In This Bulletin

February, 2014 - Volume: 2, Issue: 2

Pakistan needs seven percent growth rate for survival: FPCCI IN THIS BULLETIN Pakistan likely to get a boost in textile exports to EU under GSP Plus Foreign companies invest $2.02bn for oil and gas exploration Economy News 1-14 Dutch Ambassador for diversifying Pak’s exports to EU 3G auction can add billions of dollars to national GDP Humanitarian Organizations’ 15 Foreign investors urging Govt to relax PPRA rules’ Interventions Wave of terrorism dangerous for Pak economy: IMF Dar assures OICCI of Government support Forex reserves drop to $8.1bn SPI Average Prices-Jan 2014 16 Trade issues discussed with India FBR rejects refund claims on Afghan exports Economic Profile - Quetta 17-19 FDI drops by 26pc in first half of FY14 Mobile phone users pay over Rs. 91bn tax in three years Economy to remains luggish this year: SBP Articles 21 Tax directory to be released on Feb 15: Dar Pakistan's central bank forecasts upbeat 4pc growth Maps 20,22,24,26,28 Rs. 281.439mn released for Industries Division PM Youth Business Loan Programme to benefit 0.6mn families Urdu News 25-33 Karachi’s inflation lowest in December Remittances rise to $7.79 billion Government expanding economic pie for high tax collection Economic Directory 34-39 Public debt to reach 66pc of GDP in 2014, warns IMF ECONOMIC SITUATION OF THE HOUSEHOLD BANKING SECTOR ASSETS IN GCC COUNTRIES MAPS ISLAMIC BANKING BRANCH NETWORK UNEMPLOYMENT STATISTICS - PAKISTAN LOAN DISBURSED BY ZTBL

ECONOMIC SITUATION OF THE HOUSEHOLD

45 40 Economic Situation of the Worse Household 35

30 Hunza Nagar Punjab Ghizer Chitral ± 25 Sindh Gilgit 20 Diamir Khyber Pakhtunkhwa Skardu Kohistan 15 Upper Dir Swat Ghanche Balochistan Astore Lower Dir Shangla Neelum 10 Batagram Bajaur agency Mansehra Malakand P.A Torgher 5 Mohmand Agency Buner Mardan Muzaffarabad Charsadda Hattian Swabi Abbottabad 0 Peshawar Haripur Bagh Khyber Agency Nowshehra Haveli Economic Situation of the Better Household FR Peshawar Poonch Kurram Agency Worse Worse Better Better Orakzai agencyFR Kohat Islamabad Sudhnoti Indian Occupied Kashmir Attock Urban Rural Urban Rural Hangu Kohat Kotli Rawalpindi Mirpur Karak FR Bannu Bhimber Hunza Nagar N. Wazirastan Bannu Chakwal Jhelum Average Number of Earners Ghizer Mianwali Gujrat Chitral FR Lakki MarwatLakki Marwat FR Tank Per Household by Province Mandi Bahauddin Sialkot S. Wazirastan Gilgit Tank Narowal Khushab Gujranwala Sargodha (Quintiles) Hafizabad Diamir D I khan Skardu Kohistan Sheikhupura Upper Dir Swat Ghanche Province Year 2010-11 Year 2011-12 Bhakkar Chiniot FR D.I.Khan Astore Sheerani Nankana Sahib Lahore Punjab 1.9 1.91 Zhob Faisalabad Lower Dir Shangla Neelum Batagram Jhang Bajaur agency Mansehra Kasur Malakand P.A Sindh 1.86 2.1 Layyah Torgher Killa Saifullah Mohmand Agency Buner Musa Khel T. T Singh Percent Distribution of Pishin Mardan Muzaffarabad Killa Abdullah Okara Khyber Charsadda Hattian 1.59 1.63 Abbottabad Sahiwal Household Peshawar Swabi Pakhtukhwa Ziarat D G khan Khyber Agency Haripur Bagh Muzafargarh Khanewal Nowshehra Haveli Loralai Pakpattan Quetta FR Peshawar Poonch Harnai Kurram AgencyOrakzai agency Islamabad Sudhnoti Indian Occupied Kashmir Balochistan 1.65 2.19 Multan <= 7 FR Kohat Vehari Barkhan Attock Hangu Kohat Kotli Mastung Rawalpindi Lodhran Bahawalnagar 6.89 - 22.07 Mirpur Kohlu Karak Sibi FR Bannu Nushki Bhimber N. Wazirastan Bannu Chakwal Jhelum Kachhi 22.07- 33.17 Rajanpur Mianwali Gujrat Kalat FR Lakki MarwatLakki Marwat Chagai Dera Bughti FR Tank Mandi Bahauddin Bahawalpur Sialkot 33.17 - 49.16 S. Wazirastan Tank Kharan Khushab Gujranwala Narowal Nasirabad Sargodha Jhal Magsi Hafizabad R Y khan Jaffarabad 49.16 - 83.04 D I khan Jacobabad Kashmore Sheikhupura Bhakkar Chiniot FR D.I.Khan Shikarphur Sheerani Nankana Sahib Lahore Ghotki Zhob Washuk Faisalabad Percent Distribution of Shahdad kot Jhang Larkana Kasur Khuzdar Sukkur Killa Saifullah Layyah Musa Khel T. T Singh Household Pishin Killa Abdullah Okara Sahiwal Dadu Naushahro Feroz Ziarat D G khan Khairpur Muzafargarh Khanewal Panjgur Loralai Pakpattan <= 5 Quetta Harnai Multan Vehari Barkhan S. Benazirabad Mastung 4.22 - 11.02 Awaran Lodhran Bahawalnagar Sibi Kohlu Kech Sanghar Nushki Lasbela Matiari 11.02 - 19.00 Jamshoro Kachhi Rajanpur Kalat Gwadar Chagai Dera Bughti HyderabadT. Ayar Umerkot Mirpurkhas Bahawalpur 19.01 - 28.57

Karachi Kharan Nasirabad T. M Khan Jhal Magsi R Y khan Jaffarabad 28.57 - 59.75 Tharparkar Jacobabad Kashmore Badin Thatta Shikarphur Ghotki Washuk Shahdad kot Larkana Khuzdar Sukkur Percentage Of Monthly Consumption Expenditure Average Household Size by Province Naushahro Feroz Dadu Khairpur by Commodity Groups Panjgur (Quintiles)

COMMODITY GROUP Urban- Rural- Total- Urban- Rural- Total- S. Benazirabad 2011 2011 2011 2012 2012 2012 Awaran Province Year 2010-11 Year 2011-12 Kech Sanghar Food, drinks & tobacco 41.08 54.71 48.91 38.15 50.58 45.01 Lasbela Jamshoro Matiari Punjab 6.16 6.08 Food & Nonalcoholic Beverages 38.98 52.44 46.71 35.71 48.21 42.62 Sindh 6.39 6.55 Gwadar Umerkot Alcoholic beverages &Tobacco 0.79 1.26 1.06 0.81 1.32 1.09 HyderabadT. AyarMirpurkhas Khyber Restaurant & Hotels 1.32 1.01 1.14 1.61 1.05 1.3 Karachi 7.17 7.22 T. M Khan Pakhtukhwa Clothing & Footwear 4.66 5.45 5.11 5.11 6.19 5.71 Tharparkar Badin Balochistan 7.08 8.53 Housing (rent & other costs) 28.1 16.68 21.54 26.52 16.65 21.09 Thatta Housing 21.04 8.67 13.98 19.63 7.91 13.18 Water, Electricity ,Gas & other fuels 7.06 8.01 7.6 6.89 8.74 7.91 Furnishing & Household equipment 7.03 7.48 7.29 8.35 8.95 8.82 Maintenance Disclaimer Transport & communication 8.87 7.13 7.87 9.3 8.01 8.58 Data Source: Transport 6.69 5.51 6.01 6.97 6.16 6.52 Copyrights Reserved. This map is compiled and produced by ALHASAN Systems Private Limited Pakistan Social and Living Communication 2.18 1.62 1.86 2.33 1.85 2.06 [www.alhasan.com] and is brought to you free Standards Measurement (PSLM) of cost for informational purposes only. Recreation & Culture 0.83 0.23 0.48 0.88 0.27 0.54 The product might have not been prepared fo Education 4.82 2.51 3.49 6.58 3.36 4.8 r or be suitable for legal, engineering, or surveying Miscellaneous Goods & Services 2.44 2.65 2.56 2.5 2.44 2.47 Kilometers purposes.For further details and metadata information please call ALHASAN Systems at Health 2.18 3.19 2.76 2.54 3.55 3.1 0 37.5 75 150 225 300 375 +92.51.486.5064/ 843.7324 or email at [email protected].

This bulletin is the result of a collaborative effort between ALHASAN Systems Private Limited and Information Management & Mine Action Programs [iMMAP].

