Pakistan Economy - News & Updates - Archive

[Neo]

Wednesday, February 21, 2007

Experts want focus on oil, gas transmission, refining

By Sajid Chaudhry

ISLAMABAD: Participants of the Third Pakistan Oil and Gas Conference have expressed concern over only visioning exploration and production aspect of the petroleum sector in the forthcoming petroleum policy and have suggested that oil and gas transmission, transportation and refining should be also be focused.

As an alternative, the participants proposed that for the development of oil and gas transmission, transportation and refining separate policies be announced.

The conference also recommended to the government to notify policies to make them legally binding, write transnational laws for cross-border gas trade and signing of Energy Charter Treaty and facilitate and allow diesel to CNG conversion for heavy vehicle’s use in the country.

The conference, which deliberated on issues relating to the oil and gas sector of the country in the context of achieving energy security for the country, ended here on Tuesday with a host of recommendations for the forthcoming policy as well as for different sectors.

Minister for Petroleum and Natural Resources Amanullah Khan Jadoon chaired the concluding session with host Syed Munsif Raza, Chairman of the Petroleum Institute of Pakistan.

Presenting recommendations of the conference, Mr Raza informed the minister and the participants that these recommendations would provide a sound basis for the development of this vital sector of the economy.

Exploration and Production: In order to enhance the indigenous resources on fast-track basis by local and foreign companies, the conference called for improved fiscal terms and fiscal incentives. The conference was of the view that due to the improved fiscal terms and incentives Pakistan would be competitive with international opportunities for foreign operators. It also called for extra incentives for local companies for their encouragement.

The participants also demanded provision of security to the exploration and production companies on affordable rates in the remote areas of the country.

Regulatory & Legal Framework: The participants of the conference called for improved regulatory and legal framework for the oil and gas sector. They stressed on the need for improvement in the area of gas allocation management, LNG policy and improved institutional support. They recommended that policies be notified to make them legally binding, write transnational laws for cross-border gas trade and signing of Energy Charter Treaty.

Long-Term Energy Needs: Petroleum sector experts recommended to the government to encourage and facilitate development of diversification of coal, hydel, LPG, CNG, nuclear, renewable energies (wind and solar) and alternative fuels such as bio-fuels and GTL. Implement gas pipeline projects for import of natural gas and LNG and facilitate increasing refining capacity of the country, especially at the ports and strategic locations.

Refining: The conference called for removal of tax distortions, provision of policy framework to address and facilitate POL infrastructure development and considerable cost. Provision of policy incentives to consider current production capacity of refineries and consumption than to reduce one product consumption. Overall cost benefit to exchequer should be the basis for incentives. Discouraging motor gasoline, which is surplus at present and substitute it with CNG and LPG. Subsidy on ethanol is transfer of tax burden which should not to be allowed on specific fuels.

Harnessing Coal Reser-ves: The conference recommended the establishment of separate commercial enterprises for coal mining and power generation. The government should take initiative in setting up of first coal-based power plant to encourage investors and coal methane needs to be established through internationally experienced consultants.

CNG-LPG Market: The conference asked the government to finalize an early CNG policy, enact law for LPG policy and facilitate and allow diesel to CNG conversion for heavy vehicles use in the country.

Coal Gasification: It was also recommended to the government facilitate coal gasification through appropriate measures to reduce dependence on imports.

The minister for petroleum, in his concluding remarks, assured the participants that the recommendations finalized at the three-day conference would be the guiding principles for the policy-makers and would be made the basis for the future petroleum vision. He said that provision of energy on affordable rates is the key priority of the country to achieve sustained growth. He said the government believes that success in hydrocarbon exploration and production will act as a signpost to stimulate national industrial development by guaranteeing ready access to reliable and reasonable priced success of indigenous energy.

http://www.dailytimes.com.pk/default.asp?page=2007\02\21\story_21-2-2007_pg5_3

 

[Neo]

Wednesday, February 21, 2007

Over 2,600 IT employees may become surplus

By Tanveer Ahmed

KARACHI: A massive downsizing may take place in the Southern Region of Income Tax Karachi after the establishment of Regional Tax Office (RTO), the Daily Times learnt on Tuesday.

