FINANCE

 

Sep 30 - Oct 06, 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF


UN TO GIVE $10M FOR HEALTH CARE, EDUCATION

The United Nations Development Fund (UNDP) and the National Commission for Human Development (NCHD) will soon enter into an agreement amounting to $10 million to help improve access of poor people to basic health care, primary education and opportunities for economic empowerment.

 

The financial assistance is in addition to the UNDP's earlier commitment of providing $1.25 million to the NCHD for its projects, said Dr Nasim Ashraf, Chairman NCHD, on Monday.

Talking to newsmen, he said it was for the first time that the UNDP had been engaged in a such a partnership.

He stated that the UNDP had also decided to waive the administrative charges that were normally applied for handling non-core resource and for providing supervisory and implementation support services to projects.

He recalled that President Pervez Musharraf in his address to the 57th session of the United Nations General Assembly had mentioned that Pakistan had become the first country to set up a human development fund and a national volunteer corps to achieve the goals of poverty alleviation and human development.

The UN had greatly appreciated Pakistan's efforts of achieving these goals, he said, and added that worth mentioning was the establishment of a community-based education fund recently initiated in Mardan by the NCHD.

Dr Nasim Ashraf said that the executive director of the US committee for UNDP had also confirmed that the US-based Pakistanis would be able to channel their donations for the UNDP projects in Pakistan.

Speaking about the Mardan project, he said it had been a great success as the Mardan education department had identified 37,163 children for enrolment in schools who had not been receiving education at any school, and out of them 22,885 children had so far been enrolled.

SINDH NEEDS RS50BN INVESTMENT

The Sindh government needs an immediate investment of Rs50 billion over the next three years period to reduce the intensity of prevailing extreme poverty in the province.

"This amount will be over and above the provincial and federal public sector development allocations", an official position paper of government planners reveal.

If all things stay well the Sindh government may be able to make an investment of about Rs45bn to Rs50bn in development during the next three years and the federal government would be in a position to provide about Rs30bn.

It means that the planners in Sindh are looking for a total investment of Rs130bn in the next three years on development efforts. "It looks to be an extremely difficult if not an impossible task", a bureaucrat remarked but refused to elaborate the issue further.

JAPAN TO GIVE $200M FOR POVERTY ERADICATION

Japan will provide $200 million to Pakistan till next year as second part of the $300 million pledged last year. Director of Japanese foreign affairs ministry's southwest Asia division, Takio Yamada, told APP that his country had already provided $100 million to Pakistan.

Japan has also decided to provide soft loan of billions of Yens for the completion of third phase of Kohat Tunnel. The loan would have a 10-year grace period with nominal interest rate and it would be paid in 30 to 35 years.

He said Japan had provided soft loan for the first and second phase of the tunnel. The first phase had been completed and the second was in progress, he said.

SAUDI PAK OKAYS RS351M FINANCING

Saudi Pak Industrial and Agricultural Investment Company (pvt) Limited on Saturday approved a total financing of Rs351 million to 11 companies in manufacturing, financial services, communication and petroleum sectors.

The financing will facilitate expansion of existing production facilities and create additional capacities.

LIQUIDITY CRISIS DEEPENS

The State Bank on Thursday swapped tens of millions of dollars for rupees to help the banks facing shortage of the US units to meet their daily requirements.

They gave different estimates of the swap volumes: Some said the amount of dollars swapped for rupees was between $10-$15 million and others put it at $15-$20 million. A banker close to SBP had an even higher estimate $30-$35 million.

CUT IN PDL

With elections around the corner, the government has preferred to suffer a revenue loss of Rs326.6 million per month by cutting down the petroleum development levy (PDL) on petrol, diesel and kerosene.

SLIC EARNS RS650M PREMIUM

The State Life Insurance Corporation (SLIC) has earned first year premium from new business amounting to Rs650 million during January to August period of 2002. This shows an increase of 33.34 per cent as against premium earned in same period last year.

$ Falls In Inter-Bank, Kerb

The State Bank had to buy about $40 million from the inter-bank market on Wednesday to keep dollar from falling to export-damaging lows. But despite the SBP support the dollar fell slightly to close at Rs59.14/Rs59.16 down three paisa from the previous close of Rs59.17/Rs59.19. Bankers said heavy corporate inflows combined with higher selling by exporters made the dollar cheaper.

NDLC POSTS RS82M LOSS

National Development Leasing Corporation Limited (NDLC) posted loss of Rs82 million for the year ended June 30, 2002, which the company said was the first deficit in its 18 year history.

DIVIDENDS ON ICP MUTUAL FUNDS

The mutual funds under the management of Investment Corporation of Pakistan (ICP) recorded 44 per cent increase in net profit for the year ended June 30, 2002, amounting to Rs651.5 million, from a year ago net profit at Rs451.6 million, ICP managing director Tariq Iqbal Khan told a press briefing on Tuesday.