Should you have any question or require further details and Metadata information please contact at +92.51.486.5064/ +92.51.843.7324 or email at [email protected]. www.immap.org

NEWS HEADLINES DETAILS Dar assures OICCI of Govt. ISLAMABAD - Overseas Investors Chambers of Commerce (OICCI) President Kimihide Ando support on Wednesday said that Mitsubishi Corporation was exploring new avenues for expanding its The Nation,30thJan 2014 business and enhancing investment in Pakistan. He said this while talking to Finance Minister Senator Mohammad Ishaq Dar. While talking to the President OICCI, the finance minister thanked the president and members of OICCI for showing their confidence in the economic policies of the government. The minister said that the government would facilitate overseas investors in every possible manner as part of its policy to encourage foreign investment in the country. Earlier, Finance Minister Senator Mohammad Ishaq Dar held a meeting with representatives of oil marketing companies and oil refineries. The present government, Dar said, was engaging with oil companies as part of its policy to ensure that essential items like oil are available to the industry as well as for common use without any interruption. The minister was informed that the present stock of oil in the country was enough for 30 days. In another development, Ishaq Dar chaired a high level meeting at the finance ministry to enhance trade relations with Russia. He stressed that all outstanding financial issues including the claims of Pakistani businesspersons be settled at the earliest for furthering of bilateral ties. It was agreed that the Ministry of Commerce and Foreign Affairs would engage with the Russian Federation to achieve concrete progress as early as possible.

3G auction can add ISLAMABAD: It is a widely recognized reality that broadband infrastructure contributes billions of dollars to towards economic growth of a country and significant amount of job creation. Pakistan without national GDP 3G services was left with aging copper media to cope with broadband needs of the country th while WiMAX operators could not fill the gap while EvDO technology can be termed as smooth Business Recorder, 29 Jan 2014 enough to entirely replace the fixed broadband technology. This whole proposition resulted into mere around 3 million broadband connections in last one decade against 129 million cellular subscriptions during the same duration. According to Pakistan Telecommunication Authority (PTA) data, the number of Broadband Internet users in Pakistan increased from less than 27,000 in 2005-06 to around 2.72 million subscribers and 30 percent growth during 2012- 13.The penetration level remains low at 1.52 percent. However, the remarkable growth of wireless technologies is an encouraging sign for the sector as major player Pakistan Telecommunication Company Limited (PTCL) invested a lot and it is currently leading the broadband market by a long margin with its EvDO services. With upcoming 3G spectrum auction a large population will be able to transition towards broadband services through high- speed wireless data networks. This is a trend that is followed in various markets as well. According to different reports, 3G broadband penetration has exceeded fixed line broadband in almost every market. A recent report by Plum Consulting anticipates that Pakistan is set to achieve at least 10 percent broadband penetration (or 20 million broadband connection) by 2018 if 3G is auction in 2014.These estimates are based on low-demand forecast while with high demand forecast, broadband penetration in Pakistan can go up to as high as 16 percent or 30 million broadband connections by 2018 if 3G is auctioned in 2014.With regard to positive impact on GDP, economic studies have proven the fact that there is a positive relationship between broadband penetration and GDP growth. This is true for both developed and developing markets. Different researches have established that impact of a ten percentage point increase in broadband penetration on GDP growth rates range from 0.1-1.5 percentage points, with higher impacts found in lower income countries like Pakistan. If we carry a conservative estimate of 0.5 percent impact on GDP and assume that impact will last for 3 years then Pakistan's current GDP will increase by Rs. 40 billion in one year after 3G auction, while another Rs. 105 billion increment after second year of 3G auction and Rs. 210 billion during the third year of 3G auction. The estimates suggest next generation networks are expected to add Rs. 380 billion to Rs. 1,180 billion to national GDP during next few years till 2020. Not to mention, these figures exclude the auction money that Pakistan is going to generate through 3G.Regarding increased employment, same report and experts opinion indicate that over 900,000 new jobs will be created if 3G is auctioned right away. These jobs will span around various sectors including telecom, services, advertising, outsourcing and others. The increased taxes arise as a result of the general stimulus to economic activity i.e. they derive from taxes paid by all sectors of the economy, especially the data services. The estimates also suggest that government would be able to generate addition taxes of at least Rs. 29 billion and at most Rs. 71 billion from various sectors after 3G auction. If we talk about socio-economic benefits, Broadband is an enabler which will enhance the provision of education, health and government services in Pakistan by reducing delivery costs and improving service availability. A senior official at PTA said with access to broadband will entirely change the way we do our business, financial and private transactions, adding that the way "We interact with each other or the way we find our addresses, everything will be reshaped. “Moreover, smartphones with increased computing abilities are going to lessen the efforts and hardships we come across in our daily routines. “From the way we pay our bills to the way we register our complaints with utility companies will all go digital," the official added. The official said in addition, low cost and flexible access to IT resources, such as file storage, software and databases, can be accessed using cloud based services. Assume a system with centralized database and reporting of corruption or registration of complaints from general public will make the lives easier, simpler, efficient and more productive. Access to broadband technology and the internet would provide specific benefits to women enabling access to education and health resources and ways of generating income within their homes. Many of the benefits from using broadband to deliver health and education services are not reflected in GDP estimates mentioned above as they occur over a long timescale (e.g. the benefits of better primary and secondary education can take 10 or more years to be realised in labor force

productivity) and because they are about improving aspects of quality of life which are not captured by GDP measures. A telecom expert said all of the above benefits will be reaped if one condition is met - we do the 3G rightly as a deeper and proper planning is what we require at this point in place. Only setting the auction price rightly, taxing the services rationally and regulating the operators finely will yield all the benefits that we have mentioned. Governments naturally would want to make more money with the spectrum auction, which is fine and understandable. But there is a very thin line between getting the maximum out of auction money and going over-priced. The authorities will have to be very accurate in terms of determining the bread limit of telecom companies to make sure they are left with enough resources to enable the consumers will services too. Same goes for taxing on telecom sector. Telecom sector is going to become the back-bone of national economy and hence a proper attention and rational taxing would be a heroic leap not only to meet the targets but to sustain the development in the sector.

Security cost of doing Until the end of the last fiscal year, the government had been estimating the cost of the war on business terror since it became a part of Pakistani lives in 2001 at $100 billion. It generally estimated Daily Dawn, 28thJan 2014 direct and indirect costs in the form of export loss, damage to physical infrastructure, decline in foreign investment, failed privatization; drop in manufacturing and tax collection, and project cost overrun due to delays. What these estimates did not take into account is a permanent additional cost for public affairs and development, and for private businesses to run normal operations. Although there has been no formal study yet on a national level to find the real picture, the cost of making security arrangements for any business or operation has been estimated at somewhere between 0.5-2 per cent of the total project cost, putting an additional burden on the cost of doing businesses. According to a senior official of the planning commission, it is difficult without proper research to ascertain the additional security cost. General feedback from the market and in-house project preparation and execution suggested the cost varied in different provinces, and within its various parts. Bidders are now factoring in security costs in their bids, which was not a common thing in the recent past, he said. The additional security cost, he said, was because of many factors, directly or indirectly associated with the overall security situation in the country in the post-9/11 period, including militant threats, suicide attacks, kidnapping for ransom, bhatta collection by armed gangs and street crime. In his view, it would not be advisable to specifically pinpoint the areas and the different kinds of security arrangements that the government and private businesses make to ensure smooth operations, because this could help ‘the enemy within and compromise already volatile security arrangements’. From the national project implementation perspective, it is estimated that security arrangements eat up around two per cent of a project’s cost in some parts of Baluchistan and Khyber Pakhtunkhwa. In some parts of Punjab and Sindh, including Karachi, it varies between 0.7-1.5 per cent. Even in relatively peaceful areas like Azad Kashmir, the government is spending more than 0.5 per cent of the total project cost to make dependable security arrangements. While high value projects and strategic infrastructure installations remain potential targets for terrorists, their additional security cost is on the lower side as the government normally makes security adjustments while remaining within its limited resources. It is the private sector that is building up the costs of security into the overall business expense and prices. According to Lt Gen. (retd) Mohammad Zubair, who is the chief executive officer of the Neelum Jhelum Hydropower Project in Azad Kashmir, additional security arrangements have increased the project’s cost by about Rs1.4 billion, or about 0.52 per cent of its total cost of Rs274 billion. This was not envisioned in the project’s original feasibility in 2002. The project cost was originally estimated at Rs85 billion in 2002, but various factors, including security arrangements, increased it to Rs275 billion by 2012.Another Rs37 billion in losses came in the form of actual foreign exchange losses partly contributed by 9/11, besides Rs18 billion due to an increase in the cost of machinery and equipment. A further Rs34 billion in additional cost was because of interest cost on local and foreign loans during construction because of adverse environment, said the planning commission official. He added that a special force of 250 personnel had been deputed to secure the area for over 2,000 engineers — mostly foreigners; a majority of whom are from China.Another official said the government raised a special wing of the Frontier Constabulary, comprising about 600 highly trained and armed personnel, in 2010 to secure the Zin Exploration block in Balochistan, after state-run Oil and Gas Development Company Limited threatened to give up the area due to security reasons in 2009. The company has made some discoveries since then. “When we start discussing handing over any infrastructure project, even to businessmen of friendly countries like China and Turkey, their enquiries start from security arrangements and the cost for it,” said a senior official who is involved in seeking foreign investment.

