What's new

Pakistan Economy - News & Updates - Archive

Status
Not open for further replies.
Forex reserves ascend to $13.5065 billion record level

KARACHI: Pakistan’s foreign exchange reserves in the week ending March 17 further swelled by $89.7 million mounted to a new record of $13.5065 billion.

State Bank of Pakistan (SBP) released data showed that the forex reserves on March 10 stood at $13.4168 billion, which swung up to $13.5065 billion on March 17.

Central Bank’s existing forex reserves during this period rising by $65.8 million pegged at $11.2446 billion, while the reserves with the banks also rose by $3.9 million to reach at $2.2619 billion.

http://geo.tv/geonews/details.asp?id=3765&param=3
 
.
Kuwait to provide $37 mln loan for Hydropower project
ISLAMABAD: Pakistan and Kuwait Fund signed a loan agreement amounting to $37 million for a Hydropower project here on Wednesday.

Secretary of Economic Affairs Division, M. Akram Malik told Geo News that Kuwait will provide $37 million loan for the Golan Gol Hydropower project in Chitral.

The Golan Gol is a 106-megawatt Hydropower project, located on the Golan Gol River about 25 kms from Chitral city. The total cost of the project is estimated $117 million
http://geo.tv/geonews/details.asp?id=3688&param=3
 
.
Kuwait to provide $37 mln loan for Hydropower project
ISLAMABAD: Pakistan and Kuwait Fund signed a loan agreement amounting to $37 million for a Hydropower project here on Wednesday.

Secretary of Economic Affairs Division, M. Akram Malik told Geo News that Kuwait will provide $37 million loan for the Golan Gol Hydropower project in Chitral.

The Golan Gol is a 106-megawatt Hydropower project, located on the Golan Gol River about 25 kms from Chitral city. The total cost of the project is estimated $117 million
http://geo.tv/geonews/details.asp?id=3688&param=3

Owais,

You have already posted this news and I've deleted it TWICE already due double post! :wall:
Do care to read the thread before posting, I have better things to do than to delete your posts on daily base! :mad:
 
.
Owais,

You have already posted this news and I've deleted it TWICE already due double post! :wall:
Do care to read the thread before posting, I have better things to do than to delete your posts on daily base! :mad:

opps!
my mistake
I will be carefull next time
 
. . . .
FDI rises to $2.97bn

KARACHI: Foreign direct investment (FDI) in Pakistan almost doubled to $2.97 billion in the first eight months of the 2006-07 fiscal year (July-June), with the communications sector attracting most, official figures show.

Data posted by the State Bank of Pakistan on its website on Thursday showed FDI for the July-February period rose 95.4 per cent from $1.52 billion in the corresponding period last year.

Inflows from foreign portfolio investment during the eight months were $981.2 million, up from $470.9 million in the corresponding period last year.

The United States maintained its lead in the list of foreign investors with total investment of $1.1 billion during the period, followed by Britain with $875.8 million, China with $678.5 million and the United Arab Emirates with $328.2 million.

Inflows generated by privatisation amounted to $133.2 million in the eight-month period, compared with $354 million in the year-ago period. The communications sector attracted $1.28 billion, outdoing all other sectors, followed by banking and financial services at $572.8 million.

In these eight months, $352.7 million were invested in oil and gas exploration. Pakistan is expecting a jump of more than 50 percent in foreign investment to nearly $6 billion in 2006/07, lured by sweeping reforms that have helped turn the economy around. Foreign investment in Pakistan was $3.87 billion in the last fiscal year.

The News.
http://thenews.jang.com.pk/daily_detail.asp?id=47946
 
.
$4.6 billion FDI received in eight months: advisor

ISLAMABAD (March 24 2007): The country has attracted $4.6 billion foreign direct investment (FDI) during the last eight months as compared to $1.89 billion during the same period of last year, Economic Advisor, Ministry of Finance, Dr Ashfaq Hassan Khan said.

A surge of 147 percent has been recorded in FDI in the country during last eight months. In February alone, it was $1 billion, he told a private TV channel. The country's foreign debt burden decreased to 28 percent in December 2006 from 66 percent of GDP in June 1999.

