Pakistan Economy - News & Updates - Archive

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0.46 million tons wheat to be imported from US: $115 million grant to overcome food crisis ​

ISLAMABAD (August 01 2008): The government has decided to import 0.46 million tons of wheat from the US on deferred payment of $100 million and another $115 million grant being given by the US to overcome food crisis, it has been reliably learnt.

Sources revealed that Prime Minister Yousuf Raza Gilani has sought a detailed briefing from the Ministry of Food, Agriculture and Livestock regarding specifications of wheat required by Pakistan. The government is also importing wheat from Ukraine and two of the shipments have already reached Karachi.

A US delegation led by the relevant embassy official also held meetings with the high-ups of Minfal prior to the Prime Minister's US visit for finalisation of the specifications. The US ambassador to Pakistan during her meeting with the Prime Minister a couple of days ago prior to his departure had assured him of US support to overcome food crisis in Pakistan.

Sources said that a meeting between the officials of the US embassy and the Minfal were held on Thursday at the Ministry to finalise consignment and inspection modalities of wheat imports. "The government is not ready to compromise on specifications and modalities of imported wheat. We have talked with the concerned US authorities and informed them that Pakistan would not compromise on specifications," sources elaborated.

They said that the US authorities have agreed that each consignment of wheat that would be exported to Pakistan would be checked and monitored at American ports by the representatives of the Minfal.

This decision has been taken by the government of Pakistan after the refusal of the US authorities to undertake a quality monitoring system for each consignment of wheat being sent to Pakistan.

Sources told Business Recorder that the finance minister who chaired the Economic Co-ordination Committee (ECC) meeting in the absence of the Prime Minister directed the concerned secretaries to ensure availability of flour and wheat during Ramazan.

He also directed that all the wheat imports must be completed by December-end. The government had decided to import 2.5 million tons of wheat because of a shortfall of over 2 million tons in production. The total production, according to final estimates, was 21.6 million tons against a target of 24 million tons for the year.

Business Recorder [Pakistan's First Financial Daily]

 

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Pakistan's rank in corruption index improves by 42 points: NAB ​

PESHAWAR (August 01 2008): Director General NAB (National Accountability Bureau) Air Vice Marshal Muhammad Jamshid Khan said here on Thursday that National Accountability Bureau has performed a pivotal role in rooting out corruption from the society and now the ranking of the country in corruption index has improved by 42 points.

Addressing a farewell reception function held in honour of outgoing officers of the NAB, he said the National Accountability Bureau has recovered billions of rupees from the corrupt elements during the past few years, says a handout. He said that Rs 117 billion have been recovered from the defaulters of bank loan and Rs 60 billion have been recovered from the people who have managed to reschedule their loans.

Likewise, Rs 25 billions were recovered under plea-bargain. The DG NAB said that Rs 200 billions of financial resources are being wasted through corrupt practices at higher level and Rs 67 billions are wasted because of corrupt practices at the lower level every year. "We have always accepted suggestion for reforms and the process of reforms will continue in this organisation," he added.

Enumerating the NAB achievements, he said that 85,000 comaplaints have been processed so far, 1,306 cases have been put in court and 2,965 persons involved in corruption cases have been convicted by the court of law. He told that the rate of conviction in NAB cases have remained 68 percent.

Highlighting the role of media in uncovering the corrupt practices, the director general NAB said that media should buttress the efforts of NAB by landing it support to purged the society for the menace of corruption. Later DG NAB gave away shields and commendation certificates to 16 outgoing officers of NAB.

Business Recorder [Pakistan's First Financial Daily]

 

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Defence production: panel to ensure transparency of procurement process ​

ISLAMABAD (August 01 2008): The Senate Standing Committee on the Defence and Defence Production on Thursday formed a sub-committee to ensure transparency in the procurement of raw material for defence production. A meeting of the committee chaired by Senator Nisar A Memon was held in the Parliament House to review the defence production process.

