Dec 052010
 

Classified By: Anne W. Patterson for reasons 1.4 (b) (d) Feb 26, 2010

American anxiety over the fate of Mullah Brader, a Taliban leader captured in Karachi in February 2010. A court decision preventing Brader’s extradition to Afghanistan comes amid renewed anti-American hostility in the media. The Americans speculate that the Pakistanis might swap Brader for a Baloch nationalist leader hiding in Kabul, but feel he ‘knows too much’.

The Beradar arrest was raised at a February 24 tripartite meeting of FBI Director Robert Mueller, Minister Rehman Malik of the Pakistan Ministry of Interior, and Minister Atmar Hanif of the Afghan Ministry of Interior in Islamabad. There was no agreement from either side about the transfer of “wanted persons.” Continue reading »

Dec 022010
 

* WikiLeaks reports reveal Kayani mulled ousting Zardari, backing Asfandyar for new president during March 2009 political crisis

* COAS distrusts Nawaz more than Zardari

WikiLeaks, in its latest supply of reports, revealed that Chief of Army Staff General Ashfaq Kayani told former US ambassador Anne Patterson in a meeting in March 2009 that he did not want to see PML-N chief Nawaz Sharif ruling the country, according to a US embassy communiqué sent to Washington. Continue reading »

 Posted by at 1:11 pm
Dec 012010
 

Qaisar Sultan

Late Benazir Bhutto and her well paid speech writer and supporter, Mark Siegel, a great Ashkenazi mind, convinced Americans that the Talibans would be strengthened if Pakistan stayed with the authoritarian rule of a military general. The neo-conservatives were waiting for such a suggestion that would lead to attack on Afghanistan and Iraq. General Musharraf who was considered as the best possible alternative to any other leadership, all of a sudden became the symbol of despotism, autocracy and repression, supposedly causing extremism. General Musharraf had to make a deal to stay in power- He was willing to jump in river of fire to stay put- He was desperate and confused. General Musharraf did not support Americans wholeheartedly- He was extremely careful how far he wanted to help them. He was also making comments on Israeli and Palestinian conflict to the dislike of Israel. Continue reading »

 Posted by at 3:23 am
Nov 282010
 

ALI SUKHANVER

Park51, originally named Cordoba House, is a planned 13-story Muslim community center to be located two blocks from the World Trade Center site in Lower Manhattan. The major part of the center will be open to the general public. It will contain a Muslim prayer space that has controversially been referred to as the “Ground Zero mosque. The proposed construction of this community centre has become a controversial issue and a very hot favourite point of opposition for various religious sections of the American society. Some of the politicians who want to win the political sympathies of the religious sectors are also trying to exploit the situation. “No mosque at ground zero. We won’t allow creeping Sharia in the United States,” says in an article former Republican Speaker of the House Newt Gingrich who is one of the possible presidential candidates in election 2012. As a result of such type of instigation angry Americans are participating in different protest rallies. They are raising slogans in opposition to the building of new mosques and Islamic centers in America. Continue reading »

 Posted by at 9:00 pm
Nov 282010
 

About two weeks ago a friend of mine had been admitted in the hospital for abdominal pain and diagnosed with 1.5mm gallstone. While searching for a suitable treatment for gallstones, I found the following information at ABC HOMOEOPATHY website. My friend has an appointment for endoscopy after 2 weeks. Last week I advised him to try this remedy before he goes for endoscopy.  Yesterday he took the final dose of Epsom salt and Olive oil and today morning three stones of about 7mm diameter were expelled which I have seen myself. I am confident it will work the same way for other gallstone patients too. Continue reading »

Nov 272010
 

There is a well-built view that Pakistani identity is troublesome in western countries. It is more serious for Pakistanis than Indians; Bollywood stigma is not more precarious than someone perceived to be representing an extreme view of life. It is true that after 9/11, we are looked down as religious and repellent to western culture and values. The regular barrage of negative reports about Pakistan in media has tarnished the image of those who come from that part of the world. It hurts to know that those who respected Pakistani community and considered our people as intelligent and hardworking found us possibly dangerous or least against their values and customs. The truth is that most Pakistanis living in western countries still live in the old world, dominated by their religious fervor. From seventies to nineties, we never observed veil on Pakistani Continue reading »

 Posted by at 2:27 pm
Nov 262010
 

Mehmood-Ul-Hassan Khan

1. What have been contributions of the government of China to flood relief activities so far?

As Pakistan’s close neighbor and all-weather friend, China empathizes with Pakistan for its great loss of life and property inflicted by the severe natural disaster. To help the Pakistani government and people to tide over the difficulties, the Chinese government and people has offered sincere, timely and unconditional assistance to the flood-hit brotherly country.

China is one of the first countries to send relief to Pakistan after it was hit by floods in late July. On August 1, the Chinese government pledged to provide to the Pakistani government an emergency humanitarian assistance of RMB 10 million including materials of urgent need such as tents and medicine. The aid was delivered shortly on August 4. On August 25, Chinese People’s Liberation Army delivered RMB 10 million urgently-needed materials to the Pakistani armed forces.

The Chinese government has provided several additional humanitarian assistances to its brotherly neighbor in the aftermath of the floods. On August 12, China decided to donate an additional RMB 50 million aid to the flood-affected Pakistani people including those ravaged by the landslide earlier this year in Gilgit-Baltistan, bringing total Chinese relief assistance to more than RMB 70 million. RMB 20 million out of the new RMB 50 million aid is specially designated for the people in the upper Hunza region. The 3190 tons of supplies carried by 101 trucks including 4 oil tankers are such daily necessities as wheat flour, rice, milk powder, table salt, cooking oil and sugar as well as diesel,petrol and medicine.They were dispatched from Kashgar of China’s Xinjiang Uygur Autonomous Region and reached Sust Dry Port via the Khunjerab Pass on September 2 for distribution. On August 25, China announced to donate another RMB 60 million humanitarian aid to Pakistan, refreshing total Chinese relief aid to more than RMB 130 million which has been all delivered to Pakistan till today.

To renew its generosity to Pakistan, the Chinese government declared on September 6 that it would provide an extra RMB 200 million aid to Pakistan government to continue to support its rescue and relief efforts. On September 22 local time, Chinese Premier Wen Jiabao announced that China will, on top of the pledged assistance, provide another $ 200 million assistance to Pakistan when he delivered a speech at an United Nations high-level meeting on Millennium Development Goals in New York. The new pledge made China’s total assistance to Pakistan exceed $250 million at the moment.

