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Apr 03 - 09, 2000

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade
  6. Gulf

Power output to rise by 2000 MW

At least ten Independent Power Producers (IPPs) will start generation of 2000 MW power before June this year.

The Power projects which would start functioning are Uch Power Limited, Roucsh, Fauji Kabirwala, Northern Electric, Eashatech, Davis Energen, Japan Power, Saba Coastal, Saba Shipyard Pakistan Limited and Power Generation Systems.

These power projects were issued permission letters during 1994 which mainly focused on thermal power projects.

According to the sources of the Water and Power Ministry, these projects are at the stage of commissioning and expected to be operational shortly.

Some of them have already tested their plants and got reports from experts in which they have given green signal to start production.

The government had issued Letters of Support (LoS) to 34 private power companies with a capacity (net) of 8,340 MW. Out of these, nineteen projects with an installed capacity of 3158 MW achieved Financial Close and were further processed. Out of these, the following seven projects have been commissioned.

AES Lal Pir (337 MW), AES Pakgn (337 MW) Gul Ahmed Energy (125 MW), Tapal Energy (119 MW), Kohinoor Energy (120 MW), Southern Electric Power (112 MW) and Habibullah Coastal (123 MW). A total installed capacity of power generation of these seven plants is 1273 MW.

These power projects were being set up under power policies announced in March 1994, May 1995 and July 1998.

Mirza takes over as chairman SECP

Khalid Mirza, who assumed charge as chairman, Securities & Exchange Commission of Pakistan (SECP), has said it will be his endeavour to make SECP a body devoted not only to the regulation of capital market but its growth as well.

Mirza, 55, who has left a job as chief of Mission of International Finance Corporation, a subsidiary of the World Bank, in Thailand, brings to his new assignment varied experience of investment banking, institution-building and capital market management.

Credit rating

The Pakistan Credit Rating Agency (PACRA) has assigned a long-term rating of BBB (Triple B) and a short-term rating of A3 (A three) to Network Leasing Corporation Ltd.

Musharraf, Wahid agree to boost economic ties

Indonesian President Abdul Rehman Wahid and Chief Executive Gen Pervez Musharraf held one-on-one talks at Istana Merdeka and agreed to strengthen economic and commercial ties between the two countries.

During their meeting at the grand presidential palace, the two leaders agreed to hold regular yearly consultations at the top level to help the two countries further cement their relationship, Pakistan's ambassador to Indonesia, Afzal Akbar Khan, told APP after the parleys.

They also discussed coordination in the defence production field to reduce dependence on others. They also discussed the naval cooperation between the two brotherly countries, the ambassador said.

IMF team due

An IMF team is expected here next week for appraisal of the Central Board of Revenue's collection capacity which under the Fund programme was to have improved significantly by the end of the third quarter of the current financial year.

Islamabad airport bids

The bids for the construction of a new Islamabad International Airport, on Build, Operate and Transfer (BOT) basis would be submitted by Oct 15, 2000.

Cotton policy next month

New cotton policy for the year 2000-2001 will be announced in the first week of April.

Chief executive General Pervez Musharraf will announce the policy and will explain the salient features of the policy in a press conference. Announcement to the effect was made here on Monday by the spokesman of the ministry of commerce. He said that the government has almost finalized the work on the cotton policy after extensive consultation with the relevant stockholders.

SBP to decentralize monitoring dept

The State Bank has decided to decentralize its monitoring and inspection department to cut costs.

Informed sources said on Monday that State Bank Governor Dr Ishrat Hussain believes in devolution of powers and sharing of responsibility.

In the first place a decision has been taken that the central bank's monitoring and inspection department, which had been centralized in Karachi by the previous governor Dr Muhammad Yaqub will be decentralized. Due to this centralization, the SBP's expenditure has increased which was justified in the name of monitoring and inspection of the branches of the commercial banks throughout the country.

Singapore for more trade with Pakistan

Singapore Prime Minister Goh Chok Thong hoped that Pakistan and India would resume dialogue to continue the progress achieved by the Lahore Declaration last year.

Speaking at a luncheon, which he had hosted in honour of Chief Executive General Pervez Musharraf, Goh said without peace and stability, economic growth would remain elusive to the region.

The South Asian region faces some difficult challenges. "We know the magnitude of the task, and are aware of the long road and the difficulties ahead," he said.

He said that Asia must "have the vision and courage to look ahead" and not allow differences to bog down the region.

"We wish for peace and stability in your region," Goh said. "Without it, economic growth and prosperity will remain elusive."

Goh's speech concentrated on strengthening bilateral relations and increasing trade.

Goh hoped Singapore and Pakistan could increase trade, which in 1999 totalled 650 million Singapore dollars (382.35 million US).

"This trade can be increased further as we promote economic cooperation between our two countries. It is an area (in which) our private sectors should take the lead," Goh said.