FOR THE RECORD
 

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Compiled by Syed Mujtaba Zafar
Aug 15 - 21, 2005
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>> "Japan would provide $440 million to Pakistan during current year under a revived soft-term official development assistance plan."

(Prime Minister Shaukat Aziz)

>>"It is the burden of debt or debt servicing relative to the country's payment capacity that is the relevant indicator. Debt in absolute amount cannot remain static or constant but keeps on growing in a developing country."

(State Bank Governor Dr Ishrat Hussain)

--An increase of almost four per cent, amounting to $1.4 billion, in Pakistan's stock of foreign debt to $36.6 billion by March this year is found to be sustainable as additional loan carries an interest rate of 1.7 per cent with a maturity period of 19.9 years and has a grant component of 52.7 per cent.

>> "This has the potential for creation of jobs by increasing ancillary activities along these routes. We can bring prosperity to villages, and breathe life into the rural economies on both sides of our border,"

(Indian Commerce Secretary S. N. Menon)

--Pakistan and India have agreed to a slew of measures, including setting up branches of their banks across the border with prospects of more trade routes opening up, to boost largely untapped bilateral trade.

>>"We've declared the entire textile chain GST-free to improve the industry's cash flow situation and a six per cent R&D relief package for the garments and knitwear sector to sustain value-added exports in the EU and the US."

(Commerce Minister Humayun Akhtar Khan)

>>"The banks should be enabled to lead initiatives in bringing down trade restrictions and expanding the trade volume from its current 12 per cent so that the Muslim countries may complement each other's economies through utilization of their enormous resources."

(President Gen Pervez Musharraf)

--President Gen Pervez Musharraf has called for greater trade between the Muslim countries through removal of barriers for their rapid and sustainable socio-economic development.

>>"As long as the trade deficit is originating because of higher investment goods rather than consumer goods, there should be no cause for an alarm because it is laying the foundation for sustainable growth in the future."

(State Bank Governor Dr Ishrat Hussain)

>>"High economic growth is creating demand leading to increased sale of consumer and electronic goods, automobiles and motorcycles and this in turn creates a lot of opportunities for companies operating in Pakistan."

(Prime Minister Shaukat Aziz)

>> "The government has announced several incentives for the country's basic and value-added textile industry in the budget and the trade policy for 2005-06 in order to bolster textile exports, which make up 60 per cent of Pakistan's total merchandize exports."

(Commerce Minister Humayun Akhtar Khan)

>> "We have decided to set up a joint study group to examine the possibility of a Comprehensive Economic Partnership Agreement. We want to see a threefold rise in bilateral trade to $10 billion by the end of the decade."

(Indonesian Trade Minister Marie Elka Pangestu)

--India and Indonesia are exploring the possibility of an accord that would boost bilateral trade threefold to $10 billion by 2010.

>>"The situation of street crimes was worst in Washington DC where during his 20 years of stay, he was unable to visit four city areas after dusk owing to threat of mugging, car snatching and harassing but there was no dearth of investment. Why these street crimes are linked with the foreign investment in Karachi."

(State Bank Governor Dr Ishrat Husain)

>>"The two companies had violated certain regulations laid down for the operation of foreign exchange companies in B category. The regulations that the two companies are said to have violated required them and all other exchange companies in B category to limit themselves only to sale and purchase of foreign currency notes and coins."

(Chief spokesman for the central bank Syed Wasimuddin)

--The State Bank has suspended the licence of a Karachi-based exchange company, besides issuing a show-cause notice to a Rawalpindi-based company for violation of the prescribed rules.

>>"Economic growth in East Asia will remain robust but will slow down to 6.8 per cent in 2005 due to a less favourable external environment."

(The report, released at the ADB headquarters in the Philippine capital)

>> "Following the successful floatation of the Islamic Bond - Sukuk - Pakistan would go for another Euro bond by the end of this year or early next year. Our goal is to come to the international market once a year to maintain linkages with the investors."

(Prime Minister Shaukat Aziz)

--Prime Minister Shaukat Aziz has expressed the confidence that Pakistan will attract $3 billion worth of foreign direct investment (FDI) during the current financial year.