Economic Progress
International data, voice traffic: PTCL earns $320m last fiscal
By Imran Ayub
KARACHI: Pakistan Telecommunication Company Limited (PTCL) has earned $320 million during 2003-04 financial year from international telecom carriers for transmitting their voice and data traffic.
Company officials said last financial year had witnessed a 6.66 percent earning under the head compared to last year’s income of $300 million.
“This year earning is around $320 million,” said Mashkoor Hussain, senior executive vice president PTCL. “We have received almost 80 percent of the amount and remaining is receivable within next few weeks.”
He said telecom carriers of Europe, the United States and Arab states topped among all companies, which used PTCL channel to terminate voice and data traffic.
“The telecom companies of Europe, US and companies from Saudi Arabia and United Arab Emirates are the biggest users of our services and pay bigger amount than others,” he added.
The state-owned firm in early 2002 signed agreements with five international telecom companies for terminating additional international incoming traffic to capture the grey market by using voice over Internet protocol (VoIP) technology from the US and Europe into Pakistan.
The operation was started in November 2002 and in the next eight months, the PTCL received 132.65 million minutes of incoming traffic. “The achievement of growth in international traffic since the start of operations is remarkable and it exceeded set targets,” said Mr Hussain.
More voice circuits: He said in 2003-04 financial year the company had made agreements to add another 2000 voice circuits with international carriers.
Company officials believe the PTCL’s earning under the head would increase in years to come as the operation is just two years old.
“The incoming traffic growth, including VoIP, is 32.11 percent and outgoing traffic grew by 16.48 percent,” said another company official. “Though this year’s growth has yet to be estimated, it may register over 50 percent as aggregate growth for the last year was 30.75 percent,” he said and added last year a total of 1654 international circuits were added in international switches.
“The status of total international circuits as June 30, 2003 was 13,489 circuits including 5201 circuits via satellite, 7075 circuits via undersea fibre link and 1213 circuits via other international transmission links,” he added.
He said the PTCL had set up two new international gateway exchanges (IGEs), one each at Rawalpindi and Karachi, to deal with international traffic.
“These two IGEs meet increasing international voice traffic requirements,” he added. Business managers at the PTCL have already showed optimism about financial results for the year 2003-04 and estimated the profit would touch Rs 27.2 billion mark against Rs 23.08 billion of the last year.
“We are expecting books to close at Rs 27 billion profit or maybe over,” said the PTCL official. “It is all estimation but the announced figures would definitely bring a good message and it is expected in next few weeks.”
Established as a public limited company in 1996, PTCL is 88 percent owned by the government. The company has shown an impressive growth in the past five years and manages a well-developed domestic telecommunications infrastructure of 5 million access lines, nationwide backbone and international communications links.
http://www.dailytimes.com.pk/default.asp?page=story_17-8-2004_pg5_1
1821 - 1840 of 5620 Posts
What did they say? Because they can take it back for all we care. Its not helping us much, for a private company it might be a decent amount, but to be giving a country this much is insulting.
Take it back.
Take it back.
$60 million is a lot?!??! What impact will $60 million have? Its not about pride. Why even bother giving us $60 million lool And, that too, from the UK!!!
Like I would expect Luxemborg to give us more aid.
Its not even like 0.4% of our deficit looool
Like I would expect Luxemborg to give us more aid.
Its not even like 0.4% of our deficit looool
ADB accepts govt’s request for $650 million support
ISLAMABAD, April 29: The Asian Development Bank (ADB) has accepted the coalition government’s request for $650 million emergency budgetary support.
“We have decided to disburse $650 million on a fast-track basis to help improve the government’s budgetary position and contain fiscal deficit,” ADB’s Country Director Peter L. Fedon told Dawn here on Tuesday.
He said the remaining $1 billion funding, out of the $1.9 billion annual assistance lined up for the calendar year 2008, was being accelerated and maximum funding would be made available before June 30 this year so that the government could manage its financial affairs.
Earlier, Saudi Arabia had pledged $300 million oil facility and China promised to help the new government with $500 million balance of payment support.
According to Finance Minister Ishaq Dar, there was a Rs522 billion ‘over-run expenditure’, which if not arranged by June 30, fiscal deficit would go as high as nine per cent against the target of four per cent set for the current financial year.
He said Rs522 billion was desperately needed to contain the deficit at six per cent of the GDP.
When asked about the over-run expenditure, the ADB country director said the new government understood this issue better. But as far as the ADB was concerned, he said, it would play its role and help the new government by providing timely financial support.
