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.
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.