion, much higher than the $813 million China invested in Pakistan in the 10 years prior to 2013, but still a relatively small sum compared to the wild projections and promises that the Pakistani press and government wanted to believe when it was first announced.

The shift in Pakistani thinking

While Pakistan’s civilian and military leadership is prone to making bad decisions, they are not completely stupid. They can see these numbers, and they are privy to far more details than have been told to the public about the specific terms of the agreements with China for CPEC projects. And it is becoming increasingly clear that they are becoming deeply uncomfortable with the direction this has taken Pakistan.

Neither the civilian politicians nor the military leadership want to accept the blame for what is clearly a massive blunder on the part of the government of Pakistan in negotiating the CPEC contracts. If any lawyers reviewed them, it is unclear if they understood them, or if their views were taken into consideration at all by the decision-makers. (Hint: there is a reason why good lawyers in the United States are rich: American businesses are willing to pay big money to them to help avoid precisely this kind of massive blunder. It is an investment well worth it.)

The deed is done now, however, and Pakistan cannot easily extricate itself from these arrangements. But, sources familiar with the military leadership’s thinking tell Profit, the leadership in the military has decided to start following the first rule of being in a hole: stop digging. A public renunciation of CPEC would be too embarrassing for the government — both the politicians and the Army — but they are certainly not willing to undertake any further agreements with the government of China.

According to one source, one factor that helped influence the military leadership came when even the military-owned FWO was subjected to exploitative lending contracts by Chinese state-owned companies for construction of CPEC infrastructure projects. It may not be worth risking the relationship with China to try to wriggle out of those contracts, but it was enough to disabuse the top brass of the notion that CPEC would be part of a mutually beneficial relationship with China.

That reluctance to dive into further CPEC-related projects is on display in Pakistan’s business leadership’s decision as well. Take Engro, for instance. In 2016, it appeared that the company was going to jump in head on into the CPEC-related energy projects and direct significant investment towards them. However, in the ensuing three years, Engro appears to have changed course: while it is continuing its investment in Thar Coal energy projects, those are in partnership with the Sindh government. And it is not considering any additional investments in CPEC-linked areas.

CPEC is dead. What comes next?

Slowly but surely, CPEC will die off as a talking point in the government of Pakistan and as a topic of conversation in the media. But the government of Pakistan is still stuck with the agreements they have already signed, and with the expectations they have raised in Beijing that CPEC will be a showcase for the broader Belt and Road Initiative (BRI) for China.

Those expectations will now need to be tempered. Sources familiar with the military leadership’s thought process on the matter say that the military — which sets the foreign policy agenda in Pakistan — is now contemplating a return to the pre-CPEC Pakistani foreign policy of serving as one of the few countries that was able to balance an alliance with both the United States and China.

That is likely easier said than done, however. Firstly, China is not in the mood to play second-fiddle to the United States anymore, in Islamabad or anywhere else in the world. This current Chinese government — under President Xi Jinping — is considerably more assertive than it has ever been in the past. They are unlikely to take kindly to Pakistan scaling back its share of the commitment to CPEC.

And secondly, Pakistan had made a very overt turn towards Beijing and away from Washington. The United States is not exactly in the mood to have Pakistan back as an ally either, at least not without significant concessions on Pakistan’s part. It is unclear whether Pakistan will be willing to make all of those concessions, but it is at least a conversation they will have to consider if the pivot back towards Pakistan’s historic foreign policy arrangements are to be successful.

Sources familiar with the matter say that the government of Pakistan has already made initial overtures to the United States and made it clear that Islamabad’s pivot towards Beijing has effectively been cancelled. Those overtures certainly did not hurt as Pakistan negotiated with the International Monetary Fund (IMF) for its 12th bailout in three decades.

What does this mean for the Pakistani economy?

Pakistan’s business leadership — accustomed as it is to the ways of Britain and the United States — has always been significantly more comfortable staying in the Pax Americana orbit than it ever was going to be in Pax Sinica. Think about it: would the typical Pakistani business executive send their child to Harvard or to Tsinghua University? Are Pakistani executives likely to be comfortable negotiating with their American or European counterparts or would they be comfortable seeking approval for everything they do from Zhongnanhai? Is a Pakistani general more comfortable in Sandhurst and West Point or whatever the Chinese equivalent is?

In material terms, the direction of the Pakistani economy is unlikely to be too dissimilar from what it has been in our history. Pakistan’s single largest export market is the United States and the largest geography to which it exports is the European Union. Investment flows from the US and Europe dwarf — even in the CPEC era — anything that China ever invested in Pakistan.

But in terms of what the future direction of the country could have been, this will be very different. It will mean all of those people learning Mandarin can either stop or continue knowing that it will likely just be a curiosity rather than an economic need. It will mean that Pakistani businesses can stop pretending to have a CPEC strategy. And it will mean that the supposed disentanglement from the US-dominated global financial system need not happen.

The more things change, the more they stay the same.


17



73



_


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## niaz

Some reasonable suggestions:


*DAWN.COM*
*TODAY'S PAPER | AUGUST 06, 2019*


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*Economy: policy problems*
Munir Akram
Updated August 04, 2019





The writer is a former Pakistan ambassador to the UN.


OVER the past year, the PTI government’s economic focus has been on redressing macroeconomic imbalances. However, there are a host of other policy problems that require honest, competent and decisive decisions. Here are 10 important examples.

Reko Diq: The recent $5.9 billion award by the World Bank’s court (ICSID) against Pakistan is a classic outcome of misplaced patriotism, incompetence and corruption. Like India, and as suggested by the UN trade organisation UNCTAD, Pakistan should have long ago denounced the unequal investment treaty which allowed a foreign company to sue it.

The court’s award on Reko Diq is now final and contesting it further may be futile and impede foreign investment, and further delay exploitation of the huge ($1 trillion) deposits of copper and gold in and around Reko Diq. While rejecting the award in principle, the government ought to explore a pragmatic solution which circumvents the exorbitant award and enables early, efficient and beneficial exploitation of the mineral resources.

There are several areas in the economic landscape that require competent decision-making.

LNG imports: Although well aware of the rapid depletion of Sui gas, Pakistan’s preceding leaders failed to arrange for sustainable imports, eg through the Iran pipeline. The previous government negotiated a ‘sweetheart’ LNG deal with Qatar. Two LNG terminals were assigned in an equally opaque exercise. Now, an intricate game appears to be underway to determine who gets the sorely needed third terminal. To remove the smell of rotting fish, the government should make the entire decision-making process on the LNG business totally transparent.

‘Autonomous’ entities: Over 300 government entities cumulatively lose two per cent of Pakistan’s GDP each year. Everyone agrees these entities have to be restructured, divested or closed down. For over a decade, nothing has moved. Previous governments found it difficult to divest or restructure politically sensitive but commercially disastrous entities like PIA and the Steel Mills. The temptation is to sell off the most profitable enterprises first (eg the two Punjab power plants). Instead of trying to reinvent the wheel, the government would do well to hire one or more specialist firms to propose a plan and execute it quickly.

Housing and wealth creation: The allocation of government land and financing of home acquisitions are traditional vehicles for wealth creation and GDP expansion, as illustrated by the history of America and modern China. In Pakistan by contrast, government land has been parcelled out through official entities mostly to house the rich and powerful rather than the poor or middle class. This has accentuated economic and social inequality. The prime minister’s housing scheme can be the vehicle not only to provide shelter, but also create wealth for the poor and middle class (and expand GDP) through the allocation of adequate land and cheap credit for affordable housing.

SMEs: The heavy borrowing on the local market by recent governments has consistently squeezed out lending to small and medium enterprises which are the main creators of jobs, goods and services. Today, many SMEs in Pakistan are borrowing money for business development at exorbitant 20pc to 30pc interest rates from so-called private financing channels. A conscious policy is required to provide easier credit at market rates through normal banking channels to SMEs.

SEZs: The establishment of Special Economic Zones including under CPEC have been delayed mainly due to the fight over whose land would host the zones (and be sold at enormous profit). The government ought to promulgate a law on ‘eminent domain’, allowing it to requisition sites for SEZs at pre-industrial prices. This will save the government money and speed up creation of the SEZs.

Waste disposal: Pakistan’s major cities are drowning in their own filth, as illustrated by Karachi’s plight after last week’s monsoons. Karachi produces 11,000 tons of solid waste daily; Lahore 7,000; Hyderabad 4,000, etc. Waste-to-power plants are one answer to dispose of solid waste. Some Latin American countries are paying 16-20 cents p/kwh to have US and Swedish companies fully finance the installation of the most efficient plants. In Pakistan, provincial authorities offer nine to 10 cents. The one Chinese plant set up in Lahore at this rate has been abandoned. Realistic power rates and collection fees are essential to attract investment for these waste-to-power plants.

Thar coal: Pakistan will be unable to fully exploit the vast Thar coalfield for power generation because there is insufficient water to cool the plants, the carbon emissions will be unacceptably high and the electricity produced is not much cheaper than alternatives because the cost of mining (with outdated equipment) is very high ($40 vs $8 in Virginia, US). Thar coal could be used for power, fertiliser and other purposes if gasified to pipeline quality, the carbon emissions captured and mining made more efficient. Advanced technologies to achieve this are available. The government and power companies need to make the decision to invest in and apply these technologies.

_Read: Thar coal plant begins pumping power into national grid_

Manufacturing: In Pakistan, manufacturing contributes only 10pc to GDP. The country will remain non-industrialised unless it builds the essential tariff and non-tariff ‘protections’ for its nascent domestic industries (disregarding the suicidal ‘liberalisation’ advocates) and/or encourages its enterprises to enter into joint ventures with efficient foreign producers (who will enter such joint ventures if they cannot export into Pakistan).

CPEC: Pakistan needs infrastructure to develop; only China is ready to build it; its official loans are ‘cheap’ (2pc to 3pc with long repayment periods, akin to ‘grants’). The loans for power projects to Pakistani companies were ‘commercial (around 6pc interest). Chinese companies have executed most of the projects, since Pakistan had limited capability to do so. The equipment supplied for the power plants was mostly Chinese but many of the turbines and boilers were sold by America’s General Electric. The power projects are highly profitable, perhaps excessively so. There is no ‘debt trap’. The Chinese loans will be easily repaid (unless the projects are rendered economically unviable by retroactive conditions).

Expanded cooperation with China remains the best route to Pakistan’s industrial and commercial development. In the afterglow of the Washington visit, some among Pakistan’s business and official elite seem susceptible to the Western propaganda against CPEC and China. They risk making a major strategic blunder.

_The writer is a former Pakistan ambassador to the UN._

_Published in Dawn, August 4th, 2019
https://www.dawn.com/news/1498004/economy-policy-problems _


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## maithil

He raises some valid points regarding export potentials of Dogs to China..


__ https://twitter.com/i/web/status/1159353231887282177


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## fatman17

maithil said:


> He raises some valid points regarding export potentials of Dogs to China..
> 
> 
> __ https://twitter.com/i/web/status/1159353231887282177


Live or dead dogs [emoji5]


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## pkuser2k12

*Media manipulation *




__ https://twitter.com/i/web/status/1163130549877088256

Reactions: Like Like:
1


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## pkuser2k12

*Imran Khan’s Govt Has Payed Back Record External Debt Of 9.5 Billion Dollars In 9 Months – Babar Awan *


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## maithil

A different take on Pakistani economy'


__ https://twitter.com/i/web/status/1165688116511985664


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## Inception-06

What are the success and solution of the newly created economy action task force?


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## maithil

*سوئی بدستور گھبرانا نہیں پر…اور نواں پواڑ*

*گزشتہ ہفتے اپنے گھر میں آئے بجلی کے بل کو دیکھ کر دل کو جو گھبراہٹ ہوئی اسے بیان کرنے کو ایک کالم لکھ دیا۔میری دیانت دارانہ رائے میں یہ ایک ڈنگ ٹپائو کالم تھا۔ جمعہ کے روز اس کی اشاعت کے بعد مگر سوشل میڈیا اور ذاتی فون کے ذریعے جو تبصرے اور پیغامات ملے انہیں پڑھ کر اندازہ ہوا کہ شاید میں نے ہر گھر کی کہانی بیان کردی۔ ثابت ہوا کہ ہمارے متوسط طبقے کی بے پناہ اکثریت کی آمدنی بہت تیزی سے سکڑرہی ہے۔انہیں سمجھ نہیں آرہی کہ مسلسل کم ہوتی آمدنی کے ہوتے ہوئے وہ اپنا وہ معیارِ زندگی کیسے برقرار رکھ پائیں گے۔ جس کے وہ گزشتہ کئی برسوں سے عادی ہوچکے ہیں۔اس حقیقت کا ادراک کرتے ہوئے ہمیں اس امر کو بھی ذہن میں رکھنا ہوگا کہ ان دنوں اپنے معاشی حالات سے پریشان ہوئے گھرانوں کی بہت بڑی تعداد نے 2018کے انتخابات میں بہت چائو سے ’’تبدیلی‘‘ کی تمنا میں عمران خان صاحب کی تحریک انصاف کی حمایت میں ووٹ ڈالا تھا۔ ایسے افراد کی ایک بہت ہی مختصر تعداد اب ماضی کے ’’چوروں اور لٹیروں‘‘ کا ذکر کرتے ہوئے موجودہ حالات میں ’’گھبرانا نہیں‘‘ کا پیغام دینے کی کوشش کرتی ہے۔ ’’اچھے دنوں ‘‘ کی امید دلائی جاتی ہے۔’’اچھے دنوں‘‘ کا ذکر چلا ہے تو آپ کو یاد دلانا ضروری ہے کہ گزشتہ صدی کے وسط میں ایک ماہر معاشیات کا بہت تذکرہ رہا۔تعلق اس کا برطانیہ سے تھا۔جان مینارڈ کینز(John Maynard Keynes)نامی اس ماہر نے کسادبازاری سے نبردآزما ہونے کے لئے علم معیشت کے روایتی تصورات کے برعکس ایک نئی تھیوری متعارف کروائی تھی۔ چند دنوں سے میں اس تھیوری کو سمجھنے کی کوشش کررہا ہوں۔ سمجھ میں آگئی تو آپ کو بھی اس کے اہم نکات بیان کردوں گا۔فی الحال اس کا لکھا ایک فقرہ دو روز سے ذہن میں گونج رہا ہے۔انگریزی میں وہ فقرہ یوں بیان ہوا:"In the Long run we are all Dead"۔آسان ترین ترجمہ اس فقرے کا یہ ہوسکتا ہے کہ ’’بالآخر ہم سب مرجائیں گے۔‘‘کینز نے یہ فقرہ مگر ایک خاص تناظر میں ادا کیا تھا۔حکومتیں جب قومی خزانے کو ’’خالی‘‘ بتاتے ہوئے خلقِ خدا پر ٹیکسوں میں اضافہ کرنا شروع کردیتی ہیں۔بجلی اور گیس کے نرخ بڑھاتی ہیں۔ لوگ بلبلااٹھتے ہیں تو انہیں بتایا جاتا ہے کہ ناقابل برداشت دکھائی دینے والے اقدامات معیشت کو ’’صحیح سمت‘‘ پر ڈالنے کے لئے اٹھائے جارہے ہیں۔ان کی وجہ سے دو تین برس تک لوگوں کو یقینا بہت تکلیف محسوس ہوگی۔ اس کے بعد مگر بہتری اور بعدازاں خوش حالی نظر آنا شروع ہوجائے گی۔اپنے اقدامات سے لوگوں کی روزمرہّ زندگی کو اجیرن بناتے حکمران اور ریاستی کارندے طویل المدتی یعنی Long Runکا ذکر کرتے ہوئے ’’بہتر مستقبل‘‘ کی جو امید دلاتے ہیں کینز نے درحقیقت یہ فقرہ ان کی سوچ کو حقارت سے جھٹلاتے ہوئے استعمال کیا تھا۔ یہ ویسا ہی فقرہ ہے جو ہمارے شاعر ’’تیرے وعدے پر جئے ہم …‘‘ خاک ہوجائیں گے ہم تم کو خبر ہونے تک اور ’’ہم تو کل خوابِ عدم میں شبِ ہجراں ہوں گے‘‘جیسے مصرعوں کی صورت بیان کرتے تھے۔ کینز مختصر ترین الفاظ میں ماہرین معیشت کو یہ کہتا تھا کہ مجھے ’’مستقبل‘‘ کے بارے میں دل کو تسلی دینے والی کہانیاں نہ سنائو۔ ’’موجود‘‘ پر توجہ دو۔صرف اس سوال کا جواب دو کہ اس وقت ایک عام آدمی یا صارف کی زندگی کیوں اجیرن ہورہی ہے۔ہمارے بلھے شاہ نے تقریباََ ایسی ہی بات ’’آئی صورتوں سچاروہ ‘‘کی صورت بیان کی تھی یعنی کہ موجود پرتوجہ دو اور اس کے بارے میں سچ بولو۔مجھے سو فیصد یقین ہے کہ علم معاشیات میں امریکہ کی مشہور زمانہ یونیورسٹیوں سے PHDکرنے والے ڈاکٹر حفیظ شیخ اور رضاباقر کینز اور اس کی تھیوری کو مجھ سے کہیں بہتر جانتے ہیں۔سوال اٹھتا ہے کہ اس مشہور ِزمانہ تھیوری کو بخوبی جانتے ہوئے بھی وہ دونوں مجھے اور آپ کو یہ امید دلانے میں کیوں مصروف ہیں کہ ان کی بھرپور معاونت سے ملکی معیشت کو سنوارنے کے لئے IMFکے تیارکردہ جس نسخے پر کامل عملدرآمد ہورہا ہے، اس کے اختتام پر ’’اچھے دن‘‘ لوٹ آئیں گے۔ مصرمیں یہ دن تو ہرگز نہیںلوٹے۔ رضاباقر صاحب نے IMFکا تیارکردہ نسخہ اس ملک میں اپنی ذاتی نگرانی میں لاگو کیا تھا۔ IMFکی حالیہ تاریخ میں ارجنٹائن کو ہماری طرح فقط 6ارب ڈالر نہیں بلکہ 57ارب ڈالر کی صورت ایک ریکارڈ پیکیج دیا گیا تھا۔اس پیکیج کے اطلاق کے بعد ارجنٹائن کی 30فی صد آبادی کو سرکاری طور(Officially)غریب یعنی Poorڈیکلئیرکردیا گیا ہے جنہیں ’’بے نظیر انکم سپورٹ پروگرام‘‘ جیسی معاونت کی ضرورت ہے۔

ضرور پڑھیں: میئر کو کے ایم سی میں سینئر عہدوں پر تعیناتی کا اختیار نہیں وزیر بلدیات
سوال اٹھتا ہے کہ پاکستان میں IMFکے تیارکردہ نسخے کے اطلاق کے بعد عام آدمی کی حالت کیوں سنور جائے گی۔ یادرہے کہ مذکورہ نسخے کو ہمیں جولائی 2019سے مسلسل 39مہینوں تک استعمال کرنا ہے۔ مختصراََ ’’اچھے دنوں‘‘ کے لئے ہمیں ستمبر2022تک انتظار کرنا ہوگا۔ عمران حکومت جولائی 2018کے انتخابات کے ذریعے نمودار ہوئی تھی۔2023میں اسے نئے انتخابات کا سامنا کرنا ہوگا۔ ان کے دورِ اقتدار کے 39مہینوں میں مسلسل کیموتھراپی کرواتی خلقِ خدا آئندہ انتخابات کے دوران ہنستی مسکراتی ایک بار پھر کیوں تحریک انصاف کو مزید پانچ سالوں کے لئے منتخب کرنا چاہیے گی؟مجھے گماں ہے کہ وزیر اعظم عمران خان صاحب کو شاید آئندہ 39مہینوں کی شدت کا احساس ہونا شرو ع ہوگیا ہے۔میں ٹھوس اطلاعات کی بنیاد پر یہ دعویٰ کررہا ہوں کہ عمران خان،ڈاکٹر حفیظ شیخ اور رضاباقر اُردو میں لکھے کالم ہرگز نہیں پڑھتے۔ وزیر خزانہ اور سٹیٹ بینک کے گورنر انگریزی اخبارات میں معاشی موضوعات پر لکھے مضامین پر سرسری نگاہ ضرور ڈالتے ہوں گے۔ وزیر اعظم صاحب مگر ٹی وی ٹاک شوز پر توجہ دیتے ہیں۔ان کے فون پر جو ویڈیوز یا سوشل میڈیا پر وائرل ہوئی کلپس وصول ہوتی ہیں اپنے ترجمانوں کو دکھاکر اس کا ردعمل دینے کی تلقین کرتے ہیں۔اس حقیقت کے تناظر میں اہم بات یہ ہوئی کہ گزشتہ جمعہ کے روز کابینہ نے ملکی معیشت پر بھی غور کیا۔ہفتے کے دن وزیر اعظم صاحب نے اپنی معاشی ٹیم سے بھی طویل مشاورت کی۔ دو دِنوں تک جاری رہی صلاح ومشاورت کے بعد نیب کے چند اختیارات پر قدغن لگانے کے ارادے کا اظہار ہوا۔کاروباری افراد اور سرکاری ملازمین کو اب شاید نیب والے اپنے دفاتر میں طلب نہیں کیا کریں گے۔ساری توجہ ’’چور اور لٹیرے‘‘ سیاستدانوں تک مرکوز رہے گی۔’’نوائے وقت‘‘ میں چھپی ایک خبر کے مطابق وزیر خزانہ نے عمرن خان صاحب سے وعدہ کیا ہے کہ ستمبر کے آغاز میں تیل کی قیمتوں میں تھوڑی کمی لائے جائے گی۔ یہ تمام تراقدامات کہ جن کا وعدہ ہوا ہے کہ آئندہ 39مہینوں میں میری اور آپ کی آمدنی کو بڑھانے نہیں بلکہ موجودہ مقام تک ہی برقرار رکھنے میں کیا مدد فرمادیں گے؟ اس سوال کا جواب فی الوقت میسر نہیں ہے۔بجلی اور گیس کی قیمتوں میں مزید اضافہ نہ ہونے کی بھی کوئی ٹھوس یقین دہانی سننے کو نہیں ملی۔ محض دکھاوے کی لیپا پوتی ہے۔ سوئی بدستور ’’گھبرانا نہیں دو سے تین کڑے برسوں کے بعد اچھے دن شروع ہوجائیں گے‘‘ والی کہانی دہرائے چلے جانے پر اٹکی ہوئی ہے۔کینز کا بتایا وہی "Long Run"جس کے دوران شاعر نے ہم بدنصیبوں کی بابت ’’خوابِ عدم‘‘ کی بات کی تھی۔ ’’خوابِ عدم‘‘ کی اذیت سے بچانے کیلئے ٹی وی ٹاک شوز البتہ جاری ہیں۔سوشل میڈیا ہے۔ان پر توجہ دیں تو رشتے کروانے والی آنٹی ’’مسز خان‘‘ کا چرچہ ہے۔ پریانکا چوپڑا نامی کسی بھارتی اداکارہ کا ذکر ہے جس کی کوئی فلم میں نے آج تک نہیں دیکھی۔ اس کا مقابلہ کرنے کو ہماری مہوش حیات میدان میں اُترچکی ہیں۔

مسرت نذیر کے گائے ایک گیت میں بیان ہوا کہ ’’نواں پواڑا‘‘ یہ بھی ہے کہ نریندرمودی کو ہمارے ایک ’’برادرملک‘‘ نے اپنے ہاں کا اعلیٰ ترین ایوارڈ دیا ہے۔ اس ’’برادرملک‘‘ نے لیکن ہمیں 3بلین ڈالر بھی دئیے تھے۔ ہمارے جنرل مشرف وہاں قیام پذیر ہیں اور اس ملک کی ایک کاروباری شخصیت ناصرلوتھا شہزاد اکبر مرزا صاحب کو تفصیل سے بتارہی ہے کہ شریف خاندان اور آصف علی زرداری نے مبینہ طورپر فیک اکائونٹس کے ذریعے ’’ناجائزذرائع سے کمائی دولت‘‘ سے کیسے کھیلا۔ اس ’’برادر ملک‘ سے ہم گلہ کس منہ سے کریں؟

https://www.nawaiwaqt.com.pk/26-Aug-2019/1054477
*​


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## pkuser2k12

*Government issues notification to decrease petroleum prices*​
*اسلام آباد: پٹرولیم مصنوعات کی قیمتوں میں کمی کا اعلان کر دیا گیا جس کا نوٹیفکیشن بھی جاری کر دیا گیا جس کے مطابق پٹرولیم مصنوعات کی نئی قیمتوں کا اطلاق یکم ستمبر سے ہوگا۔*



پٹرولیم مصنوعات کی قیمتوں میں کمی کے بعد* پٹرول کی قیمت میں 4روپے 59 پیسے فی لیٹر کمی* کر دی گئی ہے جس کے بعد_ *پٹرول کی نئی قیمت 113 روپے 24 پیسے*_ فی لیٹر ہو گی،*ہائی اسپیڈ ڈیزل کی قیمت میں 7 روپے 67 پیسے فی لیٹر کمی* کی گئی جس کے بعد_* ہائی اسپیڈ ڈیزل 124 روپے 80 پیسے*_ فی لیٹر میں ملے گا۔*مٹی کے تیل کی قیمت میں 4 روپے 27 پیسے* فی لیٹر کمی کی گئی جس کے بعد _*مٹی کے تیل کی نئی قیمت 99 روپے 57 پیسے*_ مقرر ہو گئی ہے۔ 


اسی طرح *لائٹ ڈیزل کی قیمت میں 5 روپے 63 پیسے فی لیٹر کمی* کا اعلان کیا گیاجس کے بعد _*لائٹ ڈیزل کی نئی قیمت 91 روپے 89 پیسے فی لیٹر مقرر ہو گئی ہے*_۔ پٹرولیم مصنوعات کی نئی قیمتوں کا اطلاق یکم ستمبر سے ہوگا۔


دوسری جانب معاون خصوصی برائےاطلاعات فردوس عاشق اعوان سب پر بازی لے گئیں اور پٹرولیم مصنوعات کی نئی قیمتیں ٹوئٹر پر شیئر کر دیں۔ان کا کہنا تھا کہ عوام دوست حکومت کا لوگوں کو ریلیف دینے کے لیے عملی اقدام ہے اور عالمی منڈی میں تیل کی قیمتوں میں کمی کا فائدہ حکومت عوام کو منتقل کرے گی،نئے پاکستان کا دوسرا سال عوامی فلاح و بہبود اور نئی خوشخبریاں لے کر آئے گا۔



__ https://twitter.com/i/web/status/1167423006806876160


https://gnnhd.tv/urdu/index.php/Business/6360-1567105200

​


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## ejaz007

*Pakistan August inflation accelerates to 10.49%: statistics office*


 Reuters Wed, Sep 4 12:22 PM GMT+5 

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Men sell vegetables at their makeshift stalls at the Empress Market in Karachi
ISLAMABAD (Reuters) - Pakistan's consumer inflation edged up to 10.49% year-on-year in August, accelerating slightly from 10.3% a month earlier, following the inclusion of rural markets in the inflation survey, the Bureau of Statistics said on Wednesday.

Previous inflation figures factored price changes only in Pakistan's urban markets. Under that metric, the inflation rate would have surged to 11.63%.

The spike was driven by higher food and fuel prices, continuing the squeeze on household budgets.

Prices of food products such as chicken, tomatoes and onions, which make up a third of the overall basket used to calculate inflation, rose 3.42% from the previous month.

(Reporting by Saad Sayeed; Editing by Sriraj Kalluvila)

https://www.yahoo.com/finance/news/pakistan-august-inflation-accelerates-10-072215570.html


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## Path-Finder

__ https://twitter.com/i/web/status/1170562561500164097


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## jupiter2007

Turkey being a friendly country should allow Pakistani skill worker to work in Turkey. Turkish government should allow 5 years work permit visa to Pakistani skill labors/techs/engineers to work in Turkey. Also, Pakistani government should request turkey to give scholarships to 500 Pakistani students every year to study in Turkey.


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## ziaulislam

Inflation will have to happen in wake of devaluation 
Expect 9-10% for next 2 years 
Afterwards an inflation of 5-6%

Artificially lowering inflation during 2016-17 is showing its colors now


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## thunderkaka

*MoU Signed To Promote Pak, Japan Trade*

Karachi Chamber of Commerce and Industry and Pakistan Japan Business Forum have signed a memorandum of understanding in which both institutions have agreed to identify the common challenges affecting their members and collectively develop responses to these challenges so that the trade between Pakistan and Japan can be increased.

Under the said MoU, which was signed by President KCCI Junaid Esmail Makda and Chairman PJBF Sohail P. Ahmed at a meeting held at Karachi Chamber, KCCI and PJBF will identify opportunities to maximize the efficiency of information exchange for industry friendly policies and industrial development in Pakistan for healthy market , said a KCCI press release on Friday.

KCCI and PJBF will also nominate a contact person from their institutions to form a working group on specific matters of common interest, research and industrial development, besides sharing details of those members who were currently engaged in trade with Japan.

https://www.urdupoint.com/en/business/mou-signed-to-promote-pak-japan-trade-716601.html


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## Path-Finder




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## Introvert

*Middle East is top importer of Pakistani mangoes in 2019*

Accounting for over 70 percent of the share of total mango exports this year, the Middle East has remained the top export destination for Pakistani mangoes. The production of mangoes rose in 2019 to 1.5 million tons, worth a reported $80 million, up from 1.3 million in 2018. Pakistan is the world’s sixth-largest exporter of the fruit.

“The Middle East countries remained the biggest market of Pakistani mangoes as more than 82,800 tons were exported there till mid-September, which is a record, and is more than the (total) export of last year which was 82,000 tons,” said Waheed Ahmed, Patron-in-Chief of the All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA).

Ahmed told Arab News that the UAE topped the table, with 32,500 tons of Pakistani mangoes exported to the country.

“We exported the most mangoes to UAE followed by Iran, where volume was 28,000 tons. Oman was another big market with 13,500 tons. The mangoes exported to Saudi Arabia remained at 3,700 tons.”

He said better production and aggressive marketing coupled with promotions in the Gulf countries under the joint sponsorship of Pakistani foreign missions, had helped achieve the mango export target for the season.

“Mango exports will continue till mid of October,” Ahmed said and added he was hopeful Pakistan might touch a record export figure of 130,000 tons by the end of the season. “We have started a strategy review to increase our export volume next year, especially in those Arab countries where we are not sending directly.”

Pakistan exports 60 percent of its mangoes through sea-routes, 25 percent via land routes and 15 percent by air.

https://www.freshplaza.com/article/9148944/middle-east-is-top-importer-of-pakistani-mangoes-in-2019/


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## polanski

*Pakistan’s army chief holds private meetings to shore up economy*
*The military, which has staged numerous coups since Pak’s founding, has seen a direct impact from the slump.*
By Bloomberg | Updated: Oct 03, 2019, 05.53 PM IST

_




Getty Images
At the meetings, arranged through mutual contacts, Bajwa asked business leaders how to fix the economy.
*By Faseeh Mangi*

Pakistan’s already powerful military is taking an even greater role in running the country as the economy stumbles.
An army spokesman declined to comment when asked about the meetings, however on Thursday the military issued a statement after Bajwa hosted a gathering of government economic officials and business leaders on Wednesday.
“National security is intimately linked to economy while prosperity is function of balance in security needs and economic growth,” Bajwa said in the statement.
Army chief Qamar Javed Bajwa has privately met top business leaders to find ways to bolster the economy, according to people familiar with the matter. The three meetings Bloomberg is aware of took place this year at heavily guarded military offices in Karachi, the financial capital, and Rawalpindi, a northern town that houses the army’s headquarters.

At the meetings, arranged through mutual contacts, Bajwa asked business leaders how to fix the economy and what would lead them to make investments, said the people, who asked not to be identified. Some of the meetings resulted in prompt decisions including sending instructions to top government officials, the people said, without giving any specific examples. They said the general was concerned about restoring confidence among the business
An army spokesman declined to comment when asked about the meetings, however on Thursday the military issued a statement after Bajwa hosted a gathering of government economic officials and business leaders on Wednesday.

“National security is intimately linked to economy while prosperity is function of balance in security needs and economic growth,” Bajwa said in the statement.
But others are concerned about what an ever-increasing role for the military means for Pakistan’s democracy and the future of civilian institutions that haven’t been given the space to develop.

“The growing role of the military in the economy’s management in addition to its traditional dominance of the security matters is nothing but a soft coup that is a setback for the democratic process,” said Yousuf Nazar, a former Citigroup Inc. banker and author of a book on Pakistan’s economy. “This will have far reaching repercussions,” he said, adding generally that strong-arm methods for management will not work for basic economic and social issues.

*Standing With Khan*
The finance ministry downplayed the extent to which the army influences economic policy. While the army chief may have ideas about the economy, “we haven’t seen any kind of process interference,” Finance Ministry spokesman Omar Hamid Khan said. “They have their own scope of activities and civilian government has their own.”

Pakistan is going through an unusual period in which the democratically elected government and the army appear to be working in sync. The army has ruled the country for almost half its 72-year-old history, leading to persistent worries among civilian leaders about a potential coup.

Khan has publicly stated his government and the army have a comfortable working relationship. He gave the 58-year-old Bajwa a three-year extension as army chief in August -- only the second time that’s happened in nearly a decade -- amid heightened tensions with India over Kashmir. Bajwa was initially reluctant to accept the extension but his personal ties with several top government leaders across the world made the prime minister press him to stay in office, according to army spokesman Asif Ghafoor.

“This is the first government with which the army is standing,” Khan said in a television interview in July. “Historically, the army and the government worked separately. Right now, all institutions are standing with me.”

But others are concerned about what an ever-increasing role for the military means for Pakistan’s democracy and the future of civilian institutions that haven’t been given the space to develop.

“The growing role of the military in the economy’s management in addition to its traditional dominance of the security matters is nothing but a soft coup that is a setback for the democratic process,” said Yousuf Nazar, a former Citigroup Inc. banker and author of a book on Pakistan’s economy. “This will have far reaching repercussions,” he said, adding generally that strong-arm methods for management will not work for basic economic and social issues.

*Standing With Khan*
The finance ministry downplayed the extent to which the army influences economic policy. While the army chief may have ideas about the economy, “we haven’t seen any kind of process interference,” Finance Ministry spokesman Omar Hamid Khan said. “They have their own scope of activities and civilian government has their own.”

Pakistan is going through an unusual period in which the democratically elected government and the army appear to be working in sync. The army has ruled the country for almost half its 72-year-old history, leading to persistent worries among civilian leaders about a potential coup.

Khan has publicly stated his government and the army have a comfortable working relationship. He gave the 58-year-old Bajwa a three-year extension as army chief in August -- only the second time that’s happened in nearly a decade -- amid heightened tensions with India over Kashmir. Bajwa was initially reluctant to accept the extension but his personal ties with several top government leaders across the world made the prime minister press him to stay in office, according to army spokesman Asif Ghafoor.

“This is the first government with which the army is standing,” Khan said in a television interview in July. “Historically, the army and the government worked separately. Right now, all institutions are standing with me.”_


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## polanski

*Pakistan owes China more money than it owes the IMF*
*
Pakistan owes $6.7 billion in commercial loans to China over the three years through June 2022, according to the IMF, which this year approved a new program to bail out the nation from a crisis
Islamabad needs to pay the multilateral lender $2.8 billion in the same period
NEW DELHI: 

Pakistan
needs to repay China more than double the amount it owes the International Monetary Fund (IMF) in the next three years, as loans racked-up to boost foreign exchange reserves and bridge a financing gap become due.


The South Asian nation owes $6.7 billion in commercial loans to China over the three years through June 2022, according to the IMF, which this year approved a new program to bail out Pakistan from a crisis. Islamabad needs to pay the multilateral lender $2.8 billion in the same period.

Pakistan, one of the biggest beneficiaries of China’s Belt and Road Initiative, has been borrowing from Beijing to tide over a financial crisis. Still, the money was enough to only partly bridge a financing gap, pushing the South Asian nation to knock at the IMF’s doors.*
*The borrowing picked up after the Belt and Road started,” said Hafiz Faizan Ahmed, head of research at Karachi-based Optimus Capital Management Pvt. “A bulk of the Chinese lending happened about two years ago when dollar reserves were dwindling, so the government kept borrowing and borrowing.”


A report last year by the Center for Global Development listed Pakistan among eight nations that face potential debt-sustainability problems because of the belt-road plan.


“In a way it’s gone wrong for Pakistan,” said Burzine Waghmar, a member of the Centre for the Study of Pakistan at SOAS University of London. “Enthusiastically taking Chinese money, they looked at the short-term deals for shoring over the financial crisis, without realizing its medium- and long-term implication, and the Chinese leverage over Pakistan. And it has painfully come home to be realized.”
*


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## Introvert

*Pak-China FTA to become operational shortly: Ambassador Hashmi*

Pakistan’s Ambassador to China Naghmana Alamgir Hashmi has said that free trade agreement (FTA) signed between Pakistan and China would become operational in a few months. “Actually the free trade agreement will hopefully be implemented shortly, because it’s still going through the internal processes of being ratified. We hope that in the next few months, it will become operational,” she said in an exclusive interview to China Economic Net (CEN) here on Friday.

Ambassador Hashmi said, “On our side all the procedures have been completed. On the Chinese side, there are a few procedures which are left. So we think it is going to be sooner rather than later. We just need to wait a little more, because governmental procedures have to take. But I think it will be very shortly very, very shortly.” While commenting on increase in Pakistani export to China, she said with the FTA becoming operational, the prices will in any way go down, because the import duties will not apply then.

“Secondly, we are just now in the process of completing the first phase of CPEC and the second phase of CPEC has now started, which is actually the establishment of special economic zones in various parts of the country. So with the establishment of these special economic zones and with the increasing number of agreements and cooperation in the agricultural sector, which is a priority both with President Xi and with Prime Minister Imran Khan, I think this is one area where there is huge potential of both investments, growth and then re-export of those value added products to China,” she added.

Commenting on export potential, she said there are certain products which have traditionally come to China, which are very much appreciated here. “We export a lot of rice to China that’s called 86. It’s the small glutinous rice. Then sugar is increasingly being imported in China. And sugar is very good quality. And yarn, we produce a lot of cotton and you have a huge textile industry. So yarn comes to China,” she added. Ambassador Hashmi said the Balochistan province is the only area in the world that produces onyx. Then a lot of gold and copper is being exported to China. Pakistan has a lot of potential both in minerals and in gemstones but do not have that advanced technology to polish and create them. So that is another area where Pakistan is looking for potential joint ventures.

Pakistan, she said, exports a number of leather products which are very good in quality and the area that has the most potential and again the area that has the focus of the leadership of both countries is agricultural products, development of farms, research in hybrid seeds, research and cooperation in the area that you put in the ground for cultivation.

“Then there is a huge prospect of cooperation in drip irrigation, because we are now trying to go to drip irrigation because of the shortage of water,” she added. She said that China is one of the leading countries that have really made very good use of drip irrigation and opined that agriculture is one area where there is a huge potential of further cooperation and joint ventures and investments, adding, “And then, of course, export of the materials to China and beyond China also.”

While dispelling the impression about delay of operation of Sukkur-Multan morotwary, she said the actual project itself has been completed. But along with this highway, there are certain other things that need to be established, adding, “For example, the barriers along the road have to be put in place. That work is ongoing. The lights have to be put. The police force for that particular highway is being raised. So those little things are left.”

Ambassador Hashmi reiterated all China-Pakistan Economic Corridor (PEC) projects have absolute and full support of the government of Pakistan, of the people of Pakistan, of all the political parties across the political divide. So there is no confusion or no controversy on either the importance of CPEC or the importance of completing the projects in time. And some of the projects have been completed even before time. About visa policy for Chinese citizens, she said for Chinese, Pakistan has on arrival visa policy and now there is also online visa.

“One of the first countries with which we’ve liberalized visa regime is China. There is so much work going on. There’s so much people to people contact. There’s so much political contact,” she added. Pakistan, she said, liberalized the visa regime for 94 countries. Pakistan is an open country. “We have nothing to hide. We’re not like the Indian occupied Kashmir, where people can’t go. You can go anywhere in Pakistan. You’re very welcome.” On registration of cell phone at Pakistani airport, she said in Pakistan, a lot of people who were misusing this particularly when there was a lot of terrorism going on. So in order to control that, the authorities have made a policy. Every foreigner who comes to visit Pakistan and even Pakistanis, it’s not only for foreigners, any traveler who’s living abroad and is coming home, at the airport, he needs to register his phone. “And that takes five minutes. So if your phone is registered at the airport and you only have to do once, nobody will stop you. But if your phone is not registered, then it becomes a problem,” she added.

Ambassador Hashmi asked all the Chinese going to Pakistan that there are big booths at the airport where they should register phone. “So if your phone is registered, your SIM will work. There’s absolutely no problem.” “So if you have a phone that you’re using, you register it, you bring it. They know that you’re going back. You’re not leaving the phone here. But if you have new phones, so in one year, one visitor can only bring one new phone,” she added.

On export of sugar to China for next year, she said, “I think next year also, because for our growers, exporters and manufacturers of sugar, it’s a product that we have introduced in Chinese market. Once the word goes around that this was a successful venture, I am sure next year you’ll get more and the year after you might even get more.” Regarding a chain, from Pakistan, China, South Korea, and export to European countries, she said that Pakistan have always had very good relations with South Korea and a very good export trade with that country.

“So I think it’s a very good idea that you pick up one expertise from one country, another from another country, and one advantage of a third country join together. I think this is very, very good. Our world is progressing and the three are friendly countries, there should not be a problem,” she added. About recently held Mango festival, she said this was the third mango festival that was organized in Beijing, which was so successful.

A very large number of Chinese attended the festival to taste mango, to taste the various mango products and we hope to see Pakistani mangoes being sold in supermarkets and markets all over China.

Ambassador Hashmi said with the completion of CPEC and the establishment of cold chains, lot of projects can then be transported by road and they won’t have to be airlifted.

“Mangoes cannot be shipped up to now, because it has very short shelf life and by road with a cold chain is also necessary for fisheries and other agricultural products, so that is another area where a lot of Chinese investors have an opportunity to do business in Pakistan, which would be mutually beneficial to the importers and the exporters, and is a nice way of introducing good Pakistani agricultural products at reasonable prices here in China,” she added.

https://nation.com.pk/05-Oct-2019/pak-china-fta-to-become-operational-shortly-ambassador-hashmi

*Chinese and Russian joint economic revival offer for Pakistan Steel Mills*

China and Russia have offered to revive multi billions Pakistan Steel Mills as its companies have expressed keen interest to make investments worth billions in Pakistan Steel Mills.

*Prime Minister Imran Khan was apprised of the Chinese and Russian companies offer during a high-level session to discuss the steps for the revival of the state-owned Pakistan Steel Mills.

The session was attended by Adviser to PM on Commerce, Textile, Industries and Production and Investment Abdul Razak Dawood, federal minister for privatization Mohammad Mian Soomro, Board of Investment (BoI) chairman Zubair Gilani and other officials.

PM Khan was briefed over different recommendations for the revival of the steel mills. During the briefing, the premier was told that China and Russia have offered to provide assistance to revive PSM as its companies expressed interest to make investments.

The officials told PM Khan that the concerned institutions are mulling over different recommendations and the offers placed by the foreign companies.

PM Khan said that the revival of PSM is among the top priorities of the present government. He said that the government is making all-out efforts to transform PSM into a profitable entity which will also increase additional burden on the national exchequer.

in brief, PM Imran urged concerned authorities to activate the national entity so that it will play its role in the national development.

https://dailytimes.com.pk/478923/it...nomic-revival-offer-for-pakistan-steel-mills/

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## shah_123

*FULL MEMBER*
NewThose who committed investment have started reconsidering their plans.

*Ghandhara Nissan may not introduce cars in Pakistan*
by Ahmad Shehryar -

Due to the economic downfall and high-level of investment uncertainty situation in the country, *Ghandhara Nissan* *Limited* is reconsidering its plans to assemble Datsun cars in Pakistan, and reportedly, the company may also decide against it.
https://www.pakwheels.com/blog/ghandhara-nissan-may-not-introduce-cars-pakistan/

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## Syed_Adeel




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## Path-Finder




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## Path-Finder




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## Introvert

*Pakistan, Japan Cooperating To Promote Agro-based Industry*

*



*​Pakistan and Japan are looking for increasing bilateral cooperation in agricultural-based industry and value addition as Japan has already announced grant aid to enhance productivity and capacities in relevant agricultural fields.

Recently Japan has announced a grand aid of $ 5.2 million to support Agri-Food and Agro-Industry development in the country's Khyber Pakhtunkhwa and Balochistan provinces through the United Nations Industrial Development Organization (UNIDO), Minister and Deputy Head of Mission, Embassy of Japan in Pakistan Yusuke Shindo told APP here Wednesday.

The senior diplomat said that this amount would be utilized for enhancement of productivity and capacities of relevant sectors in the cattle meat value chain in districts of Khyber Pakhtunkhwa including Abbottabad, Kohistan and D I Khan and Apple value chain in province of Balochistan in Quetta, Killa Abdullah and Pishin.

Replying to a question, he said that Japan International Cooperation Agency (JICA) was already working on potential agro-based region of Khyber Pakhtunkwa including Hazara, Swat and Chitral as in Gilgit Batistan for promoting innovation and value addition culture in these areas.

He said that through JICA, the Japanese government was also working on cold storage for the preservation apple, apricot and other perishable fruits.

"We are initiating capacity building training for farmers' related sowing, cultivation and use of prepared crops and fruits for value addition through increase the value of these products," the senior diplomats said.

Replying to a question, he said that Japanese companies were interested in establishing the industrial units of auto parts in Pakistan for bringing investment to provide opportunity to the local people.

Senior diplomat said that Pakistan had proposed and wanted to negotiate on Free Trade Agreement (FTA) to provide more access in both potential markets.

He said that before negotiating on FTA both side were negotiating to lower the tariff line in potential trade items and also go further for preferential trade agreement in future.

He appreciated Pakistan's steps for 'Ease of Doing Business' and reforms in national tax system, which provided conducive business environment for foreign investor including Japan.