Pakistan needs seven KARACHI: Pakistan’s economic condition is on the verge of collapse and in order to survive, it percent growth rate for needs a growth rate of seven percent over the next few years as against the present three to survival: FPCCI four percent, reads a paper prepared by the Federation of Pakistan Chambers of Commerce th and Industry (FPCCI).FPCCI has presented this study to the government in response to the The News 26 Jan 2014 Vision 2025 prepared by the Planning Commission for the revival of the economy. The report has been prepared by the Research and Development wing of the premier trade body of the country and says that future challenges can only be safeguarded against if the country has a double digit growth rate. The paper states that the average growth rate of 5.1 percent during the past decade will not help resolve poverty, unemployment and other problems of Pakistan as no visible trickle-down effect is possible at the presently anaemic GDP growth rate.“If this rate prevails for the next few years, it may create malnutrition problems as already 60 percent of the total population is living below poverty line at present,” said Dr. Ayub Mehar, who is the director general of FPCCI’s research wing.He said that the IMF, World Bank and other

international organisations had recommended seven percent growth rate for Pakistan to reduce the economic miseries of the people by the operation of the trickle-down effect.The FPCCI recommends that all efforts and targets including the tax-to-GDP ratio, the budget deficit as a percentage of GDP as well as growth in investment, money supply and export targets should be tailored to achieving seven percent GDP growth rate. “It is a requirement for survival that should not be compromised,” the paper said.The GDP growth rate in fiscal year 2013 was 3.6 percent, which was below the targeted rate of 4.3 percent. The State Bank of Pakistan (SBP) in its recently released annual report predicted that the government would fall short of the targeted growth rate of 4.4 percent set for fiscal year 2014. Mehar said that the present growth rate may not be sustainable in the long term for the country, which may default on its international obligations. “[With this], no money will be left for opening letters of credit for imports and the international community will also not come to our rescue,” said Dr. Mehar, who is also among the top five economists of the country. The Economic Growth Framework prepared by the Planning Commission has also identified seven percent as the GDP growth rate that is required to absorb the growing population. However, the FPCCI paper said that about 10 to12 percent rate of growth is required to revive the economy. “This will ensure that the economy of Pakistan turns around to the point it was before 1990 in term of per capita income in the region,” the research paper said. The FPCCI paper said that the present fiscal policy failure was an outcome of the clashes and interests, which should be discouraged in future.In the present conditions, foreign assistance and external debt will not be feasible options for the country, it added. The government has been recommended to undertake development projects funded by foreign direct investment inflows in which investment by ex-pats will be an attractive option. The FPCCI has proposed financial liberalization, which would be a soft option for resource mobilization to rehabilitate deteriorating infrastructure. Over the long term, the FPCCI suggests regional economic integration that could be a key for a sustainable source of economic prosperity. The report suggests changes in planning as past polices have resulted in the present economic crisis. The FPCCI has also criticized the “six regimes of planning in Pakistan”: conceptualization; foreign influence; ad holism; construction of social accounting matrix and macroeconomic models by the Planning Commission; PCI and PCII culture; and ineffective organs. “Planning in Pakistan is based on the nexus of foreign influence, ideology and feudalism,” the FPCCI report said. To achieve the desired level of economic growth, the FPCCI recommended private-sector led growth through incentivizing innovation, quality and productivity enhancement.

Dutch Ambassador for KARACHI: Ambassador of Kingdom of Netherlands, Marcel de Vink said on Saturday that it is diversifying Pak’s exports right time for Pakistani business community to diversify their exports to European Union and to to EU fully benefit from EU's GSP-plus scheme granting duty free access for Pakistani goods to the th European Union markets.In a call-on session with office bearers and Managing Committee Business Recorder, 25 Jan 2014 members of Karachi Chamber of Commerce and Industry (KCCI) here at the Chamber , the Ambassador said the trade volume between the two countries stood at dollars 800 million." I will be striving to ensure that the existing trade volume reaches dollars one billion during my stay in Pakistan as the Netherlands Ambassador," he added. President KCCI Aamir Abdullah Zaki, Vice President KCCI Muhammad Idrees, Chairman of KCCI's Diplomatic Affairs Sub- Committee Abdul Jabbar Dalal, Chairman of KCCI's Law and Order Sub-Committee , Haji Asif Chamdia, Zafar Saeed Baghpatee, Ateeq-ur-Rehman, Agha Shahab Ahmed Khan and others were present. Honorary Consul General of Kingdom of the Netherlands in Karachi, Tarek M. Khan and Commercial Officer, Peter A. Felix accompanied the Ambassador. Ambassador of the Netherlands said that efforts were being made to encourage Dutch companies to invest in Pakistan." We would like to do more for Pakistan and encourage people to see for themselves what Pakistan offers ," he said adding that Pakistan needs to focus on effectively dealing with some of the serious challenges being faced by the country today ; particularly the law and order situation, economic instability and the negative perception about Pakistan." Any bad news coming out of Pakistan along with economic instability scares people away," De Vink remarked. He said that trade volume remains almost balanced between Pakistan and the Netherlands, which is a good sign but it was his country's desire to further enhance imports from Pakistan which are likely to improve due to GSP-plus status to Pakistan. The Netherlands Ambassador, referring to Karachi city's bustling commercial and trading activities , said Karachi city is undoubtedly the most vibrant city of Pakistan which holds immense potential and offers substantial investment opportunities. Marcel de Vink said that during his stay, he will be working on four areas including energy, water, logistics and agriculture as many companies in the Netherlands are keen to do business in these sectors. A delegation from the agriculture sector of the Netherlands, which will be headed by the Vice Minister of the Netherlands, will soon be arriving in Pakistan to explore Pakistan's trade potential and investment opportunities available in the agriculture sector of Pakistan. For enhancing business-to-business and chambers-to-chambers interaction between Pakistan and the Netherlands, the Ambassador advised KCCI to arrange a small delegation to the Netherlands so that they could enhance interaction with various chambers in the Netherlands and explore ways and means for undertaking joint ventures. Exchange of delegations can certainly pave way for enhanced trade relations between the two countries, he said. Speaking on the Netherlands and Pakistan's relations, he said that both countries are enjoying excellent relations since 1948 when Netherlands opened its Embassy in Pakistan. He recalled that Pakistan actively extended support to help the flood victims in the Netherlands in 1953 whereas the Netherlands also came forward and supported the victims of devastating earthquake suffered by Pakistan in 2005 and the floods in 2010 that clearly indicates the strong solidarity between the two

countries. Honorary Consul General of Kingdom of the Netherlands in Karachi, Tarek M. Khan appreciated KCCI for playing the role of a bridge and extending continuous support to the Netherlands Consulate from time to time which has helped a lot in strengthening trade ties between the two countries. President KCCI Aamir Abdullah Zaki briefed him about KCCI's functioning and its vibrant role in promoting trade ties with many countries around the world. He requested the Ambassador to play his role not only in enhancing trade ties between the two countries but also clarifying the negative perception about Pakistan as the law and order situation was not as worst as being exaggerated by the media. Aamir Abdullah Zaki particularly appreciated Kingdom of the Netherlands for always supporting and voting in favor of Pakistan in EU's decision to grant GSP-plus. Vice President KCCI Muhammad Idrees informed the Ambassador about KCCI's " My Karachi : Oasis of Harmony " exhibition-2014 which will be held in a vivid manner and it is expected to witness around one million visitors.

Forex reserves drop to KARACHI: Pakistan’s total liquid foreign exchange reserves depleted by $148 billion to $8.168 $8.1bn billion during the week ended January 17 from $8.316 billion a week ago, the State Bank of The News,24th Jan 2014 Pakistan (SBP) reported on Thursday. The official reserves held by the SBP stood at $3.322 billion, showing a decrease of $145 million over the previous week. The decline in the reserves of the SBP was attributed to $59 million paid on account of external debt servicing and other official payments. Foreign currency reserves held by commercial banks amounted to $4.846 billion.

