19 - 25, 2001
WB sees less than 3pc GDP growth rate
World Bank has forecast less than 3 per cent GDP growth rate
for Pakistan during the current financial year.
"The foremost important thing today is to implement
strong reform programme which is very much homegrown and can resolve major
economic issues," said the Vice President of the World Bank for South Asian
Region, Ms Mieko Nishimizu.
Talking to reporters on Thursday at the residence of World
Bank's Resident Representative John Wall, she said Pakistan has to show strong
performance to qualify for the remaining 300 million dollar World Bank support
announced for 2001-2002.
Earlier, 300 million dollar were offered under International
Development Agency (IDA) concessional lending as part of the overall 600 million
dollar funding programme for Pakistan during the current financial year.
She said that the World Bank has worked out three years
Country Assistance Strategy for Pakistan. "And we hope to extend funding
for Pakistan under Poverty Reduction Support Credit," Ms. Mieko said
without giving any idea about the size of the proposed funding.
She agreed that Pakistan's economic situation has worsened
following September 11 events, and said that there has been a "negative
impact of substantial magnitude."
The World Bank vice president urged the government to improve
governance and remove corruption in order to lessen the negative impact of
September 11 events on the economy. "You ought to implement structural
reforms, generate more employment and stabilize balance of payment position more
She was reminded that Pakistan was already experiencing cut
in exports and other problems arising out of September 11 attack on America and
under these circumstances how should it improve the economy in the absence of
increased foreign funding. "The medicine is the same but you have to go for
Inflation rates up in July-Oct
The inflation rates based on SPI, CPI and WPI in July-Oct,
2001-02 increased by 2.18 per cent, 2.86 per cent, and 4.90 per cent
respectively over the corresponding period of 2000-01.
According to the Statistics Division, inflation increased in
2000-01 by 4.67 per cent, 4.76 per cent and 4.55 per cent respectively over the
corresponding period of 1999-2000 and in 1999-2000 the rate of inflation
increased by 2.89 per cent, 3.43 per cent and 2.79 per cent, respectively over
the same period of 1998-1999.
An analysis of data for last three years for the same period
indicates that the SPI and CPI increase was the lowest as compared to 2000-2001
& 1999-2000 except WPI.
The inflation rates based on SPI, CPI and WPI for October
2001 increased by 2.29 per cent, 2.69 per cent, and 2.51 per cent respectively
over October 2000.
Sindh preparing rolling plan for industries
The Sindh government is in the process of preparing a rolling
plan 2001-2006 for industries and commerce sectors to improve the overall
industrial output of the province.
The plan mostly contains schemes and projects of the Sindh
Small Industries Corporation (SSIC) regarding provisions of infrastructural
facilities particularly in the interior of the province for the prospective
A working group has been formed for the preparation of the
rolling plan. The group includes Sindh government officials, representative of
Environmental Protection Agency (EPA), Pakistan Japan Business Forum (PJBF) and
one member each from the Karachi, Hyderabad and Sukkur Chamber of Commerce and
Engg action plan may be finalized by year-end
Engineering Strategy 2002 , an action plan to make the local
engineering industry a viable sector, is likely to be finalized by end of this
year to enable the government to accommodate its recommendations in the budget
The strategy is being developed by Small and Medium
Enterprizes Development Authority in collaboration with the industry.
The government drive to produce contamination- free cotton in
the country is giving encouraging results as the two districts — Rahimyar Khan
in Punjab and Gotki in Sindh — selected as pilot project are giving
This was observed by the minister for commerce Abdul Razak
Dawood after his visit on Thursday to Rahimyar Khan district. Briefing a
hurriedly called press conference at TCP head office in Karachi the minister
appreciated growers for adopting new methods needed to ensure contamination-free
production of cotton.
Razak wants millers to be active buyers
Commerce Minister Razaq Dawood on Thursday urged the textile
millers to play a role of active buyer to make the supervised ginning scheme a
success for the production of contamination-free cotton.
He was addressing a gathering of various stakeholders of the
cotton market, organized by the Pakistan Cotton Ginners Association (PCCA), to
review achievements of the venture launched in Punjab from this district on
August 27 last to gin quality cotton.
40,000 cotton bales change hands
Cotton market on Wednesday shrugged off the last couple of
sessions hesitancy as spinners resumed their covering operations after a
Further cut in war risk charges by the shipping lines, strong
dollar, and sharp increase in New York cotton futures were claimed to be some of
the bullish factors luring spinners back in the market.
Gas delivery from Sindh by month-end
The Austrian oil and gas company, OMV, will start delivering
170 MCF gas per day to the Sui Southern Gas Company Ltd from Sawan Field (Sindh)
by the end of this month.
A press release issued on Sunday said the government of
Pakistan signed various agreements with SW-Miano Joint Ventures led by the OMV
and SSGCL for delivery of 170 MCF per day pipeline quality gas from the Sawan
gas field in Sindh.