Pakistan's Economy - News and Updates

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CGT to help expand tax net: Hafeez

Tuesday, 29 Jun, 2010


KARACHI: Finance Minister Dr Hafeez Shaikh said on Monday that tax collection machinery will not be allowed to harass the stock market players in the name of Capital Gains Tax (CGT).

He was talking to media after holding a meeting with the members of the Karachi Stock Exchange (KSE) and ringing the bell at the Trading Hall.

KSE managing director Adnan Afridi, Member Federal Board of Revenue (FBR) Asrar Rauf and senior members of the bourse were also present on the occasion.

“I have given assurances to KSE members that nobody will be allowed to harass them in the garb of tax collection. Nobody should have any doubt about this,” he added.

He said the government can ask the source of income from any assessee under country’s law. But it has nothing to do with CGT, he noted.

Dr Hafeez said that CGT was a “good tax” which will help in expanding Pakistan’s tax net. This will become a new source of revenue for the country and will enhance Pakistan’s self reliance, he added.

The enhanced revenue will also help the government to undertake infrastructure development projects in the country and enable it to meet the basic human needs.The minister pointed out that CGT was imposed after due consultation with all stakeholders.

He said that anybody, who purchased shares before June 30, 2010 and sold them after July 1, 2010 after holding them for six months and making a gain, will be paying 10 per cent CGT.

Similarly, any person, who bought stocks before June 30, 2010 and sold them after July 1, 2010 after holding them for six to 12 months and making gains, will be paying 7.5 per cent CGT.

The minister said that he will make all the efforts to expedite the passing of demutualisation bill in the Senate as soon as possible to boost stock market.

He said the government will be focussing on the growth of stock market and said that new products will also be introduced to further expand the volumes. He pointed out that more public sector enterprises will be listed on the stock market to broaden capital base.

Dr Hafeez said that KSE has remained the best performing stock market in the world during the last 12 years. The KSE was the second best performing market in the world in asset class after gold.

Responding to a question he made it clear that collection of GST on services is the right of provinces under the Constitution and nobody can snatch this right from provinces.

He said that the stance of Sindh Chief Minister Syed Qaim Ali Shah is right in this regard. Nobody can be allowed to create a doubt about this issue as this is the big achievement of the NFC award.—APP

DAWN.COM | Business | CGT to help expand tax net: Hafeez

 

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CDA’s ambitious Rs 22.7 billion surplus budget announced

ISLAMABAD, Jun 29 (APP): The annual budget of the Capital Development Authority for fiscal 2010-11 was announced on Tuesday having outlay of Rs 22.7 billion, with ambitious plans of revenue generation and keeping the infrastructural maintenance and sector development at top.“CDA will generate almost 83 percent revenue from its own resources. 17 percent of budget have been allocated by the federal government under Public Sector Development Programme,” said Chairman Imtiaz Inayat Elahi announcing the budget in a press briefing here.



Out of total allocations of Rs 22.710 billion, Rs 3.815 billion would come from federal government, Rs 4.47 billion from CDA’s revenue accounts, Rs 3 billion from Municipal Bonds and Rs 11.421 billion from sale of land assets, making the budget surplus with Rs 2.771 billion.

Chairman CDA said the development of city would be focused in upcoming fiscal for what Rs 13.697 billion have been specified against Rs 9.012 billion for non-development expenditures.

Imtiaz Inayat Elahi told media that the Authority would increase its receipts by Rs 1 billion by curbing the pilferages, effective financial management and regularizing the cases lingering in litigations for years, besides running an austerity drive.
“Non-development expenditures have been frozen, rather it would be reduced. The only hurdle we may face is the increase of salaries as announced by the federal government but it has been catered for,” said the chairman.
He said the Authority has neither purchased any vehicle during the outgoing fiscal year nor it has got furnished any office and the course would be followed in upcoming fiscal too as measure to manage resources.
Besides effectively pursuing government’s austerity drive, the civic body is promoting use of energy savers and replacing streetlights with modern technology consuming minimum power.
Spelling out the priorities set in the budget, the Chairman CDA said smaller sectors of G and I series will be provided maximum facilities with beautification of Marakiz and footpaths what he said are not a costly solution.

