why will they protect them
pakistan economy past and present
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why will they protect them
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ECC to approve Rs 10 billion bailout package for PSM
MUSHTAQ GHUMMAN
ISLAMABAD (January 10 2010): The Economic Co-ordination Committee (ECC) of the Cabinet, which is scheduled to meet on January 12, 2010, will approve a bailout package of Rs 10 billion for the financially strapped Pakistan Steel Mills (PSM), sources close to Industries Minister told Business Recorder.
The Federal Investigation Agency (FIA) is currently investigating allegations of serious financial irregularities in PSM on the instruction of Supreme Court despite removal of Tariq Khosa who is now Secretary Narcotics Division.
Sources said that PSM's financial position was discussed in a meeting on May 28, 2009 in Karachi and it was decided/approved that: (i) Consortium loan of Rs 8 billion and running finance facility of Rs 2 billion be arranged through National Bank of Pakistan, with GoP guarantee; (ii) Rs 2.2 billion receivable from sales tax department be paid to Pakistan Steel immediately; (iii) in view of market fluctuation and loss of Rs 19 billion suffered through procurement and sales price variation spot procurement may be resorted to, and (iv) the payment of mark-up on subordinated loan be made by GoP up to June 30, 2009.
Sources said that in pursuance of these proposals, Finance Division has conveyed approval of a financial package to Pakistan Steel Mills to overcome its financial crisis which consists of syndicated terms finance facility of Rs 8000 million, and running finance facility of Rs 2000 million.
However, the Ministry of Finance has conveyed that the GoP guarantee would be arranged subsequently on approval by ECC, to be initiated by the Ministry of Industries and Production. Sources said that in view of Finance Division's advice, Industries Ministry is to submit a summary to the ECC for the following package, which would facilitate functioning of the PSM towards profitability.
Term loan facility of Rs 8 billion will be for 5 years in favour of Pakistan Steel based on GoP guarantee by consortium of banks led by NBP and running finance facility of Rs 2.00 billion, renewable on yearly basis. An official of the Industries Ministry told this scribe that the incumbent Minister Hazar Khan Bijarani is keen to bring out the PSM from financial crisis as the strategic asset of the country.
Source : Business Recorder [Pakistan's First Financial Daily]
MUSHTAQ GHUMMAN
ISLAMABAD (January 10 2010): The Economic Co-ordination Committee (ECC) of the Cabinet, which is scheduled to meet on January 12, 2010, will approve a bailout package of Rs 10 billion for the financially strapped Pakistan Steel Mills (PSM), sources close to Industries Minister told Business Recorder.
The Federal Investigation Agency (FIA) is currently investigating allegations of serious financial irregularities in PSM on the instruction of Supreme Court despite removal of Tariq Khosa who is now Secretary Narcotics Division.
Sources said that PSM's financial position was discussed in a meeting on May 28, 2009 in Karachi and it was decided/approved that: (i) Consortium loan of Rs 8 billion and running finance facility of Rs 2 billion be arranged through National Bank of Pakistan, with GoP guarantee; (ii) Rs 2.2 billion receivable from sales tax department be paid to Pakistan Steel immediately; (iii) in view of market fluctuation and loss of Rs 19 billion suffered through procurement and sales price variation spot procurement may be resorted to, and (iv) the payment of mark-up on subordinated loan be made by GoP up to June 30, 2009.
Sources said that in pursuance of these proposals, Finance Division has conveyed approval of a financial package to Pakistan Steel Mills to overcome its financial crisis which consists of syndicated terms finance facility of Rs 8000 million, and running finance facility of Rs 2000 million.
However, the Ministry of Finance has conveyed that the GoP guarantee would be arranged subsequently on approval by ECC, to be initiated by the Ministry of Industries and Production. Sources said that in view of Finance Division's advice, Industries Ministry is to submit a summary to the ECC for the following package, which would facilitate functioning of the PSM towards profitability.
Term loan facility of Rs 8 billion will be for 5 years in favour of Pakistan Steel based on GoP guarantee by consortium of banks led by NBP and running finance facility of Rs 2.00 billion, renewable on yearly basis. An official of the Industries Ministry told this scribe that the incumbent Minister Hazar Khan Bijarani is keen to bring out the PSM from financial crisis as the strategic asset of the country.
Source : Business Recorder [Pakistan's First Financial Daily]
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Government may allow rice export to any country
MUSHTAQ GHUMMAN
ISLAMABAD (January 10 2010): The government is likely to allow export of rice to any country on government to government basis as Pakistan Agriculture Storage and Supplies Corporation (Passco) is shouldering Rs 11.5 million interest per day on loans taken from banks for paddy procurement, sources close to Agriculture Minister told Business Recorder.
"We have proposed that the government should allow export of rice to Middle East, Iran, Europe and any other market on government to government basis, sale or export through qualified agents/brokers (local as well as international) and approval of $900/ton as minimum base price for Super Basmati within 5 percent limit of broken rice," they said.
Giving details, they said Pakistan harvested a record rice crop of 6.9 million tons in 2008-09 as against 5.6 million tons in the previous year. To stabilise the price of rice in the backdrop of record domestic crop and fairly good global production, the government decided to procure 1.0 million tons paddy (0.5 million tons from Punjab and aggregate 0.5 million tons from Sindh and Balochistan).
Passco was authorised to purchase Super Basmati paddy at Rs 1500 per 40 kg and Irri at Rs 700 per 40 kg. Passco purchased 0.461 million tons of Super Basmati paddy from Punjab and 0.214 million tons of Irri-6 paddy from both Sindh and Balochistan. Total procured quantity was 4,35,832 tons, of which 2,18,382 tons was Super Basmati, 3,297 tons Basmati 2000/385, 1,57,931 tons Irri-6(FAQ), 55,222 tons Irri-6 (rain damaged).
Sources said that total disposed of quantity through tender was 1,66,534 tons which includes 1000 tons Super Basmati, 1,11,509 tons Irri-6 (FAQ) and 54,025 tons Irri-6 (rain damaged). The buyers have not lifted procured Super Basmati and Basmati 385 whereas 61,722 tons of Irri-6 (FAQ) and 15,444 tons Irri-6 was damaged.
According to sources, 2,19,382 tons Super Basmati, 3,297 tons Basmati (385), 96,209 tons Irri-6 (FAQ) and 39,778 tons Irri-6 (rain damaged) is still lying in the Passco goodowns. Sources said that the overall maintenance cost including incidentals of rice purchased by Passco amounts to Rs 26 billion and Passco is bearing Rs 11.381 million per day as mark up for carrying over the rice stock.
