15 March 2004 Monday 23 Muharram 1425 Monetary policy and welfare This paper argues that market based monetary policy - specially as practised since December 1999 - has been viciously anti-poor and an important cause of the rise in unemployment and asset and income distributional injustices in the country. ... Pakistan on the global market radar screen On February 12, 2004, the Islamic Republic of Pakistan made a successful return to the international capital markets after more than five years, by issuing $500 million 5-year Regulation S Eurobond due 2009 ... District finances a shambles A regular monitoring of performance of 16 districts by Sindh Chief Minister's inspection team for past two years reveals how denial of local fiscal autonomy is impacting adversely on financing of social and economic programmes. ... Outraged shareholders' activism Small share-holders of some of the top companies in the US, Britain and Europe have become restive and assertive. And they are changing the pattern of corporate working, and making their chief executives too uneasy. ... Backlash in global job shift The Americans have, at last, reacted with a vengeance to halt the massive shift of white-collar jobs to overseas, India in particular, with a view to arresting the growing joblessness in their country. ... Sindh's urban affairs hampered by flawed devolution Negligence on the part of concerned policy makers at the provincial and district level as well as urban management officials has caused unfortunate losses of life in Hyderabad (Dawn, 28 February 2004). ... Soaring prices and battered consumers Consumer is being battered by the soaring prices as industry fails to observe the sanctity of trade practices. The government is still in the rhetoric stage in its efforts to stablize prices. ... Fiscal policy, public perception 'It is economy, stupid!' The addressees of this advice are both the military in the driving seat and the mulla trying for more leg room in the rear seat. ... A case for import of cars Moments after the Prime Minister and his Cabinet took the decision of allowing the import of reconditioned cars and slashing its duties, the trade bodies of car and spare part manufacturers met to protest ... Best practice for PSDP projects The executive committee of the National Economic Council (Ecnec) on February, 18 2004, has taken measures to make the PSDP an effective vehicle of economic change. ... Training needs in renewable energy While presiding over the inaugural session of an international meeting on renewable energy technologies (RET) and sustainable development in Islamabad, on February 10 ... Foreign wheat tests save local farmers Pakistan has taken a decision on the wheat consignment from Australia on the basis of intensive laboratory tests. But the scandal surrounding the episode is unlikely to die in a hurry. ... The mortgaged rural poor Extending prosperity to Pakistan's nearly 0.1 million villages and improving the living standards of rural people, particularly of those below the poverty line have been avowed goals. ... Political economy of water resources It appears that the next fisticuffs would be fought over water, especially in South Asia. The conflict of Kashmir is actually the dispute of water. Both, India and Pakistan are assaying to get the control of the two rivers Jhehlum and Chenab. ... The risks in Sida reforms In 1997, Sindh embarked on a major reform involving decentralization and transformation of its irrigation and drainage system. The reforms, based on the participatory irrigation management involved the management transfer of the irrigation and drainage system ... Cash flows from stock exchange into cricket bets Stocks, after turning highly erratic last week, managed to finish with an extended gain. This was aided by the massive buying in cement shares followed by reports of higher earnings on account of increasing exports to Afghanistan and price flare-up in local market. ... Sum of demand, time liabilities increases According to the weekly statement of position of scheduled banks for the week ended February 28, 2004, the sum of demand and time liabilities and demand deposits rose, substantially. ... Rupee's firmness softened The rupee/dollar parity in the local currency market failed to maintain its firmness and assumed a downward trend. Though, the rupee started the week on a firm note in interbank market showing no change versus the dollar over the previous week close of Rs57.35 and Rs57.36 ...

© The DAWN Group of Newspapers, 2004