Regarding environment conservation, he said Rs 628.738 million have been allocated to be spent on plantation, energy conservation and rainwater harvesting as 20 such projects have already been initiated to recharge underground water table amidst water scarcity.
Hinting at increasing property taxes on basis of location of property and introducing park fees, the Chairman said, “we want to sustain the beauty of federal capital by announcing some token entry fee.”
Among mega projects to be executed in next fiscal include widening of Kashmir Highway, a turning bridge at Koral Chowk, conversion of Jinnah Super market into City Center, and above all the introduction of air-conditioned transport service, Mentioning to regularization of structures in Zone-IV area, stretched over 70,000 acres, and said the area would also be linked with Simly Dam Road to enrich the real estate value.

He told media that Authority has acquired land for development of six residential sectors but the priority would be given to the stalled sectors like I-11, I-12, D-12 and I-15, adding that Islamabad Chamber of Commerce and Industry has assured cooperation for development of Sector I-17 where industrial units will be shifted.
Imtiaz Inayat Elahi said the CDA would be the first development authority issuing municipal bonds that would bring in Rs 3 billion in CDA’s kitty for what an agreement has already been signed with HBL, UBL and Standard Chartered Bank.

Commenting on water scarcity, he said the land acquisition of Cherah Dam has been initiated and the proposals for induction of pipeline from Tarbella and rehabilitation of waterworks across the federal capital have been forwarded to the federal government to seek funding for multi-billion projects.

Of total projects, the Authority has allocated Rs 700 million for Zero Point Interchange, Rs 700 million for Lehtrar Road, Rs 1 billion for land acquisition, Rs 600 million for Kurri Village, Rs 250 million for F-9 Park, Rs 200 million for Citizen Club, Rs 300 million for sector development, Rs 100 million for transport project, Rs 100 million for City Center and Rs 150 million for bridge on Koral Chowk.
Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - CDA’s ambitious Rs 22.7 billion surplus budget announced

 

[Hyde]

Pakistan may get FDI worth $1.7bn from 120 CDM projects: minister​

Tuesday, June 29, 2010

KARACHI: Pakistan is likely to get foreign direct investment worth 1.715 billion dollars from the 120 clean development mechanism (CDM) projects that are in the pipeline, said Federal Minister for Environment Hameedullah Jan Afridi on Monday.

He was speaking at a seminar to introduce the business opportunity of Carbon Finance through CDM of Kyoto Protocol under the United Nations Framework Convention on Climate Change (UNFCCC).

These projects will help in green house gasses (GHG) reduction of 28 million tons CO2 equivalent a year, he said.Pakistan has so far approved 25 CDM projects that will bring in FDI of around 742 million dollars and help in GHG reduction of 4 million tons CO2 equivalent a year, Afridi said.

“The CDM Executive Board has registered six projects (out of the 25) which will generate 195 million dollars worth of foreign direct investment (FDI),” Afridi said.Foreign companies invest in GHG emission control in developing nations and swap these ‘carbon credits’ in home countries where this practice is too expensive and proves uneconomical, Afridi explained.

Carbon Finance through CDM was an attractive business opportunity and an increasing number of governments and private companies are now entering the market, he said.Potential for CDM projects exists in energy efficiency, alternate and renewable energy production, cleaner technologies in industrial processes, and improvements in agriculture and forestry practices, Afridi said.

The Ministry of Environment and Korean Trade and Investment Agency (KORTA) had jointly organised the seminar at a local hotel.The CDM under the Kyoto Protocol of 1997 has been particularly introduced for the developing countries for initiating sustainable development projects in return for Carbon Credits that can be sold to developed countries.

“The business is expected to grow to billions of dollars,” Afridi said.

Pakistan offers technical and financial opportunities to attract international investors in the carbon finance, he said.

He appreciated the Korean companies’ interest in CDM project activities.Korean Consul General Lee In-ki highlighted the aim and objective of the seminar. He gave background of KORTA and briefly described the profile of Korean companies interested to invest in CDM projects in Pakistan.

 

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Pakistan ranked 85th in ease of doing business

By Kalbe Ali
Wednesday, 30 Jun, 2010

ISLAMABAD: World Bank (WB) and International Finance Corporation (IFC) in a joint report on “Doing Business in Pakistan, 2010” said that Pakistan ranked 85th in ease of doing business in the world and if the best practices already being exercised in different cities can help upgrade its global ranking to 69th place.

The report has stressed for establishing commercial courts in the country within the ambit of existing judicial setup to provide speedy justice in business disputes.

