FOR THE RECORD
 

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Compiled by Syed Mujtaba Zafar
July 11 - 17, 2005
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>> "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."

 

 

(Secretary General 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 year.

>> "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 clothing."

(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,"

(Arif Habib Investments)

>>"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 increase."

 

 

(According to 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 million."

(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."

(APCMA)

>>"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, SPDC)

>>"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."

(Islamabad Chamber 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."

(National Electric 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)