Actively interacting with the Chinese government, people from all walks of life in China are also extending helping hands to their Pakistani brothers and sisters to the best of their capability. Apart from the more than $250 million humanitarian assistance the Chinese government has offered, various circles in China are voluntarily providing different forms of support to Pakistan through multiple channels.

2. What is the specification of your country humanitarian assistance to flood hit areas in Pakistan?

Most of China’s humanitarian assistance comes in kind and are mainly tents, water purification plants, dewatering and sludge-cleaning pumps, generators, water desalination systems, bottled soft water, ration, medicine and others that the Pakistani people most urgently need at present.

3. How you evaluate the medical and rescue facilities of your country in the ongoing saga of flood?

The Chinese government sent a 55-member international search and rescue team to the worst-hit region of Thatta in Sindh province late last month. It is the first international medical team reached the Thatta region. The team including 36 doctors and 19 technical support personnel brought 25 tonnes of high-tech medical equipments and medicine worth RMB 8 million. China’s second medical team consisting of 59 doctors and paramedics arrived in Thatta on September 15th. The medical teams so far have treated more than 22, 000 patients.

On September 20, a 68-member medical rescue team of the Chinese People’s Liberation Army (PLA) carrying 80 tons of medicine and other relief goods reached Pakistan. The team has been in the Sehwan area of Sindh province providing medical treatment to the flood-stricken people there. 20 members of the team are female who are more convenient to offer medical service to the women and children, a record high in PLA’s foreign medical aid history. This is the third medical rescue team China send out to Pakistan. To supplement the efforts of the Chinese government in helping the brotherly neighbour fight the mega floods, the PLA has dispatched four military helicopters to Pakistan which reached the country on September 22. It is the first time Chinese military helicopters carry out an overseas rescue mission.

4. Since Chinese government has been helping the government of Pakistan from the very beginning. Would you please tell us the positive role of other Chinese organizations, enterprises and philanthropists in the humanitarian assistance?

Local governments, non-governmental organizations, enterprises and philanthropists and others across China have offered donations in various ways. Northwest China’s Ningxia Hui Autonomous Region and Southwest China’s Sichuan Province donated RMB 500,000 and RMB 100,000 in cash to Punjab Province respectively. Mr. Guo Jinlong, mayor of Beijing, wrote to CDA chairman expressing his sorrow over the flood damage and solidarity with the affected people and provided $50,000 donation in cash to the capital authority, becoming Islamabad’s first foreign sister city to offer a helping hand. China’s Hong Kong Special Administrative Region donated 9.95 million HK dollars to Pakistan.

Non-governmental organizations such as the Red Cross Society of China and All-China Women’s Federation have timely extended assistance to the Pakistani people. On August 5, China’s Red Cross Society donated $50,000 in cash to NDMA. On September 7, All-China Women’s Federation donated RMB 500,000 humanitarian aid to Pakistan’s Benazir Income Support Programme to express love and care for the flood-ravaged women and children.

Chinese entrepreneurs and philanthropists are eager to help their Pakistani brothers and sisters. Mr. Chen Guangbiao, Chairman of Jiangsu Huangpu Renewable Resources Utilization Ltd., donated RMB 1 million to Pakistan on August 31. He said China and Pakistan enjoy a special relationship and he feels the same as the Pakistani brothers are feeling at this moment of grief. Madam Ding Shumiao, Chairperson of Broad Union Investment Management Group Co. Ltd, donated RMB 1.3 million for the people in Pakistan on September 6. Madam Ding, started her life by selling eggs and later through hard work rose to one of the leading entrepreneurs in China, has always stood out with charity work. Mr. Chen, Madam Ding as well as other philanthropists’ donations were deposited into Pakistan Prime Minister’s Relief Fund Account. Metallurgical Corporation of China Ltd. donated RMB 800,000 last month. It’s also worth mentioning that Mr. Li Xiguang, a Tsinghua University professor in China, donated his one month salary. The total value of these donations amounts to more than RMB 14 million as currently available data indicates. The actual amount would be much higher.

Chinese companies and individuals in Pakistan as well as Chinese diplomats in Islamabad have made voluntary donation worth millions of rupees soon after the floods, and more donations are being collected.

Sharing weal and woe, China and Pakistan are true friends that have always stood together and supported each other in times of need. China recently has suffered a lot from natural disasters such as floods and landslides whose damage are much more severe than in previous years. According to statistics, this year 27 out of the 34 provincial areas in China were hit by floods which affected more than 110 million people, 7,002 hectares of crops and caused about $21.3 billion in direct economic losses. For quite a long time, news regarding natural disasters of both China and Pakistan had spontaneously been the headlines of Chinese newspapers. Topics of Chinese TV programs in the prime time were natural disasters of our two countries. Despite its own severe natural disasters, China has provided timely, efficient, sincere and generous assistance to Pakistan within its capability and without any strings attached.

5. Would you please enlighten us about your future plan for the help of needy people in the most affected areas of flood?

China has made remarkable donations to the brotherly country and sent medical teams and helicopters to take part in Pakistan’s rescue and relief operations. China will continue to closely follow the flood situation in Pakistan and provide sincere and selfless support and assistance to it within the realm of its capabilities, in accordance with the rehabilitation and reconstruction needs of Pakistan. China will send a reconstruction survey team to the disaster zone in the near future and encourage and support the active participation of Chinese enterprises in the reconstruction efforts. We will cooperate with relevant Pakistan agencies and provide training in disaster prevention and reduction to boost Pakistan’s capacity for early warning and disaster response. We are convinced that under the leadership of the Pakistan government and with the unremitting efforts of the relevant parties in the country and with the strong help and support of the international community, the diligent and brave Pakistan people will prevail over the difficulties and rebuild their homeland at an early date.

6. Pak-China strategic friendship is above Himalaya. How you evaluate the different phases of our time-tested bilateral relations along with your suggestions to further strengthening of it?

China and Pakistan are closely linked with mountains and rivers and there has been a long history of friendly exchanges between the people. Since the ancient times, we have been good neighbors, close friend and trusted brothers.

