FOR THE RECORD
 

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Compiled by Syed Mujtaba Zafar
July 04 - 10, 2005
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>> "New trade policy 2005-06 would be announced by the end of July, the recommendations for the policy had been finalized and would soon be submitted to the cabinet for approval."

(Minister of State for Commerce, Hamid Yar Hiraj)

>> "Allowing of sugar import with less than 600ICUMSA would give a great relief to the beverage and confectionery industry, which uses sugar in bulk, and could also help them control their rising production cost."

(Pakistan Commodity Importers Association Chairman, Raees Ashraf Tarmohammad)

---The government has allowed both commercial importers and sugar mills to import raw sugar having more or less than 600ICUMSA.

>> "India, Djibouti, Oman and the UAE are the four countries whose telecommunication channels will be disturbed while the defective portion of the 39,000 kilometre long cable is repaired."

(Mashkoor Hussain, Senior Executive Vice President of PTCL)

>> "India's discovery of large natural gas field will not affect plans to build trans-national gas pipelines."

(Indian Oil Minister, Mani Shankar Aiyar)

--India is keen to become partner in three cross border pipeline projects which include Iran-Pakistan, Turkamanistan-Pakistan and Qatar-Pakistan gas pipeline projects.

>> "All internal taxes, including income tax, sales tax, custom duty and excise duty would be brought under one roof by setting up 12 regional tax offices all over the country."

(Chairman CBR, Mohammad Abdullah Yousuf)

>> "We are still discussing with our colleagues in OPEC whether to release the 500,000 bpd. I am waiting for their answer for these points."

(Kuwait's Oil Minister, Sheikh Ahmad al-Fahd al-Sabah)

>>"Clearly, energy prices serve as a tax, they reduce the disposable income available to do other things and they take some oxygen out of the economy."

 

 

(US Treasury Secretary, John Snow)

--- After hitting a three month low in May, US-traded oil futures have risen around 32 percent to a record high of $60.95 a barrel.

>>"Oil import bill would continue rising in the coming years which would increase the country's import bill and put pressure on the external account."

(Research Analyst at Jahangir Siddiqui Capital Market Ltd.)

---The country's oil import bill in this fiscal year is likely to cross $3.9 billion because of higher oil prices and surge in the demand from local industries following significant growth in the country's economy.

>> "As the trade volume between Pakistan and Korea has been expanding with an annual increase of $100 million, it will exceed $1 billion this year."

(Korean Ambassador to Pakistan, Kim Jooseok)

>>"The delay in the NFC Award has resulted in liquidity problems for the smaller provinces, including Sindh, we hope that it would be announced during the next financial year."

(Sindh Finance Minister, Syed Sardar Ahmed)

>>"Today I can claim that 90 percent issues pertaining to income tax and sales tax have been resolved, but we have to look into other problems which are causing leakages in revenue collection."

(CBR Chairman, Mohammad Abdullah Yousuf)

>>"Despite record world oil prices, inflation was under control because the government has borrowed less than planned to fund its budget deficit."

(Indian Finance Minister, Palanappian Chidambaram)

>>"The central bank will keep the interest rate at the existing level in the forthcoming monetary policy to be announced for next six months."

(Naeem-ul-Hassan, money market head at Invest Capital and Securities)

---The central bank is expected to announce a monetary policy in the third week of July, which will emphasize maintaining the interest rates.

>>"The effects of reforms need to benefit the people and this will only be visible if we effectively tackle the problem of unemployment in Pakistan."

(Dr. Salman Shah, Adviser to Prime Minister on Finance)

>>"We have provided an alternate channel of data trafficking through satellite. It would help call centers and other organizations to continue uninterrupted operations during repairs of the undersea link."

(Mashkoor Hussain, Senior Executive Vice President of PTCL)

--The undersea fibre-link fault has also hit business activities as internet service providers, call centers and newly licensed telecom companies lost over $1 billion in a single-day disaster.