Addressing a press conference in the Parliament House after the meeting, Senator Memon said the committee has constituted a four-member sub-committee led by Senator Dilawar Abbas to formulate recommendations and proposals regarding the procurement process of raw material defence production to make it more transparent and viable, saying that 99 percent of the defence procurement process at present is transparent and authentic.

He said the standing committee on the defence affairs would involve the Ministry of Foreign Affairs and the Finance Ministry to overcome the issues relating to the export of defence production with particular reference to the European countries.

For this purpose, recommendations and proposals would be formulated and sent to the concerned departments and the Prime Minister for implementations. Without disclosing the volume, Memon informed the media that the defence production exports 50 percent are higher than the previous year, whereas the sale of Pakistan Ordnance Factory (POF) has also increased by 23 percent to 30 percent.

Despite curtailing the defence budget, there is no significant reduction in the defence production, Memon added. He further said the price of the defence production in the Pakistan Aeronautical Complex is comparatively less as compared to other countries and there is need to formulate policies for import substitution to meet the domestic requirement.

Nisar said the Karachi Shipyard is meeting 30 percent of our requirement of Naval force whereas planning is underway to establish 2 more shipyards one each in Gwadar and Port Qasim. Production of 2000 Al-Khalid tanks in the POF would be completed by the next year, he added.

The meeting was attended by Senator Mushahid Hussain Sayed, Senator Dilawar Abbas, Senator Naeem Hussain Chattha, Senator Rukhsana Zuberi, Senator Amjad Abbas, Senator Sadia Abbasi and other senior officers of Pakistan Ordnance Factory.

Business Recorder [Pakistan's First Financial Daily]

 

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ADB cuts $350 million loan for KMCP: reason given is official apathy ​

KARACHI (August 01 2008): The Asian Development Bank (ADB) has cut $350 million loan for the Karachi Mega City Project (KMCP), owing to official indifferences. Well-placed sources told Business Recorder on Thursday that ADB, in collaboration with Government of Sindh (GoS) and the City District Government Karachi (CDGK), had chalked out a multi-sector program some four years back for Karachi, comprising physical investments and management in water, sewerage, urban transport and low income housing sectors.

The estimated cost of the project was $1.1billion and ADB had earlier agreed to grant $800 million, but owing to lack of official concern, ADB has decided to annul all agreements in this connection. They said that the ADB delegation expressed grave concern over the issue during several meetings with the GoS, CDGK and other relevant agencies and stopped all processing due to delay in PC-1 approval, which puts the KMCP at risk.

To overcome the situation, GoS has decided to go for urban transport sector only and has dropped water, sewerage and low housing projects aimed at regaining ADB loan, they said.

The team, comprising Nazar Hussain, Additional Chief Secretary, Planning and Development Department, Ghulam Ali Pasha, Additional Chief Secretary, Finance Department, Malik Islam, Project Director, KMCP and other officials have also been to ADB head office to convince them not to stop loans for the project.

These officials visited to Manila with their families, which made the tour rather a "honeymoon journey" than an official visit, sources revealed. They said that ADB officials had finally convinced the concerned agencies and agreed to sanction only $450 million loan for the project. To a question, they said that the loan has been cut owing to reallocations for other eligible projects because of late processing by the concerned departments and added that if the government would not commence the work on project, soon, the sanctioned amount could also be assigned to any other projects, whether in Pakistan or elsewhere.

They said that ADB officials gave assurance of their support in the development of the city, saying that, "ADB has committed to support Karachi programmes, but the government needs to consider the practical options and present their case to ADB in a practical way only then it would be reconsidered".

Business Recorder [Pakistan's First Financial Daily]

 

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Punjab government plans industrial estates in backward areas ​

LAHORE (August 01 2008): Pakistan Muslim League-N led coalition government in Punjab has planned to develop industrial estates equipped with electricity, gas, telephone along the motorways for the convenience of domestic and overseas investors.

Sources inside of the PML-N told Business Recorder here on Thursday that Punjab chief minister Shahbaz Sharif considers that industrial growth is essentially linked with the development of infrastructure facilities.

The Punjab government has also decided to improve the transportation systems in major industrial zones and urban centres, the sources said, adding that chambers of commerce and industry will be encouraged to develop industrial zones in suitable location with access to as for electricity generation.

