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News from Pakistan (16-11-2002)

  • The government and the World Bank have started preparation for negotiations on three new $ 550 million Structural Adjustment Credit projects.

  • The dollar on Friday averted sharp decline versus Pak Rupee in the inter-bank market and only lost three paisa for buying and selling at Rs.58.50 and Rs.58.52, respectively.

  • The State Bank allowed banks and Development Financial Institutions to participate in assets securitization through Special Purpose Vehicle.

  • Cautious approach adopted by genuine investors forced the share values to move in a narrow band on Friday where volume was nearly half, to 115 million shares.

  • The government cut down petroleum products prices by 1.5 percent to 8.6 percent to pass on benefit of their lowering down prices in the international market to the consumers.

  • The government has allowed refund of General Sales Tax on electricity and gas consumed by the manufacturers-cum-exporters under the new Duty and Tax. Remission for Exports rules issued on Friday.

  • The prospective bidders of Pakistan State Oil Ltd have requested the government to hold a pre-bid meeting next month to discuss the bidding process and to finalise the date.

  • The government has issued Companies (Second Amendment) Ordinance which asks every non-banking finance companies to get licence from the Securities and Exchange Commission of Pakistan.

  • Pakistani textile manufacturers can utilize Jordanian industrial zone for duty free and quota free export of garments to United States.

  • The federal government asked the provincial governments to assess an investment offer put forth by an American organization showing interest in establishing a chain of hospitals on turn key basis in various parts of the country.
(Iqbal Ahmad Khan)
Director (PA/IF)
16-11-2002
This has been sent on e-mail to OPs/HICs/CCs.
DG, BOI, Karachi.
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