Responding to a question, he said the ADB had proposed a tax on agriculture income and on services sector for new resource mobilisation.
“More taxes or any other measure needed for this purpose will have to be decided by your government and we cannot say anything about it,” Mr Fedon said.
He agreed that the increasing international oil prices would cause more problems for countries like Pakistan. International prices, he said, were intensifying food inflation throughout the world and everybody appeared to be helpless.
Asked about the growing energy problems, he said that his bank had provided $2 billion to Pakistan’s distribution and transmission companies to cope with power pressure. He called for establishing more power plants by the private sector to meet 3000MW of daily electricity shortage. He was of the view that the tariff issue needed to be settled to attract more IPPs in the country.
Answering another question, he said the ADB would provide necessary support to Turkmenistan, Afghanistan, Pakistan and India to help build TAPI gas pipeline.
“We are trying to be an honest broker to push forward the regional cooperation in the shape of the gas pipeline project,” he said.
However, he said, the bank was not responsible for establishing any consortium to arrange funding for the project and that it had to be decided by the countries involved in it.
http://www.dawn.com/2008/04/30/top7.htm
ISLAMABAD, April 29: The Asian Development Bank (ADB) has accepted the coalition government’s request for $650 million emergency budgetary support.
“We have decided to disburse $650 million on a fast-track basis to help improve the government’s budgetary position and contain fiscal deficit,” ADB’s Country Director Peter L. Fedon told Dawn here on Tuesday.
He said the remaining $1 billion funding, out of the $1.9 billion annual assistance lined up for the calendar year 2008, was being accelerated and maximum funding would be made available before June 30 this year so that the government could manage its financial affairs.
Earlier, Saudi Arabia had pledged $300 million oil facility and China promised to help the new government with $500 million balance of payment support.
According to Finance Minister Ishaq Dar, there was a Rs522 billion ‘over-run expenditure’, which if not arranged by June 30, fiscal deficit would go as high as nine per cent against the target of four per cent set for the current financial year.
He said Rs522 billion was desperately needed to contain the deficit at six per cent of the GDP.
When asked about the over-run expenditure, the ADB country director said the new government understood this issue better. But as far as the ADB was concerned, he said, it would play its role and help the new government by providing timely financial support.
Responding to a question, he said the ADB had proposed a tax on agriculture income and on services sector for new resource mobilisation.
“More taxes or any other measure needed for this purpose will have to be decided by your government and we cannot say anything about it,” Mr Fedon said.
He agreed that the increasing international oil prices would cause more problems for countries like Pakistan. International prices, he said, were intensifying food inflation throughout the world and everybody appeared to be helpless.
Asked about the growing energy problems, he said that his bank had provided $2 billion to Pakistan’s distribution and transmission companies to cope with power pressure. He called for establishing more power plants by the private sector to meet 3000MW of daily electricity shortage. He was of the view that the tariff issue needed to be settled to attract more IPPs in the country.
Answering another question, he said the ADB would provide necessary support to Turkmenistan, Afghanistan, Pakistan and India to help build TAPI gas pipeline.
“We are trying to be an honest broker to push forward the regional cooperation in the shape of the gas pipeline project,” he said.
However, he said, the bank was not responsible for establishing any consortium to arrange funding for the project and that it had to be decided by the countries involved in it.
http://www.dawn.com/2008/04/30/top7.htm
NAWABSHAH: Revival of industrial zone discussed
NAWABSHAH, April 29: The special industrial zone of Nawabshah would be renamed as Shaheed Benazir Bhutto special industrial zone. This was decided at a meeting which discussed ways and means to revive special industrial zone Nawabshah at circuit house here on Monday.
District nazim Faryal Talpur told the meeting that the industrial zone was established during Peoples Party government back in 1993-94 but unfortunately the successive governments did not pay any attention to it due to which the province incurred economic losses.
She said that its revival would not only promote industrialisation but also provide job opportunities to the skilled and unskilled locals. Besides, all other benefits, the revival would boost the economy of Pakistan and stop migration to urban areas.
She said that the government would also be approached for the activation of Nawabshah airport to provide maximum facilities to the business community as well as local people.
Briefing the meeting, Abdul Rasheed Solangi, Managing Director of Sindh Industrial Trading Estate, said that federal government had launched 12 special industrial zones in the country in 1993-94.