Pakistan likely to get a KARACHI: Pakistan is likely to get a boost in textile exports to the European Union after boost in textile exports to attaining GSP Plus status.It is estimated that over 10 percent of textile exports will be EU under GSP Plus increased due to the facility granted to Pakistan by the European Parliament in December th 2013 and will continue till 2017. It is believed that the pressure on foreign exchange reserves The News,24 Jan 2014 will ease in the days to come, besides there will be stability in the local currency value. The country from January 1 has started availing of the facility.The EU remain major textile trading partner; 90 percent of Pakistani exports to the EU consists of textiles and clothing and leather apparel, in which competitors such as Turkey, Morocco, Tunisia and Bangladesh enjoy duty- free access to the EU market against peak duties paid by the Pakistani merchandise. Moreover, 80 percent of Pakistan’s exports are directed to seven EU member countries, Germany, the UK, Italy, Belgium, The Netherlands, Spain and France.Volume between EU and Pakistan is $10.9 billion with trade surplus of $1.78 billion in Pakistan’s favour. Pakistan exported mainly textiles and leather products to the EU and imported mechanical and electrical machinery, chemicals and pharmaceutical products. Dr Ayub Mehar, director general (R&D), Federation of Pakistan Chambers of Commerce and Industry (FPCCI), estimates that Pakistani textile sector will fetch additional $1.5 billion, while making exports to the EU economies under the GSP Plus.Dr Mehar gives his detailed analysis on the GSP Plus status to Pakistan in an interview with The News. Q. What is Generalized System of Preference (GSP) under WTO? A. The Generalized System of Preferences (GSP) is a formal system of exemption from the more general rules of the World Trade Organization (WTO), (formerly GATT). Specifically, it’s a system of exemption from the most favoured nation principle that obliges the WTO member countries to treat the imports of all other WTO member countries no worse than they treat the imports of their “most favoured” trading partner.In essence, MFN requires WTO member countries to treat imports coming from all other WTO member countries equally, that is, by imposing equal tariffs on them, etc. Q. What are the benefits of GSP Plus status to Pakistan? A. After GSP Plus status, Pakistani products will be available in the EU markets at competitive prices. It leads the surge in demand for the Pakistani products. It is estimated that Pakistani textile exports to the EU will increase by $1 billion to $1.5 billion per annum.No doubt in the present context of shortage of foreign exchange reserves it provides a support to Pakistan’s economy. Moreover, it may support the value of the rupee.Those small unites of finished products (textile buying houses and garment producers), which have been shifted from Pakistan to Bangladesh and Malaysia may return to Pakistan after this development. Q. What is the trade volume of Pakistan and EU, at present? A. Currently, there are 27 countries in the EU and their aggregate import from Pakistan is around $6 billion and exports to Pakistan are around $10 billion. Q. What irritants Pakistani exporters are facing in the absence of GSP Plus? A. In the absence of GSP plus, Pakistani exports have to pay extra duties from three percent to 10 percent (varies from product-to-product); consequently, products from Sri Lanka, Malaysia and Bangladesh become attractive for European buyers because of price difference. Q. Do you think cotton growing activities will increase? A. Yes. Cotton is the prime material of textile products. So, any synergy in the textile sector will be trickled down to the cotton growing area. It may be helpful in reducing poverty to some extent. Q. How local producers could be able to meet surge in demand?

A. The surge in the expected demand can be materialized only if production process continues. For increasing the exportable production, it is necessary to provide uninterrupted electricity and gas to the manufacturing units, besides improving the law and order situation in the country.

Foreign investors urging ISLAMABAD: While foreign portfolio investment at the equity market is on the rise, Govt to relax PPRA rules’ international companies are urging the government to relax Public Procurement Regulatory The News,23rd Jan 2014 Authority (PPRA) rules for investment in Pakistan, said Board of Investment (BoI) chairman Dr Miftah Ismail on Wednesday. “The government has constituted a committee to review the matter of PPRA rules but the committee has not finalized its recommendations yet,” said Ismail, adding that he believed the government should specifically relax PPRA rules for energy-related projects. The Karachi Stock Exchange is growing on an average of 28 percent for the last several years in dollar terms,” said the BoI chairman, adding that the stock market is almost trading at a multiple of eight, which indicates that an investor is willing to pay eight rupees for a rupee of current earnings. “The market’s assets value would also increase after the privatization process is completed. “Speaking on trade with India, Ismail said Pakistan is the only country which is ‘blacklisted’ and cannot invest in India, adding that if India removes its ban on Pakistani investment then Pakistan would reciprocate and consider Indian companies who want to invest in Pakistan too. “We believe in free trade and are going to open trade with India. We can compete with India if we are given fair access to their market,” Ismail said, adding that while Pakistan is serious in its efforts to enhance investment and trade relations with India, certain bottlenecks are hampering this endeavor. Further, he said, both India and Pakistan have decided to provide a non-discriminatory market access (NDMA) programme on a reciprocal basis which would boost bilateral trade. Pakistan has about half-a- billion dollars’ worth of exports to India while Indian exports to Pakistan stand at about two billion dollars a year, the BoI chairman said. “In agriculture, our yield is less than India in cotton, wheat and others. We will have to be more competitive by applying agricultural extension techniques. We [both] will have to cut short the negative list,” he added. While commenting on the European Union granting GSP Plus status to Pakistan, Ismail said the benefits of the status would begin to show in 2015 as exporters have already finalised contracts for the current year, mostly in the United States. “It will increase capacity of our industry and also generate more jobs. We have to keep our industry competitive to reap the desirable results. “Further, he said, Pakistan will approximately need investment worth $18 billion over the next five years to raise the investment to GDP ratio to 20 percent from the existing 12.5 percent, he added. The government is encouraging both Pakistanis and foreign inventors to invest in the country’s energy, agriculture, construction and infrastructure sectors, said Ismail, adding that the government has planned to increase investment to $48 billion from the existing $30 billion. Foreign investors from China, Turkey, Russia, Japan and the European Union are interested in investing in Pakistan, he added. The BoI chairman also vowed to improve the country’s standing on the ‘Ease of Doing Business’ index from the current 110th position to 80th position within the next two years When asked about the Pak-US bilateral investment treaty, Ismail said “The government is trying to take all stakeholders on board to make it an effective agreement as some of the stakeholders have reservations which will be removed”. “Legislation is underway to make Gwadar a free port.” The government is also conceptualizing a railway project from Gwadar to China. However, it will take time to materialize,” said BoI Secretary Imran Afzal Cheema.

Foreign companies invest ISLAMABAD: Foreign exploration and production companies have invested about $2.02 $2.02bn for oil and gas billion for oil and gas exploration in the country during last three years. The government has exploration launched an investor friendly Petroleum Policy 2012 to attract further foreign investment to nd cope with the demand of oil and gas. Incentives offered in this regard include better gas price, Business Recorder, 22 Jan 2014 windfall levy reduced from 5 percent to 40 percent, base price for crude oil and condensate increased from $30/barrel to $40/barrel, official sources told APP on Wednesday. “Ceiling of $100/barrel is replaced with $110/barrel, while renewal of lease will also be ensured, after expiry of lease term for another five years subject to payment of amount of 15 percent of the well head value”. He said sale of 90 percent share of pipeline specification gas to the government and 10 percent by E&P companies to any buyer with prior consent of the government was another step to encourage foreign investment. The official said a bonanza of $1/MMBTU would be given for first three discoveries in offshore area. The Policy 2012 gas price will also be extended to the lease for additional 10% production over and above the commitment of development plan approved by the government, he added. For the purpose of pricing and delivery obligations for natural gas, he said, the gas would be delivered at outlet flange (Field Gate/ Delivery Point).While for offshore, the gas will be delivered at the nearest access point to an existing regulated transmission system or at the shore within coastal locations, he added. Award process for 50 new exploration blocks is being finalized in consultation with the provinces, he said. In order to exploit shale gas reserves of the country, he said the USAID was providing technical assistance to Ministry of Petroleum and Natural Resources via appointment of experts in the Shale Gas policy formulation and technology support for exploitation of unconventional gas resources. Approval to commence project has been granted in October 2013 and it will take nine months to complete, he added.