The report, finalised after studies conducted in 13 cities in the country, said that the provincial and municipal-level reforms in Pakistan are complementing reforms on nation-wide basis.

Speakers on the occasion said that the findings of the report would be beneficial for investors and promotion of business in the country.

The report studied business regulations from the perspective of a small-to -midsize domestic firms starting business in six regulatory areas such as construction permits, registering property, paying taxes, trading across border and enforcing contracts.

WB Investment Policy officer Jana Malinski announced the key findings of the report and said that the report has ranked Faisalabad at No. 1 in ease of doing business, Islamabad No 1 in ease of starting business; Multan as No. 1 in ease of dealing with construction work. Faisalabad also ranked highest in ease of registering property, Islamabad in ease of paying taxes, Karachi ranked No. 1 in trading across border and Sukkur ranked No 1 in ease of enforcing contracts.
She said results shows that doing business is easiest in Faisalabad, but no single city performed well on all indicators, but all provinces have high performers in key areas. Islamabad and Peshawar are first and second, respectively, on starting business, while Quetta has been ranked second in ease of paying taxes.

The report highlights the need for improving ease of doing business in Quetta and Hyderabad.

World Bank Country Director John W. Wall speaking on the occasion said that promotion of small and midsize firms, which represent 90 per cent of the country’s total businesses, would be more instrumental for creating job opportunities as well as bringing informal sector into a formal sector, which would eventually be contributing more in taxes.

Minister of State for Finance and Revenues Hina Rabbani Khar said that the government had already embarked upon comprehensive reforms agenda and it would take maximum guidance from the report.

The government would restructure and reform at least 2 to 3 major public sector entities this year to stop financial bleeding caused by these units, she added.


DAWN.COM | Business | Pakistan ranked 85th in ease of doing business

 

[Hutchroy]

DAWN.COM | Business | Pakistan's Foreign investment shrinking

Pakistan's Foreign investment shrinking By Shahid Iqbal

KARACHI: All major sectors having attraction for foreign investors lost their charm as either investment flew out or shrunk to the minimum level except the oil and gas exploration sector.

The telecommunications, which has been the centre of attraction for foreign investment for a decade, witnessed a steep fall as foreign investment reached just $378.7 million during year ending on June 30.

The State Bank reported that in the first eleven months the foreign investment in telecommunications declined by 48 per cent, while the communications witnessed a fall of 63 per cent. During the same period last year the telecommunications attracted $727 million.

Still attractive is the oil and gas exploration sector, which is the only sector where the investors poured almost the same amount of money. During this period the sector received an investment of $654 million compared to $658 million last year.

This was the highest amount of foreign investment in any sector. The total amount remained just about $2 billion during this period.

The picture emerging from the investment trend shows that the country has lost attraction even in the sectors having great potential to earn like power sector.

The power sector faced a net loss of 117 per cent and instead of inflows there was an outflow of $17 million. During this period of last year the power sector had received $100.7 million. Food packaging, which received $102.4 million last year, attracted just $5.4 million this year. However, food sector received higher amount of $72 million compared to $46 million last year.

Another major center of attractions was financial business but it lost the ground and failed to attract foreign investment. The sector attracted $154 million compared to $689 million during the same period of last year. It is a fall of 77.7 per cent. Though, the foreign investment trend changed globally due to financial crisis in the United States and Europe, while it engulfed entire developed world but developing countries like China and India succeeded to maintain their position and remained attractive for foreign investment.

Analysts believe the country has great potential for foreign investment but the war-like-situation in North of Pakistan, Afghanistan and series of suicide bombings in major cities, including the capital city, rocked the confidence of investors.

They said the country needs to promote its image by improving general law and order situation despite the continued war against terrorism.

The newly-born information technology, which started its journey with enthusiasm to compete with India, fell apart as it witnessed a net outflow of $82 million during this year, while last year it had attracted $62.5 million.

 

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Pakistan gets $710 mln inflows; IMF target likely met

1 Jul 2010, 1507 hrs IST,AGENCIES

KARACHI: Pakistan has received foreign inflows worth $710 million, which should be sufficient to cut its central bank borrowing to the level set as a condition of the IMF's $10.66 billion loan programme, officials said on Thursday.

Syed Wasimuddin, chief spokesman of the State Bank of Pakistan, said the central bank had received the funds over the last few days. "We have received $470 million from an Asian Development Bank loan and another $175 million from a World Bank loan," said Wasimuddin. Another $65 million was received from a USAID grant, he added.