Replying to a question regarding Japanese exports to Pakistan, he said that Japan had major exports in automobile sector including motor cars and vehicles, flat steel, tractors and transport.

He added that Japan had imports mainly in agriculture including cotton yawn, oils, knitwear's, cotton fabric and woven cotton fabric.

He said that both side have more potential to increase bilateral trade from current volume of trade and double the figure to exploit the resources.

He said that Pakistan needed to enhance the competitiveness in exports for competing in international market to increase its export to lower balance of payments issue.

He said that Japan and Pakistan has enjoyed historical diplomatic and economic relation, where Japan has always supported Pakistan in every situation.


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## Introvert

*Germany to grant €23.4m for social sector reforms in Pakistan*

Germany will provide a technical grant of 23.4 million euros (Rs3.9 billion) to Pakistan in order to help the latter implement social sector reforms.

In this regard, a Technical Cooperation Agreement was signed on Thursday between Economic Affairs Division Secretary Noor Ahmed and Ambassador of Germany to Pakistan Bernhard Stephan Schlagheck under the Pakistan-Germany Development Programme. Economic Affairs Minister Hammad Azhar was also present on the occasion.

As per a statement issued by the division, the technical assistance would be extended to projects related to social protection, technical and vocational education, local governance and labour standards in Pakistan’s textile industry.

“These schemes are in line with the priority areas of the government and are geared towards impacting the lives of the common people,” it added.


Development cooperation between Pakistan and Germany dates back to 1961, with the funding volume to date totalling more than €3 billion.

The contracting parties lauded the cordial relations between the two countries and looked forward to strengthening their cooperation in diverse sectors. Both sides stressed the need for active collaborations to ensure finalisation of project objectives so that concerns of the end beneficiaries could be addressed.

Economic Affairs Minister Hammad Azhar on the occasion thanked the German government for the grant assistance, especially in priority areas highlighted by Pakistan.

https://profit.pakistantoday.com.pk...e23-4m-for-social-sector-reforms-in-pakistan/


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## Introvert

*Pakistani traders eye Chinese market to generate revenue in gems, jewelry sector*

Pakistani traders believe that the export of precious stones and jewelry from gem-rich Pakistan to China will help the country in revenue generation, local media reported Friday.

Addressing the Export Promotion Committee of Pakistan China Joint Chamber of Commerce and Industry (PCJCCI), the chamber's President Zarak Khan said that China is the world's largest consumer of gems and jewelry and Pakistan being the fifth largest country of gemstones reservoirs in the world can tap the potential of the Chinese market.

Apart from having an abundance of gemstones, Pakistan also has some unique stones in the world including Pink Topaz and Kashmir Ruby which are famous for their unique color and beauty in the international market. Pink Topaz is also considered one of the highest valued minerals in the world.

The country has potential to exploit and export 800,000 carats of Ruby, 87,000 carats of Emerald and 5 million carats of Peridot, but the yield is much lower, due to lack of skills, technology, and knowledge for processing of the mining materials, the chamber official said.

The country also can not carry out value-added services to the processed stones due to lack of appropriate cutting and polishing facilities, and PCJCCI officials believed that collaboration with China to learn the latest techniques for cutting and polishing of the gemstones may be greatly beneficial for Pakistan to uplift the sector.

They suggested that Chinese professionals in this sector should be invited to train Pakistani labor force and mining engineers for cutting, manufacturing and designing state of the art jewelry.

http://www.xinhuanet.com/english/2019-10/18/c_138482879.htm


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## Introvert

*‘Digital economy to boost GDP up to $40 billion annually’*

‘Digital economy in Pakistan' has huge potential for boosting the country's Gross Domestic Product (GDP) up to the level of $ 40 billion, besides consolidating the local economy.

Through the evolution of ‘Digital Economy', Pakistan can rapidly achieve its economic agenda in all major sectors including trade and E-commerce, education and health for economic growth in the country, senior official of Ministry of Commerce informed APP here Sunday.

Pakistan needed to do extensively in digital economy as country has huge participation of global mobile market, with over 160 million mobile phone subscribers and around 150 million Internet users, he said.

He said, “We can improve public services in different sectors through the modern digital tools for providing rapid services to the people". He said that Pakistan was a agriculture country and through the modern digital mechanism, the farmers and agriculture workers can improve their financial mechanism to connect with global value chain.

Replying to a question, he said that digital data integration system would play an important role to improve the economic mechanism in all major sectors of the country's economy. He said it is also important for bridging the gap in economic and trade data process through integration of various data mechanism to reflect the true picture of economy including trade, industries, services and agriculture sector.

“To evolve the proper trade data mechanism to resolve the issues in trade data, the government intended to include Export Processing Zones (EPZs) in its trade data collection system, which was not currently taken into account by the Pakistan Bureau of Statistics (PBS) and the State Bank of Pakistan (SBP), he told.

He pointed out that exclusion of exports, routed through the EPZs by the two organizations resulted into a difference of $1.2 billion between the actual exports and those reported by them.

The official said the federal cabinet had already approved the E-commerce policy for promoting the digital culture and paperless trade to help enhance the trade volume.

He said it was the government's priority to evolve the integrated trade data system and streamline the affairs by the end of October. All the system would be linked to the Ministry of Commerce under the control of SBP to promote the culture of freelancing to capture opportunities in the global market through websites and other digital tools, he added.

He said the software export potential was not being exploited properly as three different pieces of software were being used by freelancers to acquire the work deals from abroad.

He said mainly the youth were providing their services (to individuals/firms abroad) through the freelancing system, but they were facing problems because of different software. The government would facilitate them so that they could work with ease, he added.

https://www.brecorder.com/2019/10/21/532995/digital-economy-to-boost-gdp-up-to-40-billion-annually/


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## pkuser2k12

__ https://twitter.com/i/web/status/1186686239329701889


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## ejaz007

*LSM decelerates six percent in July-August*

Listen





ISLAMABAD: Large scale manufacturing (LSM) sector decelerated six percent year-on-year in the first two months of the current fiscal year, official data showed on Wednesday, as regulatory snags and liquidity constrains hampered all the key production.

In August, LSM sharply dropped 7.1 percent compared with the corresponding month a year earlier and fell 4.1 percent compared with July 2019, the Pakistan Bureau of Statistics (PBS) data showed. This was the five-month record decline. In April 2019, LSM declined 7.76 percent year-on-year.

LSM had also posted a negative growth of 2.2 percent in July-August period of the last fiscal year.

Analysts termed the continuous decline in large scale manufacturing, which accounts for 80 percent of the manufacturing sector, to subdued demand in the economy, imperiled by high interest rate and regulatory measures of the new government to raise revenue.

“CNIC (computerised national identity card) conditions dented sentiments of businessmen who curtailed their orders in supply chain,” Adnan Sheikh, a research analyst at Pak Kuwait Investment said. “High interest is putting investments on hold.”

The government is restricting suppliers to ask for CNIC of buyers in order to document their particulars. This is one of the various measures of the government to expand tax base with number of tax return filers standing below 2.5 million.

In July-December, all the state manufacturing data gathering agencies recorded drop in production.

Oil Companies Advisory Council, logging outputs of 11 oil and petroleum products, measured decline of 1.2 percent year-over-year in outputs during the two months. Ministry of industries, measuring output trend of 36 items, recorded a 3.9 percent decline in production. Provincial bureau of statistics, counting production of 65 products, logged 0.98 percent negative growth.

The deceleration was a perpetuating trend of the last fiscal year of 2018/19 when growth contracted 3.64 percent – the first annual contraction in a decade.

Contraction in LSM growth reflected in fall in overall economic growth at 3.3 percent during the last fiscal year compared with a decade high of 5.5 percent in the preceding fiscal year. Growth is expected to be in the range of 2.5 to 3 percent during the current fiscal year.

While the central bank kept its key benchmark interest rate unchanged in monetary policies, the interest rate of 13.25 percent is still the highest in a decade, discouraging private sector to take credit from banks to meet their financial requirements. This fact has also been recognised by the central bank that anticipated further slowdown in private sector credit offtake.

High borrowing cost is compounded by the regulatory measures adopted by the government to meet its ambitious tax revenue target of over Rs5.5 trillion for the current fiscal year.

While big manufacturers are documented, most of the small and medium sized businesses are undocumented. Businessmen slammed the government’s decision in haste to start economic documentation from their level.

Waves of price hikes, following rupee devaluation and import duties, fuelled price hikes that affected the buying power of consumers and manufacturers who cut their production. Indus Motors decided to shut its production down for half a month to tide over faltering consumer demand.

https://www.thenews.com.pk/print/545260-lsm-decelerates-six-percent-in-july-august


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## pkuser2k12

*PTI Government Successfully Brings Down Circular Debt Of Power Sector By 68%*


*Low payments by the distribution companies give rise to the low payments to the generators of the electricity.*


By EMINRAJA Last updated OCT 24, 2019


*PML-N’s strategy added Rs 450bn to the circular debt, the PTI government had previously revealed.*
*The circular debt rate at present is Rs 38bn per month that would be reduced to Rs26bn by the end of the ongoing fiscal month, says Tareen.*
*Crackdown on power theft has recovered 80billion rupees since October last 2018, he further says.*







Bearing the fruit of the unprecedented efforts of the incumbent government, the circular debt in the power sector has been reduced by 32% last year to 68% since the PTI government took over. The government is committed to eliminating the circular debt completely by the next financial year, say the officials.

Technically, circular debt is the non-payment by the power purchaser for the generation of electricity. This non-payment can be due to several reasons. These include inefficiency in distribution companies, distribution losses, and theft. Actually, the government provides subsidy to the consumers of electricity. The subsidy that is not performance-based adds to the circular debt crisis.
*How circular debt rises?*
Low payments by the distribution companies give rise to the low payments to the generators of the electricity. If electricity generators are underpaid then they’ll neglect to pay their fuel suppliers and exacerbates the circular debt.

*The condition of circular debt in Pakistan:*




Dealing with Circular Debt – Business Recorder (2018)
The circular debt which was rising by an amount of 38 billion rupees every month is reduced to 26billion rupees. This gruesome amount will further decrease to 8 billion rupees by the end of June 2020 and a consistent plan has been made for timely action and monitoring of debt payments, Jahangir Tareen previously told.

By the end of the next fiscal year, a regular increase in the circular debt that continued to rise in the last three decades will be brought to zero, he added.


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## Introvert

*Bangladesh to import onion from Pakistan after 15 yrs*

*



*

Pakistan on Friday received the first onion export order of more than 300 tons from Bangladesh after nearly 15 years of recess following an Indian ban on the vegetable’s outbound shipment to its neighbouring country, reports The News International.

An official of Trade Development Authority of Pakistan (TDAP) confirmed that Bangladesh’s Tasho Enterprise finalised deals with a Karachi-based Roshan Enterprise, says the English-language Pakistan daily.

“At least 12 containers of onions are being exported to Bangladesh,” the official said. “More would follow.”

India has slapped a ban on exports of onion to Bangladesh due to its local shortage amid floods. Bangladesh imports 700,000 to 1.1 million tones of onion a year and of which around 75 per cent was imported from India.

The ban caused surge in prices to new heights in Bangladesh, as the market was heavily dependent on Indian supply.

In Dhaka, consumers are being asked to pay Tk 120 ($1.42) per kilogram for onions - twice the price a fortnight ago and the highest since December 2013.

According to the Pakistani newspaper, the official said Bangladesh is also looking for import options from countries like Turkey, Myanmar and Egypt to meet the demand in the local market. “This (ban) has created market potential for Pakistan.”

The official said the onion trade was also agreed in government-to-government level talks. An exporter believes the export price would be much more viable for Bangladesh considering the current onion price in the market.

“The shipment value from Pakistan would be around $600/ton,” Waheed Ahmed, patron-in-chief of All Pakistan Fruit and Vegetable Exporters, Importers and Merchant Association, said. He said one container carries approximately 28 tons.

Ahmed does not know the exact local onion production, “as the production fluctuates drastically in Pakistan.” “But whenever the crop is good, a significant quantity can be exported without impacting local supply,” he said.

A local trader, however, fears further rise in prices on onion in the local markets as a result of exports.

“The capacity of farmers has adversely been crippled due to waves of price hikes,” the trader said, citing price rise of urea, chemicals and other agricultural inputs.

“In such circumstances, we are importing onions from Iran,” he added. “So, I doubt that (exports) would be a good idea.”

A kilogram price of onion soared more than 150 per cent to Rs83 during the last week. Onion prices more than doubled in October over the corresponding month a year earlier. Month-on-month, there was around four per cent increase.

A TDAP official said Bangladesh is also considering import of dates, grey fabric and yarn from Pakistani companies.

The News International also reports, a government department said trade diplomacy between the two countries generally remained stalled between 2001 and 2006.

“For instance, holding of the Joint Economic Commission between Pakistan and Bangladesh is long over-due,” the Commercial Wing of Pakistan’s High Commission in Dhaka said in a report. The last JEC meeting was held in 2005 in Bangladesh.

Moreover, most of the trade diplomacy and major bilateral agreements were made during the previous governments.

Bangladesh is a very important export destination for Pakistani products ranking among top destinations globally and 2nd in Asia for Pakistan after China.

During the current year, Pakistani exports to the market have generally slowed down, owing to non-availability of Pakistan International Airlines’ flights between Karachi and Dhaka.

https://en.prothomalo.com/bangladesh/news/204644/Bangladesh-to-import-onion-from-Pakistan-after-15


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## ejaz007

*Inflation rose by 1.82 percent in October*


Listen







Inflation increased by 1.82 percent in the month of October compared to September of this year.

According to the Pakistan Bureau of Statistics (PBS) inflation remained at 11.04 percent for the month of October 2019. From July to October, the inflation rate was recorded at 10.32 percent.

In October, 14 items of everyday use became more expensive while six products got cheaper. The price of fresh vegetables increased by 15.78 percent, tea by 15 percent while the price of wheat flour increased by 3.2 percent.

Prices of fresh fruits, chicken, vegetables and fuel decreased. 

https://www.thenews.com.pk/latest/551735-inflation-rises-by-182-percent-in-october


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## ejaz007

*Pakistan's pharma imports decrease*

Listen






ISLAMABAD: The imports of medicinal products into the country during the first quarter of financial year (2019-20) witnessed a decrease of 12.11 percent as compared to the corresponding period of last year.

Pakistan imported medicinal products of worth $257.139 million during July-September (2019-20) compared to the imports of $292.566 million during July-September (2018-19), showing negative growth of 12.11 percent, according to Pakistan Bureau of Statistics (PBS).

In terms of quantity,Pakistan imported 6,544 metric tons of medicinal products during the period under review as compared to the imports of 5,985 metric tons during corresponding period of last year, showing an increase of 9.34 percent in term of quantity.

Meanwhile, on year-on-year basis, the medicinal imports witnessed decline of 7.91 percent in September 2019 when compared to the imports of the same month of last year.

The medicinal imports during September 2019 were recorded at $ 90.475 million against the imports of $ 98.245 million in September 2018. 

On month-on-month basis, the medicinal imports however increased by 4.46 percent during September 2019 when compared to the imports of $86.616 million in August 2019, the PBS data revealed.


https://www.thenews.com.pk/latest/569268-pakistans-pharma-imports-decrease


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## Asad varda

*Pakistani Who Won Prize Bond 123 Times and Money Laundering*
A Pakistani claimed to have won Pakistani Prize Bond Lottery 123 times In the Wake of FATF regulations and global anti-money laundering drive.


----------



## ejaz007

*PSX sheds 526 points, enters correction territory*



By Equities Correspondent

NOVEMBER 20, 2019





PSX picked up the sentiments from Asian and European markets as KSE 100 slid below the 38,000-mark intraday, while volumes fell slightly from the previous session.

The KSE 100 Index breached 38,000-mark and recorded its intraday low at 37,977.63. It settled lower by 526.69 points at 38,037.68. The KMI 30 Index was down by 1,049.49 points or -1.67pc to close at 61,690.51, while the KSE All Share Index depreciated by 330.13 points, ending at 26,896.80. Out of the total traded shares, 119 advanced and 211 declined.

The market was in correction mode as it preceded power-packed performance in the past several days. Of the 95 traded companies in the KSE 100 Index 24 closed up 70 closed down, while 1 remained unchanged. Total volume traded for the index was 186.50 million shares. The overall trading volumes declined by 15pc and were recorded at 327.64 million.

Sectors that pulled the KSE 100 Index lower included banking by 202.50 points, oil and gas exploration 112.58 points and cement 48.98 points. Among the companies, Habib Bank Limited), Engro Corporation Limited and Oil and Gas Development Company Limited dented the index the most.

The most points added to the index was by Fauji Fertilizer Company Limited which contributed 24 points followed by National Foods Limited with 10 points, THAL limited with 7 points, International Steels Limited with 7 points and AGP limited with 5 points.

Volume leaders in a volatile session turned out to be Worldcall Telecom followed by The Bank of Punjab and PakElektron Limited. The scripts had exchanged 28.33 million, 17.10 million and 15.08 million shares, respectively.

Meanwhile, the State Bank of Pakistan conducted an auction on Wednesday in which it sold Market Treasury Bills worth Rs 256.03 billion for 3, 6 and 12 months. Auction target was Rs 500.00 billion against a maturing amount of Rs 175.77 billion. Cut off yield for 3, 6 and 12 months were 13.5899, 13.2899 and 13.2499 percent. The 6 month cut off yield remained unchanged while the 3 and 12 month yields increased by 30 and 46 basis points.

Total amount offered was Rs 518.25 billion out of which the SBP accepted Rs 239.71 billion. The SBP received bids worth Rs 222.89 billion for 3 months, Rs 108.08 billion for 6 months and Rs 187.28 billion for 12 months out of which it accepted Rs 178.89 billion, Rs 15.54 billion and Rs 45.28 billion, respectively.

https://dailytimes.com.pk/503824/psx-sheds-526-points-enters-correction-territory/


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## Syed1.

You can easily identify who is a paindu patwari when they didn't bother posting when stock exchange went up 8000 points in 3 months, but rush to post at a minor drop of 500 points.


You have to be special type of dumb and ignorant loser to be a patwari, and these patwaris reinforce it everyday.

Reactions: Like Like:
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## jupiter2007

https://youtu.be/wtC_jETsRho

https://tribune.com.pk/story/2105320/1-business-tycoon-praises-pm-economic-turnaround/?amp=1


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## pkuser2k12

__ https://twitter.com/i/web/status/1201530988469374977


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## ejaz007

*Govt admits to pocketing: Rs45 per litre on diesel, Rs35 per litre on petrol*

Listen





ISLAMABAD: The government on Friday admitted in the National Assembly that it was charging Rs45 per litre on diesel and Rs35 per litre on petrol in taxes.

The National Assembly was informed that the oil prices in Pakistan were not being increased consistently rather these were revised upward or downward 17 times from September 2018 to December 2019.

In a written reply to a question posed by MNA Chaudhry Barjees Tahir, Minister for Petroleum Omar Ayub told the lower house that there had not been a substantial decrease in the oil prices in the global, Arab and Gulf markets.

In fact, oil prices had been fluctuating upward and downward in the global market. During the 17 times revision, the prices of various petroleum products were increased only on 6-7 occasionswhile prices were decreased and maintained on 10-11 occasions, he explained.

“It is not a fact that people are deliberately deprived of the fruits of decrease,” he said. “The benefit of the decrease in oil prices was passed on to the public on several occasions," the minister said.

Meanwhile, the opposition parties’ protest against non-production of detained parliamentarians blocked the National Assembly proceedings on Friday. The opposition members staged a walkout from the House when Deputy Speaker Qasim Suri did not give floor to the PML-N member Chaudhry Birjees Tahir, who wanted to raise the issue of four members who were not produced in the House despite issuance of production orders by the speaker.

Sardar Akhtar Mengal and other parliamentarians of the Balochistan National Party (BNP) also accompanied the opposition members in walkout. Meanwhile, one of PML-N members pointed out the lack of quorum. After counting, the chair suspended proceedings for a few minutes. However, the government benches could not manage the quorum and also could not convince the opposition members to return to the House.

Consequently, the Deputy Speaker adjourned the proceedings till Monday afternoon. The opposition parties are under protest against non-production of Shahid Khaqan Abbasi, Asif Ali Zardari, Khawaja Saad Rafique and Syed Khursheed Shah whose production orders had already been issued by the speaker.

https://www.thenews.com.pk/print/57...-per-litre-on-diesel-rs35-per-litre-on-petrol


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## jupiter2007

*will the lottery system in Pakistan (even for temporary time) be acceptable by conservatives?*
If there is no major obstacle government can try lottery system to get the economy out of this mess.





How will it work?
Each ticket for 100 rupees (10 tickets can be sold to an individual at time)
If 1,00,00,000 (One Crore) tickets were sold in a week for 100 rupees per ticket.
= 100,00,00,000 Hundred Crore PKR collected by state

*20% Government taxes and administrative fees collected prior to the drawing = 20,00,00,000 Crore*
*
This is how 80,00,00,000 Crore will be distributed.*
Person matching all 6 numbers will win 72,00,00,000 Crore
(if more than one winner, they will share this price money)

Anyone matching 5 numbers including power-ball number will win 5,60,00,000‬ Crore
(if more than one winner, they will share this price money)

Anyone matching 5 numbers not including power-ball number will win 1,68,00,000‬ Crore
(if more than one winner, they will share this price money)

Anyone matching 4 numbers including power-ball number will win 50,40,000‬ lakh
(if more than one winner, they will share this price money)

Anyone matching 3 numbers including power-ball number will win 15,12,000.00‬ lakh
(if more than one winner, they will share this price money)

_648,000 we be divide among ticket sellers who sold ticket matching all 6 numbers. 

People will have to declare this money in their annual tax return._


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## SSGcommandoPAK

__ https://www.facebook.com/


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## BATMAN

Asad varda said:


> *Pakistani Who Won Prize Bond 123 Times and Money Laundering*
> A Pakistani claimed to have won Pakistani Prize Bond Lottery 123 times In the Wake of FATF regulations and global anti-money laundering drive.



How is it different than those, who claim they have received gifts of billions from their rich jew ex-wives at the time of divorce!
This clarify why same people were involved in reinstatement of Iftikhar Chodary and gang!


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## Path-Finder

__ https://twitter.com/i/web/status/1223874765062115330

__ https://twitter.com/i/web/status/1221862237838696451

__ https://twitter.com/i/web/status/1216073712644116480

__ https://twitter.com/i/web/status/1216241297914318848
https://defence.pk/pdf/threads/paki...ebt-with-28-per-capita-increase.652012/page-4


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## Path-Finder

__ https://twitter.com/i/web/status/1221503680001654784

__ https://twitter.com/i/web/status/1221503689489170433

__ https://twitter.com/i/web/status/1221503704626384896

__ https://twitter.com/i/web/status/1221503708938137601


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## Path-Finder




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## Path-Finder

bloody khatti train. 

https://urdu.siasat.pk/news/2020-02-05/news-7136


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## fatman17

Pakistan's red chillis to disappear due to climate change

Sindh province in southern Pakistan is the red chilli capital of Asia; the area is responsible for 85 percent of all red chilli production in Pakistan, contributing 1.5 percent of the country's GDP. However, extreme heat has killed off many of the peppers before workers have a chance to harvest them from the vines.

"Unfortunately overall production of red chillies has gone down in 2019 and it made impact on the price of chillies and its rates doubled," says Mian Muhammad Saleem, President of the Red Chilli Growers Association, Sindh. "We have produced 125,000 tons of red chilli crops in 2018, and in 2019 we have produced only 70 to 80,000 tons of red chilli crops." That's a drop of around 40 percent.

Saleem says the time has come for the government to step up. "The government should intervene on an emergency basis and must introduce seeds that should be heat tolerant or heat resistant."

Farmers would normally sow chilli seeds in January, but the weather cycle in the region is changing and they are still waiting for suitable conditions to grow their crops.

"Due to climate change, weather is shifting its cycle and it causes the sudden rise of heat waves that have an impact on red chilli crops," explains Dr Muhammad Mithal Jiskani, Associate Professor, Department of Plant Pathology, Sindh Agriculture University, Tando Jam. Jiskani has done research which indicates that each acre in the area's 135,000 acres of chilli crops supports five families.

In 2018, red chillies cost Rs 7,000 (46 US dollars) per ton, but last year soared to Rs 18,000 (117 US dollars) per ton, according to Saleem. The high prices mean many buyers have stopped importing chillies from Pakistan. And that means the market could be left with unsold stocks of unaffordable chillies.

Source: albawaba.com


Publication date: Wed 5 Feb 2020


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## Path-Finder




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## Path-Finder

__ https://twitter.com/i/web/status/1227389749188583424


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## Path-Finder

__ https://twitter.com/i/web/status/1228686610033590272

__ https://twitter.com/i/web/status/1228610581038497792


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## Path-Finder



Reactions: Like Like:
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## ejaz007

*Pakistan’s economy surviving on ventilator, says Dr Kaiser Bengali*
Listen






Due to a lack of implementation of policies in letter and spirit, which alone can improve the prevalent situation of Pakistan, the country’s economic situation has not been good at all and has been surviving on a ventilator, said economist Dr Kaiser Bengali on Wednesday.

Dr Bengali was the guest of honour at the Young Economists Conference 2020 held at the University of Karachi’s Department of Economics. The department’s faculty and students had arranged the conference on the theme of ‘Sustainable Growth and Economic Development in Pakistan’ at the Arts Auditorium.

The economist rejected the official figures, saying that they are not at all long-lasting. He stressed that the claims being made by the government are not factual.

He mentioned that Pakistan has gone to the International Monetary Fund 23 times for a bailout, warning that if the government did not make drastic changes in its policies, the country will have to go for another bailout in the future.

He said the past and present governments have focused only on increasing tax collection without realising the fact that they first need to reduce expenditures, establish new industries and create new sources to generate income.

He lamented that no government to date has adopted policies that can provide relief to the masses. Their policies are always meant to entertain and to provide more luxuries to the elites of the country, he said.

“New loans are taken out to repay old loans. No policy is in place that can bear fruitful results and bring betterment to the country. There has been no change in the mindset of the successive governments.”

Dr Bengali said governments do not reduce their expenditures but always sacrifice development projects and the funds allocated for them, because of which there are fewer proper facilities and infrastructure in the country, particularly in megacities like Karachi.

He said society cannot pay taxes so the entire burden has been shifted to the shoulders of the people who are associated with different services. He recommended that the government immediately ban non-essential items in the country to save foreign exchange.

He lamented that on the one hand tens of thousands of people are living below the poverty line and there is nothing for them, but on the other, we can easily find pet food and shampoos in stores, which is very irritating.

The economist said international companies are making a lot of money from the local market and take it to their own countries. He recommended that Pakistan should pay attention to developing its new industries and promote its agricultural products in local and international markets.

Right direction

Earlier, State Bank Deputy Governor Dr Murtaza Syed through his presentation shared the initiatives the government has adopted to improve the current economic situation of the country.

He said everyone should try to understand the causes of our economic challenges, the policies, actions and their impact, the near-term outlook and structural issues.

Import and export are major factors for foreign exchange of any country, and the rising fiscal deficits and public debt (public debt and fiscal balance) are necessary to tackle foreign exchange reserves, he added.

He also said the exchange rate flexibility has significantly turned around the current account. He hopes that further betterment will be brought by making more global exports and helping to rebuild international reserves.

He shed light on the fact that fiscal deficit has also been turned around driven by significant growth in tax revenues. He said the monetary policy has been tightened in response to rising inflation due to depreciation, taxes and energy prices.

He admitted that the economy has been slowing down, but hoped that improvement will be seen in the coming days, claiming that the policies are running in the right direction.

Future plans

Dr Naeemuz Zafar, the Sindh government’s chief economist, discussed the provincial administration’s development projects and said the people will see the results soon. He said productivity had not improved in the past but now things were gradually getting better.

He said goals cannot be achieved without sustainable products, and the federal and all the provincial governments should work on macro and micro levels to bring positive changes in society and in the economic conditions of the country.

He also shed light on the projects being initiated by the Sindh government as well as discussed what plans would be implemented in the near future.

Call for input

KU acting vice chancellor Prof Dr Khalid Mahmood Iraqi said economy is a very serious national matter, adding that all stakeholders must provide their input and work together to produce the best results for the country and for its bright future.

He said public policy can play a very important role in this regard, and urged that continuous and consistent policies are required to address all the challenges Pakistan is facing as regards the economy. He added that socio-economic development is necessary for the future of the country, and observed that the country’s revenue should be used for socio-economic development.

https://www.thenews.com.pk/print/62...urviving-on-ventilator-says-dr-kaiser-bengali


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## Path-Finder




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## Khanivore

Quarter on Quarter growth looking good, inflation down to 12% and Debt/GDP down to 72.5%...


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## Khanivore

Interest rate drops to 11%


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## Tank131

Quick question that may have already been talked about, but giving the precipitous drop in oil prices to the point where oil and gas closed in the negative just two days ago, what is Pakistan doing to buy and expand its oil reserves during the Coronavirus slow down. In fact the negative margin meant thst in order to continue pumping, producers were paying for the acquisition of and storage of the oil. Pakistan should use this time to greatly expand its acquisition of crude and store it in strategic reserves to bolster the economy when oil prices trend back upward.

Reactions: Like Like:
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## Syed1.

Tank131 said:


> Quick question that may have already been talked about, but giving the precipitous drop in oil prices to the point where oil and gas closed in the negative just two days ago, what is Pakistan doing to buy and expand its oil reserves during the Coronavirus slow down. In fact the negative margin meant thst in order to continue pumping, producers were paying for the acquisition of and storage of the oil. Pakistan should use this time to greatly expand its acquisition of crude and store it in strategic reserves to bolster the economy when oil prices trend back upward.


The oil that Pakistan buys is mostly from Saudi and it has not turned negative. It is still trading at about $20/barrel.


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## Path-Finder




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## ejaz007

*Inability to generate desired revenue, meet expenses: Centre’s fiscal woes multiply*










ISLAMABAD: Amid increasing discomfort of the powerful elites with the 18th Amendment and NFC award, the fiscal woes of the central government are multiplying because of its inability to generate the desired revenue and rationalize expenditures.

Simultaneously, the phenomena of ‘statistical discrepancy’ has again re-emerged on the fiscal front of the federal government, as it sharply rose to Rs781 billion in first nine months (July-March) of the current fiscal year 2019-20 against just Rs 22 billion in the corresponding period last year.

The amount of discrepancies had decreased in last couple of years but it re-emerged with the start of the current fiscal year and now it’s mounting at the supersonic speed. The increasing fiscal woes show that now the country’s total revenues are eaten up by debt servicing and defense after transferring resources to provinces under NFC Award.

For meeting all other heads of expenditures such as running of the government including salaries, pensions, development, and subsidies are managed through loans from domestic and external avenues.

The latest data of fiscal operation for first nine months (July-March) for 2019-20 showed that the debt servicing continued to remain the single largest ticket item on expenditures side as it consumed Rs1879.71 billion out of total collected revenues of Rs4,689 billion.

Out of total revenues of Rs3,044 billion collected bythe FBR, the provinces got share of Rs1931 billion through the federal divisible pool in shape of NFC Award. Then the remaining federal revenues, including the FBR and nontax revenues, could hardly meet the requirements of debt servicing and defense.

This indicates that the federal government starts its budgeting from minus and it has to obtain loans to fulfill the requirements of other expenditures heads. The higher discount rates that remained into bracket of double digit had increased requirement of debt servicing manifold as the data also shows that it consumed major chunk of the resources of the federal government.

The budget deficit that is considered as mother of all economic ills stands at Rs1,686 billion equivalent to 3.8 percent of Gross Domestic Product (GDP) during the first nine months of the current fiscal year against 5 percent of GDP in the same period of the last financial year. However, the primary balance that mainly concerns the IMF stands at just 0.4 percent of GDP. But the overall deficit that stood at 8.9 percent of GDP on eve of the last fiscal year 2018-19 that was now projected to escalate to over 9.6 percent of GDP in the aftermath of COVID-19 pandemic till end June 2020.

The fiscal operation for July-March period for 2019-20 shows that the total fetched revenues stood at Rs4,689.87 billion out of which the federal tax revenues stood at Rs3,273 billion, provinces Rs321.219 billion and nontax revenues of Rs1,019 billion.

Among nontax revenues, the government earned more money through the petroleum levy fetching Rs198 billion in nine months of the current fiscal so far against Rs141 billion in the same period of the last financial year.

Total expenditures incurred in first nine months escalated to Rs 6376 billion out of which current expenditures remained the largest head by consuming Rs5,611 billion. Out of total current expenditures, the mark-up of loans on both domestic and external fronts consumed Rs1879.712 billion than defense consuming Rs802.4billion

The federal development expenditures through PSDP stood at Rs340.4 billion, provincial development expenditures Rs382 billion and other development expenditures Rs29 billion.

https://www.thenews.com.pk/print/65...e-meet-expenses-centre-s-fiscal-woes-multiply


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## ziaulislam

this is not sustainable

the center govt cannot hold on to power and keep the 18th amendment.

all subsides have to go to either the provinces and center should even hand over the power sector to provinces..

or scrap the NFC award which is unrealistic

i sure provinces cant handle all this devolution of power so quickly there is no setup for it


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## ejaz007

*3.8 percent budget deficit witnessed in 9 months*
By ZAHEER ABBASI on May 7, 2020



A budget deficit of 3.8 percent or Rs1,687 billion has been recorded during the first nine months of the current fiscal year, July-March 2019-2020, ahead of corona pandemic expenditure and ramifications of lockdown on the revenue and economy of the country. On Wednesday, the Finance Ministry uploaded consolidated fiscal operation for July-March2019-2020, revealing highest spending on debt servicing and very little on social protection.

Of the total expenditure of Rs6376 billion or 14.5 percent of the GDP, highest expenditure was incurred on debt servicing of around Rs1,879 billion both the domestic and foreign with Rs1,646 billion on servicing of domestic debt and Rs234 billion on servicing of foreign debt followed by defense spending of Rs802.4 billion and development spending of Rs751.722 billion by both the federal and provinces with Rs340 billion by the federal government and Rs382 provincial during the first three quarters of the current fiscal year .

The government expenses on pension payments were Rs218.9 billion, public order and safety affairs Rs72.01 billion, Rs31.8 billion and Rs15.105 billion on social protection.

Of the total revenue collection of Rs4,689 billion during July-March 2019-2020, tax collection was Rs3,594 billion and non-tax revenue Rs1,033 billion.

In non-tax revenues, the government had collected Rs70.03 billion as mark-up on public sector entities, Rs26.05 billion as dividend, Rs635.5 billion as profit of the State Bank of Pakistan, and Rs113.1 billion as the Pakistan Telecommunic-ation Authority (PTA) profit.

Other component of non-tax revenue included Rs10.8 billion as defence receipts, Rs16.3 billion on account of passport fee, and Rs10.5 billion for discount retained on crude oil.

Rs65.5 billion was received on account as royalties on gas and oil, Rs4.6 billion as windfall levy against crude oil, and Rs60.1 billion through other sources.

The FBR collected Rs3,044 billion during the first three quarters of the current fiscal year against the budgetary target of Rs5.5 trillion, which is now projected to remain around Rs3.9 trillion after the corona pandemic. Direct tax collection was Rs1,146 billion and indirect taxes contribution in revenue was Rs1,898 billion in total FBR collection, the government also collected Rs198 billion on account of petroleum levy.

https://www.brecorder.com/2020/05/07/595092/three-8-percent-budget-deficit-witnessed-in-9-months/


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## Path-Finder

__ https://twitter.com/i/web/status/1258297232417345536


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## Path-Finder

__ https://twitter.com/i/web/status/1260563205576892417


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## Path-Finder

__ https://twitter.com/i/web/status/1260487469063118853

Reactions: Like Like:
1


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## ziaulislam

Path-Finder said:


> __ https://twitter.com/i/web/status/1260487469063118853


Either the guy is an idiots or hypocrate and corrupt to the core

On positive news a massive news 

__ https://twitter.com/i/web/status/1260645542402461697


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## ejaz007

*GDP growth rate to remain negative 1.5pc this year: Hafeez Shaikh*





ISLAMABAD: With the current projections of negative 1.5, GDP growth rate owing to COVID-19 pandemic impact, the country’s economy would turn around to witness 2 percent growth in upcoming fiscal year (2020-21), Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said on Thursday.

Participating in a Webinar on ‘Pakistan Economy: PostCOVID-19,’ organised by Institute of Chartered Accountant of Pakistan (ICAP), the adviser said that Pakistan was expecting around 3 percent growth during the current fiscal year, however it would end up negative 1 to 1.5 percent due to coronavirus impact.

However, he said when the situation improves, the GDP was expected to grow by 2 percent next year. Likewise, the adviser said that the fiscal deficit, which was projected at 9 percent this year compared to the target of 7 percent, would also be brought down next year while, the debt to GDP ratio would also be reduced.

Talking about the post COVID-19 situation, the adviser said that the International Monetary Fund (IMF) had predicted 3 percent global growth. The contraction in global economy had been affecting the country’s exports as had been witnessed in April during which the exports decline by 40 percent as compared to last April.

Likewise, unemployment was going up due to lockdown and low economic activity while the revenue collection also declined so the expenditure side was going to be affected. He said that the government had taken comprehensive measures and announced Rs1.2 trillion economic stimulus package to help businesses and vulnerable segments of the society deal with the challenges of coronavirus.

He said that IMF had been supportive of government’s stimulus package, which was introduced by the government to check contraction of economy, while the package given to construction industry would also help keep the economy activities on.

He said when the government came to power, the country was facing severe economic crisis, however efforts were made to get the country out of these crises while certain tough decisions were made which ultimately produced results.

Owing to those policies, he added, the current account deficit was reduced from $20 billion to just $3 billion. Likewise, stagnant exports started witnessing growth whereas rupee was allowed to find correct value in market. In addition, confidence was restored in global players and financial institutions after the country entered into IMF programme, which provided $6 billion whereas Asian Development Bank (ADB) and World Bank (WB) were also backing the country.

https://www.thenews.com.pk/print/65...remain-negative-1-5pc-this-year-hafeez-shaikh


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## volatile

ejaz007 said:


> ISLAMABAD: With the current projections of negative 1.5, GDP growth rate owing to COVID-19 pandemic impact, the country’s economy would turn around to witness 2 percent growth in upcoming fiscal year (2020-21), Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said on Thursday.
> 
> Participating in a Webinar on ‘Pakistan Economy: PostCOVID-19,’ organised by Institute of Chartered Accountant of Pakistan (ICAP), the adviser said that Pakistan was expecting around 3 percent growth during the current fiscal year, however it would end up negative 1 to 1.5 percent due to coronavirus impact.
> 
> However, he said when the situation improves, the GDP was expected to grow by 2 percent next year. Likewise, the adviser said that the fiscal deficit, which was projected at 9 percent this year compared to the target of 7 percent, would also be brought down next year while, the debt to GDP ratio would also be reduced.
> 
> Talking about the post COVID-19 situation, the adviser said that the International Monetary Fund (IMF) had predicted 3 percent global growth. The contraction in global economy had been affecting the country’s exports as had been witnessed in April during which the exports decline by 40 percent as compared to last April.
> 
> Likewise, unemployment was going up due to lockdown and low economic activity while the revenue collection also declined so the expenditure side was going to be affected. He said that the government had taken comprehensive measures and announced Rs1.2 trillion economic stimulus package to help businesses and vulnerable segments of the society deal with the challenges of coronavirus.
> 
> He said that IMF had been supportive of government’s stimulus package, which was introduced by the government to check contraction of economy, while the package given to construction industry would also help keep the economy activities on.
> 
> He said when the government came to power, the country was facing severe economic crisis, however efforts were made to get the country out of these crises while certain tough decisions were made which ultimately produced results.
> 
> Owing to those policies, he added, the current account deficit was reduced from $20 billion to just $3 billion. Likewise, stagnant exports started witnessing growth whereas rupee was allowed to find correct value in market. In addition, confidence was restored in global players and financial institutions after the country entered into IMF programme, which provided $6 billion whereas Asian Development Bank (ADB) and World Bank (WB) were also backing the country.
> 
> https://www.thenews.com.pk/print/65...remain-negative-1-5pc-this-year-hafeez-shaikh



I do wonder where this party is now ,when GDP was at 5% the same party being political said 





https://www.app.com.pk/national-security-strongly-linked-with-economy-dg-ispr/


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## Path-Finder




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## Arsalan

@Syed1. and @ejaz007 enough of this. This is not your home where you can use whatever filthy language you want to neither is this a private chat page or social media profile. Any abusive and insulting post have been deleted for now, next step will be to issue warnings and hand out bans. I hope this serves as a soft warning.

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## Path-Finder

__ https://twitter.com/i/web/status/1262777010612506625

1/9) دو سال میں PTI کو پاکستانی تاریخ کے دو بد ترین بحرانوں کا سامنا کرنا پڑا، ایسی صورتحال میں PMLN/PPP کا سارا الزام پی ٹی آئی حکومت کو دینا سراسر بدنیتی اور سیاسی point scoring کے علاوہ کچھ نہیں۔

2/9)کرونا کی وجہ سے عالمی معاشی بحران اور اس کے پاکستان پر اثرات دیکھ کر ن لیگ کے رہنما آج کل دوبارہ اپنے دور میں GDP کی شرح کی بات کرنے لگے ہیں، لیکن ان کے دور میں یہ شرح اوسطً زیادہ ہونے کے باوجود پی پی پی دور میں تقریباً 13 لاکھ زیادہ لوگوں کو نوکریاں ملی۔

3/9)وجہ یہ ہے کے ن لیگ کے دور میں معیشت کا انحصار اضافی Imports کےاستعمال پر رہا،Exports کم ہوتی رہی تجارتی خسارہ پورا کرنے کیلیے بیرونی قرضے بڑھتے رہے، 2013 میں جو کرنٹ اکاونٹ خسارہ 2.5$ارب ڈالر فی سال تھا وہ 2018 میں 20ارب ڈالر تک پہنچ گیا اور قرضے میں 35ارب ڈالر کاُاضافہ ہوا۔

4/9)مطلب خسارے بڑھنے کی وجہ سے اب ایک سال میں 17.5$ ارب ڈالر اضافی چاہیے تھے اور Imports کی ادائیگی کے لیے مارکیٹ میں ڈالر کی طلب بڑھنے سے روپے کے مقابلے میں ڈالر کی قیمت بھی بڑھ گئی۔ ڈار صاحب نے خسارہ کم کرنے کی بجائے artificially قرض اورسٹیٹ بنک کے زخائر سے روپے کو مستحکم رکھا

5/9)2017 جون میں زرِمبادلہ کے زخائر 16$ ارب ڈالر تک تھے جو جون 2018 کے 9$ ارب ڈالر رہ گئے، مطلب اس پالیسی کے تسلسل کے لیے 7$ ارب ڈالرسٹیٹ بینک کے زخائر سے اور اسی سال 11$ ارب ڈالر نئے قرض کی مد میں لیے گئے۔ نئی آنے والی پی ٹی آئی حکومت کے لیے یہ پالیسی برقرار رکھنا نا ممکن تھا

6/9)یہ صرف بیرونی معملات کا حال تھا، PIA,Railway,PTV,Pakistan Post, Steel Mills سمیت دیگر اداروں کا سالانہ نقصان 450 ارب،گردشی قرضہ 1300ارب تک پہنچ چکا تھا اور ن لیگ حکومت کے صرف آخری ایک سال میں گیس اور بجلی کے شعبوں میں 600ارب کا گردشی قرض بن گیا۔

7/9)اب نا تو سٹیٹ بنک کے پاس اتنے زخائر تھے کے دوبارہ 7ارب ڈالر خرچ دے اور نا ہی اس صورتحال میں سستا بیرونی قرضہ ملتا۔ لحاضہ حکومت نے دوست ممالک کی مدد لی، روپے کی قدر کو کم کیا اور ساتھ میںIMF لیا، ان سخت اقدامات سے امپورٹس سے ہونے والی GDP گروتھ کی شرح کم ہوئی اور مہنگائی آئی

8/9)لیکن پاکستان دیوالیہ ہونے سے بچ گیا، کرنٹ اکاؤنٹ خسارہ 20 ارب ڈالر سے کم ہو کر موجودہ مالی سال میں 6$ارب ڈالر تک رہنے کی توقع تھی، حکومت کی مکمل ترجیح Exports میں اضافے، tourism, نئی سرمایہ کاری سے ہونے والی گروتھ پر تھی۔ زرمبادلہ کے زخائر، ٹیکس رونیو، اور exports میں

9/9)مسلسل اضافہ دیکھا جا رہا تھا، مہنگائی کی شرح کم ہورہی تھی، عالمی ادارے دوبارہ معیشت مستحکم ہونے کی بات کر رہے تھے۔ لیکن پوری دنیا میں کرونا لاک ڈاؤن کی وجی سے export order رک گئے، پاکستان میں صنعت بند کرنی پڑی، ان حالات کی وجہ سے پاکستان سمیت پوری دنیا کے بیشتر ممالک کو

10)منفی گروٹھ کا سامنا ہے۔ لیکن مہنگائی کی شرح کم ہوئی ہے، حکومت نے معیشت کو سہارا دینے کے لیے مختلف پیکج دیے ہیں جو دوسرے کافی ترقی پذیر ممالک سے زیادہ ہیں۔ کرونا سے پہلے حاصل کے گئے fundamentals ابھی بھی قائم ہیں۔ کرونا ختم ہونے کے بعد پاکستان دیرپا ترقی کی راہ پر گامزن ہوگا۔IA

https://threader.app/thread/1262777010612506625

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## Incog_nito

Is govt planning to privatize airports very soon? 
Then what about PIA, Railway, PNSC, and other Govt owned enterprises?


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## Syed1.

Incog_nito said:


> Is govt planning to privatize airports very soon?
> Then what about PIA, Railway, PNSC, and other Govt owned enterprises?


The plan was to outsource the services of airports so that they could be better managed but it was put off today, because of corona there was a chance that investor interest would have been lukewarm

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## Path-Finder

__ https://twitter.com/i/web/status/1267044663070019584

__ https://twitter.com/i/web/status/1267044669415919616

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## Syed1.

