Pakistan Economy - News & Updates - Archive

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Import bill spurts by 87%, touches $1.287 billion​

KARACHI: Country’s oil import bill ballooned by 87 percent to $1.287 billion during the first month of current financial compared to $686.885 million in the same month of previous year.

Figures released by Federal Bureau of Statistics on Wednesday showed that import of manufactured petroleum products registered 135.62 percent growth to $752.618 million during the period under review against $319.417 million in the corresponding period of previous year.

Whereas crude petroleum oil import soared to $534.625 million during July of the current fiscal year, up by 45.50 percent against $367.438 million during the same period of last year.

Oil imports remained flat during the month of July over preceding month of June when $1.285 billion worth of oil products were imported.

According to analysts, major increase in the oil import has been caused by skyrocketing prices of petroleum products in international market. Oil prices declined in the recent days, but the impact of this decreasing trend could be seen in August oil imports.

International oil price plunged to $112 per barrel recently after touching $147 dollar per barrel mark during July. “If the prices continue downward rally, the import bill may ease”, they added.

Apart from the price factor, the quantity of oil imports has also contributed in swelling import bill. During the period under review, quantity of oil products showed substantial growth because of growing needs, especially for electricity generation. The import bill of agriculture and other chemicals was up 37.57 percent to $599.153 million in July of current fiscal compared to $435.514 million in the corresponding period of last year. Within this group, 127 percent growth was seen in fertilizers, over five percent in plastic material and over 8 percent in medical products.

Machinery is another major component in the import bill, as its import stood at $593.913 million in July of this fiscal, up by 11.10 percent from $534.567 million last year.

This growth in the import bill of machinery was due to over 48 percent growth in the import of power generation machinery, 55 percent growth in construction & mining machinery, 30 percent growth in electrical machinery & apparatus and 14 percent in other machinery. The import of office machinery was up by over two percent, however textile machinery down by 42 percent and the import of telecom and agriculture machinery down by 21 percent.

The import of food items surged to $239.088 million in the first month of current fiscal year as against $219.994 million during the same period of last year, showing a growth of over eight percent.

This growth was mainly due to import of wheat.

The import bill of transport was down by 9.95 percent to $106.206 million during the said period from $117.942 million in the same period of previous year.

The total import bill reached $3.549 billion during the first month of current financial year, reflecting a growth of over 37.92 percent to $2.573 billion in the corresponding period of last.

 

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Indus Motor sustains growth in 2007-08​

KARACHI: The Board of Directors of Indus Motor Company Limited has announced financial results for the year ended 30 June 2008, following a meeting of the Board of review the Company's financial and operating performance for the year. The Company has announced positive results for year, sustaining growth despite a volatile local market and decreasing demand resulting from macroeconomic factors.

According to a press release, Sales and production of Indus Motor's Toyota and Daihatsu brands for the year ended June 30, 2008 were 50,802 units and 48,222 units respectively which is a new record compared to last year's figures of 50,557 units and 47,821 units respectively. The Company's sales revenue increased to Rs 41 billion, up 60% over Rs. 39 billion; with the after tax profit of Rs 2.3 billion, as compared to Rs. 2.7 billion achieved during the year ended June 30, 2007. Earnings per share decreased to Rs. 29.15, as compared to Rs. 34,93 in the previous year. IMC's Board of Directors have expressed appreciation of the Company's performance and declared a final cash dividend of Rs 6.5 per share, making for a total distribution of Rs 10.5 per share for FY 07-08. The total dividend paid for the same period last year was Rs 13 per share.

Growth in IMC's market share has been achieved at a point when sales of locally assembled passenger cars and light commercial vehicles (LCV) have declined by 8% to 187,412 units from 204,212 units sold in 2006-07, having previously recorded sustained growth over five years. Production within the industry has also declined to 187,644 units for the period ended 30 June 2008, down 5.7% over the 198,986 units produced last year.

