Talking to reporters after his meeting with
President Gen Pervez Musharraf, Larson said that the debt write-off
was a part of the complete budget that awaits Congress approval, which
would meet after the ongoing mid-term elections in the United States.
He said the United States was extending financial
assistance to Pakistan bilaterally and through its cooperation in the
international financial institutions in rescheduling the country's
Larson said his visit to Pakistan was primarily
aimed at re-enforcing the bilateral economic and trade ties.
He praised Pakistan's economic policies during the
last three years which helped the country escape financial turbulence
that hit the economies all over the world. "Now there is an
opportunity to build the country's progress and growth on that,"
He said the two sides shared views on how to go
about in future in increasing cooperation in various fields.
Responding to a question, he said Washington
supported Pakistan's election and democratic process.
About the future economic policies of the Pakistan
government, Larson said he would like to draw the attention of the
country towards the success stories of those economies which had been
able to make progress and alleviate poverty.
In this regard, he referred to the investment in
education and particularly opportunities in trade, agriculture and
investment, which, he said, were stimulus to economic growth.
SBP GAINS RS8.9BN THRU FOREX DEALINGS
The State Bank earned more than Rs8.9 billion
through foreign exchange dealings in the fiscal year 2001-02 against a
huge exchange loss of Rs49 billion in the fiscal 2000-01.
The balance sheet of SBP that forms part of its
annual report released recently shows that the bank earned the bulk of
profit on foreign exchange dealings through forward covers. What
enabled the SBP to earn profit through forward covers provided under
the exchange risk coverage scheme.
Bankers say that the SBP provides exchange risk
cover against frozen foreign currency deposits and incremental foreign
currency deposits i.e. the deposits that the banks accepted afresh in
the foreign currency accounts frozen after May 1998 nuclear blasts.
FOREIGN INVESTMENT STANDS AT $240M
Foreign investment in stocks stood at Rs14 billion
or around $240 million on October 19, figures of foreign portfolio
investment in capital markets, released by the State Bank of Pakistan
Foreign portfolio investment recorded net outflow
of Rs549 million or around $9 million in the three and half months —
from July 1 to October 19, 2002 — of the current financial year.
According to the figures released by the SBP and
posted on the SECP website, between July 1 and October 19, foreign
investors had purchased shares of the value of Rs3,844 million and
sold stocks valued at Rs4,393 million, reflecting net outflow of Rs549
For the latest year ended June 30, 2002, PNSC
posted after tax profit of Rs457 million. The earnings replace the
loss of Rs299 million of the previous year.
SEVEN EOIS RECEIVED FOR PESCO FA SERVICES
The Privatization Commission has received seven
expressions of interest (EoIs) for the financial advisory services for
the disinvestment of Peshawar Electric Supply Company Limited (PESCO).
The Privatization Commission has sent request for
proposals (RFP) to all the parties. RFP includes terms of reference,
standard forms for technical and financial proposals, audited and
approved financial statements of PESCO for fiscal year ending June
1999, June 2000 and June 2001, etc. The last date for submission of
RFP is December 16, 2002.
UBL FUND LAUNCHING
UBL had offered units of United Money Market Fund (UMF)
for subscription on November 1.
Director of UAMC (the management company of UMF)
Mir Mohammad Ali said the UMF units had already gained some value in
the past five days and its units were trading at 102.18 up from 102.04
when subscription opened.
After more than three-and-a-half months the euro
again crossed parity with the US dollar both in the international as
well as in Pakistan market.
Senior bankers said the single European currency
rose to 1.004 in the world market. As a result the euro-rupee parity
in the inter-bank market closed at Rs58.84 slightly higher than the
dollar-rupee parity of Rs58.74. Some bankers said the intra- day high
for the euro was Rs58.96.
NIT NAV RISES
National Investment Trust (NIT) outperformed the
benchmark KSE-100 by 9.2 per cent in the first four months of the
current fiscal year as its Net Asset Value rose to Rs15.05 on November
1 , from Rs10.99 on July 11 (first day after book closure), showing an
increase of 36.9 per cent as compared to 28.7 per cent rise in KSE-100
index during the same period.
Faysal Bank Limited posted 6.3 per cent growth in
after tax profit to Rs491.4 million for the nine months ended Sept 30,
2002, from Rs462.4 million in the corresponding period of the previous
For the first nine months of the year 2002, the
statistics showed the company has earned a gross profit of Rs1,914
million as compared to Rs1,506 million over the same period of last
year, showing an increase of 27 per cent.