June 07 - June 13, 2004  
ISSUE # 23  

The exports target of $12.5 billion set for the current financial year 2003-04 has been achieved. As usual, the textile sector retained its position as a major contributor in our total exports. One of the major factors which helped to hit the goal was the lowest export refinance rates offered by the banking system in Pakistan. The situation calls for continuation of the export refinancing scheme at the existing rates. The outlook of the export regime for the next financial year seems positive, provided the current wave of law and order situation was not allowed to persist any more.



Is the KESC being run by professional hands for the last five years? is the most talked about point in the trade and industry circles these days. The talks on this most pertinent issue, however, generally end on a single point conclusion "the 1.9 million consumers would have been getting uninterrupted power supply at an affordable price, if the utility had been given into professional hands." Opinion leaders in the power sector are of the view that the efforts taken for restructuring of the KESC system seems to be in the direction to achieve the privatization agenda of the power sector in Pakistan.

Adamjee Group initiated the legal battle in year 2002 to stop one of the largest shareholders of Adamjee Insurance Company (AIC), Muslim Commercial Bank (MCB), from participating in the election of directors. The election of directors was to be held at the Annual General Meeting (AFM) for the approval of year 2001 annual accounts. Adamjee group lost the legal battle and also failed in establishing the fact that it had the majority stake in the company. A last minute ditched effort was also made to defer election of directors.