Pakistan is among the first countries that recognized the People’s Republic of China. China and Pakistan officially established diplomatic relations in 1951, followed by positive measures adopted by our two countries to improve and develop the bilateral relations. During the Cold War when China was blocked and facing embargo by the West, Pakistan became the only bridge through which China reached out to the rest of the world. In the following years, with meticulous cultivation and kind attention of the leaders of our two countries, the China-Pakistan relationship stood the test of time and pressed ahead. Despite the volatile situation and profound changes on the international arena, the governments China and Pakistan along with their peoples have adhered to the Five Principles of Peaceful Co-existence, supported each other, shared weal and woe and woe, and further deepened the China-Pakistan friendly and cooperative relations.

The relations between us have continued to enjoy a sound and stable development in the recent years. Last year witnessed a robust and continued momentum of development of our strategic partnership of cooperation. Leaders of the two countries conducted frequent exchanges. Pakistan’s President Asif Ali Zardari and Prime Minister Yousaf Raza Gilani paid fruitful visits to China respectively, and China’s Vice Permier Zhang Dejiang and State Councilor and Defence Minister Liang Guanglie’s separate visits to Pakistan harvested great success.

The Chinese government and people over the years have been providing unselfish and unconditional help and support to Pakistan. During Pakistan’s President Zardari recent visit to China, both the countries signed a number of bilateral agreements including inter-governmental economic and technological cooperation and areas such as health, and agricultural. Currently the brotherly country is suffering from unprecedented flood which has inflicted huge loss of life and property of its people. China feels as much pain as our Pakistani brothers and sisters do and have offered a helping hand to them. We will continue to provide help and support to Pakistan to the best of our capability through various channels.

Apart from the achievements that we have jointly made over the years, we still have more potential to explore in terms of trade, investment, defence, people-to-people contacts and others. Next year will be the 60th anniversary of the establishment of diplomatic relations between us. Taking into account the special relations between our two countries and strategic partnership of cooperation, China will continue to adhere to the Five Principles of Peaceful Co-existence and other internationally recognized norms regarding state-to-state relations in developing its relations with Pakistan and will provide unselfish and unconditional support to Pakistan and its usually does. China is ready to work with Pakistan to take the opportunity of the 60th anniversary to further expand and enhance our existing cooperation and brotherhood and are committed to bringing our bilateral relations into a new height.

7. Would you please tell us bilateral trade volumes between Pakistan and China? Moreover, what are the main areas of mutual cooperation?

The two countries are important trade partners with increasingly interwoven economic and trade relations. Bilateral trade volume in the first five months of this year rose by 31 percent and Pakistan’s exports to China grew by 72 percent, as compared to the same period last year. Bilateral cooperation in such fields as energy, transportation, telecommunication and infrastructure continues to expand and deepen. There are thousands of Chinese engineers and workers in Pakistan who are working hard for the country’s economic development despite difficult conditions, which symbolizes the generosity and brotherhood of the Chinese people towards the Pakistani people. China will make renewed efforts to encourage qualified Chinese entrepreneurs to come to Pakistan and play their vital parts in Pakistan’s national building, economic development and social progress.

8. How you assess Pak-China military cooperation?

Military cooperation is an important component of China-Pakistan strategic partnership. In recent years, our two militaries have conducted all-dimensional and multi-level exchanges and cooperation in defence consultation, military personnel training, anti-terrorism exercises and etc. In the defence field, our two sides have cooperated successfully on Al-Khalid Tanks, JF-17 Fighters and F-22 Frigates and other important projects.

Our military exchanges and extended cooperation are self-defence in nature and aimed at improving our respective national defence capacity and fighting against the three evil forces i.e. extremism, terrorism and separatism, contributing to peace and stability of the region and development and prosperity of the world at large.

9. Pakistan is an energy deficit country. What are the main areas of energy cooperation and also briefly tell about Chinese companies’ contribution in this regard.

China-Pakistan energy cooperation mainly falls into electric power cooperation which started in 1983. Primarily the cooperation focused on hydropower and thermal power and later on nuclear power and wind power are included. The two countries have no cooperation in solar energy at the current stage.

The Chinese firms cooperating with their local counterparts in Pakistan are mainly Harbin Power Engineering Company Ltd., Dongfang Electric Corp., CWE, Sinohydro Corp., Zhongyuan Engineering Group, Gezhouba Group, CMEC, and CMC. Covering hydropower, thermal power, nuclear power, and electricity transmission and transformation, these companies have contracted approximately 40 projects in Pakistan worth more than $5 billion in accumulative terms. 28 of them have been accomplished.

10. What are the major ongoing Chinese projects relating to energy generation in Pakistan?

Major ongoing projects are Chashma Nuclear Power Plant II and the Neelum-Jhelum Hydropower Station. The Sardhi wind power project of Sindh province constructed by a Chinese firm will be completed by the end of this year.

11. What are your comments on Pak-China Civil Nuclear extended cooperation?

Recently China-Pakistan civil nuclear cooperation has drew immense international attention. Some countries have made irresponsible remarks on and raised objections to it. Some even went so far and threatened to boycott our cooperation in relevant international meetings. Actually, the cooperation is completely in line with our respective obligations of international non-proliferation. China-Pakistan civil nuclear cooperation, totally for peaceful purpose and subject to the safeguard and supervision of the IAEA, is a bilateral cooperation of mutual benefit in nature and does not target any third party. China always believes that sovereign countries are entitled to the rights of peaceful use of nuclear energy while complying with their international obligations of nuclear non-proliferation. China maintains that development of nuclear energy and relevant international cooperation should be conducive to strengthening the authority and integrity of the international nuclear non-proliferation regime.

12. What are the prospects of Pak-China energy cooperation?

China and Pakistan is highly complementary in energy cooperation. China has good experience, advanced technology and excellent expertise, while Pakistan enjoys abundant resources, competitive labour forces and other advantages. China takes full note of the energy deficit situation of our brotherly neighbour and will continue to provide support to and conduct mutually beneficial cooperation with Pakistan through a variety of channels to help overcome the difficulties, so as to contribute to Pakistan’s economic development and social progress.

