October 26, 2003	Sunday	Sha’aban 29, 1424

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ISLAMABAD, Oct 25: Finance Minister Shaukat Aziz on Friday told the National Assembly that Rs529 billion local currency was in circulation in the country.

In a written reply to a question of Mohammad Safdar Shakir, the finance minister said Rs305.32 billion local currency was in circulation in the year 1999.

Mr Aziz said the government closely monitored the development of prices of essential commodities on weekly basis and necessary steps were taken as and when shortage of essential items emerged. Besides this, he said, the government also kept an eye on the price situation of essential commodities in the region.

Replying to another question, the finance minister said Rs8.92 million was spent on visits of ex-auditor general of Pakistan Manzur Hussain from July 1997 to July 2002. During this time, he said the said auditor general visited 24 different countries. The minister said Rs4.16 million was spent on the AG’s visits and Rs4.76m on TA/DA of other officers who accompanied him in these visits.

Commerce Minister Humayun Akhtar Khan told the house that Pakistan spent about $2 billion foreign exchange on import of various items, which were also locally manufactured, from the US in the last three years.

The commerce minister stated this in a written reply to a question of Maulana Abdul Akbar Chitrali. The MNA had inquired from the minister about the details of items, including cosmetics, imported from the US which were also being manufactured in the country.

The minister said Pakistan spent $565.4m in year 2000-01, $687.13m in 2001-02 and $734m in the year 2002-03 on import of these items from the United States.

Responding to a supplementary question of Dr Sher Afgan that why such a huge foreign exchange was being utilized on imports of items, which were also manufactured in the country, the minister said under certain agreements it was obligatory for Pakistan to give market access to other countries on reciprocal basis. Due to similar agreements, he said, Pakistan was also earning $2bn yearly through exports to the United States.

Giving the break-up, the minister said most of the foreign exchange was being spent on import of machinery and parts. He said out of $1,986m, a foreign exchange worth $588.93m had been spent on import of machinery and its parts from the United States.

The other major items, being manufactured locally and imported from the US in last three years included: raw cotton ($214.8m), fertilizers ($177.81m), chemical elements and compounds ($121.49m), aircraft and parts ($110.79m), wheat ($91.27m), chemical materials ($76.28m), railway vehicles ($61.34m), iron and steel ($59.89m), oil seeds ($59.77m) and medicinal and pharmaceutical products ($33.89m).