He said that in Sindh, three zones i.e. Larkana, Keti Bundar in Thatta and Nawabshah were approved out of which only Nawabshah could be executed.
He informed that SIZ Nawabshah has all basic infrastructure and facilities which included road, sewerage lines, oxidation pond, raw water channel, gas, grid station for electricity, telephone and it was close to main railway line, airport as well as the National Highway.
He said that an area of 239 acres was acquired by SITE by paying Rs10.313 million in 1993-94 out of which 141 acres were allocated for various industries and only 78 acres was left which was insufficient and the zone required an additional land of at least 1,000 acres.
He said that SITE has prepared and got approved schemes of Rs78.57 million, including completion of filter plant (Rs34.69 million), establishment of fire station (Rs10.23 million) and construction of open channel and culverts (Rs33.65 million) from the Sindh government in ADP-2007-08 and an amount of Rs30 million was released for which tenders were also invited.
The meeting decided to approach the federal government for special grant of Rs2,000 million for provision of infrastructure facilities to the proposed extension of zone. It was also decided that fiscal incentives and policies would be announced through the federal, Sindh and district governments regarding tax holidays to attract the new investors.
The meeting also discussed the security issues pertaining to foreign and local investors and arrangements would be made to provide all facilities to them.
An investment conference would also be called in Nawabshah under the chairmanship of prime minister or the chief minister Sindh to attract leading businessmen and industrialists to set up their units here. The meeting also decided to rename the zone as Shaheed Benazir Bhutto special industrial zone.
NAWABSHAH, April 29: The special industrial zone of Nawabshah would be renamed as Shaheed Benazir Bhutto special industrial zone. This was decided at a meeting which discussed ways and means to revive special industrial zone Nawabshah at circuit house here on Monday.
District nazim Faryal Talpur told the meeting that the industrial zone was established during Peoples Party government back in 1993-94 but unfortunately the successive governments did not pay any attention to it due to which the province incurred economic losses.
She said that its revival would not only promote industrialisation but also provide job opportunities to the skilled and unskilled locals. Besides, all other benefits, the revival would boost the economy of Pakistan and stop migration to urban areas.
She said that the government would also be approached for the activation of Nawabshah airport to provide maximum facilities to the business community as well as local people.
Briefing the meeting, Abdul Rasheed Solangi, Managing Director of Sindh Industrial Trading Estate, said that federal government had launched 12 special industrial zones in the country in 1993-94.
He said that in Sindh, three zones i.e. Larkana, Keti Bundar in Thatta and Nawabshah were approved out of which only Nawabshah could be executed.
He informed that SIZ Nawabshah has all basic infrastructure and facilities which included road, sewerage lines, oxidation pond, raw water channel, gas, grid station for electricity, telephone and it was close to main railway line, airport as well as the National Highway.
He said that an area of 239 acres was acquired by SITE by paying Rs10.313 million in 1993-94 out of which 141 acres were allocated for various industries and only 78 acres was left which was insufficient and the zone required an additional land of at least 1,000 acres.
He said that SITE has prepared and got approved schemes of Rs78.57 million, including completion of filter plant (Rs34.69 million), establishment of fire station (Rs10.23 million) and construction of open channel and culverts (Rs33.65 million) from the Sindh government in ADP-2007-08 and an amount of Rs30 million was released for which tenders were also invited.
The meeting decided to approach the federal government for special grant of Rs2,000 million for provision of infrastructure facilities to the proposed extension of zone. It was also decided that fiscal incentives and policies would be announced through the federal, Sindh and district governments regarding tax holidays to attract the new investors.
The meeting also discussed the security issues pertaining to foreign and local investors and arrangements would be made to provide all facilities to them.
An investment conference would also be called in Nawabshah under the chairmanship of prime minister or the chief minister Sindh to attract leading businessmen and industrialists to set up their units here. The meeting also decided to rename the zone as Shaheed Benazir Bhutto special industrial zone.
Ishaq Dar committing 'financial engineering'
Dar's criticism termed 'financial engineering'
ISLAMABAD (April 30 2008): The unadjusted budget figures for fiscal year 2007-08, as presented by Finance Minister Ishaq Dar during the first Cabinet meeting on April 9 constitute 'financial engineering', according to well placed sources. "One of the major flaws in the analysis of the unadjusted figures was failure of the Finance Minister to disclose the $800-900 million financing committed by the US for logistic support for Pakistan's war on terror.