Path-Finder said:


> __ https://twitter.com/i/web/status/1267044663070019584
> 
> __ https://twitter.com/i/web/status/1267044669415919616


Glad he posted in Urdu and in simple words so that even patwaris can understand. I won't hold my breath though.

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## Flight of falcon

I haven’t seen Ejaz 007.... our resident arastoo parchi economist ..... where is he now a days ?
His knowledge of economics make me promise myself that I will have my kids take a course in economics so as not to sound and speak utter nonsense ...

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## Path-Finder

__ https://twitter.com/i/web/status/1268257914969559047

__ https://twitter.com/i/web/status/1268257918614372359


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## Flight of falcon

Path-Finder said:


> __ https://twitter.com/i/web/status/1268257914969559047
> 
> __ https://twitter.com/i/web/status/1268257918614372359




now look at this Ishaq Dar comments...this idiot was our Finance minister....does he really not know the difference between T bills and bond or just too stupid to realize what he is typing.

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## Syed1.

So July to May.... Exports are $20b as opposed to $21.5b at same time last year. That is good performance since essentially exports went down to next to nothing in March and April. We would have achieved exports of around $28b this year had there not been any corona. 

Imports in this period are about $41b which is $10b less than same time last year. 

The trade deficit is about $21b now, by end of year (30th June 2020) I'm guessing it'll be $23b.. considering how we will get around $20b in remittances the current account deficit is almost balanced with a miniscule $3b left. 

This is a remarkable feat by the PTI government considering they were left with a CAD of $20b just 2 years ago, and if you think about it primary budget might be in surplus because we get FDI and FPI etc that cover this $3b deficit. 

If corona doesn't shut down the economy for much longer we are in a good position to start improving.

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## ARMalik

Here we go again - the big white Master is asking the little Slave to behave and don't spend money without the approval of the big daddy. But hey, these shameless Pakistan government agents don't care. They would rather prefer to stand in a begging queue and be humiliated rather then do the right thing and make some very tough economic decisions. 

https://www.thenews.com.pk/print/667902-freeze-non-development-expenditure-demands-imf
*Freeze non-development expenditure, demands IMF*

The International Monetary Fund (IMF) has asked Pakistan to undertake massive fiscal adjustments of Rs1,150 billion to bring down primary deficit at negative 0.4 percent of GDP for the upcoming budget 2020-21 post COVID-19 pandemic.

The IMF staff proposed freezing all major non-development expenditures heads, including salaries and defence, in order to bring down primary deficit from projected negative 2.9 percent in outgoing fiscal year to -0.4 percent of GDP in the next budget for 2020-21.

Top officials sources confirmed that the stalled IMF programme under the $6 billion Extended Fund Facility (EFF) could only be revived provided the government demonstrates its ability to present and pass the next budge


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## ejaz007

*Pak external financing requirement to jump to $29.3 bn*





ISLAMABAD: Amid decreasing non-debt creating dollar inflows in upcoming budget, Pakistan’s gross external financing requirement is expected to jump up from $25 billion in outgoing fiscal to at least $29.3 billion in next financial year 2020-21, it is learnt.

The budget makers are worried in the aftermath of outbreak of coronavirus and its persistence in the country because it might result into decreased non- debt creating dollar inflows into Pakistan in next fiscal year such as foreign direct investment, fetching exports earnings and remittances so Islamabad will be forced to increase its reliance on foreign loans to meet its financing gap on external account.

The decreased oil prices in international market is real bonanza for our economy but if it rebounded on higher side then the trade balance might further worsen and demand for dollar for bridging financing gap might further escalate. This is the potential risk identified by the budget makers, said the official sources.

“The gross external financing needs might cross $30 billion mark in the next fiscal budget for 2020-21 against projected estimates of $25 billion in outgoing fiscal year” top official sources confirmed to The News here on Friday.

The International Monetary Fund (IMF) has estimated that Islamabad’s gross financing needs will be standing at $29.3 billion in the next budget. The debt repayment on account of total external debt and liabilities is estimated to consume $13.8 billion in the coming budget 2020-21.

The macroeconomic framework approved prepared by Planning Commission and approved by the Annual Plan Coordination Committee (APCC) envisages that the current account deficit is targeted at $4.4 billion for next fiscal year. The exports are targeted to fetch $22.7 billion in next fiscal year against initially envisaged pre COVID-19 target of $26.187 billion for outgoing fiscal year, indicating that the exports might decrease by $3.487 billion. The imports were targeted at $42.142 billion in the next budget against revised estimates of $41.9 billion for the outgoing fiscal year. The remittances are going to face major hit as the government expects to receive $21.5 billion remittances from Pakistanis living abroad in next fiscal year against initially envisaged target of $24.030 billion in outgoing fiscal year ending on June 30, 2020.

The Ministry of Finance has estimated that the government will have to get foreign loans of $14 to $15 billion in the next budget while repayment of public debt is going to consume $11 billion. So net external borrowing will be standing around over $4 billion in the next budget.

The IMF has estimated that the current account deficit would be hovering around $6.5 billion in the next budget but Ministry of Finance is pitching it at $5.5 billion on maximum side at the moment. The government also plans to launch Eurobond to generate $1.5 billion in the next fiscal year. The government also decided to rollover the commercial loans instead of seeking new one but all will depend upon the yawning budget deficit and its financing requirement for the current fiscal year.

So far the Ministry of Finance has estimated that total debt servicing requirement would be standing at Rs3,150 billion for the next budget. One top official argued that the government managed T-bills for 6 months to one year instead of 3 months so the debt servicing requirement will go up these debt instruments got matured by next fiscal year. Although the discount rate had decreased but the debt servicing requirement is still on higher side size of loan portfolio increased manifold. The buffer created by the government within the SBP to the tune of over Rs1 trillion is also under severe criticism because it is ballooning debt servicing bill.

https://www.thenews.com.pk/print/668778-pak-external-financing-requirement-to-jump-to-29-3-bn

http://www.sbp.org.pk/ecodata/forex.pdf


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## Path-Finder




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## POPEYE-Sailor

*Great achievement by local people of Pakistan *





__ https://www.facebook.com/


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## fatman17

640MW Hydro power project on the border of AJK and KPK nearing completion.

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## ejaz007

*Pakistan: GDP forecast massively revised downward*
ISLAMABAD: The World Bank (WB) has massively revised downward the GDP growth rate projection for Pakistan by five...

Tahir Amin June 09, 2020




ISLAMABAD: The World Bank (WB) has massively revised downward the GDP growth rate projection for Pakistan by five percent to negative 2.6 percent from 2.4 percent for the outgoing fiscal year 2019-2020.

The bank in its latest report, "Global economic prospects", forecast Pakistan's current year growth rate at negative 2.6 percent - five percent lower than its estimates of January 2020 - before touching negative 0.2 percent for next fiscal year 2020-2021. The bank earlier in January 2020 projected the GDP growth rate at three percent for 2020-2021, but now it has been revised downward by 3.2 percent.

The National Accounts Committee has calculated GDP growth to be negative 0.38 percent for outgoing fiscal year.

The swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction.

According to bank forecasts, the global economy will shrink by 5.2 percent this year.

That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870, the bank added.

Pakistan and Afghanistan are both projected to experience contractions in 2020.

Mitigation measures imposed in these countries are expected to weigh heavily on private consumption, contributing to output contractions of -2.6 percent (2019-2020) and -5.5 percent, respectively.

Key labour-intensive export sectors such as textiles are expected to contract sharply and subsequently recover slowly.

The bank further stated that, while limited testing capacity may understate the true scale of the regional outbreak, the majority of infections in the region are in India (200,000), Pakistan (70,000), and Bangladesh (50,000). Nationwide lockdowns in these three largest regional economies sharply curtailed activity in the services sector, and manufacturing production.

Sales and production in a number of key sectors in regional economies (e.g., autos in Pakistan, garment in Bangladesh) have been hit especially hard amid anemic demand.

Business confidence in both manufacturing and services sectors have concomitantly fallen in economies such as Pakistan's.

Key trading corridors in the region also witnessed disruptions.

It further stated that private consumption has been severely hindered as large-scale lockdowns were instituted in several economies, including Bangladesh, India, Nepal, and Pakistan.

Some recent relaxations to these measures have been cautious, given continued rise in the Covid-19 cases.

Non-essential business closures stalled retail sales.

In rural areas, food and other essential activity deliveries also faced major impediments.

Closure of small and medium-sized enterprises, a key engine of regional private sector activity, induced a substantial loss in employment and private investment.

The sharp decline in oil prices in 2020 could provide some support to the region, given sizable oil imports in India and Pakistan, and help cushion fiscal and current account balances. This positive effect may be offset by falling remittance inflows from oil-exporting economies, however, as economies that host migrants from South Asia Region (SAR) struggle with the twin challenges of the pandemic and the oil price collapse.

These flows are expected to decline by about one-fifth in the SAR region this year.

International travel bans and school closures have been widespread in SAR economies.

Public transport has also been closed in two-third of the countries.

Near total lockdowns in several regional economies severely hindered mobility and impeded delivery of essential services, non-essential businesses have been closed in Pakistan, and airports have been shut for arrivals in Sri Lanka.

Despite the deterioration in fiscal positions, a number of commodity importers have announced stimulus packages (India, Pakistan, Poland, Thailand, and Turkey).

In addition, central banks in many commodity importers have enacted policy rate cuts.

Several central banks in the SAR have also lowered policy interest rates, aided by an impending drop in inflation due to falling oil prices (Bangladesh, India, Pakistan, and Sri Lanka).

These monetary policy actions have been complemented with measures to provide liquidity to financial markets and banking systems in several economies.

In SAR, India, Pakistan, and Bangladesh have announced fiscal, liquidity, and loan support measures, ranging from three to 10 percent of the GDP. In Pakistan, measures also include additional spending on healthcare, cash transfers, and relief in utility payments. The median fiscal deficit in the SAR is foreseen to widen from 5.4 percent of GDP in 2019 to 6.9 this year.

_Copyright Business Recorder, 2020

https://www.brecorder.com/news/1002751/pakistan-gdp-forecast-massively-revised-downward_


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## maithil

__ https://twitter.com/i/web/status/1271164245426593792
No conflict of interest here..


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## Path-Finder

https://threadreaderapp.com/thread/1271396911182950400.html


1/9)Where was Pakistan's Economy heading Pre-COVID19? Thread

Exports in Feb20 increased significantly by 13.6%

Despite an ongoing global slowdown, exports in fiscal year 2019-20 were growing compared to other peer countries.
Pakistan= 3.6% ⬆️
India= 1.9% ⬇️
Bangladesh= 5.2% ⬇️


2/9)Foreign Direct Investment in first 9 months of fiscal year July 2019- March 2020 was highest in last 11 years when compared with same period. Current Account Deficit decreased 70%, after a 32% decrease last year.




3/9)In December 2019 Moody's upgraded Pakistan's rating outlook to B3 'Stable' from 'Negative' which was downgraded just before PTI Govt in June 2020.
Similarly another gift we received was FATF greylisting in June 2018. From 27 action items, only 2 were incomplete by Feb20.


4/9)By Jan/Feb this year the Pakistan Stock Exchange had crossed the 41K mark and was also rated as one of the best performing markets globally.
Ease of Doing Business Index went up by 28 points 108 from 136, world bank ranked Pakistan in top 10 improvers.
5/9)By March 20, remittances were up by 6% with a strong growth in last 5 months.

Nov 19 = 9.35%
Dec 19 = 20%
Jan 20 = 9.36%
Feb 20 = 15.34%
March20 = 9.28%
Similarly last year remittances increased by 10%.
Note: There was no increase in remittances in last 3 years of PMLN


6/9)On the budgetary side

• FBR tax Rs 3 trillion (Jul-Feb up 17%)

• Primary balance surplus of Rs 177 bn (0.4% of GDP), first time ever in 20 years

• Budget Deficit 3.8% of GDP, with additional non tax revenue the fiscal deficit would have been close to the target.
7/9)Similarly SBP reserves increased from $7.2B to $12B in 9 months, inflation had already started to coming down, Pakistan was expected to grow at 2.4-3% & all this macroeconomic stabilisation would have allowed further growth next year.
8/9)Govt gave a Rs 1.2T package to provide relief, cash transfers covers 45% of population, additional wheat purchases to help farmers, agri subsidy, electricity bill waivers to 95% commercial & 72% industrial connections, refunds to exporters, SBP meaures, construction package.








9/9)Due to COVID-19, global economy will shrink 3%, all countries are in contraction. This is the worst global health & economic crisis since Pakistan's creation. While some issues should be managed better, it is simple dishonesty to blame IK for growth or economic crisis.


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## Path-Finder




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## Path-Finder

__ https://twitter.com/i/web/status/1271526315032797187

__ https://twitter.com/i/web/status/1271526333068304384

__ https://twitter.com/i/web/status/1271526355105206272
https://unrollthread.com/t/1271526315032797187/

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## Path-Finder

@syed1 I saw this and thought you should get the forum tooi wal to watch it!


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## Path-Finder

__ https://twitter.com/i/web/status/1272512472654721024
(Short: 1/n) Wat caused #Pakistan's economy to grow between 2013-18? Short answer: consumption fueled by debt! Let's break it down: Data from recent econ survey shows that high growth rate in FY17 & FY18 was driven by consumption. But wat was behind this increase in consumption?






(2/n) Debt, and all types of debt! Household debt increased from 2.84% of GDP in 2014 to 3.92% in 2018. Debt to private sector increased from 15.59% of GDP to 18.83% over similar period. Finally, govt debt also increased from 62% of GDP to 69.5% between 2014 and 2018.
(3/n) Next, y did everyone borrow so much? Bec interest rates decreased to historic low: from close to 10% in 2014 to less than 6% in 2016. Interest rates remained at their lowest all the way till 2018. Importantly, this was done in an ingenious way, perhaps not intentionally.
(4/n) Ingenuity: The federal government shut down most key channels through which unsustainable growth rate shows up as high inflation. This is imp because it is through controlling infl that the central bank stops the economy from over or under-heating. Wat were these channels?
(5/n) For example, govt used foreign reserves to stop exchange rate from depreciating thus killing an important channel through which an overheated economy will result in inflation. Second, govt also stopped increase in electricity and gas prices thus killing another channel.
(6/n) In short, fixed exchange rate regime + refusal to pass on necessary price adjustments helped keep infl artificially lower than it would have otherwise been. This resulted in historically low interest rates and, consequently, a debt binge resulting in an overheated economy.
(n/n) The party finally came to an end but the hangover still remains! Those who threw the party r quite happy with themselves. But those with hangover (i.e. awaam) r wondering wat went wrong! But whoever u blame, agli dafa jab char baj jain to party khutam ker di jiay ga! Enjoy!

https://threadreaderapp.com/thread/1272512472654721024.html

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## Fazal Abbass

ARMalik said:


> Here we go again - the big white Master is asking the little Slave to behave and don't spend money without the approval of the big daddy. But hey, these shameless Pakistan government agents don't care. They would rather prefer to stand in a begging queue and be humiliated rather then do the right thing and make some very tough economic decisions.
> 
> https://www.thenews.com.pk/print/667902-freeze-non-development-expenditure-demands-imf
> *Freeze non-development expenditure, demands IMF*
> 
> The International Monetary Fund (IMF) has asked Pakistan to undertake massive fiscal adjustments of Rs1,150 billion to bring down primary deficit at negative 0.4 percent of GDP for the upcoming budget 2020-21 post COVID-19 pandemic.
> 
> The IMF staff proposed freezing all major non-development expenditures heads, including salaries and defence, in order to bring down primary deficit from projected negative 2.9 percent in outgoing fiscal year to -0.4 percent of GDP in the next budget for 2020-21.
> 
> Top officials sources confirmed that the stalled IMF programme under the $6 billion Extended Fund Facility (EFF) could only be revived provided the government demonstrates its ability to present and pass the next budge[/QUOTE
> 
> 
> Sir can you tell me about primary deficit or if we can discuss about it on whatsapp or Facebook In details.I am new.
> Thanks


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## IMMORTAL584

Pakistan has recorded -0.4% economic growth rate in 2019-20


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## Syed1.

IMMORTAL584 said:


> Pakistan has recorded -0.4% economic growth rate in 2019-20


India will record -4%


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## BATMAN

this is for those ignorant chamcha types, who says one year is not enough for socio economic growth. 
Unfortunately this graph is not extended till 2020.


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## Path-Finder




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## Dr-who

BATMAN said:


> this is for those ignorant chamcha types, who says one year is not enough for socio economic growth.
> Unfortunately this graph is not extended till 2020.


It's shows Musharraf era, the beginning of his term didn't show much growth, I believe (don't have stats at the moment) that initially mushy did exactly what IK is doing which is fixing the economy and fixing the fundamentals, such as increase the tax (intro of GST) and compliance of tax payments, Inc of fdi, better governance.
The other thing he did was gradually increasing exports.
That's why late 2000's economy was growing
So what IK is good and better then mushy as he is reducing subsidies, Inc of tax, mom borrowing from state bank, rupee devaluation and hence growth in quantity & dollars terms in exports.
Result will be shown in near future

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## maithil

Dr Kaiser Bengali does not seem happy with budget. Especially increase in Defence spending. 


__ https://twitter.com/i/web/status/1280420207173853185


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## Path-Finder

maithil said:


> Dr Kaiser Bengali does not seem happy with budget. Especially increase in Defence spending.
> 
> 
> __ https://twitter.com/i/web/status/1280420207173853185


the mofo rejects the idea of Pakistan thus it can f#ck off!


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## S A L M A N.

I happened to stumble across an archived link to all of the Pakistan's 5-Year Plans from the 1st plan in 1955 to the MTDF for 2005-10. I'm sharing the link here.
The plans are divided into chapters and the link is really slow. It would give interesting insight into past economic policy initiatives if some people can chip in and download them. 
I tried to download them one by one but its a painstaking process.
Writing a Python script to download them did not help because it timed out due to the high latency.

https://web.archive.org/web/20101115043441/http://pc.gov.pk/National_Plans.html


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## ziaulislam

BATMAN said:


> this is for those ignorant chamcha types, who says one year is not enough for socio economic growth.
> Unfortunately this graph is not extended till 2020.


when mushi took over a broken economy where Pakistan defaulted in 1998..(guess who was the PM)..it was followed 3 years of poor growth (<2) followed by 3 years of moment and than final peak in 2006-2008..

though global economic crisis caused it to crash along with massive subsidies and state bank lending in year 2008 ..

what this means..is that after 3-4 years growth might happen not before that

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## maithil

__ https://twitter.com/i/web/status/1282578069002354688


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## Path-Finder




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## Introvert

*Pakistan records trade surplus with Italy*

*



*

Despite the Covid-19-fuelled lockdown and supply chain disruption, Pakistan has fared quite well by registering a visible growth in the Italian market in FY20, said Ambassador of Pakistan to Italy Jauhar Saleem.

Speaking to the Pakistani and Italian media, Saleem said Italy was the eighth largest economy of the world with gross domestic product (GDP) of $2 trillion. It is the third largest economy in the European Union (EU) after Germany and France and the ninth top export destination for Pakistan as it hosts the largest Pakistani diaspora in the EU.

Italy is facing tough times due to the widespread impact of the coronavirus pandemic on its economy and the International Monetary Fund (IMF) has projected a 9-11% contraction in the Italian economy whereas the Italian central bank is anticipating a decline of 9-13% in its GDP this year.

The ambassador pointed out that in FY19 Pakistan had a trade deficit of $164 million with Italy. However, in fiscal year 2019-20, despite the coronavirus outbreak and lockdown in the country, Pakistan managed to record a trade surplus of $210 million.

“So, the balance of trade is in Pakistan’s favour now. In FY20, Pakistan’s exports to Italy were $731 million and imports stood at $521 million.”

Pakistan mainly exported textile, leather, rice and ethanol to Italy. “Pakistan is a market leader in rice and it holds 38% share in the Italian market as the country exports rice worth $62 million,” the envoy added.

Thailand has a share of 12% with $19 million worth of export to the Italian market whereas India ranks at number three with a 10% share and $17 million worth of exports. Saleem also shared the strategy to promote Pakistani goods in the Italian market.

Talking about Italian investment in Pakistan during 2020, the ambassador said it had increased by 45% compared to the previous year. The investment jumped to $56.4 million in FY20.

Foreign direct investment from Italy was mostly concentrated in energy, pharma, chemical and IT sectors. A major investment went to the energy sector.

“Italy has planned to invest in renewable energy in Pakistan. Pakistan’s embassy in Rome is facilitating these new investment projects.”

The ambassador said Italy had become the largest contributor from the EU to home remittances to Pakistan. In FY20, the remittances grew 29%, which was far higher than the growth in overall remittances.

The envoy revealed that the embassy had undertaken a number of initiatives so that Pakistani labour force could stay in Italy even during the lockdown instead of returning back to their home country.

“This strategy has delivered and with the improving market conditions, Pakistanis are back to work and worker remittances have registered 77% growth in June 2020.”

Responding to a question, Saleem said the Italian government had decided to temporarily regularise the migrants working in the agriculture sector and as domestic helpers to fill the gap in key jobs, and allow health coverage to the workers.

Pakistan’s undocumented workers are among the main beneficiaries of this scheme.

The ambassador stressed that Pakistan was enhancing areas of cooperation with Italy. Currently, Italy is providing technical assistance in textile, leather and marble sectors. Pakistan is working to expand it to dairy and livestock, olives and olive products, plastics, processed food and construction sector.

https://tribune.com.pk/story/2256381/pakistan-records-trade-surplus-with-italy

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## PradoTLC

Ok noonies Here is truth from World bank country director

- the 5% growth rate was largely consumption NOT based investment based which contributes to boom and bust cycles ..

- keeping the rupee artificially high hurt exports

watch and weep..

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## Path-Finder




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## Path-Finder




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## volatile

Factual comparison


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## Path-Finder

*Pakistan’s debt, liabilities sour past the size of its economy*
SAMAA | Samaa Money - Posted: Aug 29, 2020 | Last Updated: 8 hours ago





Pakistan’s outstanding debt and liabilities reached Rs44.6 trillion as of June 30, 2020 going past the size of its economy, according to the statistics the State Bank of Pakistan published on Thursday.

The total debt and liabilities increased by more than a tenth in the latest fiscal year and now stand at 107% of its GDP, which stands at Rs41.7 trillion, according to the central bank’s data.
This is much higher than the 60% limit as described under Pakistan Fiscal Responsibility and Debt Limitation Act 2005 and it has been above this line since the time of PML-N government. In fiscal year 2018, the last year of the PML-N government, the total debt and liabilities were Rs29.8 trillion or 86.3% of the GDP, therefore, the present set-up has added another Rs14.8 trillion to the national debt since then.
This mountain of debt leaves Pakistan with no money to spend on its people. This is because more than 40% of its budget is spent on repaying the previous loan. Successive governments have failed to meet tax collection target, which results in lower revenue. On the other hand, they end up spending more than what’s allocated in the budget. Higher spending and lower revenue creates large budget deficit, which is then plugged through more borrowing and the cycle goes on.​








Pakistan's debt, liabilities sour past the size of its economy


The country now owes Rs44.6 tn



www.samaa.tv

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## ziaulislam

PradoTLC said:


> Ok noonies Here is truth from World bank country director
> 
> - the 5% growth rate was largely consumption NOT based investment based which contributes to boom and bust cycles ..
> 
> - keeping the rupee artificially high hurt exports
> 
> watch and weep..


Whats the point every knows this..
Why do u think imports were high..
We printed artificial money (state bank lending)built roads on that (gdp growth)
Money and imported diapers(imports increase)..and let the next govt pick up fall out of the artificial moeny

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## ziaulislam

Path-Finder said:


> *Pakistan’s debt, liabilities sour past the size of its economy*
> SAMAA | Samaa Money - Posted: Aug 29, 2020 | Last Updated: 8 hours ago
> 
> 
> 
> 
> 
> 
> ​Pakistan’s outstanding debt and liabilities reached Rs44.6 trillion as of June 30, 2020 going past the size of its economy, according to the statistics the State Bank of Pakistan published on Thursday.
> 
> The total debt and liabilities increased by more than a tenth in the latest fiscal year and now stand at 107% of its GDP, which stands at Rs41.7 trillion, according to the central bank’s data.
> This is much higher than the 60% limit as described under Pakistan Fiscal Responsibility and Debt Limitation Act 2005 and it has been above this line since the time of PML-N government. In fiscal year 2018, the last year of the PML-N government, the total debt and liabilities were Rs29.8 trillion or 86.3% of the GDP, therefore, the present set-up has added another Rs14.8 trillion to the national debt since then.
> This mountain of debt leaves Pakistan with no money to spend on its people. This is because more than 40% of its budget is spent on repaying the previous loan. Successive governments have failed to meet tax collection target, which results in lower revenue. On the other hand, they end up spending more than what’s allocated in the budget. Higher spending and lower revenue creates large budget deficit, which is then plugged through more borrowing and the cycle goes on.
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Pakistan's debt, liabilities sour past the size of its economy
> 
> 
> The country now owes Rs44.6 tn
> 
> 
> 
> www.samaa.tv


Wait for new data once inflation adjustment happens the debt should drop back to 80%

Revenue side the main issues are
1. Primary deficit (federal deficit after two core spending defense & debt servicing)
2. State losses of PIA railways power gen
3. FBR performance

These three are key problems

Federal govt needs to tune down its spending outside of its judicirstion (defense & debt servcing) and focus on strutral refroms and let private sector & provincial govts be the engine of growth..either that or revere the 18th amendment you cant have it both ways..

Worse karachi spending is now done by federal govt too..

Federal govt should change all karachi spendi
To provincial loans

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## ziaulislam

Steps needed
1. FBR reforms and privitization to adress losesin govt entities
2. Giving up spending to to provinces
3. Public private patnership in PSDP


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## Introvert

*Pakistani Mangos Surpass 2020 Export Target*







According to Pakistani domestic media, in spite of the numerous challenges associated with the unforeseen outbreak of the COVID-19 pandemic, Pakistan has already succeeded in meeting its mango export target of 80,000 tons set for 2020. The country has so far exported approximately 125,000 tons of mangos with a total value of $72 million this year. Over the coming one and a half months, another 25,000 tons are expected to be exported.

In 2019, Pakistan produced 1.8 million tons of mangos, of which 130,000 tons were exported. Most of these exports were destined for countries in Central and Western Asia, with Afghanistan, the United Arab Emirates, Iran and Oman as the primary importers. In 2020, the production of Pakistani mangos is forecast to reach 1.30 million tons, representing a year-on-year decrease of 28%. This reduced crop along with the COVID-19 crisis has made this year one of the toughest in recent history for Pakistani mango exporters.

Although Pakistani mangos were granted access to China in 2003, they are only rarely seen on the market; according to data from China Customs, Pakistan only exported 20 tons of fresh mangos to China in 2019. Inconsistent quality and high cost are two major reasons for the failure of Pakistani mangos to secure a stronger presence on the Chinese market.

According to industry insiders, the varying quality is a direct result of limitations in planting technologies and post-harvest practices, suboptimal sorting and packing technologies, inefficient logistics and premature picking. The lack of facilities for the mandatory fumigation treatment alone results in a large proportion of Pakistani mangos missing the opportunity to enter China every year.

High transportation costs pose no less of a challenge. Exports of Pakistani mangos to China can be conducted by either air or sea. The cost of air freight has soared by two to three times this year owing to the ongoing COVID-19 pandemic. Pakistani mangos sent to China via this year’s first air shipment were priced at 37 Chinese yuan ($5.45) per kilogram in Yunnan province, whereas local mangos were being sold for only 10–20 yuan ($1.47–2.95) per kilogram. If shipped by sea, it takes 25 days for Pakistani mangos to reach China. However, the shelf life of the fruit is only approximately 20 days at room temperature. Pakistani mango exporters previously considered using controlled atmosphere containers, which have been extensively utilized for Chilean cherry shipments to China, but were somewhat daunted by the high cost ($7,000 per controlled atmosphere container versus $1,500 per conventional container).

Considering the fact that Pakistan shares a border with China’s Xinjiang Uyghur Autonomous Region, it is more feasible in terms of both cost and transit time for Pakistani exporters to first ship mangos to Xinjiang via land prior to redistribution.

Mangos are Pakistan’s second-largest fruit export, trailing only citrus fruits. The majority of Pakistan’s mango production takes place in four provinces, namely, Punjab (54,000 hectares), Sindh (46,000 hectares), Balochistan (11,000 hectares) and Khyber Pakhtunkhwa (2,000 hectares). Pakistan also boasts a wide range of mango varieties that vary from one another in terms of appearance, color, taste and picking time. These varieties generally fall into two categories: one for fresh consumption, and the other for juice. The two main exported mango varieties are Sindhri and Chaunsa, whose harvest seasons last from May to September.


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## maithil

__ https://twitter.com/i/web/status/1304899471973777411


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## Path-Finder




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## ziaulislam

maithil said:


> __ https://twitter.com/i/web/status/1304899471973777411


exxon shares were 80$ in 2014 now its 30$
i know you live in mars but oil is down on earth

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## VCheng

Good quality textile products from Pakistan had almost disappeared here in the last few years, but slowly they seem to be making a comeback:

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## Path-Finder




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## KhanBaba2

Introvert said:


> High transportation costs pose no less of a challenge. Exports of Pakistani mangos to China can be conducted by either air or sea. The cost of air freight has soared by two to three times this year owing to the ongoing COVID-19 pandemic. Pakistani mangos sent to China via this year’s first air shipment were priced at 37 Chinese yuan ($5.45) per kilogram in Yunnan province, whereas local mangos were being sold for only 10–20 yuan ($1.47–2.95) per kilogram.



Why are mangoes not exported via CPEC.


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## Path-Finder

*احسن اقبال اور اسحاق ڈار کی غلط بیانی ن لیگ کے اپنے ہی گلے پڑگئی*
By *ویب ڈیسک* جمعرات 08 اکتوبر 2020  1




حقائق کو توڑ مروڑ کر پیش کرنا لیگی رہنماؤں کو مہنگا پڑ گیا، صحافی نے ٹویٹ کیا تو بلی تھیلے سے باہر آ گئی

چند روز قبل لیگی رہنماؤں کی جانب سے ایک گراف سوشل میڈیا پر پوسٹ کیا گیا جس میں ان کی جانب سے اس گراف کو اس طرح پیش کیا جا رہا ہے کہ مسلم لیگ ن کے دور اقتدار میں پاکستان کے متوسط طبقے کی تعداد 8.6 فیصد سے بڑھ کر 20.06 تک جا پہنچی تھی جو کہ موجودہ حکومت کے دور مین گھٹ کر 7 فیصد پر آ گئی ہے۔

یہ گراف سابق وزیر خزانہ اسحاق ڈار کی جانب سے کچھ اس طرح پوسٹ کیا گیا کہ متوسط طبقہ (middle class) کسی بھی معیشت کی ریڑھ کی ہڈی سمجھا جاتا ہے۔ پاکستان کا متوسط طبقہ مسلم لیگ ن کے دور میں 8.6 فیصد سے 2018 تک 20.6 فیصد پر پہنچ گیا تھا۔ بدقسمتی سے عمران نیازی حکومت کی معاشی تباہی کی وجی سے یہ 2 سالوں میں کم ہو کر 7 فیصد پر آ گیا ہے۔

__ https://twitter.com/i/web/status/1312688712342556672
جبکہ سابق وزیر داخلہ احسن اقبال نے اس کے متعلق لکھا کہ مسلم لیگ ن کے دور اقتدار میں متوسط طبقے کی تعداد روز بہ روز بڑھ رہی تھی جس کا مطلب یہ ہے کہ تب لوگوں کی آمدن اور اخراجات میں مطابقت تھی ، جبکہ موجودہ حکومت کی غلط معاشی پالیسیوں کی وجہ سے یہ متوسط طبقہ لوئر مڈل کلاس میں تبدیل ہو گیا۔


__ https://twitter.com/i/web/status/1314192739387359232دراصل یہ گراف پاکستان ٹوڈے نامی میگزین کی جانب سے شائع کیا گیا تھا جس میں انہوں نے 1999 سے لیکر 2019 تک کے پاکستانی متوسط طبقے کے اعدادو شمار پر مبنی ایک مفصل رپورٹ بنائی تھی۔
ٹوئٹر پر لیگی رہنماؤں کی جانب سے اس گراف کو پوسٹ کیے جانے پر سراہنے کا سلسلہ ابھی جاری ہی تھا کہ پاکستان ٹوڈے میگزین کے مینیجنگ ایڈیٹر فاروق ترمذی نے ٹوئٹ کیا جس میں انہوں نے لیگی رہنماؤں چالاکی کا پردہ چاک کر دیا اور حقیقت بیان کر دی۔
فاروق ترمذی نے اپنی ٹویٹ میں لکھا کہ احسن اقبال اور اسحاق ڈار نے ایک گراف دکھا کر جس چیز کا ذمہ دار عمران خان کو ٹھہرایا دراصل اس کی ذمہ دار ن لیگ ہے۔ انہوں نے لکھا کہ یہ گراف سیاق و سباق سے ہٹ کر پیش کیا جا رہا ہے اور جس متوسط طبقے کو اسحاق ڈار تباہی کے دہانے پر چھوڑ گئے تھے دراصل اس کو اوپر اٹھانے کے لیے موجودہ حکومت کوشش کر رہی ہے۔

__ https://twitter.com/i/web/status/1313878481705611265
فاروق ترمذی نے ایک اور ٹویٹ میں لکھا کہ اس رپورٹ میں جس ریسرچ اور طریقہ کار کا استعمال کیا گیا اس میں مزید بہتری کی گنجائش موجود ہے یہ جس طریقہ کار کے تحت رپورٹ بنائی گئی ہے وہ درست کے قریب ترین ہے مگر اس صورتحال کی وسعت کو سمجھنے کے لیے یہ بہتر رپورٹ ہے۔


__ https://twitter.com/i/web/status/1313878482699591680

__ https://twitter.com/i/web/status/1312801605918613504​


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## Path-Finder




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## farok84

Govt, ITFC sign $386m agreement for import of oil, LNG

October 12, 2020


Pakistan and International Islamic Trade Finance Corporation have signed a financing agreement amounting to 386 million dollars for import of oil and LNG.

The facility will be utilized by Pakistan State Oil Company Limited, Pakistan Arab Refinery Limited and Pakistan LNG Limited.

During the signing ceremony, both the sides expressed the commitment to work closely with each other for socio economic development of the country.









Govt, ITFC sign $386m agreement for import of oil, LNG


Govt, ITFC sign $386m agreement for import of oil, LNG




www.radio.gov.pk




Gunvor offers lowest bids for Nov LNG deliveries
Business
Our CorrespondentOctober 10, 2020

KARACHI: Pakistan has received lowest bids for two cargoes of liquefied natural gas (LNG) of 140,000 meters each from multinational commodity trading company Gunvor Singapore, it was learnt on Friday.


Gunvor Singapore placed lowest bids at 14.2277 percent for 8-9 November and at 13.8377 percent for 18-19 November in response to an international tender last month by state-owned Pakistan LNG Limited (PLL), according to an official document seen by The News. Other companies bid for 8-9 November window were Trafiguara (14.3338 percent) and PetroChina International (15.3152 percent).

For the second window, DXT Trading Company bid at 14.4610 percent, Trafiguara PTE (14.3338 percent) and POSCO International (16.0444 percent). PLL had sought tenders from foreign suppliers to supply three cargoes of approximately 420,000 cubic metres of LNG for November.

PLL invited bids from international suppliers for supply of three LNG cargoes on delivered ex-ship basis at Port Qasim. Cargo of 140,000 cubic meters each is required to be delivered on November 8-9, November 15-16, and November 18-19.

PLL resumed spot buying of LNG after six-month pause in July as energy demand is ramping up with easing lockdown.

PLL were mandated by the government to carry out the business of the import, purifying, buying, storing, supplying, distributing, transporting, transmitting, processing, measuring, metering and selling of natural gas, LNG, re-gasified LNG, to meet the country’s gas requirements.

PLL procures LNG from international markets and enters into onward arrangements for supply of gas to the end user, thereby managing the whole supply chain of LNG from procurement to end user gas sale agreements.

Pakistan currently has two operational LNG terminals – Elengy Terminal and Gasport Pakistan Ltd. having a capacity of 600 million metric cubic feet per day each.

With Pakistan turning to be one of the fastest growing LNG markets since it first started importing in 2015 and imports rising to 8.4 million tons in 2019 from 6.8 million tons in 2018, analysts say there is an urgent need to speed up import capacity expansions, which have been planned to absorb incremental inflows.

The gap between demand and supply is expected to increase to 2.7 billion cubic feet per day (bcfd) in FY2023 and 4.8 bcfd by FY2028 without the imported gas.

“The possible gap can be bridged through enhancement in indigenous gas exploration & production through incentivizing this sector, import of interstate natural gas through development of cross-country gas pipelines and increased import of LNG,” Oil and Gas Regulatory Authority (Ogra) said in a report.

“The gas utility companies have added more than 0.5 million domestic, commercial and industrial consumers, in their respective systems, during fiscal year 2018-19.









Gunvor offers lowest bids for Nov LNG deliveries


KARACHI: Pakistan has received lowest bids for two cargoes of liquefied natural gas of 140,000 meters each from multinational commodity trading company Gunvor Singapore, it was learnt on...




www.thenews.com.pk

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## Path-Finder




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## Path-Finder




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## Path-Finder

*The Performance Of Our Government Was Also Lacking Due To Which Pakistan Was Included In The FATF Gray List. Muftah Ismail*
By *Web Desk* Saturday, October 24, 2020  1
What is the reason behind the inclusion of Pakistan in the FATF gray list?






Speaking on a private TV channel two years ago, Muftah Ismail, a former finance adviser, admitted that Pakistan's inclusion in the Financial Action Task Force's (FATF) gray list was due to the incompetence and failure of his own government. The cause was inserted.


__ https://twitter.com/i/web/status/1005146337220943873
Muftah Ismail said that on the one hand, the reason for being included in the gray list is that the United States, India and other opposition countries have a conspiracy to conspire against Pakistan to blacklist our country, but their government is trying. Is doing that will never happen.
In response to a question, Muftah Ismail said that whenever we go there after fulfilling any demand of FATF, the demand of Domor comes to the fore. If we do something like this, FATF makes a new demand. "Earlier, FATF had demanded a ban on three organizations. When we complied, it demanded action against four more organizations," he said.
He acknowledged that Pakistan was included in the FATF's gray list due to the incompetence and inaction of the PML-N government. "There is so much terrorism in our country, so where does it get funding from and how many cases have we caught so far," he said.
Explaining this, Muftah Ismail said that our representatives there told us that we have caught one case, while Fatif expressed surprise that in all these years we have been able to catch only one case while trial of 53 cases was going on in our country. Due to the incompetence of our Home Ministry, our representatives were not aware of it.
He said that this process included the laziness, sluggishness and inactivity of his government which brought the country to this stage.
Muftah Ismail's interview has once again become a topic of discussion and social media users are expressing their grief and anger over it.

A user named Anas Younis wrote that despite 53 cases being reported, FATF was told that only one case was reported in Pakistan because the Interior Ministry in our country was run by an experienced surgeon, mechanic and driver Ahsan Iqbal. This user wrote that this is a deliberate conspiracy of PML-N government against Pakistan. Which Nawaz Sharif did when he saw the election coming.

__ https://twitter.com/i/web/status/1319905826635730944
Another user wrote that Muftah Ismail revealed that Pakistan's name was included in the gray list due to the incompetence of our former Interior Minister Ahsan Iqbal.


__ https://twitter.com/i/web/status/1319890724419239937


*ہماری حکومت کی کارکردگی میں بھی کمی تھی جس کے باعث پاکستان فیٹف کی گرے لسٹ میں گیا ۔ مفتاح اسماعیل*
By *ویب ڈیسک* ہفتہ 24 اکتوبر 2020  1
پاکستان کا نام ایف اے ٹی ایف کی گرے لسٹ میں کس کی وجہ سے ڈالا گیا؟





دو سال قبل نجی ٹی وی چینل کے پروگرام میں گفتگو کے دوران سابق مشیر خزانہ مفتاح اسماعیل نے اعتراف کیا تھا کہ فنانشل ایکشن ٹاسک فورس ( ایف اے ٹی ایف) کی گرے لسٹ میں پاکستان کا نام ان کی اپنی حکومت کی نا اہلی اور ناکامی کے باعث ڈالا گیا تھا۔



__ https://twitter.com/i/web/status/1005146337220943873مفتاح اسماعیل نے کہا کہ ایک طرف تو گرے لسٹ میں نام جانے کی وجہ یہ ہے کہ امریکہ ، بھارت سمیت مخالف ممالک کا یہ گٹھ جوڑ ہے کہ پاکستان کے خلاف سازشیں کر کے ہمارے ملک کا نام بلیک لسٹ میں ڈلوایا جائے مگر ان کی حکومت کوشش کر رہی ہے کہ ایسا کبھی نہ ہو۔
ایک سوال کے جواب میں مفتاح اسماعیل نے کہا کہ جب بھی ہم فیٹف کا کوئی مطالبہ پورا کرنے کے بعد وہاں جائیں تو آگے سے ڈومور کا مطالبہ سامنے آ جا تا ہے اس طرح ہم کچھ کرتے ہیں تو فیٹف کوئی نئی ڈیمانڈ کر دیتا ہے۔ انہوں نے بتایا کہ پہلے فیٹف کی جانب سے 3 اداروں پر پابندی کا مطالبہ تھا جب ہم نے وہ پورا کیا تو اس نے مزید 4 آرگنائزیشنز کے خلاف کارروائی کا مطالبہ کر دیا۔

انہوں نے تسلیم کیا کہ مسلم لیگ ن کی حکومت کی نااہلیت اور درست کام نہ کرنے کی وجہ سے پاکستان کا نام ایف اے ٹی ایف کی گرے لسٹ میں شامل کیا گیا۔ انہوں نے بتایا کہ فیٹف نے سوال پوچھا کہ ہمارے ملک میں اتنی دہشتگردی ہے تو اس کو فنڈنگ کہاں سے ہوتی ہے اور ہم نے اب تک ایسے کتنے کیس پکڑے ہیں۔
مفتاح اسماعیل نے تفصیل بتاتے ہوئے کہا کہ ہمارے وہاں موجود نمائندوں نے بتایا کہ ہم نے ایک کیس پکڑا ہے تو فیٹف نے حیرانگی کا اظہار کیا کہ اتنے سالوں میں ہم صرف ایک کیس پکڑ سکے ہیں جبکہ ہمارے ملک میں 53 کیسز کا ٹرائل چل رہا تھا جو کہ ہمارے وزارت داخلہ کی نااہلی کی وجہ سے ہمارے نمائندوں کے علم میں ہی نہیں تھا۔
انہوں نے بتایا کہ اس عمل میں ان کی حکومت کی کاہلی، سستی اور کام نہ کرنے کی روش بھی شامل تھی جس نے اس ملک کو اس نہج تک پہنچایا۔
مفتاح اسماعیل کا یہ انٹرویو ایک بار پھر موضوع بحث بن گیا ہے اور سوشل میڈیا صارفین اس پر غم و غصے کا اظہار کر رہے ہیں۔


انس یونس نامی صارف نے لکھا کہ 53 کیسز رپورٹ ہونے کے باوجود فیٹف کو ایک بتایا گیا پاکستان میں صرف ایک کیس رپورٹ ہوا کیونکہ ہمارے ملک میں وزارت داخلہ کو تجربہ کار، سرجن، مکینک اور ڈرائیور احسن اقبال صاحب چلا رہے تھے۔ اس صارف نے لکھا کہ یہ مسلم لیگ ن کی حکومت کی جان بوجھ کر پاکستان کے خلاف کی گئی سازش ہے۔ جو کہ نواز شریف نے الیکشن آتا دیکھ کر کی۔

__ https://twitter.com/i/web/status/1319905826635730944
ایک دوسرے صارف نے لکھا کہ مفتاح اسماعیل نے انکشاف کیا کہ ہمارے سابق وزیر داخلہ احسن اقبال کی نااہلی کی وجہ سے پاکستان کا نام گرے لسٹ میں شامل کیا گیا۔

__ https://twitter.com/i/web/status/1319890724419239937 ​


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## maithil

__ https://twitter.com/i/web/status/1321488074875031553


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## maithil

__ https://twitter.com/i/web/status/1321496784850448384

__ https://twitter.com/i/web/status/1321497881480626181


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## Path-Finder




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## Path-Finder




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## ghazi52

ISLAMABAD: A UK-based global *aviation services specialist Menzies Aviation* on Friday announced the acquisition of a 51 per cent shareholding in *Royal Airport Services (RAS).*

An aviation services business based in Pakistan, RAS has been operating in the country since 2007 and has a strong position in local markets, a press release said. It has been providing a range of aviation services including ground and cargo handling, airline ticketing and cargo sales across Pakistan. RAS handles both domestic and international carriers across eight airports, with revenue in excess of $20 million in 2019, the press release added.

The deal offers Menzies Aviation the opportunity to enter the growing Pakistan aviation services market as the acquisition creates a strong platform for the company. It [acquisition] represents clear delivery against the company’s strategic objectives of increasing depth of service capability and expanding its geographical footprint, the statement added.

“We are delighted to be partnered with Royal Airport Services. The acquisition is in line with our global strategy to offer our service portfolio to new markets and we believe that a presence in Pakistan will provide a strong platform for further regional growth opportunities,” Menzies Aviation’s Executive Chairman Philipp Joeinig said.

_Published in Dawn, December 5th, 2020_

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## Azure

__ https://www.facebook.com/1808688145/posts/10213948378142751


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## Path-Finder




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## Path-Finder



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## Path-Finder



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## Path-Finder




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## farok84

Updated 27 Jan, 2021 08:12am
*Pakistan gets up to 38pc lower LNG rates through revised bids*
THE NEWSPAPER'S STAFF REPORTER


ISLAMABAD: Amid falling international market, Pakistan on Wednesday received significantly cheaper bids for three cargoes of liquefied natural gas (LNG) to be delivered in March under an urgent tendering process.

The state-run Pakistan LNG Limited (PLL) had last week cancelled bids for LNG deliveries in March for three windows as prices in the international spot market started to crash. For replacement, the PLL went for a revised urgent tender on January 22 with deadline of January 26. The revised bids attracted 26 to 38 per cent cheaper rates when compared with the cancelled bids.

