Pakistan's Economy - News and Updates

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D8 targets preferential trade pact: economies include Pakistan, Iran and Turkey​

ABUJA (July 09 2010): Eight developing Islamic economies including Nigeria, Iran and Pakistan aim to reach a preferential trade agreement by next year to try to double trade and deepen economic co-operation, government officials said on Thursday. Heads of state and ministers from the Developing Eight Countries (D8) - Iran, Nigeria, Bangladesh, Egypt, Indonesia, Malaysia, Pakistan and Turkey - are meeting in Nigeria to discuss developing business ties and reducing trade barriers.

"While the role of government as a catalyst and enabler of economic growth remains pivotal, the primary driver of this process must be the private sector," Nigerian President Goodluck Jonathan told the summit in the capital Abuja. Trade between the member nations of the D8, which was created in 1997 to try to foster economic co-operation between developing Islamic nations, is estimated at around $68 billion year, or about 3 percent of global trade.

Delegates said the grouping had failed to meet its potential because only Iran and Malaysia had ratified a trade agreement, the outlines of which were agreed several years ago. Other nations disagreed on which goods would be subject to reduced tariffs. "The trade statistics among D8 countries may appear positive but this success may be mainly due to existing bilateral trade initiatives rather than ... the co-operation of the D8 as an organisation," Malaysian Deputy Prime Minister Muhyiddin Yassin said.

The main traded goods within the bloc include petroleum products from Nigeria, petrochemicals and edible oils from Malaysia, consumer goods, cars and basic raw materials such as rubber. "The aim is to double trade in the next five years," Abdul Qadir Memon, Pakistan's deputy secretary at the commerce ministry, said on the sidelines of the meeting, attended by Iranian President Mahmoud Ahmadinejad and Turkish President Abdullah Gul.

"The most important step is the preferential trade agreement which we are aiming to operationalise by January 1, 2011, that is the target date ... We thought that by 2006 we would have been able to implement the agreement but unfortunately there have been delays," he said.

 

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Pak Steel to get another Rs 22 bn soon: Khursheed Shah


By Bachal Chandio and Saleem Chandio

KARACHI: Federal Minister for Labour and Manpower, Syed Khursheed Ahmed Shah on Monday said that the PPP Government is determined to revive and expand Pakistan Steel, and strongly rejected the impression that the Mill will be privatized.
The Minister was addressing the Pakistan Steel workers at the oath- taking ceremony of the newly elected office-bearers of the Pakistan Steel Peoples Workers’ Union within the premises of the Mills. Central Secretary General of the PPP, Senator Jahangir Badar, Advisor to the Sindh Chief Minister, Rashid Rabbani, Special Assistant to the CM, Syed Waqar Mehdi, President PPP Karachi, Syed Najmi Alam, General Secretary PPP Karachi, Saeed Ghani, Secretary General of the Labour Bureau Pakistan and former Sindh labour minister, Khawaja Muhammad Awan, Acting CEO of Pakistan Steel Imtiaz Ahmed Lodhi besides officials of the Peoples Union (CBA) were present.
The Federal Minister said that the Steel Mill has a great potential to grow. It has never been a burden on the national exchequer. Not a single penny has ever been given to it as subsidy. This project was completed at a total cost of Rs 25 billion and it has so far returned to the national exchequer more than Rs 97 billion in the shape of duties and taxes. It has retired entire previous loans and is capable enough to re-pay the new loan of Rs 25 billion recently approved by Prime Minister Syed Yousuf Raza Gilani that is named “Pakistan Steel Bail Out Package.” The PSM has already got Rs three billion as part of this package.
The Pakistan Steel has given a lot to the nation. We should not hesitate to provide funds, if needed, for its revival and strength, the Minister asserted. President Asif Ali Zardari takes great interest in the revival and expansion of the Pakistan Steel seeing it as Shaheed Zulfiqar Ali Bhutto’s gift to the nation, he added.

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Flour mills call off strike By Amin Ahmed
Tuesday, 13 Jul, 2010

ISLAMABAD: The All Pakistan Flour Mills Association (APFMA) called off its strike on Monday after federal minister for food and agriculture assured its leaders at a meeting that their demands would be taken up with the Sindh government.