Apart from this, Passco owns 0.34 million tons useable storage capacity which is occupied by rice stocks while for the rest of the quantity Passco has been paying huge rents. Due to Passco's limitations, financial imperatives, limited storage capacity, heavy bank borrowing and mark-up immediate disposal of the rice balance lying in Passco godown has become essential.
Offloading of rice stocks in the local market would result in lowering the current market price of Super Basmati which improved from Rs 650 per 40 kg in the first week of November to Rs 1000 per 40 kg by re-inducting Passco to purchase paddy from the farmers to stabilise the dwindling market. Under the circumstance, Minfa has requested the Economic Co-ordination Committee (ECC) of the Cabinet to look for avenues to export rice lying in Passco's stocks.
Sources said that most of the concerned Ministries have supported the proposal. However, Commerce Ministry is of the view that there shall not be commercial sale/international bidding. MEP is applicable only on the stocks held by Passco and agents and brokers should be selected on the basis of notified/publicised criteria through a transparent mechanism.
Source : Business Recorder [Pakistan's First Financial Daily]
MUSHTAQ GHUMMAN
ISLAMABAD (January 10 2010): The government is likely to allow export of rice to any country on government to government basis as Pakistan Agriculture Storage and Supplies Corporation (Passco) is shouldering Rs 11.5 million interest per day on loans taken from banks for paddy procurement, sources close to Agriculture Minister told Business Recorder.
"We have proposed that the government should allow export of rice to Middle East, Iran, Europe and any other market on government to government basis, sale or export through qualified agents/brokers (local as well as international) and approval of $900/ton as minimum base price for Super Basmati within 5 percent limit of broken rice," they said.
Giving details, they said Pakistan harvested a record rice crop of 6.9 million tons in 2008-09 as against 5.6 million tons in the previous year. To stabilise the price of rice in the backdrop of record domestic crop and fairly good global production, the government decided to procure 1.0 million tons paddy (0.5 million tons from Punjab and aggregate 0.5 million tons from Sindh and Balochistan).
Passco was authorised to purchase Super Basmati paddy at Rs 1500 per 40 kg and Irri at Rs 700 per 40 kg. Passco purchased 0.461 million tons of Super Basmati paddy from Punjab and 0.214 million tons of Irri-6 paddy from both Sindh and Balochistan. Total procured quantity was 4,35,832 tons, of which 2,18,382 tons was Super Basmati, 3,297 tons Basmati 2000/385, 1,57,931 tons Irri-6(FAQ), 55,222 tons Irri-6 (rain damaged).
Sources said that total disposed of quantity through tender was 1,66,534 tons which includes 1000 tons Super Basmati, 1,11,509 tons Irri-6 (FAQ) and 54,025 tons Irri-6 (rain damaged). The buyers have not lifted procured Super Basmati and Basmati 385 whereas 61,722 tons of Irri-6 (FAQ) and 15,444 tons Irri-6 was damaged.
According to sources, 2,19,382 tons Super Basmati, 3,297 tons Basmati (385), 96,209 tons Irri-6 (FAQ) and 39,778 tons Irri-6 (rain damaged) is still lying in the Passco goodowns. Sources said that the overall maintenance cost including incidentals of rice purchased by Passco amounts to Rs 26 billion and Passco is bearing Rs 11.381 million per day as mark up for carrying over the rice stock.
Apart from this, Passco owns 0.34 million tons useable storage capacity which is occupied by rice stocks while for the rest of the quantity Passco has been paying huge rents. Due to Passco's limitations, financial imperatives, limited storage capacity, heavy bank borrowing and mark-up immediate disposal of the rice balance lying in Passco godown has become essential.
Offloading of rice stocks in the local market would result in lowering the current market price of Super Basmati which improved from Rs 650 per 40 kg in the first week of November to Rs 1000 per 40 kg by re-inducting Passco to purchase paddy from the farmers to stabilise the dwindling market. Under the circumstance, Minfa has requested the Economic Co-ordination Committee (ECC) of the Cabinet to look for avenues to export rice lying in Passco's stocks.
Sources said that most of the concerned Ministries have supported the proposal. However, Commerce Ministry is of the view that there shall not be commercial sale/international bidding. MEP is applicable only on the stocks held by Passco and agents and brokers should be selected on the basis of notified/publicised criteria through a transparent mechanism.
Source : Business Recorder [Pakistan's First Financial Daily]
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Rabi season: SBP launches Rs 7.5 billion agriculture finance plan for Faisalabad
FAISALABAD (January 09 2010): The State Bank of Pakistan (SBP) has launched a pilot project, Phase-II, from current Rabi season 2009-10 in Jhang and Toba Tek Singh for enhancing outreach of agricultural financing in underserved districts of Punjab, and the target has been set for disbursement of Rs 7.5 billion for the season.
Dr Muhammad Saleem, Chief Manager, State Bank of Pakistan, while presiding over a workshop on revenue documents, said that under the regulatory framework of SBP one-window Pilot Project-II has been launched to facilitate farmers, and 20 focal points in Faisalabad, Samundri, Mamunkanjan, Jaranwala, Satiana, Tandlianwala, Chak Jhumra, Toba Tek Singh, Kamalia, Gojra, Pir Mahal, Sandhilianwali, Rajana town, Jhang, Shah Jewna, Atahara-Hazari, Chiniot, Shorkot and Garh Maharaja havebeen set up to disburse the credit facility to the peasants at grass-roots level.
The workshop was held at NBP regional office at Jhang and several stakeholders including representatives of commercial banks, agricultural officials, revenue staff and postal department also participated and assured for their full co-operation to make this pilot project a success.
Source : Business Recorder [Pakistan's First Financial Daily]
FAISALABAD (January 09 2010): The State Bank of Pakistan (SBP) has launched a pilot project, Phase-II, from current Rabi season 2009-10 in Jhang and Toba Tek Singh for enhancing outreach of agricultural financing in underserved districts of Punjab, and the target has been set for disbursement of Rs 7.5 billion for the season.
