Compiled by Syed Mujtaba Zafar
Aug 08 - 14, 2005




>>"The government was trying to ease out demand pressure through monetary policy and improving the situation of food items, either through raising their production or through imports. The decision of the government to allow the import of food items including live animals will contribute to reduction in prices."

(Prime Minister's Adviser on Finance Dr Salman Shah)

>>"We had been asking the government to cut the withholding tax since the beginning of new fiscal year but the authorities had paid no heed to our request."

(Anis Majeed, Adviser to Karachi Wholesale Grocers Association)

>>"The Chinese government has been very careful in re-evaluating its currency. It will not push up the cost of living. Their input cost will not go up much due to paltry re-evaluation of yuan. But it is a positive step, and we are expecting further re-evaluation as the current change won't satisfy the Americans. Their products will become costlier if yuan keeps appreciating."

(Former Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) Chairman Pervaiz Hanif)

--Pakistan's textile industry that accounts for 60 per cent of the country's total exports hopes to gain from China's recent re-evaluation of its currency, yuan.

>>"The decision taken by the Economic Coordination Committee (ECC) of the federal cabinet of allowing its import from India would help improve the situation further in due course of time."

(Prime Minister Shaukat Aziz)

>>"Oil prices will remain unchanged for some time to curb inflationary trends and at the same time the government would improve the supply side to cut food inflation."

(Prime Minister's Adviser on Finance Dr Salman Shah)

>>"The Economic Coordination Committee (ECC) of the cabinet has approved $85 million guarantee to Pakistan International Airlines (PIA) to purchase seven new ATR 42-500 turbo-prop aircraft to replace its decades-old fleet of Fokkers. The meeting presided over by Prime Minister Shaukat Aziz also allowed injection of Rs66 billion in the First Women Bank Limited, sale of about 1,400 acres of Pakistan Steel's land, exemption on small agricultural engines."

(Economic Adviser Dr Ashfaque Hassan Khan)

>>"The ministry had implemented a series of recommendations of the EC technical team, from catching to processing of seafood, to meet safety requirements."

(Food, Agriculture and Livestock (Minfal) Secretary Mohammad Ismail Qureshi)

>>"The government is ready to offer land on deferred prices for setting up industrial units. The vast holding of land by state-run departments like Pakistan Railways, Karachi Port Trust, Wapda, PIA and provincial departments should be utilized for setting up industry that could help mitigate the issue of availability of land at reasonable price."



(The Chairman, Board of Investment (BoI), Waseem Haqqie)

>>"The exporters of gems and jewellery had been facing difficulties because of non-development export culture. The decision would resolve the financial problems of the exporters involved in this business."

(All Pakistan Gems Merchants and Jewellers Association's Zonal Chairman Mohammad Usman)

--The All Pakistan Gems Merchants and Jewellers Association, Balochistan, has termed the new trade policy "gems and jewellers-friendly".

>>"The growers and the ginners want an advance announcement of the premium on contamination-free cotton and assured marketing."

(Textiles Industry Minister Mushtaq Cheema)

>>"The government had planned to reduce its dependence on fuel and gas and increase its dependence on other resources, including nuclear power for energy security that is vital to sustain the current growth rate in the future."

(Deputy Chairman of Planning Commission, Dr. Akram Sheikh)

>>"Necessary amendments in the law will be effected in collaboration with the Ministry of Commerce and the office of Director General Ports and Shipping."

(Governor State Bank, Dr. Ishrat Hussain)

>>"Sugar prices in Pakistan are under fire and for fire-fighting they will have to look towards us."

(Prakash Naiknavare, Managing Director of the Maharashtra State Sugar Factories Federation Ltd)

--India expects to strike quick sugar deals in Pakistan which this week removed a four-year ban on imports from its old rival

>>"In the first half of the year, output growth in the United Kingdom was subdued. Household spending and business investment growth have slowed. Although there are some signs of a pickup in consumer spending, downside risks remain in the near term."

--The Bank of England (BoE) cut its key interest rate by a quarter of a percentage point to 4.50 per cent, citing possible inflationary risks and subdued economic growth during the first half of 2005.

(The Bank of England, BoE)