 

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FDI in telecom sector dips by 21% in 2007-08​

KARACHI: The Foreign Direct Investment (FDI) in Pakistan’s telecommunication sector witnessed slow pace in 2007-08 and decline by 21 percent as compare to last fiscal.

According to Pakistan Telecom Authority (PTA) statistics released on Wednesday, the FDI inflow declined by $385.7 million to reach $1438.60 million in 2007-08 as compared to $1824.3 million recorded in 2006-07.

Industry experts told that the major investors of the telecom sector have declined investments on network and technology infrastructure.

However, the FDI inflow will continue as the companies are now focusing to expand their business in small cities and villages, they added.

As per PTA figures, telecommunication sector’s share in overall FDI of the country also fell by 7.6 percent to stand at 27.9 percent in 2007-08. However, the total FDI witnessed slight growth to reach $5152.80 million in the outgoing fiscal year. In 2006-07, the telecommunication sector’s share was 35.60 percent in the overall FDI inflow of the country, which was also the second highest FDI recorded in this sector since 2001-02. The overall FDI inflow was recorded at $5124.9 million in 2006-07.

During the fiscal year 2007-08, UAE-based cellular operator pumped in $758 million in the telecom sector.

A biggest fixed lined company of the country invested by three US$ 126 million installments of its privatization process, Chinese cellular operator and others invested notable capital in the country.

Telecom analyst, Farhan Rizvi of JS Capital Research, remarked that the telecommunication companies have penetrated the active market of the country in past three years, and now they are expanding the consumer base with the existing infrastructure and networks.

He added that overall economy also witnessed slow down since December 2007 owing to political instability in the country, which also affected the pace of investment inflow in this sector.

However, he mentioned the sector has witnessed impressive investment inflow through the acquisitions deals of local telephony companies during the outgoing fiscal year.

He believed that FDI inflow might increase with the introduction of Third Generation (3G technology) by the cellular operators.

The telecom watchdog, PTA, has planned to conduct study on declining FDI in the sector. This sector contributed a massive share of 54 percent with $1905 million to overall FDI of the country in 2004-05.

 

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‘Infrastructure development vital for economic uplift’​

ISLAMABAD: Public-Private partnership is an essential option for infrastructure development to augment government’s efforts and resources for the development of the country, Federal Minister for Finance, Syed Naveed Qamar said.

Pakistan’s structured programme in this regard will help private sector participation in development of infrastructure projects in the country. He made these remarks while chairing a meeting of the Board of Directors of the Infrastructure Project Development Facility (IPDF) in Islamabad on Wednesday.

Syed Naveed Qamar, stated that coordinated efforts being taken by the Planning Commission under the leadership of Salman Farooqi, Deputy Chairman, Planning Commission, Ministry of Finance and IPDF would result in the promotion and development of infrastructure in the country.

“We are committed to the principles of value for money and affordability for delivery of more, better, affordable and faster services to the people of Pakistan,” the minister said.

On the occasion, Ghulam Murtaza Satti, advisor on PPPs, said that a number of initiatives are already under way, including, environment friendly public transport (CNG Buses) service, Islamabad IT park, multipurpose water reservoirs, CBR automation project etc.

The GoP recognises the Public Private Partnership as an essential option for infrastructure development in the country, there is a need to identify projects which can be launched under the Public Private Partnership modality to relieve the burden on the public sector in the immediate term.

Public Private Partnership cannot be accomplished in a vacuum without the support of all the stakeholders including various government agencies, departments, private sector and most importantly the people of Pakistan. The meeting was attended by the Advisor on PPPs, Ghulam Murtaza Satti, Board Members: Dr Sania Nishtar, Salim Raza,. Suhail Safdar and Secretary Planning Commission Farrakh Qayuum. staff report

 

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Mirpur IT university on the cards​

MIRPUR (AJK): In order to impart quality education in various disciplines of science and technology, the AJK government has formally approved establishment of Mirpur University of Science & Technology (MUST) with the coordination of Higher Education Commission (HEC), officials told APP on Wednesday.