Under the IMF programme, the government has to pay back any incremental budgetary borrowing from the central bank by June 30. As of June 18, those borrowings stood at 130 billion rupees ($1.5 billion). The quarter-end numbers are yet to be released, but officials said the inflows, along with tax revenues, profit transfers from the central bank and some debt retirements by the government, should be sufficient to meet the IMF target.

A Finance Ministry spokesman was not immediately available for comment. The government was also hoping to be paid $500 million by Etisalat, the Gulf's second-largest telecoms firm, as part of a 2006 deal to sell a stake in Pakistan Telecommunication Co. Ltd.

But officials said that might not materialise. As part of the deal with the IMF, the government must reduce its incremental budgetary borrowings from the central bank to zero at the end of each quarter. At the end of the March quarter, these borrowings with the central bank stood at 30 billion rupees, although it had met the condition in previous quarters. Pakistan has drawn down $7.27 billion of the IMF loan programme that runs to the end of 2010.

The IMF is due to meet in August to review Pakistan's progress in meeting loan conditions before approving the next tranche, likely to be $1.1 billion to $1.2 billion.


Pakistan gets $710 mln inflows; IMF target likely met-International Business-News-The Economic Times

 

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ECC rejects deregulation of POL products

Friday, July 02, 2010

By Sajid Chaudhry

ISLAMABAD: The Economic Coordination Committee (ECC) on Thursday rejected the deregulation of petroleum products and continuation of the 7.5 percent deemed duty on high-speed diesel due to strong resistance from different quarters who doubted the profitability of oil refineries, official sources said on Thursday.

Members of the ECC said deregulation of petroleum products would put the consumers at the mercy of oil refineries and oil marketing companies for oil prices, the sources added.

The ECC also deferred two summaries regarding the Mashal LNG project and the Vitol-Fauji Foundation joint venture for import of 4.5 million tonnes of LNG – 3.5 million under the Mashal project and 1 million by the Vitol-Fauji Foundation. The Petroleum Ministry has been asked to resubmit a summary to the ECC for consideration.

Oil companies: The committee met under the chairmanship of Finance Minister Dr Abdul Hafeez Shaikh. Reviewing the petroleum products’ pricing formula and to bring it in line with the recommendations of the Bhagwandas Commission Report, the ECC approved the revised formula for the deregulation of inland freight equalisation margin (IFEM) for petroleum products. It also approved the revised investment criteria for the establishment of new oil marketing companies by bringing it back to the March 2006 level, prescribing an investment of Rs 500 million with equity at Rs 100 million.

This would ensure the opening up of the sector to greater competition and end restrictive trade practices. It was felt that improved environment of competition would protect the interests of the common man. The ECC also desired that the law equating OGRA be amended to allow it to oversee the deregulated framework.

Criteria: The ECC also approved generic criteria for declaring an industry pioneer in the country. Other salient criteria approved included the concept of “pioneer industry” shall not be associated with reference to the product rather it would be linked to the technology to be used.

Besides earning revenue for the exchequer and ensuring maximum employment opportunities, 20 percent minimum value addition benchmark was set for qualifying as a pioneer industry. Such an industry would be least dependent on imports, would have “vertical integration” with other local industries – either the product manufactured would be consumable for local industry or the industry would itself use the locally manufactured inputs. The pioneer industry would be foreign exchange neutral.

It was also decided that the status of a pioneer industry would be granted to corporate entities only and to units applying for the same, prior to actually setting up. It would not apply to units that are already operational.

The ECC also accorded ex-post facto approval regarding the federal government bearing exchange risk for the Khyber Pakhtunkhwa Structural Adjustment Credit.

To increase credit limits for farmers across-the-board, the committee approved enhancement of the current value of the Produce Index Unit from Rs 1,200 to Rs 2,000 for middle-level pills.


Daily Times - Leading News Resource of Pakistan

 

[Hyde]

Emaar signs contract with Paragon​

KARACHI (July 03 2010): Emaar Pakistan, the country subsidiary of global property developer Emaar Properties PJSC, has signed Rs 1.5 billion contract with Paragon Constructors for the construction of mega structures in Crescent Bay Karachi. The contract which involves enormous construction and uplift work to be carried out in the 108-acre Crescent Bay was signed with Regional CEO of Emaar, Dr Dia Malaeb and Aftab Siddiqui, Managing Director of Paragon signing the agreement documents from both sides.