The unemployment ratio has been brought down to 6.2 percent in 2005-06 from 8.3 percent in 2003-04, he said. Due to rapid development, electricity consumption has been persistently increasing by 10.5 percent per annum during last couple of years as compared to only 3 percent seven years ago. Efforts are underway to meet the demand by producing more and more electricity, as 60 percent increase has already been registered in imports of furnace oil during last seven months.

Commenting on the overall performance of economy in last 60 years, he said that Pakistan has managed an average growth ratio of five percent per annum in last six decades. Cotton production has been increased to 13 million bales from 10 million bales while wheat production has been augmented to 22 million tonnes from 13 million tonnes.

Production of sugarcane has escalated to 50 million tonnes from 46 million tonnes during the past six decades. Responding to a question, he said that the country's per capita income is far better than India, as it is $660 there, and Pakistan's average income is $847.

http://www.brecorder.com/index.php?id=542534&currPageNo=1&query=&search=&term=&supDate=
 
. .
Ministry seeks Rs 28 billion for execution of uplift programme

ISLAMABAD (March 24 2007): The Ministry of Housing and Works has demanded Rs 28 billion for its development programme in 2007-08 that includes a mega project of water supply to federal capital from Ghazi Barotha, sources told Business Recorder.

The total cost of the project had been estimated at Rs 46 billion and after its completion the water requirements of Islamabad Capital Territory (ICT) would be fulfilled till 2050, the sources added. They said that Capital Development Authority (CDA) had informed the Planning and Development (P&D) division that the work on the project would be started next fiscal year.

In the first year of implementation, an amount of Rs 14 billion would be required, as estimated by the ministry and the CDA, the sources said. According to them, it was one of the major development projects that the Ministry of Housing and works wanted to start work on during next fiscal year, which increased the total demand of the ministry for allocation under the budgeted Public Sector Development Programme (PSDP) 2007-08.

The housing ministry had taken up the case with the P&D, said an official in the ministry. He said that there was urgent need to launch some important schemes from the next fiscal year. The ministry estimates that the federal government is required to approve the development plan along with the required funding, he added.

The P&D has initially informed the ministry that the allocations under the PSDP 2007-08 must be kept between Rs nine to 10 billion and the ministry should concentrate more on the implementation of their new and ongoing projects in order to ensure their timely completion, the official said. The P&D was of the view that the housing ministry should go to the meeting with a demand of Rs 9 to 10 billion.

The P&D's priority committee would commence regular meetings from April 2 to 14 and they would recommend the proposed allocations for the ministries in 2007-08 PSDP to the Annual Plan Coordination Committee (APCC). The APCC would refer its recommendation to the National Economic Council (NEC), which is the final authority to approve the allocations for the ministry under the budgeted PSDP.

They said the P&D and the Ministry of Finance had been urging all the ministries to improve the implementation process of the projects. Around 20 to 25 percent of more than 1,500 projects had already been declared slow moving. The slow-paced projects cause huge losses to the national exchequer, they added.

http://brecorder.com/index.php?id=542538&currPageNo=1&query=&search=&term=&supDate=
 
.
Plan to boost exports of precious stones, jewelries
ISLAMABAD: Boosting of Pakistan exports of precious stones and jewelries up to $1.5 billion by 2017 is being planned.

Ministry of industry and production officials here told that the Pakistan’s exports of precious stones and jewelries currently valued at only $25 million and a plan was underway for raising it up to $1.5 billion in the next ten years.

Officials told that the Planning Commission has approved the setting up of a gems and jewelry company at the cost of Rs1.40 billion. The company, besides providing training for jewelries and precious stones making, would also conduct research on latest technology for this sector.

http://geo.tv/geonews/details.asp?id=3802&param=3
 
.
Saturday, March 24, 2007

Bio-energy production: Govt plans to use biomass plants

By Sajid Chaudhry

ISLAMABAD: The government plans to produce bio-energy by utilising biomass plants, residues like wheat straw, rice husk, cotton sticks, corn cobs, kallar grass and other salt tolerant plants.