The project is estimated to cost around Rs 4,000 billion. “A formal ordinance for establishment of MUST has been issued by the AJK government,” AJK University Vice Chancellor Prof Dr Habib-ur-Rehman said.

Rehman said that on special directives of AJK President Raja Zulqarnain Khan, who was also Chancellor of the AJK University, 4,000 kanal land had been acquired for the university.

He said the PC-II of MUST project had been inked and initial construction work will start next year.

He said the covered area of the varsity would be expanded to 5,000 kanals at a later stage. He said services of leading consultants had been hired to ink the PC-I of the project.

Prof Dr Rehman said that the state of art facilities would be available at MUST to ensure quality education. He said under the phased programme, the faculties of administrative sciences would also be introduced.

He said besides the students from across the country including the AJK, the children of overseas Pakistanis and Kashmiris would also be enrolled.

The vice chancellor said that the current fiscal year budget of Mirpur campuses of AJK University would be diverted to the establishment of the proposed Mirpur University of Science and Technology to kick off the project. app

 

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Resolution inked: Casarem project no substitute for IPI gas plan, says minister​

ISLAMABAD (August 05 2008): The ministers of four countries on Monday inked a resolution to proceed further with the Central Asia/South Asia Regional Electricity Market (Casarem) project envisaging transmission of 1,300 MW from Tajikistan and Kyrgyzstan to Afghanistan and Pakistan; but further commitment to the project will be linked to the availability of financing.

"It's a resolution not any agreement or Memorandum of Understanding," said one of the participants of an internal meeting. Most of the participants including Water and Power Secretary Ismail Qureshi were of the view that it was a difficult project and the concerned governments needed to proactively take it to the next stage.

The participating countries will have to negotiate commercial term sheets by the end of November as they have committed to go forward with the project subject to the bids received being consistent with the agreed cost estimates.

Though the writ of the Afghan government is reportedly limited to Kabul, yet the minister representing Afghanistan guaranteed security of the proposed transmission line, which continues to remain a serious cause of concern. The Central Asia-South Asia (Casa) 1,000 Project is anticipated to be commissioned by 2013. The project would go a long way in overcoming power shortages in Pakistan (1,000MW) as well as Afghanistan (300 MW).

The two-day Inter-Governmental Council (IGC) meeting of Casarem was held on 3-4 August 2008, in Islamabad, which was attended by ministers and delegates from Afghanistan, Kyrgyz Republic, Pakistan and Tajikistan along with the International Financial Institutions (IFIs), ie Asian Development Bank, Islamic Development Bank and World Bank, besides a project consultant.

The Inter-Governmental Agreement was extensively debated and after incorporating the changes/modifications agreed upon, it was signed by Water and Power Minister Raja Pervez Ashraf, from the Pakistan side, Alhaj Mohammad Ismail Khan, Minister for Energy and Water, Afghanistan, Saparbek Balkibekov, Minister for Industry, Energy and Fuel Resources, Kyrgyz Republic and Farrukh Hamraliev, Chairman, State Committee for Investments and State Property Management, Republic of Tajikistan.

Raja Pervez Ashraf dispelled the impression that Casarem was a substitute for the Iran-Pakistan-India (IPI) gas pipeline by categorically stating that talks on IPI were proceeding separately.

The Casa 1000 MW power transmission project comprises developing, designing, procuring, financing, constructing and operating electricity transmission lines and related facilities to enable the trade of electricity among the four countries.

"1300 MW of electricity will be imported from Kyrgyz Republic and Tajikistan of which 300 MW will be for Afghanistan and remaining 1000 MW for Pakistan," said the Water and Power Minister in reply to a question after the signing of agreed minutes.

The transmission line will consist of 477-km of 500 kV AC line from Kyrgyz Republic to Tajikistan and 750-km of 500 kV high voltages DC between Tajikistan and Pakistan via Kabul," said an official statement.