Speaking on the occasion, Matt Cronje, GM Emaar Pakistan elaborated on key features of the nature of projects and the plans for construction and uplift of Crescent Bay, a vibrant seafront community of high-rise towers set along three crescent shaped man-made bays.

"The Crescent Bay Development Project has been planned to enhance the Karachi skyline by providing a unique and quality residential, commercial and retail community in an exclusive area of the city," he said. Matt Cronje, reconfirmed Emaar's presence in Pakistan and noted that Emaar is looking forward to a new era of business growth and in particular to the role Emaar will play in the developing of real estate in Pakistan.-PR

 

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PTCL takes Wireless Broadband EVO to 100 cities
Tuesday, July 06, 2010

KARACHI: Pakistan Telecommunication Company Limited (PTCL) now extends its wireless Broadband EVO service to 100 major cities and towns across Pakistan. PTCL EVO is a superior 3G wireless technology that gives opportunity to roam freely with an average download speeds from 300 kbps to 500 kbps.

PTCL has made the broadband technology affordable by lowering the barriers to entry and now geographically, the service is within the reach of a large number of Pakistanis.

The major cities that PTCL EVO covers are, Karachi, Lahore, Islamabad, Peshawar, Quetta, Hyderabad, Chakwal, Gujranwala, Muzzafarabad, Rawalakot, Mirpur, Okara, Sargodha, Sialkot, Multan, Faisalabad, alongside other small towns and cities across Pakistan.

Expansion of PTCL broadband network will continue to ensure that more customers get the opportunity to experience the latest wireless broadband and related technologies.

Naveed Saeed SEVP Commercial, on achieving this important milestone, said that the EVO launch in 100 cities reflects PTCL’s commitment to connect its customers to the world via Internet and the company’s commitment to provide its customers with best telecom services at their doorsteps. Working in a market where technology changes every minute, PTCL always strives to introduce products and services that brings more value to its customers.

EVP Commercial Planning, Syed Asim Ali, said that through superior 3G experience we offer to our customers a variety of Prepaid and Postpaid options to suit their needs as well as their budget. With nationwide roaming, customers can take their EVO anywhere and be connected at super fast speeds (except Peshawar). Customers have the freedom to download as much data as they want with EVO postpaid and MAX packages, as there are no download limits with these packages. staff report


Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

Pakistan denies Afghanistan transit for Indian trucks
Updated at: 0730 PST, Thursday, July 08, 2010

ISLAMABAD: Pakistan on Wednesday has denied Afghanistan the transit for Indian trucks, which means that there still exist conflicts on trade agreement through border of two neighboring countries, Geo news reported.

Finance Ministry sources told Geo news the signing ceremony of Pak-Afghan transit trade draft has been postponed till the seventh round of the talks, giving rise to speculations that there have appeared the definite disagreements between two countries on some issues.

Afghanistan put forward a proposal of bilateral trade through providing transit to open trucks from India en-route Pakistan but owing to security reasons, Pakistani officials have denied transit to Indian trucks, sources said.

Pakistan has also refused to an Afghan proposal involving India-Afg trade through Pakistani airports, sources maintained.

Pakistan denies Afghanistan transit for Indian trucks

 

[Hyde]

Malaysia emerges as top Asean importer from Pakistan​

ISLAMABAD (July 08 2010): According to latest data released by Trade Development Authority of Pakistan (TDAP), amongst 10 countries of the Asean, Malaysia has emerged as top importer from Pakistan in the first eight months of financial year 2009-2010 with an import of US $143.38 million. Whereas Vietnam with an import of US $85. 67 million and Philippines with an import of US $82.30 million were on second and third position.

Malaysia also emerged as the top 18th destination for Pakistan's exports with US $143.38 million in first 8 months of 2009-2010 compared with US $85.96 million of the corresponding period of last year registering an increase of 66.80 percent whereas USA and UAE with an imports of US $2.148 billion and US $987.43 million were the first and second destination for Pakistan's exports.

While commenting on the substantial increase in exports to Malaysia, the Acting High Commissioner for Pakistan in Malaysia, Dr Imtiaz A Kazi noted with satisfaction that bilateral trade between Pakistan and Malaysia was on a rising trajectory which could be gauged from the fact that bilateral trade in 2009 crossed the US $2 billion mark from US $834 million in 2006.

