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News from Pakistan (6-1-2003)

  • The Central Board of Revenue tax consultants, Maxwell Stamps, have strongly recommended to abolish the third Schedule of the Sales Tax Act, 1990, bringing fruit/vegetable juices, ice cream, aerated waters/beverages, syrups and squashes and cigarettes in the normal GST regime to expand retailers/wholesalers' registration network.

  • Pakistan Industrial Credit and Investment Corporation has allocated over Rs. 1 billion to finance the ailing sugar industry in Sindh.

  • The stock market had a smooth sailing last week ending on January 4, 2003, and stayed well above 2,700 points mark.

  • The rate cut on National Savings Schemes by 160 to 200 basis points is likely to provide another booster to the stock market which has already gained 112 percent in 2002, emerging best performing bourses in the world.

  • Secretary Petroleum emphasized the need to start oil and gas exploration in Balochistan in order to meet the increasing hydrocarbon demand in the country.

  • Due to ample liquidity in the money market and cut in discount rate by the State Bank of Pakistan have reduced the yield on three, five and 10 year bonds to nearly half in just a little over three months.

  • During last week the badla rates at KSE and LSE continue to remain on the higher side and weighted average badla rates remained at 22.2 percent and 33.5 percent.

  • The City District Government Karachi has planned to establish a Computer University in the city.

  • The traveling public has welcomed the decision of the Pakistan Railways to reduce the fares on economy and second class seats.

  • The government will launch a countrywide campaign against the sale of fake medicines in the market and also practice of quacks so as to nab and punish the culprits.

(Iqbal Ahmad Khan)
Director (PA/IF)
6-1-2003

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