According to sources in the Southern Region Karachi, under the roll-out plan for the RTO, over 2,600 employees of the department could not find place in the RTO Karachi as the plan envisages only around 1,000 employees against the current strength of over 3,500 employees.

The sources said that about 2,665 employees would be placed in surplus pool after the establishment of RTO. “The high-ups of the Central Board of Revenue (CBR) have also decided that this surplus staff would be given golden handshake and other offers to quit the department”, the sources said.

RTOs are being established across the country as part of reforms in the CBR to improve its working and enhance the capabilities of its employees under the assistance of an international financial institution. Downsizing had been recommended by that institution, and according to it, the CBR was overstaffing, the sources said.

According to the sources, downsizing would not only be confined to the income tax offices of Karachi but under the same reforms programme, surplus staff in CBR offices may be laid off in other parts of the country.

The sources said that the rollout plan envisaged only around 800 employees in the non-officer grade and over 200 in officer grade, which meant the surplus staff would resultantly become surplus. The sources said that surplus staff would be laid off in phases over several months.

The establishment of the RTO Karachi is expected in the next month and till the renovation work is completed at the main income tax building, it will function at the present temporary set-up at Hashoo Center, Saddar.

After the establishment of RTO, the sources said, the surplus staff would be accommodated at the corporate office, where they would stay until their removal.

The sources said the CBR authorities were reluctant to reveal the rollout plan and were waiting for an appropriate time to kick the plan into action.

The sources said CBR high-ups were following the dictates of the international financial institution, which was behind the reforms programme and providing assistance for the purpose. According to an official in the department, the CBR needs more hands to increase revenue collection and to enlarge the tax base, but it is planning to do the reverse. “The planned downsizing is causing anxiety among the employees,” he said.

http://www.dailytimes.com.pk/default.asp?page=2007\02\21\story_21-2-2007_pg5_7

 

[Neo]

Wednesday, February 21, 2007

2.755m acre land available for allotment to peasants

ISLAMABAD: Over 2.755 million acres of government land is available for allotment to landless peasants in the country, Parliamentary Affairs Minister Dr Sher Afgan Niazi told the Senate on Tuesday.

According to province-wise breakdown of the land available for the allotment, Balochistan topped the list with 1.418 million acres of land, Sindh stood second with 0.732 million acres, NWFP third with 0.52 million acres while Punjab had only 0.078 million acres of such land.

“The government land is being allotted to the landless peasants by the provincial governments through different policies formed under the Colonisation of Government Lands Act, 1912,” the minister said. Balochistan senators disputed the figures mentioned in the breakdown.

Senator Azam Khan Swati said NWFP should be called Pukhtoonistan. State Minister for Finance Omar Ayub Khan objected to the demand, saying he himself was a Pukhtoon but he would not accept Swati’s suggestion.

He said that the total annual budget of the National Commission for Human Development (NCHD) was Rs 2.703 billion and that the commission fell under the jurisdiction of the auditor general of Pakistan (AGP).

He said that the commission had started nine different plans for education, health, community development and capacity building in different fields.

Senator Hameedullah Jan Afridi criticised the government for not including details of loss of life and property in government records that was damaged in rains last year in FATA.

According to details, 330 people were killed and over 35,000 houses were damaged during rains in 2006. The Senate was told that victims of natural casualties in NWFP and Punjab had been compensated but the process was underway in Balochistan and Sindh.

http://www.dailytimes.com.pk/default.asp?page=2007\02\21\story_21-2-2007_pg7_42

 

[Neo]

FDI up 70 percent to $2.79 billion in seven months

KARACHI (February 22 2007): Foreign Direct Investment (FDI) in Pakistan rose by 70 percent to $2.7934 billion during the first seven months of the current fiscal year 2007. Data released by the central bank on Wednesday showed that the total FDI including privatisation proceeds rose by $1.1482 billion for the July-January period and reached $2.7934 billion for the July-January period as compared to $1.6452 billion during same period of the last fiscal.

