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News from Pakistan (16-12-2002)

  • A new action plan has been chalked out to achieve sales tax target of Rs 108.75 billion at the import stage. The federal tax authorities have ordered investigation against importers allegedly involved in clearance of consignments using fake sales tax registration certificates and sales tax returns.

  • The Oil Companies Advisory Committee failed to sustain the trend of the past two fortnights and raised the oil products prices by as much as 2.55 percent after crude oil prices rose and the rupee fell against the dollar in the past two weeks.

  • The yields on 10 year and five year Pakistan Investment Bonds in the debt market are at the lowest, indicating that the central bank might cut coupon rate by as much as 250 basis points.

  • The Privatization Commission is expected to receive eight proposals from the companies or consortiums to qualify for Financial Advisory Services for the privatisation of Peshawar Electric supply Company Limited.

  • Punjab Chief Minister in an epoch decision to boost up agriculture in Punjab has lowered the rates of mark up on agricultural loans on fertilizer, seeds and medicines from 13 to nine percent.

  • Prime Minister's Adviser on Finance has said that compared to its status three years before, the national economy had come out of the intensive care unit and was recuperating in the General Ward.

  • Modaraba sector in the country in 2002 saw some massive restructuring and about seven mergers materialized and five managements were changed in order to survive in the financial sector and to increase the profit numbers.

  • Federal Commerce Minister has said that improvement in economic growth rate and providing relief to the common man are top priorities of the present democratic government.

  • It seems that foreign exchange reserves of the country are increasing at a rate higher than expected by the authorities. These exceeded $ 9 billion during the week ended on November 30, 2002, exactly one month before the targeted date.

  • Prime Minister on Sunday reiterated that Pakistan believed in resolution of all issues with India through peaceful means.

(Amir Sultan)
Dy. Director (PA)
16-12-2002

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