- Feb-10, 2002
250 tons cement per day being exported
Pakistani cement has started trickling out to the
war-torn Afghanistan, and DG Cement, a giant privatized unit, is
supplying 250 tons a day.
"We have set up a warehousing facility between
Chaman (Pakistan) and Kandahar in Afghanistan to supply 20,000 tons
initially," Mian Mohammad Mansha, the chairman of DG Cement said
He said another Pakistani cement company has also
set up distribution arrangements on the Northern side near Kabul.
Mansha was, however, not in a position to assess the full potential of
cement demand from Afghanistan.
"It all depends on the disbursement pace of
4.5 billion dollars committed for Afghanistan reconstruction by the
donors community in Tokyo this month," he said.
Mian Mansha signed on Wednesday a debt rescheduling
agreement with the team of the executives of the International Finance
Corporation (IFC), an affiliate of the World Bank to finance private
Peter Woicke, leader of the visiting IFC team who
signed the agreement said that the corporation is extending financial
assistance of $20 million in gas sector and $1.6 million in other
The IFC has completed debt rescheduling with all
its client private power and cement projects in Pakistan. With a total
exposure of about 400 million dollars in Pakistan, the IFC completed
on Wednesday the debt restructuring for Pakistan's leading cement
manufacturer DG Khan Cement Company.
Those who signed the rescheduling agreement were
Mian Mohammad Mansha, Chairman, Raza Mansha, Executive Director of the
DG Cement project and the leader of the visiting IFC team Peter Woicke.
Also to put their signature were the officials of the participating
syndicating banks, Standard Chartered, Grindlays Bank, Deutsche Bank
A.G., Agricole IndoSuez and ABN Amro.
EC removes dumping duty: Bedlinen
The European Commission (EC) has, with immediate
effect, terminated anti-dumping duty imposed on bedlinen imports from
Pakistan about five years ago.
The revised calculation carried out by the
commission to evaluate the injury, if any, inflicted upon the textile
industry of the European Union's (EU) member states did not find any
dumping of Pakistani bedlinen.
Consequently, the EC through its council regulation
(EC) No 160/2002 of Jan 28, 2002 has with immediate effect terminated
the proceeding with regard to imports of bedlinen from Pakistan.
According to the findings of the commission, there
is no dumping of bedlinen by Pakistan, whereas the level of dumping by
India and Egypt has decreased.
The anti-dumping duty on imports from India were
suspended on August 14, 2001, but the suspension period is due to
expire on February 14, 2002, unless a review is initiated.
Pakistan to increase imports from Bangladesh
Pakistan is to increase its imports from Bangladesh
and look for new areas of economic cooperation, Commerce Minister
Abdul Razak Dawood said on Monday.
During an official visit, the minister told
Bangladesh's Prime Minister Khaleda Zia that Islamabad would increase
imports of tea, jute, leather and pharmaceutical products from
The official BSS news agency reported that after
official talks with his Bangladeshi counterpart Amir Mahmud Khashru
Chowdhury, Razak said both sides had agreed to promote bilateral trade
and seek new areas of cooperation.
Officials said Dhaka asked for a reduction in the
trade gap which is currently heavily in Pakistan's favour.
Pakistani exports to Bangladesh in the last fiscal
year were worth $90.53 million against imports of $30.2 million.
Export finance facility restored
The exporters of bleached/unbleached cloth fabric
can now avail of export finance facility under part I of the export
finance scheme. But they can get the facility against only such
bleached/unbleached fabric whose export price is more than $3 per
The State Bank announced on Wednesday that the
decision would take immediate effect. The central bank had
discontinued export finance facility for the exporters of bleached/
unbleached fabric from July 1, 2001. Ever since this discontinuation
"the SBP has been receiving representations from the
exporters" for reinstatement of the facility especially for
"those categories having sufficient value addition in terms of
export price vis-a-vis average export price of the commodity."
Hence the decision to reinstate the facility.
SBP cuts export refinance rate
The State Bank of Pakistan on Tuesday reduced the
rate of export refinance under Export Finance Scheme to 7 per cent,
effective from February 1.
The SBP circular says: "It has decided that
effective from February 1, 2002 the rate at which State Bank allow
refinance to banks on their disbursement to exporters under EFS shall
be 7 per annum."
Sale of smuggled spices on rise
The enormous smuggling of spices into Jodia Bazar
has led to oversupply position, making the smuggled commodity cheaper
by five to 10 per cent as compared to items arriving through legal
According to Chairman, Pakistan Kiryana Merchants
Association (PKMA), Haji Usman, smuggled spices like cloves is being
sold at Rs25,500-26,000 per 40 kg as against Rs27,000, arriving
through legal channels.