The project is proposed to be completed during 2007-2010, with an estimated cost of Rs 295.4 million. The production of bio-energy from plant residues is in vogue in many countries like United States of America (USA), Brazil, Northern America and European Union.

According to the sponsoring agency of the project ministry of science and technology, the project would carryout research on meaningful utilization of plan residual mater to convert into bio-fuel to be used as an alternative source of energy.

Crop residuals, which remain unutilized and wasted in the country, would have their best alternative profitable use and it will increase the profitability of the farming sector.

The project envisages utilizing the experience already gained to develop economically feasible production of bio-fuel from biomass. Further research and development studies would be undertaken on the conversion of plant residues like wheat straw, rice husk, cotton sticks, corm cobs, kallar grass and other salt tolerant plants into ethanol or biogas so as to use it as an alternate source of energy.

The objectives of the project are production of thermostable and high specific activity celluloses at a minimum cost, pretreatment of plant biomass including kallar grass, bagasse, corn cobs for saccharification by enzymes, utilization of sugar in fermentation process to produce alcohol by action of yeast; development of microbial consortia for economic conversion of the pentose rich residual matter to produce methane gas; undertaking study the possibility of using the nitrogen-rich residual mater obtained from methanogenic as a fertilizer; scaling up the processes of pretreatment, enzyme production, saccharification, alcohol fermentation and methanogenic fermentation for ultimate large scale operation; and development of feasibility for large-scale application on the basis of the results obtained from implementation of this project for perspective entrepreneurs.

The proposed executing agencies of the project include National Institute for Biotechnology and Genetic Engineering, Faisalabad, School of Biological Sciences, Lahore, Institute of Biotechnology, Lahore, Biotechnology and Food Research Centre, Lahore and Shakarganj Sugar Mills Ltd Jhang. Under the project, additional laboratories would be established and properly equipped at the respective campuses of executive agencies.

The project document reveals that the technical expertise and other facilities of the Shakarganj Sugar Mill shall be available for implementation of many aspects of Research and development activities. The mills would not be benefited by Government of Pakistan funds. Monitoring of the project implementation would be done by a Steering Committee headed by the Member, Food and Agriculture, Planning Commission with members from implementation agencies, Alternate Energy Board and Hydrocarbon Development Institute.

The technical appraisal of the production of bio-energy from plant residues highlighted that some important aspects which include the production of bio-energy from plant residues is in vogue in many countries like United States of America (USA), Brazil, Northern America and European Union. The sponsor may indicate the unit cost of the bio-energy produced in those countries to access its viability in Pakistan.

The biogas technology was introduced during 70s but it could not make headway on large-scale production and adoption by the public. The sponsor may take in to account the reasons for its low adoptability and indicate steps to be undertaken to ensure its widespread adoption. Moreover, social acceptability may be assessed by the sponsors.

http://www.dailytimes.com.pk/default.asp?page=2007\03\24\story_24-3-2007_pg5_1
 
.
Saturday, March 24, 2007

NBP to set up own IT systems costing $40m

By Arshad Hussain

KARACHI: National Bank of Pakistan (NBP) is going to establish its own IT systems and procedures with a cost of $40 million and would be completed in next two years.

“The management has the right intentions and has already contacted a short list of vendors and the final decision and systems design and implementation will require many months,” a source said.

According to initial estimates provided by bank management, the total IT upgrade plan would cost of $40 million and would be completed in phases over a two-year time. While full benefits are expected to be reflected once the system has been fully installed.

NBP plans to roll out relevant services in the interim as and when modules come online, the source added.

A conservative management practices were to blame earlier, the crippling factor for NBP in view which is restricting it from a major move into consumer finance is the lack of requisite IT systems and procedures. The majority of NBP’s operations are still operating on legacy IT systems, which are not powerful enough to support the development of a dynamic consumer finance platform.

Furthermore, being a government owned organisation, the decision makers are very sensitive to making sure that the proper procedures are followed and that the overall process is transparent.

