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News from Pakistan (14-11-2002)

The Cabinet Committee on Privatisation outlined a calendar for privatisation of various entities up to April next year, which includes seven transactions.

President Pervez Musharraf convened inaugural session of the National Assembly on November 16 (Saturday).

The International Monetary Fund snubbed the Water and Power Development Authority for revising its financial targets set for the current fiscal year.

For the facilitation of exporters, the substitution of the Contracts, or LC, has been allowed up to a maximum period of six months from the date of disbursement of the loan.

The Central Board of Revenue has given comprehensive presentation to the International Monetary Fund and World Bank Mission on the custom administration reform plan.

Exporters' dollar selling forced the dollar to surrender its short-lived stability in the inter-bank market, losing 12 paisa for buying and selling at Rs.58.61 and Rs.58.63, respectively.

Oil Companies Advisory Committee might reduce oil products prices by as much as 4 percent after decline in world oil prices and strengthening of rupee against the dollar.

The government announced that the current levy of Re. 0.34 per litre on POL products would remain intact till December 31, 2004.

Pakistan's foreign exchange reserves have further improved by 95 million dollars in a week and main increase was in the coffer of the State Bank.

The State Bank of Pakistan realized over Rs.21 billion through the auction of Treasury Bills.

Pakistan Telecommunication Limited has launched Voice over Internet Protocol services from Karachi.

Pakistan's balance of payments posted a surplus of $ 1.23 billion in the first quarter ended September 30, 2002, as compared with the deficit of $ 69 million of the same period a year ago.

   
Iqbal Ahmad Khan)
Director (PA/IF)
14-11-2002

 
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