Dr Muhammad Saleem, Chief Manager, State Bank of Pakistan, while presiding over a workshop on revenue documents, said that under the regulatory framework of SBP one-window Pilot Project-II has been launched to facilitate farmers, and 20 focal points in Faisalabad, Samundri, Mamunkanjan, Jaranwala, Satiana, Tandlianwala, Chak Jhumra, Toba Tek Singh, Kamalia, Gojra, Pir Mahal, Sandhilianwali, Rajana town, Jhang, Shah Jewna, Atahara-Hazari, Chiniot, Shorkot and Garh Maharaja havebeen set up to disburse the credit facility to the peasants at grass-roots level.
The workshop was held at NBP regional office at Jhang and several stakeholders including representatives of commercial banks, agricultural officials, revenue staff and postal department also participated and assured for their full co-operation to make this pilot project a success.
Source : Business Recorder [Pakistan's First Financial Daily]
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Construction of Diamer-Bhasha Dam to start this year: Wapda chief
KARACHI (January 10 2010): The Thar Coal and Energy Board (TCEB) in its 7th meeting at Sindh Chief Minister House on Saturday decided to give 20.5 and 20 percent Internal Rate of Return (IRR) to those companies investing in 'initial projects' at the Thar Coal achieving financial close respectively by December 2014 and 2015.
The federal government has summoned a high-level meeting next week in the federal capital to review performance of the Karachi Electric Supply Company (KESC). This was stated by Federal Minister for Water and Power Raja Pervez Ashraf while briefing media after 7th meeting of the TCEB.
He said the meeting, which was chaired by Sindh Chief Minister Syed Qaim Ali Shah, reviewed the issues ranging from giving fiscal incentives to the investors to developing railway link between the Thar Coal and Karachi Port. According to Ashraf, the Chief Executive Officer of KESC would be briefing a high-profile meeting in Islamabad next week about the performance of the utility.
He said besides KESC's outstanding dues against government institutions the meeting would take account of the complaints of bogus and excess billing against the KESC. He said to overcome power crisis in the country the government during next three years would build at least 13 dams, special emphasis being on coal and hydro based power generating plants, which are cost effective.
The federal minister said the Board formed a three-member committee to determine price of the coal on top priority, adding a group of experts would work out a mechanism for coal pricing and develop a comprehensive proposal.
"The Board discussed the incentive package for investors and decided that IRR for initial projects achieving financial close by December 2015 on indigenous coal to power project; they would be entitled to 20 percent IRR and those achieving financial close by December 2014 would get additional 0.5 percent IRR," said a handout handed to the journalists on the occasion.
It said approving the proposal of Clean Coal Centre of International Energy Membership for Sindh Coal Authority, the Board appreciated the joint venture agreement proposal for Badin Coal Field and resolved to support all such initiatives to develop coal projects in the province.
According to the handout, the Board, reviewing progress on feasibility study for the railway linkage of Thar Coal and Karachi Port, decided that the PRACS would prepare the final proposal in this regard. The Board also supported the allocation of an additional 24.6 sq km area for Sindh Engro Coal Mining Company (SECMC) and the issuance of LoI to Engro Powergen.
The Board also cleared the inclusion of three additional members, one from NTDC and two from private sector, in the UCG's governing body. Stressing an early completion of infrastructure required for the Thar Coal Fields, the TCEB lauded progress on the project being undertaken by the SECMC.
The Board also discussed the draft MoU by Pepco deciding that the MoU would be signed by January 20, 2009. The meeting was attended among others by Finance Minister Shaukat Tarin, Member Madad Ali Shah, Sindh Minister for Irrigation and Power Syed Murad Ali Shah, Minister for Revenue Jam Mehtab Dahar, Chief Secretary Sindh Fazal ur Rehman and Federal Secretary Water and Power Shahid Rafi.
Source : http://www.brecorder.com/index.php?id=1005291&currPageNo=1&query=&search=&term=&supDate=
KARACHI (January 10 2010): The Thar Coal and Energy Board (TCEB) in its 7th meeting at Sindh Chief Minister House on Saturday decided to give 20.5 and 20 percent Internal Rate of Return (IRR) to those companies investing in 'initial projects' at the Thar Coal achieving financial close respectively by December 2014 and 2015.
The federal government has summoned a high-level meeting next week in the federal capital to review performance of the Karachi Electric Supply Company (KESC). This was stated by Federal Minister for Water and Power Raja Pervez Ashraf while briefing media after 7th meeting of the TCEB.
He said the meeting, which was chaired by Sindh Chief Minister Syed Qaim Ali Shah, reviewed the issues ranging from giving fiscal incentives to the investors to developing railway link between the Thar Coal and Karachi Port. According to Ashraf, the Chief Executive Officer of KESC would be briefing a high-profile meeting in Islamabad next week about the performance of the utility.
He said besides KESC's outstanding dues against government institutions the meeting would take account of the complaints of bogus and excess billing against the KESC. He said to overcome power crisis in the country the government during next three years would build at least 13 dams, special emphasis being on coal and hydro based power generating plants, which are cost effective.
The federal minister said the Board formed a three-member committee to determine price of the coal on top priority, adding a group of experts would work out a mechanism for coal pricing and develop a comprehensive proposal.
"The Board discussed the incentive package for investors and decided that IRR for initial projects achieving financial close by December 2015 on indigenous coal to power project; they would be entitled to 20 percent IRR and those achieving financial close by December 2014 would get additional 0.5 percent IRR," said a handout handed to the journalists on the occasion.
It said approving the proposal of Clean Coal Centre of International Energy Membership for Sindh Coal Authority, the Board appreciated the joint venture agreement proposal for Badin Coal Field and resolved to support all such initiatives to develop coal projects in the province.
According to the handout, the Board, reviewing progress on feasibility study for the railway linkage of Thar Coal and Karachi Port, decided that the PRACS would prepare the final proposal in this regard. The Board also supported the allocation of an additional 24.6 sq km area for Sindh Engro Coal Mining Company (SECMC) and the issuance of LoI to Engro Powergen.
The Board also cleared the inclusion of three additional members, one from NTDC and two from private sector, in the UCG's governing body. Stressing an early completion of infrastructure required for the Thar Coal Fields, the TCEB lauded progress on the project being undertaken by the SECMC.
The Board also discussed the draft MoU by Pepco deciding that the MoU would be signed by January 20, 2009. The meeting was attended among others by Finance Minister Shaukat Tarin, Member Madad Ali Shah, Sindh Minister for Irrigation and Power Syed Murad Ali Shah, Minister for Revenue Jam Mehtab Dahar, Chief Secretary Sindh Fazal ur Rehman and Federal Secretary Water and Power Shahid Rafi.