Nov 252010
 

Ikram Sehgal

Rudyard Kipling’s 19th-century “Great Game” encompassed mostly the region mow comprising Pakistan and Afghanistan and adjacent areas. It remained an area of turmoil in the 20th century. The Soviet invasion of Afghanistan in 1979 and the subsequent events that led to the ouster of Soviet forces and the emergence of the Taliban in Afghanistan in the last decade of the past century brought things to a head.
Robert D Kaplan’s 13th book, Monsoon, expands the area of “the Great Game” in the 21st century and examines the role of the US in the Indian Ocean. The interested powers include China, Russia, India and the emerging countries at the rim of the Indian Ocean. The search for energy and its denial thereof are what drove Japan to battle in the Second World War. The 21st century “Great Game” still has oil and gas as objectives, but the primary riches are greater (and now definable), the untold wealth buried in the triangle where the borders of Pakistan and Afghanistan meet with Iran’s. Continue reading »

 Posted by at 10:56 am
Nov 242010
 

Mehmood-Ul-Hassan Khan

Despite ongoing global financial meltdown and increasing of public debts ratios around the world, UAE economy achieves sustainable growth. According to the latest Global Competitiveness Report by the World Economic Forum (WEF), UAE has been included in the most advanced stage of ‘innovation-driven economies’ in the world for the second consecutive year. The UAE also ranked 25 in the world for its competitiveness and it has been named among the top 10 countries in more than 18 indicators of competitiveness globally in the WEF report for 2010-2011. It has been decided on the 12 pillars include: institutions, infrastructure, macroeconomic stability, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market sophistication, technological readiness, market size, business sophistication and innovation. Moreover, the UAE has been ranked among the top 10 countries in more than 18 indicators of competitiveness globally, and has reached an advanced position among the 139 countries in the WEF report.

Initiatives of UAE

(a) Setting up of appropriate legislative frameworks
(b) Provision of developed infrastructure that will further enhance the country’s status as a regional and global destination for investments
(c) Legislative measures and drafting of new competition law
(d) Extended business and investment friendly policies of the government
(e) Economic diversification strategy

Quality of infrastructure

According the WEF report the UAE ranked third in the world for quality of infrastructure three positions ahead of its classification in last year’s report, and also ranked third in ‘government provision of high-technology products. The government of UAE plays very important role in achieving high standards of global competitiveness and furthermore the government’s commitment to the development of infrastructure and building new economic sectors based on innovation are also instrumental.

Positive business environment

WEF report ranks the UAE fourth in the world with regards to stability, security and its association with a positive business environment and ‘quality of infrastructure for air transport. Most recently, the UAE has been labeled the most ideal destination for the FDI in the world which is achieved under the visionary leadership of the UAE. UAE has the biggest Airport, biggest Cargo terminal and one of the most competitive airline in the region which has already gathered lots of appreciations and recognitions.

Goods market efficiency

The report also ranks the UAE sixth in the world with respect to goods market efficiency, four positions ahead of last year’s classification, and sixth in the world on the ‘quality of road infrastructure’, advancing from seventh position in last year’s report. The UAE maintained the sixth position in ‘foreign direct investment’ and ‘technology transfer’ indicators.

Federal Customs Authority (2010)

According to the primary statistical data of the Federal Customs Authority (July, 2010), the growth of non-oil trade volume of the UAE increased by 14 percent by the end of May 2010 compared with the same period in 2009. It was 52.075 billion Dirhams in last May to 59.604 billion Dirhams in May this year. Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade, highlighted the UAE pivotal role as a meeting point between the western economies and emerging Asian economies. Buoyed by a 71 percent growth in non-oil sectors, the UAE economy grew by 1.3 percent last year despite the world economic slowdown moreover; UAE non-oil foreign trade stood US$ 180 billion in 2009.

According to the statement of the central bank governor of the UAE economic growth would be in the range of 3 to 4 per cent this year which is reasonable under the current circumstances of the global economy. The UAE Ministry of Economy has forecast a gross domestic product, or GDP, growth of 2.0 to 3.2 per cent in 2010 based on oil price projections of $75 to $85 a barrel

Bright prospects of banking sector

In 2010, the UAE’s rank came in No 20 at the World Economic Forum in Davos, for the countries which have achieved the best financial development in 2009. Sultan bin Nasser Al Suwaidi, the governor of the Central Bank of the UAE said that the UAE economy is ‘resilient, with a 2.3 percent rise in bank lending last year, so there is no need for the government to inject more liquidity into the banking system. He further elaborated that the UAE’s banking system has not stalled as loans and advances went up 2.3 per cent in the year 2009.

According the latest report of the central bank of the UAE (2010), the overall performance of its banking sector is positive, stable and sustainable. Standard & Poor’s believes that the UAE authorities have a strong incentive, as well as willingness and capacity, to preserve the stability of their banking sector. For its part, Moody’s said it was unlikely the proposed Dubai World debt restructuring scheme would have “negative rating implications” on UAE banks.

Total assets

The recently data of the central bank shows that the total assets (net of provisions) of UAE banks increased to Dh1,554.4 billion in July from Dh1,538.8 billion. In July last year, total bank assets were valued at Dh1496.3 billion. According to the published data there is ample liquidity in the UAE banking system with the country’s banks cumulatively holding deposits worth Dh998.9 billion at the end of July. It also shows that bank deposits have been rising in 2010, a sign that investors’ faith in the country’s banking system is getting stronger.

Total deposits

Total deposits held by all UAE banks reached around Dh1 trillion for the first time in 2010, showing the return of investor confidence in the country. According to the data the total deposits, which stood at Dh968.1 billion in January, had risen to Dh985.4 billion by June. In July 2009, deposits were at Dh964.1 billion. Total deposits year-to-date increased by Dh16.3 billion while total loans during the first seven months increased by Dh7.8 billion.

Banks’ loans

The data indicated that the banks’ loans and advances (net of provisions) in July stood at Dh1025.5 billion, of which personal loans were at Dh215.1 billion. The July loans and advances figure was slightly lower than the June figure of Dh1025.6 billion. However, it was higher than the Dh1007 billion at the end of July 2009. Personal loans issued by banks increased by Dh2 billion to Dh215.1 billion by the end of last month, compared to Dh213.1 billion in the previous month. Personal loans increased by Dh5.3 billion during the year. Letters of credit fell by Dh3.2 billion to Dh107.6 billion by the end of last month.

UAE bank’s credit portfolio grew at the rates of 37.7 per cent in 2005, 36.1 per cent in 2006, and 34.3 per cent in 2007 and during the crisis year at 41.1 per cent. When the crisis hit, banks stopped extending credit to customers.”

