02 - 08, 2001
Wheat production reaches 19m tons
The latest official estimate shows that the country's wheat
production has reached 19.1 million tons — half a million tons more than the
figure on which GDP growth of 2.6 per cent had been projected.
The production of 19.1 million tons is very encouraging
considering the drought and unprecedented 40 per cent shortage of irrigation
water experienced by the country, federal minister for food and agriculture
Khair Muhammad Junejo told.
The figure about the total area on which wheat was cultivated
last year had not yet been firmed up.
The provisional production of 18.5 million tons had been
projected on the assumption that 8.1 million hectares had come under
Despite a very good crop and availability of ample quantity
of wheat, the provincial governments and PASCO have not yet achieved the
He admitted that the procurement this year had remained very
slow because of a number of factors including lack of storage facilities with
the provincial governments.
A total of 3.5 million tons had been procured by the
provincial governments and PASCO till June 21, against the target of 4.6 million
tons, he said.
Punjab had procured 2.2 million tons, PASCO 790,000 tons,
Sindh 433,000 tons and Balochistan 58,000 tons.
The contracts for the export of 405,000 tons of wheat were in
hand and till June 21, about 233,000 tons had been lifted.
A consignment of 35,000 tons of wheat had already been
shipped to Iraq out of a total of 100,000 tons to be exported to the war-torn
country against oil-for-food programme. The remaining 65,000 tons of wheat would
be shipped in July.
NWFP unveils Rs44bn budget for 2001-02
The NWFP government on Thursday announced over Rs44bn
provincial budget for the 2001-02 fiscal year, with the largest chunk of
anticipated revenue receipts — 91.62 per cent of the total — shown to be
coming from the federal government and Wapda.
In his pre-recorded budget speech, telecast on the provincial
hook-up in the evening, the NWFP finance minister, Farid Rehman, said the wide
gap between receipts and expenditure demanded a fresh review to create fiscal
space to overcome the financial constraints the province has been facing for the
last several years.
Against the Rs44.067bn total revenue receipts for the 2001-
02 fiscal year, total revenue expenditure of the province has been projected at
Rs45.04bn, causing a shortfall of Rs973m.
Rs27bn budget for Balochistan
Balochistan Finance Minister Malik Naeem Ahmad on Wednesday
announced a Rs27.34 billion budget for the 2001-02 fiscal, which has an
allocation of Rs3.47 billion for the proposed 22 district governments in the
The budget estimates total revenue expenditure during the
next year at Rs18.35 billion whereas the development outlay has been put at
Total receipts have been estimated at Rs27.34 billion:
provincial share in the federal tax pool and direct transfers from Islamabad
Rs23.98 billion, provincial revenue generation Rs1.2 billion, foreign assistance
Rs2.07 billion and a cash assistance of Rs11.50 million.
NWFP announces Rs4.9bn ADP
NWFP government has presented Rs4915.13 million Annual
Development Programme (ADP), for the next financial year with over 92 per cent
of the total funds to come from foreign loans and grants.
Apart from the Rs4915 million resource availability to
support the next financial year's ADP, the province has also envisaged
development works of Rs3071 million for which funds would be mobilized from
sources not identified in any of the budget documents made available to
Balochistan to raise Rs1.2bn from own sources
Balochistan government has projected more than Rs1.2 billion
to be raised from its own sources in 2001-02. The amount includes Rs892 million
taxes as against over Rs509 million in the current fiscal year.
An official document lists six categories of taxes and a
category of miscellaneous taxes, which actually generated over Rs860 million
income in the current fiscal year. The miscellaneous taxes showed a recovery of
Rs260 million in the current fiscal year, which will go up to Rs280 million.
Federal Minister for Commerce, Industries and Production,
Abdul Razak Dawood has said that 7300 million tons coal reserves of Thar and
Lakhra have rich potentials which could be developed into power generation,
crude oil production and chemical purpose plants with the assistance of China.
The minister was talking to a seven-member Chinese coal fuel
experts headed by Ye Qing, President of Shenhua Group who called on him on
Saturday. Dawood said that Pakistan would benefit from the "gasification
technology" adopted by China to avoid open striping and availing the
optimum utilization of coal reserves.
GDP to grow 4% in 01-02: Ishrat
State Bank Governor Dr Ishrat Husain said on Saturday that
Pakistan's gross domestic product is projected to grow 4 per cent in fiscal
2001-02 and consumer inflation is estimated to rise by 6 per cent.
Speaking at a post-budget seminar organized by Institute of
Cost and Management Accountants of Pakistan (ICMAP) he said this projected
growth means an autonomous increase of 10 per cent or Rs40 billion in the tax
revenue in the next fiscal year. He said another Rs11 billion in tax revenue
would come in due to certain budgetary measures and concluded that Rs51 billion
growth in tax revenue in the next fiscal year was thus very much possible.
Pakistan has set tax revenue collection target of Rs457 billion in fiscal
(July/June) 2001-02 against an estimated collection of Rs406 billion in the
current fiscal year. Earlier speakers including economists Dr. Shahid Hasan
Siddiqui and Masood Ali Naqvi, FCA, had said that the 2001-02 tax revenue target
seemed to be "ambitious".