18 - 24, 2000
Growers agree on cane price at Rs50
Growers have agreed to supply sugarcane at Rs50 per
40kg to sugar millers and all the mills of Sindh, which have suspended
cane crushing, will resume full-fledged cane crushing from Sunday.
This settlement was reached between millers and
growers during a meeting with the provincial industries minister,
Dewan Muhammad Yousuf Farooqui.
Mills will also start issuing indents from Thursday
and growers will immediately start harvesting of sugarcane and arrange
adequate supplies, says a press release of Sindh government and
Pakistan Sugar Mills Association (PSMA), Sindh Zone.
The government has assured growers and millers to
take appropriate action against the middlemen in sugarcane marketing
and growers will ensure direct supply of cane to mills.
All 27 mills in Sindh had ceased the crushing
operation following a row between the growers and the millers over
support price. Growers have been demanding cane at Rs60 per 40kg but
millers were pitted to give only Rs45 per 40kg.
In the last one month, Sindh millers produced over
132,000 metric tons of sugar due to slow cane crushing following
suspension of supplies from the growers. In contrast, Punjab millers
produced around 90,000 metric tons of sugar.
The price of sugar, produced by Sindh millers,
varies from each other as mills have bought cane at various rates
during the last one month ranging between Rs45-60 per 40 kg.
The deadlock between millers and growers had pushed
up the prices of locally-produced sugar to Rs27 per kg from Rs26 per
kg. In the wholesale markets, sugar, which was selling at Rs23.50 to
Rs24 per kg, is now being sold at Rs25.50 per kg.
IMF finds Pakistan's economic performance
International Monetary Fund has expressed general
satisfaction with Pakistan's economic performance, especially the
government's efforts to reform the system, control spending, broaden
the tax base, rein in inflation and take steps towards the
privatisation of major entities such as WAPDA. APP has obtained a
pre-release copy of the report prepared by the IMF Board of Directors
following its November 29 meeting which approved a standby credit of
$596 million for Pakistan which says several key structural reforms
had been implemented, including the introduction of the petroleum
price adjustment mechanism, the withdrawal of tax immunities and the
launch of intensified loan recovery and tax registration campaigns.
'Industry status' for three sectors
The Cabinet Committee on Investment (CCOI) decided
on Tuesday to place tourism, housing and construction sectors in
"appropriate industry category" in the new investment
The committee also liberalized the investment
policy to woo domestic and foreign investors and reduce bureaucratic
discretion. It hoped that investor friendly policy decisions, taken by
the committee to attract investors, would yield positive results.
The CCOI meeting, presided over by the Finance
Minister Shaukat Aziz and attended by the ministers for commerce,
communications, Privatisation Commission, deputy chairman Planning
Commission, CBR chairman, and other federal secretaries, discussed and
decided many long standing issues, including the issue of special
It determined the criteria for value addition to
industries and approved a comprehensive positive list of such
industries. This issue was pending resolution since 1998, thus acting
as a retardant to investment.
NWFP decides to privatize state units
The NWFP government would privatize provincial
public sector industrial units, to lay off burden from the provincial
A decision to this effect was taken at a high-level
meeting chaired by provincial governor, on Thursday.
"The governor directed the authorities
concerned to privatize provincial public sector industrial units to
reduce burden from the provincial resources," said an official
handout issued after the meeting.
Sugar mills sell-off reviewed
Sindh Privatization Committee (SPC), on Thursday
reviewed the privatization process of Thatta and Dadu Sugar Mills and
the optimum use of coal reserves by the industrial sector in the
The review was made at a meeting, presided over by
SPC Chairman, Nasir Ali Shah Bukhari and attended by representatives
of various government departments and members of the SPC. The
Committee was apprised about the presentation made to the Cabinet on
privatization of various assets, use of sale proceeds as to 90 : 10
Financing for sick industries
Fresh financing of funds for revival of sick
industrial units will not form part of their outstanding default:
banks will rather keep a separate record of such financing and monitor
it from the date it was made available to the sick units.
The State Bank conveyed this decision to all banks
through a circular issued on Wednesday.
The Chinese delegation has delayed its arrival to
Saindak project for two months for preoccupation at home. The Chinese
Metallurgical Construction Company is considered as one of the hot
favourite companies, offering bids for leasing the Saindak Project for
the next six years.
Chashma power plant
Pakistan Atomic Energy Commission Chairman Dr
Ashfaq Ahmad has said that the Chashma power plant has been completed
and it will produce 360 MW electricity.
He was talking to reporters after the 12th
convocation of the University of Engineering and Technology on
Japan to resume aid in farm sector
Japan has agreed to resume financial and technical
assistance to Pakistan, in order to help the country in developing its
agriculture sector on modern lines, despite Islamabad's refusal to
sign the Comprehensive Test Ban Treaty (CTBT).
Official sources told that the Japanese ambassador
to Pakistan, Saddali Numata, informed Pakistan of his government's
decision to resume the assistance during his meeting with Federal
Agriculture Minister, Khair Mohammad Junejo, on Thursday.