Total investment

The central bank data revealed that the UAE banks’ total investment at the end of July was at Dh121.5 billion, higher than Dh120.4 billion in June and Dh117.4 billion at the end of July last year. Their specific provisions for non-performing loans in July stood at Dh37.3 billion, higher than Dh36.9 billion in June. The general provisions of the banks rose to Dh14 billion in July from Dh13 billion in June.

Money supply

The UAE Central Bank also said the country’s M1 money supply in July was estimated at Dh228.5 billion, while M2 was at Dh768.3 billion. M3 stood at Dh951.3 billion.

Inter-bank deposits

According to Governor central bank of the UAE inter-bank deposits of the UAE banking system constitute approximately 10 per cent of the liability and foreign inter-bank deposits constituting five per cent, which is a remarkable reduction as a result of increased reliance on customer deposits sourced within the UAE.

Concluding Remarks

United Arab Emirates has succeeded to achieve news skies of productivity, progress and macro-economic liberalization. The visionary leadership introduced integrated financial reforms which now transformed financial and banking sector of the UAE a vibrant, resilient and sustainable entity. Marco-economy indictors are strong, stable and moving in right direction. Prospects are very bright for rapid socio-economic growth in UAE in the days to come.

Nov 242010
 

* Non-EU skilled visas to be cut to 43,000 a year

* Issue divisive for Conservative-Liberal Democrat coalition

LONDON: Britain is to cap the number of skilled workers entering the country from outside the European Union at 43,000 a year, down 13 percent from 2009, but at the higher end of recent proposals, the BBC reported on Tuesday.

Additionally, staff transferred by companies from another country would be exempt from the cap if they earned more than 40,000 pounds a year, the broadcaster said. The BBC gave no source for its report, and officials were not immediately available for comment. Continue reading »

 Posted by at 9:26 am
Nov 232010
 

ALI SUKHANVER

“Go India! Go back! We want freedom!” the charismatically enchanting valley of    Srinagar was resonating with the ear-piercing slogans raised by the hundreds of protesters who had gathered there after the Eid prayers. The Indian security forces started firing shots in the air and used teargas to disperse the violent crowd but all in vain. The protesters transformed into a procession and proceeded towards the main city and ultimately started hurling stones at the police. So many injured, so many arrested .That is how the people of Indian held Kashmir celebrated their one of the most sacred religious festivals The Eid-ul-Azha on 17th of November 2010. The most pathetic event of the day was that the Chairman of All Parties Hurriyat Conference, Syed Ali Shah Geelani and Mirwaiz Umar Farooq were disallowed to lead Eid-ul-Azha prayers. These leaders condemned the action of the Indian government as a ‘blatant infringement of people’s religious rights’. The International Herald Tribune reports, ‘Authorities deployed thousands of troops in Srinagar to prevent a repeat of massive protests that hit the city two months ago on Eid-ul- Fitr.The commercial Lal Chowk area, where protesters hoisted Islamic and Pakistani flags during the last holiday, was sealed with barbed wire.’ Continue reading »

 Posted by at 8:45 pm
Nov 232010
 

Dr Ashfaque H Khan

Until 2007, Pakistan was regarded as one of the four fastest growing economies in Asia, the others being China, India and Vietnam. Goldman Sachs, an international investment bank, included Pakistan, along with Mexico, South Korea and Vietnam, in the club of the “Next Eleven” (N-11), on the basis of their potentials to emerge as major economic powers.
But in just three years, the Pakistani economy has ceased to be of interest to international forums.
At the recently concluded G20 Summit in Seoul, the United Nations Economic and Social Commission of Asia and the Pacific set up an experts’ group to present the Asia-Pacific perspective on the current global economic challenges,. I was one of the members of the group assigned the responsibility to prepare the views of the Asia-Pacific region. The group discussed the economies of countries including Bangladesh, Sri Lanka, Laos, Cambodia and Vietnam. Pakistan’s economy never made it to this particular discussion agenda. Continue reading »

 Posted by at 11:06 am
Nov 232010
 

Mehmood-Ul-Hassan Khan

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs is a man of letters. He is visionary with so many solutions to achieve regional peace and global harmony. He has pragmatic personality and always ready to produce sustainable results.

Most recently, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs of the United Arab Emirates delivered a remarkable well taught speech in the General Debate of the 65th Session of the UN General Assembly. It reflected the salient features, national priorities/interests, regional commitments and the last not the least international role of the UAE. It covered all the confronting challenges to the world at large along with its workable solutions.

Salient features

The well prepared and well executed speech pinpointed different challenges to international peace and security, strong and sustainable global economic recovery and hurdles to achievement of sustainable development. It covered the important topics of human survival on this planet i.e. attainment of the millennium development goals (MDGs), coping with the negative multiplier effects of climate change and responding to natural calamities. His speech also emphasized the importance of countering terrorism and regional instability, achievement of peace in the Middle East and the last not the least, non-proliferation of nuclear weapons and disarmament in the world.

Solutions

Wile addressing to the General Debate of the 65th Session of the United Nations General Assembly in New York he stressed the need to have a genuine political will, collective international integrated effort and relentless work in order to promote the principles and purposes of the UN Charter. According to him UN Charter upholds rules of international law, guarantee justice, and achieve common interests among nations, large and small.

United Arab Emirates Commitments

Within the Arabian Gulf region, and in the broader Arab world, the United Arab Emirates has sought to enhance cooperation and to resolve disagreement through dialogue. In his magnificent speech he reaffirmed the United Arab Emirates forward-looking role by increasing the effectiveness of multilateralism within the United Nations system and enhancing and improving its effectiveness and management of its work. UAE always supports responsible and serious efforts aimed at reforming the United Nations and its principal organs, including the Security Council, the General Assembly, the Economic and Social Council, as well as other specialised agencies and development programs. He further said that UAE also emphasized the importance of strengthening and developing cooperation between the United Nations and regional organisations. UAE acknowledged the role of the United Nations in the peaceful resolution of existing conflicts, in peacekeeping operations and preventive diplomacy and in promoting the culture of peace and international cooperation”, he further said.

UAE and Gulf region

During analytical speech he highlighted his country official stance on the different issues within the Gulf region and considered its security and stability as a vital priority of UAE balanced foreign policy reflecting the principles of the United Nations Charter and rules of international law of peaceful co-existence, consolidation of confidence building measures, good neighbourliness, mutual respect, non-interference in the internal affairs of states and resorting to peaceful resolution of existing disputes.