Food Minister Nazar Mohammad Gondal informed APFMA president Iqbal Daud that their problems would be discussed with Chief Minister Qaim Ali Shah on Tuesday when the latter would be in Islamabad in connection with a meeting of the Indus River System Authority.

Addressing a news conference after the meeting, Mr Daud said that the Sindh government was not allowing inter-provincial movement of flour.

He said a similar situation prevailed in the Khyber-Pakhtunkhwa province where political agents were allegedly asking for illegal gratification for allowing movement of wheat flour to Afghanistan.

He alleged that the Frontier Constabulary was also creating problems in the movement of flour.

Mr Gondal announced on the occasion that the government would hold an inquiry into the allegations levelled by the APFMA president and redress all its grievances.

DAWN.COM | Front Page | Flour mills call off strike

 

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KSE crosses 10,000-point psychological barrier
Published: July 14, 2010

KARACHI - Tuesday proved to be a very good day for the stock market as the KSE-100 index once again crossed the psychological barrier of 10,000 points on buying by foreign investors especially in the energy sector, with expectation of approval of new leverage product, higher crude oil prices and recovery in global capital markets also playing a key role in the positive activity.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index closed at 10,114.65 after gaining 135.58 points, its highest close since May 14.
Higher production numbers for OGDCL and PPL saw buying in the stocks by foreign investors.
OGDCL ended 3.03 percent higher at 149.90 rupees and PPL rose 2.37 percent. The energy sector is also the heaviest weighted sector on the KSE-index.
Volume was 67.97 million shares, compared with 64.70 million shares traded on Monday.
The KSE 30-index closed at 10001.26 with a gain of 149.21 points. The KMI 30-index closed at 15318.60 with a gain of 233.91 points. All shares index closed at 7084.13 with a gain of 90.83 points.
Trading activity was better as compared to the last trading session as the ready market volume stood at 67.917m as compared to last trading session’s 64.074m. Future market volume however stood at 3.346m shares as compared to 3.031m shares of last trading session.
Market capitalization stood over Rs2.842tr. Total trades increased to 54,323 as compared to last trading session’s 49,739. 162 companies advanced, 204 declined and 15 remained unchanged.
Highest volumes were witnessed in BYCO at 7.572m, closed at Rs12.56 with a gain of Re0.49, followed by DGKC at 5.618m, closed at Rs27.20 with a gain of Re0.38, and JSCL at 3.620m, closed at Rs12.83 with a loss of Re0.19.


KSE crosses 10,000-point psychological barrier | Pakistan | News | Newspaper | Daily | English | Online

 

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Barricks, Tethyan to invest $3.2bn in copper, gold project

By Sajid Chaudhry

ISLAMABAD: Pakistan’s potential copper and gold deposit Reko Diq (Balochistan) has been able to attract a fresh investment to the tune of $3.2 billion by a joint venture comprising the world’s largest mining company Barricks Gold Corporation of Canada and Chillian Tethyan Copper Company.

Federal Secretary Finance Salman Siddique hosted a reception in honour of the President and Chief Executive of Barricks Gold Corporation of Canada, Aaron Regent which was attended by Federal Minister for Finance Dr Hafeez Shaikh, diplomats and senior government officials.

President and CEO of Barricks Gold Corporation of Canada, Aaron Regent speaking on the occasion said that the joint venture to develop the Riko Diq into a world class mine with transfer of technology and human resource development for the benefit of the province as well as for the economy of Pakistan.

He informed that development of Reko Diq would create around 11,000 job opportunities and the project operations would provide jobs to some 25, 000 to mainly locals as well as technical human resource. He hoped that efforts of all the stakeholders would enable the project to be a success and this would contribute in the economy. He showed full confidence in the economy of Pakistan and said that success of this project would pave the way for more investment in mining sector of the country.

The details obtained from the officials of the company, the companies managing the Reko Diq project have so far invested $200 million on feasibility and other allied works and upon successful completion of the study both the companies have decided to make an invest of $3.2 billion in mining of copper and gold in Reko Diq.

According to the results of the feasibility study, the mineral resource at Reko Diq is estimated at 5.9 billion tonnes. From this resource, an estimated 2.2 billion tonnes of economically mineable ore, with an average copper grade of 0.5 percent and an average gold grade of 0.3 g tonne will be processed to produce 22 billion pounds of copper (10.000.000 tonnes) and 13 million ounces of gold in the form of payable metal in about 56 years of mine life.