Results obtained from PLL showed the lowest bid of 13.62pc of Brent for cargo delivery in second week of March from ENI of Italy when compared to 22.24pc of Brent from the same company. This showed a reduction of almost 38pc within a week.

ENI also turned out to be the lowest bidder for a cargo in the third week of March with 13.62pc of Brent when compared to 17.81pc of lowest bid from Vitol for the same delivery window, showing a lower rate of 23.5pc.

The lowest bid for the fourth week of March came out to be even lower at 12.73pc of Brent from Qatar Petroleum as against 17.19pc of Brent lowest bid quoted by Vitol in the previous bid, showing a reduction of 26pc.

The revised urgent tendering also attracted more bidders — a total of 20 bids for three delivery windows — when compared to a total of 12 bids previously, indicating that prices were easing in the spot market as demand dropped over the past couple of weeks.

The revised rates range between $6.6 and $7.2 per MMBTU when compared to more than $8.9 per MMBTU rate under previous bids. This showed that ever since the Emirates National Oil Company defaulted from its bid for supplies in February as the spot prices peaked, the participation by Qatar Petroleum appeared contributing reduction in the bid prices for Pakistan.

Qatar Petroleum had offered $8 per MMBTU or 16.3pc of Brent for February 25-26 window after Emirates National Oil Company (Enoc) had moved out its bid of $10.22 per MMBTU or 20.09pc of Brent for February 23-24. PLL was ready to even award contract for LNG cargoes to second and third bidder for the fourth week of February but they also declined.

Under the long-term contract, Qatar is providing LNG to Pakistan at 13.37pc of Brent. Two major factors that contributed to the LNG market crash included an intervention by Japan’s energy regulator to exit the spot market in an attempt to ensure that power prices do not go up further amid warmer weather conditions and South Koreans decision against securing additional gas for February.

As a consequence, LNG traders hoarding the product had nowhere to offload their cargos, thus a fall in spot market. At present, European and Far Eastern importers are paying about $7.5 and $8.2 per MMBTU respectively. Market analysts now expect the LNG prices going down further to 10-12pc of Brent or about $5-6 per MMBTU in April onwards period until October next year.

_Published in Dawn, January 27th, 2021_









Pakistan gets up to 38pc lower LNG rates through revised bids


The revised urgent tendering also attracted more bidders — a total of 20 bids for three delivery windows.



www.dawn.com








__ https://twitter.com/i/web/status/1354267782255321088

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## farok84

*Azerbaijan seeks to build long-term energy ties*
Khaleeq KianiPublished January 28, 2021Updated a day ago
Facebook Count
Twitter Share
 
3




Rejecting default ‘news’, Socar confirms LNG cargo delivery on Feb 15-16. — Reuters/File
ISLAMABAD: Socar Trading — a commercial arm of the State Oil Company of Azerbaijan Republic — has offered supply of petrol and LNG cargoes to Pakistan LNG Ltd (PLL) and Pakistan State Oil (PSO) round the year on credit under a government-to-government (G2G) arrangement to build upon strategically friendly relationship between the two countries.
A Socar Trading spokesperson told _Dawn_ that Azerbaijan is a major producer of oil and gas and operates several oil and chemical refineries in many countries. Socar Trading, which has won the tender and confirmed the delivery of an LNG cargo on Feb 15-16 window, was surprised to hear a reference to default on this delivery as no such action has taken place and the cargo was scheduled to arrive to Pakistan as contracted.
The spokesperson confirmed that Socar had offered petrol and LNG supplies on a long-term basis and the offer was based on commercially acceptable terms to both sides and never involved any undue pressure applied by any of the parties.
Informed sources said Socar had not only revalidated the bid bond of about $300,000 along with extension in its expiry period but has also submitted $3.73 million worth of performance guarantee to confirm delivering LNG spot cargo awarded to it by PLL on Jan 7.

On the same date, Emirates National Oil Company (Enoc) declined to deliver LNG on its lowest bid for Feb 23-24 window. Enoc had let its bid bond confiscated on default as it was reported to have found about $13-15 million higher return in the market.


> Rejecting default ‘news’, Socar confirms LNG cargo delivery on Feb 15-16


The default by Enoc led the PLL to negotiate with the second lowest bidder Socar and third bidder Gunvor to deliver LNG to fill the gap on Feb 23-24 but both declined as supply shortages were already emerging in the market. However, the Socar confirmed its lowest bid for February 15-16 period which was also reconfirmed by Azerbaijan’s visiting foreign minister to Islamabad a few days ago as part of engagements with Foreign Minister Shah Mahmood Qureshi.
In parallel to this process, even since the signing of Intergovernmental Agreement on Energy between the two countries in 2017, Socar has also been in discussions with both PLL and PSO on term agreements. This also included a G2G arrangement for up to 11 cargoes to be delivered in 2021 to the authorities concerned. The offer required bilateral discussions around Japan Korea Marker (JKM) plus some negotiable premium.
Socar also offered an unconditional credit line without any sovereign guarantee, letter of credit or standby letter of credit. PLL’s spot cargoes have so far remained in the range of JKM minus 0.5 to JKM plus 0.99. The talks have not achieved significant progress.
The sources said Socar had also been awaiting a final decision on supply of petrol (motor gasoline) contract to PSO after more than two years of negotiations. This offer also included a 60-90 day revolving credit line of $100 million extendable on successful implementation. The offer required the award of monthly cargo to Socar lower than lowest bids of PSO’s other tenders.
These sources said some traditional traders have been moving around behind the scene to discourage offers for G2G arrangements for LNG and petroleum products including those from Oman and Azerbaijan after the successful implementation of LNG supply arrangements from Qatar and Oil supplies from Kuwait and others.
_Published in Dawn, January 28th, 2021_









Azerbaijan seeks to build long-term energy ties


Socar Trading has offered supply of petrol and LNG cargoes to round the year on credit under a govt-to-govt arrangement.



www.dawn.com






__ https://twitter.com/i/web/status/1354777585209765890

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## Path-Finder

farok84 said:


> *Azerbaijan seeks to build long-term energy ties*
> Khaleeq KianiPublished January 28, 2021Updated a day ago
> Facebook Count
> Twitter Share
> 
> 3
> 
> 
> 
> 
> Rejecting default ‘news’, Socar confirms LNG cargo delivery on Feb 15-16. — Reuters/File
> ISLAMABAD: Socar Trading — a commercial arm of the State Oil Company of Azerbaijan Republic — has offered supply of petrol and LNG cargoes to Pakistan LNG Ltd (PLL) and Pakistan State Oil (PSO) round the year on credit under a government-to-government (G2G) arrangement to build upon strategically friendly relationship between the two countries.
> A Socar Trading spokesperson told _Dawn_ that Azerbaijan is a major producer of oil and gas and operates several oil and chemical refineries in many countries. Socar Trading, which has won the tender and confirmed the delivery of an LNG cargo on Feb 15-16 window, was surprised to hear a reference to default on this delivery as no such action has taken place and the cargo was scheduled to arrive to Pakistan as contracted.
> The spokesperson confirmed that Socar had offered petrol and LNG supplies on a long-term basis and the offer was based on commercially acceptable terms to both sides and never involved any undue pressure applied by any of the parties.
> Informed sources said Socar had not only revalidated the bid bond of about $300,000 along with extension in its expiry period but has also submitted $3.73 million worth of performance guarantee to confirm delivering LNG spot cargo awarded to it by PLL on Jan 7.
> 
> On the same date, Emirates National Oil Company (Enoc) declined to deliver LNG on its lowest bid for Feb 23-24 window. Enoc had let its bid bond confiscated on default as it was reported to have found about $13-15 million higher return in the market.
> 
> The default by Enoc led the PLL to negotiate with the second lowest bidder Socar and third bidder Gunvor to deliver LNG to fill the gap on Feb 23-24 but both declined as supply shortages were already emerging in the market. However, the Socar confirmed its lowest bid for February 15-16 period which was also reconfirmed by Azerbaijan’s visiting foreign minister to Islamabad a few days ago as part of engagements with Foreign Minister Shah Mahmood Qureshi.
> In parallel to this process, even since the signing of Intergovernmental Agreement on Energy between the two countries in 2017, Socar has also been in discussions with both PLL and PSO on term agreements. This also included a G2G arrangement for up to 11 cargoes to be delivered in 2021 to the authorities concerned. The offer required bilateral discussions around Japan Korea Marker (JKM) plus some negotiable premium.
> Socar also offered an unconditional credit line without any sovereign guarantee, letter of credit or standby letter of credit. PLL’s spot cargoes have so far remained in the range of JKM minus 0.5 to JKM plus 0.99. The talks have not achieved significant progress.
> The sources said Socar had also been awaiting a final decision on supply of petrol (motor gasoline) contract to PSO after more than two years of negotiations. This offer also included a 60-90 day revolving credit line of $100 million extendable on successful implementation. The offer required the award of monthly cargo to Socar lower than lowest bids of PSO’s other tenders.
> These sources said some traditional traders have been moving around behind the scene to discourage offers for G2G arrangements for LNG and petroleum products including those from Oman and Azerbaijan after the successful implementation of LNG supply arrangements from Qatar and Oil supplies from Kuwait and others.
> _Published in Dawn, January 28th, 2021_
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Azerbaijan seeks to build long-term energy ties
> 
> 
> Socar Trading has offered supply of petrol and LNG cargoes to round the year on credit under a govt-to-govt arrangement.
> 
> 
> 
> www.dawn.com
> 
> 
> 
> 
> 
> 
> __ https://twitter.com/i/web/status/1354777585209765890


please educate the poojari who say that qatari deal is better.
-------------------------------------------------------------------------------------------------------------

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## farok84

Path-Finder said:


> please educate the poojari who say that qatari deal is better.
> -------------------------------------------------------------------------------------------------------------



Hi,

As much as I would like Pakistan to diversify its oil/ gas suppliers and move away from GCC, the proposed pricing formula based on *JKM plus a premium*, makes the offer totally unacceptable. Prices offered to Pakistan spot cargoes traditionally offer a discount to JKM, so a 11 cargo deal with an added premium to an already higher benchmark (JKM) for 2021, makes it very unattractive to Pakistan. If we sign on to this, the final price/ cargo will come out to be way higher than Qatar's. I don't see PTI signing such a deal.

A better benchmark will be based on Henry Hub. Anyway, its good to see Pakistan exploring other options than GCC and pricing benchmarks.

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## niaz

Path-Finder said:


> please educate the poojari who say that qatari deal is better.
> -------------------------------------------------------------------------------------------------------------



Regret to say that this video is full of misleading information and definitely made by a devout Imran Khan follower who would not hesitate to use inject incorrect figures along with some correct info in support of his demi-god.

For example, as I had been earning a very decent salary for a long time and have been filing Tax Returns every year even after retirement; I am very familiar with UK Tax Laws. The video claims that someone earning £50K pounds per year pays close to 50-60% of his income in Tax. Wrong. Here is a sample:

“If your salary is £50,000, then after tax and national insurance you will be left with £37,640. This means that after-tax you will take home £3,136.67 per month, or £723.85 per week, £144.77 per day, and your hourly rate will be £18 if you're working 40 hours per week.”

�

*
Yearly*​*Monthly*​*Weekly*​*Income Tax*​£7,500£625£144.23*National Insurance*​£4,860£405£93.46* Take home pay*​£37,640£3,136.67£723.8


https://www.reed.co.uk/tax-calculator/50000

Hence total Taxes including National Insurance contributions come to about 25%, about half of what is stated in the video.
Please remember that the National Insurance contributions are paid back to you in form of the State Pension. Since I retired before 2016, my State Pension is capped at £160 per week paid over 52 weeks that means £8,320 per year. High earners retiring after 2017 can get up to £200/- per week as State Pension.

Undoubtedly it is unwise to construct high-value projects such as Metros through borrowing, however, the video fails to mention that at the end of PML_N gov't total Public debt steed at Rs 24.95 Trillion amassed over the last 70 years, but in two years PTI gov’t has added Rs 11.35-trillion to this figure with total debt increasing from 72% to 87% of the GDP.

Link to the full report.

https://tribune.com.pk/story/2260534/pakistans-public-debt-soars-to-rs363tr

Kindly note that Rs4.77 trillion of the additional borrowing was for Debt Servicing, RS 3.52 trillion due to devaluation, and Rs 3- trillion due to the PTI policies. Since PML-N Gov’t borrowed Rs 6.4-trillion in 5 years, at this rate PTI borrowing would be Rs 15-trillion in 2023. Will PTI also blame the high Debt Servicing cost of debt borrowed by them on the previous gov't?

For the full report on debt, comparison please go to

https://www.dawn.com/news/1442378

Prices of essential food commodities may have come to some degree t in recent days; these still remain much higher than the pre-Nov. 2018 level. I was no great fan of either PPP or PML-N. During my lifetime, I have only seen good economic performance and governance during Ayub Khan and the Musharraf eras. Regrettably, the PTI gov’t's economic performance appears to even worse than the previous govt, Needless to comment on the state of PTI governance. 

I repeat the quote from a friend who was a very high-ranking officer and now living in Islamabad. “Those people were thieves but these are incompetent.

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## Patriot forever

niaz said:


> Regret to say that this video is full of misleading information and definitely made by a devout Imran Khan follower who would not hesitate to use inject incorrect figures along with some correct info in support of his demi-god.
> 
> For example, as I had been earning a very decent salary for a long time and have been filing Tax Returns every year even after retirement; I am very familiar with UK Tax Laws. The video claims that someone earning £50K pounds per year pays close to 50-60% of his income in Tax. Wrong. Here is a sample:
> 
> “If your salary is £50,000, then after tax and national insurance you will be left with £37,640. This means that after-tax you will take home £3,136.67 per month, or £723.85 per week, £144.77 per day, and your hourly rate will be £18 if you're working 40 hours per week.”
> 
> �
> 
> *
> Yearly*​*Monthly*​*Weekly*​*Income Tax*​£7,500£625£144.23*National Insurance*​£4,860£405£93.46* Take home pay*​£37,640£3,136.67£723.8
> 
> 
> https://www.reed.co.uk/tax-calculator/50000
> 
> Hence total Taxes including National Insurance contributions come to about 25%, about half of what is stated in the video.
> Please remember that the National Insurance contributions are paid back to you in form of the State Pension. Since I retired before 2016, my State Pension is capped at £160 per week paid over 52 weeks that means £8,320 per year. High earners retiring after 2017 can get up to £200/- per week as State Pension.
> 
> Undoubtedly it is unwise to construct high-value projects such as Metros through borrowing, however, the video fails to mention that at the end of PML_N gov't total Public debt steed at Rs 24.95 Trillion amassed over the last 70 years, but in two years PTI gov’t has added Rs 11.35-trillion to this figure with total debt increasing from 72% to 87% of the GDP.
> 
> Link to the full report.
> 
> https://tribune.com.pk/story/2260534/pakistans-public-debt-soars-to-rs363tr
> 
> Kindly note that Rs4.77 trillion of the additional borrowing was for Debt Servicing, RS 3.52 trillion due to devaluation, and Rs 3- trillion due to the PTI policies. Since PML-N Gov’t borrowed Rs 6.4-trillion in 5 years, at this rate PTI borrowing would be Rs 15-trillion in 2023. Will PTI also blame the high Debt Servicing cost of debt borrowed by them on the previous gov't?
> 
> For the full report on debt, comparison please go to
> 
> https://www.dawn.com/news/1442378
> 
> Prices of essential food commodities may have come to some degree t in recent days; these still remain much higher than the pre-Nov. 2018 level. I was no great fan of either PPP or PML-N. During my lifetime, I have only seen good economic performance and governance during Ayub Khan and the Musharraf eras. Regrettably, the PTI gov’t's economic performance appears to even worse than the previous govt, Needless to comment on the state of PTI governance.
> 
> I repeat the quote from a friend who was a very high-ranking officer and now living in Islamabad. “Those people were thieves but these are incompetent.



Sir sometimes the reason is very simple. One can not make sweeping statements like that.

There was a massive shortfall of revenue due to Covid last year. Almost a trillion rupees below the initial target.
Add a stimulus package of more than 1.2 trillion given to sustain the businesses, (no interest payments no late payment on installments etc on government expenses) free electricity for 3 months to all commercial connections , as well as cash incentives to poor ( 178 billion actual utilization).
Not only our Covid response in terms of smart lockdown was one of the best but also the stimulus package was extraordinary.
Take these figures into account and the answer is crystal clear. Compare to rest of the world in terms of debt accumulated during this period.

Now starting from this year we have a sustained primary surplus and complete state bank autonomy and an overall current account surplus. I feel real pain when reading such assessments in articles.

To get the true picture see the detailed stats of loans accumulated.
FY 2019 is mostly depreciation
FY 2020 is mostly Covid


FY18: 3,400bn including 1,865bn external debt. PLMN last year.
FY19: 6,500bn including 3,250 external debt. Almost double the interest payment + the depreciation factor.

When comparing these 2 years also take into consideration the net deviation in reserves.

FY20: 3,300bn including 775bn external debt. Covid factor.

FY21 (Jul-Nov): 715bn including 115bn in external debt.
( This year we have both primary surplus and Current account surplus, and majority of this amount is interest payment especially when retiring 13% bonds)

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## niaz

Patriot forever said:


> Sir sometimes the reason is very simple. One can not make sweeping statements like that.
> 
> There was a massive shortfall of revenue due to Covid last year. Almost a trillion rupees below the initial target.
> Add a stimulus package of more than 1.2 trillion given to sustain the businesses, (no interest payments no late payment on installments etc on government expenses) free electricity for 3 months to all commercial connections , as well as cash incentives to poor ( 178 billion actual utilization).
> Not only our Covid response in terms of smart lockdown was one of the best but also the stimulus package was extraordinary.
> Take these figures into account and the answer is crystal clear. Compare to rest of the world in terms of debt accumulated during this period.
> 
> Now starting from this year we have a sustained primary surplus and complete state bank autonomy and an overall current account surplus. I feel real pain when reading such assessments in articles.
> 
> To get the true picture see the detailed stats of loans accumulated.
> FY 2019 is mostly depreciation
> FY 2020 is mostly Covid
> 
> 
> FY18: 3,400bn including 1,865bn external debt. PLMN last year.
> FY19: 6,500bn including 3,250 external debt. Almost double the interest payment + the depreciation factor.
> 
> When comparing these 2 years also take into consideration the net deviation in reserves.
> 
> FY20: 3,300bn including 775bn external debt. Covid factor.
> 
> FY21 (Jul-Nov): 715bn including 115bn in external debt.
> ( This year we have both primary surplus and Current account surplus, and majority of this amount is interest payment especially when retiring 13% bonds)




Honourable Patriot forever,

Any debate where rational arguments based on correct figures are used instead of emotional outbursts is always a pleasure to read. I concur with most of your post except your sentence “One cannot make sweeping statements like that.”

Kindly permit me to say why I consider the PTI government to be run by incompetent individuals. There are hundreds of instances, but I would limit myself to only a few.

IMO, providing well-run educational institutions is one of the elements of the most important tasks of the provincial government. I came across the following news item recently.

*“University of Peshawar in deep financial crunch

Spokesman says no financial assistance from federal and KP govts despite repeated requests”*

Link to full article:

https://nation.com.pk/29-Jan-2020/university-of-peshawar-in-deep-financial-crunch

PTI has been in power in the KPK for almost 8 years; therefore one cannot blame the previous gov’t on the state of its universities and /or the mismanagement in the construction of the Peshawar Metro project.

Nearly half of the Pakistanis living in Punjab; Law & order is essential for good governance but look at the state of Punjab Police.

*PTI government changes Punjab IGP for sixth time in two years*

By Staff Report, (Last Updated September 8, 202

Link to full article:

https://archive.pakistantoday.com.p...anges-punjab-igp-for-sixth-time-in-two-years/

Most laughable is the case of CCPO Omar Sheikh. may I dare to ask that if CCPO Omer Sheikh was such a valuable officer that his boss IG Glulam Dastgir had to go because of him, why Omer Sheikh himself only lasted 4 months.

*Lahore CCPO Umar Sheikh removed from post*

Published January 1, 2021

Link to full article:

https://www.dawn.com/news/1599061

Then there was the famous Sugar subsidy scandal.

*Pakistan’s Wheat and Sugar Scandal Leaves Imran Khan Exposed*

27 May 2020 Phoebe Sleet, Research Analyst, Global Food and Water Crises Research Programme

In May, the Pakistani Government released the findings of the sugar commission inquiry’s report into a scandal that has implicated a number of political and business figures, including the leaders of two political parties, as well as close political allies of Imran Khan. The report found that a “cartel” of 88 sugar mills had exported sugar during a low yield year, underpaid growers faked records and manipulated prices, which contributed to an ongoing crisis in sugar prices that began in late 2018. The increase in sugar prices generated up to 76 billion Pakistani rupees ($720 million), more than half of which went to corrupt millers.

An investigation also revealed an Rs5.35 billion ($50 million) irregularity in the wheat industry that led to four corruption references against the Sindh Food Department and flour mill owners in a related wheat scandal. A sharp rise in flour prices and flour shortages have also been a recent source of discontent in Pakistan this year.

Full story at:

https://www.futuredirections.org.au...-and-sugar-scandal-leaves-imran-khan-exposed/

You could be one of the lucky ones whose family income exceeds 4 to 5 lakh Rupees per month and thus immune to nearly doubling the prices of daily food items necessary for everyday living. I come from a run-of-mill middle-class family and except for a handful; most of my relations earn less than one lakh per month. Nearly all complain that after paying the school fees, there is barely enough left to maintain a respectable living. I know this for a fact as my brothers & I are supporting the family of my youngest brother who died young and his son & daughter are still in college. In my opinion, the huge rise in essential commodities is primarily due to having incompetent people at the helm of affairs.

The most glaring example of ineptness was the Aviation Minister Ghulam Sarwar declaring on the floor of the National Assembly that the majority of PIA pilots had fake licenses! And he is still in his post.

What you said about the economy is generally true; however, in my humble opinion, if Imran Khan had not been so anti-IMF in the beginning and Pakistan had gone in their program from the start, it is likely that Pakistani economic woes would have been less severe.

Here is what the World Bank considers Pakistan’s near tern Economic outlook.

“Pakistan’s real GDP growth is estimated to have declined from 1.9 percent in FY19 to -1.5 percent in FY20. The first contraction in decades, this reflects the effects of COVID-19 containment measures that followed monetary and fiscal tightening prior to the outbreak. To curtail the spread of the pandemic, a partial lockdown – that included restrictions on air travel, inner-city public transport, religious/social gatherings and the closure of all schools and non-essential businesses – was imposed in March, and gradually eased from May 2020 onwards. This disrupted domestic supply and demand, as businesses were unable to operate and consumers curbed expenditures, which specifically affected services and industries. The services sector is estimated to have contracted, by over 1 present, while industrial production is expected to have declined even more, due to the high policy rates prior to the pandemic and plunging domestic and global demand thereafter. The agriculture sector, partially insulated from the effects of the containment measures, is estimated to have expanded modestly over the year.

On the demand side, private consumption is estimated to have contracted in FY20, as households reduced consumption amid the lockdown and dimmer employment prospects. Similarly, with heightened uncertainty, disrupted supply chains and a global slowdown, investment is estimated to have fallen drastically. Exports and imports also shrank given weaknesses in global trade and domestic demand. In contrast, government consumption growth rose, reflecting the rollout of the fiscal stimulus package to cushion the effects of the pandemic.

Despite weak activity, consumer price inflation rose from an average of 6.8 percent in FY19 to an average of 10.7 percent in FY20, due to surging food inflation, hikes in administered energy prices, and a weaker rupee, which depreciated 13.8 percent against the U.S. dollar in FY20. With elevated inflationary pressures, the policy rate was held at 13.25 percent from July to February but was subsequently lowered to 7.0 percent over the remainder of FY20 to support dwindling activity and as inflationary expectations fell amid the pandemic. The central bank also implemented multiple measures to provide liquidity support to firms. At end-FY20, the banking system remained well capitalized, though upticks in non-performing loans were beginning to erode capital buffers.

The current account deficit shrunk from 4.8 percent of GDP in FY19 to 1.1 percent of GDP in FY20, the narrowest since FY15, driven mainly by import values falling 19.3 percent. Total export values also contracted 7.5 percent due to weak global demand. Despite the global downturn, workers’ remittances increased relative to FY19, underpinning a wider income account surplus. Meanwhile, higher net foreign direct investment, and multilateral and bilateral disbursements, more than offset a decline in portfolio flows, leading to a larger financial account surplus. The balance of payments consequently swung to a surplus of 2.0 percent of GDP in FY20, and official foreign reserves increased to US$13.7 billion at end-June 2020, sufficient to finance 3.2 months of imports.

In FY20, the fiscal deficit narrowed to 8.1 percent of GDP from 9.0 percent in FY19. Total revenues rose to 15.3 percent of GDP due to higher non-tax revenue, as the central bank and the telecommunication authority repatriated large profits. Despite reforms, tax revenues slipped to 11.6 percent of GDP, with lower economic activity and larger tax expenditures. Expenditures rose mainly due to a fiscal stimulus package valued at around 2.9 percent of GDP, while the public debt, including guaranteed debt, increased to 93.0 percent of GDP by end-FY20.

While domestic economic activity is expected to recover, as lockdown measures are lifted and base effects materialize, Pakistan’s near-term economic prospects are subdued. Significant uncertainty over the evolution of the pandemic and availability of a vaccine, demand compression measures to curb imbalances, along with unfavorable external conditions, all weigh on the outlook. Economic growth is projected to remain below potential, averaging 1.3 percent for FY21-22. This baseline projection, which is highly uncertain, is predicated on the absence of significant infection flare ups or subsequent waves that would require further widespread lockdowns.

The current account deficit is expected to widen to an average of 1.5 percent of GDP over FY21-22, with imports and exports gradually picking up as domestic demand and global conditions improve. The fiscal deficit is projected to narrow to 7.4 percent in FY22, with the resumption of fiscal consolidation and stronger revenues driven by recovering economic activity and structural reform dividends. Expenditures will remain substantial due to sizeable interest payments and defense expenditures, a rising salary and pension bill, and absorption of energy SOE guaranteed debt by the government.

There are considerable downside risks to the outlook with the most significant being a resurgence of the COVID-19 infection, triggering a new wave of global and/or domestic lockdowns and further delaying the implementation of critical IMF-EFF structural reforms (slated to resume in H1-FY21). Locust attacks and heavy monsoon rains could lead to widespread crop damage, food insecurity and inflationary pressures. Livelihoods for households dependent primarily on agriculture could also be negatively impacted. Finally, external financing risks could be compounded by difficulties in rolling-over bilateral debt from non-traditional donors and tighter international financing conditions.”
Last Updated: Oct 08, 2020
https://www.worldbank.org/en/country/pakistan/overview

Finally, it is an accepted fact that no corruption scandal has been associated with Imran Khan and he himself is honest. Sadly, honesty alone does not make a person suitable for the job of the Prime Minister. Imran Khan and many of his associates were totally inexperienced and are learning the art of governance by doing it. Unfortunately, a poor country like Pakistan can ill afford such experimentation.

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## Patriot forever

niaz said:


> Honourable Patriot forever,
> 
> Any debate where rational arguments based on correct figures are used instead of emotional outbursts is always a pleasure to read. I concur with most of your post except your sentence “One cannot make sweeping statements like that.”
> 
> Kindly permit me to say why I consider the PTI government to be run by incompetent individuals. There are hundreds of instances, but I would limit myself to only a few.
> 
> IMO, providing well-run educational institutions is one of the elements of the most important tasks of the provincial government. I came across the following news item recently.
> 
> *“University of Peshawar in deep financial crunch
> 
> Spokesman says no financial assistance from federal and KP govts despite repeated requests”*
> 
> Link to full article:
> 
> https://nation.com.pk/29-Jan-2020/university-of-peshawar-in-deep-financial-crunch
> 
> PTI has been in power in the KPK for almost 8 years; therefore one cannot blame the previous gov’t on the state of its universities and /or the mismanagement in the construction of the Peshawar Metro project.
> 
> Nearly half of the Pakistanis living in Punjab; Law & order is essential for good governance but look at the state of Punjab Police.
> 
> *PTI government changes Punjab IGP for sixth time in two years*
> 
> By Staff Report, (Last Updated September 8, 202
> 
> Link to full article:
> 
> https://archive.pakistantoday.com.p...anges-punjab-igp-for-sixth-time-in-two-years/
> 
> Most laughable is the case of CCPO Omar Sheikh. may I dare to ask that if CCPO Omer Sheikh was such a valuable officer that his boss IG Glulam Dastgir had to go because of him, why Omer Sheikh himself only lasted 4 months.
> 
> *Lahore CCPO Umar Sheikh removed from post*
> 
> Published January 1, 2021
> 
> Link to full article:
> 
> https://www.dawn.com/news/1599061
> 
> Then there was the famous Sugar subsidy scandal.
> 
> *Pakistan’s Wheat and Sugar Scandal Leaves Imran Khan Exposed*
> 
> 27 May 2020 Phoebe Sleet, Research Analyst, Global Food and Water Crises Research Programme
> 
> In May, the Pakistani Government released the findings of the sugar commission inquiry’s report into a scandal that has implicated a number of political and business figures, including the leaders of two political parties, as well as close political allies of Imran Khan. The report found that a “cartel” of 88 sugar mills had exported sugar during a low yield year, underpaid growers faked records and manipulated prices, which contributed to an ongoing crisis in sugar prices that began in late 2018. The increase in sugar prices generated up to 76 billion Pakistani rupees ($720 million), more than half of which went to corrupt millers.
> 
> An investigation also revealed an Rs5.35 billion ($50 million) irregularity in the wheat industry that led to four corruption references against the Sindh Food Department and flour mill owners in a related wheat scandal. A sharp rise in flour prices and flour shortages have also been a recent source of discontent in Pakistan this year.
> 
> Full story at:
> 
> https://www.futuredirections.org.au...-and-sugar-scandal-leaves-imran-khan-exposed/
> 
> You could be one of the lucky ones whose family income exceeds 4 to 5 lakh Rupees per month and thus immune to nearly doubling the prices of daily food items necessary for everyday living. I come from a run-of-mill middle-class family and except for a handful; most of my relations earn less than one lakh per month. Nearly all complain that after paying the school fees, there is barely enough left to maintain a respectable living. I know this for a fact as my brothers & I are supporting the family of my youngest brother who died young and his son & daughter are still in college. In my opinion, the huge rise in essential commodities is primarily due to having incompetent people at the helm of affairs.
> 
> The most glaring example of ineptness was the Aviation Minister Ghulam Sarwar declaring on the floor of the National Assembly that the majority of PIA pilots had fake licenses! And he is still in his post.
> 
> What you said about the economy is generally true; however, in my humble opinion, if Imran Khan had not been so anti-IMF in the beginning and Pakistan had gone in their program from the start, it is likely that Pakistani economic woes would have been less severe.
> 
> Here is what the World Bank considers Pakistan’s near tern Economic outlook.
> 
> “Pakistan’s real GDP growth is estimated to have declined from 1.9 percent in FY19 to -1.5 percent in FY20. The first contraction in decades, this reflects the effects of COVID-19 containment measures that followed monetary and fiscal tightening prior to the outbreak. To curtail the spread of the pandemic, a partial lockdown – that included restrictions on air travel, inner-city public transport, religious/social gatherings and the closure of all schools and non-essential businesses – was imposed in March, and gradually eased from May 2020 onwards. This disrupted domestic supply and demand, as businesses were unable to operate and consumers curbed expenditures, which specifically affected services and industries. The services sector is estimated to have contracted, by over 1 present, while industrial production is expected to have declined even more, due to the high policy rates prior to the pandemic and plunging domestic and global demand thereafter. The agriculture sector, partially insulated from the effects of the containment measures, is estimated to have expanded modestly over the year.
> 
> On the demand side, private consumption is estimated to have contracted in FY20, as households reduced consumption amid the lockdown and dimmer employment prospects. Similarly, with heightened uncertainty, disrupted supply chains and a global slowdown, investment is estimated to have fallen drastically. Exports and imports also shrank given weaknesses in global trade and domestic demand. In contrast, government consumption growth rose, reflecting the rollout of the fiscal stimulus package to cushion the effects of the pandemic.
> 
> Despite weak activity, consumer price inflation rose from an average of 6.8 percent in FY19 to an average of 10.7 percent in FY20, due to surging food inflation, hikes in administered energy prices, and a weaker rupee, which depreciated 13.8 percent against the U.S. dollar in FY20. With elevated inflationary pressures, the policy rate was held at 13.25 percent from July to February but was subsequently lowered to 7.0 percent over the remainder of FY20 to support dwindling activity and as inflationary expectations fell amid the pandemic. The central bank also implemented multiple measures to provide liquidity support to firms. At end-FY20, the banking system remained well capitalized, though upticks in non-performing loans were beginning to erode capital buffers.
> 
> The current account deficit shrunk from 4.8 percent of GDP in FY19 to 1.1 percent of GDP in FY20, the narrowest since FY15, driven mainly by import values falling 19.3 percent. Total export values also contracted 7.5 percent due to weak global demand. Despite the global downturn, workers’ remittances increased relative to FY19, underpinning a wider income account surplus. Meanwhile, higher net foreign direct investment, and multilateral and bilateral disbursements, more than offset a decline in portfolio flows, leading to a larger financial account surplus. The balance of payments consequently swung to a surplus of 2.0 percent of GDP in FY20, and official foreign reserves increased to US$13.7 billion at end-June 2020, sufficient to finance 3.2 months of imports.
> 
> In FY20, the fiscal deficit narrowed to 8.1 percent of GDP from 9.0 percent in FY19. Total revenues rose to 15.3 percent of GDP due to higher non-tax revenue, as the central bank and the telecommunication authority repatriated large profits. Despite reforms, tax revenues slipped to 11.6 percent of GDP, with lower economic activity and larger tax expenditures. Expenditures rose mainly due to a fiscal stimulus package valued at around 2.9 percent of GDP, while the public debt, including guaranteed debt, increased to 93.0 percent of GDP by end-FY20.
> 
> While domestic economic activity is expected to recover, as lockdown measures are lifted and base effects materialize, Pakistan’s near-term economic prospects are subdued. Significant uncertainty over the evolution of the pandemic and availability of a vaccine, demand compression measures to curb imbalances, along with unfavorable external conditions, all weigh on the outlook. Economic growth is projected to remain below potential, averaging 1.3 percent for FY21-22. This baseline projection, which is highly uncertain, is predicated on the absence of significant infection flare ups or subsequent waves that would require further widespread lockdowns.
> 
> The current account deficit is expected to widen to an average of 1.5 percent of GDP over FY21-22, with imports and exports gradually picking up as domestic demand and global conditions improve. The fiscal deficit is projected to narrow to 7.4 percent in FY22, with the resumption of fiscal consolidation and stronger revenues driven by recovering economic activity and structural reform dividends. Expenditures will remain substantial due to sizeable interest payments and defense expenditures, a rising salary and pension bill, and absorption of energy SOE guaranteed debt by the government.
> 
> There are considerable downside risks to the outlook with the most significant being a resurgence of the COVID-19 infection, triggering a new wave of global and/or domestic lockdowns and further delaying the implementation of critical IMF structural reforms (slated to resume in H1-FY21). Locust attacks and heavy monsoon rains could lead to widespread crop damage, food insecurity and inflationary pressures. Livelihoods for households dependent primarily on agriculture could also be negatively impacted. Finally, external financing risks could be compounded by difficulties in rolling-over bilateral debt from non-traditional donors and tighter international financing conditions.”
> Last Updated: Oct 08, 2020
> https://www.worldbank.org/en/country/pakistan/overview
> 
> Finally, it is an accepted fact that no corruption scandal has been associated with Imran Khan and he himself is honest. Sadly, honesty alone does not make a person suitable for the job of the Prime Minister. Imran Khan and many of his associates were totally inexperienced and are learning the art of governance by doing it. Unfortunately, a poor country like Pakistan can ill afford such experimentation.



Sir my statement 'One cannot make sweeping statement like that' is a general statement, because I strongly believe the term 'incompetent' is a political rhetoric.

In my humble view sir keeping in mind the macroeconomic environment every decision this government took was an absolute necessity. There was never a choice. The complain why the government brought the rupee to market parity or the sudden compression in imports, power and gas tariff hike. These were the main reasons of increase in CPI (consumer price index) which rippled through auto, steel, edible oil, raw materials for core industries every aspect of personal consumption expenditure (PCE) either directly or indirectly in both services and goods domain.

To answer why this extremely harsh course correction was necessary, first we need to under what circumstances we faced and how we got there. If we want to use the term INCOMPETENT sir this is a perfect scenario.

In FY 2018 we ran a CAD of $19.9b (in final months $2b a month) increasing at a rate of 36.7% YoY ($4.9b in FY2016, to $12.7b in FY 2017, to $19.9b in FY 2018 which was projected to go in high 20's in FY 2019) to maintain that 5% GDP growth. This was the factor fueling consumption (with growth in service sector as major component). The main driving force behind this exponential growth in CAD was an another devastating policy of manipulating currency. In the final months we were throwing in market $500m every month even after almost 20% devaluation by Mifta Ismael. This currency manipulation which flooded the market with goods along with fiscal injection led to high consumption which kept the inflation low while inflating GDP. Most of the debt in Plmn era incurred in these years along with drop in State Bank reserves from $18b in 2016 to $9b in 2018.

In the first 2 years of Plmn the inflation was 7.36% and 8.62% in FY 2014 and FY 2015 respectively. This was brought down artificially by above stated policy without doing any reforms, and addressing the underlying defects in economy that was driving this inflation.

When PTI government took over there was a severe liquidity crisis with rapidly depleting reserves, exponentially growing CAD, and incoming debt repayment (interest+principal). Foreign creditors were backing out citing severe macroeconomic instability. It was an imminent default. The loans we got from Saudi or UAE or China combined extended the inevitable by a hand full of months. There was no other choice but to do what was necessary no matter how painful it was.

The only alternate was default, and one even cringes at the thought of it. The hardships it would have caused. If we got out of this situation by just 11.2% inflation (at its peak in FY 2019 after we signed up for IMF program) it is comparable to getting out with just a scratch from a tiger's den.
It is not just reducing the CAD it was a reversal from an exponential growth to a surplus (this year it will range from -ve 0.5b to 1.5b). CAD is not just a number but there is an entire ecosystem built around it.

Thus is just one of the many problems left behind by previous government. Fiscal deficit, Power sector, Gas sector (first time in history in Plmn term), state owned enterprises etc.

Yes if PTI had gone to IMF, we would have gone through the harshest phase a bit earlier but it would have been much harsher, what PTI did was implement some of the adjustments in a more gradual way, like bringing the rupee to market value over a period of 1 year instead of suddenly letting it loose, this might have cost us some dollars but it avoided the shock and how economy would react, similar is the case with CAD reduction. It might have been better or for the worst if we went to the IMF in 2018 instead of 2019 (after already taken some key policy decisions) no one can say with certainty.

Sir regarding World Bank report it is old now, we have recovered a lot better than predicted in that report. Give it a few months sir IA you will see. Just to give an example the previous 1.5% growth estimate had our LSM at -ve 2.7 for the year. From July to Nov it's +ve 7.2% with the low base effect kicking in from March it will be in double digits IA.


Coming to some of the issues highlighted, they arise in every government, I will share my perspective on some of them.



Brt is ADB funded. They do have considerable checks and balances from tendering to release of funds. There were cost over runs due to design changes etc. But the scope of the project is completely different, it was designed to be an economically viable project requiring little to no subsidies.

In Punjab PTI's grip on the installed system (a hostile highly politicized) is weak that's why they are facing resistance in governance, and having Buzdar at the top does not help (someone strong at the top like JKT was needed).
This is something one can not answer in numbers and data, so some degree of political bias is natural.


3) Sugar crisis. This is not specific to PTI sir, has happened in both PPP and PLMN governments. This is a cartel. This is the first time that an inquiry was conducted and people were exposed across the board.

4) Wheat crisis. Well they blamed it on faulty data by bureaucracy and since then claim to have real time monitoring. Anyways at the end of the day the responsibility lies on government. The last part of your post is a charge sheet against PPP (wheat is still 50% more expensive in Karachi than in Lahore).

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## ejaz007

*Ahmed Bozai made Country Officer of Citibank Pakistan*
03 Feb 2021

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KARACHI: Citi on Tuesday announced Ahmed Bozai as the new Citi Country Officer (CCO) for its business in Pakistan. As CCO, Ahmed will assume overall responsibility for driving Citi’s business in the country, and will report to Elissar Farah Antonios who has been recently appointed as the Head of Citi’s Middle East and North Africa (MENA) cluster.

Until recently, Ahmed was the Chief Operating Officer for the EMEA Emerging Markets (EMEA EM) cluster based out of Dubai.

He has previously worked with Citi in Pakistan, Greece and the United Kingdom in a number of areas, including Corporate Banking, Treasury & Trade Solutions, and Operations & Technology.

“I am delighted to return to Pakistan after almost twenty years, and particularly excited with this opportunity to lead Citi’s franchise,” commented Ahmed on his appointment.

“Together with the Citi Pakistan team, we will continue to provide the highest standards of innovation and banking solutions to our clients and fulfil our role as an active member of the Pakistani banking community.”

Atiq Rehman, CEO - Citi EMEA EM cluster, said: “Ahmed’s diverse international experience and his knowledge of our Pakistan operations will be of great value to our clients in Pakistan.

As we celebrate our 60th anniversary in the country this year, we are confident that under Ahmed’s leadership the franchise will continue to flourish and support the needs of our local and global clients.”—PR
Copyright Business Recorder, 2021









Ahmed Bozai made Country Officer of Citibank Pakistan


KARACHI: Citi on Tuesday announced Ahmed Bozai as the new Citi Country Officer (CCO) for its business in Pakistan. ...



www.brecorder.com

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## Path-Finder




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## farok84

*Vitol Bahrain offers lowest LNG rates for April delivery*

KARACHI: Vitol Bahrain has offered the lowest rates for supply of two liquefied natural gas (LNG) cargoes to Pakistan in April, it was learnt on Thursday.
*Pakistan LNG Terminal (PLL) issued the tenders for LNG delivery in April 2021. PLL has received lower bids for two LNG cargoes for April in the range of 10.89 percent to 11.05 percent of Brent against the tender that closed on February 4.*
With Brent trading at $58.77/barrel, cargo for April 5-6 delivery is priced at $6.49/million metric British thermal unit (MMBtu) – 11.05 percent of Brent, and delivery for April 19-20 is priced at $6.4/mmbtu –10.89 percent of Brent. Four traders submitted the bids including QP Trading, Vitol Bahrain, POSCO International Corporation and PetroChina International. PLL received considerably lower bids for three LNG cargoes for March in the range of 12.7 percent to 13.6 percent of Brent against the tender that closed on January 26. Government issued a tender to import 280,000 cubic meters of liquefied natural gas in December last for delivery in April from the spot market, acting promptly after a cold-shoulder response to the delayed tenders for January cargoes. PLL, a subsidiary of Government Holdings (Pvt) Limited, floated the tender to import 140,000 cubic meters each of LNG. An advertisement by PLL said the country is seeking cargoes – each of 140,000 cubic metres in two delivery windows. January 29 is the deadline for submission of bids. The first LNG cargo will be delivered on April 6 and second on April 19-20 on a delivered ex-ship basis, according to the PLL. In mid of November, PLL had invited bids for six LNG cargoes for delivery in January. It didn’t get a single bid for three cargoes to be delivered in the first half of January and was offered highest price for the second half of the month.
PLL received these all-time highest bids up to 32.48 percent of Brent crude. The lowest bids for the delivery windows of February 2021 were nearly at 21 percent to 23 percent of Brent, as received by the PLL on December 28. The gap in demand and supply of gas is expected to spiral beyond two billion cubic feet per day owing to rapid urbanisation, China-Pakistan Economic Corridor projects, and industrial growth. “The ongoing gas crisis and much propagated mismanagement in LNG procurement warrant urgent commercial import of LNG by private parties. Government needs to remove all the hurdles and fast track regulatory formalities to enable smooth commercial import of LNG,” an industry official said. LNG imports by private parties would ensure sufficient supplies as well as relax state entities of cumbersome computations of demand forecasts and arranging spot purchases. A number of business houses and trade associations such as compressed natural gas associations are eager to import their own gas once the bureaucratic hurdles are removed.
Meanwhile, Oil and Gas Regulatory Authority determined the distribution price of RLNG through Sui Northern system at $9.61/mmbtu, and $9.357/mmbtu for distribution of RLNG through Sui Southern system.










Vitol Bahrain offers lowest LNG rates for April delivery


KARACHI: Vitol Bahrain has offered the lowest rates for supply of two liquefied natural gas cargoes to Pakistan in April, it was learnt on Thursday.Pakistan LNG Terminal issued the tenders for LNG...




www.thenews.com.pk

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## Path-Finder

__ https://twitter.com/i/web/status/1361936415408484354

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## Path-Finder

__ https://twitter.com/i/web/status/1361940265896919046

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## Surya 1

My suggestion for Pakistan is as follows.

1) Invest massively in quality primary and secondary education.
2) Invest heavily in Solar Power and water conservation.
3) Invest heavily in agriculture, animal husbandry and textile to generate massive employment. 

Once this is done, work out other priority.

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## The Accountant

Inve


Surya 1 said:


> My suggestion for Pakistan is as follows.
> 
> 1) Invest massively in quality primary and secondary education.
> 2) Invest heavily in Solar Power and water conservation.
> 3) Invest heavily in agriculture, animal husbandry and textile to generate massive employment.
> 
> Once this is done, work out other priority.


Invest in people most importantly. Education and development of masses is the key

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## ejaz007

Path-Finder said:


> __ https://twitter.com/i/web/status/1361940265896919046



Doesn't he know CAD turned to surplus in July 2020.