Source : http://www.brecorder.com/index.php?id=1005291&currPageNo=1&query=&search=&term=&supDate=
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Thar coal power project: TCEB announces 20.5 percent IRR for investors
KARACHI (January 10 2010): The Thar Coal and Energy Board (TCEB) in its 7th meeting at Sindh Chief Minister House on Saturday decided to give 20.5 and 20 percent Internal Rate of Return (IRR) to those companies investing in 'initial projects' at the Thar Coal achieving financial close respectively by December 2014 and 2015.
The federal government has summoned a high-level meeting next week in the federal capital to review performance of the Karachi Electric Supply Company (KESC). This was stated by Federal Minister for Water and Power Raja Pervez Ashraf while briefing media after 7th meeting of the TCEB.
He said the meeting, which was chaired by Sindh Chief Minister Syed Qaim Ali Shah, reviewed the issues ranging from giving fiscal incentives to the investors to developing railway link between the Thar Coal and Karachi Port. According to Ashraf, the Chief Executive Officer of KESC would be briefing a high-profile meeting in Islamabad next week about the performance of the utility.
He said besides KESC's outstanding dues against government institutions the meeting would take account of the complaints of bogus and excess billing against the KESC. He said to overcome power crisis in the country the government during next three years would build at least 13 dams, special emphasis being on coal and hydro based power generating plants, which are cost effective.
The federal minister said the Board formed a three-member committee to determine price of the coal on top priority, adding a group of experts would work out a mechanism for coal pricing and develop a comprehensive proposal.
"The Board discussed the incentive package for investors and decided that IRR for initial projects achieving financial close by December 2015 on indigenous coal to power project; they would be entitled to 20 percent IRR and those achieving financial close by December 2014 would get additional 0.5 percent IRR," said a handout handed to the journalists on the occasion.
It said approving the proposal of Clean Coal Centre of International Energy Membership for Sindh Coal Authority, the Board appreciated the joint venture agreement proposal for Badin Coal Field and resolved to support all such initiatives to develop coal projects in the province.
According to the handout, the Board, reviewing progress on feasibility study for the railway linkage of Thar Coal and Karachi Port, decided that the PRACS would prepare the final proposal in this regard. The Board also supported the allocation of an additional 24.6 sq km area for Sindh Engro Coal Mining Company (SECMC) and the issuance of LoI to Engro Powergen.
The Board also cleared the inclusion of three additional members, one from NTDC and two from private sector, in the UCG's governing body. Stressing an early completion of infrastructure required for the Thar Coal Fields, the TCEB lauded progress on the project being undertaken by the SECMC.
The Board also discussed the draft MoU by Pepco deciding that the MoU would be signed by January 20, 2009. The meeting was attended among others by Finance Minister Shaukat Tarin, Member Madad Ali Shah, Sindh Minister for Irrigation and Power Syed Murad Ali Shah, Minister for Revenue Jam Mehtab Dahar, Chief Secretary Sindh Fazal ur Rehman and Federal Secretary Water and Power Shahid Rafi.
Source : Business Recorder [Pakistan's First Financial Daily]
KARACHI (January 10 2010): The Thar Coal and Energy Board (TCEB) in its 7th meeting at Sindh Chief Minister House on Saturday decided to give 20.5 and 20 percent Internal Rate of Return (IRR) to those companies investing in 'initial projects' at the Thar Coal achieving financial close respectively by December 2014 and 2015.
The federal government has summoned a high-level meeting next week in the federal capital to review performance of the Karachi Electric Supply Company (KESC). This was stated by Federal Minister for Water and Power Raja Pervez Ashraf while briefing media after 7th meeting of the TCEB.
He said the meeting, which was chaired by Sindh Chief Minister Syed Qaim Ali Shah, reviewed the issues ranging from giving fiscal incentives to the investors to developing railway link between the Thar Coal and Karachi Port. According to Ashraf, the Chief Executive Officer of KESC would be briefing a high-profile meeting in Islamabad next week about the performance of the utility.
He said besides KESC's outstanding dues against government institutions the meeting would take account of the complaints of bogus and excess billing against the KESC. He said to overcome power crisis in the country the government during next three years would build at least 13 dams, special emphasis being on coal and hydro based power generating plants, which are cost effective.
The federal minister said the Board formed a three-member committee to determine price of the coal on top priority, adding a group of experts would work out a mechanism for coal pricing and develop a comprehensive proposal.
"The Board discussed the incentive package for investors and decided that IRR for initial projects achieving financial close by December 2015 on indigenous coal to power project; they would be entitled to 20 percent IRR and those achieving financial close by December 2014 would get additional 0.5 percent IRR," said a handout handed to the journalists on the occasion.
It said approving the proposal of Clean Coal Centre of International Energy Membership for Sindh Coal Authority, the Board appreciated the joint venture agreement proposal for Badin Coal Field and resolved to support all such initiatives to develop coal projects in the province.
According to the handout, the Board, reviewing progress on feasibility study for the railway linkage of Thar Coal and Karachi Port, decided that the PRACS would prepare the final proposal in this regard. The Board also supported the allocation of an additional 24.6 sq km area for Sindh Engro Coal Mining Company (SECMC) and the issuance of LoI to Engro Powergen.
The Board also cleared the inclusion of three additional members, one from NTDC and two from private sector, in the UCG's governing body. Stressing an early completion of infrastructure required for the Thar Coal Fields, the TCEB lauded progress on the project being undertaken by the SECMC.
The Board also discussed the draft MoU by Pepco deciding that the MoU would be signed by January 20, 2009. The meeting was attended among others by Finance Minister Shaukat Tarin, Member Madad Ali Shah, Sindh Minister for Irrigation and Power Syed Murad Ali Shah, Minister for Revenue Jam Mehtab Dahar, Chief Secretary Sindh Fazal ur Rehman and Federal Secretary Water and Power Shahid Rafi.
Source : Business Recorder [Pakistan's First Financial Daily]
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Groundwater recharge techniques to be employed in Balochistan
ISLAMABAD (January 09 2010): A project is being implemented to enhance the reserves of groundwater through artificial groundwater recharge techniques in Balochistan. Under the project, costing Rs 38.68 million project, groundwater resources of Zhob River Basin (Qila Saifullah District) are being assessed, managed and enhanced on sustainable bases, which is one of the most groundwater depleted area.
