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
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
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
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.