Exclusive of privatisation proceeds FDI showing an increase of 91 percent to $2.6602 billion during July-January of fiscal year 2007 as previously stood at $1.3902 billion, depicting an increase of $1.270 billion during the first seven months of the current fiscal year.

During July-January privatisation proceeds have declined by $121.8 to $133.2 million during the first seven months of the current fiscal year as compared to $255 million during the same period of the last fiscal year.

Foreign Direct Investment (FDI) with privatisation proceeds has increased by 68 percent to $2.096 billion during July-January period of the current fiscal year previously stood at $1.2447 billion during the same period, indicating an increase of $851.3 million during first seven months of current fiscal year.

Portfolio Investment (PI) has gone up by 74 percent during the first seven months of 2006-07, as a result, the portfolio investment reached $697.4 million during July-January as compared to $400.5 million in the corresponding period last fiscal year, growing by $296.9 million.

Official figures shows that during July-January 2006-07, US led in the list of foreign investment with total investment of $917.6 million as compared to $589.1 million during the same period of the last fiscal year. US portfolio investment and FDI stood at $404.7 million and $512.9 million respectively during the first seven months of the current fiscal year.

While, the United Kingdom is the second in the list with $734.1 million including $488.2 million of FDI and $246 million of portfolio investment. In addition, United Arab Emirates (UAE) is at number three in the list with $310 million investment including $295.9 million of FDI and $14.9 million of PI during the same period.

Singapore has invested $126.5 million, Switzerland $91.7 million, Netherlands $60.5 million, Mauritius $54.4 million, Kuwait $55.1 million, Australia $43.4 million and Germany $22.1 million during July-January. Data shows banking and financial services sector attracted the highest foreign investment of $553.6 million, while $546 million has invested in the communications sector, and $328 million in oil and gas exploration.

http://www.brecorder.com/index.php?id=531071&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Government fixes 8 percent annual growth target during next five years, Senate told

ISLAMABAD (February 22 2007): State Minister for Finance and Revenue Omar Ayub Khan on Wednesday winded up debate in Senate on the next budget by informing the House that the government has fixed target of 6 to 8 percent annual growth rate during the next five years.

However, he believes that a growth of this magnitude would not be achievable automatically and to sustain the growth in the range of 6 to 8 percent per annum would require 'growth critical' reforms.

He informed the House that the government reform agenda for the next five years include: strengthening institutions, improving the competitiveness of industry, building a robust financial system in an environment of global restructuring, further strengthening of tax administration and improving fiscal efforts, promoting transparency in economic policies, further reform in capital market and strengthening the country's physical and human infrastructure.

The State Minister also assured the lawmakers to consider their recommendations and proposals in the next budget which were for the first time forwarded by the elected representatives before the budget making process.

He informed the House that sustaining the ongoing growth momentum in an environment of macro-economic stability is the biggest challenge in moving forward. Other challenges he mentioned were job creation, further reducing poverty, and improving social indicators.

Earlier, on the last day of the debate, a number of senators from treasury and opposition benches participated the debate and majority of lawmakers were unanimous that the country is in the grip of unprecedented inflation, poverty, unemployment and social injustices.

They asked the government to impose the direct taxes, broaden tax net by bringing stock exchange, real estate and other sectors, which are still out of it.

They also agreed to reduce GST in the range of 5-7 percent. Most of the members from both sides of the aisle showed resentment over the present law and order situation in the country fearing that in such an environment investment would not come to Pakistan and recommended that an handsome amount should be earmarked to maintain writ of the law.

Later, the Upper House passed the Law Reform Bill, 2007, and the Bill to further amend to Federal Public Service Commission (Amendment) Bill 2007, which were already passed by the National Assembly.

http://www.brecorder.com/index.php?id=531126&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

February 22, 2007
Foreign lenders give $1.2bn in 8 months

By Sher Baz Khan

ISLAMABAD, Feb 21: Pakistan received $1.203bn loans from the Asian Development Bank (ADB) and World Bank (WB) just in the last eight months.

