week we are publishing a review of the one year of the Pervez
Musharraf Government. At present government is facing not only
external pressure but also acute internal political, social and
business unrest. Its time for CE to take strong decisions to steer the
country of the prevalent crisis coming both externally and internally.
The importers and
the exporters who went for a panic booking and holding back their export
proceeds in anticipation of better returns respectively add to the pressures on
rupee getting poorer against dollar. Mopping-up of the greenbacks by the
government for debt servicing also created an unusual demand for the dollar both
in the inter-bank as well as in the kerb market.
A group of non-resident Pakistanis have consolidated their
resources to initiate off-shore banking with the prime objective to financially
help out Pakistan.
Since off-shore banking registration is allowed in Luxembourg, Bahamas, Isles
of Man and Nuie (a Central Pacific Island under the domain of Australia) alone.
The proposed off-shore banking project is likely to be registered in one of the
above mentioned islands.
The present government is making its best efforts to come up with a conducive
Fertilizer Policy. The delay in announcing the Policy is inevitable due to
involvement of a number of stakeholders. The Policy was expected to be announced
by September end. It is feared that the delay can prove fatal for the country.
The economy is heavily dependent on agriculture, which has also been given a
very high weightage in the plans by the current economic managers.