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Aug 14 - 20, 2000

Governor State Bank Dr Ishrat Hussain has asked the ADBP management to advance credit for the development of export-oriented crops like wheat, rice, cotton, livestock, fisheries, fruits and vegetables.

He expressed these views while inaugurating a three-day conference of regional managers of Agriculture Development Bank of Pakistan.

Dr Ishrat said, agriculture was the mainstay of our economy and no other sector of the economy could move forward without progress in this particular productive area.

He pointed out that ADBP being the premier credit institution would have to play a pivotal role in the advancement of agriculture sector. That was why, he added, there was a great need to give more credit to export-oriented crops.

He said to make the ADBP a vibrant and dynamic entity, the management and field functionaries will have to adopt result-oriented approach with clear direction and commitment.

He particularly emphasized the need to boost official efforts to recover stuck-up and non-performing loans with a missionary zeal so that enough money could be made available with ADBP for further recycling.

CE approves formation of ad hoc PAC 

The chief executive, Gen Pervez Musharraf, on Wednesday approved setting up of ad hoc public accounts committees (PAC) at the federal and provincial levels to examine government accounts.

Persons from all provinces with, having vast administrative and professional experience, have been made members of the federal committee, an official statement said.

Professionals from private sector, like chartered accountants and academicians, have also been included in the committee, it added. All governors, it said, would also nominate similar committees at the provincial level.

WAPDA plans to develop water reservoirs 

Wapda has drawn up a plan for the development of water reservoirs of the country which is estimated to cost Rs794 billion and will take about a decade to complete, reliable sources said.

The plan includes the construction of a large multi-purpose water storage-cum-hydropower project which is estimated to cost Rs372 billion, three projects in Sindh at an estimated cost of Rs178 billion, one project in Punjab at an estimated cost of Rs61 billion, two projects in the NWFP at an estimated cost of Rs139 billion and one project in Balochistan at an estimated cost of Rs44 billion.

The three projects in Sindh include a major project of the Sehwan barrage which is estimated to cost Rs113 billion. It will be constructed on the Indus River, about nine kilometres upstream of the historic town of Sehwan Sharif. On completion, it will supply adequate irrigation water to about 2.4 million acres of the lower Indus region which at present falls under the Sukkur barrage left bank command of Rohri and Nara canals.

PSO awaits KPC reply

Pakistan State Oil is expected to get the final status of term fuel oil supplies from Kuwait Petroleum Company (KPC) in the middle of August.

"We are waiting for the reply from KPC in the next week so that we could float the third tender for furnace oil imports for October delivery," sources in PSO told.

"The reply from KPC will help Pakistan to determine the size of its next fuel oil imports," they said.

Under term contract, KPC provides 25 per cent of Pakistan's furnace oil requirement but since fire broke down in June at one of KPC's main refining complex, the company could not fulfil its commitments to the buyers.

Besides, Pakistan manages its 50 per cent fuel oil imports from Bakri Bunker of Saudi Arabia while the remaining 25 per cent requirement is met through quarterly spot tenders.

Shaukat proposes regional trading bloc

Federal Finance Minister Shaukat Aziz, on Thursday called upon the stock exchanges of the SAARC countries to form a common platform for developing regional trading bloc benefiting the member countries.

Speaking at the inaugural ceremony of the 3rd conference of South Asian Federation of Exchanges (SAFE), he said such regional blocs are benefiting the member countries and termed them as supplementary to the concept of globalization. It is much easier to strike deals within the region and smaller groups, he said.

Ginning research institute

The government has approved a sum of Rs109m for establishing a cotton ginning research institute at Multan.

Initially, the commerce ministry has made Rs20m available from the Export Development Fund (EDF) for the start of work on the project, sources said.

The Institute is being set up in view of an Asian Development Bank's survey which recommended that there was a need for improving ginning methods in order to produce quality cotton.

KSE MD resigns

Shahid Ghaffar, the Managing Director of the Karachi Stock Exchange resigned Wednesday afternoon. He is understood to be moving over to Islamabad to fill the newly created post of Executive Director at the Securities and Exchange Commission of Pakistan (SEC).

MoU with Iran chamber signed

Chamber of Commerce, Industries and Mines Zahedan (Iran) and Chamber of Commerce and Industry Quetta signed a memorandum of understanding (MOU) on Saturday.

Muhammad Reza Ehsanfar signed the MoU on behalf of Zahedan Chamber while Sardar Muhammad Ali Jogezai represented Quetta chamber.

The MoU said, the two sides expressed their keen interest to expedite preparation of a new barter agreement altering the border trade agreement of April 19, 1982 between the govt of Iran and Pakistan and the agreement of May 12, 1990.