This amount would be part of non-tax revenue," analysts argued. An economic analyst told Business Recorder here on Tuesday that if the new government prepared its case against the previous government on assumptions of outflows, it must, in all fairness, also mention expected inflows. "It is not fair if we inform the public about the slippages, and not the expected income," the analyst said.
The Finance Minister in the Cabinet meeting had given Rs 443 billion as the projected domestic interest payment, in contrast to the budgeted amount of Rs 318.2 billion. However, this discrepancy between the budgeted and the projected amount was, according to former Minister of State Umar Ayub Khan, the fault of policies of the governments between the years 1996 and 1999.
Umar in his budget speech last year had announced that during the current fiscal year and up till 2009-10 there would be a significant rise in deficit financing, because high interest-bearing Defence Savings Certificates would mature this year and would require Rs 80 billion in 2007-08 and Rs 163 billion next fiscal year.
The present Finance Minister had also projected wheat subsidy at Rs 45 billion as an amount not budgeted, as a wheat crisis was not anticipated at the time of the budget. However, according to sources, subsidy on wheat was unlikely to exceed Rs 20-25 billion. In addition, the projected subsidy of Rs 123 billion to Wapda was unlikely, given that till February this year only Rs 34.5 billion subsidy is given.
Copyright Business Recorder, 2008
http://www.brecorder.com/index.php?id=730342&currPageNo=1&query=&search=&term=&supDate=
** Perhaps Dar Sahib should focus more on his job which is taking care of the economy rather than coming up with WHITE PAPERS and EXPOSING the previous regime. Surely, the economy today is NOT worse than it was in 1999 when Saudi had to give us free oil even though it was only around $10 a barrel as compared to todays $120. Perhaps when Ishaq Dar or any PMLN Finance Minister wins the Best Finance Minster of the year award by Euromoney [like Shaukat Aziz did in 2001, prior to 9/11(http://www.euromoney.com/Article/10...of-the-year-2001-Shaukat-Aziz-Pakistan.html)], then he should boast about his financial expertise. Shaukat Aziz had to kick-start a dying economy on the brink of bankruptcy, and, he did a good job and turned it into Asia's 3rd fastest growing. The size of the economy has almost tripled under Shaukat Aziz in 8 years. Now, it is upto Mr. Dar and PMLN to ensure growth and development is maintained, and, by the end of this 5 year term of the govt, Pakistan's economy is double of what it is today.
Dar's criticism termed 'financial engineering'
ISLAMABAD (April 30 2008): The unadjusted budget figures for fiscal year 2007-08, as presented by Finance Minister Ishaq Dar during the first Cabinet meeting on April 9 constitute 'financial engineering', according to well placed sources. "One of the major flaws in the analysis of the unadjusted figures was failure of the Finance Minister to disclose the $800-900 million financing committed by the US for logistic support for Pakistan's war on terror.
This amount would be part of non-tax revenue," analysts argued. An economic analyst told Business Recorder here on Tuesday that if the new government prepared its case against the previous government on assumptions of outflows, it must, in all fairness, also mention expected inflows. "It is not fair if we inform the public about the slippages, and not the expected income," the analyst said.
The Finance Minister in the Cabinet meeting had given Rs 443 billion as the projected domestic interest payment, in contrast to the budgeted amount of Rs 318.2 billion. However, this discrepancy between the budgeted and the projected amount was, according to former Minister of State Umar Ayub Khan, the fault of policies of the governments between the years 1996 and 1999.
Umar in his budget speech last year had announced that during the current fiscal year and up till 2009-10 there would be a significant rise in deficit financing, because high interest-bearing Defence Savings Certificates would mature this year and would require Rs 80 billion in 2007-08 and Rs 163 billion next fiscal year.
The present Finance Minister had also projected wheat subsidy at Rs 45 billion as an amount not budgeted, as a wheat crisis was not anticipated at the time of the budget. However, according to sources, subsidy on wheat was unlikely to exceed Rs 20-25 billion. In addition, the projected subsidy of Rs 123 billion to Wapda was unlikely, given that till February this year only Rs 34.5 billion subsidy is given.