According to the details, initial mine capital investment is estimated at $2 to $2.5 billion for development of state-of-the-art copper and gold mine facility and in second investment will add another $2.5 billion. For the development of supporting infrastructure would require an investment of $500 million in Balochistan. The life of the mine is estimated at 50 years to 70 years. The local procurement of goods and services of the project has been estimated at $300 million to $400 million annually. The investors are considering using renewable energy opportunities like wind farms, geothermal and bio-fuels for their operations in Reko Diq. The project would benefit Balochistan in the form of substantial profits, royalties and lease payments. Talking to media on the occasion Federal Minister for Finance said that such a huge investment in Pakistan’s mining sector shows the interest of the world-class investors in Pakistan. He said that the government of Pakistan would provide maximum cooperation to the investors to make this project a success.

Secretary Finance Salman Siddique expressed hope that the entry of the world’s largest mining company in Pakistan’s mining sector would help Pakistan attract more investment, transfer of technology and human resource development within the country. He also extended full assurance of cooperation to the investors for their success in Reko Diq Project. Federal Secretary Petroleum Kamran Lashari informed the reporters on the occasion that with the approval of the 18th amendment in the parliament, the role and scope of the federating units in mining sector have been determined once and for all. After this big achievement the Ministry of Petroleum would again start consultation process with all stakeholders including provinces on finalisation of National Mineral Policy.

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Forex reserves decline to $16.6bn

KARACHI: The country’s foreign exchange reserves declined to $16.626 billion in the week ending July 9, 2010, as compared to $16.770 billion last week, State Bank of Pakistan said Thursday. The overall reserves recorded a loss of $144 million during the week. The reserves held by SBP recorded a loss of $129 million to stand at $12.821 billion as compared to $12.950 billion a week earlier. While reserves held by commercial banks were down by $16 million to reach $3.804 billion as compared to $3.820 billion last week. Pakistan’s foreign exchange reserves hit the record of $16.770 billion, as it received $470 million from the Asian Development Bank, $95 million from the World Bank and $185 million from USAID, which pushed the reserves to a record level. The previous record was $16.45 billion, hit in October 2007. staff report

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FBR deposits 95pc revenue collections
Friday July 16, 2010 (1127 PST)


ISLAMABAD: The Federal Board of Revenue (FBR) has deposited 95.7 per cent revenue collections for the last financial year out of the target of Rs 1,380 billion tax despite adverse conditions like loadshedding and terrorism.
The southern region had succeeded to collect 98.6 per cent of the target that was set at Rs 641.5 billion. Till last reports, tax collections totalling Rs 632.3 billion were achieved. In the northern region, 91.8 per cent of the target was achieved.

It is expected that an additional Rs 10 to 15 billion will be poured into the FBR by the time the AGPR winds up the process of reconcilement and book adjustment. In the case of Federal Excise Duty, Rs 62.1 billion had been deposited in the pursuit of collecting Rs 71.9 billion and more are in the pipeline.


Pakistan News Service - PakTribune

 

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CCI approves construction of Diamer-Bhasha Dam

* Prime minister says Council of Common Interests needs to play more effective, visible role to resolve national issues

ISLAMABAD: The Council of Common Interests (CCI), which met under the chairmanship of Prime Minister Yousaf Raza Gilani on Sunday, unanimously passed a resolution approving the construction of the Diamer-Bhasha Dam.

The resolution reflects national consensus, said the PM, and would send a positive signal for the future progress and prosperity of the country.

The CCI was apprised that the Diamer-Bhasha Dam on completion in 2019 would have a water storage capacity of 6.4 MAF and would produce 4,500 megawatts of electricity.

It was also mentioned that the dam would pay back its cost within eight years after its completion.

Better role: The PM said the forum of the CCI needed to play a more effective and visible role to resolve issues between federal and provincial governments through mutual consultation and discussion.

Concluding the meeting, Gilani gave special directions to the Ministry of Water & Power to develop a scheme for development of infrastructure to support the early completion of the Thar Coal Project.

