Banking law to be amended
The Cabinet on Thursday authorised amendments in the Banking Companies
Ordinance 1962 to reform the banking sector.
Briefing newsmen about the decisions, Advisor to the Chief Executive on
Information and National Affairs Javed Jabbar said, the Cabinet took a decision on
reforming the banking sector by further refining and improving the prudential aspect of
UBL, HBL new chiefs
The government appointed Amar Khan as the new president of the United
Bank Limited (UBL). He has replaced Zubyr Soomro who has resigned and his resignation has
been accepted. Soomro has rejoined the Citibank as its country chief in Pakistan.
As Shaukat Tarin has expressed his inability to renew his contract
expiring end-March, 2000 and continue as President of Habib Bank Limited, the Federal
Government has appointed Zakir Mahmood to head the HBL. Mahmood is expected to take up his
new assignment from February 5, 2000.
Gillette Pakistan on Wednesday launched Gillette Mach3, the first
triple blade shaving system. This was announced by Muhammed Amin, CEO amd general manager,
ADB teams to review pollcy performance
The Asian Development Bank (ADB) is sending three missions to Pakistan
during the month of January to discuss various loan programmes including to review policy
performance compliance for the release of $125m second tranche of the Capital Market
Development Programme Loan.
The first mission, visiting from 20 to 22 January, will be from the
ADB's Finance and Industry Department and will not only consider the release of $125m but
would review implementation performance of the Trade and Export Promotion and Industry
(TEPI) programme loan. The first tranche of $200m TEPI loan was disbursed in January 1999.
The second mission from the ADB's Energy Department will be in Pakistan from from Jan 21
to Feb 4. The third mission from the ADB's programme Department would be in Pakistan from
26 Jan to 8 Feb.
Stronger strategic partnership pledged
China and Pakistan vowed to strengthen their strategic partnership as
General Pervez Musharraf wrapped up his two-day visit with firm support for his
Chinese President Jiang Zemin told Musharraf in talks that China wanted
to develop further "strong relationship" between the two states, official radio
"In the new century China will continue to consolidate and develop
relations with the Pakistani people and government. Our friendship and relations have
withstood the test of time," Jiang said.
Jiang also said China wanted to see Pakistan push ahead with economic
development and maintain social stability. "China would like to see a more stable and
prosperous Pakistan in the future," he said.
Musharraf, making his first visit to a non-Muslim country since the
military takeover, received the same "business-as-usual" message earlier on
Tuesday from Parliamentary Chairman Li Peng and from Premier Zhu
Despite critique Western powers of the military takeover, which removed
the government of premier Nawaz Sharif, China said its close relations with Islamabad had
not been affected by the military takeover.
Asked whether Chinese leaders had called for a return to civilian rule
during the talks, foreign ministry spokesman Zhu Bangzao insisted the issue was not
China's concern and said bilateral ties were growing stronger.
Premier Zhu Rongji told Musharraf during talks on Monday that China's
support for Pakistan would continue regardless of developments on the international scene
or inside Pakistan.
The first Pakistani 'Kinoo Show' is to be held on January 24 and 25 at
Pan Pacific Sonargoan Hotel, Dhaka.
President of Chamber of Commerce and Industries, Aftabul Islam, will
inaugurate the show. Export Promotion Bureau of Pakistan EPB is sponsoring the show.
Lahore Chamber of Commerce and Industry will hold a single country
sale-allowed exhibition at Atlantic City Convention Centre in USA from April 12-15 in
collaboration with American Trade Shows firm, according to LCCI spokesman here Tuesday.
The Finance Minister Shaukat Aziz has asked the insurance sector to
expand its capital base in order to give more security to the policy holders and increase
net retention of the industry.
Heads of banks, DFIs may be changed
The military government has decided to change the heads of most of the
Nationalized Commercial Banks (NCBs) and the Development Financial Institutions (DFIs) and
appoint in their places local bankers by giving them usual scales.
Heads of banks and DFIs who were appointed on higher salaries and
offered unprecedented perks and privileges will be changed not only to save excessive
expenditure but to encourage the local bankers.
US to provide $125m for wheat import
The United States Department of Agriculture (USDA) will provide $125
million credit to fund import of one million tonnes of wheat by Pakistan this year.
Official sources said the USDA has formally informed the Government of
Pakistan that it can import wheat worth $125 million in the nine months up to September,
2000, to meet its growing food demand.
Official sources said Pakistan has planned to import total 2.58 million
tonnes wheat during 2000, in addition to 1.1 million tonnes which has already been
imported (USA 300,000 tonnes and Australia 800,000 tonnes).