The sources said the provincial government is evolving a comprehensive strategy for the promotion of industrial activities in the province and a special cell is being set up in the Chief Minister's Secretariat for creating best working relationship among industry, agriculture, trade and chamber of commerce.

It may be mentioned that chief minister has sought a detailed report regarding difficulties and shortage of facilities in industrial estates of the province so that a comprehensive planning could be made for the promotion of industrial activities. The chief minister also directed to constitute a body for reviewing the affairs of industrialists, which will determine the role of tehsil municipal administration in industrial units.

The sources said the PML-N considers that no economy can prosper without fair and equitable treatment of its work force. PML-N will improve the quality of labour force through technical training and apprenticeship. Parks/community centres will be developed near labour colonies while incentives will be given to employers for offering scholarships for the talented children of workers, the sources said.

Moreover, PML-N Punjab leader Sajjad Hussain Chheena said the Punjab government under the dynamic leadership of Mian Shahbaz Sharif would introduce people-friendly policies instead of raising slogans or publicity campaigns. He said chief minister Shahbaz Sharif had declared promotion of education as one of the top priorities of his government and he had the honour of introducing "Universal Education Programme 2010'.

Business Recorder [Pakistan's First Financial Daily]

 

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Pakistan Prov July Tax Revenue Up 29.7% At PKR66 Billion Government Executive​

KARACHI -(Dow Jones)- Pakistan's provisional tax revenue collection rose 29.7% from a year earlier to PKR66 billion in the first month of the current fiscal year that started July 1, an official of the Federal Board of Revenue said Friday.

"Tax collection figures are provisional and they are expected to increase further when finalized in the next 15 days," the official, who asked not to be named, said.

General sales tax collection also witnessed a 20.2% growth with a total provisional collection of PKR31.5 billion, up from PKR26.2 billion a year earlier.

Direct taxes witnessed a growth of 22.7% during July and the total provisional collection amounted to PKR17.3 billion, up from PKR14.1 billion a year earlier.

The government collected in PKR6.7 billion in federal excise taxes and PKR10.5 billion in import tax, the official said.

"Tax collection depends on overall economic growth too, and the three main sectors of telecom, banking and oil and gas are contributing to better tax collection in the last one-and-a-half years," the official said.

Pakistan has raised its tax collection target to PKR1.25 trillion for the current fiscal year from PKR1 trillion in the last fiscal year.

Pakistan Prov July Tax Revenue Up 29.7% At PKR66 Billion Government Executive

 

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Cement sector owes record performance to exports ​

Saturday, August 02, 2008

KARACHI: The cement sector in Pakistan had a notable performance in fiscal year 2007-08 as prices surged from Rs270 per 50kg bag to a record Rs400.

A shortage of cement in India and the Middle East meant exports in particular were remarkably healthy throughout the year. The country’s cement companies have excess capacities, which were exported to the Middle East, Africa, Afghanistan and India at a premium price.

During the past six or seven years, cement companies in the country have been shifting from oil to coal or gas. Most cement companies now use coal as their basic fuel. The country has huge reserves of coal, but cement companies import it, as local coal has a high sulphur content.

At present, cement companies are buying coal at around US$180 per ton, up from $80 per ton last year. A few years ago, though, coal was quoted at $40 in the international market.

This rise in coal costs has been one of the biggest reasons behind the dampening of gross margins of cement companies during the previous fiscal year. Since the start of 2008, the rupee has depreciated around 13 per cent from Rs62 to Rs70 against the dollar. If it depreciates further, the cost of coal in term of rupees is likely to increase substantially.

In FY 2007-08, cement dispatches reached a record 30 million tons, depicting a growth of 25 per cent. This growth was driven mainly by a 142 per cent rise in exports and six per cent increase in local dispatches.

The dual impact of coal price rise and rupee depreciation may lead to further margin cuts in cement companies, but they continue to reap profits in exports. However, local companies must increase the share in exports of the total production to curb the impact of rising coal costs. In the cement industry, exports form only 24 per cent of total sales.