Official sources on Friday said Pakistan Council of Research in Water Resources (PCRWR) is executing the project under which innovative low cost groundwater recharge techniques have been introduced besides improving efficiency of already existing recharge activities.
The sources said the specific objectives of the project are assessment of existing status of groundwater resources, development and implementation of plan for sustainable management of groundwater resources through artificial groundwater recharge techniques and rainwater harvesting, and impact assessment and dissemination of efficient recharge techniques for wide scale adaptation to manage groundwater potential in water scarce areas.
Talking about impact of the project, the sources said the government of Balochistan previously constructed over 165 delay action dams with more than Rs 200 million for recharging groundwater. However, the efficiency of these dams has been very low due to various technical and management implications. The groundwater recharge techniques previously introduced by PCRWR are low cost and very effective in recharging groundwater.
Similarly, if these techniques are applied in other river basins then the groundwater resources of Balochistan would be increased manifolds. All these activities would contribute in economic uplift of the province.
It may be mentioned here that Balochistan falls under arid climatic condition where rainfall is low and erratic. Most of the rivers and streams are non-perennial. The only dependable source of water supply is groundwater. Due to continuous increase in population and consequential growth in water demand for various uses have resulted tremendous increase in installation of tubewells, and groundwater utilisation has increased manifolds in Balochistan.
This has adversely affected the groundwater potential in various areas with drop in water table. Different agencies undertook activities in the province to enhance the potential of groundwater by artificial groundwater recharge techniques. The success of those activities, however, has been limited due to various technical and management problems and these activities were mainly concentrated in Quetta district.
Source : Business Recorder [Pakistan's First Financial Daily]
ISLAMABAD (January 09 2010): A project is being implemented to enhance the reserves of groundwater through artificial groundwater recharge techniques in Balochistan. Under the project, costing Rs 38.68 million project, groundwater resources of Zhob River Basin (Qila Saifullah District) are being assessed, managed and enhanced on sustainable bases, which is one of the most groundwater depleted area.
Official sources on Friday said Pakistan Council of Research in Water Resources (PCRWR) is executing the project under which innovative low cost groundwater recharge techniques have been introduced besides improving efficiency of already existing recharge activities.
The sources said the specific objectives of the project are assessment of existing status of groundwater resources, development and implementation of plan for sustainable management of groundwater resources through artificial groundwater recharge techniques and rainwater harvesting, and impact assessment and dissemination of efficient recharge techniques for wide scale adaptation to manage groundwater potential in water scarce areas.
Talking about impact of the project, the sources said the government of Balochistan previously constructed over 165 delay action dams with more than Rs 200 million for recharging groundwater. However, the efficiency of these dams has been very low due to various technical and management implications. The groundwater recharge techniques previously introduced by PCRWR are low cost and very effective in recharging groundwater.
Similarly, if these techniques are applied in other river basins then the groundwater resources of Balochistan would be increased manifolds. All these activities would contribute in economic uplift of the province.
It may be mentioned here that Balochistan falls under arid climatic condition where rainfall is low and erratic. Most of the rivers and streams are non-perennial. The only dependable source of water supply is groundwater. Due to continuous increase in population and consequential growth in water demand for various uses have resulted tremendous increase in installation of tubewells, and groundwater utilisation has increased manifolds in Balochistan.
This has adversely affected the groundwater potential in various areas with drop in water table. Different agencies undertook activities in the province to enhance the potential of groundwater by artificial groundwater recharge techniques. The success of those activities, however, has been limited due to various technical and management problems and these activities were mainly concentrated in Quetta district.
Source : Business Recorder [Pakistan's First Financial Daily]
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State Bank projects GDP growth at around 3.3pc
KARACHI: The real gross domestic product growth in the current fiscal year (FY10) is likely to be around annual target of 3.3 per cent; higher than 2 per cent growth seen in FY09.
According to State Bank of Pakistan’s First Quarterly Report on the State of the Economy for FY10 released here on Tuesday, the major impetus for this growth is expected to come from the services sector.
The prospects of returning to macroeconomic stability have improved in the initial months of FY10 as most of the key indicators continue positive trends that began in the closing months of the last fiscal year.
As per projections embodied in the report, real GDP growth in FY10 is likely to be between 2.5 per cent and 3.5 per cent, average Consumer Price Index inflation may remain between 10 per cent and 12 per cent, total amount of workers’ remittances likely to receive during FY10 may hover between $7.8 billion and $8.8 billion.
The report said that total exports and imports may remain between $18.5 billion and $19.0 billion, $30.5 billion and $31 billion, respectively, while fiscal and current account deficits are likely to be between 4.7 per cent and 5.2 per cent and 3.7 per cent and 4.7 per cent of GDP, respectively.
The data on agriculture and the industrial sector is in line with the expectations of a modest recovery in economic growth during FY10.
While the performance of major crops during FY10 kharif (April-Oct 2009) cropping season was below expectations, growth in large-scale manufacturing has recovered substantially after recording a 20.6 per cent year-on-year decline in March 2009.
Similarly, a sharp reduction in inflation, contained government borrowings from SBP, substantial contraction in external imbalances, the stability in the rupee-dollar parity, and easing monetary stance, are all likely to support economic stability, it said.
The report further said that the drop in overall volume of trade, poor tax growth, risk of lower-than-expected aid receipts and, in particular, a rise in the fiscal deficit, highlight the fragility of the improvement and pose continuing risk to the recovery.
Within the commodity producing sector, an improvement in industrial output is expected to be partially offset by weaker agriculture. Similarly, the current account deficit is likely to improve further in FY10 relative to the previous year, though some expected revival in import demand from manufacturing and rising commodity prices may possibly contain the improvement going forward.
While average CPI inflation during FY10 is projected to decelerate significantly from FY09 levels, it is likely to remain higher than the annual target of 9 per cent for the year. The adjustment in administered prices of key fuels amid rising international oil prices and cut in electricity subsidies, are important factors behind the expected strengthening of inflationary pressures, the report observed.
The SBP report asserted that a major challenge in the economy is to improve the tax-to-GDP ratio. The 0.6 per cent year-on-year increase in tax collection during July-Nov FY10 is a source of concern; if this continues, Pakistan’s tax-to-GDP ratio will decline from an already low 9.8 per cent seen in FY09.
