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