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June 16, 2003 Monday Rabi-us-Sani 15, 1424 IMF used for political purposes The IMF has at last come out with a report of its own admitting that political considerations of its board members do play a role in the Fund’s decision making process.... The second generation reforms Finance Minister Shaukat Aziz has been talking of the second generation economic reforms to come, following the varied success of the first set of reforms under the military umbrella for three... IMF conditionalities and leftists Dr Ishrat Hussain, the Governor of the State Bank of Pakistan, is reported in Dawn of May 28 to have said at a seminar in Islamabad a day earlier that the... KSE index fails to sustain upward thrust The KSE 100-share index broke the barrier of 3,100 points during the last week as leading base shares maintained their upward drive aided by a judicious combination of both the institutional... Cut-off yield on T-bills rises to 1.84pc On May 28, the State Bank of Pakistan raised the cut off yield on six month treasury bills by 16 basis points. The bank sold Rs23.7 billion worth of bills, slightly... Rupee-dollar parity moves in narrow band In the inter bank market, the rupee/dollar parity moved in a narrow band during the week under review amid dull trading. The week commenced on a quiet note as the rupee... Some commodities show modest rise The wholesale prices of some of the essential items showed modest rise during the previous week followed by reports of slow down in arrivals from the upcountry trading centres and an... APCOM survey demolishes wheat support policy In a recent interview, the Chairman of the Agricultural Prices and Policy Commission (APCOM), explained concept, rationale and objectives of the price fixation. Fixation means obsession and does not mean setting... Milk production and storage The difference between Pakistan’s milk production and demand was financially worth Rs514 million in 2001-02. From another angle, the shortfall is just three and half liters of milk per local milch... DNA crackdown on Basmati exporters Basmati rice exporters to the UK will face the DNA crackdown if their samples will be found mixed with non-Basmati long grained varieties and could face penalty of up to 5000... Budget: can it accelerate export growth process? A national annual budget, beyond a maze of dry and drab figures on annual revenue and expenditures, represents a prime policy statement by the government on national issues, directly impacting the... Balochistan: pre-budget scenario Since its inception as province in 1970, Balochistan has been drawing 95 pc of its revenues from federal receipts and the rest from its own resources. About 50 per cent of... World economic report European economies The European Union’s economic growth has slowed to zero fuelling fears of a slide towards recession, already confirmed in EU heavyweight Germany..... Budget: relief likely all the way A review of the economy just before the budget time is a good exercise because it allows economists to forecast what is in the offing.... Ingenuity behind rising ST collection A few days ago, the Central Board of Revenue announced that in the 10 months of the current financial year it has collected Rs384.76 billion out of a budgeted target of... Growing burden of indirect taxes During the last three and a half years, the burden of indirect taxes on the common man in Pakistan has substantially increased. As laid down in the Economic Survey, 2001-02, the... Unconventional pre-budget tax proposals Every year before the announcement of the federal budget, a plethora of tax proposals is received by the Central Board of Revenue (CBR) from trade, tax bars and industry’s representatives.... Work ethos and expatriates During my export marketing visits of GCC countries in 1992 I studied work ethos and cultural orientation of our work force in Middle East.... Housing finance: lead sector of the economy Governments normally do not have the financial resources to provide ready made houses to their citizens, but it is the endeavour of every welfare state to create an environment whereby construction... Financial sector breaks new ground The financial sector has broken yet another new ground. It has started venturing into new fields, as cost of finance declines and huge liquidity is available with banks and other financial...

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