In view of the needs of structural second generation reforms in the economy, it is necessary to strengthen the capability of Federal Board of Revenue, increase documentation, reduce exemptions, equal treatment of incomes from different sources, and accelerate the levy of a comprehensive Value Added Tax (VAT).
Another challenge in public finance is the increasing level of contingent liabilities of the government. In particular, the energy sector circular debt issue has not been resolved yet, and the government’s borrowings for commodity operations have not seen the expected seasonal retirement in Q2-FY10, the report pointed out. SBP continued to gradually ease monetary policy in FY10, reducing the policy rate by 150 bps in two rounds, while on cumulative basis, it means a total reduction of 250 bps in the policy discount rate since the beginning of current easing cycle in April 2009.
These policy measures were supported by substantial moderation in demand pressures. For instance, a very sharp drop in headline inflation, i.e., from 24.7 per cent in Nov, 2008 to 10.5 per cent in Nov 2009; persistent Y-o-Y fall in import growth, particularly the negative growth in import volumes during July-Nov FY10, and the low growth in private sector credit expansion, it said.
The report pointed out that the scale and speed of the decline in inflation suggests that the tight monetary policy and sharply constrained monetisation of the fiscal deficit have eased excess demand pressures that had plagued the economy in the previous three years.
This disinflationary impact received further support from lower imported inflation and improved domestic production of key staples. —APP
Source : DAWN.COM | Business | State Bank projects GDP growth at around 3.3pc
KARACHI: The real gross domestic product growth in the current fiscal year (FY10) is likely to be around annual target of 3.3 per cent; higher than 2 per cent growth seen in FY09.
According to State Bank of Pakistan’s First Quarterly Report on the State of the Economy for FY10 released here on Tuesday, the major impetus for this growth is expected to come from the services sector.
The prospects of returning to macroeconomic stability have improved in the initial months of FY10 as most of the key indicators continue positive trends that began in the closing months of the last fiscal year.
As per projections embodied in the report, real GDP growth in FY10 is likely to be between 2.5 per cent and 3.5 per cent, average Consumer Price Index inflation may remain between 10 per cent and 12 per cent, total amount of workers’ remittances likely to receive during FY10 may hover between $7.8 billion and $8.8 billion.
The report said that total exports and imports may remain between $18.5 billion and $19.0 billion, $30.5 billion and $31 billion, respectively, while fiscal and current account deficits are likely to be between 4.7 per cent and 5.2 per cent and 3.7 per cent and 4.7 per cent of GDP, respectively.
The data on agriculture and the industrial sector is in line with the expectations of a modest recovery in economic growth during FY10.
While the performance of major crops during FY10 kharif (April-Oct 2009) cropping season was below expectations, growth in large-scale manufacturing has recovered substantially after recording a 20.6 per cent year-on-year decline in March 2009.
Similarly, a sharp reduction in inflation, contained government borrowings from SBP, substantial contraction in external imbalances, the stability in the rupee-dollar parity, and easing monetary stance, are all likely to support economic stability, it said.
The report further said that the drop in overall volume of trade, poor tax growth, risk of lower-than-expected aid receipts and, in particular, a rise in the fiscal deficit, highlight the fragility of the improvement and pose continuing risk to the recovery.
Within the commodity producing sector, an improvement in industrial output is expected to be partially offset by weaker agriculture. Similarly, the current account deficit is likely to improve further in FY10 relative to the previous year, though some expected revival in import demand from manufacturing and rising commodity prices may possibly contain the improvement going forward.
While average CPI inflation during FY10 is projected to decelerate significantly from FY09 levels, it is likely to remain higher than the annual target of 9 per cent for the year. The adjustment in administered prices of key fuels amid rising international oil prices and cut in electricity subsidies, are important factors behind the expected strengthening of inflationary pressures, the report observed.
The SBP report asserted that a major challenge in the economy is to improve the tax-to-GDP ratio. The 0.6 per cent year-on-year increase in tax collection during July-Nov FY10 is a source of concern; if this continues, Pakistan’s tax-to-GDP ratio will decline from an already low 9.8 per cent seen in FY09.
In view of the needs of structural second generation reforms in the economy, it is necessary to strengthen the capability of Federal Board of Revenue, increase documentation, reduce exemptions, equal treatment of incomes from different sources, and accelerate the levy of a comprehensive Value Added Tax (VAT).
Another challenge in public finance is the increasing level of contingent liabilities of the government. In particular, the energy sector circular debt issue has not been resolved yet, and the government’s borrowings for commodity operations have not seen the expected seasonal retirement in Q2-FY10, the report pointed out. SBP continued to gradually ease monetary policy in FY10, reducing the policy rate by 150 bps in two rounds, while on cumulative basis, it means a total reduction of 250 bps in the policy discount rate since the beginning of current easing cycle in April 2009.
These policy measures were supported by substantial moderation in demand pressures. For instance, a very sharp drop in headline inflation, i.e., from 24.7 per cent in Nov, 2008 to 10.5 per cent in Nov 2009; persistent Y-o-Y fall in import growth, particularly the negative growth in import volumes during July-Nov FY10, and the low growth in private sector credit expansion, it said.
The report pointed out that the scale and speed of the decline in inflation suggests that the tight monetary policy and sharply constrained monetisation of the fiscal deficit have eased excess demand pressures that had plagued the economy in the previous three years.
This disinflationary impact received further support from lower imported inflation and improved domestic production of key staples. —APP
Source : DAWN.COM | Business | State Bank projects GDP growth at around 3.3pc
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Pakistani and Turkish investors sign four agreements
LAHORE (January 17 2010): Chief Minister Punjab Shahbaz Sharif has said that the people of Punjab are thankful to the Turkish government and investors for the warm welcome of their trade delegation. He said that such a delegation of Turkish businessmen would soon visit Punjab, a statement issued here on Saturday by DGPR said.
He was addressing a reception hosted in his honour by Department of Foreign Trade (DEIK) of Turkey in Istanbul on Saturday. Vice Chairman, Punjab Investment Board, Pir Saad Ahsanuddin and heads of prominent international trade organisations also addressed the function. Various MoUs were inked between Pakistani and Turkish investors on this occasion.
Four agreements were signed by Ghazi Tractors and Ali Akbar Group with Turk investors, under which Pakistan and Turkey would make trade in drip irrigation, power irrigation, high quality seeds and telecom sectors. Shahbaz said that the agreements made with Turkey were good omen for the economy of Pakistan.