FBR rejects refund claims KARACHI: The Federal Board of Revenue (FBR) has rejected all refund claims generated on Afghan exports against export proceeds to Afghanistan by invoking certain provisions of the Export Policy and The News,22ndJan 2014 Procedures Order 2000.According to sources in the Regional Tax Office (RTO) Karachi, any refund created against sales tax paid on local purchases and subsequent supplies provided to buyers in Afghanistan and via Afghanistan to the Central Asian Republics are not admissible

claims. The government had issued guidelines through the Export Policy and Procedures Order 2000 (SRO 482(I)/2000) under which exports are not entitled to any duty drawback and zero rating of sales tax on exports to Afghanistan, sources added. However, duty drawback is allowed at 7.5 percent on exports to Afghanistan and via Afghanistan to the Central Asian Republics that are made on advance payment received by local suppliers or against an irrevocable letter of credit issued by a recognized bank in foreign currency. Similar restrictions are found in SRO 190(I)/2002, issued by the FBR regarding the zero-rating of sales tax on exports to Afghanistan and via Afghanistan to Central Asian Republics, sources said. According to sources, the issue of refunds on exports to Afghanistan came to light when a businessman blamed the chief commissioner RTO-II for misbehaving and accusing tax officials for demanding bribes for processing refunds. Saeed Shafiq, former president Karachi Chamber of Commerce and Industry (KCCI), levelled allegations against FBR officials during a meeting between Finance Minister Ishaq Dar and KCCI members on January 15.Shafiq had made false allegations because his claim was rejected on the basis of a notification issued by the Ministry of Commerce, FBR sources said. The department had also issued a notice to Shafiq in this regard, the sources added. When contacted, Saeed Shafiq said FBR officials had time and again assured him regarding the issuance of his refund which had been held up for more than thirty months. “If the claim was not admissible then why was it delayed for such a long time,” Shafiq said, adding that the FBR should have informed him if the refund claim was not legitimate.Shafiq said that the FBR had processed similar refund cases. He said the delay in processing his refund claim is a reaction against the revelations he made in front of the finance minister. Shafiq also claimed that RTO officials had assured him for issuing his refund in a week and requested him not to talk about the issue with the FBR chairman, who chaired the meeting at the Large Taxpayers Unit Karachi on January 16. Further, he said, he had provided FBR officials verification of his documents from Afghan customs authorities.

FDI drops by 26pc in first KARACHI: The inflows of foreign direct investment declined by 26.8 percent during the first half of FY14 half of the current fiscal year, the State Bank of Pakistan reported on Friday.FDI flows stood at The News,18th Jan 2014 $416.1 million in July to December 2013 against $568.8 million in the same period of the last fiscal year. Overseas investments made by businesses in Pakistan between July and December fell by 13.5 percent to $952.6 million as compared to $1.10 billion a year ago. The SBP data showed that the traditional sectors that usually played major role in attracting FDI flows in the country on the basis of making profitability by a wider margin such as financial, oil and gas explorations, petrochemicals, trade and transport, witnessed more outflows, while the volume of inflows in such sectors was less during July-December FY14.Analysts said that downward trend in the foreign direct investment flows is not a positive sign for the weak external sector. Other than FDI, capital and financial inflows are already on the declining trend. “The foreign direct investment was on the upside during the five months of this year; however, it seems that macroeconomic instability along with fragile external sector, weak security conditions made investors uncertain about the economic prospects of the country, that hampered the foreign direct investment growth,” they said. The recent number on the foreign investments also revealed that the total foreign investment saw downturn in July-December FY14 to stand at $501.8 million, showing a 27.5 percent drop in the growth over the previous year. The portfolio investments at the local equity market fell to $16.9 million from $127.1 million in the same period last fiscal year, it said. According to the SBP report, the foreign inflows, especially the Coalition Support Fund (CSF) may also not be as high as in FY13.Resultantly, the quarterly targets to build unencumbered forex reserves in the second half of FY14 appear to be challenging. —Erum Zaidi

SBP keeps discount rate KARACHI: The State Bank of Pakistan (SBP) on Friday left its key policy rate unchanged at unchanged at 10 percent 10 percent on improved inflation outlook for January and February but expressed concerns The News,18th Jan 2014 that the risks to the balance of payments position on uncertainty surrounding expected foreign inflows will stay in the days ahead. Yaseen Anwar, governor of the SBP, said the official forex reserves of the central bank are at a comfortable level and up to the international standards as a result of the narrowing of the gap between capital and financial inflows. However, he admitted that there was so much pressure on the reserves level in November on the back of fast pace of outflows following repayments to the International Monetary Fund. When the forex reserves were at very critical level; a currency swap arrangement (CSA) between the State Bank of Pakistan and People’s Bank of China (PBoC) contributed a lot and alleviated pressure on the SBP’s reserves and the balance of payments position, he said. More than a billion dollars amount was materialized after the implementation of this agreement, he said. Anwar foresees stability in the foreign exchange market, saying that the projected foreign inflows and the proper management of the SBP to contain speculations will further improve the rupee- dollar parity in the future. Speaking at a news conference at the SBP premises, the central bank governor said that he was very optimistic about receiving financial inflows from bilateral and multilateral donors in the coming quarter. The size of the current account deficit is not an issue in itself but to finance this is a major problem and for that external financing should be received from foreign lenders, he said. The stress in the balance of payments could recede gradually, Anwar said, adding that there is a marginal pick up in net capital and financial flows of $800 million during July– November FY14 as compared to a decline of $263 million in the corresponding period of the last fiscal year. At the same time, considerable financial inflows are expected during the second half of FY14, he said, adding that these include overdue proceeds from the privatisation of PTCL, floatation of Eurobonds in the international market and additional flows

from bilateral and multilateral sources under the new IMF programme. An official of the SBP said the planned government papers will be issued at the stock market by the end of this month. Earlier, the SBP had increased the policy rate by 50 basis points (bps) each in September and November 2013 because of continued deterioration in the balance of payments position, while the other was worsening of inflation outlook. Meanwhile, the monetary policy document said that the fundamental weakness in the balance of payments position is persistent contraction in net financial flows since FY08. Substantial repayments of the IMF loans during the last two-and-a-half years have only increased the pressure. According to the policy statement, there is no room for complacency and considerable effort is required to bring sustainable improvement in the outlook of external accounts.CPI inflation has increased during the first half of FY14. The important point is that the risk of demand-driven inflation is still rather moderate, it said, adding that international commodity prices have also either remained stable or declined since the beginning of FY14.This has neutralized to some extent the direct impact of the exchange rate volatility on CPI inflation. Taking into account these factors, the SBP has accordingly revised its inflation projection downward to 10 percent and 11 percent for FY14.The monetary policy statement also said that the SBP linked the minimum rate of return on average balances held in savings deposits with the floor of the interest rate corridor. This policy intervention ensures that the deposit rates respond more strongly to the policy rate changes. The quarterly flow of fiscal borrowings from the SBP remained positive in both the quarters of the first half of FY14. This does not bode well for the effectiveness of the monetary policy. The SBP expects that the government will keep these borrowings in check in the second half of FY14 and lower outstanding stock gradually as stipulated in the new IMF programme. According to the statement, a risk to the fiscal position is a possible shortfall in tax revenues, recurrence of the energy sector circular debt and delays in the budgeted foreign inflows. Such deviations could lead to increase in borrowings from the banking system, further accumulation of domestic debt and higher inflation.

Trade issues discussed NEW DELHI: Indian and Pakistani commerce secretaries met here on Wednesday to iron out with India trade-related issues ahead of a meeting of their commerce ministers. The secretary-level talks, Daily Dawn 17th Jan 2014 between Commerce Secretary S.R. Rao and his Pakistani counterpart Qasim M. Niaz, came after more than a year. The last talks were held in September 2012.Local reports spoke of hindrance in trade liberalisation and a delay by Pakistan in granting the most favoured nation (MFN) status to India, which figured in the talks. The meeting came ahead of the ministerial- level talks between Pakistan’s Minister of State for Commerce Khurram Dastgir Khan and Indian Commerce Minister Anand Sharma. Mr Khan is visiting India from Thursday to attend a Saarc Business Leaders conclave. The trade liberalization process between the two nations was hit after the alleged killing of two Indian soldiers, including the alleged beheading of one, in January last year. Federation of Pakistan Chambers of Commerce and Industry president Zubair Ahmed Malik is heading a 65-member delegation to the Saarc event, reports said. According to the Indian media, Pakistan had agreed to give India MFN status by December 2012 but it missed that deadline because of political considerations involved. Local reports say Pakistan’s auto, pharma and agri lobbies are also opposed to greater access to India in these sectors. India gave Pakistan MFN status back in 1996. “It is likely that Islamabad may extend the same benefits to India as available under MFN, but call it something else that is less politically sensitive. One of the options is to call it non-discriminatory trade access,” The Economic Times said on Wednesday. In December, Punjab Chief Minister Shahbaz Sharif visited New Delhi and met Mr Anand Sharma to start the talks. “We will convey to them that the roadmap is all made up and now we need to start triggering it off. Their Punjab chief minister had last month given a high degree of clarity that the new government of Pakistan is highly committed to full normalization of trade relations”, The Economic Times said quoting an unnamed Indian commerce department official. It said the two sides had agreed to a roadmap on September 2012, which said India would bring down its sensitive list under SAFTA to 100 tariff lines from 614 by April 2013, after Pakistan granted India MFN status by December 2012.As per the roadmap, the report said, Pakistan would remove restrictions on trade through land route (Attari-Wagah Integrated Check-Post). It would also eliminate its balance 1,209 products from its current negative list of items importable from India, The Economic Times said. It said that Pakistan would also reduce SAFTA sensitive list for India to 100 tariff lines in a phased manner over five years. Mr Sharma had apparently offered Pakistan that to remove the congestion at Attari-Wagah, containerized traffic could be accepted with appropriate security arrangements at customs bonded warehouses at Amritsar and Lahore.

