FOR THE RECORD
 

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Sep 19 - 25, 2005
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"Foreign exchange reserves fell by $28 million to $12.016 billion in the week ending on September 10," State Bank of Pakistan.

(Pakistan's foreign exchange reserves fall. Reserves held by the SBP dipped to $9.358 billion from $9.362 billion a week earlier, while those held by commercial banks fell to $2.658 billion from $2.682 billion)

"The central bank's stance of tight monetary policy is appropriate and it would rightly be using open market operation (OMO) as its tool to drain liquidity from the market," said the head of money market of a foreign bank.

(The State Bank of Pakistan, in its fortnightly treasury bills auction on Wednesday, maintained its last cut-off yield rates.)

"The economic opportunities are growing though there are still problems of red-tapism in some areas, which are being addressed," Prime Minister Shaukat Aziz.

(Prime Minister Shaukat Aziz said that continuity and consistency in economic policies of the government have created a conducive business environment and numerous sectors were now open for Investment.)

"In non-traditional sectors engineering sector has shown record high export of 304 percent", EPB Chairman, Tariq Ikram.

(The exports of the non-traditional products have reached to record high of 2.4 billion dollars as compared to just 800 million dollars in 1999, said Chairman Export Promotion Bureau Tariq Ikram.)

"Pakistan's total external debt and liabilities still stand at $35.834 billion despite the country has retired or fully paid off foreign loans amounting to $2.1 billion during the last two years," claims a government official report presented before the Senate.

(Pakistan has to pay $34.037 billion external debt while it's total liabilities stand at $1.797 billion, making a total of $35.834 billion)

"Services of stitching, dyeing, printing, embroidery and washing rendered or provided to an exporter or an export house shall be treated as export and chargeable to tax at the rate equal to the rate of tax applicable to the exporter on export of goods," SRO 946(I)/2005, Income Tax Ordinance 2001.

(The Central Board of Revenue (CBR) has reduced income tax for companies providing services of stitching, dyeing, printing, embroidery and washing to five zero-rated export industries from 5 percent to 0.75 to 1.50 percent)

"Telecom is the fastest growing sector in the country and because of it Pakistan is now the second fastest growing telecom market in Asia after China," the Minister for Information Technology Awais Ahmed Khan Leghari.

(Pakistan is poised to become more attractive place for investment in telecom and IT sectors as the country would have over 30 million additional faxed and mobile telephones by the end of 2009-10.)

MUMBAI VS NEW ORLEANS!!!!

I couldn't stop making this comparison...

Inches of rain in New Orleans due to hurricane Katrina................ 18
Inches of rain in Mumbai (July 27th)...................................37.1
Population of New Orleans..............................................484,674
Population of Mumbai...................................................12,622,500
Deaths in New Orleans within 48 hours of Katrina.......................100
Deaths in Mumbai within 48hours of rain................................37.
Number of people to be evacuated in New Orleans... Entire City.........wohh!!!!
Number of people evacuated in Mumbai...................................10,000
Cases of shooting, violence, looting, Chaos in New Orleans............Countless Cases
Cases of shooting and violence in Mumbai...............................NONE
Time taken for US army to reach New Orleans........................... 48hours
Time taken for Indian army and navy to reach Mumbai....................12hours
Status 48hours later...........New Orleans is still waiting for relief, army & electricity
Status 48hours later.......... Mumbai is back on its feet and is business is as usual

Now this is the Best Part of the Comparison!!!!!!!!

USA.............................................world's most developed nation
India...........................................third world country......developing