Feb-11 - 17, 2002
Cotton output lower by 3.68pc
Despite remarkable increase in phutti (seed cotton) arrival
during the last one month the production recorded up to Feb 1, 2002, still
remained lower by 3.68 per cent at 9.011 million bales over the corresponding
period of last year's arrival at 9.356 million bales.
The phutti arrival figures up to Feb 1, released by the
Pakistan Cotton Ginners' Association, showed overall shortfall of around 0.344
million bales over last year's corresponding period.
During the last fortnight 0.587 million bales had reached
ginneries (or 0.235 million bales more) as against 0.352 million bales recorded
in the same period last year.
The enhanced phutti arrival during the last two fortnights
helped narrow the production shortfall being recorded since the start of the new
season (2001-2002), but could not altogether remove it. However, it is highly
encouraging that Sindh, which had been recording a shortfall, has started
receiving higher phutti arrival for the last one month. As a result, phutti
arrival up to Feb 1, has risen by 5.51 per cent over the corresponding period of
According to the PCGA figures, phutti arrival in Sindh during
the period under review has risen to 2.146 million bales compared to 2.034
million bales of the same period last year. Nevertheless, phutti arrival into
ginneries up to Feb 1, could not improve in Punjab and remained below last
year's arrival by 6.23 per cent. In total 6.865 million bales have reached
ginneries as against 7.322 million bales recorded in the same period last year.
There is a sizeable quantity of 1.939 million bales of unsold
stocks with ginners compared to 1.572 million bales recorded in the same period
The textile mills up to Feb 1, have purchased around 6.932
million bales as against 7.783 million bales they lifted in the corresponding
period last year.
Economic reforms vital: president
President General Pervez Musharraf has said that the economic
reform and poverty reduction strategy is the cornerstone of government's economy
The government, he pointed out, has started Khushal Pakistan
Programme for alleviating poverty, extended micro credit facilities, initiated
Food Support Programme, and was now revamping Zakat system.
Talking to Dr Kim Hak Su, head of United Nations Economic and
Social Commission for Asia and Pacific (UNESCAP) and under- secretary-general in
the UN system currently here on Wednesday the president said his government was
trying hard to remove poverty and provide jobs to the jobless.
The UNESCAP is the largest regional UN agency for economic
and social development set up under the ECOSOC charter.
Pakistan, US to boost mly, economic ties
Pakistan and the United States have agreed to forge renewed
cooperation in defence and economic fields and the issue will be finalized
during President Gen Pervez Musharraf's visit to Washington.
Informed sources said on Tuesday that four major areas have
been identified for increasing bilateral cooperation which include defence, new
fiscal support, technical and commodity assistance and enhanced market access.
The increased cooperation in major fields is likely to result
in additional $1.5bn to $2bn annual assistance including through the USAID, the
offices of which have just been reopened in Islamabad after a period of about 12
Tarbela gets investment offer
A US-based energy firm has offered to invest $30 million for
the refurbishment and upgrading of four power generation units of the Tarbela
Sources in the power ministry told that the company has
offered to invest around $300,000 to complete the feasibility study for the
refurbishment of four units in the first phase of investment.
The company Synergics Energy Development has told Wapda that
it would complete the feasibility study at its own risk and cost, provided it
was given the first right of refusal to upgrade the four units at a cost of
around $30 million.
Pakistan to start pencillin production
Pakistan plans to begin production of penicillin with the
financial assistance of Islamic Development Bank (IDB) and the technological
cooperation of Indonesia.
This was stated by Federal Health Minister Dr Abdul Malik
Kasi at the inauguration of a segregated anti-biotic manufacturing facility on
Monday. The facility has been set up by Highnoon Laboratories Ltd at a cost of
3 sick units revived
The Committee for Revival of Sick Industrial Units decided to
revive three more industries out of 11 units whose cases were considered at its
28th meeting held at the regional headquarters of National Bank of Pakistan on
The units revived by the committee were Al-Ahmed Textile
Mill, Kashmir Neelam Mills, and Pakistan Chrome Mines. The three units revived
by the committee are defaulters of Habib Bank Ltd, Industrial Development Bank
of Pakistan and National Bank of Pakistan, respectively.
Local machinery supply
The government has eased conditions for manufacturers of
machinery locally supplied against international tenders to a project of getting
the State Bank certificate and surrendering of foreign exchange.
Under the decision, now the manufacturers have been allowed
to obtain certificate from any scheduled bank or an authorized dealer without
surrendering foreign exchange.
A group of progressive farmers and retired bureaucrats drawn
from all the provinces on Monday decided to go into corporate farming to
supplement the government's efforts of enhancing per acre yield of various
Shaukat Khan, the convener of the meeting, with agro services
background, said the meeting was convened to ponder over the ways and means to
join the efforts of providing impetus to corporate farming.