IGC Secretariat will be established at Kabul and hopefully would become operational with immediate effect. The meeting also approved the appointment of Qazi Naeemuddin of Pakistan as the first Executive Director of IGC Secretariat.

The success of the project is extremely important, as it will set a new era of mutual co-operation on electricity trade amongst Casa countries, Pervez Ashraf concluded.

 

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NFC award: PPP-led government gears up to remove apprehensions of federating units​

ISLAMABAD (August 06 2008): Lack of consensus on political and economic fronts has not hampered the resolve of the federating units to find out a workable formula for National Finance Commission (NFC) award as population-based distribution of resources from the Federal Divisible Pool down to provinces is not acceptable to the smaller provinces.

The distribution of resources through NFC had always been a source of tension among the federating units in the past, but the present coalition government, realising its importance, is geared up to implement award, removing all the apprehensions of federating units for bringing harmony, sources told Business Recorder on Tuesday.

They said the NFC award had always remained a source of tension among the provinces and between the federating units and Federation in past. But the present coalition government had realised that the provincial harmony could improve by implementing the award in true letter and in spirit and, threrefore, it had sought nominations from the provinces for the NFC award.

On the other hand, in a recent meeting in Karachi, the federating units have developed a broader consensus to bring down the share of the Federal government from present 62.5 per cent to 50 per cent.

Earlier, high government functionaries visited all the provinces to meet the Speakers and Chief Ministers of the respective provinces to resolve outstanding issues pending in Senate, especially related to NFC award. They met the Speakers and Chief Ministers of NWFP and Punjab and held discussions with them on the issue. Moreover, the Ministry of Finance has submitted a summary to the President for the composition of NFC award.

Sources said that the unelected government of President Pervez Musharraf and later on PML (Q) government developed consensus to reduce the Federal share to 50 percent, but it could not finalise the formula for distribution of resources among provinces.

"But the Centre is not willing to reduce its share from 62.5 percent to 50 percent because of accumulation of public debt and expenditure on defence," sources said.

Experts argue that minor changes in the present formula of resource distribution will definitely reduce the share of Punjab, which will not be acceptable to the province.

But the government will have to mend the population-based criterion for resource distribution among provinces under the National Finance Commission (NFC) award for creating harmony. Independent economists believe the government must broaden resource distribution base by encompassing disparities like human development index, inverse population density and revenue generation by a particular province in factors that determine how much money will go to a federating unit, enhancing the size of Federal Divisible Pool by injecting more money into it out of the Federal government's share in total revenue collection.

The Federal government must cut its non-development expenditures to ensure the availability of maximum funds for provinces. Sources said that the award had long been and was still based on population, predominantly, but all provinces, except for Punjab, wanted a different criterion.

Sindh had been calling the revenue generation to be the base for the award, NWFP used to cry for backwardness and Balochistan kept up demanding NFC with inverse population density, said the sources. The analysts believe that inter-province wrangling over the NFC formula have caused a four-year delay in the announcement of sixth NFC award. The decision that has to be taken in 2002 lingered on till 2006 when President Musharraf announced an interim arrangement.

Under the makeshift award, the provincial shares in the divisible pool were raised to 41.5 per cent in the 2006-07 fiscal and a gradual increase to 46.25 per cent in 2010-11 was envisaged. The provinces' demands were partially fulfilled by increasing subversions or grants-in-aid for them. A permanent award is, however, still awaited.

There have been seven NFC awards since 1951 and the eighth is under way. The 1974 NFC award was achieved by sharing fewer taxes, which, during the 1991 award were expanded with the inclusion of new taxes, especially excise duties on some commodities in the divisible pool. In 1997, it was further expanded by including the royalty and development surcharges.

 

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'Six pilot housing projects to be initiated in a week'​

ISLAMABAD: The government has asked Pakistan Housing Authority to launch mega housing projects to overcome the shortfall of residential accommodation in the country and six pilot housing projects in Islamabad, Lahore, Karachi, Quetta, Multan and Larkana will be initiated in a week, said Rehmatullah Khan Kakar, Federal Minister for Housing and Works here on Tuesday.

