. .

The preparations for Federal Budget for financial year 2002-03 are in full swing. A common belief is the budget was prepared way back when Pakistan was negotiating the PRGF with the IMF. At the best, it is being fine tuned. While Pakistan has emerged stronger on the external front, meeting revenue target, achieving the desired GDP growth rate and avoiding use of grants to meet the shortfall in revenue are the key concerns. Some analysts also say that meeting or not meeting the targets is of no consequence because of the vocal support of those who sit on the Executive Board of the IMF.


PNSC has awarded a mega IT contract for the installation of GPS ship management system on eight of its vessels to a foreign company at a too high a price. Informed sources say that the job could have been done within the country at less than one-fifth of Rs 50 million which the Corporation will pay to a Greek company, SES.

PICIC is launching its international operations by initiating its commercial bank branches in Kabul and Kandhar to facilitate trade activities between Afghanistan and Pakistan. SBP has granted permission to go ahead with its plans to open bank branches in Afghanistan. Besides the commercial bank's branches, PICIC also actively taking another project i.e. PICIC Exchange Company to start operations in UAE.


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