Economy to remain KARACHI: Pakistan’s economy is likely to remain subdued in the current fiscal year, as fiscal sluggish this year: SBP and external weaknesses will continue to pose a challenge for the policymakers to put the The News 16th Jan 2014 economy on decent growth trajectory, a State Bank report released on Wednesday revealed. The bank forecast country’s gross domestic product (GDP) will grow between three percent and four percent this year, slightly higher than last year’s growth of 3.6 percent. In its forecast in September FY14, the International Monetary Fund (IMF) had estimated the economy to expand in the range of 2.5 percent to three percent in the current fiscal year. However, the government has set 4.4 percent growth target for FY14.The State Bank has increased its outlook for inflation, saying the growth in the headline consumer price index inflation (CPI) is likely to go up by 10.5 percent to 11.5 percent against the government’s target of eight percent. The annual report released by the central bank on the state of economy for the year 2012-13, made it clear that the economy will not experience decline in the rate of average

inflation, as it did last year and expected pressure from the interest payments on the government papers will increase the domestic debt this year. The foreign inflows, especially the Coalition Support Fund (CSF) may also not be as high as in FY13. Resultantly, the quarterly targets to build unencumbered forex reserves in the second half of FY14 appear to be challenging. Therefore, the policymakers will have to focus on structural reforms to keep the economy expanding in FY14, the report showed. However, the government, at the same time, has some positive expectations that bring stability in the economy such as inflows from other international financial institutions such as the World Bank and the Asian Development Bank and resulting structural reforms could solicit foreign investment. Moreover, sovereign bond issue is quite likely during the course of the year. Although, there is some market fatigue concerning the inflows from the 3G licenses and Etisalat, these inflows will significantly narrow the external gap, it revealed. According to the report, the subsequent quarterly targets could be revised, as the IMF programme plays out and the government has prepared a detailed disinvestment and privatization list along with the CSF inflows during the drawdown of Nato troops from Afghanistan in 2014, could be stronger than expected. The approval of a three- year ($6.64 billion) extended fund facility from the IMF and expected financial support from other IFIs should bring stability to the domestic forex market in FY14.However, the detailed letter of intent temporarily unhinged the market in late September 2013 and resulted in some speculative pressures on the rupee. Furthermore, the market is focusing on several risk factors such as the current account deficit in the first quarter of FY14 is not consistent with the annual target; international oil prices (Brent) have risen by 4.8 percent by the end of November 2013; exports may not perform well because of the continuing global slowdown and the energy shortages at home, remittances may suffer, if the country experiences future bouts of exchange rate volatility. According to the report, robust growth in construction activity and capacity enhancement in a few subsectors supported the industrial sector. Global prices helped contain Pakistan’s import bill and there was some improvement in exports. Furthermore, higher-than-anticipated Coalition Support Fund inflows and modest growth in workers’ remittances reduced the current account deficit to one percent of GDP in FY13.The budget deficit exceeded the target for FY13 by a wide margin, as the realized deficit was eight percent of GDP, against a target of 4.7 percent, the report revealed. For the third consecutive year, the energy sector was addressed by paying off the circular debt, which pushed the fiscal deficits above the respective targets for these years. The government borrowed Rs939.6 billion from commercial banks and an additional Rs506.9 billion from the SBP. In effect, Pakistan’s domestic debt increased by Rs1.9 trillion, a 24.6 percent increase from the end of FY12.The financial account recorded a net inflow of only $0.3 billion during the year as compared to $1.3 billion last fiscal year, and $5.1 billion in FY10. This, along with significant repayments to the IMF, pulled down the SBP’s liquid forex reserves to a 55-month low of $6 billion by the end of June 2013.

Tax directory to be KARACHI: Rejecting the demand of the business community, Federal Finance Minister Ishaq released on Feb 15: Dar Dar announced that the tax directory will be released on February 15.“Calling everyone a thief The News,16th Jan 2014 is not fair and we have to show the international community that we pay our taxes,” Dar said at a meeting hosted by the Karachi Chamber of Commerce and Industry (KCCI). “The tax directory will clear all confusion regarding taxpayer details,” he added.Earlier, Abdullah Zaki, KCCI president, and Siraj Kassem Teli, former KCCI president, as well as business leaders had demanded that instead of publishing details of existing taxpayers, the government should make public the names of tax evaders.Business leaders claim that the release of taxpayer details will create problems for them, especially in view of the law and order situation in Karachi.Dar rejected these reservations and said that the publication of the data would help build a positive image for Pakistan in the world.“I don’t want any foreigner saying your parliamentarians or businessmen are not paying taxes,” he added.Dar said that after parliamentarians, the business community is alleged to have the highest number of non- payers. He said that Karachi Chamber of Commerce and Industry should revisit its demand and sent new proposals.According to Dar, the directory will feature the name, NTN and tax paid by every taxpayer.The finance minister was annoyed by Teli’s comments about the increase in revenue from Rs350 billion in 1999 to Rs1.95 trillion in 2012. “It is better to have lower revenue collection then having higher collection with a huge budget deficit,” said Dar.The finance minister said that the government had made projections for next three years under which foreign exchange reserves would be increased to $16 billion by December 31, 2014. “The government has projected that the budget deficit will be reduced to four percent of GDP in the next three years,” said Dar.The minister also claimed that about 8,000 MW of electricity would be added to the national grid in the next three years. Talking about circular debt, he said that his government had cleared the entire debt by utilizing local resources and to date, the cost of the subsidy has been cleared.Replying to a query about agriculture tax, he said that it is a provincial subject and during its past tenure, the PML-N government drafted laws for provincial agriculture tax but no changes have been made so far.“The provinces are less interested in realizing agritax as they are totally reliant on their fiscal share from the federal government,” he added.The finance minister said that at present more than half of Pakistan’s population is living below the poverty line. “It is a great challenge for the government to ensure funds for developing a social safety net,” he said.He added that the government had launched the youth programme and various development programmes that will improve living standards.He also replied to complaints of business community regarding budget anomalies and said that about 27 SROs were issued to rectify those issues.Talking about the grant of GSP+ status to Pakistan, he said that it was a double advantage for business community and they should avail it. He suggested the business community go for value addition instead

exporting raw materials.

Pakistan's central bank KARACHI: Pakistan's central bank on Wednesday estimated economic growth to surge up to forecasts upbeat 4pc four per cent for the current fiscal year, surpassing forecasts by international agencies. The growth State Bank of Pakistan (SBP) announced its forecast in its belated annual report reviewing the th fiscal year ended June 30, 2013.“SBP projects GDP growth in the range of three to four per Daily Dawn,15 Jan 2014 cent for FY14 which is higher than the IMF's growth forecast of 2.5 to three per cent,” the bank said. The International Monetary Fund (IMF) approved a $6.7 billion loan package for Pakistan in September last year, subject to strict economic reforms, particularly in its troubled energy sector and tax system. The central bank forecast that the three-year deal should bring stability to the domestic foreign exchange market during the current fiscal year. In the last fiscal year Pakistan's economy grew at 3.6 per cent, the bank said, and inflation fell to single digits. But it warned inflation could rise as high as 11 per cent in the current fiscal. Cash-strapped Pakistan, plagued by a bloody home-grown Taliban insurgency, is battling to get its shaky economy back on track and solve a chronic energy crisis that cripples industry. Economists say growth needs to be seven per cent to absorb the country's booming population

Rs 281.439mn released for ISLAMABAD: The government has so far released Rs 281.439 for various projects of Industries Division Industries Division under the Public Sector Development Programme (PSDP) against its total Business Recorder,13th Jan 2014 allocations of Rs.779.774 million in budget for current fiscal year 2013-14.According to the latest data of the Ministry of Planning, Development and Reform, Rs 28 million has been released for upgrading of NFC Institute of Engineering and Technology Facilities Multan, for which Rs 70 million were earmarked in the budget. The ministry also released Rs 26.722 for provision of infrastructure in Quetta Industrial Estate (Phase-V) against its total allocation of Rs 66.930 million, and Rs.24 million for establishment of Bostan Industrial Estate Phase-I out of allocation of Rs 60 million.The ministry also released Rs 18.526 million for Foundry Service Centre Lahore, Rs 20 million for establishment of infrastructure in Quetta Industrial and Trading Estate (Phase-II), Rs 16.505 for Red Chillies Processing Centre, Kunri, and Rs 12 million for establishment of intake and brine disposal system/civil works for desalination plants at Gaddani, Jiwani and Pasni.Similarly, the ministry released Rs. 26.197 million for replacement of MW transmitters of Muzaffarabad, Hyderabad and Multan and Rs 20.880 million for SMEDA SME Facilitation Complex at PITAC, Lahore. The ministry released Rs 12 million for caster oil solvent extraction plant at Uthal District, Lasbela, Rs 11.469 million for establishment of chromite benefication plant at Muslim Bagh, Qillah Saifullah, Balochistan and Rs 10 million for media monitoring and tracking centre, DEMP, M/O I&B.Rs 12.105 million has been released for SW transmitter and HF Aerial System Landhi Karachi and Rs 13.061 for Sports Industries Development Centre, Sialkot.The government has so far released Rs. 166.971 billion under its Public Sector Development Programme (PSDP) for various projects against the total allocations of Rs. 540 billion for the fiscal year 2013-14.The Ministry of Planning, Development and Reform has been following a proper mechanism for the release of funds and accordingly funds are released as per given mechanism. It releases 20 percent of funds in first quarter (July-September), 20 percent in second quarter (October-December), 30 percent third quarter(January-March) and 30 percent in fourth quarter (April-June).