Copyright Business Recorder, 2008
http://www.brecorder.com/index.php?id=730342&currPageNo=1&query=&search=&term=&supDate=
** Perhaps Dar Sahib should focus more on his job which is taking care of the economy rather than coming up with WHITE PAPERS and EXPOSING the previous regime. Surely, the economy today is NOT worse than it was in 1999 when Saudi had to give us free oil even though it was only around $10 a barrel as compared to todays $120. Perhaps when Ishaq Dar or any PMLN Finance Minister wins the Best Finance Minster of the year award by Euromoney [like Shaukat Aziz did in 2001, prior to 9/11(http://www.euromoney.com/Article/10...of-the-year-2001-Shaukat-Aziz-Pakistan.html)], then he should boast about his financial expertise. Shaukat Aziz had to kick-start a dying economy on the brink of bankruptcy, and, he did a good job and turned it into Asia's 3rd fastest growing. The size of the economy has almost tripled under Shaukat Aziz in 8 years. Now, it is upto Mr. Dar and PMLN to ensure growth and development is maintained, and, by the end of this 5 year term of the govt, Pakistan's economy is double of what it is today.
Construction of dams: Wapda asked to seek Prime Minister's approval afresh
ISLAMABAD (May 01, 2008): Prime Minister Yousuf Raza Gilani has directed the Ministry of Water and Power to seek fresh approval from him on construction of small and big dams approved by the former government, including the construction of Kala Bagh dam. This has effectively led to scrapping all past approvals of big and small dams with immediate effect, sources told Business Recorder here on Wednesday.
no idea if this includes the 100 dams purposal in Balochistan.
ISLAMABAD (May 01, 2008): Prime Minister Yousuf Raza Gilani has directed the Ministry of Water and Power to seek fresh approval from him on construction of small and big dams approved by the former government, including the construction of Kala Bagh dam. This has effectively led to scrapping all past approvals of big and small dams with immediate effect, sources told Business Recorder here on Wednesday.
no idea if this includes the 100 dams purposal in Balochistan.
CDWP approves 21 projects worth Rs 6.3 billion: 12 schemes referred to Ecnec
ISLAMABAD (May 01 2008): The Central Development Working Party (CDWP), which met here on Wednesday, referred 12 development projects costing Rs 157.5 billion to Executive Committee of the National Economic Council (Ecnec), and approved 21 schemes worth Rs 6.30 billion.
The CDWP revised the cost of Mangla dam raising project from Rs 62 to Rs 101 billion. The main portion of the upward revision has been allocated to the project's resettlement plan, the cost of which has been increased to Rs 60 billion from earlier estimated Rs 26 billion, said Planning Commission (PC) spokesman Muhammad Asif Sheikh. However, he did not explain reason for heavy enhancement in the cost of resettlement plan.
Briefing media persons after the meeting, Asif said that Mangla dam raising project would be completed by the end of this year. Despite the fact that the project would be completed in December, the dam has already additional capacity of storing some additional water in the coming monsoon season, he said. He, however, admitted that the project has been delayed for about six months.
The CDWP, which met for the first time after the formation of the new government, approved 15 projects costing Rs 138.8 billion with foreign exchange component (FEC) of Rs 2.3 billion in infrastructure sector. In social sector a total of 12 schemes worth Rs 22.6 billion with FEC of Rs 17.5 billion have been approved.
As many as 18 projects costing Rs 30 billion were approved on all Pakistan level. Four projects costing Rs 1.2 billion have been approved for Punjab, one project costing Rs 16 billion for Sindh, three projects costing Rs 0.9 billion for NWFP and three projects costing Rs 11.3 billion for Balochistan. Two projects costing Rs 101.6 billion for Azad Kashmir, and two costing Rs 2.8 billion were approved for Northern Areas.
Asif said that 31 projects costing Rs 163.3 billion would be financed by the federal government. Of the four projects located in Punjab, two projects costing Rs 0.6 billion will be financed on 50:50 cost sharing basis between provincial and federal governments. Of the 33 projects, seven projects have been revised and their net addition in total cost is Rs 53 billion. The major revision has been done in the cost of Mangla dam raising project, he said, and added that the new project's total additional cost, to be met through fresh allocation, has been estimated at Rs 67.3 billion.
The CDWP also conceptually cleared five schemes, namely rational use of irrigation water for agriculture of Rs 18 million, mechanised concrete lining of channels in Sindh through Japanese grant of Rs 660 million, extension of water resources and development of sanitation infrastructure for Faisalabad costing Rs 2.82 billion, Punjab strategic provincial environmental assistance of Rs 12 million, and local services delivery and governance programme of Rs 3.9 billion. The scheme of local delivery system is being funded by the World Bank and the Department for International Development (DFID).