"These projects will help end shortage of housing units besides providing shelter to poor and needy," Kakar stated this while talking to a delegation from Malaysian NAMFATT Corporation headed by its Chief Executive David Chan, who is currently on a visit to Pakistan.

He said mega housing projects being launched by the government would offer unprecedented investment opportunities to the local and foreign construction companies besides generating tremendous socio-economic activities.

The minister said Malaysia has made tremendous socio-economic development in a short span of time and the government would welcome NAMFATT investment in the upcoming housing projects with a view to learning a lot from each other's experiences in the housing and construction fields. The Chief Executive of NAMFATT briefed the minister about his company's participation in mega housing projects in various countries including construction of 6,500 affordable apartments in Thailand.

 

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Economic indicators worsening: expert​

KARACHI: Pakistan's economic indicators are worsening and remittances and loans would not support economy in the long term. This was stated by professor Dr Norbert Walter, the chief economist for Deutsche Bank group and CEO of Deutsche Bank research speaking on the "2008: Developed Countries Downswing- Emerging Markets Inflation Requires Restrictive Policies" at a local hotel here on Monday.

The speaker said that inflation is not the only problem in Pakistan and for the last fiscal it is continuously on rise across the world, while particularly in Pakistan it has surged due to the reduction in subsidies. However that cut in subsidies, he said is a positive measure taken by the government.

Walter said that the economic indicators of Pakistan's economy during the last fiscal year are not positive and showed a worsening trend, while current account deficit and fiscal deficit are at a higher level with limited foreign reserves. He also believed that remittances and loans would provide only short-term support to the economy, as these are insufficient to reduce the current account and fiscal deficit, he said.

"Pakistan should attract the high portfolio investment and boost the exports for the long term support to the economy, that also help to reduce the current account deficit," he added. He said that during 2008 inflation rates remained above the target across the world and most of countries' inflation stood at double digit.

"The inflation in Asia also remains on high side with China at some 7.11 percent, India 11.9 percent, Vietnam 26.8 percent, Thailand 8.9 percent, Indonesia 11.1 percent, Malaysia 7.7 percent and Philippine having 11.4 percent inflation," he informed.

While on the other side many Asian central banks rates are below the inflation rate, which is further creating problems, he added. He said that sharp price increases on energy and foodstuffs are linked with the major advances in development occurring in many emerging markets, which are the result of the increased use of household appliances.

Moreover, a lot more energy is also being consumed because of the rapid pace of infrastructure expansion. Professor Walter said that overall energy prices including electricity and gas are unlikely to come down in the fiscal year 2009 globally and will become more expensive in the future, while during the half of next decade the oil prices would surge to new peak of 200 dollar per barrel.

"Some decline in the oil price in the near future is expected, however despite some decline in oil prices, the prices of metal and commodities prices would not come down in view of the tremendous demand," he added.

Speaking about the sub-prime crisis he said that it has triggered the sharp slowdown in US economy, while the emerging and developing countries would also be hurt by the US financial market turmoil.

The sub-prime crisis has hit the housing industry declining the demand and prices of houses and real-estate sector causing recessions in several countries, he said. He said that current financial turmoil has also hit Asia and stocks and bonds markets are likely to suffer. However, a marked rise in interest rates in emerging markets the economic downturn may well intensify during current fiscal year.

 

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July current account deficit up by 24 percent​

KARACHI (August 21 2008): Pakistan's current account deficit jumped up by 24 percent to 1.01 billion dollars during the first month of current fiscal year against 816 million dollars during the same period of last fiscal year, depicting an increased of 194 million dollars. This was due mainly to rising trade and income deficits, besides huge foreign payment and slow foreign inflows.

