23 May 2004 Sunday 03 Rabi-us-Saani 1425 Government borrowing shoots up to Rs66bn KARACHI, May 22: The government borrowing for budgetary support has increased to Rs66.4 billion or more than four times the original target of Rs15 billion. The data released by the State Bank shows that the government borrowing between July 1, 2003 and May 8 ... Pakistan, India sign MoU on tea trade KARACHI, May 22: Leading tea Indian packers and blenders, instead of striking any sale contract and agreement with local counterparts, flew back with a simple copy of memorandum of understanding (MoU), aimed at facilitating tea trade between the two countries. ... Farm IT no more a buzz word KARACHI, May 22: Now that the majority of the big feudal of Sindh, Balochistan, Seraiki belt, Punjab and other parts of the country are with the present military-politicians set up since 1999 ... Raise in IT exemption ceiling demanded ISLAMABAD, May 22: The Rawalpindi Chamber of Commerce and Industry has proposed raising of income tax exemption ceiling up to 250,000 and a reduction up to 60 per cent duty on import of CBU cars across the board. ... Budgeting for growth with equity KARACHI, May 22: The budget 2004-05 will come against the background of a high economic growth fuelling soaring inflation. Official figures indicate that inflation (CPI) rate is running at six per cent, about the same pace at which economy is expanding. ... Sindh asked to activate Power Policy 2002 KARACHI, May 22: The Sindh government should immediately activate the Power Generation Policy 2002, so that growing power shortage in the city could be met through the promotion of small power producers having generating capacity up to 50mw. ... Utilities at reasonable rates sought KARACHI, May 22: There was great need for enhancing capacity in the industrial sector if due share has to be captured in the world market. To achieve this goal the government should ensure availability of utilities at reasonable rates and infrastructure. ... GDP projected at 6.8pc for 2004-05 ISLAMABAD, May 22: Pakistan's GDP is projected to grow by 6.8 per cent in 2004-05, owing to a rise in investment to 19.3 per cent of GDP, exports and imports going up by eight per cent and 12 per cent respectively. ... Rs190bn proposed for PSDP ISLAMABAD, May 22: The Annual Plan Coordination Committee (APCC) on Saturday recommended a Public Sector Development Programme (PSDP) of about Rs190 billion for fiscal year 2004-05, up by 18.75 per cent from current year's Rs160 billion, official sources told Dawn. ... Dollar starts sliding in open market KARACHI, May 22: The US dollar lost 15 paisa to rupee in the open market on Saturday and executives of exchange companies say it would fall further next week. ... Pakistan needs $3bn for network development KARACHI, May 22: Governor State Bank of Pakistan Dr Ishrat Husain on Saturday said that country needed $3 billion every year for infrastructure development. ... WB, IMF want fiscal deficit at 3 per cent ISLAMABAD, May 22: The World Bank and the IMF have asked the government to contain the overall fiscal deficit to 3 per cent on average during the financial years 2004-07. ... Site body resents increase in gas tariff KARACHI, May 22: Site Association of Industry has sought government's immediate help to pull out the Sindh's oldest industrial area from lingering crisis like water, gas, power and lack of infrastructure. ... Cloth exporters seek duty cut on raw material FAISALABAD, May 22: The All Pakistan Cloth Exporters Association (APCEA) has demanded reduction in import tariff of raw material for export goods, abolition of sales tax on raw cotton ... SPI moves up by 0.24pc ISLAMABAD, May 22: The Sensitive Price Indicator continuing its upward spiral for the fifth consecutive week moved up further by 0.24 per cent during the week ending May 20 ... Cotton prices up on active buying KARACHI, May 22: Cotton prices on Saturday showed a modest rise as spinners and mills made fresh covering purchases for the second session in a row. ...

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