In water resources, the CDWP approved seven projects costing Rs 130.9 billion. Construction of 20 small dams in Balochistan costing Rs 2.154 billion, land and water monitoring of Indus plain costing Rs 0.42 billion, revamping of irrigation and drainage system in Sindh province costing Rs 1.6 billion, construction of Shadi Kaur storage dam in Pasni, Gwadar costing Rs 2.63 billion and Indus water sector capacity building and advisory services worth Rs 1.80 are some of the projects in water resources sector.
Other projects which were approved were establishment of National Forensic Science Agency at a cost of Rs 3.59 billion and conducting of new mineral survey costing Rs 1.05 billion. Pakistan Atomic Energy Commission (PAEC) is the sponsoring agency of the project.
ISLAMABAD (May 01 2008): The Central Development Working Party (CDWP), which met here on Wednesday, referred 12 development projects costing Rs 157.5 billion to Executive Committee of the National Economic Council (Ecnec), and approved 21 schemes worth Rs 6.30 billion.
The CDWP revised the cost of Mangla dam raising project from Rs 62 to Rs 101 billion. The main portion of the upward revision has been allocated to the project's resettlement plan, the cost of which has been increased to Rs 60 billion from earlier estimated Rs 26 billion, said Planning Commission (PC) spokesman Muhammad Asif Sheikh. However, he did not explain reason for heavy enhancement in the cost of resettlement plan.
Briefing media persons after the meeting, Asif said that Mangla dam raising project would be completed by the end of this year. Despite the fact that the project would be completed in December, the dam has already additional capacity of storing some additional water in the coming monsoon season, he said. He, however, admitted that the project has been delayed for about six months.
The CDWP, which met for the first time after the formation of the new government, approved 15 projects costing Rs 138.8 billion with foreign exchange component (FEC) of Rs 2.3 billion in infrastructure sector. In social sector a total of 12 schemes worth Rs 22.6 billion with FEC of Rs 17.5 billion have been approved.
As many as 18 projects costing Rs 30 billion were approved on all Pakistan level. Four projects costing Rs 1.2 billion have been approved for Punjab, one project costing Rs 16 billion for Sindh, three projects costing Rs 0.9 billion for NWFP and three projects costing Rs 11.3 billion for Balochistan. Two projects costing Rs 101.6 billion for Azad Kashmir, and two costing Rs 2.8 billion were approved for Northern Areas.
Asif said that 31 projects costing Rs 163.3 billion would be financed by the federal government. Of the four projects located in Punjab, two projects costing Rs 0.6 billion will be financed on 50:50 cost sharing basis between provincial and federal governments. Of the 33 projects, seven projects have been revised and their net addition in total cost is Rs 53 billion. The major revision has been done in the cost of Mangla dam raising project, he said, and added that the new project's total additional cost, to be met through fresh allocation, has been estimated at Rs 67.3 billion.
The CDWP also conceptually cleared five schemes, namely rational use of irrigation water for agriculture of Rs 18 million, mechanised concrete lining of channels in Sindh through Japanese grant of Rs 660 million, extension of water resources and development of sanitation infrastructure for Faisalabad costing Rs 2.82 billion, Punjab strategic provincial environmental assistance of Rs 12 million, and local services delivery and governance programme of Rs 3.9 billion. The scheme of local delivery system is being funded by the World Bank and the Department for International Development (DFID).
In water resources, the CDWP approved seven projects costing Rs 130.9 billion. Construction of 20 small dams in Balochistan costing Rs 2.154 billion, land and water monitoring of Indus plain costing Rs 0.42 billion, revamping of irrigation and drainage system in Sindh province costing Rs 1.6 billion, construction of Shadi Kaur storage dam in Pasni, Gwadar costing Rs 2.63 billion and Indus water sector capacity building and advisory services worth Rs 1.80 are some of the projects in water resources sector.
Other projects which were approved were establishment of National Forensic Science Agency at a cost of Rs 3.59 billion and conducting of new mineral survey costing Rs 1.05 billion. Pakistan Atomic Energy Commission (PAEC) is the sponsoring agency of the project.
Shamshad receives best central bank governor award
Shamshad receives best central bank governor award
RECORDER REPORT
KARACHI (May 01 2008): Senior Editor, The Banker Magazine, Ms Karina Robinson presented the Central Bank Governor of the Year in Asia 2008 Award to State Bank of Pakistan Governor Dr Shamshad Akhtar at a ceremony held at a local hotel in Karachi on Wednesday.