National Bank of Pakistan’s earnings soared by 35% YoY to Rs17.0bn in FY06 as compared with Rs12.6bn during FY05. This translated into an EPS at Rs24.01 as against Rs17.84 during the preceding year. Growth in the core earnings was primarily attributable to increased profitability of the bank. Net mark-up income of the bank increased by 29% to Rs30.1bn as against Rs23.3bn last year. Non mark-up income during the year also increased by 29% to Rs12.1b on the back of 68%, 25% and 253% increment on account of dividend income, fee, commission and brokerage income and other income to Rs 2,892m, Rs 6,145m and Rs 628m respectively. On the other hand, a 19% increment in the non interest expenses and 189bps hike in the effective tax rate to 35.3% during the year restricted the due growth in bottom-line.

National Bank of Pakistan (NBP) FY06 earnings announcement was 9% below the general market anticipation. The financials of the bank accompanied a final cash dividend at 40% for the year. Furthermore, the board of directors also announced to issue bonus shares at 15%.

http://www.dailytimes.com.pk/default.asp?page=2007\03\24\story_24-3-2007_pg5_3
 
.
Telecom sector attracted $9 billion in three years: Shaukat

ISLAMABAD: March 24, 2007: Prime Minister Shaukat Aziz on Saturday said the telecom sector which was getting negligible investment only a few years back has attracted $9 billion foreign investment in the last three years and expects to get another $4 billion during the next 3-4 years.

He was talking to Rob Conway, Chief Executive Officer of GSMA Association who called on him along with CEOs of Warid, Mobilink, Ufone, Telenor and Paktel here.

GSMA is a global trade association representing more than 700 GSM mobile phone operators across 217 territories and countries of the world.

The prime minister said Pakistan has become a hub of activity for international and local telecom companies and unprecedented amount of foreign investment flowed into the sector due to the well thought-out telecom policy, which was prepared after intensive discussions and debates involving all stakeholders.

He said Pakistan has bright prospects for attracting foreign investment as the economy is growing fast and demand is increasing with a flourishing middle class and the improved capacity of the people to pay.

The prime minister said telecom is one of the fastest growing sectors of the country and the combined teledensity has increased from 4.5 percent of the population two years ago to about 40 percent at present.

The number of subscribers of fixed and mobile telephony has increased from 8 million in 2003 to over 50 million in 2006 and the market has the potential to reach 80 million mobile in 2 to 3 years, he added.

The prime minister said that the telecom sector has become a major employer of skilled jobs as its exponential growth has resulted in creation of 80,000 jobs directly and 500,000 jobs indirectly.

He said people are the major beneficiaries of the telecom sector's success story as 70 percent of the country's population has access to improved telecom services at substantially reduced tariffs.

The prime minister said the government is implementing legislation for developing Universal Service Fund (USF) framework to enhance rural teledensity and to provide basic telecom services to the under/and unserved areas.

He said the government is also evolving comprehensive framework for aligning regulatory framework for leveraging mobile technology for improving access to financial services.

This will bring low income cash dependent segment into the banking network and hence make provision of full range of micro-finance services possible, the prime minister added.

Rob Conway appreciated the reforms-oriented policies of the government. He said the level playing field and the facilitating environment created by the government has encouraged investors and Pakistan is attracting significant foreign investments, he added.

Rob Conway commended the positive and co-operative attitude of the government functionaries and said every possible effort is being made to facilitate the private sector to grow.

The meeting was attended among others by Minister for IT & Telecom Awais Ahmed Leghari, Senior Vice President Public Policy GSM Ricardo Tavares, CEO Wand Telecom (Pvt) Ltd Hamid Farooq, CEO Mobilink Zouhair Khaliq, CEO UFONE Mubashir Naqvi, CEO Telenor Tore Johnson, CEO Paktel Guo Yong Hong and senior officials.

http://www.brecorder.com
 
.
Status
Not open for further replies.

Pakistan Defence Latest Posts

Pakistan Affairs Latest Posts

Back
Top Bottom