FOR THE RECORD
 

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Compiled by Syed Mujtaba Zafar
July 18 - 24, 2005
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>>"The government has announced duty cut in new budget in the range of 5-25 per cent on 1,600cc and above cars. The impact of duty will not be significant on local carmakers, as duty structure on popular 1,300cc and below segment has remained unchanged,"

(Faraz Farooqui of Jehangir Siddiqui Research)

--Consumers' passion for new cars remained volatile in the last fiscal, thus pushing up car sales by 32 per cent during 2004-2005 to 127,309 units as compared to 96,674 units in 2003-2004.

>> "Land route trade with India was linked to removal of non-tariff barriers because Pakistani exporters were unable to export to India even though India had granted Most-favoured Nation (MFN) status to Pakistan,"

(Commerce Secretary Tasneem Noorani)

>> "CNG is still cheaper by 54.54 per cent from consumption point of view than petrol. The low price factor and huge saving are driving many consumers crazy. CNG stations, which had been set up to cover up 300-400 cars and vehicles a day (16 hours duration), are now witnessing 600-800 cars a day,"

(President CNG Station Owners Association of Pakistan, Malik Khuda Bux)

>> "Flour and sugar prices would stabilise only after import of these two commodities begins with full swing, for which the private sector has been permitted to play its role."

(Prime Minister, Shaukat Aziz)

>> "The next G-20 ministerial meeting to be held in Pakistan by September would provide opportunity to the developing countries to evolve a common strategy to achieve their shared objectives."

(Federal Commerce Minister Humayun Akhtar Khan)

>>"Under the universal self-assessment scheme (USAS), whatever the taxpayers declare in their returns would be accepted as their final liability, so there would be no question about appeals in future."

(CBR Chairman M. Abdullah Yousuf)

-- The Central Board of Revenue has decided to reduce number of offices of commissioners of income tax (appeals) from the existing 32 to 15 as part of restructuring of the tax administration.

>> "The State Bank should set up a committee of outside experts to get feedback for its monetary policy, this will help the central bank make its policy more responsive to economic challenges."

(Chief spokesman for the private sector Chaudhry Muhammad Saeed)

--Pakistan's private sector wants involvement of independent economists in formulation of monetary policy to make it more responsive to the economic challenges.

>> "I think the petrol consumption will witness a growth of 5-6 per cent in 2005-2006 from 1.3 million tons in 2004-2005. CNG was popular among holders of lower capacity engine and older model cars and those who had higher capacity engine cars still believe that they could afford petrol."

 

 

(Secretary General, Oil Companies Advisory Committee (OCAC), Abid Saeed Ibrahim)

>> "In the past, excessive reliance on National Saving Scheme instruments, because of higher returns, had hindered the development of modern asset management practices at EOBI and all other public sector institutional funds. This had bred complacency and lack of professionalism at EOBI."

(Farooq A Awan, investment advisor to EOBI)

-- The Employees Old Age Benefits Institution (EOBI) realized a phenomenal profit of Rs2.41 billion on its actively managed portfolios and other investments in 2004-05. A fabulous profit of Rs1.938 billion on the equities, which rose by 112 per cent from the previous year, was also achieved.

>> "The kingdom was able to lift output but that there was no demand for extra crude from the world's oil market due to bottlenecks in the global refining system."

(Saudi Arabia's Oil Minister Ali al-Naimi)

>> "Enhanced economic and trade relations between the two countries would further cement the bilateral relations between the two countries. Since Germany is the pioneer in alternative energy, Pakistan would also require assistance in alternative energy to meet its future energy needs to match the growth momentum in all vital sectors of the economy."

(Prime Minister, Shaukat Aziz)

-- The German government will motivate its private sector and investors to invest in Pakistan and avail the opportunities of investment-friendly environment in that country.

>>"Pakistan and other developing countries are seeking elimination of subsidies and government's support on the agricultural products in the developed countries, so that the LDCs could get a competitive position for export of their products."

(Commerce Minister Humayun Akhtar Khan)

-- Pakistan and China have taken identical position with the other developing countries seeking free access of their products in the world market, under the new WTO arrangements.