PRO 25-10-2012_Layout 1 10/25/2012 3:41 AM Page 1
Thursday, 25 October, 2012
Another IMF programme in the offing g
Finance sect likely to get six month extension ISLAMABAD
F
ONLINE
EDERAL Secretary Finance Abdul Wajid Rana is likely to get six month extension in its service as the government may have to negotiate another loan programme with the International Monetary Fund(IMF) this fiscal year. According to sources during current financial year 2012-13 the government is likely to negotiate a fresh loan programme with the Fund to ensure smooth repayment of the remaining installments to the IMF and for this purpose the finance ministry has sent a summery to the Prime Minister seeking six months extension in the service of federal secretary finance who will reach at the age of superannuation on November 6 next month. “The Finance minister Dr.Abdul Hafeez Sheikh does not want to change economic team at the highest level because of expected talks for another loan programme with IMF,”sources said, adding that any change in the fi-
SBP sets up centre for smooth functioning of ATMs KARACHI
nance team at this stage will create troubles to execute fresh loan talks with the fund. According to the repayment schedule agreed between Pakistan and IMF, Pakistan will repay its obtain $7.6 billion to the IMF till the end of fiscal year 2014-15. The $11.3 billion SBA program had expired on September 30, 2011 and the last two trenches of $3.7 billion could not pay to Pakistan by IMF following Islamabad’s failure to pursue key reforms as well as the emergence of the revenue figures fiasco. Pakistan had enter into a $11.3 billion programme in 2008 with IMF and got disbursements of about $7.6 billion, but failed to get the remaining $3.7 billion due to slippages in performance criteria, leading to suspension of the programme in May 2010 and was ended unsuccessfully on September 30,2011. Secretary Finance Abdul Wajid Rana and spokesman of the ministry Rana Asad Amin could not be contacted immediately for their comments despite repeated attempts made to have their version on the issue.
ISLAMABAD APP
Brazil for improving trade ties with Pakistan ISLAMABAD
APP
APP
The State Bank of Pakistan Banking Services Corporation (SBP BSC) North Nazimabad, Karachi, has set up Customer Facilitation Centre to ensure smooth and uninterrupted functioning of Automated Teller Machines (ATMs) of commercial banks in the District Central, Karachi, especially during Eidul Azha holidays. A statement on Wednesday said that this Customer Facilitation Centre will operational from 9:00 a.m to 5:30 p.m on all working days, and will receive complaints from the general public regarding non-functioning of ATMs in the District Central, Karachi, and make them working within the shortest possible time. This Facilitation Centre will also be operational from 9:00 a.m to 5:30 p.m. during Eid-ul-Azha holidays. The members of the general public are advised to lodge their complaints pertaining to the non-functioning of ATMs in the District Central, Karachi, from 9:00 a.m to 5:30 p.m during all working days and Eidul Azha holidays.
Promotion of commercial and economic ties between Pakistan and Brazil would boost bilateral relations as Embassy of Brazil intended to help Pakistan in doing business with Brazil. This was stated by Alfredo Leoni, Ambassador of Brazil to Pakistan who was talking to the business community here at Islamabad Chamber of Commerce & Industry (ICCI). He also Congratulated Zafar Bakhtawari on his appointment as President of ICCI and expressed hope that he would help built relations with the diplomatic community to enhance Pakistan’s trade and economic relations with countries around the globe. He proposed that Pakistan could share experiences of Brazilian success story in the areas of economy and development achieved through the implementation of “Real Plan” which was introduced in 1994, in order to control inflation and stabilize the economy.
1Q cement export posts 42.35% growth
The Ambassador said that Brazil is the sixth largest economy as well as eighth biggest consumer market of the world, adding that Brazil is the largest commercial partner of Pakistan in Latin America but bilateral trade was about US$300 million which needs to be enhanced as Brazil is the major investment hub and also a gateway to South America. He said that Pakistan’s private sector should come forward in tapping the multiple opportunities of mutual trade between Brazil and Pakistan. He assured the audience that there was plenty of room for investment in Brazil as it is a very strong and reliable economy. Those Pakistani businessmen who are interested in doing business with Brazilian partners must register themselves on braziltradenet.gov.br and become a member and a player of the biggest database available in Brazil involving international trading companies, market studies and information on fairs, Brazilian companies and trade offers.