The biggest exporter in the industry is Lucky Cement, which exports 47 per cent of its produce. Lucky has fared better than other cement companies. The cement sector’s profitability declined by 69 per cent during the first nine months of FY 2007-08, but Lucky’s profitability increased by 50 per cent

After witnessing exceptional earnings growth from 2003 to 2006, cement companies’ overall profits fell by 42 per cent in 2007. Although a massive volumetric sales growth of 32 per cent was observed, price war caused revenues and thus profits to decline. However, a two to three million tons’ shortage of cement in high-growth construction activity in the United Arab Emirates, coupled with India and Egypt’s ban on cement exports, allowed Pakistan to use the situation to its advantage.

Thanks to the expanding local demand and growing cement shortage in the region, cement sales depicted an increase of 24 per cent to stand at 24.5 million tons during the first 10 months of FY 2007-08. During the same period, export sales showed an increase of 142 per cent, while local dispatches saw a rise of eight per cent.

Cement sales in the third quarter of FY 2007-08 jumped up 10 per cent compared to the same time in the previous fiscal year.

Cement prices in the northern parts of the country saw a drop of Rs10-20 per bag in April, while average prices at ex-factory level reached Rs240-250 per bag.

Cement sales during March broke the previous monthly record of 2.56 million tons (November 2007) to reach 2.61 million tons by March 25.

This has been on the back of record-breaking exports of 726,000 tons (previous record 645,000 tons in February) and 1.9 million tons in local sales.

Construction activities throughout the world led to a surge in the demand of cement, resulting in prices reaching record levels. In the UAE, they jumped up by over 40 per cent in 2008, forcing the UAE government to remove the five per cent customs duty on the import of cement, something which helped Pakistan export more cement to the UAE. Cement prices in the UAE first increased from AED16 per bag (Rs273 per bag, $87 per ton) to AED22 per bag (Rs376 per bag, $119 per ton), and then touched more than AED25 per bag (Rs427 per bag, $136 per ton).

After this, local cement companies slowly shifted their produce to exports. From July to February FY 2007-08, record cement exports were seen, rising by 140 per cent and amounting to around 4.3 million tons. During that time, sales demonstrated a healthy demand of 23 per cent with dispatches of 18.7 million tons.

In December 2007, total dispatches declined owing to the winter season and fewer working days.

Cement exports registered a growth of 34 per cent in first four months of FY 2007-08 to 9.48 million tonnes, as compared to the same period of FY 2006-07.

In first quarter of FY 2007-08 cement prices in Pakistan had seen a decline due to less demand and more supply, creating an over supply situation and causing ex-factory cement prices to hit a low of Rs170-180 per bag (US$55-60 per ton).

Some Pakistani cement companies had also received orders from Russia, where price of cement reached over US$280 per ton (Rs860 per bag). However, logistical problems made it impractical to export cement to Russia.

Cement sector owes record performance to exports

 

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Pakistan Steel to be excluded from privatisation list: Wattoo ​

Saturday, August 02, 2008

KARACHI: Pakistan Steel Mills (PS) is a profit-making organisation and the government will be recommended to exclude this organisation from the privatisation list, said Mian Manzoor Ahmed Wattoo, Adviser to Prime Minister on Industries and Production Affairs.

In an oath-taking ceremony of the CBA of Pakistan Steel, he said that with its expansion plan, the total production of PS would increase to 3 million tonnes, almost three times the present production.

He said that demands of CBA employees like regularisation of daily-wage and contractual employees, and pension schemes would all be presented before Prime Minister Yousuf Raza Gilani.

PS has achieved all-time high sales of Rs46 billion in a year and recorded Rs5 billion sales in a single month in July 2008.

APP adds: Adviser to the Prime Minister on Industries and Production Mian Manzoor Ahmed Wattoo on Friday announced two bonuses for the employees of Pakistan Steel Mills.