Murat Barsa, head of a reputed international institution manufacturing windmills for generating electricity, said that their institution had set up five megawatts windmills and intended to set up 50 megawatts windmills in future.
He said that the Turk investors had not face any official hindrance in Pakistan and contrary to other countries, bureaucracy of Pakistan had always co-operated with them.
Addressing a seminar organised by the Musaid, an organisation of Investors of Muslim World in Turkey, Shahbaz said that all Muslim countries should cooperate with institutions like Musaid for promotion of mutual trade. Shahbaz Sharif also met Kadir Topbas, mayor of Istanbul. The Mayor informed the delegation that he had visited Pakistan many times where he especially visited the Mazar of Hazrat Allama Iqbal.
Source : Business Recorder [Pakistan's First Financial Daily]
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Maximum possible power generation: Pepco working on creating synergic effect
LAHORE (January 17 2010): The Pakistan Electric Power Company (Pepco) is working on the concept of creating a 'synergic effect' through the collaboration of all the related organisations and departments of the power sector, in order to ensure maximum possible electricity generation for reducing load management duration.
Based on this concept, said a statement, the Pepco has established a pragmatic and swift liaison system with the Ministry of Water & Power, Wapda, PSO, Nepra, Nespak, KESC, Ministry of Petroleum, Provincial Governments, Discos, NPCC, AEDB, PPIB, financial institutions and Enercon. AEDB and PPIB are consulted on regular basis for new power projects.
Pepco has signed fuel supply accord with PSO for fulfilling the furnace oil and HSD requirements for all of its subsidiaries and power plants. This agreement will enable PSO streamline its supply chain activities for the timely provision of oil, for electricity generation. Pepco is also contemplating for upgrading its distribution network through the technical collaboration with Nespak and other engineering organisations, for ensuring smooth power supply.
The overall electricity consumption in domestic areas is 44 percent, commercial 6 percent, industrial 24 percent, agriculture 12 percent, and bulk supply 14 percent for over 18 million consumers. Peak electricity demand has been recorded up to about 11500 MW in the recent days. Out of these projects, a number of rental power plants have also been approved for installation, in the country.
As per the load situation, the total electricity demand went up to 11510 MW while a deficit of 3020 MW was managed on 15 January 2010. Electricity export to KESC was 690 MW ON 15 January 2010.
Source : Business Recorder [Pakistan's First Financial Daily]
LAHORE (January 17 2010): The Pakistan Electric Power Company (Pepco) is working on the concept of creating a 'synergic effect' through the collaboration of all the related organisations and departments of the power sector, in order to ensure maximum possible electricity generation for reducing load management duration.
Based on this concept, said a statement, the Pepco has established a pragmatic and swift liaison system with the Ministry of Water & Power, Wapda, PSO, Nepra, Nespak, KESC, Ministry of Petroleum, Provincial Governments, Discos, NPCC, AEDB, PPIB, financial institutions and Enercon. AEDB and PPIB are consulted on regular basis for new power projects.
Pepco has signed fuel supply accord with PSO for fulfilling the furnace oil and HSD requirements for all of its subsidiaries and power plants. This agreement will enable PSO streamline its supply chain activities for the timely provision of oil, for electricity generation. Pepco is also contemplating for upgrading its distribution network through the technical collaboration with Nespak and other engineering organisations, for ensuring smooth power supply.
The overall electricity consumption in domestic areas is 44 percent, commercial 6 percent, industrial 24 percent, agriculture 12 percent, and bulk supply 14 percent for over 18 million consumers. Peak electricity demand has been recorded up to about 11500 MW in the recent days. Out of these projects, a number of rental power plants have also been approved for installation, in the country.
As per the load situation, the total electricity demand went up to 11510 MW while a deficit of 3020 MW was managed on 15 January 2010. Electricity export to KESC was 690 MW ON 15 January 2010.
Source : Business Recorder [Pakistan's First Financial Daily]
The high growth of pakistan's economy is Ayub's era were primarily because of easy credit available to it , Thanks to pakistan joining US led block ( was it called SEATO ?). Unfortunately it didn't use the money to build industries.
On the other hand India invested in big projects and industries, which ahs long gestation period.
India and pakistan did right think of nationalization in 1970s. But the next change from socialist economy to market driven economy was better done by pakistan by Nawaz and India was suffering under VP Singh. It was from here that pakistan lost focus, primarily US was no more intrested and pakistan was investing more effort in jihad than economy.
I believe Nawaz can do wonders to pak economy. Just a Matter of time
On the other hand India invested in big projects and industries, which ahs long gestation period.
India and pakistan did right think of nationalization in 1970s. But the next change from socialist economy to market driven economy was better done by pakistan by Nawaz and India was suffering under VP Singh. It was from here that pakistan lost focus, primarily US was no more intrested and pakistan was investing more effort in jihad than economy.
I believe Nawaz can do wonders to pak economy. Just a Matter of time
Pakistan from conception until now had tons of Problems, and it's still facing problems.
India is Pakistan's natural friend beacause of culture, history and background, but instead of resolving minor differences both fought and spread hatred against each other (Mainly from Indian side because of Inferiority complex even though Pakistan is 1/4 size of India).
Little bit of background info: British were smart they leaned it from World War 1 that they need to divide Muslims. During World War I the British made slight efforts to cultivate Ibn Saud's friendship. British fought against Ottoman Empire (Turkey) in Battle of Basra, then they picked a Ibn Saud 17 years old and made him a King. British used Arabs to fight against Ottoman Empire (Turks).
Many of you probably wondering why Arabs, especially Saudis, hate Pakistani.? Why Turks like Pakistani? Here is one of the reason, Arabs requested British to help them fight aganist Ottoman Empire. Arabs never like the idea of ajaam ruling against Arab? This is one of the reason Most Arabs don't like anyone else.
British send their troops to support the arabs, but Muslims in British Indian army refuse to fight against Turkish troops of Ottoman Empire. Why? because Turks were Muslims.
British learn from WW1 that they can't let Muslim unite in India. So 1st they split the Arabs and created Israel (Puppet Saud was always in favor of British). They needed a reason to divide Muslim in British India . British found Jinnah (agakhani) and persuaded him to start the Tehrik-e-Pakistan. [Muslim scholars fought British and they were against creation of Pakistan (only Ahmad Qadian & Ahmad Raza Khan was in favor of British)].