The PM directed that the Ministry of Railways give detailed briefing on making railways a viable entity and also asked the Statistics Division for briefing on the Population Census in the next meeting of the CCI.

The CCI, which met for the first time after the passage of the 18th Amendment took up five agenda items and passed the rules and procedures for the newly constituted CCI.

The CCI was given a detailed briefing by Raza Rabbani, the chairman of Implementation Commission, on the stage of implementation of the 18th Amendment and the work so far undertaken by the commission. app

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Clinton announces major aid projects for Pakistan
Updated at: 1045 PST, Monday, July 19, 2010

ISLAMABAD: US Secretary of State Clinton on Monday announced a raft of major aid projects focused on water and energy for Pakistan.

"We will complete two hydroelectric dam projects.... We’re also helping Pakistan develop alternative energy sources, like wind and solar power...," said Clinton ahead of talks with Pakistan Foreign Minister Shah Mehmood Qureshi in Islamabad.

The projects are part of a five-year 7.5-billion-dollar funding approved by the US Congress last year and include water and health care projects, as well as help for the agriculture and private sectors.

The aid is a key part of the effort by the US administration to engage more fully with Pakistan, which has long seen Washington as interested only in securing its military cooperation in the fight against terror networks.

Clinton announces major aid projects for Pakistan

 

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No need for VAT if extended GST succeeds: FBR chief

By Our Staff Reporter
Monday, 19 Jul, 2010

LAHORE: There will be no need left to introduce the Value Added Tax (VAT) if desired results are obtained through the extended General Sales Tax (GST).

This was stated by Federal Board of Revenue Chairman Sohail Ahmad while talking to reporters after inaugurating a five-day integrated tax management system orientation for 16 officers of the Afghan tax administration here at the Directorate General of Training and Research on Sunday.

He said the deadline for extending the GST by Oct 1 was not given by the IMF but set by the federal government.

The government was extending the GST after having some problems in the introduction of the VAT, he said.

The FBR chairman said collection of GST on services was a problem area. The provinces lacked capacity and giving the job to the federal government would help better collect the tax in an integrated manner.

Replying to a question he said a junior level IMF team was visiting Pakistan. “We are on track with regard to the IMF conditionalities,” he said.

He said the income tax self-assessment scheme for traders was not being withdrawn. The tax evading traders were afraid of the VAT. The country could meet its revenue targets provided traders fully pay their taxes.

Meanwhile, speaking at the function, Mr Sohail Ahmad said the workshop would be the harbinger of a new era of cooperation and collaboration between tax departments of Pakistan and Afghanistan.

He said both the countries had a lot in common including the border. Their problems, challenges and difficulties too were identical and this gave them reason enough to support and assist each other for their common good.

President Hamid Karzai had rightly said in Islamabad on March 11 last that Pakistan and Afghanistan were co-joined twins, inextricably connected to each other in myriad ways.

He said some statistical figures clearly supported this statement. Pakistan intended to issue 250,000 multiple entry visas to applicants across Afghanistan in 2010, and nearly 28,000 Afghans had studied in Pakistani educational institutions over the past 30 years.

He said about 500,000 Afghan children attended schools in Pakistan, and a number of leading professionals in Afghanistan were graduates of Pakistani colleges and universities.

Pakistan had also hosted around 5.5 million Afghans, a majority of whom continue to live with their Pakistani cousins.

It was evident from these facts that people of both the countries had always enjoyed close relations despite external and international pressures.

He explained that the Pakistan government initiated the reforms process in 2001 with the objective of achieving an integrated and efficient national economy.

Reforming the tax machinery and improving the tax environment ranked high on the agenda because no country could achieve financial autonomy without a robust, transparent and efficient tax system.

He said the FBR had stood in the vanguard of the reforms process. It had overhauled its systems, procedures and processes in order to improve tax administration and collection. It was more than happy to share its experiences with its Afghan brothers, and to assist them in whatever way it could.

He appreciated the British government’s DFID as a third-party sponsor to the training of the Afghan officers.

DGTR Director-General Abdul Wadood Khan explained the tax reformation process in Pakistan.

He said the module for the workshop had been especially designed to acquaint the Afghan officers with the processes and procedures of tax administration that “have been automated in our headquarters and field formations along with the benefits that have accrued to us.”

