10 - 16, 2002
MUSHARRAF SATISFIED WITH ALMATY MOOT
The Almaty conference is a great diplomatic victory
for Pakistan as the participants fully appreciated Islamabad's stand
to resolve all controversial issues with India peacefully and through
dialogue, said President Gen Pervez Musharraf.
"The whole world is disappointed and dismayed
over the belligerent attitude of the Indians but this is very
gratifying for us that Pakistan's efforts for de-escalation had been
widely acknowledged by 14 countries out of 16 members of the
Conference on Interaction and Confidence Building Measures in Asia (CICA),"
he further said.
Talking to reporters in his plane while returning
from Almaty to Islamabad late Tuesday evening, he pointed out that the
new effective forum of CICA had been created and Pakistan was its
founding member to play an active role for promoting political and
economic interests of member states.
"Everybody observed India's isolation in the
Almaty conference," the president said, adding that Russian
President Putin was particularly disappointed over India's refusal to
sort out issues through dialogue. "I have been invited by Mr
Putin to visit Russia and I have accepted his offer and I am sure it
will increase political and economic cooperation between the two
When asked whether the outcome of the conference
would lead to further tension with India, the president said he did
not think so. "The world is interested in de-escalation and the
good thing is that pressure is mounting on India to sort out issues
through dialogue," he said, adding that today the United States,
Russia, China, the European Union (EU), CICA, the OIC and all other
international forums were seeking peaceful resolution of issues
between India and Pakistan. "But it looks as if India is in deep
trouble and wants some face-saving to pull back its troops from the
borders," the president maintained.
PC FINALIZING CONTRACT WITH MERRILL LYNCH
The Privatization Commission is finalizing an
advisory services contract to be signed with Merrill Lynch for the
sale of 51 per cent shares in Pakistan Petroleum Ltd (PPL) within a
A Privatization Commission statement said the
government intended to ensure that fair proceeds from the
privatization were obtained no matter when the privatization occurred.
The government decision to increase PPL well-head
price gradually over five years meant that transaction has to be
carefully structured to ensure that the sale proceeds were not
adversely affected which would require more work.
NWFP MAY SET PORS TARGET AT RS3.6BN
The NWFP government is likely to set Provincial Own
Receipts' (PORs) target for the next financial year at over Rs3.6
billion, making nominal changes in its revenue generation plan for the
on-going financial year, sources told on Wednesday.
The target, if set at the same benchmark, would
apparently be Rs48 million less than the Rs3.692 billion target which
had initially been set for the financial year 2001-02. However, the
up-coming financial year's PORs' target appears to be Rs55 million
more than the Rs3.587 billion downward revised target for the
financial year 2001-02.
SOOMRO OPENS BANK BRANCH
Sindh Governor Mohammedmian Soomro said it was
gratifying that PICIC had turned around and emerged as a strong and
vibrant financial institution.
Speaking at the inauguration of New Challi branch
of PICIC Commercial Bank, the Governor observed that by resuming
long-term financing PICIC had taken a major step towards fulfilment of
its principal mandate of accelerating economic growth through
PROVINCES TO GET MORE FUNDS
President Gen Pervez Musharraf has said that
provincial finance commissions awards are being finalized to offer
additional Rs34 billion to the provinces in the next budget.
Talking to reporters on way to Islamabad from
Almaty on Tuesday evening in his special plane, the president said
that imposition of 2.5 per cent additional General Sales Tax would be
allowed to the provinces in the next budget so as to ensure financial
devolution from provinces to districts.
PAKISTAN TO PAY $1.8M TO INDIA
Pakistan will pay to India an amount of $1.8
million as "data transmission charges" during the upcoming
season for advance flood forecast and daily information supply on
river situation, official sources told.
India, however, will not provide flood data on
Thein Dam on river Ravi and Reasi on river Chenab, the sources said.
An agreement to this effect was reached during the meeting of
Permanent Commission on Indus Waters (PCIW) concluded in New Delhi.
A total of 2,788 companies applied for
de-registration under the Companies Easy Exit Scheme (CEES) launched
by the Securities and Exchange Commission of Pakistan for companies
which were not doing any business and were without any assets and
liabilities, according to an official source.
Karachi, not unexpectedly, leads all other cities
in the number of companies seeking exit — 1,213. From Lahore, 863
companies had applied for de-registration, followed by 265 companies
registered in Islamabad which would like to be struck off the
France looks set to resume work "very
soon" on Agosta-90B submarine that French naval employees were
working on when 11 of them were killed on May 8 in a terrorist attack
on the bus taking them from their hotel to the Karachi naval shipyard.
The Auditor General of Pakistan (AGP) has detected
misappropriations to the tune of Rs1.88 billion in WAPDA's yearly
audit for 2000-2001.