In his welcome address, Zafar Bakhtawari, President ICCI lauded the devoted efforts of Mr. Alfredo Leoni for playing a dynamic role in further strengthening bilateral relations in all areas between Pakistan and Brazil. The ICCI President said that we should concentrate on the existing opportunities and suggested that cooperation can be enhanced in the agriculture, energy and pharmaceutical sectors. He said that visit of business delegations should also be encouraged to explore markets. In this connection, he invited business delegations from Brazil for meeting with the Pakistani counterparts. Bakhtawari said that we should learn from Brazilian economic plan as they have turned their economy from negative growth indicators into positive economic growth. He called on the Brazilian business community to take advantage of vast Pakistani market and investment opportunities in agriculture, construction, livestock and dairy, energy, education, IT and Halal industry sectors.
The cement export from the country during the first quarter of current financial year registered growth of 42.35 percent as compared to the same period of last year. According the data of Pakistan Bureau of Statistics (PBS), the export of cement increased in dollar terms while the quantum export remain on down track. During the period from July-September 2012, about 1,899,791 metric tons cement worth US$ 146.321 million exported which was up by 42.35 percent as compared to the same period of last year. Meanwhile. the export of cement during the first quarter of last financial year was recorded at 2,158,429 metric tons worth US$ 112.033 million, the data revealed. However, other commodities including gems, jewellery, furniture, molasses and handicraft remained on green track and posted positive growth respectively during the period under review. The data revealed that gems export increased by 69.64 percent, Jewellery by 383.64 percent and furniture export by 1.92 percent respectively during the first quarter of current financial year. The country exported about 4 metric tons of gems worth US$ 1.05 million and jewellery of US$ 740.4 million by the end of first quarter of financial year 2012-13 as compared to the same period of last year. During the period from July-September 2012, furniture valuing US$ 1.683 million exported as compared with the export of US$ 1.80 million of same period last financial year, it added. During the first quarter, country earned US$ 0.138 million by exporting about 2,323 metric tons of molasses which was recorded at 2,025 metric tons of US$ 0.247 million, the data revealed. The export of gur and gur products increased by 86.93 percent in first three months as about 8,400 metric ton gur and its products valuing US$ 37.56 million exported as compared to the 7,937 metric tons worth US$ 21.89 million during the same period of last financial year, it added.
Give us some power! g
President urges US businessmen to invest in power sector ISLAMABAD ONLINE
President Asif Ali Zardari has urged the US businessmen to invest in power sector in Pakistan. He was talking to a delegation of a US power company DACC Global in Islamabad on Wednesday. The delegation headed by Doug Melvin, President DACC Global, comprised of Arnd Spinger, Joseph Steinfeldt, Mark Lohoff, Adnan Hameed, Zafar Ahmed and Nasir Waseem. Spokesperson to the President Senator Farhatullah Babar, Chairman Intellectual Property Organization of Pakistan Mr. Hameedullah Jan Afridi, Secretary to President Maj (R) Haroon Rashid, Secretary Water & Power Ms. Nargis Sethi, CEO Alter-
native Energy Development Board Mr. Arif Allauddin and other senior officials were also present during the meeting. Spokesperson to the President Senator Farhatullah Babar while briefing about the meeting said that DACC Solar Power Generation Company (DPGC) is pursuing development of a 50 MW Solar power project in Punjab, production of bio-fuel and installation of solar water pumps in the country. He said that the President while welcoming the delegation appreciated their interest and investment in the alternate energy sector. The President highlighted huge investment opportunities available in the country in the alternate energy sector and said that abundant sunshine and wind corridors offered great opportunities to the in-
vestors for harnessing this clean and efficient source of energy. The President said that energy shortage has been one of the major challenges faced by the country at present. He said that the Government was according highest priority to facilitating the investors undertaking business ventures in this sector. He said that the Government was committed to promote the alternate means of energy production so as to reduce dependency on conventional modes and simultaneously to save the environment from further degradation due to burning of the fossil fuels. The President also recounted various incentives being offered to foreign investors in the energy sector. He said that Pakistan offered 17 percent return on Investment (ROI) for renewable energy projects
which is one of the highest in the world. He said that NEPRA was working on up-front Tariff for Solar Power projects which will further incentivize setting up of solar power plants in the country. The President also mentioned special control rooms in the Ministry of Water and Power and various offices of power distribution companies for monitoring and coordination purposes. He said that all efforts were being undertaken to avoid bureaucratic delays and to address the issues related to supply and distribution of power on spot basis. The President assured the company of all possible facilitation in its business ventures in Pakistan. He also expressed the hope that the company will construct more solar projects in other parts of the country too, which will greatly help in meeting the energy demand of the country.