PM Youth Business Loan ISLAMABAD: Federal Minister for Industries and Production Ghulam Murtaza Khan Jatoi said Programme to benefit on Monday that the Prime Minister Youth Business Loan Programme would help generate jobs for about 0.5 to 0.6 million families reflecting the multiplied effect to over 2-3 million people in 0.6mn families the country. Business Recorder,13th Jan 2014 Chairing a meeting of Small and Medium Enterprises Development Authority (SMEDA) here on Monday, the Minister appreciated SMEDA's role in the Prime Minister's Youth Business Loan Programme.He was impressed to learn that SMEDA's website had recorded more than 7 million downloads in this regard. He was confident that the scheme would help curb unemployment in the country. During the meeting Ghulam Murtaza Jatoi gave his assurance to include a number of the initiatives of five-year SME development Plan evolved by the SMEDA. He informed that the consultative process on Industrial Policy was in progress and policy would be announced after ensuring comprehensive consultation with all stakeholders of the industry. Sardar Ahmad Nawaz Sukhera, CEO SMEDA gave a detailed briefing to the Minister on SMEDA's projects and services.Sultan Tiwana, GM-Business and Sector Development Services, Mr. Alamgir Chaudry, GM, Outreach, Dr. Nasir Khan Ghauri, GM, Monitoring and Evaluation, Raja Hassanien Javed, Provincial Chief, SMEDA, Punjab and Nadia Jahangir, DGM, Policy and Planning also attended the meeting. Whereas, the Minister was accompanied by Mr. Muhammad Idrees Mian, Director Ministry of Industries and Production on this occasion. Earlier, the Minister visited the help desk set up by SMEDA in the head office for assistance and consultation of the prospective applicants of the PMYBL. The Minister expressed satisfaction over the way applicants were being guided by SMEDA staff. The Minister also watched capacity- building- training -program to be run by UNIDO in collaboration with SMEDA on this occasion. Later, talking to the media during a round of Foundry Service Center (FSC)- a SMEDA developed project, Ghulam Murtaza Khan Jatoi said that the government was opting for a long term solution to the energy crisis focusing on the low cost generation of electricity. He was confident that the government endeavors would be able to end the energy crisis within next four years. The Minister, besides examining different departments of FSC, also exchanged views with a group of industrialists at the FSC. The office bearers of Pakistan Foundry Association appreciated role of SMEDA in establishing

the Center in collaboration with UET as well as the industry stakeholders on this occasion.

Karachi’s inflation lowest KARACHI: Among five major cities in Pakistan, Karachi has witnessed the lowest inflation and in December Islamabad the highest during December 2013, reported the State Bank of Pakistan (SBP) in its The News,12th Jan 2014 latest Inflation Monitor. The year-on-year (YoY) inflation in federal and provincial capitals of Pakistan posted a mixed trend in the last month. The inflation indices showed Karachi’s inflation was recorded at 6.5 percent, while that of Islamabad was 15.5 percent in the said month. The overall consumer price index (CPI) inflation in the five major cities of the country was slightly higher at 9.2 percent compared with 7.9 percent reported a year ago. Inflation in Lahore, Peshawar and Quetta stood at eight percent, 13.2 percent and 10.4 percent, respectively during December 2013, stated the Inflation Monitor. Analysts do not consider the monthly indices as a real portrayal of actual trend of city-wise inflation. Besides, the low inflation in Karachi might be due to the improved food supply, which brought down the prices of foods, commented Khurram Shehzad, head of research at Arif Habib Corp .“Any change in the consumption pattern of the population of Karachi happened to tame the inflation,” he said. The provincial capital accommodates a variety of economic classes (lower, middle, upper middle and upper) as opposed to the federal capital where mainly well-heeled people are settled. The prices of food and non-food items are relatively higher in Islamabad, he said. The SBP’s report stated generally income group drawing above Rs35,000 witnessed lower inflation in December 2013. The lowest income group (drawing up to Rs8,000) faced the highest food inflation. According to the monitor, the weighted contribution of food group in the overall inflation decreased to 42.35 percent in December 2013 from 50.12 percent in November 2013. The weighted contribution of non-food group, however, increased to 57.65 percent in December 2013 from 49.88 percent in November 2013.The report further showed the headline CPI inflation was recorded at 9.2 percent on YoY basis in December 2013 as compared to 10.9 percent in the previous month and 7.9 percent in the corresponding month of the last year. CPI inflation on month-on-month (MoM) basis was recorded at 1.3 percent in December 2013 as compared to 1.3 percent in the previous month and 0.2 percent during the corresponding month of the last year. Seasonally adjusted MoM CPI inflation came down to 0.1 percent from 1.5 percent in the previous month. YoY core inflation (trimmed) fell to 8.7 percent from 9.2 percent.

Remittances rise to $7.79 KARACHI: Overseas Pakistani workers remitted $7.79 billion in the first half (July-December) billion of the current fiscal year 2013-14 (FY14), up 9.46 percent compared to $7.11 billion received The News,11th Jan 2014 during the same period of last fiscal year (FY13), said State Bank of Pakistan (SBP) on Friday. During the first half, the inflow of remittances from Saudi Arabia, UAE, USA, UK, other gulf cooperation council (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $2,203.74 million, $1,572.34 million, $1,248.41 million, $1,139.85 million, $897.69 million and $216.57 million, respectively as against $1,960.62 million, $1,460.90 million, $1,155.54 million, $1,005.01 million, $811.18 million and $188.77 million, respectively. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first half of FY14 decreased to $511.42 million from $534.68 million in the same period of FY13.In December 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, other GCC countries, and EU countries amounted to $410.01 million, $275.12 million, $223.96 million, $177.09 million, $165.05 million and $37.43 million, respectively as compared with $351.17 million, $220.28 million, $161.97 million, $159.15 million, $134.49 million and $27.61 million, respectively in December 2012.Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during December 2013 amounted to $96.05 million, according to the SBP.

Govt expanding economic KARACHI: The government is endeavoring to expand the economic pie instead of enhancing pie for high tax collection the tax rates for increasing the revenue collection, Ahsan Iqbal, federal minister for planning, The News,11th Jan 2014 development and reform, said on Friday. “At the last meeting on tax collection reforms, it was discussed to increase the economic pie to raise the revenue collection,” he said at a meeting hosted by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).Iqbal said that the government sticks to the development plan that was seized in 1999 and in the Vision 2025, the growth rate is estimated at eight percent to 10 percent per annum“Without achieving this rate, Pakistan will not able to get a place in the list of world economies in terms of growth pattern,” he added. Achieving this rate is a must because all the related indicators, especially the tax-to-GDP ratio, were related to this, he said. “At this growth rate, the tax-to-GDP ratio will be achieved at 13 percent to 15 percent,” he added. The minister advised the business community to focus on value addition instead of selling raw materials at cheaper rates. The present world is for knowledge / information and only those economies could achieve growth trajectory that had the capabilities to sell their products, he said. Iqbal also shared the seven- point agenda on which the government is working to achieve Vision 2025.The government has prioritized energy production and, in this connection, some harsh and unpopular decisions had been taken recently. Iqbal said that achieving robust growth is another objective and the government is facilitating the industry to get around $100 billion exports per annum. He said that public, private and academia have been taken on board for consultation on the objectives. The government is also giving importance to social and human capital, he said, adding that in the past dictatorship regimes the budgets of education and health were diverted to defense .Highlighting another point, he said the infrastructure required immediate up gradation. The country can produce 20,000MW but the transmission lines were not able to supply the electricity. Dr Ayub Mehar, director general, Research Department, FPCCI, presented detailed

strategy of the apex trade body for Vision 2025.Zakria Usman, president-elect of the FPCCI, offered unconditional support to the government for achieving desired economic growth. He; however, said that the export sector should be incentivized for achieving export targets.

