Jan 15 -
ADB to release $40m tranche
Asian Development Bank will release first tranche of $40
million in January under Micro Finance Sector Development programme worth $150
million approved for Pakistan last month by the ADB board.
However, the release of firs
t tranche of $30 million under
Small and Medium Enterprises Trade Enhancement Facility (SMETEF) has been
delayed as one of the conditionalities of ADB Trade Export Promotion Industry (TEPI)
loan programme relating to legislation for the restructuring of Board of
Investment was not met by the government so far, well-placed sources said on
The ADB disbursed $525 million against approval of loans
worth $707 million during calendar 2000, sources stated adding, first tranche of
$150 million has already been released under Energy Sector loan programme of
For current calendar, the ADB has so far approved three loan
programmes worth $600 million including Energy Sector loan programme of $300
million, Micro Finance Sector Development loan programme — $ 150 million and
Small and Medium Enterprises Trade Enhancement Facility programme worth $150
million, the sources maintained.
There are around 40 on-going projects including three fresh
programme worth $600 million approved in December 2000 by the ADB board, sources
Responding to a question, sources hoped that next tranche of
$150 million under the Energy Sector loan programme would be released in
November or December 2001 against the conditonalities of the programme.
Meanwhile, the sources said that Resident representative of
of ADB, M.F.W. Zijevelt will retire by mid January, after serving for about 3
years in Pakistan.
Net Asset Value of NIT up by 56%
The Net Asset Value (NAV) of National Investment Trust
Limited (NIT) Unit had jumped up by 56 per cent (including interim dividend),
during the fiscal year ended December 31, 2000 , Chairman NIT Istaqbal Mehdi
told the board which met on Tuesday to approve the accounts for the financial
year 2000, a press release of the trust said.
NIT claimed that it had outperformed the Karachi share Bazaar
by 16 per cent, for the KSE-100 index was calculated to have appreciated by 40
per cent during the year, "Thus, the unit-holders value was enhanced by Rs2
billion due to out-performance", NIT statement said.
For the latest year to end-December 2000, NIT posted net
income of Rs1.89 billion, which represented growth of 103 per cent over the
year-ago income. Income from capital gains showed a huge increase to Rs818
million, from Rs84 million the earlier year.
Dividend income also increased by 42.9 per cent to Rs1.4
billion, from Rs980 million the earlier year.
Banks inject Rs30bn in the system
The pressure on money market eased considerably on the
injection of about Rs30 billion in the system, by the banks after their
liquidity position improved in the backdrop of some positive steps taken by the
But the inter-bank call rates stood on the higher side owing
to market net-off following the outflow of Rs13.5bn from the system. A leading
money market analyst at the KASB & Co said, "the open market operations
are the chief villain of the game".
After fluctuating between 12 to 13pc, the call rates finally
settled at the higher side of the daily average at 13 per cent.
B.R.R. International Modaraba
For the year ended June 30, 2000, B.R.R. International
Modaraba distributed Rs63 million in profit to the certificate holders at 13 per
cent, which represented improvement over 11 per cent paid for each of the
preceding three years. On the ruling market price of Rs6.30 for the certificate,
the dividend yield (after accounting for withholding tax at 10 per cent) works
out to an attractive 18 per cent.
Rupee gains against dollar
After falling sharply over the last couple of sessions, the
rupee on Wednesday showed a measure of strength and was quoted higher by 10
paisa against the dollar in inter-bank dealings.
Moving within an extremely narrow range of 15 paisa, as the
demand for dollar was not that aggressive, rupee finally settled at Rs58.70 and
59.20 for buying and selling in comparison to Rs58.80 and 59.30, a day earlier.
SBFC loan ceiling may be raised
The government will soon promulgate an ordinance aimed at
enhancing credit ceiling of loans disbursed by Small Business Finance
Corporation among small and medium enterprises.
"The credit limit is being enhanced as a part of the
Institutional Capability Building programme of SBFC," Managing Director
SBFC Qaisar Naseem told on Wednesday.
Special deposit condition to go
The State Bank of Pakistan is withdrawing, on Thursday, its
requirement on all the scheduled banks to maintain with it a special deposit of
two per cent of their total time and demand liabilities.
A circular issued by the SBP on Tuesday informed all the
banks to continue to maintain with it an average balance of 5 per cent of its
total time and demand liabilities in Pakistan worked out on weekly basis,
provided that the amount shall not, at the close of business on any day, be less
than 4 per cent of the total time and demand liabilities.
Fish harbour income doubles
The Karachi Fish Harbour's annual income has almost doubled
to Rs70 million during the last one-and-a-half year or less, as a result of
restructuring of the fisheries sector under the development strategy formulated
by the Small and Medium Enterprise Development Authority in the first half of
Foreign IT investment
Federal Minister for Science and Technology Dr Attaur Rehman
has said Pakistan has been made the hottest place for investment and foreign
companies have invested Rs12 billion in the information technology sector.