Power output to rise by 2000
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
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
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
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
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.