Economic Forecasts
PM for fully exploiting Pakistan mango export potential
Jul 28th
Prime Minister Syed Yusuf Raza Gilani on Monday said as Pakistan is the fifth largest producer of mangoes in the world, there was a need to exploiting mango export potential to its fullest in the $ one billion annual world-wide trade. “Though Pakistani mangoes are known for their quality and taste all over the world, this potential has not been exploited to its fullest in the one billion dollar world-wide trade of mangoes”, Gilani said while addressing Pakistan Mango Extravaganza, organized by the Minister of Commerce and the Trade Development Authority of Pakistan (TDAP) here at a local hotel.
Pakistan-China friendship: a lush tree
Jul 7th
Rich imagery is important in describing Pakistan-China relations. Last year, on the morning of December 19, addressing a packed session of Pakistani parliament, Premier Wen Jiabao said that the friendship between our two countries is a “lush tree with deep roots and thick foliage, full of vigour and vitality. The sentimental bond between our people is thus a constant image. An aura of warmth and affection permeates our relations. Diplomats in Beijing and around the world hear with some amusement the poetic expressions suggesting that Pakistan-China friendship is for all weathers and time-tested, and that this relationship is taller than the Himalayas, and deeper than oceans, and that it is stronger than steel, and sweeter than honey. Some do offer envious compliments and ask about the secret of the longevity and depth of this relationship. The people of Pakistan and China evoke these poetic images with sincerity of conviction and feel that they still do not fully capture the depth of their feelings towards each other.
Pakistan economy shows recovery
Apr 14th
Despite the devastation caused by floods of previous year and the constrained availability of energy, the economy has been showing distinct signs of recovery, according to Business Barometer released by the Pakistan Institute of Development Economics (PIDE) here Monday.
“The economy appears to have braved the devastating blow dealt by the unprecedented floods of August last and a sense of moderate optimism seems to have re-emerged despite the constrained availability of energy,” the Business Barometer said.
Lint Prices falls on cotton market
Oct 26th
KARACHI (October 27 2009): Prices fell sharply on the cotton market on Monday as phutti arrivals accelerated and partly because of downward trend in the New York cotton futures, dealers said. The official spot rate after short span of time, dropped sharply by Rs 50 to Rs 3700, brokers said.
In the ready business, rates slipped modestly and activity also decreased as nearly 17,000 bales of cotton changed hands between Rs 3650-3760, they said. Phutti prices followed the same track in Sindh and the Punjab, falling Rs 50 to Rs 1750-1775, they said.
Commenting on the fresh decline in the cotton rtes some analysts were of the view that present trend in market is not very unusual because mills and exporters were active as usual and ginners were also disposing off the stock in the presence of huge of fresh arrivals.
Additionally, in sympathy with the NY track, the prices fell in last few days, but it is most likely that the rates will show improvement in days to come, they said. In the meantime, it is most likely that the textile minister may hold a meeting with the All Pakistan Textile Mills Association (APTMA) to solve the problems related with the textile sector, they said.
Asian development Bank (ADB) optimistic about pakistan
Oct 26th
ISLAMABAD: The immediate challenge to Pakistan’s economic stability has been overcome with the help of an International Monetary Fund (IMF) backed stabilization programme, said a Fact Sheet of Asian Development Bank (ADB) issued here on Thursday.
‘Stabilizing macroeconomic fundamentals in view of the recent weakening of some indicators, implementing a second generation of reforms, addressing the infrastructure deficit, and improving implementation of development projects are the key challenges to the government going forward’, the ADB added.
It said that Pakistan is an important partner of the Asian Development Bank (ADB) in its pursuit of fighting poverty in Asia.
The ADB facts sheet said that over the years, Pakistan has undertaken important economic and governance reforms that resulted in steady economic growth, allowing it to boost spending on poverty reduction programs.
Recently, however, it said that the global economic recession that followed a rapid increase in prices of food and other commodities worldwide, coupled with an array of domestic challenges, have impacted Pakistan’s economic outlook negatively.
‘The immediate challenge to Pakistan’s economic stability has been overcome with the help of an International Monetary Fund (IMF) backed stabilization programme’, the ADB added.
It added that Pakistan’s poverty reduction strategy is encompassed in the Poverty Reduction Strategy Paper (PRSP) and the Medium-Term Development Framework for 2005-2010.
Highlighting the relationship with ADB, the bank said that Pakistan has received about $19.8 billion in loans since joining ADB in 1966, with about $14 billion disbursed as of the end of 2008.
A total of 284 loans were provided through the highly concessional Asian Development Fund window and the Ordinary Capital Resources window with $188 million provided in grants for 325 technical assistance (TA) projects, the bank’s facts sheet said.
It further said that a record lending programme in 2008 included a $1.87 billion disbursement and $1.2 billion in newly approved assistance.
As of December 2008, there were 62 ongoing sovereign loans amounting to $5.08 billion in net loan amount for infrastructure, social sectors, governance, and earthquake rehabilitation in the four provinces and at the national level. Under implementation were 31 ongoing TA projects worth $61.93 million, the bank said.
The ADB is working with the government and the private sector to improve the country’s infrastructure, energy security, and basic public services.
Aligned with national development objectives, ADB’s partnership priorities aim to attract investment, create industries and jobs, and improve the quality of life of citizens.
A new Country Partnership Strategy (CPS) for Pakistan, approved by ADB’s Board of Directors in March 2009, aims to support Pakistan’s strategic objectives of prosperity and poverty reduction, it added.
About Portfolio Performance, it said that in 2008, ADB’s operations in Pakistan remained robust with record disbursements of $1.87 billion, and a majority of currently active loans are expected to meet their respective development objectives.
Regarding the Impact of Assistance, it said that the ADB’s support to Pakistan in recent years has helped the government implement its reform agenda, while contributing to macroeconomic stability and revived economic growth, as well as reduced poverty levels.
This support, it said was premised on the three cornerstones of ADB’s strategy: sustainable economic growth, inclusive social delivery, and pro-poor governance policies.
The bank’s facts sheet said that to support sustainable growth, ADB is providing substantial levels of assistance to bridge the infrastructure gap in the country, particularly in the areas of transport and energy.
In this regard, it added that a multitranche financing facility (MFF) to support the government’s flagship National Trade Corridor Highway Investment Programme is helping Pakistan improve key sections of the motorway and expressway and cope with the infrastructure deficit in this vital sector.
Likewise, a facility to strengthen the power transmission network is helping to improve the efficiency of the system and will lead to reduced lines losses and improve availability of electricity, it added.
To help support social development, ADB provided assistance to improve delivery of social services at the local government levels through a series of devolved social service programs.
Support for governance reforms was centered at the provincial levels of government to improve fiscal and financial management and was instrumentalized through resource management programs.—APP