He hoped that the participants would find the workshop both educating and interesting. This would also open future avenues for mutual cooperation for sharing experiences in order to foster cordial relations between tax officers of both the countries in the field of tax collection and management.


DAWN.COM | Business | No need for VAT if extended GST succeeds: FBR chief

 

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US to assist Pakistan in 18 energy projects

ISLAMABAD: The US on Monday announced financial assistance for 18 projects in Pakistan’s energy sector across the country. US Secretary of State Hillary Clinton, while addressing a joint press conference with Foreign Minister Shah Mehmood Qureshi at the Foreign Office after the completion of the second round of strategic dialogue, announced launching of the projects.

Finances for these projects would be provided through funds under the Kerry-Lugar-Berman Act that will ensure financial assistance of $7.5 billion in the next five years. The 18 projects include Satpara Dam Hydroelectric Project in Gilgit-Baltistan, Tarbela Dam Hydroelectric Power Station Improvements, Peshawar Electricity Distribution Company Performance Improvement, Beaconhouse Schools’ Solar Photovoltaic Power Supply Feasibility Study in Lahore, Biomass-Fuelled Boiler Feasibility Study for Bulleh Shah Paper Mill in Kasur and Multan Northern Generating Company Re-powering Feasibility Study. staff report

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BP resolves closure of operations in Pakistan
Updated at: 1030 PST, Tuesday, July 20, 2010

BADIN: The British Petroleum (BP), an international oil-drilling company working in Badin, has resolved to close down all operations in Pakistan and will soon sale out its shares owing to financial crisis being faced on account of Gulf sea oil spill, Geo news reported.

According to sources, talks over sale of BP shares in Pakistan are in final phase with a UAE-based company and a meeting, in this connection, was held at Khaskheli Oil Field in Badin district on Monday.

BP sources said the final decision would much likely be announced following conclusion of series of meetings with the government of Pakistan to be held today in Islamabad.

Company employees, working in Pakistan, told Geo news that the owners have already announced to give three-month salaries to all employees as bonus.

BP resolves closure of operations in Pakistan

 

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Yarn exports


Govt likely to extend duty for two months

Tuesday, July 20, 2010
KARACHI: The government is likely to extend the 15 percent regulatory duty on yarn exports for two months, giving in to the pressure from the value-added textile sector, sources privy to a meeting held in Islamabad told The News.

Federal Minister for Textile Rana Muhammad Farooq Saeed Khan chaired a meeting with the stakeholders of the industry to decide about the regulatory duty on yarn, which would end on July 26 if not extended.

No decision was taken in the meeting, but a meeting to be held by the end of the week would taka a final decision, said a source.

Opposing the continuation of regulatory duty, APTMA leaders demanded there should be free market mechanism. They said any continuation of the regulatory duty would be unfair to them.

Zubair Motiwalla, leader of the value-added sector, said the country should determine its consumption before exporting the raw material. Once local demand is met, the value added sector would have no objection to export of surplus yarn or cotton, he said. He demanded that the regulatory duty should continue for two more months after which a clear picture of the cotton crop would be available.

Ijaz Khokhar, former PRGMEA chairman, told the meeting that readymade garment exporters were uncertain of their future as raw material continued to be exported. He said the readymade garments sector comprised mostly of small and medium enterprises (SMEs), who had run out of finances.

Representatives of the value added textile sector said if they earned good prices after value addition, everyone would benefit including growers, ginners and spinners. However, export of cotton and yarn would bring no revolution, they said.

All stakeholders agreed that growers should get the benefit of increasing prices. They sold their cottonseed at Rs3,000 to Rs3,200 per maund, but lint was sold for up to Rs8,000.

Sources said the body language of spinners showed they still had reservations about the Federal Minister of Textile. During last financial year, they had boycotted the textile ministry on the plea that the federal minister supported the value added sector. Former federal minister Jehangir Tarin represented growers. Minister for Agriculture and Food Nazar Muhammad Gondal also attended the meeting.

Yarn exports

 

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Clinton’s $500 million for new aid projects takes KSE 48 points up

Tuesday, July 20, 2010

KARACHI: The Karachi stock market observed a positive trading session on the first trading day of the week Monday as announcement by US Secretary of State Hillary Clinton of $500 million for new aid projects in Pakistan, US backed transit deal with Afghanistan and high crude oil prices boosted investors’ confidence.

