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December 31, 2001 Monday Shawwal 15, 1422 2001: year of deepening recession The current calender year is ending on a highly confused note for the economy. On the one hand the three-year recessionary bout appears to be deepening and widening with the rate... 2001 leaves its mark on banking As the year 2001 slips into the corridors of history—it is leaving behind a tale of triumphs and failures in every sphere of life. Banking is no exception.... Banks’ outlook for 2002 Commercial banks improved their performance in 2001 compared to the previous year but with the future clouded by shrinking business and the emerging interest rates scenario. The head of a leading... Debt relief despite fiscal reform? There has been no end to Pakistan’s debt grief despite debt relief and fiscal reform considered essential for alleviating the pain from Pakistan’s growing debt burden. Despite rescheduling, debt servicing increased... Manufacturing sector’s mammoth problems Unusually for a developing country with a large population with much of that unemployed or under-employed, the share of the key manufacturing sector of Pakistan continues to be an almost static... Bearish sentiments on KSE as 2001 passes by The last week of the year finished on a terribly bearish note as the KSE 100-share index received massive battering owing to panic-selling triggered by fears of war with India amid... Rupee/dollar parity fuctuates Rupee/dollar parity showed a fluctuating trend, moving in a tight range during this week. Rising demand for dollar by foreign banks prevailed in the inter-bank market throughout the week.... State Bank helps banks finance year-end withdrawals This week the State Bank of Pakistan (SBP) left much of the excess liquidity in the inter-bank market to help banks finance the year-end withdrawals.... Year-end trading notes price fluctuations Mixed trend was seen on the Karachi wholesale commodity markets during the last week as prices of essential items rose and fell followed by the reports of stock position on the... Agriculture in SAARC region Most of the South Asian countries are primarily agricultural. Their economy is also based largely on agriculture. The World Bank and other statistics clearly bear out the above proposition, and attribute... Allelopathic suppression of weeds: a new field in need of attention Crops are being raised from times immemorial without damaging the environment but the use of herbicides during the last 50 years have raised serious doubts about their continuous use. Allelopathic suppression... ‘Glocalization’ — not globalization Investment, production and export are sine qua non of a viable economy. Pakistan has, however, constantly suffered from its inability to achieve this viability — more recently arising out of the... A boom year for TFCs The year 2001 would go down in the history of Pakistan’s capital market as the year of the Term Finance Certificates (TFCs).... Review of Punjab’s economy Drought-like conditions, acute water shortage and pest attacks on crops cast a shadow on the mainly agricultural economy of Punjab already beset by the resource constraints.... Sindh sinking deep into financial crisis The year 2001 leaves Sindh poorer than it was ever before. Its budget is under greater financial strain, because of over Rs4 billion at source deduction in Islamabad during the last... Prices burden the strained consumer The year 2001 has passed by putting more burden on consumers in the shape of price increase of pulses, ghee, cooking oil, egg, black, white gram, soft drinks, squashes, spices, some... BoP situation may not be as good as expected The International Monetary Fund (IMF) does not see marked improvements in Pakistan’s balance of payments position and forecasts an additional deterioration in the external sector of the orders of $500 to... CBR attempts to tax SBP The Central Board of Revenue (CBR) through the newly promulgated Income Tax Ordinance, 2001, which will come into force on 1st July 2002, has made an attempt to tax the income...

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