However, he said that potential for bilateral trade was far greater than what has currently been realised. He urged business community of both the countries to fully utilise the enabling environment created after signing of Free Trade Agreement (FTA) between Malaysia and Pakistan in November, 2007 to bring about multifold increase in trade in coming years. According to the data, in all, 61 commodities were exported to Malaysia, out of which 37 registered an increase, whereas 27 registered a decline in the same period.

Among the top exporting commodities, different varieties of rice, including Basmati rice, emerged as the biggest contributor with an unprecedented increase of 536 percent with an exports of US $35.43 million compared to US $5.56 million of the corresponding year last year. Basmati rice registered an increase of 33 percent with an export of US $11.45 million compared to US $8.6 million in the same period last year.

The vegetable exports also recorded a quantum jump and touched the exports figure of US $8.437 million compared to US $2.36 million of the corresponding period of last year, recording an increase of 257.5 percent. Other major increase was noted in exports of Chemical 248 percent, readymade garments (119 percent), towels (40 percent), knitwear (6 percent), surgical goods (4.91 percent), fruits (6 percent), machinery specialised (1040 percent), gloves (66 percent), cutlery (384 percent) and leather foot wear 7500 percent.

According to the data, items which registered decline in the exports were included fish and fish preparations, cotton clothes, bed wear, leather, pharmaceutical products, auto parts, carpet knots and marble and stone.

 

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Rates of wheat falling in open market

By Tanveer Sher

KARACHI: In the wake of improved wheat supply from Punjab, its rates have started declining in the open market of Karachi falling even below the official rates of Rs 2,525 per 100 kg bag.

Currently the commodity is available in the open market at Rs 2,475 per 100 kg bag which is Rs 75 less on each 100 kg of the wheat bag sold at official rates fixed by the Sindh Food Department.

The wheat transportation from Punjab to Karachi in the face of its bumper crop continue unabatedly which has largely helped stabilised its rates in the open market which had earlier surged to considerable level.

However, despite declining rates of wheat in the open market, retailers appears reluctant to make downward revision in the rates of all kinds of flour including chakki and Ashrafi brand flour and ex-mills flour.

City consumers are compelled to purchase chakki flour at old high rates of Rs 34 to Rs 35 per kg and ex-mill flour at Rs 29 per kg.

As claimed by traders, demand of the flour during the last one month has plunged sharply in the retail markets of Karachi by 30 to 40 percent mainly on account of summer vacation which had negative impact on the demand of all varieties of flour.

But the retailers appear unmoved to make even a slight downward revision in the rates of flour sold to consumers at higher rates.

“Despite declining wheat rates in the open markets, government is unable to force retailers to sale flour at reduced rates manifesting their lack of will to come to the rescue of helpless consumers” complained consumers at a busy outlet situated Empress Market.

They said compared to other provinces wheat is available to millers and chakki owners in Sindh at higher rates and in the face of decline in their prices in the open market, they appear reluctant to provide financial space to consumers which amounts to their financial exploitation.

A leading chakki owner blamed the situation on higher electricity tariff and enhancing labour charges, which has resulted in reduced profits of traders.

Electricity tariff for commercial traders has increased manifold during the last one year having adverse impact on their financial position.


Daily Times - Leading News Resource of Pakistan

 

[Hyde]

Egypt keen to import wheat from Pakistan​

By Amin Ahmed
Thursday, 08 Jul, 2010

Egypt’s Ambassador to Pakistan Magdy Amer called on Federal Minister for Food, Agriculture and Cooperatives Nazar Muhammad Gondal at his office, July 7, 2010. – Photo by APP.

ISLAMABAD: Matters relating to the economic cooperation between Pakistan and Egypt will come up for discussion during an upcoming meeting of the joint working group to be held in Cairo ahead of the visit of President Zardari to that country.

Egypt’s Ambassador to Pakistan Magdy Amer, who held a meeting with the Federal Minister for Food, Agriculture and Cooperatives Nazar Muhammad Gondal here on Wednesday to discuss the possible areas of cooperation said that the president’s visit to Egypt is expected in September or October this year.

Pakistan has shown its interest to benefit from the Egyptian experience in the modernisation of irrigation system and this has been officially communicated to Cairo at the highest level, informed sources told Dawn.

