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.