Aug 14 -
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.
expressed these views while inaugurating a three-day conference of
regional managers of Agriculture Development Bank of Pakistan.
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.
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
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.
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.
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
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
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.
awaits KPC reply
State Oil is expected to get the final status of term fuel oil
supplies from Kuwait Petroleum Company (KPC) in the middle of August.
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.
reply from KPC will help Pakistan to determine the size of its next
fuel oil imports," they said.
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
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.
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.
government has approved a sum of Rs109m for establishing a cotton
ginning research institute at Multan.
the commerce ministry has made Rs20m available from the Export
Development Fund (EDF) for the start of work on the project, sources
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.
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).
Iran chamber signed
Commerce, Industries and Mines Zahedan (Iran) and Chamber of Commerce
and Industry Quetta signed a memorandum of understanding (MOU) on
Reza Ehsanfar signed the MoU on behalf of Zahedan Chamber while Sardar
Muhammad Ali Jogezai represented Quetta chamber.
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.