(a) Pakistan

Pakistan and the United Arab Emirates enjoy privileged relations at all political, economic and social levels. The strong foundation of such relations that are based on deep-rooted cultural affinities, common faith and trust was laid by late Sheikh Zayed bin Sultan Al Nahyan over the past four decades. It continues to be patronized by H.H. Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE and H.H. Sheikh Mohammed bin Rashid al Maktoum, Vice-President, Prime Minister and Ruler of Dubai.

He reassured UAE visionary leadership and the government’s commitment towards the stability of its brotherly country Pakistan which is an essential actor for the maintenance of security and stability in the whole region. He pledged to continue his country’s continued generous contributions especially within the framework of the Group of Friends of Pakistan in order to support the efforts aimed at achieving permanent development and stability. He identified different noble deeds of his country towards the wellbeing of needy poor people in the on going national crisis in shape of flood in Pakistan. He quoted that UAE launched a campaign, at the government and people levels, to support the Pakistani people to deal with the aftermath of the recent flood. UAE donated more than US$60 million, in addition to dispatching 3 military Chinook helicopters for transport and rescue he further added. In addition to that, the UAE as an important pioneer member of the Group of Friends of Pakistan, pledged to donate US$300 million during the Tokyo Conference.

(b) Peaceful Nuclear Program and non-proliferation

Foreign Minister highlighted the diversified but integrated policy initiatives by his country on the issue of peaceful nuclear energy program in order to meet its growing energy requirements in the future, rely entirely on the highest standards of transparency, nuclear safety and non-proliferation, and carried out under the supervision of the IAEA in full cooperation with the Agency and other friendly and responsible states with relevant experience in this field. He elaborated his country commitment to the requirements of non-proliferation finalized during the last Review Conference of the Parties to Non-Proliferation Treaty, and the balanced and responsible recommendations issued by the conference. Furthermore he reiterated UAE principled position which calls for making the Gulf Region and the Middle East a zone free of weapons of mass destruction, especially nuclear weapons. He called upon Israel to implement the resolution adopted by Parties of the Treaty to join the NPT unconditionally. He also urged Iran to fully cooperate with the IAEA and the international community in order to assuage regional and international fears and doubts raised on the nature of its nuclear program.

(c) Occupation of three UAE islands

He condemned the continued occupation of three UAE islands i.e. The Greater Tunb, The Lesser Tunb and Abu Musa by Iran and demanded the return of these islands under its full sovereignty, including their regional waters, airspace, continental shelf and their exclusive economic zone, as integral parts of the United Arab Emirates. He called upon the international community to urge Iran to respond to the peaceful and sincere initiatives of the United Arab Emirates, which call for a just settlement of this issue, either through direct and serious negotiations between the two countries or by referring the issue to the International Court of Justice to settle this dispute in accordance with the principles of the UN Charter and provisions of international law.

(d) Iraq

Minister of Foreign Affairs talked about the situation of Iraq. He said that his country is following with great interest the developments in Iraq. He reassured his country commitments for the progress and prosperity of the people of Iraq through comprehensive national reconciliation without any discrimination. He also reiterated the necessity to respect the territorial integrity, sovereignty and independence of Iraq, and to refrain from interfering in its internal affairs while safeguarding its Arab and Islamic identity.

(e) Arab-Israeli Conflict

Foreign Minister was of the opinion that achievement of peace in the Middle East and resolution of the Arab-Israeli conflict are instrumental to the entire region which could be achieved through ending the Israeli occupation of the Occupied Palestinian and other Arab Territories and its withdrawal to the line of 4 June 1967, including East Jerusalem, the Syrian Golan Heights and the remaining occupied territories in Southern Lebanon, in order to achieve a just and comprehensive peace in accordance with the resolutions of international legitimacy. He pledged the UAE support to the Palestinian National Authority and its people. UAE extended its support to the Palestinian people in their quest for achieving their national goals and restoring their inalienable legitimate rights. Moreover, he reinsured his country support to the Palestinian National Authority in the direct negotiations with the Israeli government based upon international legitimacy, the Road Map and the statements of the Quartet, in order to ensure that the international community, especially the United States, fulfill their commitments and promises towards establishing an independent and viable Palestinian State living in security and peace side by side with Israel. He welcomed the statement of H.E. Mr. Barak Obama, the President of the United States, before this General Assembly showing his strong commitment towards the achievement peace in the Middle East. He also strongly condemned Israeli brutal onslaught towards the innocent Palestinian people in shape of collective punishment policy and the inhumane blockade in Gaza. He demanded the stop of Israel settlement policy which caused many dimensional repercussions in the region.

(f) Security and solidarity with Lebanon

Foreign Minister declared his country’s support to the efforts of the Lebanese government towards achieving security, stability and national unity and called for respecting the sovereignty of the Lebanese state and for ceasing the repeated Israeli violations of the Lebanese airspace, waters, territories and regional safety in accordance with the Security Council Resolution 1701.

(g) Yemen

In his detailed and articulated speech he avowed UAE’s support to Yemen government as well its people alike in addressing the present challenges and problems. He showed his commitments towards the security and stability of Yemen and its territorial integrity and safety. He proudly mentioned that his country plays an effective role within the Group of Friends of Yemen. He urged the international community to stand by the government of Yemen and extend to it the necessary assistance and support, in order to enhance its capacity to fulfill the requirements of fighting terrorism, restoring security and achieving stability and development.

(h) Sudan

During his speech he endorsed the efforts and agreements reached between the Sudanese government and major actors in Darfur aimed at achieving a peaceful settlement leading to stabilisation of peace and security in the country, and advancing the process of development and reconstruction in the country.

(i) Somalia

He again called all Somali parties to settle their conflicts, put an end to the suffering of the Somali people and stop all acts of violence and hostilities, in order to pave the way for reconstruction and combating piracy in accordance with the vision agreed upon at the conference held in Istanbul last May. He mentioned the horrendous acts of piracy in the Somali coast lines, and in the Gulf of Aden, the Arabian Sea and the Gulf of Oman and termed it grave security threat to the regional countries. He stressed the need to have further effective regional and international cooperation to put an end to piracy.

(j) Afghanistan

In his speech the Foreign Minister proudly highlighted UAE’s contributions to Afghanistan, including financial contributions totalling 1.5 billion dollars since the Tokyo Conference 2009 till now. He also mentioned UAE extended support to the Afghan Government to restore security and stability in the country and alleviate the suffering of its people. He shared that his country will host an international conference by the end of October 2010 in Dubai to discuss ways and means of developing partnerships between private and public sectors to invest and execute development projects in Afghanistan. Moreover, he welcomed the declaration of Kabul Conference held last July, and called all parties in Afghanistan to cooperate in implementing that declaration.