Speaking on the occasion, Ms Robinson paid glowing tributes to the SBP Governor. She said Dr Akhtar has been able to restructure many aspects of the economy and implement many new policies in the banking sector, including an important financial inclusion strategy.
She said Dr Akhtar managed to tighten monetary policy and through decisive action was successful in 2006 and 2007 in sustaining a downward trend in inflationary pressures while facilitating record strong growth in the economy, she added.
She said another important central bank strategy shift has been the decision to gradually reduce commercial banks' reliance on refinancing facilities and encourage banks to fully accommodate private sector and export credit requirements, thereby helping the private sector.
Ms Robinson said Dr Akhtar believes there is a high degree of financial exclusion and she has outlined a comprehensive strategy to improve access to financial services to the poor through a far-reaching microfinance development plan and the expansion of branch networks and Islamic banking in underserved areas.
Speaking on the occasion, Dr Akhtar said that it was not only an honour for her but for the country also, which now has an efficient financial system. She said the banking sector reforms have brought in competition within the system, improved internal efficiency and broadened access to the middle class.
She said that these reforms would not have been possible without the cooperation of the chief executives of banks. Dr Akhtar also thanked The Banker Magazine for bestowing this prestigious award to her. She said that by continuation of the financial sector reforms, the country would be able to reduce poverty significantly in the years ahead.
The ceremony arranged by The Banker Magazine, a subsidiary of the prestigious and renowned newspaper, Financial Times of London, was attended, among others, by Yaseen Anwar, Deputy Governor, Asad Qureshi, Executive Director and Riazuddin, Economic Advisor of SBP, besides chief executives of commercial banks/multinational firms and notable industrialists. Last year Dr Akhtar was conferred with the 'Best Central Bank Governor for Asia 2007' award.
Copyright Business Recorder, 2008
Shamshad receives best central bank governor award
RECORDER REPORT
KARACHI (May 01 2008): Senior Editor, The Banker Magazine, Ms Karina Robinson presented the Central Bank Governor of the Year in Asia 2008 Award to State Bank of Pakistan Governor Dr Shamshad Akhtar at a ceremony held at a local hotel in Karachi on Wednesday.
Speaking on the occasion, Ms Robinson paid glowing tributes to the SBP Governor. She said Dr Akhtar has been able to restructure many aspects of the economy and implement many new policies in the banking sector, including an important financial inclusion strategy.
She said Dr Akhtar managed to tighten monetary policy and through decisive action was successful in 2006 and 2007 in sustaining a downward trend in inflationary pressures while facilitating record strong growth in the economy, she added.
She said another important central bank strategy shift has been the decision to gradually reduce commercial banks' reliance on refinancing facilities and encourage banks to fully accommodate private sector and export credit requirements, thereby helping the private sector.
Ms Robinson said Dr Akhtar believes there is a high degree of financial exclusion and she has outlined a comprehensive strategy to improve access to financial services to the poor through a far-reaching microfinance development plan and the expansion of branch networks and Islamic banking in underserved areas.
Speaking on the occasion, Dr Akhtar said that it was not only an honour for her but for the country also, which now has an efficient financial system. She said the banking sector reforms have brought in competition within the system, improved internal efficiency and broadened access to the middle class.
She said that these reforms would not have been possible without the cooperation of the chief executives of banks. Dr Akhtar also thanked The Banker Magazine for bestowing this prestigious award to her. She said that by continuation of the financial sector reforms, the country would be able to reduce poverty significantly in the years ahead.
The ceremony arranged by The Banker Magazine, a subsidiary of the prestigious and renowned newspaper, Financial Times of London, was attended, among others, by Yaseen Anwar, Deputy Governor, Asad Qureshi, Executive Director and Riazuddin, Economic Advisor of SBP, besides chief executives of commercial banks/multinational firms and notable industrialists. Last year Dr Akhtar was conferred with the 'Best Central Bank Governor for Asia 2007' award.
Copyright Business Recorder, 2008
I read somewhere that balochistan having 6 billion barrel of oil reserves...... (acc to geologycal survay of pakistan)
is it true ??????
if yes...then where is the oil
is it true ??????
if yes...then where is the oil
above posts deleted.
slashcruise: refrain from deliberately bringing india vs pakistan stuff here.
@others: please PM me instead of replying to such forumers.
slashcruise: refrain from deliberately bringing india vs pakistan stuff here.
@others: please PM me instead of replying to such forumers.
^^ Damn it! Looks like I missed out on the fun! 
