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News from Pakistan (3-1-2003)

  • The government announced three lucrative incentives to attract new commercial exporters, enhance scope of Gold and Silver categories and expedite payments of sales tax refund for expanding the export base.

  • Privatisation Commission has offered the management control of Faisalabad Electric Supply Company through acquiring 56 percent interest of the company by qualified strategic investors.

  • The government issued the first Prospecting Licence for gold at two sites in Northern Areas as part of policy to develop mineral resources on fast track basis.

  • Country's foreign exchange reserves have taken another long jump with 245 million dollars in a week but it was mainly because of Asian Development Bank loan and Privatisation proceeds.

  • The bilateral rescheduling agreements of $ 5.3 billion and around $ 700 million loans owned to Japan and Korea have been finalised.

  • The stock market witnessed buying from the domestic investors on expectation that government's decision to cut rates on national saving schemes will attract fresh funds, helping the bulls to consolidate their position.

  • The Collectorate Customs of Port Qasim collected Rs. 21 billion as duty and taxes during the first six months.

  • State Bank of Pakistan has developed a new set of guidelines in consultation with the banks and Federation of Pakistan Chambers of commerce and Industry regarding write-off of irrecoverable loans and advances.

  • The rupee on Thursday started its first trading of the year 2003 on a firm note, showing six paisa net gain in the inter-bank market for buying and selling at Rs 58.28 and Rs 58.30, respectively.

(Iqbal Ahmad Khan)
Director (PA/IF)
3-1-2003

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