* IMF executive board talks to review Pakistans performance scheduled for August
ISLAMABAD: The release of the next instalment of $840 million part of a $7.6 billion International Monetary Fund (IMF) standby arrangement (SBA) to Pakistan has been further delayed, with a meeting of the IMF executive board, which would review the release, scheduled for August 7.
Earlier, the IMF was supposed to release the $840 million to Pakistan during June, but as a result of the delay in the announcement of the federal budget, the date for an IMF review was also extended, which in turn deferred the payment.
Finance Secretary Salman Siddique told reporters that the IMF executive board was to meet on August 7 in Washington to review Pakistans economic performance and budget initiatives, for a decision on the release of the next tranche.
The finance secretary also said that the IMF, during talks in Istanbul, had agreed to allow Pakistan to provide a power tariff subsidy of Rs 55 billion during 2009-10. He said the government would be required to rationalise its expenditures to adjust the additional spending of Rs 55 billion.
He said the World Bank (WB) and the Asian Development Bank (ADB) were the major financers of the power sector reforms, and we have some commitments with them
technical level talks are underway with authorities of both institutions. The second leg of the talks between the Finance Ministry and the two institutions began on Monday, and is expected to conclude today (Tuesday).
Hina Rabbani Khar minister of state for finance and revenue told reporters that the government might consider the termination of gas supply to CNG stations, and divert the available gas to power generation, as furnace oil prices are on the higher side.
According to the official sources, WB and ADB are demanding that the government recover the full cost from consumers to bridge PEPCOs income-expenditure gap.
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KARACHI (July 14 2009): President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Sultan Ahmed Chawla and other members of Pakistan trade delegation, led by Chief Executive of Trade Development Authority of Pakistan (TDAP) Mohibullah Shah called on Chief Executive Officer of the Brampton Board of Trade of Canada, Gary Collins.
Gary Collins expressed his confidence that the Canada Pakistan Trade Expo will prove to be a turning point in promotion of bilateral trade relations and restoring the confidence of Canadian buyers. He suggested that Canadian market can be exploited by organising such events with continuity, said FPCCI statement issued here on Monday.
President FPCCI Sultan Ahmed Chawla invited Canadian investors to Pakistan for investment in various fields including energy sector, IT sector, cold storage, textile, garments and transfer of technology.
They informed the Chief Executive Officer about the lucrative incentives being offered by Pakistan to the foreign investors. Canada Pakistan Trade Expo indicates the interest of Pakistani exporters and manufacturers in the Canadian market. Mohibullah Shah, CEO Trade Development Authority of Pakistan announced that Canada Pakistan Trade Expo would be organised every year in Toronto providing opportunities to business communities of both the countries to come more closer.
However, he said, the Canadian businessmen have to reciprocate by arranging visit of trade delegations to Pakistan. He also extended invitation to Canadian investors to visit Pakistan Expo 2009 and offered all possible co-operation and assistance for their visit. Canada Pakistan Trade Expo witnessed heavy crowds.
A large number of Pakistani and Canadian buyers visited Expo and placed orders while retail sale was also at boom. The retail sale of Pakistani rice, bed sheets, spices, onyx leather garments was outstanding while the buyers expressed their interest in surgical items, cutlery, fruits, textile.
The expo presenting a house of Pakistani products has proved that the Pakistani products are in great demand in Canada and with consistent efforts our products will make in roads in the North American market which is hitherto unexplored.
The Expo has given a great deal of confidence to the Pakistani exporters and manufacturers that their products have great potential in this market and they have welcome the announcement of Mohibullah Shah Chief Executive of TDAP to make Canada Pakistan Trade Expo a annual event. The tourism material of Pakistan display in the Expo also attracted the Canadian people. CDs on Pakistan tourism were distributed to Canadian people free of charge.
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ISLAMABAD (July 14 2009): Pakistan should ask India to provide her the facility for transit trade with Bangladesh, Nepal and Bhutan, as Pakistan has agreed to provide India similar relaxation regarding trade with Afghanistan, said Mushahid Hassain Sayed.
Talking to Business Recorder here on Monday, after conclusion of a seminar on the issue of "Pakistan-American Relations" under the auspices of Centre for Research of Security Studies (CRSS) he said that it was need of the hour to pursue India to provide Pakistan route of trade with these countries.
He said that Prime Minister Yousaf Raza Gilani must urge Indian premier Manmohan Singh during his meeting on the sidelines of Sharm-el-Sheikh summit of Non-Aligned Movement (NAM) to resolve all the outstanding issues with Pakistan through dialogue.
