17 August 2004 Tuesday 30 Jamadi-us-Saani 1425 Pakistan seeks four waivers from IMF: PRGF disbursement ISLAMABAD, Aug 16: Pakistan has sought four waivers from the International Monetary Fund for not meeting its performance criteria under the ninth review of the Poverty Reduction and Growth Facility (PRGF) and to release SDR 172.28 million ($252 million). ... MFN status to India won't hit trade FAISALABAD, Aug 16: Commerce Secretary Tasneem M. Noorani has claimed that there will be no negative impact on Pakistani trade and commercial activities due to India getting the status of Most-Favoured-Nation (MFN) with the implementation of the WTO regime. ... Five fibre testing labs to be set up KARACHI, Aug 16: The government will set up five fibre testing laboratories along with high volume instruments (HVI) for the evaluation of cotton. ... Banks, DFIs carrying Rs220bn bad loans KARACHI, Aug 16: Bad loans of the banking system showed no big change in the April-June 2004 quarter and remained almost intact at the end-March level of Rs220 billion. ... Oil prices ease after hitting record highs LONDON, Aug 16: World oil prices set new record high points on Monday but later retreated as traders reacted with relief to a referendum victory by Venezuelan President Hugo Chavez. ... Dehydration plant for dates KARACHI, Aug 16: The Union of Small and Medium Enterprises (Unisame) has been successful in the promotion of export of machinery designed by the Pakistan Council of Scientific and Industrial Research (PCSIR) ... Next wheat tender this week KARACHI, Aug 16: The Trading Corporation of Pakistan (TCP) will float next tender for 500,000 tons of wheat this week. According to TCP here on Monday all the four international wheat supplying companies ... Rupali group to set up hydel power projects ISLAMABAD, Aug 16: Water and Power Minister Aftab Ahmed Khan Sherpao has said the government is encouraging the private sector to invest in power projects to enhance the country's power generation capacity. ... 'WTO offers openings, challenges' KARACHI, Aug 16: The success of trade ties between Pakistan and India depends upon the outcomes of the political dialogue which is going smooth at present, Export Promotion Bureau chairman Tariq Ikram has said. ... Rupee sheds five paisa KARACHI, Aug 16: The rupee lost five paisa to a US dollar on Monday on increased demand for dollar from importers. Bankers said the rupee closed at 58.84 per dollar in inter- bank market down from the weekend close of 58.79. ... Cotton prices fall KARACHI, Aug 16: Cotton prices on Monday posted fresh decline of Rs50 per maund as ginners were not inclined to hold long positions and tried to sell new crop lots mostly in line with export parity levels of spinners and mills. ... Stocks lose another six points amid dull trading KARACHI, Aug 16: Trading on the stock market on Monday resumed on an insipid note as leading investors were not inclined to make fresh commitments in the absence of fresh guiding factors. ... Rupee on the fall in new fiscal year Since the start of this fiscal year from July 1, the rupee has been on the decline. It lost 80 paisa or 1.4 per cent value against the US dollar between July 1 and August 10, coming down to 58.92 a dollar from 58.12. ... The volatility in financial markets The volatility in financial markets seen earlier this month has raised issues with potential to impact negatively on the sustainability of foreign exchange reserves and the economic growth rate. ... Listings at KSE growing No fewer than fourteen companies have recently entered the country's capital market. That marks a giant leap forward, when compared with just about 15 companies that sought to mobilize funds from equity offerings in the past four years, combined. ... Another victory in the war on subsidies Brazil scored a second victory in two months on August 4 in its campaign against agricultural subsidies when a panel of the World Trade Organization ruled that $1.4 billion of subsidized European Union sugar exports are illegal. ... Work ethics: onus on all In modern management, there is a great deal of emphasis on professional management of the human resources and recognition of the rights of all stakeholders in general and that of workers in particular. ... Where is the gold-silver jewellery stock? Almost every time the Public Accounts Committee (PAC) of the National Assembly meets it produces a shocker, in fact a series of shockers, reflecting the vast misuse or waste of public funds by official functionaries at all levels. ... Can Shaukat Aziz become an agent of change? In a few days Mr. Shaukat Aziz will be called upon to cut the cake to celebrate his elevation to the lofty position of prime minister of Pakistan. But as he goes through these rituals he must remember that there is another cake which he must cut ... Textile machinery manufacturing At last a Textile Machinery Manufacturers & Suppliers Association of Pakistan has been formed to promote local manufacturing. The Assocition was launched at Igitax held a few months back at Expo Centre, Karachi. ... The poverty debate in Pakistan and India Just as in Pakistan independent economists and observers are not prepared to accept the government's claim that poverty has gone down by 4 per cent in the last couple of years, in the same way ... Constraints of narrow export base Export promotion is an important instrument of job creation, improvements in the balance of payments (BoP) position, accelerated economic growth and increase in the level of incomes and standard of living. ... Maintenance of existing facilities Our financial institutions prefer to allocate funds for new schemes and projects and often neglect requirements for their subsequent operation and maintenance. The politicians mostly use implementation of new schemes as an effective tool for gaining popularity. ... 'Govt acting as sugar industry's marketing board' When all else fails, the Trading Corporation of Pakistan (TCP) steps in as the marketing board of the last resort in service of the pampered sugar mills. ... Meat production in Sindh The daily per capita protein intake in Pakistan is quite low. The protein requirement of an adult person is 27 grams with availability of only 17 grams in cities, and less in backward areas. ... Consensus on dams? The pursuit of consensus for constructing water reservoirs proved highly elusive for the governments of Prime Ministers Benazir Bhutto and Nawaz Sharif ... Water theft: the main cause of crisis Recently one of the progressive agriculturist with quite big holding in the prime fertile agriculture belt in the Sakrand District Nawabshah invited selected agriculturists and bureaucrats to join the chopping-off ceremony of mango trees garden. ... Analysts expect technical rebound in stock trading Stocks, last week, failed in making a decisive breakthrough on the upside. Attempted rallies could not sustain the heat due to crumbling support from the financial investors. ... Banking system facing excess liquidity Banking system continues to face excess liquidity. The market is stated to be in surplus to the tune of Rs7-8 billion. The State Bank of Pakistan, in a move to absorb part of the excess liquidity ... State Bank comes to the rescue of the rupee The rupee continued its weakening trend in the local currency market, both in the inter bank and the kerb markets, during the week in review. ...

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