FOR THE RECORD
 

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Compiled by Syed Mujtaba Zafar
July 25 - 31, 2005
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>> "The central bank had tightened interest rates to rein in inflation, that had it not done so inflation would have risen much faster and hurt businesses more seriously. Once the inflation fell to the desired level, the central bank would keep interest rates stable."

(Governor State Bank, Dr. Ishrat Husain)

>>"The FDI target for 2005-06, will be $3.3 billion, to be achieved by extending all possible facilities and concessions to the foreign investors especially those of the housing and construction sectors."

(Waseem Haqqie, Chairman, Board of Investment)

--Pakistan attracted the highest ever $1.5 billion Foreign Direct Investment (FDI) in 2004-05 compared to $949.4 million of 2003-04.

>> "To help the agriculture sector grow faster the central bank must ensure disbursement of farm credit at eight per cent markup with one per cent penalty on those who fail to repay the loans on time."

(President of Sindh Chamber of Agriculture and Member of ACAC Syed Qamaruzzaman Shah)

-- Banks will disburse Rs130 billion credit to the farming sector during the current fiscal year ending in June 2006. This will be part of the overall private sector credit of Rs320 billion proposed in the annual credit plan for 2005-06.

>> "I don't think the stock market would respond negatively to news of NSS rates hike. In the last few weeks, stock prices already incorporated a possible increase in NSS rates. So there is no reason they should get depressed now when the actual increase has been announced."

(Head of Research Department at Jahangir Siddiqui Capital Markets Ltd.)

--The government has increased the rates of return on National Saving Schemes or NSS by one percentage point to 2.04 percentage points for six months ending in December 2005.

>> "Last year, about 22 per cent of the total foreign investment has been made in the telecom sector. In the current year, about 15 per cent of the total FDI has gone into the sector."

(State Bank of Pakistan)

>> "Dr. Shah and Omar Ayub told us that we should rise beyond margin financing and look into ways for long-term development of the capital market."

(Bankers' representative Mr Shaukat Tarin)

>> "UAE's Prince Walid, Price Ghurarir, Abdul Latif Jamil (ALJ) Group, Emmar Group, Meinhardt of Singapore and couple of Malaysian companies have shown interest to make investment in the housing and construction business. This includes the construction of three 5-star hotels, each in Karachi, Lahore and Islamabad."

(Waseem Haqqie, Chairman, Board of Investment)

 

 

>> "The government had raised the mark-up on national saving schemes to provide relief to people in fixed income groups."

(Governor State Bank, Dr. Ishrat Husain)

>>"The central bank would keep close watch on the impact of its recent tightening on inflation before deciding its future plan of action on rate."

(Khalid Iqbal Siddiqui, head of research at Investcap Securities)

>>"The fund will provide a cover to Pakistani exporters against the risk of non-payment of all kinds of credit, including short, medium and long-term credits, and opening of letter of credits (L/Cs) by Iranian buyers."

(Export Promotion Bureau)

--Iran will provide export guarantee to cover the risk of non-payment of all types of credit against the trade purchase by businessmen of both Iran and Pakistan.

>>"Bilateral cooperation of commercial trade between Pakistan and China had expanded covering industry, energy, water and power, nuclear power, road, bridges, harbour and other infrastructure construction."

(Consul General of People's Republic of China Sun Chun Ye)

--The bilateral trade between Pakistan and China has made a historical record by surpassing $3 billion mark last year.

>>"Cement price had never crossed Rs300 in Karachi where demand had remained mediocre. The price of cement had gone up to Rs245 (on an average) from Rs225 four months back."

(The President, Karachi Cement Dealers Action Committee, Shaukat Hussain)

>>"Pakistan's textile exports during Jan-May 2005 (quota free regime period) had surged by 9 per cent and reached $3.8 billion as against $3.4 billion during the corresponding period of last year."

(Analysis of the official statistics)