The Karachi Stock Exchange (KSE) 100-share index gained 48.00 points or 0.47 percent to close at 10,201.85 points as compared to the previous session’s 10,153.85 points. The KSE 30-share index closed at 10,117.55 points with a rise of 55.80 points. The KMI 30 closed at 15,342.20 points with an increase of 12.39 points. The KSE 100 all-share index closed at 7,143.21 points with a surge of 33.10 points.

Analysts said the market opened in the green zone and this trend prevailed during the rest of the session. Despite positive closure of the market, volumes were thin.

The market turnover went up by 21.46 percent and traded 67.79 million shares as compared with the previous session’s 55.81 million shares. The overall market capitalisation went up by 0.49 percent and traded Rs 2.866 trillion as against Rs 2.852 trillion. Gainers outnumbered the losers 203 to 160, while 24 were unchanged.

“Cements stocks-led rally kept the 100-share index in the positive territory throughout the trading session on the back of Diamer-Bhasha Dam construction’s approval,” said Topline Sec analyst Samar Iqbal.

“Bullish activity was witnessed led by Mansha Group scrips in banking, textile, insurance and cement sectors on strong valuations while approval of construction of Daimer-Bhasha dam was taken positive by the cement sector,” said Shahzad Chamdia Sec senior analyst Ahsan Mehanti. “The market maintained the positive trend despite global capital markets’ fall on slump in US stocks.”

“Despite concerns on inflation, high government borrowing and declining trend in international markets, bulls displayed strength initially with the support in stocks having high free float,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. “With upcoming results likely to stay neutral, an early introduction of flexible leverage product can only allow the local bourses to perform on its axis, wherein price levels can improve if provided support of leverage.”

Nishat Mills Ltd was the volume leader with 6.74 million shares as it closed at Rs 50.06 after opening at Rs 47.75, surging Rs 2.31. Jah Siddi and Co traded 5.89 million shares as it closed at Rs 13.87 from its opening at Rs 13.76, rising 13 paisas. Nishat (Chunian) traded 5.17 million shares as it closed at Rs 17.66 as against its opening at Rs 17.23, increasing 43 paisas. Lotte Pakistan PTA traded 5.04 million shares as it closed at Rs 8.63 as compared to its opening at Rs 8.60, gaining three paisas. staff report


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No sale of PR, PSM, PIA, USC, PEPCO: Waqar
Staff Reporter


Islamabad—Speaking at a joint meeting of UK Pakistan Chamber of Commerce and industry (UKPCCI) and Pakistan Press Club at London the Federal Minister for Privatisation Senator Waqar Ahmed Khan said that the core assets such as Pakistan Railways, PIA, Pakistan Steel Mills, Pakistan Utility Stores Corporation and PEPCO would not be sold, however, at the same time the government was taking steps to reorganize its core assets and turn them into profitable entities, says a message received here today from UK.

Senator Waqar termed these organizations as a great burden on national exchequer. Actually they cause a hemorrhage in the balance sheet to the tune of about $ 3 billon to 3.5 billion per year, which was not a small amount. Pakistan Railways had been working without a balance sheet that has led to its inefficiency and losses to the state amounting to billion of rupees, he added. “We have instead embarked upon a policy to re-shape these organizations by bringing in people with sound background and knowledge for running them in a profitable manner” he said.

The Minister said that the government was taking steps to launch convertible bonds to generate liquidity and to rely on its own resources. He further said that the government was aware of he huge fiscal deficit facing the country and has taken steps to reduce it in a gradual manner.

The Minister said that the government was thinking of innovative ways to create liquidity and be self-sustained. He was of the view that the government should be in the business of making policies and not running the businesses. The government job was to make policies that were conducive and supportive of the private sector business development process, he stated.

Earlier, UKPCCI President Naheed Randhawa said that the privatisation was the only way forward to put all sick industries back on track. He urged the government to make transparent recruitment policies and bring in really qualified people for running these State-Owned Enterprises (SOEs).


No sale of PR, PSM, PIA, USC, PEPCO: Waqar