Terrorism

He renewed UAE condemnation of terrorism in all its forms and manifestations, whenever and wherever. While he confirmed that terrorism does not recognise national boundaries or religions, he stressed the need to intensify regional and international efforts aimed at combating terrorism, implement relevant resolutions and recommendations issued by regional and international organisations and conferences, and reactivate the UN Global Strategy for combating terrorism.

(l) Climate Change

He rightly portrayed the multiplier effects of increasing ratios of climate change around the globe in shape of devastating earthquakes, hurricanes, floods, droughts and natural disasters. He stressed the importance of increasing international cooperation efforts in order to reach effective solutions to climate change before the forthcoming conference in Mexico. He also rightly demanded the necessary financial and technical support needed for enabling developing countries to address effectively the challenges of Climate Change. He also shared different meaningful steps taken by his country in the field of alternative/renewable energy under the preview of the Convention on the Establishment of the International Renewable Energy Agency (IRENA) to cope with the serious problem of climate change.

(m) Empowerment of Women

In the recent past, the UAE’s cabinet announced a charter “Vision 2021” which indicated its political leadership’s commitment to excel in each and every filed and achieve desired socio-economic goals.

In his well appreciated speech the Foreign Minister also focused on many global issues relating to empowerment of women and gender discrimination. He proudly shared UAE commitments and strategies for the empowerment of women in his society. He mentioned different legislations for the betterment of womanhood in UAE due to which women are playing their important part in macro-economy and social development.

(n) Human Trafficking

During his speech he attached great importance to the issue of human trafficking, and emphasised the need to strengthen our collective strategic efforts to control it because it has mar on the security and stability of human societies. He highly talked about the different laws and mechanism of his country to cope with this menace. Keeping in view the severity of this issue he stressed the need to have an integrated, coordinated global strategy to combat and protect against this phenomenon, and provide care, rehabilitation and raising global awareness of human trafficking in order to reduce its victims until complete elimination.

(o) Islamophobia

He supported and welcomed all the efforts made by international organisations and initiatives to promote the spirit of reconciliation, interfaith harmony, peaceful co-existence, and cooperation among all religions and cultures. He deeply expressed his country’s concerns over the growing Islamophobia and campaigns targeting religions, and moreover, emphasised the importance of building a genuine global partnership for opening channels of communication and understanding, spreading culture of peace, promoting acceptance of the other, respecting other religious beliefs and closing the way to those who spread hatred, humiliation, stereotypes, and hostility among the followers of different faiths. He appreciated the activities of the Alliance of Civilizations Forum and welcomed the holding of the fourth session of the Forum in Qatar next year to promote interfaith dialogue.

Nov 222010
 

Mehmood-Ul-Hassan Khan

United Arab Emirates is the prime example of marvelous socio-economic development in the world achieved in a very short span of time. It is one of the biggest socio-economic achievements of the United Arab Emirates that despite ongoing sever global economic recession and financial crunch, its macro economy maintained its sustainability and responded very well and increasing inflows of foreign investments and high levels of trade volumes verify it. Now, its economy has noticeable diversification, vibrancy and self-reliance. Non-oil trade has increased. Industrial production is continuously on the rise. Inflation is under control and the last but not the least consumer confidence is strong and stable which all indicate that new phase of economic development has been started.

The leaders of the UAE and Pakistan are committed for further strengthening of bilateral trade and commerce ties. In this regard, the 9th Pak-UAE Joint Ministerial Commission was held in 2007. Agreements on bilateral political consultations, establishment of Joint Business Council and protocols on cooperation in culture media were signed.

Visionary leadership of the United Arab Emirates, His Highness Sheikh Khalifa bin Zayed Al Nahyan the President, the Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and supported by the other members of the Federal Supreme Council play vey important role, due to which now the UAE is on the path of socio-economic glory.

Economic Development

Right from the beginning, the visionary leadership is keen to boost economic conditions of its people. They initiated many mega projects and effective policies and succeeded to achieve the desired goals. The UAE Government Strategy 2011-2013 and the UAE Vision 2021 are the two master piece policies of macro-economic development not confined only to social, cultural, health, schooling, infrastructure, communications, and rural development. Both major policies will deal the enhancement of collaboration between federal and local authorities, delivering high quality, consumers and customer satisfaction, good governance and human resource management.
The world economic crisis 2008 affected the Gulf economies and the UAE is not any exemption but immediate policy adjustments of its policy makers succeeded to lessen its multiplier economic ramifications. Now, the latest published reports of the IMF and WB verify its bright economic prospects and GDP may be in the range of 3.2 percent in 2010. Central Bank Governor Sultan bin Nasser Al Suwaidi projected GDP three to four per cent for the UAE in 2010.

(a) Foreign Direct Investments

UAE has become ideal country for foreign direct investments. UAE has attracted more than $73 billion in foreign direct investment (FDI) since 1971. Now it is the second top FDIs recipient in the region, according to UN statistics. Cumulative FDI flow into the UAE totaled around $73.4 billion, nearly 26 per cent of the combined foreign capital received by the six-nation Gulf Cooperation Council (GCC).

According to the data of SBP and BOI, the UAE is also one of the biggest investor in Pakistan. It was $228.6 million in 2008-2009 which reached to $248.6 million in the fiscal year 2009-2010. The portion of private sector needs to be revised and increased. Chambers of commerce of the two countries, Pak-UAE Business Council and person-to-person contact could be useful to boost further the trade volumes.

Period Amount US$ million
2005-06 1,424.5
2006-07 661.5
2007-08 589.2
2008-09 178.1
2009-2010 243.1
Source: SBP & BOI

Moreover, Energy, construction, telecommunication, oil & gas exploration, insurance, banking, aviation, food packaging, and hotels and agricultural would be preferred sectors of economy for seeking UAE FDIs in Pakistan. The Government of Pakistan has invited UAE’s public and private sectors to invest in energy sector, airline and infrastructure. Investments in agriculture, agro-based industries and hydro-power generation may also be beneficial to both the countries.