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## farok84

__ https://twitter.com/i/web/status/1362403767103094795

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## Patriot forever

farok84 said:


> __ https://twitter.com/i/web/status/1362403767103094795
> View attachment 717497
> 
> View attachment 717501
> 
> View attachment 717502
> 
> View attachment 717503



I had the impression Mifta was a decent person but he turned out to be a liar and propagandist. Extremely shameful given he is from 'memon baradri'. 

Bro do you have any news regarding a new long term contract with Qatar? Is it just rumors or is something going on?


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## farok84

Patriot forever said:


> I had the impression Mifta was a decent person but he turned out to be a liar and propagandist. Extremely shameful given he is from 'memon baradri'.
> 
> Bro do you have any news regarding a new long term contract with Qatar? Is it just rumors or is something going on?



Hi,

There's an opportunity of a term deal for atleast 1cargo/ month (PSO) but I have heard of some talks are going on for 2 cargoes/month too (a 5 year contract). Qatar is trying hard to get that, it is evident from their recent interest in our spot purchases. Usually Qatar is not too keen on supplying for spot purchases. Socar is another one trying pretty hard, but it will be extremely difficult for them to beat Qatar's prices. For Pakistan, as long as the price is around 10-10.5%, the deal should be good, regardless of the supplier.

Qatar also quoted lowest price for April's delivery (10.025%) today for PLL.

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## The Accountant

ejaz007 said:


> Doesn't he know CAD turned to surplus in July 2020.


He is referring to 2018

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## ejaz007

The Accountant said:


> He is referring to 2018


Then his tweet is irrelevant in 2021.


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## Path-Finder



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## farok84

https://news.qna.org.qa/lang/en/w/article/1614342660028121500



*Qatar Petroleum Enters into Long-Term Agreement for Supply of 3 MTPA of LNG to Pakistan*
Doha, February 26 (QNA) - Qatar Petroleum entered into a new long-term Sale and Purchase Agreement (SPA) with Pakistan State Oil Company Limited (PSO)for the supply of up to 3 million tons per annum (MTPA) of liquefied natural gas (LNG) to the Islamic Republic of Pakistan.

Under the 10-year agreement, LNG deliveries to Pakistan's world-class receiving terminals will commence in 2022 and continue until the end of 2031.

The SPA was signed in Islamabad by HE Saad bin Sherida Al Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, and Syed Taha, the Managing Director & CEO of PSO in a special ceremony held under the patronage and with attendance of HE Imran Khan, the Prime Minister of the Islamic Republic of Pakistan, senior Pakistani government officials and HE Sheikh Saoud bin Abdulrahman Al-Thani, Qatar's Ambassador to Pakistan.

HE Saad bin Sherida Al Kaabi welcomed the SPA signing and said: "We are delighted to enter into this new long-term agreement with Pakistan State Oil Company Limited and to continue our contributions towards meeting Pakistan's increasing energy demand."

HE Minister Al Kaabi added: "This agreement further extends Qatar's long standing LNG supply relationship with Pakistan and highlights our commitment to meeting Pakistan's LNG requirements. We are confident that the exceptional reliability of our LNG supplies will provide PSO with the required flexibility and supply security to fuel Pakistan's impressive growth."

HE Minister Al Kaabi concluded his remarks by saying: "With a well-established gas market and distribution system, Pakistan is a strategically important market for Qatar LNG. We are encouraged by Pakistan's exceptional growth and excellent economic potential as well as by the prospect of it being one of the world's fastest growing LNG markets. I would like to take this opportunity to thank His Excellency Prime Minister Imran Khan for his support and for his patronage of this special event. I also would like to thank Pakistan's energy officials as well as PSO's management for all their efforts and for the professional and transparent negotiations leading to today's important agreement."

Pakistan currently has two operational LNG receiving terminals, namely the Engro LNG Receiving Terminal and Pakistan GasPort LNG Receiving Terminal, both of which, utilize Floating Storage and Regasification Units moored in Port Qasim. There are a number of additional terminals currently under consideration by various private sector players in the country.

This is the second such agreement signed between Qatari and Pakistani entities since 2016, when Qatargas signed a long-term agreement to supply PSO with 3.75 MTPA of LNG. Today's agreement raises the total of long-term LNG supplies from Qatar to Pakistan to 6.75 MTPA. (QNA)







_*Price: 10.2% of Brent*_

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## Path-Finder

__ https://twitter.com/i/web/status/1365616109911740416

__ https://twitter.com/i/web/status/1365617449790566405

__ https://twitter.com/i/web/status/1365618649713811456

__ https://twitter.com/i/web/status/1365619314880045058

__ https://twitter.com/i/web/status/1365620459816026113

__ https://twitter.com/i/web/status/1365621808515448832

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## Path-Finder

__ https://twitter.com/i/web/status/1365623179209760769

__ https://twitter.com/i/web/status/1365634274741813256

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## Path-Finder



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## Path-Finder



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## farok84

*CCOE approves assessment of port charges on LNG vessels*
Cabinet body endorses proposal of conducting independent assessment for better rates


Zafar Bhutta March 05, 2021







*ISLAMABAD:*
The Cabinet Committee on Energy (CCOE) has approved a proposal for conducting an independent assessment of port charges on liquefied natural gas (LNG) vessels for better rates.
A meeting of the committee, chaired by Federal Minister for Planning, Development and Special Initiatives Asad Umar, was held on Thursday.
The Petroleum Division informed the cabinet body that the Port Qasim Authority (PQA) was collecting 300% higher charges from LNG vessels compared to regional ports. Two state-run energy companies - Pakistan LNG Limited (PLL) and Pakistan State Oil (PSO) - had pointed out earlier that LNG vessels were still facing problems in navigating despite collection of $47.5 million in port charges by the PQA.
They were of the view that though PQA had collected $47.5 million, it did not spend the funds on development of infrastructure such as the navigation channel to handle LNG vessels. The Petroleum Division said that PQA first reduced the towage rate from $5.913 to $4.199 per gross registered tonnage (GRT) on February 1, 2017 and then to $3.706 on June 13, 2018.
However, these reductions were not applied retrospectively from March 2015 with the result that PQA overcharged the towage cost from 2015 to 2017. The Petroleum Division proposed that the towage rate should not be more than $2 per GRT.
The CCOE considered the proposal of reducing port charges based on an independent assessment. The proposal also emphasised the need for development work at Port Qasim. The CCOE approved the proposal of conducting an independent assessment for better rates. The committee noted that rationalisation of various port charges would benefit the end-consumers, through a reduction in the LNG cost.
The CCOE directed the Ministry of Maritime Affairs to immediately start infrastructure development work by using the financial resources available with PQA.
The committee noted that the improvement in port infrastructure and facilities should be the main priority of PQA. The Petroleum Division informed the cabinet body that the Channel Development Cess (CDC) was collected on the first 200 LNG carriers for channel widening and dredging.
PQA communicated that it would continue charging the CDC until complete recovery of its investment cost. However, the investment/project cost and update on dredging and widening of the channel was not provided by the PQA.
The Petroleum Division said that the passage of LNG vessels in the channel was adversely affecting the movement of other ships. All traffic in the channel stops when an LNG vessel is moving.
Due to the unavailability of night navigation, the charter cost is affected, which is ultimately reflected in LNG prices.
PQA is receiving port charges for handling imported LNG vessels, which are among the most expensive in the region. Main components of port charges are pilotage, towage and CDC. Pilotage charges stand at $3.706 per GRT and CDC is $100,000 per vessel.
Total charges per LNG cargo range from $600,000 to $750,000, which are 300% more than the average in other regional ports. These charges contribute to an increase of approximately Rs7 in the LNG price.
_Published in The Express Tribune, March 5th, 2021.
Like __Business on Facebook_, _follow __@TribuneBiz__ on Twitter to stay informed and join in the conversation._









CCOE approves assessment of port charges on LNG vessels | The Express Tribune


The Cabinet Committee on Energy (CCOE) has approved a proposal for conducting an independent assessment of port charges on liquefied natural gas (LNG) vessels for better rates.




tribune.com.pk

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## Patriot forever

farok84 said:


> *CCOE approves assessment of port charges on LNG vessels*
> Cabinet body endorses proposal of conducting independent assessment for better rates
> 
> 
> Zafar Bhutta March 05, 2021
> 
> 
> 
> 
> 
> 
> *ISLAMABAD:*
> The Cabinet Committee on Energy (CCOE) has approved a proposal for conducting an independent assessment of port charges on liquefied natural gas (LNG) vessels for better rates.
> A meeting of the committee, chaired by Federal Minister for Planning, Development and Special Initiatives Asad Umar, was held on Thursday.
> The Petroleum Division informed the cabinet body that the Port Qasim Authority (PQA) was collecting 300% higher charges from LNG vessels compared to regional ports. Two state-run energy companies - Pakistan LNG Limited (PLL) and Pakistan State Oil (PSO) - had pointed out earlier that LNG vessels were still facing problems in navigating despite collection of $47.5 million in port charges by the PQA.
> They were of the view that though PQA had collected $47.5 million, it did not spend the funds on development of infrastructure such as the navigation channel to handle LNG vessels. The Petroleum Division said that PQA first reduced the towage rate from $5.913 to $4.199 per gross registered tonnage (GRT) on February 1, 2017 and then to $3.706 on June 13, 2018.
> However, these reductions were not applied retrospectively from March 2015 with the result that PQA overcharged the towage cost from 2015 to 2017. The Petroleum Division proposed that the towage rate should not be more than $2 per GRT.
> The CCOE considered the proposal of reducing port charges based on an independent assessment. The proposal also emphasised the need for development work at Port Qasim. The CCOE approved the proposal of conducting an independent assessment for better rates. The committee noted that rationalisation of various port charges would benefit the end-consumers, through a reduction in the LNG cost.
> The CCOE directed the Ministry of Maritime Affairs to immediately start infrastructure development work by using the financial resources available with PQA.
> The committee noted that the improvement in port infrastructure and facilities should be the main priority of PQA. The Petroleum Division informed the cabinet body that the Channel Development Cess (CDC) was collected on the first 200 LNG carriers for channel widening and dredging.
> PQA communicated that it would continue charging the CDC until complete recovery of its investment cost. However, the investment/project cost and update on dredging and widening of the channel was not provided by the PQA.
> The Petroleum Division said that the passage of LNG vessels in the channel was adversely affecting the movement of other ships. All traffic in the channel stops when an LNG vessel is moving.
> Due to the unavailability of night navigation, the charter cost is affected, which is ultimately reflected in LNG prices.
> PQA is receiving port charges for handling imported LNG vessels, which are among the most expensive in the region. Main components of port charges are pilotage, towage and CDC. Pilotage charges stand at $3.706 per GRT and CDC is $100,000 per vessel.
> Total charges per LNG cargo range from $600,000 to $750,000, which are 300% more than the average in other regional ports. These charges contribute to an increase of approximately Rs7 in the LNG price.
> _Published in The Express Tribune, March 5th, 2021.
> Like __Business on Facebook_, _follow __@TribuneBiz__ on Twitter to stay informed and join in the conversation._
> 
> 
> 
> 
> 
> 
> 
> 
> 
> CCOE approves assessment of port charges on LNG vessels | The Express Tribune
> 
> 
> The Cabinet Committee on Energy (CCOE) has approved a proposal for conducting an independent assessment of port charges on liquefied natural gas (LNG) vessels for better rates.
> 
> 
> 
> 
> tribune.com.pk



It will take a long time to correct the damage done by Plmn. Everywhere one looks, each and every deal is filled with incompetency corruption.

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## PakistaniAtBahrain

the rupee is getting stronger. one month ago $1=160 rupees, today its $1=157 rupees.

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## Enigma SIG

Path-Finder said:


> __ https://twitter.com/i/web/status/1365616109911740416
> 
> __ https://twitter.com/i/web/status/1365617449790566405
> 
> __ https://twitter.com/i/web/status/1365618649713811456
> 
> __ https://twitter.com/i/web/status/1365619314880045058
> 
> __ https://twitter.com/i/web/status/1365620459816026113
> 
> __ https://twitter.com/i/web/status/1365621808515448832


Miftah should do a live debate on TV with the governments Finance Ministry and defend his numbers rather than going live on TV with *Khanzada and doing a one-sided analysis and fudging the numbers.

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## Patriot forever

Enigma SIG said:


> Miftah should do a live debate on TV with the governments Finance Ministry and defend his numbers rather than going live on TV with *Khanzada and doing a one-sided analysis and fudging the numbers.



The program is fixed with haramzada.

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## farok84

Patriot forever said:


> It will take a long time to correct the damage done by Plmn. Everywhere one looks, each and every deal is filled with incompetency corruption.



Hi,

Do you have more information on why such a high port charge was levied? The article says $100k being charged for channel development, and comparing with the port charges in Qatar (under $150k), this leaves us with $370k-$500k higher charges. Ultimately, this extra amount is paid by PSO/ PLL and its consumers ($0.11-0.15/mmbtu). I just can't understand wisdom behind this. Was PQA going under and needed immediate rescue?

I will say PMLN was very efficient and competent at corruption.

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## Chak Bamu

farok84 said:


> Hi,
> 
> Do you have more information on why such a high port charge was levied? The article says $100k being charged for channel development, and comparing with the port charges in Qatar (under $150k), this leaves us with $370k-$500k higher charges. Ultimately, this extra amount is paid by PSO/ PLL and its consumers ($0.11-0.15/mmbtu). I just can't understand wisdom behind this. Was PQA going under and needed immediate rescue?
> 
> I will say PMLN was very efficient and competent at corruption.



Of course, PML-N was the sole owner of PQA:


----------



## farok84

*LNG: delivering on our promises*

When my fellow Pakistanis read this, the first question that may come to mind is why the minister for maritime affairs is writing an article on LNG. So, let’s start with that. My association with the PTI spans over two decades. I joined the struggle in 1999 and actively started participating in politics in 2002 when I contested the elections on a provincial seat from Karachi.

The struggle to secure social justice, equality, rule of law and – most importantly – to improve the lives of common man continues. In 2018, after the PTI came to power, the Honourable PM asked me to assume charge of the Ministry of Maritime Affairs. For those who recall, the Port Qasim Authority (PQA) was and is a party to the infamous NAB cases on the two LNG terminals. PQA officers have been questioned regarding technical due diligence with regard to the development of the two terminals. A reminder to everyone: we did not initiate the cases; we inherited them.

The cabinet in its collective wisdom, with support from the Petroleum Division, therefore agreed that the PQA should take the lead in allocation of potential land to interested parties that want to set up more LNG terminals. The PQA then initiated studies to evaluate the Quantitative Risk Assessments (QRAs) submitted by all five aspirants. An international consulting firm, HR Wallingford, which had initially developed the PQA master plan and was already conducting studies for deepening and widening of the 43 plus KM PQA channel, was tasked to do the evaluation. HR Wallingford conducted their studies and approved all five QRAs with slight modifications. The PQA then invited all five potential applicants to build their terminals with a new set of rules and policy framework.

What was the difference? First, there would be no financial commitments from the government (take or pay guarantee) unlike the first two LNG projects which have government guarantees. Simply put, bring your own LNG, create market space for yourself and sell your gas.

For the record, the existing terminals charge approximately $190 million per annum for the duration of their fifteen-year contracts. Yes, that is correct – $190 million per annum for 15 years amounts to approximately $2.85 billion over the contract period. Also, for all practical purposes, there was no need for the PML-N government to sign a ‘take or pay’ agreement on the second LNG terminal.

*It is a matter of fact that for the longest period, we were only utilizing 40 percent of the capacity on the second terminal but paying 100 percent capacity charge because of the unscrupulous agreement signed with the second terminal operator. In financial terms, we pay approximately $250,000 for regasification per day to the operator of the second terminal. That means we were wasting $150,000 daily as we neither had the cargo nor the requirement.*

Secondly, the PQA board after a lot of deliberations decided to charge a concession fee of $10 million per terminal from the new applicants. Out of the five, the PQA was able to attract two investors who agreed to build and operate LNG terminals without any government ‘take or pay’ guarantee. The concession fee also allowed the PQA to filter out real investors versus potential blockers. It also gives the PQA part of the funding required to dredge and open an alternate channel dedicated for LNG cargoes. For the record, private investors have been trying to set up LNG terminals since 2006.

*In addition to the above, the Ministry of Maritime Affairs took another bold initiative to allow a ‘virtual LNG pipeline’ from the Karachi Port Trust (KPT) as well. Basically, LNG will be filled directly in ISO Tanks on trucks inside the port. The trucks will then transport these ISO Tanks filled with LNG to the doorstep of various SMEs.*

The government’s role is to provide a policy framework and act as an enabler for investors, keeping in view its responsibility of ensuring end benefits to the nation through increased choice. But the energy value chain has been monopolized by a few; therefore, as we moved towards encouraging the new terminal operators, several roadblocks came up. Allowing others to create space and compete, while very important for the nation, is also in direct conflict with the vested interests.

The fight we took on also directly disturbs one established interest group, whose chairman once thundered to a formal audience of having “a God-given birthright to control the gas chain in Pakistan”. Some of the exploits of this vested group include the infamous 50MW Naudero-II Rental Power Project (RPP), the Rs38 billion money laundering case, default of Rs22 billion (adjudged by the Supreme Court) in the LPG quota scandal, arbitration against the GOP for $50 million on the LNG terminal delay and damages, cases in the Supreme Court for LPG contracts etc. The owners/directors have been charged with and even convicted by the courts of law. It is a story of misery spread over two decades that has cost the national exchequer billions of rupees.

This is a perfect script of how personal partnerships with state officials and plea bargains with accountability agencies have hurt the state. The financial gain against the interest of the state is further protected by buying influence against those who stand in the way of such blatant violations.

To borrow a line from my colleague Sheikh Rasheed, the “faces behind the case” are the strong and the influential who have roamed the corridors of power and continue to build roadblocks for new entrants. But under Imran Khan, the government continues to fight for the rights of the people and InshAllah will continue to succeed. We continue to stand tall, while these vested groups indulge in activities below the dignity of men. Our struggle of two decades, alongside Imran Khan who chooses to keep the nation’s interest above all, serves as a personal inspiration to continue the good fight.

Let me also take the opportunity to remind everyone of a promise that the prime minister made regarding the LNG purchase, to his many naysayers. Pakistan under him has secured an LNG deal 31 percent below the price of Pakistan’s first contract done under the PML-N regime. Ironically, the first deal was signed in February 2016 and we signed ours in February 2021.

I am also cognizant of the fact that our government should not rest after securing the deal but focus on the future and how we need to reduce the basket price of energy for the good of the common man.

As a member of the Cabinet, the ECC and the Cabinet Committee on Energy, I find it incumbent upon myself to push for the hard decisions that will benefit the nation and our people. No doubt, the task is monumental and perhaps a lot larger than we had imagined, but by God we came to power with a purpose, and under the leadership of Imran Khan we will fight to rid the system of corruption and leave no stone unturned to help our nation rise to the levels it is capable of. God bless Pakistan.

The writer is federal minister of maritime affairs.
Twitter: @AliHZaidiPTI









LNG: delivering on our promises


When my fellow Pakistanis read this, the first question that may come to mind is why the minister for maritime affairs is writing an article on LNG. So, let’s start with that. My association...




www.thenews.com.pk

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## farok84

Chak Bamu said:


> Of course, PML-N was the sole owner of PQA:
> View attachment 726081



Hi,

When these contracts were signed, PMLN was in government. Senator Mir Hasil Khan Bizenjo (Late) was the federal minister for Maritime Affairs during PMLN's last tenure.

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## Norwegian

farok84 said:


> Hi,
> 
> When these contracts were signed, PMLN was in government. Senator Mir Hasil Khan Bizenjo (Late) was the federal minister for Maritime Affairs during PMLN's last tenure.


@Chak Bamu please defend this. Help us understand how these Pmln signed long term energy contracts were so good for Pakistani economy.











@PakistaniAtBahrain @Patriot forever

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## Chak Bamu

farok84 said:


> Hi,
> 
> When these contracts were signed, PMLN was in government. Senator Mir Hasil Khan Bizenjo (Late) was the federal minister for Maritime Affairs during PMLN's last tenure.


And that ensured that PQA's bank accounts were the minister's personal accounts. Stop digging man.


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## Chak Bamu

Norwegian said:


> @Chak Bamu please defend this. Help us understand how these Pmln signed long term energy contracts were so good for Pakistani economy.
> View attachment 726102
> View attachment 726103
> View attachment 726104
> 
> @PakistaniAtBahrain @Patriot forever



Read a little, think a little, stay away from PTI-sponsored and spewed trash & slowly you'll get better. 

For example, you may realize that fuel mix is a much bigger culprit than capacity payments, but since Furnace Oil lobby has been getting its way since 2018, you are not aware of it. 

You may also realize that the future projects were planned with a projection of 6% GDP growth which looked feasible and Pakistan was on track to achieve it. Sadly, we have seen how it was actively undermined by power-hungry & unscrupulous elements. Instead of becoming an investment-attracting hub, Pakistan became the economic basket case of South Asia.

Circular debt is another issue about which the present government has done zilch, zero, nada, cipher. Transmission losses have risen & %age of recovered billing has dropped, but responsibility is with the last government.

Cost of electricity is again a canard that is so superficial that it is not even laughable. Have a look at the energy mix during this government and then come talk with me.

The present government is just as corrupt as the PPP's government, if not more. That is a funny situation for supporters of this present rigged dispensation.

Call in the cavalry my boy. You're gonna need it.

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## Norwegian

Chak Bamu said:


> You may also realize that the future projects were planned with a projection of 6% GDP growth which looked feasible and Pakistan was on track to achieve it.


With what money? Pakistan was going bankrupt with 6 percent growth rate.
























Chak Bamu said:


> Sadly, we have seen how it was actively undermined by power-hungry & unscrupulous elements.


You mean military establishment? Did military plan record debts and deficits on the external account during Pmln Era?

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## PakistaniAtBahrain

Chak Bamu said:


> You may also realize that the future projects were planned with a projection of 6% GDP growth which looked feasible and Pakistan was on track to achieve it.



and how was Dar planning on saving us from defaulting before we got to the land of milk and honey?

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## Norwegian

Chak Bamu said:


> Instead of becoming an investment-attracting hub, Pakistan became the economic basket case of South Asia.


Investment with the most expensive electricity generation in the region?






PakistaniAtBahrain said:


> and how was Dar planning on saving us from defaulting before we got to the land of milk and honey?


With artifical dollar rate of course. It was already predicted in 2014:












Dollar crash and Nawaz Sharif


THE Sharifs and their cronies are boastful about the dollar’s crash. The Zardari government pushed Pakistan’s...



www.dawn.com

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## farok84

Chak Bamu said:


> And that ensured that PQA's bank accounts were the minister's personal accounts. Stop digging man.



Hi,

It's extremely saddening to see people are ready to dismiss and defend blatant corruption this quickly. The greatest achievement of these corrupt politicians, is the normalization of corrupt practices in eyes of common man, such a sad state of our collective moral bankruptcy. 

If the government and the minister in charge are not to be questioned and held responsible for the contracts signed during their tenures, who else should be?

Unusually higher port charges, not only results in a higher price for an Lng cargo, but it also substantially increases the end-users price, putting undue strain on an already strained economy.

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## Norwegian

PakistaniAtBahrain said:


> and how was Dar planning on saving us from defaulting before we got to the land of milk and honey?


@Chak Bamu believes his leader Nawaz Sharif artifically maintaining dollar rate for years was real economic progress that was destroyed by military establishment. 🤪












PML-N maintained balance between dollar and rupee: Nawaz - Daily Times


Former prime minister Nawaz Sharif Friday said the dollar wasn’t raised even by 10 paisas without permission during his term in power. In an informal talk with journalists during his court appearance, Nawaz said, “There was a balance between dollar and the rupee during my time. The world called...




dailytimes.com.pk








@farok84


Chak Bamu said:


> Cost of electricity is again a canard that is so superficial that it is not even laughable. Have a look at the energy mix during this government and then come talk with me.


Enjoy

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## PakistaniAtBahrain

Norwegian said:


> With artifical dollar rate of course. It was already predicted in 2014:



the pkr to usd exchange rate shot up from 104 rupees to 1$ (8th December 2017) up to 128 rupees for 1$ (the day before the elections), in about 8 months.

noonies may claim otherwise, but i dont recall us reaching the land of milk and honey by the time the elections happened. the only thing was certain that was we were going to fu*king default before we ever got rich. this ponzi scheme Dar was running should have gotten him into a jail cell next to Bernie Madoff.

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## Norwegian

PakistaniAtBahrain said:


> the pkr to usd exchange rate shot up from 104 rupees to 1$ (8th December 2017) up to 128 rupees for 1$ (the day before the elections), in about 8 months.
> 
> noonies may claim otherwise, but i dont recall us reaching the land of milk and honey by the time the elections happened. the only thing was certain that was we were going to fu*king default before we ever got rich. this ponzi scheme Dar was running should have gotten him into a jail cell next to Bernie Madoff.


Pakistani economy is in perpetual boom and bust cycle with its accompanying debt trap since early 90s (Nawaz Sharif curse). Yet nobody, I repeat nobody is trying to fix the mess. Artificially fixing dollar price, printing money is not going to fix structural problems within Pakistani economy.
















@Del @Dual Wielder @farok84 @Chak Bamu @Patriot forever @muhammadhafeezmalik @ziaulislam

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## Patriot forever

Chak Bamu said:


> Read a little, think a little, stay away from PTI-sponsored and spewed trash & slowly you'll get better.
> 
> For example, you may realize that fuel mix is a much bigger culprit than capacity payments, but since Furnace Oil lobby has been getting its way since 2018, you are not aware of it.
> 
> You may also realize that the future projects were planned with a projection of 6% GDP growth which looked feasible and Pakistan was on track to achieve it. Sadly, we have seen how it was actively undermined by power-hungry & unscrupulous elements. Instead of becoming an investment-attracting hub, Pakistan became the economic basket case of South Asia.
> 
> Circular debt is another issue about which the present government has done zilch, zero, nada, cipher. Transmission losses have risen & %age of recovered billing has dropped, but responsibility is with the last government.
> 
> Cost of electricity is again a canard that is so superficial that it is not even laughable. Have a look at the energy mix during this government and then come talk with me.
> 
> The present government is just as corrupt as the PPP's government, if not more. That is a funny situation for supporters of this present rigged dispensation.
> 
> Call in the cavalry my boy. You're gonna need it.



I almost laughed while reading this comment. It's more kind of an emotional outburst rather than a factual or educated one.

The rest of the points he mentioned are discussed to death on this forum. I will just post one fact to counter his argument regarding line losses. This is from the finance ministry. I hope you take a look at the figures for DISCOs.

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## Norwegian

Chak Bamu said:


> Call in the cavalry my boy. You're gonna need it.


Cavalry has arrived. Read the comments above

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## Norwegian

Patriot forever said:


> I almost laughed while reading this comment. It's more kind of an emotional outburst rather than a factual or educated one.


Entire Pmln, PPP etc is about playing with people's emotions: Generals murdered Bhutto, Benazir, Generals destroyed economy by kicking out Saint Nawaz Sharif etc etc. There is hardly any evidence or facts behind these pathetic claims but they are sold to emotional illiterate masses.


Patriot forever said:


> I hope you take a look at the figures for DISCOs.


Thanks for sharing these figures. I have added them to my data bank to expose Bughaz Imranis lies in future 🥳

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## PakistaniAtBahrain

Norwegian said:


> Entire Pmln, PPP etc is about playing with people's emotions: Generals murdered Bhutto, Benazir, Generals destroyed economy by kicking out Saint Nawaz Sharif etc etc. There is hardly any evidence or facts behind these pathetic claims but they are sold to emotional illiterate masses.



yeah, but things are changing. social media, alternative media/analysis outlets, and more internet access is creating a more educated, young middle class of voters. no more listening to hamid mir and his ilk. many young people that are going to reach voting age and were too young to care about bhutto and sharif dynasty politics, they want to see development and facts. this is a big chunk of the PTI voter base, and this base is only going to keep growing because our population is young and growing, and not interested in ethnicity politics, nor being slaves of bhuttos, zardaris and sharifs.

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## Path-Finder

*Misrepresentation Of The Previous Government, Pakistan Narrowly Escaped IMF Fines*
By *Web Desk* On *March 25, 2021*  1






Pakistan has escaped fines from the International Monetary Fund (IMF) after the revelation of inaccurate data on loans during the previous PML-N government.

According to the report of the news agency, the value of the guarantee given by the government in return for the loans for the financial year 2015-16 was shown to be Rs 357 billion less.


__ https://twitter.com/i/web/status/1375058806137352195
The current government went to the IMF in 2019 and submitted the data given by the previous government which was not correct but the IMF approved it.
But this revelation was later made by the Pakistani government itself and it was corrected that the guarantees given in loans and arrears have been shown to be Rs 357 billion more.
The IMF did not impose any penalty on the Pakistani correction, in case of non-identification, the IMF could have suspended the loan program along with the fine.

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## farok84

Pakistan gets promising response to LNG tender | The Express Tribune


PLL receives bids in range of $6.7 to $6.925 per mmbtu for eight cargoes




tribune.com.pk





*Pakistan gets promising response to LNG tender*
PLL receives bids in range of $6.7 to $6.925 per mmbtu for eight cargoes


Our Correspondent April 01, 2021






*ISLAMABAD:*
With the fall in global demand for liquefied natural gas (LNG), Pakistan has received an encouraging response to a tender seeking eight LNG cargoes from April to June 2021.

Earlier this year, the LNG price had jumped to the highest level and even suppliers refused to deliver the committed volumes. However, a new wave of the Covid-19 pandemic has now hit the entire world and restrictions have pushed LNG demand down. This has resulted in a good response from the suppliers.
Pakistan LNG Limited (PLL) received bids in the range of $6.7 to $6.925 per mmbtu for eight LNG cargoes to meet the growing gas demand in the April-June period.

Owing to the increase in demand for electricity in the summer season, the power sector will be a major consumer of LNG.

More than a dozen suppliers submitted bids in response to the LNG tender for eight spot cargoes for delivery between April and June. PLL had made some changes to the bidding process as it called for submitting bids based on fixed dollar rates instead of the previous practice of linking with the Brent price. PLL received a total of 42 bids for the spot LNG cargoes.

Eni has offered to deliver one shipment on April 30, another on May 26-27 and another on June 18, 2021 at a rate of $6.7 per mmbtu.

QP Trading has offered to deliver two LNG cargoes at the rate of $6.825 per mmbtu on May 11-12 and another at the rate of $6.925 per mmbtu on May 16-17, 2021.

Votal Bahrain LNG will deliver cargo on May 31, 2021 at a rate of $6.7832 per mmbtu.
_Published in The Express Tribune, April 1st, 2021.

Like __Business on Facebook_, _follow __@TribuneBiz__ on Twitter to stay informed and join in the conversation._




__ https://twitter.com/i/web/status/1377267183068147720

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## Sulman Badshah

Economic Indicators this Fiscal years

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## Path-Finder




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## Path-Finder

*COAS Qamar Bajwa Tells** How Ishaq Dar Destroyed Pakistan's Economy*






========================

Here is Javed Chaudry article 

........................

Mian Nawaz Sharif went to London for treatment on November 19, 2019. There is an impression in the country even today that he went out through a deal and this deal was done by the establishment without the consent of the government. This impression was given to senior journalists on Friday night, April 23. Was deleted in front of We were told that Mian Nawaz Sharif was not sent out by the army, this decision was purely of the judiciary and the government but it is true that the Prime Minister had sought the opinion of Army Chief General Qamar Javed Bajwa and he had told him, you have two There are options. You let Mian Nawaz Sharif go for treatment and be heard badly by the people or if God willing something happens to him in jail then bear another Bhutto but the decision is up to you anyway and this decision was made by the Prime Minister, Cabinet I was in favor of deporting all the ministers except three ministers, all these were saying, let them go, save their lives, it was also told that the military leadership requested the former Chief Justice of Pakistan after his swearing in ceremony. Was The Supreme Court should find a legal way for the people detained by the security agencies, even the police are not ready to accept them and there is no civil administration in the tribal areas, we do not understand what to do, the Chief Justice replied. We also don't have any legal scope. If you bring them here, there will be a new legal crisis. You decide for yourself so that the security agencies can keep them and look at the judiciary and the government. have been. It was also reported that former finance minister Ishaq Dar had forged government statistics. The former government continued to show 5.8% growth by borrowing from banks, when Ishaq Dar was asked about Metros in a meeting. How will the government cover these debts and deficits? ”So he shook his face from left to right and said,“ Some decisions are political. ”Under the previous government, Vespa wanted to set up a scooter factory in Pakistan, but the finance ministry commissioned the company. Asked NATO envoy to Afghanistan Stefano Pontecorvo alleged that the money was demanded by the finance minister. The information was given to Prime Minister Nawaz Sharif but he did not take it seriously. It was also said that Indian leaders during the talks. Requested from Pakistani officers, get rid of our Clubbhushan Yadav, this is a burden for us, if you remove this burden it will be your favor but the death of Clubbhushan Yadav does not suit Pakistan so he is alive and It will live MNA Mohsin Dawar was told, he was an Army Public School student and he got angry with the state because of a base, he is not fighting an ideological battle, he is fighting a battle for possession of the base, Ayaz Sadiq Had made a statement on October 29, 2020 that his legs were shaking, the military circles felt very bad about it, the army had shot down three Indian planes, if our legs were shaking we would never have done it but Pakistan did it with full courage. When we released the Indian pilot Nandan, India thanked Pakistan through a friendly country but Ayaz Sadiq broke both the morale and heart of the army by making this statement. Army Chief General Qamar Javed Bajwa is alive. The first time there was intense anger but they drank their anger, there was talk about Tehreek-e-Lubaik Pakistan, it was made by Mian Nawaz Sharif to break the power of Allama Tahir-ul-Qadri, TLP called a sit-in in Faizabad in November 2017 He came to Islamabad at the behest of Punjab Law Minister Rana Sanaullah. The TLP was initially demanding the resignation of the government, but then it came to the resignation of the entire cabinet. Prime Minister Shahid Khaqan Abbasi told the army, "You deal with them, the police are not getting their hands on them." He told PTI that he had demoralized the police by leaving the Punjab police alone on the issue of Model Town, so it is no longer obeying the orders of the government. The Prime Minister was advised not to resign the ministers because once this tradition If it falls, then it cannot be stopped. The Establishment had to deal with this issue because the Prime Minister and the Army Chief had to visit Saudi Arabia for military exercises and this issue had to be resolved before this visit, otherwise the country would be ridiculed as with the TLP. A written agreement had to be reached. Shahid Khaqan Abbasi wanted to visit his sister in the United States. The former prime minister contacted the country's top intelligence agency to get his name removed from the ECL and the establishment allowed him to travel to the United States. However, they did not want to appeal to the government. The government voluntarily appointed and fired the three finance ministers, the establishment did not comment, 35 of the 46 judges of the Lahore High Court were recruited under Nawaz Sharif, so government members and the opposition are therefore biased towards the judiciary. Accuses These allegations should not be leveled at the judiciary, Pakistan's security agencies found out that important documents of the Prime Minister's Office and the Foreign Ministry are being leaked, the security agencies investigated, it turned out to be true, the system of the Prime Minister's Office and the Foreign Ministry was "hacked". We were going out of the country till the minutes of the meetings. It was also found out that our information was also going to India. The security agencies fixed this system and it has now become "fool proof". Talking about the economic and social situation of the country, Chinese Prime Minister Li Keqiang asked Prime Minister Imran Khan, "How long will we continue to buy your substandard sugar? Why don't you make anything but sugar?" We have to admit that we are far behind in production, Vietnam and Bangladesh are ahead of us, we have to focus on industry and production, we have made mistakes in the past, General Zia-ul-Haq also made mistakes and General Pervez Musharraf also made mistakes and our political leadership also kept making mistakes but if we keep crying over these mistakes we will not be able to move forward. We have to move forward. It was also said that in the past the Establishment had a tough stance on Afghanistan and Kashmir. The people, politicians and the media all objected to the Establishment but today the Establishment itself wants to rectify these issues. Let's move on from wars and conflicts but our intentions are still in doubt. This attitude is not right. There are still people in Pakistan who saw the era of General Ayub Khan with their own eyes. "At that time, there was a penalty for not having a bicycle light and there was no idea of crossing the road except for the zebra cross. We want to take the country back to this place, there should be rule of law and society is flourishing," he said. Gaya Nawaz Sharif is not an enemy of the country, he is a patriot and he used to respect the current army chief a lot, the army also respects him but as far as his cases are concerned, it is up to the courts to decide, Imran Khan said. Worldview "is great, it tackles the world's great rulers very well. When he went to meet Donald Trump, the entire US cabinet was sitting in front of him. When Imran Khan started talking, it seemed for a while that he is the President of the US, the entire US cabinet is his cabinet and Donald Trump is the guest Prime Minister. Yes, we also need to understand the changes in the Middle East, the young people have come to power in the Arab countries, they are different from their elders, they see the world in terms of commercial advantages and disadvantages, so we have been talking to each other for a long time now. Brothers will not be able to say. We have to increase our economic position, we buy ارب 4 billion worth of petrol every year and India 40 40 billion, think for yourself with whom the Arab countries have an advantage in trade so we have to believe, if we are an economic power then the world We will be respected otherwise no country in the world will support us and we were also told that the military leadership respects General Ashfaq Parvez Kayani very much. General Kayani could not have done as much as ten army chiefs together. The country was going, General Kayani saved him and it was also told that Pakistan can no longer walk on the old path, we have to forget the past and move forward and for that we all have to work together, this country belongs to all. And it is everyone's responsibility. 



http://javedch.com/javed-chaudhry-urdu-columns/2021/04/29/770636


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## Path-Finder

*Ye Mulk Hai Tissue Paper Nahi*

If a list of journalists is made in Pakistan today, then Talat Hussain will come first in a few names, be it print media, television or social media. Talat Hussain also made his place in it and left an imprint. This is now his YouTube channel. His videos are also viral, Talat Sahib had logged a few days ago with reference to my column "Malik Ab Badle Ga" and interviewed Ishaq Dar Sahib in it, I watched this interview so I would like to protest against Talat Hussain in a very polite manner. Talat Sahib was not present in the briefing I quoted in the column. 

My column was not detailed either, Talat Sahib took a very small part from the inside of this short column and did the whole program on it, if he had contacted me before the program, he would have asked me for details or ISPR The other side of the picture would have been exposed to them and their V-log would have been neutral and solid, but due to the "one-sided angle" their program would have been biased and unbalanced due to which I would have to clear the facts. I have been forced. 

I also respect Ishaq Dar Sahib, he always recites Durood Sharif, he is also devoted to Hazrat Data Ganj Bakhsh and Hazrat Bari Imam but this does not mean that he is free from mistakes or shortcomings. Ishaq Dar Sahib also made mistakes and the nation is suffering the consequences of these mistakes. If we really love this country, then we have to admit our mistakes and correct them, otherwise this country will be destroyed.

There were three incidents related to Dar Sahib in my column, I write the details of all three and leave the decision to the readers. The first incident was related to loans. Dar Sahib should put aside the objections of Army Chief General Qamar Javed Bajwa and just say whether the Prime Minister's Office has not been expressing its concern about loans since 2016. Didn't Principal Secretary Fawad Hassan Fawad say in every meeting that if we did not sustain our growth, we would not be able to repay the loans in 2019 and did not the National Security Committee headed by Shahid Khaqan Abbasi meet in 2017 and this Chairman Joint Chiefs of Staff General Zubair Hayat, Army Chief General Qamar Javed Bajwa, Air Chief Marshal Sohail Aman and Naval Chief Admiral Zakaullah were not present in the meeting and Ahsan Iqbal did not give a briefing on C-Pack. Later, the army chief did not ask Ishaq Dar this.

Dar Sahib Financial Experts are saying that we have taken loans at high interest, we will not be able to repay it and Dar Sahib was not silent and then Fawad Hassan Fawad did not respond to the Prime Minister's signal and Fawad Sahib He did not admit that "Inclusion of Orange Line Metro Train in C-Pack increased interest" and did not Fawad also accept that "these loans will be a big challenge for Pakistan in 2019?" Give! The truth is that General Bajwa had told Ishaq Dar at that time.

Dar Sahib, even if we keep the metro ticket at Rs. 240, we will be able to pay the installments with great difficulty. Can you explain to us how we will pay the loan by charging Rs. 20? General Bajwa also said, I am not against loans but we should take loans and build projects like Tarbela and Mangla Dam, they will complete their cost in five to seven years and the country will also get long term benefits. How do we get rid of this debt by selling a ticket of Rs 240 for Rs 20? Dar Sahib then turned his face from left to right and said, "General Sahib, some decisions are also political" and forty people, including three service chiefs, witnessed the incident.

I personally know Fawad Hassan Fawad, Prime Minister Mian Nawaz Sharif and the Chinese government were all against the Orange Line Metro train, China did not want to include it in the C-pack, Fawad Hassan Fawad is Hayat, you ask them what He did not say in the cabinet meeting that these projects are not wise, we will not be able to repay the loans, they were not in favor of metro buses either, he said that with this money we can build 22 lenses in Lahore. But no one listened to him. I called Fawad Hassan Fawad for confirmation yesterday and he admitted that "Chinese leaders and Nawaz Sharif were also not happy with this project" but Dar Sahib is still calling it his star project. Are We now come to the issue of Vespa, Stefano Pontecorvo was Italy's ambassador to Pakistan.

He is currently NATO's Civilian Representative in Afghanistan. He went to Army Chief General Qamar Javed Bajwa and said that Vespa wanted to set up two plants in Pakistan but Finance Minister Ishaq Dar demanded a commission from Vespa's management. This issue was also raised in the meeting of the National Security Committee. Everyone in the committee had heard this but no one had asked Ishaq Dar for clarification. I also heard this in 2017 and confirmed it. The people in this meeting are still alive today and you can confirm with them.


The government can ask Vespa and Stefano and General Bajwa is there, you ask them. Whether these accusations are true or false is known only to Allah whom we all have to know so we should try as much as possible to speak the truth so that we are not ashamed in front of our conscience and our Lord. General Bajwa has no interest in both, my aim is only this country, if this is it then we are all, if not this then choose nothing


Ye Mulk Hai Tissue Paper Nahi | Javed Chaudhry | Daily Urdu Columns


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## Path-Finder



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## BATMAN

@ghazi52








Egyptian investor to launch multibillion-dollar housing project in Pakistan


KARACHI: Egypt’s Ora Developers and its Pakistani partners plan to launch a multibillion-dollar luxury housing project on the outskirts of Islamabad next month, Senator Usman Saifullah Khan, vice chairman of the Saifullah Group, confirmed to Arab News on Wednesday. Khan said that the same...




www.arabnews.com

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## farok84

*Pakistan LNG seeks 9 cargoes for July-August*

Published May 25, 2021 - Updated a day ago

*SINGAPORE:* Pakistan LNG is seeking nine liquefied natural gas (LNG) cargoes for delivery over July to August, a tender document posted on the company website showed.

The cargoes are 140,000 cubic metres each and are for delivery over July 8-9, July 12-13, July 17-18, July 28-29, Aug 2-3, Aug 7-8, Aug 12-13, Aug 17-18 and Aug 27-28.

The tender closes on June 2 and is valid until June 4.

The company last received offers from 12 companies for a tender seeking eight cargoes for delivery from late April to June.

_*Published in Dawn, May 25th, 2021*_


*Note: *
Dutch TTF futures for July is $9.35/mmbtu and August, $9.26/mmbtu while JKM futures for July and August are $10.6/mmbtu and $10.58/mmbtu respectively. We should be getting something in between, most probably a 10% discount to JKM price.

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## Path-Finder




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## Path-Finder



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## Big_bud

Path-Finder said:


> *Ye Mulk Hai Tissue Paper Nahi*
> 
> *I also respect Ishaq Dar Sahib, he always recites Durood Sharif, he is also devoted to Hazrat Data Ganj Bakhsh and Hazrat Bari Imam* but this does not mean that he is free from mistakes or shortcomings. Ishaq Dar Sahib also made mistakes and the nation is suffering the consequences of these mistakes. If we really love this country, then we have to admit our mistakes and correct them, otherwise this country will be destroyed.
> 
> Ye Mulk Hai Tissue Paper Nahi | Javed Chaudhry | Daily Urdu Columns



In Pakistan a lot of people with long beards, mehrab, tasbih in hand, haji sahabs are the most corrupt people of our country. I know people who are extremely corrupt, corrupt & rotten to the core but they never forget these theatrics of announcing that we give Niyaz every this and that date! We hold mehfil e milads! We go to Umrah every year! But I know what they actually do, they go and do some shopping in Dubai. Bring some aab- e zam zam and khajoors on the way back for their colleagues and whole mahalla just so that people think they are good people! There are plenty of munafiq Muslims in Pakistan and indeed they are the worst of the worst for Islam and Pakistan both!

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## Path-Finder



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## farok84

Six companies place lowest offers for Pakistan LNG buy tender


Six companies have placed the lowest offers for a buy tender by Pakistan LNG for nine liquefied natural gas (LNG) cargoes to be delivered in July and August, according to a document posted on the company website.




www.nasdaq.com





*Six companies place lowest offers for Pakistan LNG buy tender*
CONTRIBUTOR
Jessica Jaganathan Reuters
PUBLISHED
JUN 2, 2021 10:14PM EDT



CREDIT: REUTERS/CAREN FIROUZ


*SINGAPORE, June 3 (Reuters)* - Six companies have placed the lowest offers for a buy tender by Pakistan LNG for nine liquefied natural gas (LNG) cargoes to be delivered in July and August, according to a document posted on the company website.

Vitol placed the lowest offer for three cargoes, while Qatar Petroleum Trading placed the lowest offer for two cargoes, according to the document.

Trafigura, ENI, BP Singapore and DXT Commodities placed the lowest offers for the other four cargoes.
The lowest prices offered ranged from $10.2937 per million British thermal units (mmBtu) to $11.7747 per mmBtu for the cargoes to be delivered in July, and $10.51 to $10.8312 for the cargoes to be delivered in August.

Other companies which participated in the tender are Total Gas & Power, POSCO International and PetroChina International.

