POLICY

 

Sep 30 - Oct 06 , 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

BUSH PLEDGES HELP TO BOOST ECONOMY

President George W. Bush has assured Pakistan that his government wants to help bolster the South Asian country's economy. Accepting credentials of the newly-appointed Pakistani ambassador to Washington, Jehangir Ashraf Qazi, on Wednesday,
Bush described Pakistan as "a vital and stalwart friend and a key partner for the United States."

 

He said: "In addition to expanding military and law-enforcement efforts, the US is assisting Pakistan's efforts to provide basic social services to more of its citizens."

Bush said immediately after following the Sept 11 attacks, the United States bolstered Pakistan's economy with $600 million in support funds. This initial effort, he said, was followed by the $3 billion debt rescheduling agreement signed last August, "and I am working with the US Congress to provide Pakistan with an additional $ one billion in debt relief."

Appreciating Pakistan's support to the anti-terrorist campaign, President Bush said his government was "marshalling hundreds of millions of dollars" in additional resources and expertise to assist Pakistan in training teachers, modernizing curriculums and providing more healthcare services to its most needy citizens.

"Over the longer term, these initiatives will build Pakistan's human resource base, make your country more attractive to investors, expand Pakistan's potential to attract higher value-added industries, and widen the prospects for ordinary Pakistanis to lead better lives," he said.

Bush said that to encourage this economic revitalization, he has asked members of his government to "expand economic cooperation between our countries."

SINDH TO GET SHARE FROM NFC POOL

The Centre and the federating units on Sunday finalized a Rs20 billion subvention pool for the sixth National Finance Commission award an increase of about 50 per cent over the previous award and included Sindh in its recipients.

Inside sources told that Sindh would get Rs5.67 billion from the subvention pool, and Rs6.67 billion and Rs7.66 billion would go to the NWFP and Balochistan, respectively.

ADBP TO DISBURSE RS35BN

The Agriculture Development Bank of Pakistan will disburse over Rs35 billion loans to the growers and agriculturists during current financial year.

The decision was taken at the board of directors meeting held on Tuesday. ADBP chairman Istaqbal Mehdi presided over the meeting.

The board while approving the annual budget of ADBP for the financial year 2002-03, also fixed Rs39 billion target for recovery of loans from the farmers and defaulters.

ADB TO SET UP FUND FOR SMES UPLIFT

The Asian Development Bank (ADB) will set up a sector development fund of $100 to $300 million for Small and Medium Enterprises (SMEs). The fund will be used for uplift, betterment and promotion and progress of the SMEs.

This was stated on Thursday by senior consultant of ADB Bruce Harris in a meeting held with Small & Medium Enterprises Development Authority (SMEDA) and office-bearers of Union of Small & Medium Enterprises (UNISAME).

TELI GROUP SWEEPS KCCI ELECTION

Businessmen Group (Teli Group) on Thursday swept the annual election of Karachi Chamber of Commerce and Industry (KCCI) for all but one managing committee seats.

Except for one candidate Mian Nasir Hayat Magoo, whose result was withheld by the court all the candidates of BMG Teli Group defeated the Irfan Group contestants.

The name of the winners are: Nasir M. Chandna, Abdul Nasir, Mohammad Kamran, Mohammad Salim Kapadia, Saqib Naseem, Jaffer Kudia, Mohammad Jehangir and Rasheeduddin.

5PC SHARES IN NBP

The Privatization Commission (PC) has held road shows to disinvest the Government of Pakistan's 5 per cent shares in the National Bank of Pakistan (NBP) and now the offer for sale document would be published between September 28- 29.

DUTY, ST ON CNG KITS TO RAISE PRICES OF CARS

The government's firm commitment to impose five or 10 per cent customs duty and 15 per cent sales tax on import of compressed natural gas (CNG) cylinder, kits and other related machinery from October 1, 2002, will result in price hike of locally assembled CNG fitted cars.

"The government decision would compel the auto makers to increase the prices since most of the auto makers have been providing CNG fitted cars," market analysts told on Tuesday.

MAP PROPOSAL TO SET UP SME MODARABA

The Modaraba Association of Pakistan (MAP) has prepared a proposal to set up a SME Modaraba with an initial paid-up capital of Rs200 million to finance the requirement of small and medium enterprises.

This was stated by the chairman MAP Basheer A Chowdhry while speaking at the annual general meeting of the association.

CCOP OKAYS ICP FUNDS

The Cabinet Committee on Privatization (CCoP) on Monday approved the bids received for Thatta Cement Company Limited, 28 per cent equity stake in Bank Alfalah and Investment Corporation of Pakistan (ICP) Mutual Fund-Lot-A.

The CCoP, presided over by Minister for Finance Shaukat Aziz, was told that total proceeds for sale of Thatta Cement will be Rs718 million.

RS16BN TO BE ALLOCATED FOR PUBLIC SECTOR VARSITIES

The federal cabinet on Saturday approved a new Model University Ordinance for the constitution and restructuring of the public sector universities for which a fund of Rs16 billion will be allocated in three years.

The ordinance is intended to provide autonomy to the state owned universities, improve their governance and management to enhance the quality of education and arrest the rapidly deteriorating quality of universities. Under the law, the governance and management of the universities will be separated while the vice-chancellors will be strengthened and awarded the power of an effective chief executive officer.