Economists said that imports growth was still higher than exports despite State Bank of Pakistan's (SBP) stern measures to curb imports and during this period imports grew by 38 percent while exports growth was 29 percent.

SBP statistics on Wednesday showed that current account contributed 1.195 billion dollars deficit, 428 million dollars services deficit and 340 million dollars income deficit. The combined deficit of income, trade and services amounted to 1.963 billion dollars as against the current account transfers of 968 million dollars in July last.

Goods deficit has gone up by 33 percent to 1.19 billion dollars in the first month of fiscal year 2008-09 as compared to 899 million dollars during corresponding period of last fiscal year.

Ihe income deficit increased by 25 percent to 340 million dollars, as country's altogether income from abroad stood at 65 million dollars compared to payments of 405 million dollar during July 2008. However, the services sector performed well and its deficit declined by 21 percent to 428 million dollars, with exports of 263 million dollars and imports of 691 million dollars.

Without official transfers the country's current account deficit stood at 1.01 billion dollars in July 2008 as compared to 841 million dollars in July 2007. Analysts said that during July the country also made some foreign payment, which put a negative impact on the current account deficit, while foreign inflows were already on slow track due to the persisting political uncertainty in the country.

 

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'Industrial, technical sectors linkage to be strengthened'​

LAHORE (August 21 2008): The Punjab Government will not only strengthen the linkage between technical institutions and industries but also make it more effective so that we could produce skilled labour force according to the requirements of local market.

This was stated by Chairman of Chief Minister's Task Force on Industrial Development, Small and Medium Enterprises (SMEs) Yawar Irfan Khan during a meeting with businessmen and entrepreneurs here at the head office of Punjab Small Industries Corporation (PSIC) on Wednesday.

Yawar said that small and medium enterprises are the backbone of economy and the Punjab government would prepare a comprehensive policy for the promotion of SMEs which would help generate job opportunities apart from checking poverty ratio in the province. He said that proposals and recommendations of industrialists, traders and business community would be included in the proposed policy and after giving final shape, the draft of policy would be presented to Chief Minister Punjab for final approval.

He said that duplication role of various departments would be further minimised and SMEs sector would be provided more incentives and facilities. He said that due attention would be paid on research work on SMEs sector. On this occasion, businessmen and traders also presented the proposals for the promotion of SMEs sector.

 

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Indus Motor plans to increase production​

KARACHI (August 21 2008): Indus Motor has planned to increase production capacity twofold to meet market demand besides introducing four more new models till 2015. This was stated by Parvez Ghias, CEO, Indus Motor Company Limited (IMCL) along with Muhammad Faisal, Chief Finance, IMCL, Shah Muhammad Saad Hussain, Director Planning and CR, IMCL, Raza Ansari, Director Sales and Marketing and Mustafa Hussain Lakhani, Manager Finance, IMCL at a press conference held at local hotel on Wednesday.

"Auto sector can not achieve sustainable development until the government takes positive measures for the sector," he said, demanding that five percent FED be withdrawn on the cars above 850cc and reduced recently increased sales tax rate.

He said that imports of reconditioned vehicles were only allowed to minimise gap between supply and demand and added that situation had completely changed and now industry was producing sufficient number of vehicles to meet market demand.

He, therefore, urged the government to evolve a policy to discourage the imports of reconditioned vehicles, which would definitely facilitate all stakeholders especially manufacturers and vendors at maximum.

He said that over 32 million Corollas had been sold in 140 countries for last 42 years, making it the most popular vehicle in the world. He informed that some 35,000 Corollas had been sold last year across the country and added that Pakistan had achieved first position for last two consecutive years in Corolla sales across Asia.

Parvez cited the features of new model, saying that Corolla had been reborn as a luxurious car, with advanced features and even more modern and stylish design while retaining the Toyota DNA of Quality, Reliability and Durability (QRD). He said that that Toyota had increased its share holding to 37.5 percent, which reflected its long-term commitment to the automotive industry in Pakistan.