Pakistan LNG was seeking nine cargoes of 140,000 cubic metres each for delivery over July 8-9, July 12-13, July 17-18, July 28-29, Aug. 2-3, Aug. 7-8, Aug. 12-13, Aug. 17-18 and Aug. 27-28.
The tender closed on June 2 and is valid until June 4.




https://www.paklng.com/LNG/T36/FinalEval_T36.pdf














__ https://twitter.com/i/web/status/1400308770958319619

*Note:*
Apart from Chinese and European demand and storage for winters, last week shutdown of nuclear power plant unit in SK has contributed to this bullishness. We might see a cancellation and issuance of a new tender.

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## Path-Finder



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## ziaulislam

Path-Finder said:


> View attachment 749348
> 
> 
> View attachment 749361
> 
> 
> View attachment 749370
> 
> 
> View attachment 749372


19 b is misrepresentation
Had PTI govt not reign in last 3 months it would have been 24b$(2b average for april-july)
Regardless doesnt matter post 2023

Educated mass of punjab will vote for PMLN 

Also controlling CAD without big boast in productivity coupled with international crisis leading to global high inflation would mean PTI will lose it somewhat sport in urban punjab leading a PMLN clean sweep ..
Couple with south punjab or PPP u will see a new govt


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## Sayfullah

Good idea for Pakistan





And for bajwa


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## Path-Finder



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## Path-Finder




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## Path-Finder

@farok84 is LNG cheaper for electric generation?


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## Path-Finder



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## farok84

Path-Finder said:


> @farok84 is LNG cheaper for electric generation?



Hi,

Yes, when compared to Fuel Oil or Diesel fired plants. It is also cleaner.

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## Path-Finder

__ https://twitter.com/i/web/status/1409545301224935439

__ https://twitter.com/i/web/status/1409588374210445313

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## Path-Finder



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## Path-Finder



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## farok84

Pakistan seeks eight LNG cargoes for September, October


Pakistan LNG Limited (PLL) has floated a tender, seeking delivery of eight cargoes of the liquefied natural gas (LNG) in September this year.



www.bolnews.com





*Tender:*



https://www.ppra.org.pk/tdoc/6/PLL%20IFB%20LNGT-39%2018x2.jpg








*Evaluation:*



https://www.ppra.org.pk/elv/7/pll8721.pdf









Pakistan has cancelled this tender. It's a bold but calculated move motivated by last two days trend showing 5-10% decrease in spot lng prices (TTF/ JKM). Remember in February, we cancelled a tender and refloated a new one instead, that risk paid off and we got cheaper quotes as a result. Lets hope if we can get the same results this time. It's a fairly risky but appreciated move by Petroleum Division.

It also begs for a carefully articulated road map for upcoming winter's procurement plan, if they have any, unfortunately PD has a proven tendency for adhoc/ band-aid solutions than a deliberated and long term strategy. If we are getting these prices (+$15/mmbtu) in September/ October, it's unlikely to get any cheaper in winters.

It will be interesting to see whether PD can source cargoes (upto 2) from QP starting October/ November at 10.2%, as was foretold at the signage of PTI's lng contract in February. _(Note 2 out of 3 lowest bids for October, priced at $13.9875, are by QP Trading, the spot lng trading arm of QP)_

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## Jango

farok84 said:


> Pakistan seeks eight LNG cargoes for September, October
> 
> 
> Pakistan LNG Limited (PLL) has floated a tender, seeking delivery of eight cargoes of the liquefied natural gas (LNG) in September this year.
> 
> 
> 
> www.bolnews.com
> 
> 
> 
> 
> 
> *Tender:*
> 
> 
> 
> https://www.ppra.org.pk/tdoc/6/PLL%20IFB%20LNGT-39%2018x2.jpg
> 
> 
> 
> View attachment 760790
> 
> *Evaluation:*
> 
> 
> 
> https://www.ppra.org.pk/elv/7/pll8721.pdf
> 
> 
> 
> View attachment 760791
> 
> 
> 
> Pakistan has cancelled this tender. It's a bold but calculated move motivated by last two days trend showing 5-10% decrease in spot lng prices (TTF/ JKM). Remember in February, we cancelled a tender and refloated a new one instead, that risk paid off and we got cheaper quotes as a result. Lets hope if we can get the same results this time. It's a fairly risky but appreciated move by Petroleum Division.
> 
> It also begs for a carefully articulated road map for upcoming winter's procurement plan, if they have any, unfortunately PD has a proven tendency for adhoc/ band-aid solutions than a deliberated and long term strategy. If we are getting these prices (+$15/mmbtu) in September/ October, it's unlikely to get any cheaper in winters.
> 
> It will be interesting to see whether PD can source cargoes (upto 2) from QP starting October/ November at 10.2%, as was foretold at the signage of PTI's lng contract in February. _(Note 2 out of 3 lowest bids for October, priced at $13.9875, are by QP Trading, the spot lng trading arm of QP)_



Indeed a bold move, and where there is room for cost cutting.

At the start of the year, this strategy paid off, but now with the increase in demand globally and industries slowly coming back online, it would be interesting to see if the trend continues.

Maybe @niaz can contribute further.

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## farok84

Jango said:


> Indeed a bold move, and where there is room for cost cutting.
> 
> At the start of the year, this strategy paid off, but now with the increase in demand globally and industries slowly coming back online, it would be interesting to see if the trend continues.
> 
> Maybe @niaz can contribute further.



Hi,

The market is too tight, and we might see this decision backfiring upon us, nonetheless it is an appreciative move on PD's part, a sly move, even if it fails to achieve desired outcome. 

Pakistan needs to review it's baseline Rlng requirements and have to think beyond the guaranteed off-takes of ~800mmscfd. With private players in China willing to pay upto $2/mmbtu premiums (over TTF), securing lng vloumes for next two years _(26 cargoes starting this winter)_, market is going to maintain its bullishness. The last week's drop in spot prices have adjusted themselves and have now risen back.

It should be noted that for past couple of tenders we have seen a new disturbing trend. Instead of getting a traditional discounted quote of 5-10% over JKM, we are getting a 20-25% premium on JKM. This aggressiveness is dictated less by the global supply chain woes and more due to cunningness of suppliers and their realization of Pakistan's dire energy situation. To mitigate this, we have resorted to short sighted but quick and manageable fix of utilizing more and more liquid fuels (FO/ Diesel). 

To get out of this conundrum, in short term, we require a complete overhaul of our current procurement regime, and get out of band-aid solutions mindset, for example, instead of going for floating spot tenders every two months, we should look into tendering a one year contract for upto 2 cargoes on a fixed price, plenty of suppliers/ traders will be happy to accommodate us, even at $8-10/mmbtu, we will be in a better situation than our current scenario, and will not have to brace for market volatility, for long term, a massive infrastructure boost is required. This infra boost is capital intensive but with friendly investment policies, we can rope in private investors. 

The next 2-3 years, will be massively challenging for Pakistan's energy market, till our planned infra projects like, lng terminals, onshore storage facilities and pipelines come online, traversing through these tricky times will be a daunting task for PD.

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## niaz

Jango said:


> Indeed a bold move, and where there is room for cost cutting.
> 
> At the start of the year, this strategy paid off, but now with the increase in demand globally and industries slowly coming back online, it would be interesting to see if the trend continues.
> 
> Maybe @niaz can contribute further.



I am afraid low LNG price days are over. According the my info (about a week old) August LNG deliveries for Japan /Korea were valued at around $14/- per mm Btu. 

Unless UAE agrees to increasing the OPEC production limits (last OPEC meeting on output levels was called off on July 5, 2021 without agreement due to UAE objection); despite summer being traditionally low demand season for LNG & LPG; I don't think Pakistan is likely to get cheap LNG bids.

Hydrocarbon supplies remains tight on account of increasing demand from China & India. Lets wait & see.

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## niaz

farok84 said:


> Hi,
> 
> The market is too tight, and we might see this decision backfiring upon us, nonetheless it is an appreciative move on PD's part, a sly move, even if it fails to achieve desired outcome.
> 
> Pakistan needs to review it's baseline Rlng requirements and have to think beyond the guaranteed off-takes of ~800mmscfd. With private players in China willing to pay upto $2/mmbtu premiums (over TTF), securing lng vloumes for next two years _(26 cargoes starting this winter)_, market is going to maintain its bullishness. The last week's drop in spot prices have adjusted themselves and have now risen back.
> 
> It should be noted that for past couple of tenders we have seen a new disturbing trend. Instead of getting a traditional discounted quote of 5-10% over JKM, we are getting a 20-25% premium on JKM. This aggressiveness is dictated less by the global supply chain woes and more due to cunningness of suppliers and their realization of Pakistan's dire energy situation. To mitigate this, we have resorted to short sighted but quick and manageable fix of utilizing more and more liquid fuels (FO/ Diesel).
> 
> To get out of this conundrum, in short term, we require a complete overhaul of our current procurement regime, and get out of band-aid solutions mindset, for example, instead of going for floating spot tenders every two months, we should look into tendering a one year contract for upto 2 cargoes on a fixed price, plenty of suppliers/ traders will be happy to accommodate us, even at $8-10/mmbtu, we will be in a better situation than our current scenario, and will not have to brace for market volatility, for long term, a massive infrastructure boost is required. This infra boost is capital intensive but with friendly investment policies, we can rope in private investors.
> 
> The next 2-3 years, will be massively challenging for Pakistan's energy market, till our planned infra projects like, lng terminals, onshore storage facilities and pipelines come online, traversing through these tricky times will be a daunting task for PD.



Having been in the oil industry for a very long time and experienced ups & downs of the international oil prices, I am a firm believer of Term Contracts with a price re-opener available to Seller as well the buyer in case the market gets too skewed.

In the large oil companies this is never a problem because top brass knows how the international commodities prices behave. However, in Pakistan, from the start, most people will assume (often with reason) that somebody has made millions and every time the spot prices dip, they would shout 'I told you so'.

Therefore if I were in the oil ministry or head of PSO, I would carry on as it is and sink or swim with the spot price. This way at least I would not be a potential victim of the NAB, who could keep me behind bar for months without even filing a Reference.

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## ghazi52

FY21 Economic Indicators of Pakistan.










Remittances = $29.4B
27%



YoY, highest ever
Goods Exports = $25.6B
14%



YoY, highest ever
IT Exports = $2.1B
47%



YoY, doubled in 3 years
Forex Reserves = Above $25B first time
Current Account = -$1.9B
0.6% of GDP, Lowest in 10 years
Source: SBP (State Bank of Pakistan)
© Musa

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## Path-Finder

__ https://twitter.com/i/web/status/1418535136841420805

__ https://twitter.com/i/web/status/1418535142189158402

__ https://twitter.com/i/web/status/1418535144395321346

__ https://twitter.com/i/web/status/1418535146144288771

__ https://twitter.com/i/web/status/1418535147713015812

__ https://twitter.com/i/web/status/1418535149290070018

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## farok84

farok84 said:


> Pakistan seeks eight LNG cargoes for September, October
> 
> 
> Pakistan LNG Limited (PLL) has floated a tender, seeking delivery of eight cargoes of the liquefied natural gas (LNG) in September this year.
> 
> 
> 
> www.bolnews.com
> 
> 
> 
> 
> 
> *Tender:*
> 
> 
> 
> https://www.ppra.org.pk/tdoc/6/PLL%20IFB%20LNGT-39%2018x2.jpg
> 
> 
> 
> View attachment 760790
> 
> *Evaluation:*
> 
> 
> 
> https://www.ppra.org.pk/elv/7/pll8721.pdf
> 
> 
> 
> View attachment 760791
> 
> 
> 
> Pakistan has cancelled this tender. It's a bold but calculated move motivated by last two days trend showing 5-10% decrease in spot lng prices (TTF/ JKM). Remember in February, we cancelled a tender and refloated a new one instead, that risk paid off and we got cheaper quotes as a result. Lets hope if we can get the same results this time. It's a fairly risky but appreciated move by Petroleum Division.
> 
> It also begs for a carefully articulated road map for upcoming winter's procurement plan, if they have any, unfortunately PD has a proven tendency for adhoc/ band-aid solutions than a deliberated and long term strategy. If we are getting these prices (+$15/mmbtu) in September/ October, it's unlikely to get any cheaper in winters.
> 
> It will be interesting to see whether PD can source cargoes (upto 2) from QP starting October/ November at 10.2%, as was foretold at the signage of PTI's lng contract in February. _(Note 2 out of 3 lowest bids for October, priced at $13.9875, are by QP Trading, the spot lng trading arm of QP)_



Well, the gamble didn't work.



*Gunvor and PetroChina place lowest offers for Pakistan LNG tender*

Offers suggest that spot prices for LNG are expected to climb to above $15 per million British thermal units (mmBtu) this week, a new multi-month high
Reuters 28 Jul 2021





*SINGAPORE: Gunvor and PetroChina placed the lowest offers for a tender by Pakistan LNG to buy four liquefied natural gas (LNG) cargoes for delivery in September, two industry sources said on Wednesday.*

Offers suggest that spot prices for LNG are expected to climb to above $15 per million British thermal units (mmBtu) this week, a new multi-month high.

*Gunvor placed the lowest offer of $15.397 per million British thermal units (mmbtu) for two cargoes to be delivered over Sept. 6 to 7 and Sept. 17 to 18 and $15.497 per mmBtu for a cargo to be delivered over Sept. 12-13, the sources said.

PetroChina placed the lowest offer for a cargo to be delivered over Sept. 27-28 at $15.1998 per mmBtu, they said.*

Other companies which participated in the tender to supply cargoes include BP, Trafigura, TotalEnergies, Vitol and POSCO, one of the sources said.

More offers were placed for the late September cargo compared with the earlier dates, indicating a likely shortage of supply, a second source said.

It was not immediately clear if Pakistan LNG will award the tender.










Gunvor and PetroChina place lowest offers for Pakistan LNG tender


Offers suggest that spot prices for LNG are expected to climb to above $15 per million British thermal units (mmBtu) this week, a new multi-month high



www.brecorder.com







*Pakistan Forced to Buy Priciest LNG Shipments to Avoid Blackouts*

By Stephen Stapczynski and Faseeh Mangi

29 July 2021, 15:39 GMT+5


*-*_ * Nation’s gamble that spot prices would fall fails to pay off*_


*- Global supply crunch has boosted rates from Europe to the U.S.*



Cash-strapped Pakistan’s bet that liquefied natural gas prices would go down has failed, forcing the South Asian nation to pay more than ever for the power plant fuel or risk blackouts.

Pakistan LNG this week bought four cargoes for September delivery at around $15 per million British thermal units, the highest since the nation began imports in 2015, according to people with knowledge of the matter. *The importer scrapped a tender for September cargoes that closed earlier this month in a gamble that prices would fall.*










Pakistan Forced to Buy Priciest LNG Shipments to Avoid Blackouts


Cash-strapped Pakistan’s bet that liquefied natural gas prices would go down has failed, forcing the South Asian nation to pay more than ever for the power plant fuel or risk blackouts.




www.bloomberg.com








__ https://twitter.com/i/web/status/1420785698639028225




_Apart from these, PSO has also placed a tender seeking supply of two lng cargoes for delivery in the month of September._

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## Path-Finder

farok84 said:


> Well, the gamble didn't work.
> 
> 
> 
> *Gunvor and PetroChina place lowest offers for Pakistan LNG tender*
> 
> Offers suggest that spot prices for LNG are expected to climb to above $15 per million British thermal units (mmBtu) this week, a new multi-month high
> Reuters 28 Jul 2021
> 
> 
> 
> 
> 
> *SINGAPORE: Gunvor and PetroChina placed the lowest offers for a tender by Pakistan LNG to buy four liquefied natural gas (LNG) cargoes for delivery in September, two industry sources said on Wednesday.*
> 
> Offers suggest that spot prices for LNG are expected to climb to above $15 per million British thermal units (mmBtu) this week, a new multi-month high.
> 
> *Gunvor placed the lowest offer of $15.397 per million British thermal units (mmbtu) for two cargoes to be delivered over Sept. 6 to 7 and Sept. 17 to 18 and $15.497 per mmBtu for a cargo to be delivered over Sept. 12-13, the sources said.
> 
> PetroChina placed the lowest offer for a cargo to be delivered over Sept. 27-28 at $15.1998 per mmBtu, they said.*
> 
> Other companies which participated in the tender to supply cargoes include BP, Trafigura, TotalEnergies, Vitol and POSCO, one of the sources said.
> 
> More offers were placed for the late September cargo compared with the earlier dates, indicating a likely shortage of supply, a second source said.
> 
> It was not immediately clear if Pakistan LNG will award the tender.
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Gunvor and PetroChina place lowest offers for Pakistan LNG tender
> 
> 
> Offers suggest that spot prices for LNG are expected to climb to above $15 per million British thermal units (mmBtu) this week, a new multi-month high
> 
> 
> 
> www.brecorder.com
> 
> 
> 
> 
> 
> 
> 
> *Pakistan Forced to Buy Priciest LNG Shipments to Avoid Blackouts*
> 
> By Stephen Stapczynski and Faseeh Mangi
> 
> 29 July 2021, 15:39 GMT+5
> 
> 
> *-*_ * Nation’s gamble that spot prices would fall fails to pay off*_
> 
> 
> *- Global supply crunch has boosted rates from Europe to the U.S.*
> 
> 
> 
> Cash-strapped Pakistan’s bet that liquefied natural gas prices would go down has failed, forcing the South Asian nation to pay more than ever for the power plant fuel or risk blackouts.
> 
> Pakistan LNG this week bought four cargoes for September delivery at around $15 per million British thermal units, the highest since the nation began imports in 2015, according to people with knowledge of the matter. *The importer scrapped a tender for September cargoes that closed earlier this month in a gamble that prices would fall.*
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Pakistan Forced to Buy Priciest LNG Shipments to Avoid Blackouts
> 
> 
> Cash-strapped Pakistan’s bet that liquefied natural gas prices would go down has failed, forcing the South Asian nation to pay more than ever for the power plant fuel or risk blackouts.
> 
> 
> 
> 
> www.bloomberg.com
> 
> 
> 
> 
> 
> 
> 
> 
> __ https://twitter.com/i/web/status/1420785698639028225
> 
> 
> 
> 
> _Apart from these, PSO has also placed a tender seeking supply of two lng cargoes for delivery in the month of September._


isnt a lng storage being built to horde LNG?


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## farok84

Path-Finder said:


> isnt a lng storage being built to horde LNG?



Hi, 

At the moment, for Lng storage, it's only a proposal, Tabish Gohar had initial talks with Dutch, but apparently those were not fruitful. He had proposed to construct them with our own finances (GIDC) but that also seems unlikely. In my opinion, an above ground storage facility without an onshore regasification terminal won't be feasible operationally.

For underground gas storage (UGS), some surveys and feasibility were carried out in depleted reservoirs of Sindh and talks on financing through ADB loans were reported, but nothing concrete has yet happened.

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## chinasun

According to the 2030 World report released by HSBC Global Research, Pakistan will be one of the important countries driving world economic growth by 2030.

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## farok84

*Evaluation Report - Supply of Liquefied Natural Gas (LNG) PLL/IMP/LNGT42 (Spot - Oct - Nov 2021)*








https://www.paklng.com/LNG/T42/FinalEval_T42.pdf





__ https://twitter.com/i/web/status/1430162827050987524
Link to Bid Document (tender validity) mentioned in tweet. BidDocumentT42



*"The official said that there is no doubt that the spot market is bullish and buoyant but PPRA rules are also causing further hike in the spot LNG prices. Under the PPRA rules, the period of keeping the bids validated from the date when prices are opened to the date of awarding of contract have increased from 10 to 15 days. This means that PLL cannot award the contract before 15 days. Earlier, 10 days for making bids intact were fixed and the period of 10-15 days is the main cause for hike in bids as suppliers add premium and cover the risks of fluctuation of LNG prices in the said period. In risk, dollar price variation also matters."*









Pakistan gets costlier bids for seven LNG cargoes


ISLAMABAD: Pakistan LNG Limited here on Tuesday received bids for seven LNG cargoes to be delivered in October-November period, ranging from $17.1447 to up to $25 per MMBTU. Out of the seven...




www.thenews.com.pk

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## farok84

*Backing out of LNG term cargo: PLL not keen to penalise ENI*
Khalid Mustafa
Thursday, Aug 26, 2021






*ISLAMABAD:* The 100 percent state-owned company Pakistan LNG Limited (PLL) is in contact with Italian company ENI that has backed out of its term LNG cargo in August and wants the same cargo in the month of January 2022, a senior official at the Energy Ministry told The News.

“We have managed the term cargo from Gunvor in the current month of August because of the default by ENI. This is a breach of the 15-year term agreement by ENI, which is bound to provide a term LNG cargo every month at the levelized tariff of 12.14 percent of the Brent. The term LNG cargo’s price from ENI stands at $9 per MMBTU, keeping in view the current value of Brent.”

PLL is also in a five-year term agreement with Gunvor -- another LNG trading company at the price of 11.62 percent of the Brent. So, the term cargo from Gunvor, which was to be delivered in January, has been managed in the month of August. To a question, the official said that the 5-year term agreement with Gunvor will expire in June 2022.

*“We don’t want to penalize ENI as PLL is exerting pressure on the defaulted LNG company to go for a swap with Gunvor and provide the LNG cargo that was to be delivered in August in the month of January 2022.” The PLL spokesman says that ENI is being asked to provide the LNG cargo in January 2022, which was due in August, and the company is not interested in imposing a monetary penalty.

The official said that ENI has apparently sold out the term cargo for windfall profit in the spot market and wants the PLL to penalize it. The official said that 30 percent of the cargo price is the penalty, which amounts to $9 million and ENI, after paying the penalty, will be in profit of $16 million. “Our estimate is that ENI has sold the term cargo valued at $25 million in spot market at $50 million, keeping in view the prevalent LNG prices.”*

However, ENI’s top management, according to the official, told PLL that its supplier -- Eygpt based-EGAS Company did not provide the LNG cargo owing to which it remained unable to provide the term cargo to PLL, which was due in August. PLL says that it is in agreement with ENI not with its supplier. “So, ENI has committed sheer violation of the 15-year agreement.”

*PLL and ENI signed a 15-year term agreement in May 2017 under which ENI was to provide an LNG cargo per month up to 2032. Under the deal, ENI was to provide per month cargo at 11.6247% of the Brent for the first two years, 11.95% for the following two years and 12.14% for the remaining 11 years. ENI is bound to provide to Pakistan LNG Limited a total of 180 cargoes in 15 years at the PGPL terminal moored in Port Qasim.*










Backing out of LNG term cargo: PLL not keen to penalise ENI







www.thenews.com.pk








*Suppliers are deliberately defaulting on their term cargoes for twice the profit in Spot markets, and here our media pandits are fooling us with elaborate analysis of how we could have saved millions by securing spot cargos 3-4 month before the delivery dat*_e._

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## farok84

farok84 said:


> *Evaluation Report - Supply of Liquefied Natural Gas (LNG) PLL/IMP/LNGT42 (Spot - Oct - Nov 2021)*
> 
> View attachment 772809
> 
> 
> 
> 
> https://www.paklng.com/LNG/T42/FinalEval_T42.pdf
> 
> 
> 
> 
> 
> __ https://twitter.com/i/web/status/1430162827050987524
> Link to Bid Document (tender validity) mentioned in tweet. BidDocumentT42
> 
> 
> 
> *"The official said that there is no doubt that the spot market is bullish and buoyant but PPRA rules are also causing further hike in the spot LNG prices. Under the PPRA rules, the period of keeping the bids validated from the date when prices are opened to the date of awarding of contract have increased from 10 to 15 days. This means that PLL cannot award the contract before 15 days. Earlier, 10 days for making bids intact were fixed and the period of 10-15 days is the main cause for hike in bids as suppliers add premium and cover the risks of fluctuation of LNG prices in the said period. In risk, dollar price variation also matters."*
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Pakistan gets costlier bids for seven LNG cargoes
> 
> 
> ISLAMABAD: Pakistan LNG Limited  here on Tuesday received bids for seven LNG cargoes to be delivered in October-November period, ranging from $17.1447 to up to $25 per MMBTU. Out of the seven...
> 
> 
> 
> 
> www.thenews.com.pk










https://www.paklng.com/LNG/T43/FinalEval_T43.pdf




__ https://twitter.com/i/web/status/1433662824417423361














Emergency tenders: PLL again gets costly LNG bids for Oct-Nov


ISLAMABAD: Amid the bullish prices of spot LNG in international market, Pakistan LNG Limited got 12 bids for five cargoes for October-November in the range from $19.8477 up to $22.4866 per MMBTU...




www.thenews.com.pk






*Emergency tenders: PLL again gets costly LNG bids for Oct-Nov*
Khalid Mustafa
Friday, Sep 03, 2021








*ISLAMABAD:* Amid the bullish prices of spot LNG in international market, Pakistan LNG Limited (PLL) got 12 bids for five cargoes for October-November in the range from $19.8477 up to $22.4866 per MMBTU — again on the higher side in response to the emergency tender opened here on Thursday.
The PLL had earlier issued a tender on July 24, seeking bids for seven cargoes for October-November and it opened the bids on August 24 for seven cargoes at price range from $17.1447 to up to $25 per MMBTU. But it didn’t take the decision to honour the bids because it could hold the bids’ validity for 15 days after opening date of August 24. It went for the emergency tender with the aim to get cheaper prices and got the five lowest bids on Thursday, which were also on the higher side.
By getting bids in response to the emergency tender, however, PLL has put itself in a position to decide to honour some bids which it had earlier got on August 24 relatively at lower prices for October-November.
The PLL on Thursday declared five LNG trading companies technically fit for the bids. The five companies include PetroChina International, Gunvor Singapore, Vitol Bahrain, Total Gas & Power and Trafigura. They came up with a total 12 bid prices ranging from $19.8477 up to $22.4866 per MMBTU.
Trafigura submitted its lowest bid of $19.8477 for the time window of October 8-9, $20.2877 for October 23-24, $20.777 for October 28-27 and $20.9677 for November 12-13. And PetroChina International submitted the lowest bid at $20.3888 for the cargo to be delivered on November 6-7.
The PLL is likely to retain the two bids Total Gas & Power submitted in earlier tender opened on August 24, one with price at $17.1449 per MMBTU for the cargo to be delivered on October 17-18 and $17.53350 per MMBTU for the delivery window of November 16-17. Likewise, PLL may also honour the bids Vitol Bahrain submitted in the earlier tender, which was opened on August 24 as it had come up with the price of $18.9966 to be delivered on October 27-28.
The same company had also submitted its price at $19.6966 per MMBTU for cargo to be delivered on November 11-12 and $20.9266 per MMBTU for the cargo that is to be provided on November 26-27.
Energy experts said that LNG prices have increased more than the price of furnace oil, which is why Bangladesh has decided not to rely on LNG anymore to cater to energy demands and it has decided to use furnace oil for power generation. India has also started feeling the heat of increasing spot LNG prices in the international market.
A Power Division source said that in the wake of massive surge in the price of spot LNG cargoes being purchased by PSO and PLL, the basket price of RLNG has increased manifold and almost all IPPs of 2002 power policy are being run on furnace oil because of lower furnace oil prices as merit policy.

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## farok84

https://www.paklng.com/LNG/T44/AdLNGT44.jpg










https://www.paklng.com/LNG/T44/BidDocumentT44.pdf

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## Path-Finder




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## Xone

The present govt of PTI does not like to import cheap LNG for the people. Cheap things are not allowed to be imported in the best interest of the people.


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## Patriot forever

Xone said:


> The present govt of PTI does not like to import cheap LNG for the people. Cheap things are not allowed to be imported in the best interest of the people.



LNG is getring more expensive than even furnace oil.

Same can be said about imported coal.

*It is now cheaper to produce electricity from furnace oil than LNG or Imported coal.*

Not only is the corruption marred LNG and coal power plants more expensive to run but also the 18% to 32% return on investment and 1.2t capacity payments are extra. The lust for money of the corrupt exiled baboon has destroyed this country.

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## POPEYE-Sailor



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## Patriot forever

__ https://twitter.com/i/web/status/1438547474021593100


POPEYE-Sailor said:


> View attachment 778303




__ https://twitter.com/i/web/status/1438565788512837641
See taxes are lower than in plmn. This is exactly what he said. 😂

Actually plmn enjoyed the lowest international prices in decade and stability and instead of moving the country forward they used that opportunity to do money laundering by keeping artificially currency and bought properties abroad. 

Now they have released all the anti state baboons by using that haram stolen wealth.

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## HAIDER

__ https://twitter.com/i/web/status/1440378175486263302

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## farok84

farok84 said:


> https://www.paklng.com/LNG/T44/AdLNGT44.jpg
> 
> 
> 
> View attachment 777990
> 
> 
> 
> 
> https://www.paklng.com/LNG/T44/BidDocumentT44.pdf
> 
> 
> 
> View attachment 777989



*Evaluation Report - Supply of Liquefied Natural Gas (LNG) PLL/IMP/LNGT44 (Spot - Dec, 2021 - Jan 2022)*












__ https://twitter.com/i/web/status/1447718816121827329








PLL gets no bid for eight LNG cargoes for winter


Authorities say early operationalisation of a second-term contract with Qatar for additional LNG will partially bridge the gap.



www.dawn.com


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## maithil

__ https://twitter.com/i/web/status/1449683006017376256


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## maithil

__ https://twitter.com/i/web/status/1451032646352572418

Reactions: Sad Sad:
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## Path-Finder




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## Aneeq Rashid

maithil said:


> __ https://twitter.com/i/web/status/1451032646352572418



He is not wrong because by devaluing currency makes pakistan becomes competitive. So when an investor, tourist or in this case overseas pakistani send money to pakistan there dollar can buy more which in turn helps Pakistan.

Some reading material:-









3 Reasons Why Countries Devalue Their Currency


Ever since world currencies abandoned the gold standard, many currency devaluation events have sent disruptive ripples across the globe.




www.investopedia.com


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## farok84

*Gas crisis round the corner*
*Top sources say that a high-level meeting is to be held today in the Petroleum Division to look into the new situation*

By Khalid Mustafa
November 01, 2021






File photo
*ISLAMABAD:* In a shocking development, two LNG trading companies, GUNVOR and ENI, have willfully defaulted on their commitment for the current month of November, 2021 to provide Pakistan two LNG cargoes for mammoth monetary gains up to 200 percent profit in the international spot market.

Under the term agreements with Pakistan LNG Limited (PLL), Italy-based ENI was to deliver the LNG cargo on November 26-27 and Singapore-GUNVOR on November 19-20. Both the companies have backed out from providing the LNG cargoes, putting the top authorities of Energy Ministry in the lurch. The situation may expose the PTI government to a severe political backlash from masses in the current month of November.
ENI is in 15-year term agreement with Pakistan LNG Limited (PLL) under which it is bound to provide an LNG cargo every month at 11.95% of the Brent and GUNVOR is also in five-year term agreement and bound to provide a cargo at 11.6247pc of the Brent.* Under the contract, in case of default, PLL can impose a penalty of 30 percent of the contractual price of one cargo to each LNG company and both the companies are ready to pay the penalty as profit in the spot market is huge, prompting them to sell Pakistan’s term cargo to the international market.* PLL has inked the term agreements with both the companies to avoid purchase of LNG cargoes at higher prices, but both the companies have backed out and defaulted on the agreements at a time when the spot LNG prices are hovering at $30-35 per MMBTU.
Top sources in both the gas distribution companies said that a high-level meeting is to be held today (Monday) in the Petroleum Division to look into the new situation. It may decide to contact the Italian government on a war footing, asking to influence the ENI to show respect to the 15-year term agreement inked with PLL.
When contacted, Secretary Petroleum Dr Arshad Mehmood confirmed the development, saying that the minister will be chairing a meeting today (Monday) morning to gauge the situation and to strategise a way forward in consultation with the Petroleum and Power Division officials.
The managing director of Pakistan LNG Limited (PLL) could not be contacted for confirmation of the default by two LNG trading companies. Sources insisted that the gas crisis, which was to start haunting the masses in December, January and February, will now appear in a big way because of the default of two LNG trading companies in later part of the ongoing month of November -- a lean month in terms of cold.
*The Italy based ENI on Saturday (October 30) informed Pakistan LNG Limited (PLL) that it will not deliver the term cargo on November 26-27. Interestingly, ENI has committed the default three times, including the latest one. ENI first defaulted in January 2021 by providing half of term cargo and then it did not provide a full term cargo in August and now it has backed out of its term cargo, which was due in later part of November.
ENI has apparently communicated to the Pakistan LNG Limited (PLL) that its supplier has cancelled the cargo in the wake of commercial considerations and logistic issues, so it is not possible for it to deliver the term cargo in November. The top sources said that ENI has emerged as a habitual defaulter for monetary gains by repeatedly selling the term cargoes of Pakistan in spot market wherein LNG prices have jacked up to 200 percent ($30-35 per MMBTU).
The Singapore-based GUNVOR first time committed the default of its term cargo, pleading that at the loading port, system breakdown occurred, which is why it may not deliver the term LNG cargo on November 19-20.*
It is pertinent to mention that the PLL has already received no bids for eight spot cargoes, four each for December and January because of the highest-ever LNG prices. The absence of eight spot cargoes in December and January will increase the gas deficit up to 600mmcfd, triggering massive gas loadshedding in the country.

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## Bilal9

HANDS Pakistan - NGO in Karachi

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## Patriot forever

farok84 said:


> *Gas crisis round the corner*
> *Top sources say that a high-level meeting is to be held today in the Petroleum Division to look into the new situation*
> 
> By Khalid Mustafa
> November 01, 2021
> 
> 
> 
> 
> 
> 
> File photo
> *ISLAMABAD:* In a shocking development, two LNG trading companies, GUNVOR and ENI, have willfully defaulted on their commitment for the current month of November, 2021 to provide Pakistan two LNG cargoes for mammoth monetary gains up to 200 percent profit in the international spot market.
> 
> Under the term agreements with Pakistan LNG Limited (PLL), Italy-based ENI was to deliver the LNG cargo on November 26-27 and Singapore-GUNVOR on November 19-20. Both the companies have backed out from providing the LNG cargoes, putting the top authorities of Energy Ministry in the lurch. The situation may expose the PTI government to a severe political backlash from masses in the current month of November.
> ENI is in 15-year term agreement with Pakistan LNG Limited (PLL) under which it is bound to provide an LNG cargo every month at 11.95% of the Brent and GUNVOR is also in five-year term agreement and bound to provide a cargo at 11.6247pc of the Brent.* Under the contract, in case of default, PLL can impose a penalty of 30 percent of the contractual price of one cargo to each LNG company and both the companies are ready to pay the penalty as profit in the spot market is huge, prompting them to sell Pakistan’s term cargo to the international market.* PLL has inked the term agreements with both the companies to avoid purchase of LNG cargoes at higher prices, but both the companies have backed out and defaulted on the agreements at a time when the spot LNG prices are hovering at $30-35 per MMBTU.
> Top sources in both the gas distribution companies said that a high-level meeting is to be held today (Monday) in the Petroleum Division to look into the new situation. It may decide to contact the Italian government on a war footing, asking to influence the ENI to show respect to the 15-year term agreement inked with PLL.
> When contacted, Secretary Petroleum Dr Arshad Mehmood confirmed the development, saying that the minister will be chairing a meeting today (Monday) morning to gauge the situation and to strategise a way forward in consultation with the Petroleum and Power Division officials.
> The managing director of Pakistan LNG Limited (PLL) could not be contacted for confirmation of the default by two LNG trading companies. Sources insisted that the gas crisis, which was to start haunting the masses in December, January and February, will now appear in a big way because of the default of two LNG trading companies in later part of the ongoing month of November -- a lean month in terms of cold.
> *The Italy based ENI on Saturday (October 30) informed Pakistan LNG Limited (PLL) that it will not deliver the term cargo on November 26-27. Interestingly, ENI has committed the default three times, including the latest one. ENI first defaulted in January 2021 by providing half of term cargo and then it did not provide a full term cargo in August and now it has backed out of its term cargo, which was due in later part of November.
> ENI has apparently communicated to the Pakistan LNG Limited (PLL) that its supplier has cancelled the cargo in the wake of commercial considerations and logistic issues, so it is not possible for it to deliver the term cargo in November. The top sources said that ENI has emerged as a habitual defaulter for monetary gains by repeatedly selling the term cargoes of Pakistan in spot market wherein LNG prices have jacked up to 200 percent ($30-35 per MMBTU).
> The Singapore-based GUNVOR first time committed the default of its term cargo, pleading that at the loading port, system breakdown occurred, which is why it may not deliver the term LNG cargo on November 19-20.*
> It is pertinent to mention that the PLL has already received no bids for eight spot cargoes, four each for December and January because of the highest-ever LNG prices. The absence of eight spot cargoes in December and January will increase the gas deficit up to 600mmcfd, triggering massive gas loadshedding in the country.





The best way to manage this is to shift power generation to FO and shut down RLNG power plants and CNG pumps. 

It makes no sense to run RLNG plants above $17-18 (to my understanding it is the break even point between the 2 energy sources) as FO becomes more economical, and supply RLNG to export oriented industries. Government needs to further breakdown merit order system in power generation into Long term and spot to make that happen. (to my humble understanding). 

In your ( much more educated opinion) how can we manage this? 
The way I see it going down this winter more term cargoes will default.

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## ziaulislam

Patriot forever said:


> __ https://twitter.com/i/web/status/1438547474021593100
> 
> 
> __ https://twitter.com/i/web/status/1438565788512837641
> See taxes are lower than in plmn. This is exactly what he said. 😂
> 
> Actually plmn enjoyed the lowest international prices in decade and stability and instead of moving the country forward they used that opportunity to do money laundering by keeping artificially currency and bought properties abroad.
> 
> Now they have released all the anti state baboons by using that haram stolen wealth.


And like i dont know that..leykin khata hey tu khilata be hey..
I want to be bandwagon of corruption too


Patriot forever said:


> The best way to manage this is to shift power generation to FO and shut down RLNG power plants and CNG pumps.
> 
> It makes no sense to run RLNG plants above $17-18 (to my understanding it is the break even point between the 2 energy sources) as FO becomes more economical, and supply RLNG to export oriented industries. Government needs to further breakdown merit order system in power generation into Long term and spot to make that happen. (to my humble understanding).
> 
> In your ( much more educated opinion) how can we manage this?
> The way I see it going down this winter more term cargoes will default.


Alas..how would have predicted LNG will get this expensive

PPPP were right afterall focusing on purely on thar
Geo zardari


Patriot forever said:


> The best way to manage this is to shift power generation to FO and shut down RLNG power plants and CNG pumps.
> 
> It makes no sense to run RLNG plants above $17-18 (to my understanding it is the break even point between the 2 energy sources) as FO becomes more economical, and supply RLNG to export oriented industries. Government needs to further breakdown merit order system in power generation into Long term and spot to make that happen. (to my humble understanding).
> 
> In your ( much more educated opinion) how can we manage this?
> The way I see it going down this winter more term cargoes will default.


Alas..how would have predicted LNG will get this expensive

PPPP were right afterall focusing on purely on thar
Geo zardari


Patriot forever said:


> The best way to manage this is to shift power generation to FO and shut down RLNG power plants and CNG pumps.
> 
> It makes no sense to run RLNG plants above $17-18 (to my understanding it is the break even point between the 2 energy sources) as FO becomes more economical, and supply RLNG to export oriented industries. Government needs to further breakdown merit order system in power generation into Long term and spot to make that happen. (to my humble understanding).
> 
> In your ( much more educated opinion) how can we manage this?
> The way I see it going down this winter more term cargoes will default.


Why was contract done with only 30% penalty price

This means that a price above 30% of contracted price woudl mean they will default

Prices of LNG frequently fluctates more then 100%!!!


Patriot forever said:


> The best way to manage this is to shift power generation to FO and shut down RLNG power plants and CNG pumps.
> 
> It makes no sense to run RLNG plants above $17-18 (to my understanding it is the break even point between the 2 energy sources) as FO becomes more economical, and supply RLNG to export oriented industries. Government needs to further breakdown merit order system in power generation into Long term and spot to make that happen. (to my humble understanding).
> 
> In your ( much more educated opinion) how can we manage this?
> The way I see it going down this winter more term cargoes will default.


Why was contract done with only 30% penalty price

This means that a price above 30% of contracted price woudl mean they will default

Prices of LNG frequently fluctates more then 100%!!!


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## farok84

https://www.paklng.com/LNG/T45/FinalEval_T45.pdf









*PLL receives expensive bids for emergency LNG cargoes*
Khaleeq Kiani
Published November 6, 2021 - Updated about 5 hours ago





A file photo of a vessel carrying liquefied natural gas (LNG). — AFP

*ISLAMABAD: *The state-run Pakistan LNG Limited (PLL) on Friday received yet another set of most expensive bids for two cargoes of liquefied natural gas (LNG) for delivery in third and last week of the current month.
Earlier this week, PLL had invited emergency bids to make up for the sudden gas shortage caused by default on the part of two long-term suppliers — ENI of Italy and commodity trader Gunvor — and sought bids for two replacement cargoes for November 19-20 and November 26-27 latest by November 5 (Friday).
This was the shortest response time (less than three days) given by PLL for bids under the most urgent delivery schedule.
By the deadline, PLL received a total of five bids from three bidders for two cargoes. For November 19-20 delivery window, Vitol Bahrain was evaluated by the PLL as the lowest bidder at $29.8966 per million British thermal unit (mmbtu) followed by $30.05 per mmbtu of Qatar Petroleum Trading.

For the second delivery window of November 26-27, Qatar Petroleum Trading turned out to be lowest evaluated bidder at bid price of $30.65 per mmbtu, followed by $30.96 and $31.0566 per mmbtu of Total Energies and Vitol Bahrain, respectively.
The PLL did not immediately take a decision whether or not to accept the bids. It is, however, expected to accept both the lowest bids in view of major supply disruption in high demand season and much cheaper prices of existing seven cargoes from long-term Qatar deal that would help improve the overall basket price.
The PLL is also facing a supply shortfall of about 385 million cubic feet per day (mmcfd) in December and 240 to 275 mmcfd in January and February following non-availability of LNG cargoes amid historically high international market. It has sought bids from private sector parties to use this surplus capacity for which it could not arrange its own cargoes.
The emergency tender was necessitated by two LNG suppliers — Gunvor and ENI — declining to meet their contractual obligations to supply one cargo each in November, leaving authorities in a state of shock. The government is already struggling to meet demand amid lower than required cargoes — nine instead of 12-13 — in peak winter.
The tenders required typical cargoes of 140,000 cubic meters each (about 100mmcfd each).
Pakistan State Oil had already gone for additional furnace oil (FO) tenders for 160,000-170,000 tonnes to reinforce current FO stocks of around 350,000 tonnes to meet power sector demand for 15 to 20 days. The electricity consumers would have to pay for even higher fuel costs on top of already expensive monthly fuel cost adjustments that stood at Rs1.95 per unit in October and Rs2.51 per unit in November.
The long-term supply contractors Gunvor and ENI had backed out of their commitments as global prices went up. The traders chose to pay the penalty for default and go for higher profits in spot market. ENI has a 15-year contract with PLL at 11.95 per cent of Brent while Gunvor had five-year contract at 11.63pc of Brent. The spot rates are now exceeding 35pc of Brent.
Pakistan was supposed to get 11 LNG cargoes in November including seven from the Long-Term Agreement with Qatar, one each from the long-term contracts with ENI and Gunvor and two cargoes from Spot purchases. However, after the default of ENI and Gunvor, the number of cargoes has been reduced to nine.
Last month, not a single bidder responded to PLL’s tender for eight cargo deliveries in peak winter — four each in December and January — leaving a shortfall of about 400 million cubic feet each month as global LNG prices skyrocketed.
This put the government in a politically tough situation to ensure sufficient energy supplies amid unprecedented higher costs. PLL had floated tenders for eight LNG cargoes — four in December and four in January — to meet peak gas demand, mostly in the Sui Northern Gas Pipelines Ltd network — to Punjab and Khyber Pakhtunkhwa — with October 11 deadline but no bidder turned up. PLL is now asking private parties to fill the unviable gap that it failed to deliver despite government guarantees.
_Published in Dawn, November 6th, 2021_









PLL receives expensive bids for emergency LNG cargoes


It was the shortest response time given by PLL for bids under the most urgent delivery schedule.



www.dawn.com


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## Path-Finder




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## salman77

*Iran, Pakistan Discuss Barter of Agricultural Products*






TEHRAN (Tasnim) – Officials from Iran and Pakistan weighed plans for the exchange of agricultural commodities as a way to obviate the need for the financial transactions that have been hampered by the US sanctions against Tehran..

In a meeting with the Pakistani prime minister’s adviser for commerce and investment Abdul Razak Dawood, held in Tehran on Sunday, Iranian Agriculture Minister Javad Sadatinejad said one of the policies of the new Iranian administration is to expand relations with the neighbors through a barter system.
Iran can export dates and apples to Pakistan and import sesame and rice in exchange, he noted.
Sadatinejad also proposed that Iran and Pakistan should trade in their own currencies in order to overcome the problems caused by the sanctions against Tehran.

For his part, Abdul Razak Dawood said Pakistan is aware of the situation created by the anti-Iranian sanctions and welcomes the idea of a barter system as a mechanism to maintain effective and fruitful relations with Iran.

He said Pakistan is ready to barter its rice for Iran’s oil and petrochemical products.
The Pakistani adviser also noted that his country can export quinoa, mango and citrus fruits to Iran.
In remarks at the 9th meeting of Iran-Pakistan Joint Trade Committee, held on Saturday, Abdul Razak Dawood said Pakistan is willing to expand the trade relations with Iran by removing obstacles and diversifying the economic interaction.






Iran, Pakistan Discuss Barter of Agricultural Products - Economy news - Tasnim News Agency


TEHRAN (Tasnim) – Officials from Iran and Pakistan weighed plans for the exchange of agricultural commodities as a way to obviate the need for the financial transactions that have been hampered by the US sanctions against Tehran.




www.tasnimnews.com


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## ghazi52

November 08, 2021




The COVID-19 normalcy index places Pakistan on top.

ISLAMABAD: Pakistan has been ranked number 1 in The Economists’ world normalcy index as the country lifted most of its COVID-19 restrictions imposed to curb the virus spread.

The Economist's normalcy index offers some evidence about how people are responding to restrictions in real-time. Pakistan is followed by Nigeria, Britain and Germany on the list which was last updated on Friday (Nov 5).