Minister of State for Economic Affairs and Statistics Hina Rabbani Khar informed the National Assembly in a written reply here on Wednesday that of the total amount $956.2m were borrowed from the ADB and $247.2million from the WB.

The Asian Development Bank provided $30.2m from its Asian Development Fund (ADF) with an interest rate of 1 per cent during the grace period and 1.5 per cent thereafter.

The ADB provided another $926.2m from its Ordinary Capital Resource (OCR) on London Inter-Bank Offered Rate (LIBOR) for six months in US dollars plus 60bps.

The WB provided $22.2m on 0.75 per cent interest rate, $200m on LIBOR six months and $25m on LIBOR 12 months.

In response to a similar question, Minister of State for Finance Omar Ayub Khan told the Parliament that the government obtained Rs13bn from domestic sources between January to June last year.

The country’s foreign debt and liabilities increased by 5.73 per cent on June 30, 2006 compared to the outstanding stock by the end of December 31, 2005. During this period, the country received $880m from China, Japan, ADB and other financial institutions.

Ms Khar said the Pakistan had not provided any loans to Afghanistan and neither the country had received any demand from the Afghan government in this regard.

However, Pakistan had earmarked $300m for the reconstruction and rehabilitation of the war-torn country.

In reply to a query, she said Japan had provided $411.61m to Pakistan during the last five years of which $150m was non-project grant aid (NPGA) and $261.6m project grant aid.

Answering a question regarding the Rozgar Scheme, Omar Ayub said the government had allocated Rs250m for the scheme in the current year’s budget through a supplementary grant. The National Bank of Pakistan (NBP) was granting loans to the applicants from its own resources and the federal government would contribute towards interest rate subsidy and disability insurance and credit loss.He said the NBP had also publicised the details of the scheme through media advertisements in the national press, TV channels and NBP website.

http://www.dawn.com/2007/02/22/ebr2.htm

 

[Owais]

PSO, other oil and gas sector sell-offs before June 30: Prime Minister

ISLAMABAD (February 22 2007): Prime Minister Shaukat Aziz on Wednesday announced that Pakistan State Oil (PSO) and other major oil and gas sector transactions will be completed before June 30. He spoke on privatisation of major public sector entities and other key issues relating to economy while addressing a two-day Euromoney conference held here.

The event is organised by Euromoney Investment Inc and its local sponsors BMA, Citigroup, Standard Chattered, JS, BOI and MCB Bank. Around 600 delegates are participating and 160 are from abroad.

Shaukat Aziz told the participants that Pakistan's success story for a turnaround in economy is unique on various accounts. It enjoys an ideal strategic location with unique potential for attracting the investors. He cited a number of areas, which were open for investment and asked the investors to come and invest in Pakistan to get good dividend on their money. These were telecom, communications, agribusiness, retail and whole sale business, banking sector, infrastructure and livestock.

The Prime Minister said Pakistan travelled a long and hard journey during the last seven years to achieve financial sovereignty and its reforms' programme worked as a catalyst to help it emerge as a strong economy on the world map.

Shaukat was upbeat about Pakistan's future, said that in next few years he could foresee Pakistan as a stronger regional player, having a promising market for trade and investment.

He said that doing business in Pakistan was now much easier as all the departments including CBR were facilitating the investors and businessmen in identifying potential areas for investment. He said the reforms' agenda helped Pakistan change a peculiar mindset of the bureaucracy to make it feel that sovereignty and state interest were not fragile things, which one could steal away in a briefcase.

The Prime Minister also spoke on challenges confronted by Pakistan and said that like many other countries Pakistan also faces challenges and making all out efforts to improve the situation in different areas. He referred to infrastructure and other facilities, which play an important role in securing investment. He said Pakistan is a country of 160 million friendly people and asked the participants particularly the foreigners to move around and see Pakistan's its real image.