Pakistan Steel to be excluded from privatisation list: Wattoo

 

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Promotion of industry in FATA, PATA demanded ​

Saturday, August 02, 2008

PESHAWAR: Expressing concern over delay in the announcement of an incentive package for industrialisation in tribal areas, Tribal Chamber of Commerce & Industry (TCCI) President Muhammad Akbar Khan has demanded the government take effective measures for the promotion of industry in FATA and PATA (Provincially Administered Tribal Areas).

He made the demand while chairing an executive body meeting of the TCCI at its office. Akbar said the government had to take practical measures for the promotion of trade and industry so that employment opportunities were provided to the people, hit hard by price hike and unemployment.

He said people in tribal areas were facing great hardships due to backwardness and unemployment. The prevailing security environment in FATA and settled areas, he continued, had further complicated the situation.

Khan was of the view that the government should consult the TCCI for maintenance of peace in the tribal belt. The participants of the meeting held discussions on increased prices of electricity, gas and petroleum products and their impact on industrial production.

The meeting decided to approach Prime Minister Yusuf Raza Gilani from the platform of TCCI for apprising him of the plight of industries in FATA.

The TCCI executive body criticised the policy of the government on Reconstruction Opportunity Zones (RoZs) and said despite a passage of several years nothing was visible on the ground in that regard.

The meeting was attended by TCCI Senior Vice President Abdul Hakeem Shinwari, Peshawar District Nazim Ghulam Ali, Rahatullah, Zubair Ali, Shahid-ur-Rehman and Aurangzeb Mohmand.

Promotion of industry in FATA, PATA demanded

 

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RBS starts business in Pakistan​

KARACHI, Aug 1: The Royal Bank of Scotland Group (RBS) has formally re-branded ABN AMRO Bank branches in Pakistan. Pakistan is among the first Asian markets to be re-branded to RBS.

Effective August 1, as approved by the State Bank of Pakistan, ABN AMRO Bank (Pakistan) Limited is now officially renamed as The Royal Bank of Scotland L imited.

This follows the successful global acquisition of ABN AMRO in October 2007 by the RBS-led consortium.

“Today marks an important milestone for the integration of RBS and ABN AMRO’s businesses and we are thrilled that Pakistan is one of the very first countries to reach this milestone in Asia Pacific,” said John McCormick, Chief Executive, Global Banking & Markets for Asia Pacific, RBS.

RBS will launch two new retail banking products - Royal Preferred Banking (previously known as Van Gogh Preferred Banking), and RBS Islamic Banking (previously known as ABN AMRO Islamic Banking) in Pakistan, making it the first Asian market to be introduced with these products.

Shehzad Naqvi, RBS’s Chief Executive Officer in Pakistan, added, “We are very excited and proud to be part of the RBS Group. RBS has entered Pakistan with a head start as one of the largest foreign banks in Pakistan enjoying sixty years of heritage and total assets of Rs117 billion across a network base of 79 branches spanning 24 cities.”

RBS starts business in Pakistan -DAWN - Business; August 02, 2008

 

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Cut in oil duty: Refineries say they will face Rs 7 billion losses​

ISLAMABAD: Four Refineries will face losses of over Rs 7 billion due to revision in the oil pricing formula, these concerns are raised by the refineries in a letter to the Prime Minister and have demanded that they revision be reconsidered.

Chief Executives of all the four refineries were of the view that the said revision will jolt their operations. On the petrol alone the refineries will suffer an annual loss of over Rs 4 billion calculated on the basis of prevailing prices and further Rs 3 billion loss on account of reduction in customs duties on HSD from 10 percent to 7.5 percent. These losses will dent the balance sheets of the refineries and will also be an impediment for future investment.

M Adil Khattak Chief Executive Officer Attock Refinery Limited, Shoid Anwar Malik, CEO, National Refinery Limited, Ijaz Ali Khan CEO, Pakistan Refinery Limited and Wasi Khan, CEO Bosicor met in Islamabad on Friday to discuss the new pricing formula announced on July 30, 2008, and have addressed a letter to the Prime Minister of Pakistan voicing their serious concerns.

It was highlighted in the letter that the refineries are strategic assets providing 11 million tones, out of the total 19 million tonnes, of petroleum product requirements of the country and ensure uninterrupted product availability for domestic and defense needs.