Taking credit for the development, Minister for Information and Broadcasting Chaudhry Fawad Hussain said that Pakistan was in a far better position than the rest of the world due to its effective handling of COVID-19, which was also appreciated by the world community.

In a tweet, the minister said PTI's political opponents were spreading lies in frustration and that in this situation, the PTI workers should play their role in bringing facts to public knowledge.

He said that Pakistan was not located on a separate planet and international prices of commodities had their impact here as well.


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## maithil

__ https://twitter.com/i/web/status/1457057860320382984


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## farok84

*ITFC gives $761m to Pakistan for energy imports*
The Newspaper's Staff Reporter
Published November 11, 2021 - Updated a day ago






Logo of the International Islamic Trade Finance Corporation (ITFC). — Photo via ITFC website
*
ISLAMABAD:* The International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank, and Pakistan on Wednesday signed an agreement under which the former would make available $761.5 million of syndicated loan for commodity financing, particularly oil and gas.
A financing agreement was formally signed by ITFC’s Chief Executive Officer Eng. Hani Salem Sonbol and Mian Asad Hayaud Din, Secretary Ministry of Economic Affairs (MEA) for their respective sides. The financing would be used for import of crude oil, refined petroleum products and LNG etc, an announcement said.

The facility has been made effective immediately and ready for utilisation by Pakistan State Oil Company Ltd (PSO), Pak Arab Refinery Ltd (Parco) and Pakistan LNG Ltd (PLL) for import of oil and gas.
This Syndicated Murabaha Financing facility is for a period of one year and is a part of umbrella Framework Agreement signed with ITFC in June 2021 for total envelop of $4.5bn ($1.5m annually) for a period of three years.

The facility will be helpful in financing oil and gas import bill and ease pressure on foreign exchange reserves. ITFC had so far arranged $7bn for import of oil and LNG from 2008 to 2021.
The $4.5bn financing signed by two sides in June this year is to be utilised by PSO, Parco and PLL for import of crude oil, refined petroleum products and LNG during the years 2021-2023.

Within the context of its trade integrated solutions approach, the framework agreement also covered ITFC’s support for trade related technical assistance projects in Pakistan, which will be selected jointly by both parties according to the national economic priorities and development plan of Pakistan.

The agreement also requires identification of other areas of cooperation at country and regional levels and to enhance and promote trade, trade capacities of relevant state authorities and financial institutions and trade cooperation in the country.

The ITFC had also committed in April 2018 a similar financing line for Pakistan for 2018-2020 term but utilisation finally could not cross $3bn as private refineries were unable to import crude under the facility which mostly limited to Parco and to some extent to PSO.

Pakistan’s oil import bill was $11.4bn last fiscal year but has been rising in recent months because of increasing trend in the international oil prices.

Pakistan had last year signed a $1.1bn trade financing facility for the current year which could not be fully utilised due to lower oil international oil prices, depressed demand in Pakistan and limitations of the refineries in availing Arabian crude.

_Published in Dawn, November 11th, 2021_










ITFC gives $761m to Pakistan for energy imports


The financing from ITFC will be used for import of crude oil, refined petroleum products and LNG, according to the government.



www.dawn.com

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## Path-Finder



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## Introvert

*Deal on Iran barter trade reached, Senate body told*

ISLAMABAD: The Senate Standing Committee on Commerce was informed on Thursday that an agreement was reached with Iran regarding barter trade.

This was stated by commerce secretary Sualeh Faruqi in response to a question of Senator Fida Mohammad. The meeting was chaired by Senator Zeeshan Khanzada.

Mr Sualeh said due to lack of banking channels with Iran, some issues existed in trading with Tehran. The barter trade issue with Iran has been resolved, he informed. He further said that barter trade with Iran would start in a month.

The commerce secretary informed the Senate committee that being on the grey list had not any repercussions on Pakistan’s exports.

Commerce Adviser Razak Dawood briefed the committee on the GSP+ scheme. He noted that Pakistan’s exports to Europe have reached $9 billion mainly due to preferential access.

Mr Dawood informed the committee that the European Union (EU) was assuaged with Pakistan’s implementation of the GSP+ terms. Pakistan had kowtowed with most of the 27 conventions. He underlined that Pakistan had already addressed issues like eradication of child labour, freedom of speech, rights of journalists, rights of women, and others as per assigned indicators.

He asserted that the EU asked for expanding the range of exports to the European markets but exports to the region have not inflated as they should have because of weaknesses of our exporters.

Responding to a question, Mr Dawood remarked that under GSP+, 66 per cent of Pakistan’s tariff lines were on zero duties. EU exports increased by 47pc, he said, adding that trade with the EU is in Pakistan’s interest.









Deal on Iran barter trade reached, Senate body told


Commerce secretary says barter trade with Iran will start in a month.



www.dawn.com


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## Path-Finder



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## maithil

The prairie fire of inflation

THE monetary policy statement released on Friday had several notable things to focus on but consider one for now: core inflation. This indicator measures inflation in a basket of goods that excludes food and energy prices, meaning it is largely immune to the supply-side pressures that the State Bank has been blaming for the rising inflation so far.
All year the State Bank has made it a point to mention that core inflation is not showing a rise like food and energy prices are, an observation that allowed it to argue that whatever inflation there is in the economy, it is due to factors like rising oil prices in global markets or temporary shortages of wheat due to a poor harvest. With this argument the central bank could successfully absolve itself of all responsibility to combat this inflation.
For example, back in May the State Bank could say “[w]hile core inflation has picked up in urban areas, price pressures are concentrated among a relatively confined set of items”. Based on this observation they decided no action was necessary by them to bring this trend under control. Then in July after observing that rising oil prices in world markets have substantially been offset by corresponding reductions in tax on the price of petrol and diesel within the country, they said “core inflation also fell over the last two months in both urban and rural areas, confirming the view that the energy and food-driven inflation highlighted in recent monetary policy statements has not seeped into general prices”.
In reality, by this point in time we were well on our way down inflation road. The exchange rate was gyrating madly and the rupee was sliding fast against the dollar. A fall in the value of the rupee imparts a strong inflationary impulse to the economy since ours is a heavily import-dependent economy, especially where energy is concerned, and energy price hikes transmit their effects horizontally to all other goods that are dependent on transport, combustion or electricity, for their valorisation and marketing.


> The inflationary tide showed up in a broad range of goods far beyond food and energy.


By September things were beginning to change. “Core inflation also fell in both urban and rural areas in August,” observed the State Bank, before adding, “[n]evertheless, the momentum of prices remains relatively elevated, with month-on-month increases of 1.3 per cent in July and 0.6 per cent in August”. Despite a fall in core inflation the inflationary tide seemed to have breached its more limited confines and was showing up in a broader category of goods. Partially in recognition of this fact, the State Bank raised interest rates by a nominal 0.25pc, ending the prolonged period of “accommodative monetary settings” and signalled further rate hikes to come, albeit in a manner that would be “gradual and measured”.
That apple cart never made it past November, when the State Bank was forced to pull up the date for its monetary policy decision by a week and announce a large hike of 1.5pc in one go. In the statement accompanying that decision, the State Bank was forced to admit that “core inflation has also picked up in the last two months”, showing up in items like “house rents, cloth and garments, medicines, footwear and other components”. The inflationary tide showed up in a broad range of goods far beyond food and energy, forcing the central bank to acknowledge that it could no longer be business as usual.
*Read:* _Imperative to gear policy to give equal weight to stability and growth, says Reza Baqir_
This creeping trend is characteristic of what happens when inflation is being driven by monetary factors. An expansion in the money supply shows up first as growth, then as exchange rate pressures, then as inflation confined to a narrow segment of goods that are sensitive to exchange rate movements, before it seeps into the overall price level. It can take up to a year to complete this journey, meaning money supply growth today will show up as inflation next year.
That is what has happened here. From a central banking point of view, the situation is somewhat akin to a firefighter who stands and watches as the fire rises, comfortable in the assurance that it is small and manageable, even if he or she can see that the fire is surrounded by combustible material. Waiting for the flames to spread before acting would be folly for that firefighter. Similarly, waiting till inflation has “seeped into general prices” before acting, even as all data shows elevated monetary aggregates and mounting exchange rate pressures, is folly for a central banker.
Central banking is tricky business. First and foremost, the job of a central banker is to watch the money supply, unlike a businessman or a businesswoman whose job is to count the money, more specifically his or her own. The central banker by contrast has to take a panoramic view. Too much money and it will fuel inflation. Too little and it will choke the engines of growth in the economy. Getting the supply just right takes skill, it takes mind and vigilance, and perhaps also a dash of integrity to stand up to the pressures that are pushing you to throw money into the economy to produce a short-lived feel-good factor, since everybody else is only interested in counting their money, not curating the overall supply in the economy.
This is where things went wrong. They sat and watched as the alarms were sounding from May onwards, starting with the sharp slide in the exchange rate, fuelling inflation pressures even further. They moved lethargically in September (but at least they moved) but were still not sufficiently alive to what was actually driving this slide. On Saturday morning, the IMF told us that inflation will only start to decline “once the pass-through of rupee depreciation is absorbed” into the price system, and temporary supply and demand pressures dissipate. This is a classic, textbook case of an overheating economy. And bringing this prairie fire under control is now priority number one for the government not gunning for more growth.
_The writer is a business and economy journalist._
*khurram.husain@gmail.com
Twitter: @khurramhusain









The prairie fire of inflation


The inflationary tide showed up in a broad range of goods far beyond food and energy.



www.dawn.com




*


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## farok84

*Cabinet approves $4.2b Saudi loan package*
Minister says much-need hard cash to help stabilise exchange rate


Shahbaz Rana
November 28, 2021





Prime Minister Imran Khan chairs meeting of the federal cabinet held in Islamabad. PHOTO: PID/FILE

*ISLAMABAD:*
The federal cabinet on Saturday approved two loan agreements worth $4.2 billion reached with Saudi Arabia, including the $3 billion cash deposit that the kingdom has extended for a period of one year but can withdraw it anytime by giving a three-day notice.

*Pakistan **will pay 4% interest on the cash deposit and 3.8% on the oil on deferred payment facility, according to the terms agreed between both countries. Unlike in the past, this time there is also no option for rollover of the Saudi loan and the country will have to return it at once after one year.*

“The cabinet has approved the $3 billion cash deposit agreement and $1.2 billion oil on deferred facility agreement through the circulation of summaries,” Federal Minister for Information and Broadcasting Fawad Chaudhry confirmed to _The Express Tribune_. The minister said that the Saudi package will also help stabilise the rupee-dollar parity.

*The finance ministry sources said that the $3 billion cash facility has been secured at an interest rate of 4%. The rate is by one-fourth times higher than the previous similar facility that Pakistan had obtained at a 3.2% interest rate.*

*At the new rate, Pakistan will pay $120 million interest on the loan – up by $24 million when compared with the 2018 similar facility.*

At the conclusion of Prime Minister Imran Khan’s visit to the kingdom last month, Saudi Arabia had announced financial assistance to Pakistan.

The sources said Pakistan had to accept tough loan conditions due to the prevailing external sector vulnerabilities. They added that talks for another similar loan facility from a friendly country were also underway, which were expected to be concluded soon.

*The cabinet also approved to avail $100 million per month oil facility on deferred payment for one year. “The country will pay 3.8% interest on the amount,” said the sources.

The sources said that under the agreement Pakistan will repay $3 billion to Saudi Arabia no later than one year from the date of the deposit. Saudi Arabia can also demand to immediately return the money in case of a sovereign default by Pakistan, said the sources.*

*According to another important clause of the agreement, the sources said, Pakistan will be bound to return $3 billion to Saudi Arabia within 72 hours of a written request by Saudi Arabia at any time during the term of the agreement.*

*“Saudi Arabia has also spelled out the terms of defaults, which would lead to the immediate withdrawal of the cash deposits,” said the sources.

A delay in timely interest payment would be deemed as default on the agreement. The failure by Pakistan to comply with any provision of the cash deposit agreement will lead to default. Also, Pakistan’s failure to service the public external debt of over $100 million will be deemed as default, said the sources.

An end to the IMF membership will also be treated as default, said the sources.*

*The finance ministry sources said that in case of a dispute, Saudi law will be applicable. However, Pakistan has surrendered its sovereign claim of immunity from suit, execution, attachment or other legal processes in relation to the $3 billion cash deposit agreement, the sources added.*

_The Express Tribune_ had sent questions to the finance ministry spokesperson, Yousaf Khan, who is also the additional secretary in-charge. But till the filing of the story, the ministry did not reply to the questions about the cost of the $3 billion borrowing, *the time period of the lending facility and the reasons for surrendering the sovereign immunity.

The sources said that the office of the Attorney General for Pakistan had cautioned the finance ministry that waiver of the sovereign immunity may carry serious implications for the country.*

However, the finance ministry sources said that such an eventuality would never occur as Pakistan never defaulted on its international payments obligations.









Cabinet approves $4.2b Saudi loan package | The Express Tribune


Minister says much-need hard cash to help stabilise exchange rate




tribune.com.pk






__ https://twitter.com/i/web/status/1464850415376293888

__ https://twitter.com/i/web/status/1464850419725778946










| Ministry of Finance | Government of Pakistan |







www.finance.gov.pk







__ https://twitter.com/i/web/status/1465115714692517892

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## Introvert

*E-commerce helps Pakistan salt rock open Chinese market*




BEIJING, Dec 6 (APP):Himalayan salt rock from Pakistan is becoming known to a growing number of Chinese consumers as edible salt. In recent years, salt rock products such as Pakistan salt lamp, bath salt, and salt rock plate used for steam sauna have also become popular in China.

“Through the e-commerce platform, the sales of our related products are very considerable. Especially during the recent online shopping carnivals including November 11 and December 12, Himalayan salt rock products from Pakistan are being accepted by more and more Chinese people through e-commerce platforms,” Manager of Ciaodo, the biggest Taobao shop for Pakistani rock salt said on Monday.

November 11th, a day that e-commerce companies have turned into the world’s biggest for online shopping by offering a stream of promotions and discounts.

Taking this opportunity, Alibaba’s e-commerce platforms, Taobao and Tmall, have enabled the sales of rock salt products in Pakistan to perform well. Ciaodo has sold over 300 Himalayan salt lamp products on that occasion, China Economic Net (CEN) reported.

They said that indeed, e-commerce platforms have boosted sales and, more importantly, through these channels, the huge Chinese market is embracing Himalayan salt lamps gradually and laying a solid foundation for more Pakistani products being exported to China.

The combination of online and offline forms has improved the sales channels of Himalayan salt lamps in China. Ciaodo believes that China International Import Expo (CIIE) has significantly raised the popularity of salt lamps in China.

The manager said that CIIE was very effective in promoting Himalayan salt lamps. After the closing of the 4th CIIE this year, many Chinese consumers who learned about Pakistan salt lamps found our Taobao shop and bought our products.

Because salt lamps are heavy, more consumers are more willing to buy them on e-commerce platforms after learning about them through offline channels.
Chinese consumers’ love for salt lamps is obvious.

“There is no bad feedback for our salt lamps and we have a lot of repeat customers. Chinese consumers value it for its decorative, practical and, most importantly, health benefits. Most of the Chinese customers who bought Himalayan salt lamps will come back and buy some more to give to others or put in more places,” Ciaodo said.

Salt Lamp still faces some challenges in exporting to China, and e-commerce platforms are addressing these issues.

Ciaodo said, “We started selling Himalayan edible salt in 2017 and started selling salt lamps in the last two years. The biggest difficulty of this product is that its popularity is still deficient and the target consumer group is limited. But the situation is improving thanks to CIIE and e-commerce platforms. In addition, the salt lamp is still a crude processed product.

“We are also trying to design new salt rock products to maximize the good e-commerce sales environment in China and make more people like the salt lamp from Pakistan.”

In addition to edible salt and salt lamps, bath salt and salt plates for sauna are also gradually becoming popular in the Chinese market.

Ciaodo said that many Pakistani rock salt sellers in China are looking forward to the performance of this kind of rock salt products in the Chinese market in the future, which will become another huge business opportunity.



https://www.app.com.pk/global/e-commerce-helps-pakistan-salt-rock-open-chinese-market/

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## farok84

*Gas crisis aggravates: GUNVOR again backs out of LNG cargo delivery*
*The non-availability of term cargo on January 10 will further worsen the ongoing gas crisis in the country.*

By Khalid Mustafa
December 20, 2021








*ISLAMABAD:* *Singapore based LNG trading company -- GUNVOR has intimated the authorities in the government that it will not be able to deliver its term LNG cargo which is due on January 10, 2022 by claiming the force majeure.* However, it has not yet informed Pakistan LNG Limited as to when this term cargo will be provided, a well placed senior official at the Energy Ministry told The News.

*He said that technically it will be a second default by GUNVOR in a row in the current winter season 2021-22, as it earlier defaulted from the provision of the term cargo on November 19-20, 2021. The Italian company ENI also defaulted on November 26-27, 2021 from the delivery of its term cargo. ENI had earlier backed out of its term LNG cargo in August, 2021. “And this is how both the LNG trading companies have defaulted twice. The intimation of non-availability of LNG cargo from GUNVOR comes at a time when LNG price in the spot market is hovering at $35-40 per MMBTU.”*

*Related Stories*

Engro mulls building onshore LNG terminal costing up to $600mln
‘Hike in RLNG price in Punjab to hurt textile exports’

The non-availability of term cargo on January 10 will further worsen the ongoing gas crisis in the country. From December 15, the government has already cut gas supply to the export sector in Punjab apart from shutting down the non- export industry and CNG sector. So much so, the domestic consumers are also facing massive shortages across the country even at breakfast, lunch and dinner times and people are forced to purchase food, roti, nan and even tea from hotels at higher prices.

However, the Managing Director of Pakistan LNG Limited (PLL) didn’t respond to the question when asked if GUNVOR has again defaulted from the LNG cargo which is due to be delivered on January 10, 2022.

The Energy Ministry’s top officials disclosed that the demand of gas for the domestic sector in Punjab and KPK has gone up to 800-900 mmcfd which in January is expected to further jack up to 1200 mmcfd for the domestic sector as the mercury is estimated to further the tumble in January. The system gas production has already dwindled by 1 billion cubic feet from 4200 mmcfd to just 3200 mmcfd. And because of the failure of the authorities in ensuring the 4 spot LNG cargoes (2 each in December and January) and default by GUNVOR on January 10, the gas crisis has worsened more.

Keeping in view the given situation, there is no gas available in the system enough to accommodate Textile industry in Punjab even at $9 per MMBTU, the official said. “Yes, we can accommodate the textile industry at $ 9 per MMBTU only after reducing the LNG supply to the power sector and cutting the gas to the fertilizer sector.”

In low winter, the earlier fertilizer sector was never given gas, it was only provided the gas in peak winter season.

*The official said that it is high time for the government to utilize the furnace oil which is available in abundance in the country for power generation and divert the gas to export industry at $9 per MMBTU.*
*“We started the winter season this time with a shortfall of 360 mmcfd in Punjab and KPK.”*

To a question he said that ENI and GUNVOR which earlier defaulted in the month of November has not yet given an undertaking to provide the term cargoes as replacement in other months as they are more keen to be penalized. The penalty is equaly the 30 percent of the value of the term cargo.

Under the term agreements with Pakistan LNG Limited, Italy-based ENI is bound to provide LNG cargo every month at 11.95% of the Brent and GUNVOR is also in a 5 year term agreement and bound to provide a cargo at 11.6247% of the Brent. *Under the contract, in case of default, PLL can impose a penalty of 30 percent of the contractual price of one cargo to each LNG Company and both the companies are ready to pay the penalty as the profit in the spot market is so huge which has prompted them to sell Pakistan’s term cargo to the international market.* PLL has inked the term agreements with both the companies to avoid purchasing of LNG cargoes at higher prices, but both the companies have backed out and defaulted the agreements twice.










Gas crisis aggravates: GUNVOR again backs out of LNG cargo delivery


ISLAMABAD: Singapore based LNG trading company -- GUNVOR has intimated the authorities in the government that it will not be able to deliver its term LNG cargo which is due on January 10, 2022 by...




www.thenews.com.pk

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## farok84

*Pakistan, Russia to develop financial infrastructure*
Mushtaq Ghumman Updated 21 Dec 2021






*ISLAMABAD: Pakistan and Russia have reportedly agreed to develop bilateral financial infrastructure through their central banks aimed at facilitating trade, investment activities, etc., well informed sources told Business Recorder.*

This consensus was evolved at the 7th Session of Pak-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation held recently in Yekaterinburg city of the Russian Federation. Pakistani side was led by Minister for Economic Affairs, Omar Ayub Khan.
According to sources, Pakistan side expressed interest in connecting to the financial messaging system of the Bank of Russia (SPFS). Both sides resolved to recommend to their central banks to hold consultations about connecting Pakistani financial institutions to SPFS to engage in secure exchange of financial information with its Russian partners.

The Commission recommended that the Bank of Russia and the State Bank of Pakistan should render their assistance in developing the Russian-Pakistani financial infrastructure (in particular with regard to correspondent banking relationships, as well as, establishing branches and subsidiaries on a reciprocal basis), provided that banks and financial development institutions are interested in such assistance.
Energy Sector: Both governments would make all possible efforts to facilitate the implementation of the “Pakistan Stream” project.

The two sides agreed to follow the arrangements specified in the protocol of amendment to the Intergovernmental Agreement of May 28, 2021, and the main terms and cooperation for the project (Head of Terms) of July 15, 2021.

The two sides have developed the “discussion draft” of the Shareholders Agreements for the Special Purpose Company (SPC) for construction of the “Pakistan Stream” gas pipeline project and will take it to the final level through mutual consultation.

The two sides agreed to sign the Shareholders Agreement and Facilitation Agreement for the “Pak Stream” gas pipeline by February 15, 2021; and agreed to sign statutory documents of the Special Purpose Company (SPC) for the construction of the “Pakistan Stream” gas pipeline by January 31, 2022.
The Commission noted the interest of the Russian and Pakistan sides to continue interaction in order to explore the opportunities and prospects for mutually beneficial cooperation in oil and gas sector in Pakistan and third countries including implementation of prospective joint projects in gas exploration and production.

The Commission noted the proposal from the Russian side to Pakistani side to study prospects of implementation of the system of Production of Facilities Monitoring (SPFM) software, developed by Gazprom EP International B.V, for oil and gas fields’ production facilities in Pakistan.

*4th Russia-Pakistan JTC meeting concludes successfully*

The Commission noted the interest of Pakistan Petroleum Limited (PPL), Oil and Gas Development Company Limited (OGDCL) and Mari Petroleum Company Limited (MPCL) to work jointly with Russian oil and gas companies in offshore and onshore ventures of Pakistan, as well as, outside Pakistan.
The Commission noted that both sides wished to continue interaction including the implementation of prospective joint projects in pipeline construction.

The Russian side agreed to the Pakistan side proposal for consideration of its mineral resource sector (copper, gold, iron, lead, and zinc ores of Balochistan, KP and Punjab) for technical/ economic cooperation and investment and constitution of a sub-working group comprising of mineral sector experts of the two countries to identify possible areas of cooperation/ investment particularly upgradation of basin survey and data management.

The Russians informed the Pakistani side about the interest of the Russian company Digital Industrial Platform LLC (a joint venture of Gazprom Neft PJSC and Zyfra LLC) in developing fruitful cooperation with Pakistani oil & gas companies including but not limited to OGDCL, PSO, SNGPL and SSGCL in implementing and jointly developing and marketing the industrial digital solutions for oil & gas sector. The two sides also supported an interest of Habib Rafiq Engineering (Pvt.) LTD and its subsidiaries or associates to cooperate with Digital Industrial Platform LLC (a joint venture of Gazprom Neft PJSC and Zyfra LLC) in jointly exploring the opportunities for developing, marketing and implementing the industrial digital solutions for oil & gas sector in the Pakistani market on open industrial IoT platform.

The Commission noted that PSO also floats tenders for import of LNG from time to time and is looking forward to the participation of Russian companies in future tenders.

The Commission noted the proposal of Pakistani side to explore possibilities for investment in Pakistan by Russian Companies in: (i) setting up of refineries; (ii) existing refineries upgradation; (iii) virtual LNG pipelines; (iv) onshore storage of LNG; (v) strategic oil storages; and (vi) strategic gas storages (under this point the Pakistan side will consider the proposal from the Russian side to develop underground gas storages in continuation of the “ Pakistan Stream” project).

Both sides noted the need to develop bilateral cooperation in the field of hydropower and renewable energy sources; and supported the interest of power Machines JSC to participate in the bidding process of electro- mechanical works for the construction of the second stage of the Dasu HPP, as well as, to participate in other prospective projects in the power industry of Pakistan.

*Pakistan eyes stronger economic ties with Russia through PSGP project*

The Russian side confirmed its interest in supplying and after-sales service of Russian civil aircrafts of interest to the Pakistani state and commercial organizations subject to compliance with ICAO standards and PCAA rules and regulations.

The Russian side noted that Ulyanovsky Avtomobilny Zavo LLC (UAZ LLC) is interested in supply of assembled vehicles for state and private customers and implementation of the vehicle assembly project (DKD/SKD) kits) in Pakistan. The Russian side will share the details on supply of assembled vehicles for state and private customers.

The Russians further indicated the interest of the Russian company Almaz-Antey JSC in supplying air navigation and air space control systems, weather radar, medical equipment, etc. to Pakistan.
The Russian Side informed the Pakistan side about the interest of the Russian company Azimut JSC in promoting navigation surveillance and communication systems of civil airfields, air navigation equipment and access control systems to Pakistan.

The two sides noted that the current volume of bilateral trade did not correspondent to the existing potential. According to the Federal Customs Service of Russia, in 2020, the Russian-Pakistani trade turnover increased by 45.8% compared to 2019 to $ 789.8 million. In this regard, the two sides agreed to continue joint efforts to strengthen Pakistani-Russian cooperation in the field of trade and investment.
The two sides agreed to take necessary measures to expand access to mutual markets in order to significantly increase the volume of bilateral trade.

The Russian side expressed concern over the introduction of an anti-dumping duty on Russian phthalic anhydride, which resulted in stopping Russian phthalic anhydride exports on June 5, 2021. The Pakistan side highlighted that the investigations were conducted and anti-dumping duties were imposed in accordance with the provisions of the WTO’s Anti-Dumping Agreement.

Both sides agreed to encourage their investors to transfer technologies to Pakistan and Russia, and set up Joint Ventures in areas of mutual interest including SEZs and other similar formations.

In order to establish legislative grounds for the development of customs cooperation between Pakistan and Russia, the two sides agreed to continue joint work aimed at signing the following documents: (i) agreement on cooperation and mutual assistance in Customs Matters; (ii) protocol between the Federal Customs Service (Russian Federation) and FBR on exchange of documents and data on customs value of goods transported between the two countries; and (iii) protocol between Russian Customs Service and TDAP (Pakistan’s Commerce Ministry) on administrative cooperation, information exchange and mutual assistance under the unified system of tariff preferences of the Eurasian Economic Union.

Copyright Business Recorder, 2021









Pakistan, Russia to develop financial infrastructure


ISLAMABAD: Pakistan and Russia have reportedly agreed to develop bilateral financial infrastructure through their...



www.brecorder.com

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## farok84




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## PakCan

To increase tax revenue, Pakistan can learn from Kenya. Great use of technology and wedding season always generate plenty of online activity. 








Letter from Africa: Why Kenya's taxman is eyeing social media


Socialites are becoming wary of what they post online in case Kenya's revenue authority comes calling.



www.bbc.com


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## Maula Jatt




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## ACE OF HEARTS

Sainthood 101 said:


>


It should be 15 % if there is any true intention of controlling inflation and the down fall of the rupee. 

Hiding import data from the public is encouraging import mafia and foreign firms escape anti dumping duties and saturate local market with cheaper goods discouraging local manufacturing / industry setups. 

The sooner they implement IMF conditions including single account of Government of Pakistan 🇵🇰, the better for the economy and we'll being of the ordinary citizen


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## Introvert

*Iran offers to waive tariffs on agri-products from Pakistan*

In a meeting with Iranian Ambassador Seyyed Mohammad Ali Hosseini on Tuesday, Federal Minister of National Food Security and Research Syed Fakhar Imam said that the agriculture sector of Pakistan should look ahead in terms of modernization. He appreciated the Iranian government’s offer to waive tariffs on export of agricultural products from Pakistan.

“Pakistan has immense potential for export of citrus fruit, rice, mango, onion, potato, fishery and livestock products,” he said. “In fact, the country can meet the entire rice demand of Iran.”

He said that Pakistan could export up to 8 million tons of rice. On the other hand, the country shipped nearly 144,000 tons of mangoes abroad and it could enhance its exports to Iran as well, Syed Fakhar Imam said, adding that Iran had expertise in the floriculture sector and exchange of such talent could benefit both sides.

Hosseini said that Iran imported numerous agricultural products from Pakistan: “Iran imports 5,000 tons of citrus fruit from Pakistan. We also import rice from Islamabad and there is a huge demand for Pakistani livestock, red meat and fishery products in Iran.”









Iran offers to waive tariffs on agri-products from Pakistan


In a meeting with Iranian Ambassador Seyyed Mohammad Ali Hosseini on Tuesday, Federal Minister of National Food Security and Research Syed Fakhar Imam said that the agriculture sector of…




www.freshplaza.com

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## PDF

*FM Qureshi urges importance of debt restructuring as Pakistan assumes G77 chair*






UNITED NATIONS: As Pakistan assumed the chair of the Group of 77 on Friday, Foreign Minister Shah Mahmood Qureshi urged the international community to help developing countries recover from the impact of the Covid-19 pandemic.
“Developing countries cannot recover if their budgets are further constrained by austerity packages, imposed increases in energy prices, and weakening of their currencies. No country must be prevented from serving its people,” he said in his virtual address to the annual meeting.
The Group of 77 (G77) is a coalition of 134 developing countries in the United Nations, designed to promote their collective economic interests. Pakistan will chair the group for the year 2022.
Pakistan is one of the founding members of the Group and has had the privilege of serving as its chair in New York on three occasions in the past.
Mr Qureshi presided over the proceedings of the opening segment of the handover ceremony held in a virtual format, and also attended by the outgoing Chair (Guinea), UN Secretary-General, and President of the UN General Assembly. The foreign minister pointed out that more than 20 developing countries were in debt distress, and some had already defaulted. “Over 20 countries are food insecure. Famine stalks some, especially in conflict zones in Africa and in Afghanistan,” he warned.
Mr Qureshi identified the triple crisis — the Covid-19 pandemic; the related economic downturn; and the threat posed by climate change” — the world was facing today.
The foreign minister pointed out that this public health crisis had affected the developing countries disproportionately.
“Both because of weak health systems and meager resources, millions in our countries have suffered enormously and mostly in silence. Apart from lost lives, over 150 million have been pushed into extreme poverty,” he said.
Mr Qureshi called for universal distribution of vaccines as the best response to the mutating virus.
The foreign minister reminded the international community that while rich nations had injected over $17 trillion to revive their economies, “most developing countries are still in the grip of the most severe recession in a century”.
He underscored the need for debt restructuring; fulfillment of the 0.7 per cent ODA target; redistribution of the $650 billion new SDRs; and larger concessional finance from the IMF and the multilateral development banks. He also stressed the need to curb the illicit outflow of trillions of dollars from developing countries.
Acknowledging the importance of a healthy environment, the foreign minister urged the industrialized countries to play the lead role in undoing the damage, adding that all climate actions must adhere to the Principle of Common but Differentiated Responsibility.
_Published in Dawn, January 15th, 2022_

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## maithil

__ https://twitter.com/i/web/status/1482386986673577990


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## maithil

__ https://twitter.com/i/web/status/1484817842092625921

Reactions: Sad Sad:
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## Introvert

Pakistan’s export of aquatic products to China exceeds $150 million​
BEIJING, Jan 25 (APP):China’s import of major aquatic products from Pakistan (HS Code 03) reached 153 million US dollars in 2021, up 9.8 percent year on year, according to Chinese customs.

From ribbon fish, croakers, cuttle fish, to shrimp, crabs, and lobsters, China is the largest destination of Pakistan’s aquatic export, China Economic Net (CEN) reported on Tuesday.

“Fisheries is a big and emerging industry in Pakistan,” said Dr. Saeed Murtaza Hasan Andravi, Director Animal Sciences Institute NARC, Islamabad. It accounts for less than one percent of GDP, but provides vast employment opportunities for under-developed in Pakistan. Moreover, it can be a profitable profession and a promising means to earn foreign exchange.

Â Pakistani people are expecting more from the abundant aquatic resources, especially amid the pandemic. Data from Pakistan Bureau of Statistics show that Pakistan exported $200 million of fish products in the first half of FY2021-22, up 3.18% year-on-year. “We can increase it to 1 billion dollar,” said Muhammad Zafar Kundi, Chairman of Pakistan Fisheries Export Association.



https://www.app.com.pk/global/pakistans-export-of-aquatic-products-to-china-exceeds-150-million/

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## aryobarzan

This may be of interest to some..

Pakistani parliament censures government over Iran trade status​Wednesday, 26 January 2022 5:40 PM *[ Last Update: Wednesday, 26 January 2022 5:40 PM ]*





File photo shows Pakistani Prime Minister's Adviser on Commerce and Investment Abdul Razak Dawood (L) during a trade meeting in the Iranian capital Tehran on November 6, 2021.
*The Pakistani parliament has voiced dissatisfaction over the low level of trade between the country and neighboring Iran as lawmakers censure the government in Islamabad for its lack of action to get round US sanctions on Tehran to enable trade between the two countries to boom.*
A report by the Express Tribune published on Wednesday said that Chairman of the Standing Committee on Commerce in Pakistan’s National Assembly Naveed Qamar had demanded explanations from senior trade officials in the country about why trade ties with Iran were extremely low.
Qamar rejected a statement made by a representative of Pakistan’s commerce ministry during a hearing on Tuesday claiming that US sanctions have seriously affected trade ties with Iran.
The senior lawmaker said that even European countries have been engaged in trade with Iran despite their adherence to the US sanctions.



Iran reports 74% surge in exports to India in March-December
Iran’s exports to India topped $1.34 billion in the nine months to late December.
Qamar summoned officials from State Bank of Pakistan (SBP) for a hearing next week where the lender is expected to offer explanations on why banks in the country have been hesitant about processing payments related to trade with Iran, said the report by the Express Tribune
The report added that lawmakers in the Pakistani parliament had been “strongly displeased” that Prime Minister's Adviser on Commerce and Investment Abdul Razak Dawood had been absent from the Tuesday session of the commerce committee which was focused on Iran.
Dawood has been key to Pakistan’s recent efforts meant to increase trade and economic relations with Iran. The official visited Tehran in November to finalize some major bilateral agreements, including a mechanism that could allow bartering Iranian energy products for Pakistani rice.


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## ACE OF HEARTS

aryobarzan said:


> This may be of interest to some..
> 
> Pakistani parliament censures government over Iran trade status​Wednesday, 26 January 2022 5:40 PM *[ Last Update: Wednesday, 26 January 2022 5:40 PM ]*
> 
> 
> 
> 
> 
> File photo shows Pakistani Prime Minister's Adviser on Commerce and Investment Abdul Razak Dawood (L) during a trade meeting in the Iranian capital Tehran on November 6, 2021.
> *The Pakistani parliament has voiced dissatisfaction over the low level of trade between the country and neighboring Iran as lawmakers censure the government in Islamabad for its lack of action to get round US sanctions on Tehran to enable trade between the two countries to boom.*
> A report by the Express Tribune published on Wednesday said that Chairman of the Standing Committee on Commerce in Pakistan’s National Assembly Naveed Qamar had demanded explanations from senior trade officials in the country about why trade ties with Iran were extremely low.
> Qamar rejected a statement made by a representative of Pakistan’s commerce ministry during a hearing on Tuesday claiming that US sanctions have seriously affected trade ties with Iran.
> The senior lawmaker said that even European countries have been engaged in trade with Iran despite their adherence to the US sanctions.
> 
> 
> 
> Iran reports 74% surge in exports to India in March-December
> Iran’s exports to India topped $1.34 billion in the nine months to late December.
> Qamar summoned officials from State Bank of Pakistan (SBP) for a hearing next week where the lender is expected to offer explanations on why banks in the country have been hesitant about processing payments related to trade with Iran, said the report by the Express Tribune
> The report added that lawmakers in the Pakistani parliament had been “strongly displeased” that Prime Minister's Adviser on Commerce and Investment Abdul Razak Dawood had been absent from the Tuesday session of the commerce committee which was focused on Iran.
> Dawood has been key to Pakistan’s recent efforts meant to increase trade and economic relations with Iran. The official visited Tehran in November to finalize some major bilateral agreements, including a mechanism that could allow bartering Iranian energy products for Pakistani rice.


Low level or perhaps UNDOCUMENTED / SMUGGLED?

Iranian Sweets / Confectionary items are easily available in the local market. 
GOOD QUALITY + GOOD TASTE + CHEAPER PRICE


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## Introvert

China Welcomes Record Exports From Pakistan, Ready To Import More Special Goods: Zhao Lijian​
BEIJING, (UrduPoint / Pakistan Point News - 27th Jan, 2022 ) :Chinese Foreign Ministry Spokesperson, Zhao Lijan Thursday welcomed Pakistan's record exports to China and said that Beijing was ready to enhance trade and economic cooperation with Islamabad and support more exports of Pakistani special goods.

"We welcome the news of record exports from Pakistan to China," he said during his regular briefing in response to a question regarding US$3.59 billion export from Pakistan to China during the year 2021.

The spokesperson said that China has been Pakistan's largest trading partner for many years in a row and Pakistan's exports to China are also on rapid rise. "The two sides signed a protocol on the Phase-II of the Free Trade Agreement in 2019. Since the protocol came into effect, it has been effectively implemented and promoted the export of Pakistani goods to China," he added.

Zhao Lijian said that China and Pakistan are all weather strategic cooperative partners and ironclad brothers.

"We stand ready to enhance trade and economic cooperation with Pakistan and support more exports of Pakistani special goods so as to promote the high quality development of our trade cooperation and bring more benefits to both peoples," he added.

According to official data from the General Administration of Customs of China, Pakistan export to China was increased by 68.9% in 2021 and crossed the historical figure of $3.58 billion while the total import and export between the two countries stood at $27.82 billion.

Pakistan's export to China crossed $365.35 million in December 2021, up 17 percent, while in the same period of the previous year, it was $312.33 million, which is the second-highest figure of the year.

Pakistan's exports made the highest gain in November 2021 when its export volume to China was $379.17 million. Last year, the highest value was in December 2020 when its export volume was $312.33 million.


Overall, from January to December 2021, China's imports from Pakistan totalled $3.
58 billion irrespective of COVID-19, while in the same period of last year it was $2.12 billion.
This year China's export to Pakistan was increased by 57.8% to $24.23 billion, while last year it was $15.36 billion and in 2019 it was $16.17 billion.

In his tweet, Chinese Ambassador to Pakistan, Nong Ron said, during the last year, the bilateral trade between China and Pakistan bucked the trend of decline in the global trade in spite of the Covid-19 pandemic, and the export from Pakistan to China soared to US$ 3.59, registered a year-on-year increase of 68.9%.
As per economic experts, the recent upward trend in exports to China is encouraging for both the countries governments and enterprises.

Multiple factors have contributed to this remarkable rise. Under the first phase of the FTA, Pakistan had been already enjoying zero duties on exports of over 700 products to China. While the second phase of the pact allowed Pakistan to export 313 new items to the Chinese market on zero duty.

In addition, the construction of special economic zones has also helped Pakistan export goods to other countries including China.
Shan Saeed, Chief Economist at Juwai IQI told media that trade between the two countries has made significant progress as both export and import volumes are on the rise. This is a testament of Chin's commitment to BRI projects with CPEC under the limelight.
The trade and commerce volumes signify that China wants to provide unconditional support and import more from Pakistan in order to uplift the economy of Pakistan.

Shan described that China will continue to support Pakistan for a very long time to come and Pakistan values Chinese unconditional support.

It is worth mentioning that among the major products traded between the two countries, electronics, textiles, seafood, and agricultural products have been increased year-on-year, which has promoted Pakistan's economic recovery.









China Welcomes Record Exports From Pakistan, Ready To Import More Special Goods: Zhao Lijian - UrduPoint


Chinese Foreign Ministry Spokesperson, Zhao Lijan Thursday welcomed Pakistans record exports to China and said that Beijing was ready to enhance trade and economic cooperation with Islamabad and support more exports of Pakistani special goods




www.urdupoint.com





​https://defence.pk/pdf/javascript:void(0)

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## maithil

__ https://twitter.com/i/web/status/1489530710432047104


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## Maula Jatt

previous FY- over 500$ billion worth of e-banking transactions took place, more than our GDP of 370$ Billion
With a growth rate of 30% in e-banking transactions
190 million mobile subscribers and 80 million people with bank accounts

He is saying there's still a lot of potential and ground to cover as there are 100 million people with mobile phones and no bank account
POS machines increased by 50% before RAAST


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## farok84

Pakistan issues emergency tenders for two spot LNG cargoes for March​By Khalid Mustafa
February 19, 2022





*
ISLAMABAD:* After the term-suppliers---ENI and GUNVOR cancelled their LNG cargoes scheduled for delivery next month, Pakistan LNG Limited (PLL) on Friday issued an emergency tender seeking spot procurement of two LNG vessels for March.

*The backing out of ENI and GUNVOR has forced Pakistan LNG Limited (PLL) to purchase the costly LNG from the spot market where the price is currently hovering at $23-25 per MMBTU which is quite high. According to the relevant authorities, PLL has sought bids from the international LNG trading companies for spot procurement of two LNG cargoes for delivery on March 2-3 and March 10-11.*

Now it will be highly interesting to observe if ENI and GUNVOR, which defaulted from delivery, will participate in the bids for spot LNG procurement or not. However, the official said that the government, which would now use a gas pricing mechanism based on Weighted Average Cost of Gas (WACOG), is at ease for procuring LNG from the spot market even at higher prices. Under WACOG, the imported LNG will be merged with the local gas and their average price will be paid by the consumers.

The News in its edition of February 17 reported that Italy-based ENI and Singapore-based GUNVOR, had cancelled their term LNG cargoes scheduled for delivery in the first and second week of March 2022 respectively. Orlandi Benedetta, spokesman of ENI while confirming the cancellation told The News that ENI is suffering disruptions in the LNG supply chain due to default by a third-party supplier. The ENI is evaluating all contractual remedies, including legal actions, to preserve its rights. *The Ministry of Energy official said "this is the fourth time when ENI has backed out of delivering the term LNG cargo. However, GUNVOR will default for the second time as after earlier default in November 2021.” GUNVOR sought to invoke the force majeure clause at both times to avoid the penalty which is just 30 per cent of term cargo.*

Pakistan LNG Limited (PLL) and GUNVOR inked a 5-year contract in June 2017 under which GUNVOR is bound to provide the LNG term cargo at 11.6247 per cent of the Brent. This accord will end in July 2022. Similarly, PLL entered a 15-year contract with ENI in December 2017 to provide LNG cargo at 12.14 per cent of the Brent, till 2032.

*Under the agreements, if LNG trading companies commit default, PLL can only impose a penalty of 30 per cent of the term cargo price. But the PLL is bound to pay 100 per cent price of the term cargo undertake or pay agreement if Pakistan, for any reason, cannot absorb the cargo in its system. In the wake of the flawed agreement, both the LNG trading companies never hesitate to default as they are ready to pay the low penalty while making windfall profits by selling the term cargo in the market.*









Pakistan issues emergency tenders for two spot LNG cargoes for March


ISLAMABAD: After the term-suppliers---ENI and GUNVOR cancelled their LNG cargoes scheduled for delivery next month, Pakistan LNG Limited on Friday issued an emergency tender seeking spot...




www.thenews.com.pk

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## farok84

farok84 said:


> Pakistan issues emergency tenders for two spot LNG cargoes for March​By Khalid Mustafa
> February 19, 2022
> 
> 
> 
> 
> 
> 
> *ISLAMABAD:* After the term-suppliers---ENI and GUNVOR cancelled their LNG cargoes scheduled for delivery next month, Pakistan LNG Limited (PLL) on Friday issued an emergency tender seeking spot procurement of two LNG vessels for March.
> 
> *The backing out of ENI and GUNVOR has forced Pakistan LNG Limited (PLL) to purchase the costly LNG from the spot market where the price is currently hovering at $23-25 per MMBTU which is quite high. According to the relevant authorities, PLL has sought bids from the international LNG trading companies for spot procurement of two LNG cargoes for delivery on March 2-3 and March 10-11.*
> 
> Now it will be highly interesting to observe if ENI and GUNVOR, which defaulted from delivery, will participate in the bids for spot LNG procurement or not. However, the official said that the government, which would now use a gas pricing mechanism based on Weighted Average Cost of Gas (WACOG), is at ease for procuring LNG from the spot market even at higher prices. Under WACOG, the imported LNG will be merged with the local gas and their average price will be paid by the consumers.
> 
> The News in its edition of February 17 reported that Italy-based ENI and Singapore-based GUNVOR, had cancelled their term LNG cargoes scheduled for delivery in the first and second week of March 2022 respectively. Orlandi Benedetta, spokesman of ENI while confirming the cancellation told The News that ENI is suffering disruptions in the LNG supply chain due to default by a third-party supplier. The ENI is evaluating all contractual remedies, including legal actions, to preserve its rights. *The Ministry of Energy official said "this is the fourth time when ENI has backed out of delivering the term LNG cargo. However, GUNVOR will default for the second time as after earlier default in November 2021.” GUNVOR sought to invoke the force majeure clause at both times to avoid the penalty which is just 30 per cent of term cargo.*
> 
> Pakistan LNG Limited (PLL) and GUNVOR inked a 5-year contract in June 2017 under which GUNVOR is bound to provide the LNG term cargo at 11.6247 per cent of the Brent. This accord will end in July 2022. Similarly, PLL entered a 15-year contract with ENI in December 2017 to provide LNG cargo at 12.14 per cent of the Brent, till 2032.
> 
> *Under the agreements, if LNG trading companies commit default, PLL can only impose a penalty of 30 per cent of the term cargo price. But the PLL is bound to pay 100 per cent price of the term cargo undertake or pay agreement if Pakistan, for any reason, cannot absorb the cargo in its system. In the wake of the flawed agreement, both the LNG trading companies never hesitate to default as they are ready to pay the low penalty while making windfall profits by selling the term cargo in the market.*
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Pakistan issues emergency tenders for two spot LNG cargoes for March
> 
> 
> ISLAMABAD: After the term-suppliers---ENI and GUNVOR cancelled their LNG cargoes scheduled for delivery next month, Pakistan LNG Limited on Friday issued an emergency tender seeking spot...
> 
> 
> 
> 
> www.thenews.com.pk










https://paklng.com/LNG/T46/FinEval_T46.pdf

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## Patriot forever

farok84 said:


> View attachment 817669
> 
> 
> 
> 
> https://paklng.com/LNG/T46/FinEval_T46.pdf



As expected given the market $25, we only got 1 cargo though 😔

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## farok84

Patriot forever said:


> As expected given the market $25, we only got 1 cargo though 😔


Hi, 
I am not sure whether this one was awarded. We will know for sure next week.