Jinnah dream of 2 nation theory didn't last long and east (Bangladesh) and west Pakistan split in 71. If the idea of 2 quam (Hindu & Muslim) was correct then we shouldn't lost Bangladesh.
Here is the list of problems we are facing.
1. Pakistan's main problem is self grown Extremism.
Solution: Saudi style Islamic Shura system, all the madaris, masajid, Imambargahs, Jamat Khanas, Mandirs, Churches and Gurdwaras should be under the supervision of religious affairs.
Islamic seminaries (Madaris)- should implement South Africa Seminaries curriculum.
2. Abolish medieval feudal system of Pakistan ("Feudalism has to be abolished if the country is to prosper for all, and in peace.")
3. Unity, internal cohesion and political stability (“Internal cohesion and political stability are the products of a participatory political process that is broad-based, transparent and fair, offering equal opportunities to new aspirants to political power and influence.”De-concentration of power to strengthening internal cohesion and moderating dissent.
4a. Social Justice and Equal Opportunity: Reform political and social life, promoting socio-economic justice for ordinary people as well as provincial rights & Economic development policies. Freedom from sectarianism
4b. Decentralization of Authority from Power to the People, Community-based Economics and Economic Justice. (Develop the country so we don't have to beg West for AID.) Create 16 smaller "Super districts" instead of 4 provinces.
5a. Develop Education system similar to South Korea. We need to build 50, 000 schools and 5,000 colleges and universities.
5b. Political Education process: Educated/ internship for those recently graduated with political science degree. Educating the Politicians of tomorrow.
6. As a major political party MQM/PPP should focus on water distribution among provinces, building of new dams for water storage and electricity generation, and demand for a new and more acceptable formula for distribution of taxes between the federal government and provinces.
7. Respect for Diversity: In last 60+ years Pakistan government hasn’t solved internal incoherence, they have alienated minorities like Balochi & Sindhi and Mohajir. Political Parties should work to promote harmony between different ethnic groups in Pakistan.
8a. Improvement of Financial system on City, State and Country level, reduced corruption.
8b. Stop Corruption, stupidity and greed.
No Corrupted Politician should be allowed to run for government office. MQM, PPP and PML-N need a new political leader/Party head. There should be no permanent party leader, party should selected for 2 years term and can't be selected for more then 3 terms.
9. Utilizing E-government technology, cut-overheard, developing new policies to improve over all political process. improved government office efficiency and administration.
10. Create more provinces so country can develop faster.
good analysis...i appretiate ur knowledge.....
hope god provide bouth india and pakistan sanity.
but according to me, the islamic ideology is the basic rift between india and pakistan.
pakistan hate hinduism and alwasy bring words like kafir,lesser ones and gazwa-e-hind.....
who in india wud u think ever believe in pakistan?
we have our history of allowing muslims in our country for trade and what we got was invasions,both from muslims and christians.
so skeptism is natural.
we hindus might be majority in india but in the world we are among the minoriteis.
where on earth do u think we shud go other than india?
this theory does support formation of isreal after the holocaust to have a seperate land for an extinct spicie.(though i disregard their methods against innocent palistinians).
but matter of fact is with above theory of muslims of being the superior ones and takeover india once again calls for lack of trust.
nothing wrong i say from indian side.its natural.
in pakistan hindus reduced from 20% to 1.5% in post independence era. all this is just adding fuel.
pakistanis call muslims a peace loving sect. i ask why were christians(barbarians) and muslims(afganis and arabs) only invaders in human history?(mongols were exception tough)
well invasions arent sign of peace!
have u ever seen hindu rulers invading other lands or expanding their empire and converting ppl?
thats only in christianity,islam and buddhism as of history.
hindus empires only ruled hindu population and never cared for those who werent hindus. religion with prophets had this tendency thats what make us skeptical and rightly so!
but i hope out of nowhere this gazwa e hind theory empties from pakistanis to win our trust. these all talks rise religious sentiments in common indian and give chance to religious parties like SS,RSS,VHP to rise their ugly head and agenda.
thats why i say what happe in babri and godhra is somewhere because of our neighbours.their attitude towards hindus(remeber sohail tanvir saying:hindu ki zahniyat hi aisi hoti hai)....i m talking but this attitude of inferiority.this makes a common hindu skeptical bout muslims for their ideology and these VHP guys bake profit out of these sentiments. i hope if hindus trusted muslims, there wudnt be any pakistan nor and hindu muslim hatred.
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Islamic ideology is not the point of rift between India and Pakistan primarily because India has a large number of muslim population dwelling well and in far better living conditions as compared to muslims in pakistan. The point of drift may be the "Extremist islamic ideology" that has many buyers in pakistani masses. Plus the intolerance towards other religions as obvious from the alarmingly depleting hindu/sikh population in Pakistan and no one caring about that.
This marks the difference in approach of India and Pakistan.
enough of off topic.now @ topic 
pakistan has potential as it is a small country and high density population, means less pressure yo develpo and more workforce to boost development.
i think the basic reason is education. educate ppl and ur economy wud grow automatically. so many factors stopping pakistan to grow , one is religious barriers.
only education of masses can benefit pakistan. no military visionary.no special out of box leadre, no one.
only ppl have to change and embrace sanity and logic.
SAME STANDS TO MY COUNTRY ALSO.....see we are so similar.....
pakistan has potential as it is a small country and high density population, means less pressure yo develpo and more workforce to boost development.
i think the basic reason is education. educate ppl and ur economy wud grow automatically. so many factors stopping pakistan to grow , one is religious barriers.
only education of masses can benefit pakistan. no military visionary.no special out of box leadre, no one.
only ppl have to change and embrace sanity and logic.
SAME STANDS TO MY COUNTRY ALSO.....see we are so similar.....
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i disagree my frnd.
temme, how many % of pakistanis have this extrimist islamic ideology? not many.
as far as indian muslim is concerned then even today a muslim cant confidently say that there wont be a riot situation where muslims wud be massacred, thanks to our insecurity about muslims and they being ISI agents. hope i get ur attention!
rational political parties do tend to saviour this riot situation but we in india has communal parties with MAJOR PARTY status.hope u understood who am i pointing.
so muslims cant be confident in india though i agree that godhra and babri arnt a norm here as all these were political milage earner rather than any epicentric issue.i know pakistanis wont believe this but a comman hindu in india isnt againt muslims.its just they are skeptical coz of muslim history in india.
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