>> "The increase of 5.5 per cent in petrol
consumption is quite a healthy growth especially when people are
switching over to CNG and petrol prices are on the rise."
Oil Companies Advisory Committee (OCAC), Abid Saeed Ibrahim)
--- Petrol consumption in 2004-2005 rose by 5.5 per cent to 1.3 million
tons from 1.25 million tons in 2003-2004. This was despite frequent
increase in petrol prices and rising trend of CNG.
>>"The imports of Pakistani goods into US for the first four months
of 2005 were $950 million, an increase of 9.2 per cent over $870 million
in the same period of 2004."
(Phillip W. Byrd,
AIA Director General for N. Safety Harbor, USA)
---The American Importers Association (AIA) has predicted that Pakistani
goods export to the United States will cross $3.14 billion mark this
>> "Banks' average lending rate rose to 7.97 per cent in May from
7.29 per cent in March this year, showing an increase of 68 basis points
within two months.
(Data released by
the State Bank)
>>"The change of rules would be a blow to Pakistan's textile industry
and it would have direct implication on the economy because over 65 per
cent of total exports of the country constituted of textiles and
(A leading exporter
of ready-made garments.)
---The European Union (EU) is changing its Rules of Origin which are
going to badly hit Pakistan's textile industry as it would result in
relocation of entire value-added textile sector to Least Developed
Countries (LDCs) like Bangladesh and Sri Lanka.
>>"PRSP expenditures during July-March 2005 stood at Rs193 billion,
which is 69 per cent of the annual projected expenditure for fiscal
2005. These expenditures are 23 per cent higher than the expenditures
incurred during fiscal 2004."
(Progress report on
poverty reduction released by the Ministry of Finance)
>>"The net asset value of Pakistan Stock Market Fund (PSM) had shown
a growth of Rs43.11 per unit, rising from Rs81.99 to Rs115.10. It said
that the NAV of Pakistan Income Fund (PIF) went up from Rs50.03 to
Rs54.85 per unit during the financial year ending June 30, 2005,"
>>"The Securities and Exchange Commission of Pakistan registered
381 companies in June 2005 as compared to 269 companies registered
during the corresponding period last year, showing a 41 per cent
official figures released by the SECP)
>> "The FDI had created a new history after 1995-96 when it
crossed $1 billion mark. But for 2004-05, FDI figure was touching $1.35
billion, which also included privatization proceeds worth around $320
(Chairman, Board of
Investment (BoI), Wasim Haqqie)
---The government plans to set $3.5 billion Foreign Direct
Investment (FDI) target for 2005-06.
>>"During the period just before the announcement of the federal
budget, the buyers curtailed purchase for they expected reduction in the
excise duty and consequent reduction in the prices of cement. But it did
not materialise, leading to sudden surge in the demand and an
unprecedented price hike at the retail level where cement is sold at
rates as high as Rs325 per bag."
>>"It is imperative that the now tighter stance of monetary policy
that the central bank has adopted should continue for a while and even
become tighter to abate inflationary pressures."
(The Social Policy and Development Centre,
>>"Cement is available at Rs300/- per bag whereas its price in India
and China is in the range of Rs100-150. The present increase in cement
price is unjustified. Monopoly Control Authority (MCA) should have taken
action against unjustified increase in cement price."
of Commerce and Industry President, Tariq Sadiq)
>>"The conference is also expected to be attended by few heads of
Muslim countries, which is aimed at economic development and
strengthening the trade ties across the Muslim world."
(Former deputy prime
minister of Malaysia Tan Sri Musa Hitam)
---The meeting of World Islamic Economic Forum (WIEF) will be held in
Petaling Jaya, Malaysia on October 1, this year, which will be
participated by Muslim businessmen and entrepreneurs around the globe.
>>"The power distribution companies (Discos) were charging higher
tariff, due to power purchase price (PPP) fixed by NTDC, which is over
and above the Authority's determined tariff."
Power Regulatory Authority (Nepra) Chairman Saeed-uz-Zafar)
(Business Recorder, July 6)
>>"The robust growth rate of 8.4 percent in GDP, no doubt is an
achievement of the present government but achieving a much higher growth
or sustaining the existing growth levels will be difficult if certain
aspects of the economy are not given special attention."
(The EDB Vice
Chairman and CEO, Imtiaz A Rastgar)
(Business Recorder, July 6)