Noooooooooooooooo. My beautiful post got deleted. Oh well, truth hurts and it might have started some shit with our neighbors *cough*.
Ok, to keep this post on topic, here some economic (bad) news:
Ok, to keep this post on topic, here some economic (bad) news:
brecorder.com
23.9% hno:
hno:
Is that like a record or something???!
As far as I know, the SPI = Sensitive Price Indicator and the CPI = Consumer Price Index. Doesn't the CPI matter more than the SPI in Pakistan?? When they say that inflation in Pakistan is at a certain level, are they talking about the SPI or the CPI?
No. I don't think so. Some years ago I came across the year on year data for Inflation in Pakistan since 1947 and inflation has crossed the 20% mark 3/4 times in Pakistan.
Okay guys I have come across a GOLD MINE of information on the economy of the different regions of Pakistan. It shows the contribution to the GDP by the provinces, year on year from 1973 to 2000. Its called the "Provincial Accounts of Pakistan: Methodology and Estimates 1973-2000" and it done by Kaiser Bengali and Mahpara Sadaqat. I remember talking about it, but seen as I have bad habit of not saving the links, I couldn't share all the info. Now, by chance I've finally stumbled upon it! And before even reading it I saved it!
Here's the info:
Regional Economic Speciality - Pakistan:
The major sectors constituting the mainstay of the economy of the various provinces in Pakistan are believed to be as follows: mining and fruit farming in Balochistan province, manufacturing in Karachi and central Punjab, crop agriculture in the Indus basin of Sindh and Punjab provinces, forestry in northern parts of NWFP province, and so on. Karachi and central Punjab are stated to be more developed relative to the rest of the country; although in recent years, the rate of growth in central Punjab is believed to be higher than the rest of the country, including Karachi.
Share of GDP by Province 1973 - 2000
Punjab:
- Ranges from 51.8% in 1987-88 to 54.7% in 1999-00.
Sindh:
- Ranges from 30% in 1975-76 to 32.7% in 1988-89.
NWFP:
- Ranges from 10.5% in 1991-92 to 12.1% in 1974-75 & again in 1986-87.
Balochistan:
- Ranges from 3.7% in 1999-00 to 4.9% in 1975-76.
LINK: http://64.224.68.11/pubs/nps/nps5.pdf
Here's the info:
Regional Economic Speciality - Pakistan:
The major sectors constituting the mainstay of the economy of the various provinces in Pakistan are believed to be as follows: mining and fruit farming in Balochistan province, manufacturing in Karachi and central Punjab, crop agriculture in the Indus basin of Sindh and Punjab provinces, forestry in northern parts of NWFP province, and so on. Karachi and central Punjab are stated to be more developed relative to the rest of the country; although in recent years, the rate of growth in central Punjab is believed to be higher than the rest of the country, including Karachi.
Share of GDP by Province 1973 - 2000
Punjab:
- Ranges from 51.8% in 1987-88 to 54.7% in 1999-00.
Sindh:
- Ranges from 30% in 1975-76 to 32.7% in 1988-89.
NWFP:
- Ranges from 10.5% in 1991-92 to 12.1% in 1974-75 & again in 1986-87.
Balochistan:
- Ranges from 3.7% in 1999-00 to 4.9% in 1975-76.
LINK: http://64.224.68.11/pubs/nps/nps5.pdf
Per Capita GDP by Province 1973 - 2000
I'm guessing its in Rupees
Punjab:
- Ranges from 2,401 in 1972-73 to 4,534 in 1999-00.
Sindh:
- Ranges from 3,591 in 1976-77 to 6,043 in 1999-00.
NWFP:
- Ranges from 2,239 in 1976-77 to 3,932 in 1998-99.
Balochistan:
- Ranges from 2,264 in 1980-81 to 3,703 in 1995-96.
Pakistan as a Whole:
- Ranges from 2,696 in 1976-77 to 4,749 in 1999-00.
I'm guessing its in Rupees
Punjab:
- Ranges from 2,401 in 1972-73 to 4,534 in 1999-00.
Sindh:
- Ranges from 3,591 in 1976-77 to 6,043 in 1999-00.
NWFP:
- Ranges from 2,239 in 1976-77 to 3,932 in 1998-99.
Balochistan:
- Ranges from 2,264 in 1980-81 to 3,703 in 1995-96.
Pakistan as a Whole:
- Ranges from 2,696 in 1976-77 to 4,749 in 1999-00.
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