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POLICY

Jan 24 - 30, 2000

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

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 banking.

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.

Triple blade

Gillette Pakistan on Wednesday launched Gillette Mach3, the first triple blade shaving system. This was announced by Muhammed Amin, CEO amd general manager, Gillette Pakistan.

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 government.

Chinese President Jiang Zemin told Musharraf in talks that China wanted to develop further "strong relationship" between the two states, official radio reported.

"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 Rongji.

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.

Kinoo Show

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.

Expo

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.

Insurance cos

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).