“In this hour of crisis, due to the unprecedented rise in international oil prices, the refineries, being responsible corporate citizens, recognise that the country is passing through a difficult phase and want to share the burden with the government of Pakistan,” they maintained. Following this spirit, in their meetings with the Ministry of Petroleum officials, they had agreed to a review of the existing pricing formula, both for deemed duty on HSD as well as rationalisation of the pricing formula. The Refineries state that the proposals being considered, as per recent newspaper and media reports, are not in line with the understanding developed in the meetings. The pricing formula announced is very disturbing, as it causes the price of petrol produced by the Refineries to fall to 93 percent of naphtha, which is the raw material for producing the product, contrary to all economic logic.

In view of the above facts, the refineries urge and appeal for an urgent review of the matter before the implementation of the revised pricing formula takes place so that the refineries operate on a sustainable basis and avoid any potential crisis in the oil and energy sector. This would ensure continued supplies of petroleum products to the domestic consumer including strategic supplies to defense agencies and power sector, support the local refining industry and save precious foreign exchange in case these products are imported in lieu of local supplies. A representative from refineries told Daily Times that the CEOs of the refineries are waiting wait for reply. “In case the government does not respond to the concerns expressed by the refineries another meeting would be called and future course of action would be decided.”

Daily Times - Leading News Resource of Pakistan

 

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Govt hoping to get $500m from WB by Sept​

LAHORE: The government is hoping to get the much-needed budgetary support of $500 million from the World Bank (WB) under the Pakistan Economic Stabilisation Support Operation (PESSO) by September this year, Dawn News reported on Friday.

The channel said that the Finance Ministry was expecting that the promised loan would partially ease the economic hardship facing the present government.

According to the channel, the WB had promised the loan after Pakistan requested the bank to extend immediate cash support at the World Bank-International Monetary Fund spring meeting in April this year. The channel said that the meeting last spring was attended by former finance minister Ishaq Dar who requested the bank for immediate budgetary support. daily times monitor

Daily Times - Leading News Resource of Pakistan

 

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Cotton imports reach $1 billion mark​

KARACHI (August 02 2008): The shortfall in the cotton crop due to cultivation of low quality Bt seeds and mealy bug attack has pushed country's dependence on imports, which jumped by 100 percent to one billion dollars during the last fiscal year, traders said on Wednesday.

They said that in 2008, the government had fixed cotton production target at 14.1 million bales. However, the country failed to achieve the target due to dangerous pest attack on cotton crop and delay in the import of pesticides.

Therefore, crop estimation committee of ministry of food agricultural and livestock three times revised the production target and cut the target fixing at 11.6 million bales, which was also not achieved and the country's overall cotton production stood at 11.3 million bales.

The shortfall in cotton production and continued exports of cotton pushed the import of commodity to the level of over one billion dollars during last fiscal year, up by 100 percent, traders said. As a result, the country had to spend some $1.291 billion on cotton import against $646.568 million during fiscal year 2007, depicting an increased of $644 million.

In terms of quantity, about 5.39 million bales cotton was imported as against some 2.76 million bales in fiscal year 1007, depicting an increase of 97 percent. However, cotton import during June 2008 declined by 50 percent to 42.79 million dollars as compared to 82.38 million dollars in June 2007.

"Sowing of low quality and uncertified Bacillus thuringiensis (Bt) seed, besides poor irrigation system badly hurt the cotton crop during last fiscal year," said Ghulam Rabbani, a cotton trader.

He said that this year growers also have cultivated mealy bug-affected and uncertified seed, which may hurt the cotton crop. "Insufficient quality cotton and as well as delay in cotton crop are some other major factors behind the rising import of cotton," he said. Present scenario also reflect that cotton import would further increase in the near future, however it depends on the cotton production of the current fiscal 2009, he added.

He said that textile millers believe that in the near future the gap between demand and supply would further go up due to the short crop. Therefore, they are depending more on the imported cotton and placing new import order. The country's cotton consumption stands at 16-16.5 million bales, which is higher than cotton production of 11.3 million bales, while cotton export further has widened supply and demand gap.

