21 January 2004 Wednesday 28 Ziqa'ad 1424 Government contains domestic debt growth KARACHI, Jan 20: Pakistan has managed to contain the growth in its domestic debt under one per cent in the first five months of this fiscal year. Data released by the State Bank shows that total domestic debt stood at Rs1,871 billion at end-November 2003 ... Centre's power prevails over provinces: NFC award KARACHI, Jan 20: A study sponsored by the World Bank found that all the previous national finance commissions functioned "less by consensus than by the federal government's power to prevail over the provinces". ... Car production, sales shoot up in 6 months KARACHI, Jan 20: Except for decline in bus and sports utility vehicles (SUVs), the entire auto sector gave a robust performance in the first half of the fiscal 2003-04 ... ECO can boost Pakistan, Iran trade ties ISLAMABAD, Jan 20: The Economic Cooperation Organization (ECO) could provide Iran and Pakistan further opportunities for strengthening the economic and trading relations between the two countries. ... Coal reserves at 186bn tons ISLAMABAD, Jan 20: Pakistan has coal reserves of more than 186 billion tons to generate thousands of megawatt electricity through coal-based thermal power plants aimed at meeting the country's requirement. ... Pakistan likely to join energy initiative LAHORE, Jan 20: Pakistan is expected to join the South Asia Regional Energy Initiative (SAREI) at the South Asia Energy Forum to be hosted by the US Chambers of Commerce (USCC) in Washington in two months' time. ... Rice export free zone set up KARACHI, Jan 20: The Rice Exporters Association of Pakistan (REAP) has set up a 'rice export free zone' on a 125-acre of land at Nooriabad aimed at achieving export target of $1 billion by the end of the current fiscal year. ... Rice prices rise amid slow supply KARACHI, Jan 20: Pakistani rice prices rose this week on slow arrivals from the new crop and supplies are expected to remain sluggish ahead of Eidul Azha due early next month, dealers said on Tuesday. ... Gwadar phase I progress KARACHI, Jan 20: China is extending cooperation to the Pakistan government in various mega projects, including the Gwadar Deep Sea Port. A major part of the work on phase I undertaken by a Chinese company has been proceeding smoothly and will be completed by the end of 2004. ... Minfal wants wheat export regulated ISLAMABAD, Jan 20: The ministry of food, agriculture and livestock (Minfal) is likely to recommend to the government to regulate the export of wheat. ... MCB, FWB rates of return KARACHI, Jan 20: Muslim Commercial Bank (MCB) offered 1.30-4.0 per cent rates of return on term deposits for July-December 2003. An MCB announcement says the bank paid the following rates of return on term deposits: ... Extra levies on imports criticized FAISALABAD, Jan 20: The Faisalabad Dry Port has been rendered deserted and desolate due to highhandedness of the collectorate of Customs and levy of extra charges on importers in excess of the tariff fixed by the government. ... Another dull session on cotton market KARACHI, Jan 20: Cotton market on Tuesday passed through another cheerless session as spinners remained conspicuous by their absence owing to delivery problems. ... High badla rates trigger selling on KSE KARACHI, Jan 20: Stocks on Tuesday took a technical breather as investors sold in part their long positions followed by reports of sharp increase in badla rates to 20 per cent from 12 per cent after OGDCL made its debut on the carryover market. ...

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