(b) Innovation-Driven Economy

According to the latest Global Competitiveness Report (2010) by the World Economic Forum, UAE has been included in the most advanced stage of “innovation-driven economies” in the world for the second consecutive year for its technological readiness along with others pillars of WEF. Moreover, UAE ranked “third” in “government provision of high technology products”. Again, according the latest report of the WEF (2010) UAE ranked “third” in the world for quality of infrastructure. UAE has biggest Airports, biggest Cargo Terminal, Tallest Buildings, and other wonders of the modern age. Moreover, the UAE has been ranked among the top 10 countries in more than 18 indicators of competitiveness globally, and has reached an advanced position among the 139 countries assessed by the WEF report.

Prosperous Country

According to the London-based Legatum Institute (September, 2010), the UAE is the top-ranking Middle Eastern country on the Prosperity Index by taking into account both economic growth and citizens’ quality of life.

(c) Second Largest Economy in the Region

According to Sultan Bin Saeed Al Mansouri, Minister of Economy, despite the UAE’s small size and population it has the second largest Arab economy in the region where the gross national product reached Dh914.4 billion in 2009 and is confidently expected to cross the one trillion dirham mark by the end of 2010.

(d) Diversification of Economy

The key macro-economic indicators of the UAE provide clear evidence of the success of its government’s policy of economic diversification. In 1971, 70 percent of GDP came from the oil and gas sector, but in 2009, despite much higher oil prices and much higher oil production, supplemented by gas production, this sector contributed only 29 per cent of GDP. According to Abu Dhabi Statistical Book (2010), non-oil exports totaled Dhs9.5bn, with key goods being plastics and basic metals, which constituted 65 percent of the total. Re-exports in 2009 were valued at Dhs8.7bn. The Ministry of Foreign Trade (September, 2010) revealed that the UAE has been the top global re-exporter of rice over the past 5 years (2005 – 2009).

Period Imports US$ million Change % Exports US$ million Change %
2005-06 3,405,563 19.83 1,312,757 99.96
2006-07 2,769,091 5.51 1,385,082 18.69
2007-08 3,413,527 49.52 2,070,953 23.27
2008-09 3,159,742 29.02 1,469,990 43.00
Source: SBP and BOI

In recent years, Pakistan has increased its non-non-traditional exports items up to 67 percent followed by 35 percent from textile manufacturers and four percent from other manufacturers. Petroleum, petrochemical products, iron ore, scrap-plastics, chemical products, non-ferrous metals-machines, spare parts of cars ships and boats. Nylon textiles, silk & wool, rice, cotton, crochet-dye, textile-treatment requirements are the important commodities of imports and exports between the two countries. Joint ventures in energy production especially in hydro-power and alternative energy projects would be productive for Pakistan. Cooperation in corporate agricultural farming, dairy farming and livestock, financial sector, housing would also be helpful for Pakistan.

Effective Monetary and Fiscal Policies

Thanks to the policies taken by the government such as guaranteeing bank deposits and pumping in Dh120 billion to support the banking sector, the United Arab Emirates’ national economy has proven its strength and competence in dealing with the repercussions of the economic crisis. Furthermore, the UAE ranked 20 at the WEF (2010), for the countries which have achieved the best financial development in 2009. Sultan bin Nasser Al Suwaidi, the governor of the Central Bank of the UAE, that its country’s banking industry is strong and stable. According the latest report of the central bank of the UAE (2010), the overall performance of its banking sector is positive, stable and sustainable. Standard & Poor’s believes that the UAE authorities have a strong incentive, as well as willingness and capacity, to preserve the stability of their banking sector. For its part, Moody’s said it was unlikely the proposed Dubai World debt restructuring scheme would have “negative rating implications” on UAE banks. Total deposits held by all UAE banks reached around Dh1 trillion for the first time in 2010.

UAE and Pakistan could extend their mutual cooperation in banking and especially in Islamic banking for the mutual benefits of both the countries.
Steady Progress in Millennium Development Goals (2015)

The leaders of the UAE have already initiated diversified but integrated policy measures to achieve its MDG (2015). All the positive indicators in education, health, housing and social welfare indicate that the UAE is rightly placed on the right path to achieve all the MGDS before 2015. They have introduced effective and people friendly policies to increase employment opportunities. They have adopted holistic strategies to provide every possible basic necessities of life to its people. They have relaxed its immigration policies for the benefits of many developing countries around the world.

Selected MGDs

MGDs indicators UAE Achievements
Universal Primary Education
The net enrolment rates for grades 1-5 is 98 percent in 2005, which suggests 100% target ratio is achievable by 2015. The literate rate of 15-24 years is 98.55 percent in 2004. The number of government schools has increased from 1256 in the 2007-2008 to 1350 in the 2008-2009 with the number of students increasing from over 600,000 to more than 700,000. The number of accredited universities and institutes, both government and private, having reached 64.

Reduce Child Mortality In 2006, there were 33 government hospitals in the country. In 2009, the number had increased to 40. There are 115 primary health care centres, 67 health centres and 11 primary school health centres in the UAE. It is ranked No. 1 in the Gulf region by providing all possible health care facilities, medication to its people.


Ensure Environmental Sustainability
It has already initiated effective policy measures to protect the environmental sustainability
Women Empowerment According to the recent report of the World Economic Forum (September 2010) on gender gaps the UAE has gained first position in the region and has moved up nine places in gender equality.

Concluding Remarks

Keeping in view the latest reports of International Monetary Agency, World Bank, Global Competitiveness Report (2010) by the World Economic Forum and many others internationally reputed credit agancies, it is crystal clear that macro-economy of the UAE is strong, stable and sustainable. Its society is articulated and educated and enjoys with all the possible facilities of education, health, housing and law and order. Its culture is dynamic with full of life which combines traditions with modernity. It has become hub of foreign direct investments, trade, service sector and tourism. It is hoped that successful implementation of Government Strategy 2011-2013 and the UAE Vision 2021 would bring all the desired results in the days to come.

Nov 212010
 

* Containing inflationary pressure major objective of monetary policy

* Current account deficit expected to widen during FY11

State Bank of Pakistan (SBP) reforms are aimed at phasing out role of institutional investors in National Saving Schemes, review of the Export Finance Scheme (EFS) and Long-Term Financing Facility (LTFF), so as to ensure removal of distortions by narrowing the difference of interest rates on subsidised schemes with the market interest rates and making them more focused to achieve objectives for which they are created. Continue reading »

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