 

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Underprivileged areas: Rs 3,516 million being spent on upgradation project, says minister​

LAHORE (August 20 2008): Senior Minister Punjab, Raja Riaz Ahmad, has said that government was spending an amount of Rs 3,516 million on the upgradation project of underprivileged areas of the province, which will provide all necessary amenities of life to the vulnerable at their door steps to improve quality of life of the people.

He was talking to the delegations of MPAs, social workers and political activists who called on him here on Tuesday. Raja Riaz told that this project would strengthen the role of union councils, help alleviate poverty in rural areas and improve literacy through skill training to the youth.

Further briefing the delegations about the different features of the project, the Senior Minister informed that this project is being carried out in the areas of Rawalpindi, Jhelum, Chakwal, Gujrat, Sialkot, Narowal, Khushab, Mianwali, Bhakkar, Layyah, Kotli Satiyan, Choa Sydan Shah, Isa Khail, Piplan, Pasrur, Sarai Alamgir, Kharian, Darya Khan, Mankera, Kaloor Kot, Karor and Chobara.

This project will be pivotal in improving socio-economic conditions of the people besides giving them necessary training to earn their livelihood and improve the standard of life, Raja Riaz maintained.

 

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July oil import bill swells to $1.287 billion​

ISLAMABAD (August 21 2008): The country's oil import bill swelled by 87.41 percent to $1.287 billion in July 2008, over the same period of last year ie $686 million. The detailed trade figure released by the Federal Bureau of Statistics (FBS) on Wednesday showed $1.287 billion oil imports in July 2008 as compared to $686.855 million in July 2007.

The oil import bill was closed at $11.30 billion in 2007-08 as 55.14 percent up by over $7.335 billion for 2006-07 owing to high oil prices in the international market. As a result, the inflated oil import bill was one of the major reasons for highest-ever trade deficit in Pakistan for the year closed in June. Pakistan faced $20.7 billion trade deficit in 2007-08, highest in the country's history.

The share of oil import stood at $1.287 billion to the total imports of $3.549 billion for the month with petroleum products $752 million and crude oil $534 million. The import of food, machinery agriculture and other chemical group also increased in July 2008, the FBS said.

Import of machinery for power generation, textile and construction was up by 11.10 percent in July over the same period of last fiscal year. The machinery import stood at $593 million in July 2008 against $534 million in July 2007. However, there was a decline of 24.62 percent in import of machinery in July over June 2008, from $787.911 million to $534 million.

Food import went up by 8.68 percent in July 2008 over the same month of last year. The import of palm oil stood at $107 million in July, followed by $30 million dry fruit, $25 million pulses and $33 million others.

The import of agriculture and other chemical groups also increased by 37.57 percent in July over the same period of last year on the back of more requirements of fertilisers and insecticide products.

 

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Technology for uninterrupted power supply introduced​

ISLAMABAD (August 21 2008): Minister for Water and Power Pervaiz Ashraf has underlined the need for providing uninterrupted power supply to industry, trade and agriculture sectors to achieve the country's socio-economic development.

He said in his message read out in the inaugural ceremony of 'Power Boss Energy Saving Technology', introduced for the first time in Pakistan jointly by a British company, Somar International, and Suntechkays EnCon International Pakistan here on Wednesday.

The minister was to be chief guest on this occasion but could not turn up due to unavoidable reasons, for which he regretted. He said the introduction of Power Boss Energy Saving Technology would help to achieve this goal coupled with other allied benefits for these sectors.

In his message, he said the government was striving to overcome the prevailing energy crises. "We shall encourage all those who would help government to produce more energy and to conserve the existing source of electricity," he added. He appreciated Somar International, the manufacturers of Power boss Energy Saving product and Suntechkeys International Pakistan, introducers for their hectic efforts to introduce this revolutionary technology in Pakistan. A former Wapda chairman, Shamsul Mulk, on this occasion said that 21st century is more demanding and it is the dire need of the hour to have new water reservoirs.