Ambassador Amer said that Egypt desired to import wheat from Pakistan and in return would help Pakistan in improving the irrigation system in addition to offering fellowship programmes to agricultural scientists.

Currently, Egypt meets its requirements by importing wheat from the United States, the European Union and Argentina, and has now desired to taste the Pakistani wheat. Egypt needs 6 to 7 million tons of wheat annually to bridge the deficit.

“Pakistan’s wheat is the best in the world and Egypt must import it,” Mr Gondal told the Egyptian ambassador. Pakistan can also export meat and rice to the North African country.

Mr Gondal stressed the need to develop institutional linkages between the Economic Research Department of Pakistan and the Agricultural Research Centre (ARC) of Egypt for exchange of expertise, experience, information and data of joint research studies.

Appreciating the Egyptian offer of fellowships for agricultural scientists, Mr Gondal proposed that the farmers in Pakistan need to be imparted with on-farm training because they are the real stakeholders and the implementing body.

 

[ejaz007]

Pakistan’s forex reserves jump to record $16.77bn

KARACHI: Pakistan’s foreign exchange reserves rose to a record $16.77 billion in the week ending July 2, thanks to foreign inflows worth $750 million received during the week, the central bank said on Thursday. The reserves stood at $15.83 billion the previous week. “We received $470 million from the Asian Development Bank, $95 million from the World Bank and $185 million from USAID, which has pushed the reserves to a record level,” said Syed Wasimuddin, the State Bank of Pakistan’s (SBP) chief spokesman. The previous record was $16.45 billion, hit in October 2007, he said. Reserves held by the SBP rose to $12.95 billion from $12.06 billion a week earlier, while those held by commercial banks edged up to $3.82 million from $3.77 billion, said Wasimuddin. In May, Pakistan received $1.13 billion, the fifth tranche of a $10.66 billion International Monetary Fund (IMF) loan. The IMF loan package was agreed to in November 2008 to help avert a balance-of-payments crisis and shore up reserves. reuters

Daily Times - Leading News Resource of Pakistan

 

[AstanoshKhan]

SAP eAcademy Program Very Soon Coming to Pakistan

SAP Pakistan will share the details of its eAcademy program at its launch event at a local hotel on July 8th, 2010. Abacus Consulting is the Gold sponsor for the SAP eAcademy launch in Pakistan while VMS (Virtual Matrix Synergies (Pvt) Ltd) is the Silver sponsor. SAP eAcademy launch will give career-oriented individuals a head start on how they can benefit from this training program to enhance their professional skills.

SAP eAcademy is an internationally accredited certification program that allows participants to attend courses remotely with the flexibility of timings and schedule. The course of the academy is standardized by SAP with voice activated guidance available throughout the course. The main advantage of SAP eAcademy is the flexible learning program, and it allows one to learn whenever they want with high quality standardized SAP guidance available online. The learner gets flexible access to e-learning content, training systems, and help desk support. eAcademy helps its students get ready for job related tasks and prepares them for SAP’s certification exams.

Commenting on launch of SAP eAcademy in Pakistan, Waqas Siddiqi, Head of Field Services, SAP Pakistan said,

“SAP eAcademy will raise the bar for managerial-level training being offered in Pakistan. Today’s young Pakistani professional are ambitious and career-oriented individuals who are willing to invest time in valuable training programs. SAP eAcademy will offer a unique training program to young individuals to suit their specific career goals and make them further competitive on international scale.”

The SAP curricula covers distinct business processes, including the most commonly used functions such as: Financial Accounting, Management Accounting, Human Capital Management, Supply Chain Management – Order Fulfillment, Supply Chain Management ERP Procurement, Supply Chain Management Manufacturing, ERP Enterprise Process Integration and SAP Netweaver Application Development Focus ABAP.

SAP eAcademy is a sophisticated academic program designed to offer a variety of benefits to learners. It offers cross-functional courses that focus on business content relevant to student’s career path. It gives working class an opportunity to plan course outline that suits their schedule so that they don’t have to spend too much time away from work. SAP eAcademy offers high quality training material with consistent content throughout the enterprise. Quality of learning is improved due to small learning units, multi-media, collaboration and interaction and hands-on training process linked to SAP servers.

SAP certified professionals become part of a distinguished community of experts recognised globally. Today, more than 140,000 consultants and users worldwide are part of this exclusive community.