He said today Pakistan is open to all kind of investment and trade and its global partners have great confidence in its economic growth and prosperity. He referred to the increasing foreign direct investment (FDI) during the last few years in support of his arguments.

Later on, the Prime Minister told a questioner that any foreign company irrespective of its business concern in any other country including India could come to Pakistan and invest in any sector of its choice.
http://brecorder.com/index.php?id=531050&currPageNo=1&query=&search=&term=&supDate=

 

[Owais]

Large deposits of soapstone found in Kurram Agency
PESHAWAR: Large deposits of soapstone have been found in Kurram Agency and authorities working over mining and international marketing of about 3.6 million tons deposits.

A meeting was held in Peshawar in connection with mining and international marketing of Kurram Soapstone.

The meeting was attended by officials of FATA Development Authority (FDA), Maniar group of companies and HZM U.F Minerall of Italy.

The meeting was told that Maniar Group was arranging a visit of experts of Mondo Mineral of Germany to the area to work out the reserves of soapstone and enhance its production.

The company informed that they had already secured an annual export order of 10,000 tons soapstone and they were planning to increase the quantum of export to 1,00,000 tons annually through application of modern mining techniques and machinery.

It is to be pointed out that world-class soapstone deposits of about 3.6 million tons are available at an altitude of 10,000 feet, which remain snow covered for more than five months a year and thus the use of conventional machinery is a problem. The company is now planning to import all weather mining machinery.
http://geo.tv/geonews/details.asp?id=2490&param=3

 

[Neo]

Foreign power co to invest $400 million in Uch, $220 million in KAPCO, PM told

ISLAMABAD: February 22, 2007: Prime Minister Shaukat Aziz said on Thursday the demand in power sector is growing by 9.5 percent annually mainly due to high growth achieved by the country and the government is engaged in tapping all available sources to keep a balance between demand and supply.

He was talking to Vince Harrris, Executive Director Asia, International Power Ple who called on him here.

Vince Harrris is visiting Pakistan to attend Euro Money Conference.

The PM said that the surge in demand of power is mainly due to better living standards, growing middle class, electrification of rural areas and increase in irrigation and industrial demand; all of which necessitates more electricity generation.

Underlining the importance of energy security for high growth, sustaining progress and development, the PM said the government is trying to diversify the sources of energy and maximise output from hydro power and other alternate energy sources including solar, wind, biogas and bio-diesel.

Under the energy security strategy, Aziz said, government will exploit all available resources of commercially viable energy both domestically as well as from abroad.

In the oil and gas sector, he said the government is focusing both on enhancing the indigenous capacity as well as on importing gas from the neighbouring countries.

The PM said that the private sector is contributing in the government's efforts to bridge the gap between demand and supply in the power sector.

He said that the government is encouraging investments by the private sector and a level playing field has been provided to local and foreign investors.

Vince Harrris said he was impressed by the rapid pace of growth in Pakistan.

He appreciated the investment friendly policies of the government and the enabling environment created by it to facilitate the investors.

Vince Harrris said his group is planning to expand their operations in Pakistan and they will invest $400 million in Uch Power Plant and $ 220 million in the KAPCO.

The meeting was attended among others by Minister for Water and Power Liaquat Ali Jatoi and senior officials

http://www.brecorder.com/

 

[Neo]

NIKE to import 0.1 million Soccer Balls monthly from Pakistan

ISLAMABAD: February 22, 2007: NIKE has placed a tender for importing 100,000 Soccer Balls monthly from Pakistan.

Federal Minister of Labour Manpower & Overseas Pakistanis Ghulam Sarwar Khan said while addressing the two-day "Stake holders Workshop-Sialkot Soccer Ball Industry-Partnership and Ways Forward", conducted jointly by the Government and ILO here on Thursday.

The minister informed the gathering this development was the outcome of meeting of Prime Minister Shaukat Aziz with President of NIKE at Davos last month.