On a question he said that Pakistan should raise water issue with the Indian premier during the meeting as it was most important for Pakistan's agriculture. Mushahid added that the prime minister of Pakistan during the talks with the Indian premier in Sharm-el-Sheikh summit must ask India to stop human right's violations in occupied Kashmir.
He also said that conspiracies were being hatched through different channels to deprive Pakistan of its nuclear arsenal. Earlier, speaking at the seminar the speakers said that there are three elements of mistrust between the US and Pakistan and stressed United Sates must try to remove this mistrust.
They said that among the three issues, first is US track record of using, ditching and discarding an old ally (Pakistan) after achieving its goals on any important international matter.
Secondly, there always remained an 'India factor' despite the fact that India was ally of Soviet Union but US had always tilted towards India on Pakistan's expense including arms ban in 1965 war, failure to counter India-Soviet nexus in 1971, Pressler sanctions in 1990s and India-US nuclear deal in 2005, which violated both US laws and NPT. Thirdly, post 9/11 remarks of President Bush pertaining to Weapons of Mass Destruction (WMD) and campaign against ISI.
On a question why Pakistan is relying on US assistance and US dominating Pakistan's foreign policy, Mushahid said that Pakistan had achieved what was needed from US and at present US was dominating Indian foreign policy as compared to Pakistan.
Replying to a question he said that whenever USA starts romance with Pakistan there was dictatorship in Pakistan, adding that the dictators served the USA's interests in the best way as US wants only one window operation instead of democratic complications.
"For years, we had an unbalanced policy in South Asia and people are looking at it superficially and say that we have a great relationship with Pakistan, but it was a false relationship because at the first instance it was built against the India-Soviet Union nexus and latter it was against the Soviet occupation of Afghanistan," Mushahid giving the presentation at the seminar reading an excerpts from an interview of Ex US under secretary of states Richard Armitage with Indian daily the Hindu said that US was safeguarding its interests in the region long ago and Armitage gave this interview to the paper 90 days before the 9/11 incidents.
Other speakers addressing the seminar said that the Pakistani leadership was just doing nothing seriously on the issues relating to Pak-US relations. They said that the Pakistan government was even informed about the US Drone strikes inside the Pakistani territory, but the leadership was just making statements.
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KARACHI (July 14 2009): President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Sultan Ahmed Chawla and other members of Pakistan trade delegation, led by Chief Executive of Trade Development Authority of Pakistan (TDAP) Mohibullah Shah called on Chief Executive Officer of the Brampton Board of Trade of Canada, Gary Collins.
Gary Collins expressed his confidence that the Canada Pakistan Trade Expo will prove to be a turning point in promotion of bilateral trade relations and restoring the confidence of Canadian buyers. He suggested that Canadian market can be exploited by organising such events with continuity, said FPCCI statement issued here on Monday.
President FPCCI Sultan Ahmed Chawla invited Canadian investors to Pakistan for investment in various fields including energy sector, IT sector, cold storage, textile, garments and transfer of technology.
They informed the Chief Executive Officer about the lucrative incentives being offered by Pakistan to the foreign investors. Canada Pakistan Trade Expo indicates the interest of Pakistani exporters and manufacturers in the Canadian market. Mohibullah Shah, CEO Trade Development Authority of Pakistan announced that Canada Pakistan Trade Expo would be organised every year in Toronto providing opportunities to business communities of both the countries to come more closer.
However, he said, the Canadian businessmen have to reciprocate by arranging visit of trade delegations to Pakistan. He also extended invitation to Canadian investors to visit Pakistan Expo 2009 and offered all possible co-operation and assistance for their visit. Canada Pakistan Trade Expo witnessed heavy crowds.
A large number of Pakistani and Canadian buyers visited Expo and placed orders while retail sale was also at boom. The retail sale of Pakistani rice, bed sheets, spices, onyx leather garments was outstanding while the buyers expressed their interest in surgical items, cutlery, fruits, textile.
The expo presenting a house of Pakistani products has proved that the Pakistani products are in great demand in Canada and with consistent efforts our products will make in roads in the North American market which is hitherto unexplored.
The Expo has given a great deal of confidence to the Pakistani exporters and manufacturers that their products have great potential in this market and they have welcome the announcement of Mohibullah Shah Chief Executive of TDAP to make Canada Pakistan Trade Expo a annual event. The tourism material of Pakistan display in the Expo also attracted the Canadian people. CDs on Pakistan tourism were distributed to Canadian people free of charge.