24 May 2004 Monday 04 Rabi-us-Saani 1425 NFC: a trail to consensus Although the National Finance Commission (NFC) has done its job and prepared the Award for the federation, it appears that overall consensus has yet to be reached as to how the national resources will be distributed ... Wheat crisis continues The government's recent decision to import one million tonnes of wheat confirms that the crop is short of expectation and that the wheat cisis continues and is severe. Last one year has been dominated by news of an impending wheat crisis. ... The widening social wedge The Indian prime minister, Dr Manmohan Singh, has pledged to continue the beneficial economic reforms but added that these must work for the benefit of the majority. ... Anti-money laundering ring tightens The ministry of finance and the State Bank of Pakistan have been disturbed, if not upset, by the fall in home remittances of overseas Pakistanis , estimated to number four million. ... Exports limited to low-tech goods Pakistan's exports have surged during the ten months of the current fiscal year and in the previous fiscal year (2002-03), after a long period of stagnation. ... US faces a showdown on cotton subsidy As a matter of principle, the April 27 WTO ruling asking the United States to revise its cotton subsidy programmes since these violate international trade rules, depress world cotton prices and distort the farm trade itself ... Economic stakes in Pak-India detente Ours is an age of commercial diplomacy in which economics takes precedence over politics in shaping inter-state relations. Countries across the globe have realized that it is their economic performance rather than mere military muscles ... Life after IMF: can economic managers sustain on their own? After the successful completion of the three-year structural adjustment programme it is hoped that the IMF will be gone for good from Pakistan. ... The great game of IPOs goes on The small or retail investors, who chipped in money for the minimum lot of 1,000 shares in Bank Alfallah Limited (BAFL) would probably outnumber those in any of the previous Initial Public Offerings (IPOs) in the history of the Karachi Stock Exchange. ... Municipal bodies and non-core activities With large scale migration of populations from the rural to urban areas, most of the Pakistani cities are bursting at their seems. As a consequence, now it is the turn of the inhabitants of cities to live in squalor and decay. ... Donors criticize BD's criminalized politics At the end of the three-day meeting in Dhaka last week of the Bangladesh Development Forum (BDF), a euphemism for the World Bank-led Bangladesh aid club that used to meet annually in Paris ... Rural poverty is an issue of empowerment While poverty has been steadily rising in rural areas of Pakistan, it seems poised for taking a rampant turn because of depletion of resources. The number of people living below the subsistence line is likely to grow correspondingly with the rate at which water resources are shrinking. ... Farm sector's neglect adding to rural distress Despite favourable farming conditions, Pakistan until two-three years back was not producing sufficient wheat to meet the domestic requirements. On an average, 2.5 million tons of wheat was imported every year. ... Efforts needed to effectuate mango export Mango season is fast approaching for which an ambitious export campaign is needed. In the past, because of various constraints, the country could not export the produce to its full potential. ... Mining sector on the move Pakistan has been blessed with rich mineral resources in the form of metallic, non-metallic and fuel minerals, promising good potential for sustainable development. ... Change of govt in India amuses stock market players Stocks resumed their upward drive last week on active short-covering on all counters. This was aided by the news from India of a change in the government who promised to maintain cordial relations with its neighbour, Pakistan. ... Rupee remains subdued Corporate demand and short-supply position of the US currency kept the rupee-dollar parity rates under pressure both in the open and interbank markets. ... Approved forex slips by over Rs80,446m in a week According to the Statement of Affairs of the State Bank of Pakistan, for the week ended May 15, both notes in circulation and issued increased in the week under review. ...

© The DAWN Group of Newspapers, 2004