He said the government was committed to strictly follow "Decent Work Agenda".

Ghulam Sarwar Khan said the government is strictly implementing international standards and labour laws pertaining to workers rights and working conditions in the industrial sector.

He said National Policy on Child Labour, Bonded Labour, Labour Inspecting Policy and Labour Protection Policy are the proof that the government was providing full protection to the workers.

He expressed hope that Sialkot Chamber of Commerce and Industry would seize this opportunity to meet export orders of NIKE and enjoy international recognition of meeting International labour Standards besides providing substantial number of jobs to workers in soccer ball industry.

The minister thanked ILO Executive Director Kari Taiola, FIFA, Employers Federation of Pakistan, Employees Federation of Pakistan and other national and international stakeholders to play a pivotal role in the efforts to address the problems of sports goods manufacturing industry.

http://www.brecorder.com/

 

[Neo]

Temasek keen to invest $300 million in banking sector, PM told

ISLAMABAD: February 22, 2007: Temasek, owned by the government of Singapore will make an investment of $300 million in Pakistan's banking sector, CEO Asia Financial Holdings Francis A Rozario informed Prime Minister Shaukat Aziz on Thursday.

Francis A Rozario, also the Chairman NIB Bank who is visiting here to attend the Euro Money Conference called on Prime Minister Aziz at the PM House today.

Rozario informed the Prime Minister that Temasek held 74 percent shares of NIB Bank and was working to acquire all financial entities of PICIC Commercial Bank.

He said his group intended to set-up a universal bank in Pakistan, which will serve the middle and low-income group customers and the self-employed people. He said his group would particularly focus on lending to small and medium enterprises.

Prime Minister Shaukat Aziz welcomed Temasek's investment in Pakistan and said it reflected the growing confidence of international community on the success of economic and structural reforms implemented by the government during the last seven years.

The prime minister appreciated the growing economic ties between Pakistan and Singapore and said the recently signed agreement between Gwadar Port Authority and Port of Singapore Authority would give tremendous boost to financial and industrial activities in the area.

Aziz mentioned the banking industry which had been transformed from a state-owned sector to a vibrant private sector industry and needed to come up with new products and services.

He said the government's strategy for improving investment climate in the country was multi-pronged marked by financial sector and taxation reforms, dismantling of archaic procedures, better enforcement of civil contracts and documentation of property rights, infrastructure development and consistency.

The meeting was also attended by President and Chief Executive Officer NIB Iqbal Hasan and senior officials.

http://www.brecorder.com/

 

[Neo]

ADB to extend $800 million loan for Pakistan's power sector
Thu, 22 Feb 2007

Islamabad, Feb 22 (Xinhua) The Asian Development Bank (ADB) is extending a loan of up to $800 million over the period 2007-2016 for Pakistan's power transmission growth.

The assistance will be used in upgrading power distribution systems and transmission lines in order to increase system efficiency and stable supply of electricity to consumers besides major rehabilitation and infrastructure projects in the water sector, Director General of ADB's Central and West Asia Department Juan Miranda was quoted by APP as saying in Islamabad.


The ADB official said that in the first phase, the ADB will focus on financial assistance of extension of Pakistan's existing 220 KV and 500 KV sub-stations and construction of associated transmission lines.

Accordingly, ADB also agreed in principle to finance 10 MW pilot wind power plant and technical assistance for overall studies related to wind potential in various wind corridor of the country.

The bank also assured its strong support for financing mega water reservoir projects and infrastructure development projects in water sector.

Talking to the ADB delegation on Thursday, Pakistani Federal Minister of Water and Power, Liaquat Ali Tatoi said that Pakistan' s power sector was currently undergoing reforms and restructuring and necessary ground work had been done in this regard, which were fully supported by the ADB.

http://www.earthtimes.org/articles/show/33342.html

 

[Owais]

Etisalat announces to invest $500 mln in Pakistan
ISLAMABAD: Chairman of Etisalat International, Mohammad Hassan Omran, has announced to invest 500 million dollar while a plan to widen PTCL fixed-line network by knitting one million more PTCL telephones has also been made in Pakistan.

