Dec 18 -
People urged to elect honest candidates
The devolution of power plan is being introduced to
bring revolutionary changes in the political structure without which
the country could not be set on the path of prosperity.
This was said by Chief Executive Gen Pervez
Musharraf while speaking at a public gathering at Jauharabad on
He urged the people to elect honest, patriotic and
dedicated candidates in the forthcoming local government elections.
Gen Musharraf said that if they committed the same mistake they were
repeating for the last 53 years, and elected the old faces they would
not get any benefit of the plan.
He said that the decentralization of powers, being
implemented in phases, was one of the seven-point agenda of his
government, which he had unveiled in his address to the nation on Oct
16 last year.
He said that the new system of governance would be
implemented througout the country from August 2001 which will usher in
new era of progress in the country.
Gen Musharraf said the district assemblies would be
independent in financial matters and the elected people would approve
developmental projects at their own.
Another objective of the plan, Gen Musharraf said,
was to provide speedy justice to the poor at their doorstep by
bringing changes in judicial system.
The chief executive said that he had decided to
change the name of poverty alleviation programme. It would be called
"Khushhal (prosperous) Pakistan Programme".
Gen Musharraf said that Rs35 billion would be spent
on various poverty alleviation schemes under the programme out of
which Rs300 million would be given to Khushab district.
Gas connection would be provided to the twin cities
of Khushab and Jauharabad after getting a feasibility report.
China has asked Pakistan to reconsider its recent
decision of cancelling deep-sea fishing licences, saying it has caused
huge losses to its firm.
The Chinese government has also renewed its offer
for signing a long-term fisheries cooperation agreement with Pakistan
on mutually beneficial terms.
The government had cancelled deep-sea fishing
licences of 31 foreign and local firms, including five of China
International Fishing Corporation in October. South Korea has already
lodged protest with Pakistan for cancelling fishing licence of its
S&P assigns 'B+' rating to PIBs
Standard & Poor's said on Thursday it assigned
its single B-plus credit rating to Pakistan's new tradeable long-term
local currency bonds with bullet maturities of three, five and 10
The issuance of 4.44 billion rupees ($78 million)
worth of the bonds on December 12 marks the launch of the government's
planned shift to market-based pricing on its domestic debt.
At the same time, Standard & Poor's affirmed
all its sovereign and senior unsecured credit ratings on Pakistan,
including the single B-plus long-term local currency rating.
Foreign franchise may be allowed to remit forex
Services and agricultural foreign franchise are
being allowed to remit foreign exchange for five years, provided they
induct new technology and invest in upstream projects.
Official sources said that the ministry of finance,
commerce, industries and Board of Investment have agreed on a formula
that if these foreign franchise induct new technology and also invest
in upstream projects, they should be allowed to remit foreign exchange
for five years.
The Privatization of Pakistan International
Airlines Corporation has been agreed upon in principle and steps are
under way to appoint a Financial Advisor. This was stated by Federal
Minister for Privatization, Altaf M. Saleem, while talking to the
Canadian High Commissioner in Pakistan Mr. Ferry De Kerckhove who
called on the minister on Tuesday
Interactive Portal signs joint venture
Pakistan's first interactive portal —
Megaeast.com — has signed a joint venture agreement with g77tin.org
to offer its such users as exporters, importers and those dealing in
logistics an enhanced opportunity on the business front.
It is the first ever business-to-business (B2B)
promotional joint venture (JV) in Pakistan, said Megaeast.com chief
executive Mumtaz Hasan, WorldCALL marketing manager Mubashir Lucman
and g77 official Amir Qureishi at a press conference on Tuesday.
Liquidation of Cooperative Bank advised
The State Bank of Pakistan (SBP) has asked the
federal government to start the process of liquidation of Federal Bank
for Cooperative (FBC) and shift its functions to the Agricultural
Development Bank of Pakistan (ADBP).
The SBP further recommended to Finance Minister
Shaukat Aziz that after the FBC liquidation, the supervision and
development of cooperatives in the rural areas should be reverted back
to the respective provinces as cooperative is a provincial subject.
WorldCall Multimedia to be listed
WorldCALL Multimedia Ltd proposes to list itself on
the stock exchange, offering 25 million shares of Rs10 each for public
subscription next month for raising funds for its future expansion.
The Annual General meeting of the Karachi Stock
Exchange, formally declared Mohammad Yasin Lakhani and Muhammad
Siddique Dalal as Chairman and Vice Chairman of KSE.
They were declared elected unopposed on December 4
when the final list after withdrawal of their opponents was finalized.
The Ministry of Industries and Production has
finalized the draft Fertilizer policy for 2000-2010 and will be
submitted to the Economic Coordination Committee (ECC) of the Cabinet
soon for approval.