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## Baby Leone

ameer219 said:


> *17% growth in remittances good: ICCI*
> 
> Daily Times - Leading News Resource of Pakistan
> 
> ISLAMABAD: President Islamabad Chamber of Commerce Zahid Maqbool said the country has witnessed an impressive growth of more than 17 percent in remittances, which have reached to about $5.79 billion during July-Feb 2010 and the government should take measures to channelise these remittances towards the long-term investment for achieving better results for the country. He said Small & Medium Entrepreneur (SME) sector is the engine of growth for Pakistan and one good option for the government is to motivate the returning migrants to set up small and medium size businesses, which will help in boosting SME sector. For this purpose, the government should provide them fiscal incentives like tax breaks and other concessions. staff report


It is now 22 billion usd from Jul to Feb fy2022 wow......

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## FFMM

Hi how are everyone is doing? today we got some good news from IK related to reko diq, I want to know how much it’ll benefit pakistan i mean how much Pakistan will earn per year? from the mine? and how much it’ll affect our GDP? Can anyone tell me how much our GDP will be in 2 years? Can we reach 1 trillion dollars? And does that increases the minimum wage every year? Thanks


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## Maula Jatt

FFMM said:


> Hi how are everyone is doing? today we got some good news from IK related to reko diq, I want to know how much it’ll benefit pakistan i mean how much Pakistan will earn per year? from the mine? and how much it’ll affect our GDP? Can anyone tell me how much our GDP will be in 2 years? Can we reach 1 trillion dollars? And does that increases the minimum wage every year? Thanks


We are long way away from a trillion mark especially if corrupts arrive









Barrick Gold is coming back to Reko Diq


Barrick Gold is coming back to Reko Diq To understand why we’re 30 years behind schedule we have to turn back the clock. FEBRUARY 20, 2022 By Asad Ullah Kamran Barrick Gold, one of the two companies that had previously been working on the Reko Diq project as part of a joint-venture under...



defence.pk


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## FFMM

Sainthood 101 said:


> We are long way away from a trillion mark especially if corrupts arrive
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Barrick Gold is coming back to Reko Diq
> 
> 
> Barrick Gold is coming back to Reko Diq To understand why we’re 30 years behind schedule we have to turn back the clock. FEBRUARY 20, 2022 By Asad Ullah Kamran Barrick Gold, one of the two companies that had previously been working on the Reko Diq project as part of a joint-venture under...
> 
> 
> 
> defence.pk


i read somewhere that we’ll reach 600 billion GDP by 2025, and now this reko diq agreement will for sure boost our economy I just want to know how much our GDP will be after reko diq deal how much it’ll grow per year? some said we need at least 10% increase per year for 10 years to reach 1 trillion dollar economy but that’s before the reko diq deal that annouced today so I guess it’s not impossible to reach 1 trillion dollars in the near future I hope experts participate in this discussion and tell us how reko diq will affect our GDP, thanks for your participation, I hope we get rid of corruption very soon.


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## ghazi52

,.
Pakistan outranks other South Asian countries with lowest un- employment rates in the region.
Unemployed population rate across South Asia for the 2020-2022 timeline:





: 8.0%



: 6.3%



: 5.4%



: 5.0%



: 5.9%



: 4.7%



: 4.3%

Source: WorldBank
Data: 2020-2022
,.

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## appliedfor

ghazi52 said:


> ,.
> Pakistan outranks other South Asian countries with lowest un- employment rates in the region.
> Unemployed population rate across South Asia for the 2020-2022 timeline:
> 
> 
> 
> 
> : 8.0%
> 
> 
> 
> : 6.3%
> 
> 
> 
> : 5.4%
> 
> 
> 
> : 5.0%
> 
> 
> 
> : 5.9%
> 
> 
> 
> : 4.7%
> 
> 
> 
> : 4.3%
> 
> Source: WorldBank
> Data: 2020-2022
> ,.



We Good 👍 
One of the achievement


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## FFMM

is it true? The Italian embassaador in Pakistan said that 80% of Pakistan’s GDP is informal? this means that our real GDP might be over 1.4 trillion US dollars! Where does the money goes?! and why IK didn’t address this? The minimum salary should be 530 USD per month for every citizen if our GDP is more than trillion dollar!


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## Maula Jatt

FFMM said:


> is it true? The Italian embassaador in Pakistan said that 80% of Pakistan’s GDP is informal? this means that our real GDP might be over 1.4 trillion US dollars! Where does the money goes?! and why IK didn’t address this? The minimum salary should be 530 USD per month for every citizen if our GDP is more than trillion dollar!


where did he say that?


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## FFMM

Sainthood 101 said:


> where did he say that?


I read in this forum someone said that he or she talked about the Italian ambassador addressing our non informal economy that it’s only 20% formal, if it’s true where did the money go! i started to give up on this government


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## maithil

So Banks take money from SBP at 9.76% and lend to Govt at 12.7%.. Almost 3% profit for facilitating this. Not bad. Pakistanis should start buying Bank stocks.



__ https://twitter.com/i/web/status/1507775166864142343

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## maithil

__ https://twitter.com/i/web/status/1509895813727768578


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## Indos

maithil said:


> So Banks take money from SBP at 9.76% and lend to Govt at 12.7%.. Almost 3% profit for facilitating this. Not bad. Pakistanis should start buying Bank stocks.
> 
> 
> 
> __ https://twitter.com/i/web/status/1507775166864142343



How can it that be ? Those banks owners just benefiting without doing anything productive. Pakistan government should lend directly from SBP.


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## maithil

Indos said:


> How can it that be ? Those banks owners just benefiting without doing anything productive. Pakistan government should lend directly from SBP.


Because their government is barred by IMF from borrowing from state Bank. So borrowing from Commercial banks at Commercial rates.

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## Black Tornado

J


FFMM said:


> i read somewhere that we’ll reach 600 billion GDP by 2025, and now this reko diq agreement will for sure boost our economy I just want to know how much our GDP will be after reko diq deal how much it’ll grow per year? some said we need at least 10% increase per year for 10 years to reach 1 trillion dollar economy but that’s before the reko diq deal that annouced today so I guess it’s not impossible to reach 1 trillion dollars in the near future I hope experts participate in this discussion and tell us how reko diq will affect our GDP, thanks for your participation, I hope we get rid of corruption very soon.


$600 bn is way too ambitious dude, and $1 tn is what Pakistan will take 13-15 years I guess to reach there. And reqo diq will mostly sove the CAD problem of Pakistan which causes PKR depreciation and will have a rather small but significant impact on your GDP figures directly.


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## Maula Jatt

FFMM said:


> is it true? The Italian embassaador in Pakistan said that 80% of Pakistan’s GDP is informal? this means that our real GDP might be over 1.4 trillion US dollars! Where does the money goes?! and why IK didn’t address this? *The minimum salary should be 530 USD per month for every citiz*en if our GDP is more than trillion dollar!


It is near that in PPP terms
Atleast during 2021 it was the case




Informal are mostly these sme guys- when you provide them cheap and industry specific direct loans 
Only than can they become part of economy 

Other than that they'll never join the formalization if economy- as they lack incentive to do so

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## FFMM

Sainthood 101 said:


> It is near that in PPP terms
> Atleast during 2021 it was the case
> View attachment 830732
> 
> Informal are mostly these sme guys- when you provide them cheap and industry specific direct loans
> Only than can they become part of economy
> 
> Other than that they'll never join the formalization if economy- as they lack incentive to do sth





Sainthood 101 said:


> It is near that in PPP terms
> Atleast during 2021 it was the case
> View attachment 830732
> 
> Informal are mostly these sme guys- when you provide them cheap and industry specific direct loans
> Only than can they become part of economy
> 
> Other than that they'll never join the formalization if economy- as they lack incentive to do so


This is sad, the minimum wage right now is almost 150 USD per month, I wonder wether The govement will increase the minimum wage and salaries of both unskilled and skilled workers in 2030 when we are expected to be a 1.8 trillion dollar GDP economy.


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## maithil

__ https://twitter.com/i/web/status/1511628718472671234

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## maithil

__ https://twitter.com/i/web/status/1511695407885266953

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## maithil

__ https://twitter.com/i/web/status/1511959515054362624
Touched 189 it seems.. Not on freefall but decline is continuing.


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## FFMM

i give up on this country

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## Abid123

Sainthood 101 said:


> where did he say that?











Italy Thinks Pakistan Will Earn Position In Top 20 Economies Of The World


Pakistan is in the right direction to become a stable economy in the world. During a speech, Ambassador of Italy to Pakistan Stefano




www.globalvillagespace.com





"Italian Ambassador was speaking at the Faisalabad Chamber of Commerce and Industry (FCCI) on Friday where he said that the size of Pakistan’s economy was around _*$300 billion*_ but 80% of it was undocumented. He pointed out that the country’s GDP may go down due to the measures taken for documentation of the economy, however, in the long term, it would help the country prosper".


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## maithil

__ https://twitter.com/i/web/status/1514461894815490052

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## Samar111

It's sad to see Pakistan's economy in this shape. Pakistan was doing much better than India and was light years ahead of Bangladesh. 

My uncle attended a conference in Karachi in 2011. When he came back he said this ‘if Pakistan wasn’t torn apart because of their terrorism issues, they’d have been much better than India. There is such great intellectual environment there.”


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## maithil

I am coming back to Pakistan and will bring down US dollar to Rs 140: Ishaq Dar​

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## Maula Jatt

maithil said:


> I am coming back to Pakistan and will bring down US dollar to Rs 140: Ishaq Dar​

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## ghazi52

.,.,.,
The imported government is a disgrace to the nation inside and outside Pakistan..

Yes, I admit that last year (PTI era) a lot of investment came in Pakistan in this regard, But I don't know much about it, so I can't say what the future holds..
*
Applause


 https://twitter.com/i/web/status/1517892427373322241*

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## Shahzad hanif

Life is what happens when you're busy making other plans so order cakes online in karachi


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## K_Bin_W

Shahzad hanif said:


> Life is what happens when you're busy making other plans so order cakes online in karachi



Life is not the way it's supposed to be, it's the way it is.


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## maithil

King Dar coming back ... brace yourselves..


__ https://twitter.com/i/web/status/1520867047076515847

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## fatman17

Petrol ⛽️ prices to get a massive increase. Rs 45 per liter expected to filfull IMF demands.

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## VCheng

fatman17 said:


> Petrol ⛽️ prices to get a massive increase. Rs 45 per liter expected to filfull IMF demands.



Because the gurnamint has no money to keep energy prices artificially low by providing subsidies. Quite the simple reality.


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## fatman17

VCheng said:


> Because the gurnamint has no money to keep energy prices artificially low by providing subsidies. Quite the simple reality.


There are always ways and means to do it. After all the gorniment has the indomitable munshi ishaq dar to fudge the figures as they did in the past. Why stop now. Have a very nice day 😊



maithil said:


> __ https://twitter.com/i/web/status/1511695407885266953


Good for investors


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## VCheng

fatman17 said:


> There are always ways and means to do it. After all the gorniment has the indomitable munshi ishaq dar to fudge the figures as they did in the past. Why stop now. Have a very nice day 😊



Fudging figures can only go so far and no more. At some point the bills have to be paid and the books balanced. Energy prices the world over are spiking, and Pakistan cannot be immune from such changes. The people must learn to pay the unsubsidized prices for the benefit of the country.

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## fatman17

VCheng said:


> Fudging figures can only go so far and no more. At some point the bills have to be paid and the books balanced. Energy prices the world over are spiking, and Pakistan cannot be immune from such changes. The people must learn to pay the unsubsidized prices for the benefit of the country.


Fair enough then don't criticise. Inflation was is a world wide phenomenon but this gorniment when in the opposition blamed IK solely when he said the same thing which you just mentioned.


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## VCheng

fatman17 said:


> Fair enough then don't criticise. Inflation was is a world wide phenomenon but this gorniment when in the opposition blamed IK solely when he said the same thing which you just mentioned.



I try to be fair in my criticism. My statements about this topic were the same for the previous government as they are now. Providing energy subsidies is simply unaffordable for the national exchequer, no matter who is in power. PMIK's subsidies just before he left office were nothing but a political ploy for personal gain, just as they are now to keep the people placated. They were wrong then, and they are wrong now.

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## Wood

fatman17 said:


> Petrol ⛽️ prices to get a massive increase. Rs 45 per liter expected to filfull IMF demands.


Despite the trouble this will be for the people, it is necessary step for Pakistan's economic stability. Good to see Shahbaz getting the job done


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## fatman17

Financial Crisis seems inevitable. Get yourself ready to minimize the impact.
Potential impact
• Hyperinflation (best case scenario ~ 1/3rd increase in prices of basic commodities)
• Shortage of fuel, food grains, imported medicines etc
• Economy will shrink – downsizing/increase in rate of unemployment
Steps to Mitigate
a) Increase your savings; make budget; cut down all non-essential expenses
b) Increase your liquidity (cash or readily cash convertible). At least 50% of your liquid funds should be in currencies which are less prone to devaluation
c) Equally distribute your savings in top three banks 
d) Complete embargo on luxury items (Vehicle, expensive home appliances, cell phone, house renovation, vacation trips, parties etc)
e) Food: Build and maintain 3-4 months rolling stock of basic food supplies (rice/grains/oil etc)
f) Medicines: Keep stock of routine, specially imported medicines, if any, used by family members
g) Law and order situation will get worse; ensure basic home security protocols are in place
h) Educate others (relatives, neighbors, friends) to prepare for this crisis
Everyone shall be affected by the financial crisis; however its extent may vary based on condition of respective individuals. About 33% of the population of South Asia lives in extremely poor condition. If nature is kind on you, please support others to survive.

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## Maula Jatt

Pakistani meat processor grabs $2.2mn export orders from Middle East


* The Organic Meat Company secures contracts from Jordan and Kuwait



www.brecorder.com

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## Maula Jatt

ezBike raises $1m in first pre-seed round by electric mobility startup​





*ISLAMABAD: ezBike, an electric mobility startup, announced on Thursday that it has raised $1 million in pre-seed capital to help accelerate Pakistan’s transition to electric vehicles (EVs).*

Investors in the round included i2i Ventures, Walled City, GroundUp, and leading angels in the US, including a prominent tech billionaire, according to a statement that did not name the individual.

“The funds will be used to build a comprehensive ecosystem for electric two-wheelers, including an electric scooter assembly facility, low-cost lithium-ion battery production, and a network of battery swapping stations,” it said.




The company will begin offering electric scooters for sale this summer, and plans to initially pilot its solution with one of Pakistan’s leading delivery companies.

Founded as Pakistan’s first electric scooter sharing service by Mohammad Hadi, a former investment banker, and Ali Moeen, a software executive, ezBike has on boarded over 100,000 customers, the statement added.

“With 22 million legacy motorcycles, Pakistan represents a $20-billion market opportunity for two-wheel electric vehicles, and skyrocketing petrol prices and air pollution rates make the need to transition to EV’s urgent,” said ezBike’s co-founder and CEO Mohammad Hadi.

“Up till now that transition hasn’t been possible because EVs were too expensive, but our proprietary solution will allow consumers to purchase electric scooters for 80% the price of comparable petrol-run motorcycles and operate them for 50% the cost. This will revolutionise the market.” 
Pakistan was recently ranked as having the 2nd worst air quality in the world, and has over time seen rapidly worsening smog and respiratory illnesses in major urban centers. The World Bank estimates annual economic losses to the Pakistani economy caused by ambient air pollution to exceed $1 billion.

The company’s announcement comes at a time when Pakistan is looking to increase the share of electric vehicles in the domestic market. However, experts believe there needs to be extensive infrastructure present for any player to be able to make inroads.

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## maithil

Ummm... Welll.... Not bold enough. Maybe he is missing his hat and rubber boots.


__ https://twitter.com/i/web/status/1525927585301118980

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## fatman17

Financial Crisis seems inevitable. Get yourself ready to minimize the impact.
Potential impact
• Hyperinflation (best case scenario ~ 1/3rd increase in prices of basic commodities)
• Shortage of fuel, food grains, imported medicines etc
• Economy will shrink – downsizing/increase in rate of unemployment
Steps to Mitigate
a) Increase your savings; make budget; cut down all non-essential expenses
b) Increase your liquidity (cash or readily cash convertible). At least 50% of your liquid funds should be in currencies which are less prone to devaluation
c) Equally distribute your savings in top three banks 
d) Complete embargo on luxury items (Vehicle, expensive home appliances, cell phone, house renovation, vacation trips, parties etc)
e) Food: Build and maintain 3-4 months rolling stock of basic food supplies (rice/grains/oil etc)
f) Medicines: Keep stock of routine, specially imported medicines, if any, used by family members
g) Law and order situation will get worse; ensure basic home security protocols are in place
h) Educate others (relatives, neighbors, friends) to prepare for this crisis
Everyone shall be affected by the financial crisis; however its extent may vary based on condition of respective individuals. About 33% of the population of South Asia lives in extremely poor condition. If nature is kind on you, please support others to survive.



fatman17 said:


> Financial Crisis seems inevitable. Get yourself ready to minimize the impact.
> Potential impact
> • Hyperinflation (best case scenario ~ 1/3rd increase in prices of basic commodities)
> • Shortage of fuel, food grains, imported medicines etc
> • Economy will shrink – downsizing/increase in rate of unemployment
> Steps to Mitigate
> a) Increase your savings; make budget; cut down all non-essential expenses
> b) Increase your liquidity (cash or readily cash convertible). At least 50% of your liquid funds should be in currencies which are less prone to devaluation
> c) Equally distribute your savings in top three banks
> d) Complete embargo on luxury items (Vehicle, expensive home appliances, cell phone, house renovation, vacation trips, parties etc)
> e) Food: Build and maintain 3-4 months rolling stock of basic food supplies (rice/grains/oil etc)
> f) Medicines: Keep stock of routine, specially imported medicines, if any, used by family members
> g) Law and order situation will get worse; ensure basic home security protocols are in place
> h) Educate others (relatives, neighbors, friends) to prepare for this crisis
> Everyone shall be affected by the financial crisis; however its extent may vary based on condition of respective individuals. About 33% of the population of South Asia lives in extremely poor condition. If nature is kind on you, please support others to survive.


Allah save us from this catastrophe. Ameen


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## farok84

https://cabinet.gov.pk/SiteImage/Publication/year-book-2020-21.pdf













Cabinet Division


Cabinet Division




cabinet.gov.pk






PTI govt's ARU recovered Rs426bn in last 3 years, Cabinet Division documents reveal​Tahir Sherani Published May 30, 2022 - Updated about 23 hours ago

The Assets Recovery Unit (ARU), which was set up by former prime minister Imran Khan to bring looted money from foreign countries back to Pakistan, helped recover Rs426.4 billion over the last three years, according to documents prepared by the Cabinet Division this month.

Of the total amount, over Rs334bn was recovered in the last fiscal year alone, according to the Cabinet Division's yearbook for 2020-21, which was prepared in May 2022, well over a month after Shehbaz Sharif took over as the prime minister.

The ARU was set up in September 2018 to "provide a forum" for law enforcement agencies, National Accountability Bureau (NAB), Federal Investigation Agency (FIA), Financial Monitoring Unit (FMU) and provincial anti-corruption establishments (ACEs) to "trace new cases and track all existing cases targeting eventual repatriation of unlawfully acquired offshore assets".
The institutions and agencies would "eventually recover the amount either through taxation or plea bargain or direct recovery/repatriation to the government exchequer".

According to documents available with _Dawn.com_, over the last three years, NAB, "under the supervision and assistance of ARU", recovered Rs389.5bn. It was a "drastic increase" from the total Rs295.6bn recovered in the 17-year period before then (from 2000 to 2017), according to the Cabinet Division yearbook.
Meanwhile, the FIA recovered Rs6.4bn in the last three years, of which 3.6bn was recovered in 2020.

The documents added that in light of various inquiry commissions set up by the federal government, the Federal Board of Revenue (FBR) established liabilities and made recoveries that were "off the charts".

The revenue body had identified taxes of Rs22.8bn on offshore assets, including properties in the United Arab Emirates and the United Kingdom, and assets identified in the Panama Papers and Paradise Papers, recovering Rs5.6bn in FY21.

Recoveries of Rs30bn were also directly attributed to the ARU, according to the documents.
They added that the Financial Monitoring Unit was also reinvigorated to ensure that it reported suspicious transactions to law enforcement agencies in a timely manner so they could combat money laundering in accordance with their respective laws.
"Assets Recovery Unit continues to liaise with the National Crime Agency of UK and other foreign governments to enter into legal instruments and MoUs to get the unlawfully acquired offshore assets repatriated to Pakistan."

The yearbook, however, clarified that the ARU does not directly recover the assets. Instead, it assists LEAs in the recovery.

The ARU was a big part of the PTI's manifesto and one of the first election promises to be fulfilled by former premier Imran.

It was set up by the ex-prime minister less than a month after assuming office. Initially, it was headed by the then-special adviser on interior and accountability Shahzad Akbar. However, Akbar resigned on January 24 this year and sources in the then-government claimed that Imran was unhappy with his aide's performance.

He was replaced by former National Accountability Bureau (NAB) director general Brig (retired) Musaddiq Abbasi two days later.

*Throughout the PTI's tenure, the then-opposition, which has now formed a coalition government after ousting Imran through a no-confidence vote in April, had criticised the ARU and its chief, Akbar, demanding an audit of the organisation and the SAPM's resignation for "miserably failing" to recover the looted national wealth.*









PTI govt's ARU recovered Rs426bn in last 3 years, Cabinet Division documents reveal


Over Rs334bn recovered in last year alone, show documents prepared in May 2022, well over a month after Shehbaz took over as PM.



www.dawn.com






__ https://twitter.com/i/web/status/1531604884625170433


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## niaz

fatman17 said:


> Financial Crisis seems inevitable. Get yourself ready to minimize the impact.
> Potential impact
> • Hyperinflation (best case scenario ~ 1/3rd increase in prices of basic commodities)
> • Shortage of fuel, food grains, imported medicines etc
> • Economy will shrink – downsizing/increase in rate of unemployment
> Steps to Mitigate
> a) Increase your savings; make budget; cut down all non-essential expenses
> b) Increase your liquidity (cash or readily cash convertible). At least 50% of your liquid funds should be in currencies which are less prone to devaluation
> c) Equally distribute your savings in top three banks
> d) Complete embargo on luxury items (Vehicle, expensive home appliances, cell phone, house renovation, vacation trips, parties etc)
> e) Food: Build and maintain 3-4 months rolling stock of basic food supplies (rice/grains/oil etc)
> f) Medicines: Keep stock of routine, specially imported medicines, if any, used by family members
> g) Law and order situation will get worse; ensure basic home security protocols are in place
> h) Educate others (relatives, neighbors, friends) to prepare for this crisis
> Everyone shall be affected by the financial crisis; however its extent may vary based on condition of respective individuals. About 33% of the population of South Asia lives in extremely poor condition. If nature is kind on you, please support others to survive.



As always very aptly put. However you forgot to mention population control, the current population growth rate is sure shot path to eternal poverty. Whether run by PDM or PTI; the need of the hour is first to save the country from the immediate economic collapse and then make “Structural changes” to get out of the perpetual dependency on IMF bailouts and foreign loans. This can only be achieved by swallowing the bitter pill of ground reality. Ground reality being the fact that the country has been living beyond her economic means for most her 75-year life and this simply cannot go on. We have to learn to stand on our own feet.

Sheikh Sadie, the famous 13th century Persian poet declared “ Haqqa kay ba aqubate dozekh barabar ast; raftan by paey marde hamsayeh dar bahesht”. Meaning that by God, being carried to the heaven by your neighbour is like enduring the punishment of the hell. His point was that one must try to achieve every thing in life through is his own endeavour. Thus the nation has to learn to live within her means. If you can’t afford electricity, live without as most of rural population managed in the 1950’s. The Chak (village) in Sargodha that I grew up had no electricity, no metalled roads and no cars. Affluent landowners had their own horse carriages and battery run radios. Majority of the long distance travel was by busses or by train. There were hardly any imported food items and when there was shortage of sugar and we used ‘Gur’ as sweetener.

I am not saying that we turn the clock back 70 years but either we raise the Revenue collection to the level that GOP can afford to subsidise utility prices and rail travel or raise the prices of all imported goods and services to recover full cost; else do without it.

Regret to say that no other option is available.

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## fatman17

niaz said:


> As always very aptly put. However you forgot to mention population control, the current population growth rate is sure shot path to eternal poverty. Whether run by PDM or PTI; the need of the hour is first to save the country from the immediate economic collapse and then make “Structural changes” to get out of the perpetual dependency on IMF bailouts and foreign loans. This can only be achieved by swallowing the bitter pill of ground reality. Ground reality being the fact that the country has been living beyond her economic means for most her 75-year life and this simply cannot go on. We have to learn to stand on our own feet.
> 
> Sheikh Sadie, the famous 13th century Persian poet declared “ Haqqa kay ba aqubate dozekh barabar ast; raftan by paey marde hamsayeh dar bahesht”. Meaning that by God, being carried to the heaven by your neighbour is like enduring the punishment of the hell. His point was that one must try to achieve every thing in life through is his own endeavour. Thus the nation has to learn to live within her means. If you can’t afford electricity, live without as most of rural population managed in the 1950’s. The Chak (village) in Sargodha that I grew up had no electricity, no metalled roads and no cars. Affluent landowners had their own horse carriages and battery run radios. Majority of the long distance travel was by busses or by train. There were hardly any imported food items and when there was shortage of sugar and we used ‘Gur’ as sweetener.
> 
> I am not saying that we turn the clock back 70 years but either we raise the Revenue collection to the level that GOP can afford to subsidise utility prices and rail travel or raise the prices of all imported goods and services to recover full cost; else do without it.
> 
> Regret to say that no other option is available.


Population control or family planning was started by Ayub and after that nobody gave any further attention to this issue. Should be a Top-5 priority of any government along with Revenue collection. Problem here is that the Traders community refuses to pay income tax, the Real Estate market refuses to pay the "actual " tax on property. Tax evasion is rampant. Hire any lawyer he will find a loop hole. Finally no one pays agricultural tax because they are all sitting in Parliament. They will never tax themselves!!!
Pakistan is a "use and throw away" enterprise. 
The clock ⏰️ is ticking. It is 2 minutes to doomsday (god-forbid).

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## fatman17

PTI government ruined the economy in last 4 years 🙄


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## maithil

The air inside the Diwan-e-Khas Utility Store on Gizri Boulevard is rank with desperation. Tired citizens, both young and old, have lined up for two packets of subsidised ghee. Some sit, some squat; waiting for their turn as the line inches forward. They’ve been here for hours. Ask any one of them why they’re putting up with such misery, and they’ll tell you they cannot otherwise put food on the table.

“Only the poor come to the Utility Stores, and they treat us like beggars,” shares Shehnaz, in her late 30s and looking extremely exhausted. A breast cancer patient, she is accompanied by her two young daughters. “I asked the store staff to open the doors so we could have some air inside, but they refused,” she says, wiping the sweat from her brow. She is waiting for the confirmation message to come through. “My husband barely makes Rs18,000 a month. My eldest daughter is appearing for her matric exams privately. I do not have money to pay for the little one’s fee. I had to take her out. When I heard that cooking oil would be more than Rs400 per litre and petrol prices had also gone up, my heart sank.”

The customers have nothing to say to each other. They stand with their heads down, lost in thought. You can almost breathe in the helplessness in the air.

Rizwan Sikandar, a security guard who makes Rs18,000 a month, is waiting for his sisters outside the store.

“I work the night shift, so I was able to come here with my married sisters to get ghee for our families. My wife and sisters are illiterate and had been sent back twice because they did not have mobile phones,” he explains. “*We have gone from three meals a day to two. With this mehngai, it seems we will soon have food enough for one meal only.*” *He says he’s been to three Utility Stores but can’t find any flour since the subsidy was announced. “I went early, but the staff said stocks were yet to arrive. It’s poor quality flour. We can’t use it unless we mix it with something else.*

“The kids are hungry at home,” worries Sonia, a housemaid. “I have been here two hours for ghee. The staff want our CNICs and registered SIMs, or they won’t sign and give us what we need. They humiliate us by making us wait for hours.”

“Everything is too expensive now. My landlord raised the rent to Rs10,000. Then the electricity bill went up,” shares Shahida, another maid. “We have to leave work to get ghee and flour, and end up spending most of the day here.”









Footprints: When cheap ghee loses its utility


How much does a packet of ghee cost? Rs300, humiliation and a few hours of waiting for those less fortunate.



www.dawn.com


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## maithil

__ https://twitter.com/i/web/status/1539355182886273024

Reactions: Haha Haha:
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## maithil

__ https://twitter.com/i/web/status/1540658696925204480

Isn't this a good news ? Sell loss making entities with open bidding and invite every foreign corporation interested in it ..

Reactions: Like Like:
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## defencenoob

fatman17 said:


> Financial Crisis seems inevitable. Get yourself ready to minimize the impact.
> Potential impact
> • Hyperinflation (best case scenario ~ 1/3rd increase in prices of basic commodities)
> • Shortage of fuel, food grains, imported medicines etc
> • Economy will shrink – downsizing/increase in rate of unemployment
> Steps to Mitigate
> a) Increase your savings; make budget; cut down all non-essential expenses
> b) Increase your liquidity (cash or readily cash convertible). At least 50% of your liquid funds should be in currencies which are less prone to devaluation
> c) Equally distribute your savings in top three banks
> d) Complete embargo on luxury items (Vehicle, expensive home appliances, cell phone, house renovation, vacation trips, parties etc)
> e) Food: Build and maintain 3-4 months rolling stock of basic food supplies (rice/grains/oil etc)
> f) Medicines: Keep stock of routine, specially imported medicines, if any, used by family members
> g) Law and order situation will get worse; ensure basic home security protocols are in place
> h) Educate others (relatives, neighbors, friends) to prepare for this crisis
> Everyone shall be affected by the financial crisis; however its extent may vary based on condition of respective individuals. About 33% of the population of South Asia lives in extremely poor condition. If nature is kind on you, please support others to survive.


Didn't know things are so bad, we in India are also struggling with inflation but I don't think we gonna see Hyperinflation in India. 
What caused such a drastic situation?

I thought you guys were investing a lot in infra esp with CPEC, which is one of the surest ways to improve the economy.


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## fatman17

defencenoob said:


> Didn't know things are so bad, we in India are also struggling with inflation but I don't think we gonna see Hyperinflation in India.
> What caused such a drastic situation?
> 
> I thought you guys were investing a lot in infra esp with CPEC, which is one of the surest ways to improve the economy.


This was a overestimate by me at that particular time but inflation is currently at 42% which is not a good indication. CPEC has stalled due to security related issues and China is not very happy with Pakistan s political wrangling.


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## defencenoob

fatman17 said:


> This was a overestimate by me at that particular time but inflation is currently at 42% which is not a good indication. CPEC has stalled due to security related issues and China is not very happy with Pakistan s political wrangling.


Thanks for replying, I read IMF is dispersing $1.2B and resuming the loan program, hopefully, things will improve.


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## fatman17

defencenoob said:


> Thanks for replying, I read IMF is dispersing $1.2B and resuming the loan program, hopefully, things will improve.


IMF dispersal never improves the economy, at least not in my lifetime.


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## Two banks of the River

fatman17 said:


> IMF dispersal never improves the economy, at least not in my lifetime.


The problem is political instability. If a government actually goes and follows the imf guidelines to its full extent then situation will surely improve. 

But what happens is when there is any measures taken which will not be taken in positive way by the public, but is necessary for the long term, either some portions of the establishment or the opposition starts to destabilize the government. 

The government then thinks let the economics go to hell , and take the money first and think about once political party. So they take short sighted steps which results in money being put in things which will only add to debt burden in the future.



maithil said:


> __ https://twitter.com/i/web/status/1540658696925204480
> 
> Isn't this a good news ? Sell loss making entities with open bidding and invite every foreign corporation interested in it ..


Sell the entities to pvt sector pakistani companies. Will be safer. If it's multinational, ensure substantial portion of business is controlled by locals. 

Or else some Chinese business will come , buy the steel mills, shut it down, dismantle it, transport it to some African state offering him extreme subsidies and set it up there.


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## maithil

__ https://twitter.com/i/web/status/1549774888977649664

Reactions: Wow Wow:
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## maithil

__ https://twitter.com/i/web/status/1551176017842016256

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## AsianLion




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## maithil

__ https://twitter.com/i/web/status/1552543386925678593


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## fatman17

>>>#ڈالر کی #دلچسپ #تاریخی سفر..>>>>
ڈالر کی کہانی پاکستانی تاریخ کی زبانی 1947 تا 2022

In 1947 1 USD was 3.31 PKR
In 1948 1 USD was 3.31 PKR
In 1949 1 USD was 3.31 PKR
In 1950 1 USD was 3.31 PKR
In 1951 1 USD was 3.31 PKR
In 1952 1 USD was 3.31 PKR
In 1953 1 USD was 3.31 PKR
In 1954 1 USD was 3.31 PKR
In 1955 1 USD was 3.91 PKR
In 1956 1 USD was 4.76 PKR
In 1957 1 USD was 4.76 PKR
In 1958 1 USD was 4.76 PKR
In 1959 1 USD was 4.76 PKR
In 1960 1 USD was 4.76 PKR
In 1961 1 USD was 4.76 PKR
In 1962 1 USD was 4.76 PKR
In 1961 1 USD was 4.76 PKR
In 1962 1 USD was 4.76 PKR
In 1963 1 USD was 4.76 PKR
In 1964 1 USD was 4.76 PKR
In 1965 1 USD was 4.76 PKR
In 1966 1 USD was 4.76 PKR
In 1967 1 USD was 4.76 PKR
In 1968 1 USD was 4.76 PKR
In 1969 1 USD was 4.76 PKR
In 1970 1 USD was 4.76 PKR
In 1971 1 USD was 4.76 PKR
پھر اُدھر تم اِدھر ھم شروع ھوا 

In 1972 1USD was 11.01 PKR
In 1973 1 USD was 9.99 PKR
In 1974 1 USD was 9.99 PKR
In 1975  1 USD was 9.99 PKR
In 1976 1 USD was 9.99 PKR
In 1977 1 USD was 9.99 PKR
In 1978 1 USD = 9.99 PKR
In 1979 1 USD = 9.99 PKR
In 1980 1 USD = 9.99 PKR
In 1981 1 USD = 9.99 PKR
پھر کلاشنکوف اور ھیروئن کے خلاف جہاد شروع ھوا 
In 1982 1 USD = 11.85 PKR
In 1983 1 USD = 13.12 PKR
In 1984 1 USD was 14.05 PKR
In 1985 1 USD = 15.93 PKR
In 1986 1 USD = 16.65 PKR
In 1987 1 USD = 17.4 PKR
In 1988 1 USD = 18 PKR

پھر سیاسی شعور بڑھا اور روٹی کپڑا اور مکان دینے شروع ھوئے

In 1989 1 USD = 20.54PKR
In 1990 1 USD = 21.71 PKR
In 1991 1 USD = 23.8 PKR
In 1992 1 USD = 25.08 PKR

پھر ھم موٹر ویز بنانے لگے تاکہ پاکستان دن دگنی اور رات چوگنی ترقی کرنے لگا 

In 1993 1 USD = 28.11 PKR
In 1994 1 USD = 30.57 PKR
In 1995 1 USD = 31.64 PKR
In 1996 1 USD = 36.08 PKR
In 1997 1 USD = 41.11PKR

پھر کرپشن بڑھنے لگی اور ملک کو مضبوط ھاتھوں نے اپنے ھاتھوں میں لیا 

In 1998 1 USD = 45.05 PKR
In 1999 1 USD = 51.90 PKR
In 2000 1 USD = 51.90 PKR
In 2001 1 USD = 63.5 PKR
In 2002 1 USD = 60.5PKR
In 2003 1 USD = 57.75 PKR
In 2004 1 USD = 57.8 PKR
In 2005 1 USD = 59.7 PKR
In 2006 1 USD = 60.4 PKR
In 2007 1 USD = 60.83 PKR
پھر پاکستان کھپنے لگا 
In 2008 1 USD = 81.1 PKR
In 2009 1 USD = 84.1 PKR
In 2010 1USD = 85.75 PKR
In 2011 1 USD = 88.6 PKR
In 2012 1 USD = 96.5 PKR
پھر پاکستان کو بچانے والے جدوجھد کرنے کے لیئے آگے آئے 
In 2013 1 USD = 107.2PKR
In 2014 1 USD = 103 PKR
In 2015 1 USD = 105.20 PKR
In 2016 1 USD was 104.6 PKR
In 2017 1 USD = 110.01 PKR
اس کے بعد نیا پاکستان بنانے والے آگئے ڈالر اڑنا شروع ھوا 
In 2018 1 USD = 139 PKR
In 2019 1 USD = 163.75 PKR
In 2020 1 USD = 168.88PKR
In 2021 1 USD = 179.16PKR 
اور پھر 13 پارٹیوں کا اتحاد شروع ہوا 
In 2022 1 USD = 240.00PKR ( July 28)

اور ھم عقل کے اندھے ھر بار تالیاں بجاتے رھے


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## Tameem

fatman17 said:


> >>>#ڈالر کی #دلچسپ #تاریخی سفر..>>>>
> ڈالر کی کہانی پاکستانی تاریخ کی زبانی 1947 تا 2022
> 
> In 1947 1 USD was 3.31 PKR
> In 1948 1 USD was 3.31 PKR
> In 1949 1 USD was 3.31 PKR
> In 1950 1 USD was 3.31 PKR
> In 1951 1 USD was 3.31 PKR
> In 1952 1 USD was 3.31 PKR
> In 1953 1 USD was 3.31 PKR
> In 1954 1 USD was 3.31 PKR
> In 1955 1 USD was 3.91 PKR
> In 1956 1 USD was 4.76 PKR
> In 1957 1 USD was 4.76 PKR
> In 1958 1 USD was 4.76 PKR
> In 1959 1 USD was 4.76 PKR
> In 1960 1 USD was 4.76 PKR
> In 1961 1 USD was 4.76 PKR
> In 1962 1 USD was 4.76 PKR
> In 1961 1 USD was 4.76 PKR
> In 1962 1 USD was 4.76 PKR
> In 1963 1 USD was 4.76 PKR
> In 1964 1 USD was 4.76 PKR
> In 1965 1 USD was 4.76 PKR
> In 1966 1 USD was 4.76 PKR
> In 1967 1 USD was 4.76 PKR
> In 1968 1 USD was 4.76 PKR
> In 1969 1 USD was 4.76 PKR
> In 1970 1 USD was 4.76 PKR
> In 1971 1 USD was 4.76 PKR
> پھر اُدھر تم اِدھر ھم شروع ھوا
> 
> In 1972 1USD was 11.01 PKR
> In 1973 1 USD was 9.99 PKR
> In 1974 1 USD was 9.99 PKR
> In 1975 1 USD was 9.99 PKR
> In 1976 1 USD was 9.99 PKR
> In 1977 1 USD was 9.99 PKR
> In 1978 1 USD = 9.99 PKR
> In 1979 1 USD = 9.99 PKR
> In 1980 1 USD = 9.99 PKR
> In 1981 1 USD = 9.99 PKR
> پھر کلاشنکوف اور ھیروئن کے خلاف جہاد شروع ھوا
> In 1982 1 USD = 11.85 PKR
> In 1983 1 USD = 13.12 PKR
> In 1984 1 USD was 14.05 PKR
> In 1985 1 USD = 15.93 PKR
> In 1986 1 USD = 16.65 PKR
> In 1987 1 USD = 17.4 PKR
> In 1988 1 USD = 18 PKR
> 
> پھر سیاسی شعور بڑھا اور روٹی کپڑا اور مکان دینے شروع ھوئے
> 
> In 1989 1 USD = 20.54PKR
> In 1990 1 USD = 21.71 PKR
> In 1991 1 USD = 23.8 PKR
> In 1992 1 USD = 25.08 PKR
> 
> پھر ھم موٹر ویز بنانے لگے تاکہ پاکستان دن دگنی اور رات چوگنی ترقی کرنے لگا
> 
> In 1993 1 USD = 28.11 PKR
> In 1994 1 USD = 30.57 PKR
> In 1995 1 USD = 31.64 PKR
> In 1996 1 USD = 36.08 PKR
> In 1997 1 USD = 41.11PKR
> 
> پھر کرپشن بڑھنے لگی اور ملک کو مضبوط ھاتھوں نے اپنے ھاتھوں میں لیا
> 
> In 1998 1 USD = 45.05 PKR
> In 1999 1 USD = 51.90 PKR
> In 2000 1 USD = 51.90 PKR
> In 2001 1 USD = 63.5 PKR
> In 2002 1 USD = 60.5PKR
> In 2003 1 USD = 57.75 PKR
> In 2004 1 USD = 57.8 PKR
> In 2005 1 USD = 59.7 PKR
> In 2006 1 USD = 60.4 PKR
> In 2007 1 USD = 60.83 PKR
> پھر پاکستان کھپنے لگا
> In 2008 1 USD = 81.1 PKR
> In 2009 1 USD = 84.1 PKR
> In 2010 1USD = 85.75 PKR
> In 2011 1 USD = 88.6 PKR
> In 2012 1 USD = 96.5 PKR
> پھر پاکستان کو بچانے والے جدوجھد کرنے کے لیئے آگے آئے
> In 2013 1 USD = 107.2PKR
> In 2014 1 USD = 103 PKR
> In 2015 1 USD = 105.20 PKR
> In 2016 1 USD was 104.6 PKR
> In 2017 1 USD = 110.01 PKR
> اس کے بعد نیا پاکستان بنانے والے آگئے ڈالر اڑنا شروع ھوا
> In 2018 1 USD = 139 PKR
> In 2019 1 USD = 163.75 PKR
> In 2020 1 USD = 168.88PKR
> In 2021 1 USD = 179.16PKR
> اور پھر 13 پارٹیوں کا اتحاد شروع ہوا
> In 2022 1 USD = 240.00PKR ( July 28)
> 
> اور ھم عقل کے اندھے ھر بار تالیاں بجاتے رھے



In 2022 (Today 24 Aug) 1 USD = 216.49PKR

Reactions: Like Like:
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## fatman17

Tameem said:


> In 2022 (Today 24 Aug) 1 USD = 216.49PKR


Open Market 222.5


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## fatman17




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## fatman17

How the civil-military Elites eat up the Pakistan budget


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## maithil

__ https://twitter.com/i/web/status/1570358334821396481
Situation not improving anytime soon..


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## maithil

__ https://twitter.com/i/web/status/1571883108798169089

__ https://twitter.com/i/web/status/1572119298562220032


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## Two banks of the River

maithil said:


> __ https://twitter.com/i/web/status/1571883108798169089
> 
> __ https://twitter.com/i/web/status/1572119298562220032


15% in 3 months. Damm

Reactions: Like Like:
1


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## maithil

__ https://twitter.com/i/web/status/1572325779404382210


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## The SC

__ https://twitter.com/i/web/status/1575536978363355168

Reactions: Haha Haha:
1


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## CLUMSY

Bruh, honestly should just leave this country now. Nothing of value here.

Reactions: Like Like:
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## maithil

__ https://twitter.com/i/web/status/1592738416558370817


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## maithil

__ https://twitter.com/i/web/status/1594242859363966977

Reactions: Like Like:
1


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## N.Siddiqui

maithil said:


> __ https://twitter.com/i/web/status/1594242859363966977




All/many of the big biz conglomerate bosses are close to the Establishment and this worst case scenario will put pressure on the Establishment on course correction and stopping the rot.


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## Cancerous Tumor

Iran removes import ban for some Pakistani products


TEHRAN – Under the framework of a preferential trade agreement between Iran and Pakistan, Tehran has lifted the import ban on certain products exclusively shipped from Pakistan, Mehr News Agency reported.




www.tehrantimes.com










Accordingly, Iranian importers have been allowed to register import application forms for some products that were previously on the Islamic Republic of Iran Customs Administration's (IRICA) import ban list; however, *the country of origin for the said items must solely be Pakistan.*

Tehran and Islamabad have been taking new measures for broadening economic ties as the Iranian government is promoting economic diplomacy in the region.

Earlier this month, a delegation of businessmen and private sector representatives from the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) visited Pakistan to meet with Pakistani officials and explore avenues of mutual cooperation.




123 items removed from import ban list of Iran (only for Pakistan based exports) I think the most potent one was item code name 23099040,
*Other livestock and poultry foods*


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## fatman17




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## fatman17

Pakistan on the brink again


Pakistan’s time is running out. For decades, the country has run a system that needs near-constant external assistance. The system doesn’t deliver prosperity outside a tiny elite. Real...




www.thenews.com.pk


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## maithil

__ https://twitter.com/i/web/status/1607748026931494913


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## SeaMermaid

Another $1b due next week | The Express Tribune


Junk credit ratings pointing to default risk restrained lenders from commitments




tribune.com.pk


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## Cancerous Tumor

IMF - GDP (PPP) 2022




21 and 23 are Muslim countries and number 22 is the "ZERO Muslim immigrant" country .


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