Addressing a fucntion here Tuesday, he said the economic stability achieved by Pakistan has created a productive atmosphere for investment. He added that Etisalat was impressed with the performance and quality of employees of PTCL and has posted a number of them in their overseas operations.

He said Etisalat is committed to transform PTCL into a world class company and it will bring expansion in areas of fixed lines, cellular phones, broad band, domestic and long distance calls.


http://geo.tv/geonews/details.asp?id=2485&param=3

 

[Owais]

Pakistan and Saudi Arabia to establish special economic partnership

ISLAMABAD (February 23 2007): Pakistan and Saudi Arabia have decided to establish special economic partnership for co-operation in health, education, railway, food and agriculture, religious affairs, science and technology, labour and manpower, tourism, trade as well as industry.

The agreement was made in the 8th session of the Pak-Saudi Joint Ministerial Commission headed by Commerce Minister Humayun Akhtar Khan and Minister of Commerce and Industry of the Kingdom of Saudi Arabia Dr Hashim A Yamani at the conference palace in Riyadh on Wednesday, says a message received here on Wednesday.

Both the sides agreed to hold the 9th session of Saudi-Pakistan Joint Commission in Islamabad in 2008 on a date to be mutually decided through consultation. Both states noted that to balance the bilateral trade, which is heavily in favour of Saudi Arabia and Pakistan offered export of ready-made garments, cotton products, engineering goods, consumer goods, pharmaceutical, rice, textile fabrics, sports goods, and surgical instruments.

Both the sides expressed their hope to reach on agreement between GCC and Pakistan to create a free-trade area which covers trade in goods and services by the end of 2007.

Pakistan and Saudi Arabia also agreed to arrange roads shows and exhibitions to showcase the products of both the countries encourage business to business interaction and visa facilitation. The Saudi government was requested to relax and rationalise their standard requirements and duties on export from Pakistan and allow Pakistan private investment in the free re-export zone of Saudi Arabia,

Both sides agreed to enhance co-operation in the field of manufacturing of medical/surgical equipment, which includes hospital supplies (beds, stretchers, bedpans, crutches, walkers, and wheel chairs etc).

Pakistan offered free of cost training facilities for the Saudi doctors and nurses in the field of therapeutic and diagnostic services, neuro-surgery, cardiovascular surgery and Pediatrics. Pakistan and Saudi Arabia also agreed for establishing academic linkage between Quaid-e-Azam University and National Institute of Science & Technical Education, Islamabad, with Saudi Arabia and exchange visits of academicians, scholars and teachers and exchange of printed material of education interests and to initiate joint programmes, chalked out with mutual consultation, in the field of emerging technologies such as VOIP, NGN (Next generation network), WLL (wireless local loop).

Pakistan offered training facilities to Saudi Railways personnel in various disciplines of railways and asked the Saudi side to identify the fields of their interest.
http://brecorder.com/index.php?id=531435&currPageNo=1&query=&search=&term=&supDate=

 

[Owais]

Inflation rate 8 % in 1st quarter
KARACHI: During the first seven months of the current fiscal year, the rate of inflation remained eight per cent while the rate of increase in eatables has been 10.3 per cent.

According to the Inflation Monitor released by the central bank, during the period of July to January the rate of inflation was 8.12 per cent whereas the rate recorded in food inflation was 10.3 per cent and non-food inflation was 6.6 per cent.

As per the State Bank of Pakistan, prices of eatables were increased due to the difference in demand and supply while prices like milk, meat, pulses, vegetable ghee and sugar, which were included in the 124 items of food index, increased from 10 to 60 per cent.
In January, food inflation was from 10 to 13 per cent in 12 cities of the country.

Food items in Okara and Quetta proved more costly while they can be considered cheaper in Sukkur and Abbottabad where food inflation remained four per cent.
http://geo.tv/geonews/details.asp?id=2514&param=3