Business Recorder [Pakistan's First Financial Daily]

 

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SPI up by 31.92 percent​

ISLAMABAD (August 02 2008): Weekly SPI inflation surged by 31.92 percent for the week ending on July 31 over the same period of last year on the back of increase in the prices of 23 essential commodities, according to Federal Bureau of Statistics (FBS). The data, released by the FBS on Friday, showed increase in the prices of 23 essential kitchen items with onion and tomatoes on the top.

The dearness for families bracketed in Rs 3,000 monthly income was recorded 33.57 percent following an increase of 0.31 per cent rise in inflation during the week. The SPI inflation has surged to 31.92 percent during the last 10 weeks from 25.93 percent following the successive increase in petroleum product prices.

An increase of 0.33 percent was noted in the prices of low income group of Rs 3,000 during the week from July 26 to 31, followed by 0.31 per cent for families bracketed in Rs 3,001 to Rs 12,000 monthly income. The increase in the prices of 0.29 per cent was noted for the families earning over Rs 12,000 per month.

With this increase in the prices during the week, dearness for Rs 3,000 income group surged by 33.57 percent over the same period of last year and 32.50 percent for Rs 3,001 to Rs 5,000 income group. Similarly, dearness has been increased by 32.07 percent for Rs 5,000 to Rs 12,000 per month. It increased by 31.77 per cent for over Rs 12,000 monthly earners.

The SPI bulletin, based on data of 53 items collected from 17 urban centres showed increase in the prices of 23 essential commodities, decrease in nine, while claimed of no change in the prices of 21 essential commodities during the week.

The price of per kilogram onion was increased to Rs 19.76 from Rs 17.79 on July 26 after 11.07 percent increase during the week; tomatoes to Rs 34.03 from Rs 30.91 per kilogram; garlic to Rs 38.72 from Rs 37.84 per kilogram; kerosene oil (per litre) Rs 71.72 from Rs 70.09; chicken (farm) per kilogram to Rs 99.80 from Rs 97.65; potatoes to Rs 24.20 from Rs 23.83 kilogram; L.P.G. (11-kilogram cylinder each) to Rs 797.82 from Rs 786.85; cooked dal (pulse) per plate to Rs 24.59 from Rs 24.30, washing soap nylon to Rs 12.13 from Rs 12.01.

Masoor pulse washed to RS. 121.51 from Rs 120.71 per kilogram; curd to Rs 41.39 from Rs 41.12 per kilogram; Moong pulse washed to Rs 56 from Rs 55.70 per kilogram; Mash pulse washed to Rs 74.10 from Rs 73.71 per kilogram; pulse washed to Rs 62.29 from Rs 61.97 per kilogram; Gur to Rs 33.55 from Rs 33.38 per kilogram; milk fresh per litre to Rs 34.84 from Rs 34.70; beef to Rs 134.33 from Rs 133.89 per kilogram; cooked beef plate each to Rs 37.19 from Rs 37.12; firewood 40 per kilogram to Rs 246.59 from Rs 246.30; mutton to Rs 250.34 from Rs 250.13 per kilogram; mustard oil per kilogram to Rs 150.79.

Business Recorder [Pakistan's First Financial Daily]

 

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'Trade cooperation between Japan and Pakistan growing'​

LAHORE (August 02 2008): Japanese Ambass-ador to Pakistan Seiji Kojima called on Punjab Chief Minister Mian Muhammad Shahbaz Sharif here on Friday. According to an official, in the meeting bilateral relations between Japan and Pakistan, trade and economic co-operation as well as matters of mutual interest were discussed.

Talking to Japanese Ambassador, Mian Muhammad Shahbaz Sharif said trade and economic co-operation between Japan and Pakistan is growing with the passage of time, which will further cement the ties between the two countries. The Chief Minister also apprised Japanese Ambassador of the priorities of his government regarding elimination of poverty, ignorance and backwardness as well as provision of basic amenities to the masses.

Business Recorder [Pakistan's First Financial Daily]