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May 01 - 07, 2000

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

Better terms for South sought

The Chief Executive, Gen Pervez Musharraf, has called for an increased cooperation among the members of the Economic Cooperation Organization and called for quick and positive action to achieve economlc prosperity in the region.

Inaugurating the third ECO Ministerial Meeting on Transport and Communications here on Thursday, the CE held out the assurance that the ECO states would not find Pakistan lacking in its resolve to realize the common objective of increasing trade and economic cooperation within the organization.

"It may be a good idea to have level playing fields but when the players are giants and dwarfs, it is biased against the South," he remarked and said: "The playing fields have to be uneven in favour of the South."

The ECO potential, he added, should be used for the promotion of cooperation among the members of the organization.

"Globalization, for all its benefits and possible pitfalls, has come to stay and the ECO states should also join hands to benefit from it." He urged the ECO states that they should regard it as an opportunity to improve the standard of living of their people.

The CE described the transport and communication as 'priority sector' especially relevant in a region where many countries are land-locked.

"It is important to realize that our achievements so far have not kept pace with our expressed resolve. It is thus necessary that we prioritize our objectives and set realistic targets for their timely achievements," he said.

Gen Musharraf appreciated Kazakhstan's Almaty Outline Plan which, he observed, envisaged specific routes for the ECO rail-road networks linking the member states with each other as well as with the other countries.

Pakistan faces grim challenges: ADB

Political instability, slow economic growth, unsustainable debt and corruption are among the many challenges facing Pakistan's economic and social development, the Asian Development Bank (ADB) said on Wednesday.

In its annual Outlook, report the ADB warned the Pakistan economy remains "fragile" and urged the government to undertake urgent fundamental reforms to help its recovery from the Asian financial crisis sanctions and recurring political instability.

The ADB said if the government promptly implemented major structural reforms and maintained macroeconomic stability, GDP growth should hit 4.5 per cent this year and five per cent next year.

ADBP givest Rs500m to rural women

Agricultural Development Bank of Pakistan (ADBP) has disbursed Rs500 million to 14,668 rural women up to February 28, 2000, since inception of its Women Credit Programme, in 1993.

According to the ADBP press release in line with the policies of the present government to provide more opportunities to the women, especially rural women, the bank has liberalized its policies to make it more favourable to rural women who have a very little access to formal credit, despite their major contribution to the rural economy.

15m shares at 60pc discount

Securities & Exchange Commission of Pakistan (SECP) has allowed under section 84 of Companies Ordinance, 1984 (CO), M/s Nimir Resins Limited to issue 15 million ordinary shares of Rs10 each to the existing shareholders at 60 per cent discount, that is, at a price of Rs4 per share subject to certain conditions.

Having incurred huge losses over the years, the quoted price at the stock exchanges had dropped to about Rsl.5 per share.

IMF conditions not known as yet: Ishrat

State Bank Governor Dr. Ishrat Husain said on Thursday it is premature to assume what conditions IMF would impose on Pakistan for future funding.

Talking to newsmen after inaugurating the Management Institute of PICIC he said he would not rule out the possibility of IMF pressing for imposition of general sales tax on agricultural inputs from next fiscal year. "I cannot rule them out," he said when asked to comment on the apprehensions that IMF might press for imposing GST on agricultural inputs including fertilizer.

Banking Laws Review

The Federal government here on Tuesday constituted Banking Laws Review Commission for the evaluation of the existing banking laws.

The BLRC will be headed by Justice (r) Haider Ali Prizada.

According to the terms of reference, the commission has been assigned to carry out survey of the legal problems of banking and financial institutions and legislative needs of the banking sector.

According to a government announcement, the commission will review the present legislation regarding the State Bank, commercial banks and financial institutions with a view to identify implementation and enforcement problems. The commission will also study the prudential regulations and regulatory set-up for supervision of banks and financial institutions.