Public debt to reach 66pc ISLAMABAD: Pakistan’s public debt will rise to 65.9 percent of GDP by the end of fiscal 2014 of GDP in 2014, warns IMF and Islamabad will have to take corrective measures to bring it down over the medium term, The News,9th Jan 2014 an IMF assessment shows. According to the IMF’s debt sustainability analysis, Pakistan’s debt-to-GDP ratio was projected to go up to 65.9 percent of GDP by 2014 from 63.1 percent of GDP in 2013. This debt will start declining to 63.9 percent by 2015, 61.6 percent by 2016, 59.7 percent by 2017 and will again start climbing up to 57.9 percent by 2018 when the existing IMF programme under Extended Fund Facility (EFF) ends. Pakistan’s public debt, according to the IMF’s assessment, is expected to decline gradually over time supported by a strong fiscal adjustment. “While the projected decline is broadly resilient to standard size shocks, debt would become unsustainable if the envisaged fiscal consolidation fails to materialize,” the IMF warned in its latest report on Pakistan. However, the presence of an IMF programme is a mitigating factor as it was in the previous episodes of fiscal adjustments. Given the strong reliance on short- term debt, the projected decline would be sensitive to large interest rate shock - albeit the captive domestic investor base is likely a mitigating factor. The IMF states that gross financing needs are high and sensitive to shocks, and this fragility, while ameliorated, will likely remain considerable in the medium term - although these include national savings schemes, on which we need a deeper understanding. The coverage used for public debt includes central and provincial governments, but does not include public sector enterprises. In recent years, the debt-to-GDP ratio trended up as a result of large fiscal deficit despite favorable debt dynamics resulting from low effective real interest rates. The fiscal adjustment envisaged under the IMF programme seeks to reverse the trend and provide some resilience to adverse shocks. Domestic debt is largely in the local currency and short term. The share of medium-term bonds remains below 20 percent, albeit it increased slightly in recent years. Therefore, funding remains reliant on short-term debt (over 50 percent) and on the national saving schemes. Public external debt is largely with official creditors, as bonds and bank private creditors account for only about 3 percent of the total. The share of public debt - as well as foreign currency-denominated debt - has been trending down as external financing tapered down in recent year. In the wake of this rising debt burden, the PML-N government has committed to the IMF and the World Bank to develop a medium term debt strategy (MTDS) by strengthening Debt Office in ministry of finance in order to curtail rising public debt. Currently, the Debt Office is running headless but the government has now committed to the multilateral creditors to move ahead on this front. The government is aiming to centralize the debt management function by vesting the operational authority and decision-making with the Debt Policy Coordination Office (working in ministry of finance).“We are committed to strengthening public debt management. At present, the debt management function is fragmented across different agencies with weak coordination, resulting in underdevelopment of domestic debt capital market and exposure to financial risks,” it concluded. Making remittances more Remittances coming from skilled and semi-skilled workers are generally utilized for setting up productive micro and home based businesses, which have boosted the informal sector of the economy Daily Dawn,9th Jan 2014 but still remains inaccessible to the tax net. However, these small businesses play an important role in facilitating growth of large scale industries. According to a World Bank survey, remittances have contributed 5.48 per cent of Pakistan’s GDP, their inflows are stable and depicted incremental trend over the last decade. These foreign exchange inflows facilitate economic development both directly and indirectly, and are an indirect source of revenue as these funds are spent on both imported and indigenously produced goods and services, subject to sales tax, import duty and value added tax. IN a scenario of very low tax- to -GDP ratio, increasing remittances also provide some relief to the government from mounting current account and fiscal deficits. The incremental trend in remittances has facilitated repayment of external loans, growth of foreign exchange reserves and financed outflow of dividend income/profits by foreign portfolio investors/multinational companies. In a way, according to World Bank and IMF, stable remittance inflows are a counter cyclical source of external financing. In view of the complexity of the issue relating to assessment of effectiveness of remittances for overall economic growth, an IMF study titled as ‘Macro economic consequences of remittances’ suggests that the ‘Total Factors of Production (TFP) /productivity needs to be examined both, in totality and individually. Total factors productivity in this context refers to growth outcomes of enhanced use of technology and finance rather than enhanced utilization of traditional factors of production like labour and capital. The inflow of remittances enables countries to make use of latest technology through youth of migrant’s families acquiring higher education and technical skills and also helps government’s capacity building programmes to acquire and make use of latest technology to speed up economic development. Secondly, an effective financial system, which ensures maximum outreach of financial services to even remotest places of the country, facilitates rapid economic growth. Advancement in use of e-banking in majority of developing countries particularly of South Asian and African countries has greatly boosted up economic growth rate in these countries. Total Factors Productivity (TFP) is boosted up through migrants’ remittances due to positive impact on exchange rate. Generally it results in appreciation of real exchange rate, which, on the other hand, makes remittances receiving countries’ exports less competitive. But, at the same time, industries producing exportable goods in fact may transfer technological know-how to other local companies to enable them to boost production and climb up value chains. Thus

adverse effect of reduced export volume is mitigated by rise in demand and supply of domestically produced goods. Various policy papers of World Bank on use of remittances by migrants’ families have pointed out the need of extensive study by recipient country to find out how families use the funds and what are the factors preventing remittances going towards capital formation needed for economic growth and fast development of social sector through diversion of funds for promoting education and health care. Countries receiving bulk of migrants’ remittances need to ensure that a major part of funds is invested in social institutions and public infrastructure. In this context countries need to strengthen and reform banking system to ensure availability of upgraded and effective financial services particularly payment system and promoting financial literacy among the general public. Further incentives like the floating of credit schemes for families receiving remittances against expected funds as collateral need to be put in place and such loans be offered at a subsidized rate. Accordingly, developing countries need to find ways and means to promote remittances and increase their beneficial and growth-oriented use while at the same time eliminating any counterproductive side effects. For families of migrants, remittances are the main source of increasing their disposable income and are generally utilized for consumption purposes, ranging from necessities of life to adopting luxurious living through spending on palatial houses and expensive cars etc. However, the overall impact of remittances at family level has resulted in substantial rise in spending on education and health care, which is a prerequisite for an effective human capital development for the nation as a whole.

Mobile phone users pay ISLAMABAD: Even amidst rising poverty and price hike, Pakistanis paid over Rs 91 billion as over Rs 91bn tax in three tax on mobile phone cards during last three years, the Senate was informed Wednesday. years Minister for Education, Training and Standards in Higher Education Baleegur Rahman th informed the House that from 2010 to 2013 Rs 91,429 million (Rs 91.429 billion) were Business Recorder, 8 Jan 2014 collected as income tax from mobile phone users under section 236 of Income Tax Ordinance 2001.Giving break-up in the House, the minister said Rs 27,514 million were collected as income tax from mobile users in 2010-11, Rs 36,843 million in 2011-12 and Rs 27,072.He further informed that income tax has been collected under a mechanism as section 236 of Income Tax Ordinance 2001 provides for collection of tax on telephone bills and prepaid cards. The person issuing or selling prepaid cards collects advance tax form the purchasers at the time of sale of cards. He said the tax collected is deposited in the national exchequer on weekly basis as required under Rule 43 of Income Tax Rules 2002 while for the purposes of monitoring of tax collection monthly withholding statements are filed by mobile phone companies, as prescribed under Rule 66 of the Income tax Rules 2002.Answering a supplementary question, the minister said, sales tax on services is collected by provinces while the Federal Excise Duty is received by the federal government. The accumulative effect of the both in terms of taxes on mobile phone users is 19 percent. When asked about use of unauthorized mobile SIMs, the minister said, the government is aggressively pursuing to block the un-identified SIMs and has been successful to block all such Sims. Furthermore, he said at present, the SIMs are being issued under the biometric system and it has been initiated from Karachi as a first step.

Wave of terrorism ISLAMABAD: The International Monetary Fund (IMF) has released its report on the state of dangerous for Pak Pakistan’s economy. The report highlights that Pakistan’s economy will remain under pressure economy: IMF from external payments in 2014.According to the report, the wave of terrorism in Pakistan is th dangerous for the country’s economy. The report states that incidents of sectarian violence are The News,7 Jan 2014 harmful. The IMF adds that it is not possible for Pakistan’s exports to grow rapidly, while the rupee depreciated at a rate of 6.6 percent against the dollar in 2013.The report further adds that Pakistan’s financial policies will improve in line with the independence of the State Bank.

Political stability drawing ISLAMABAD: Investors are heading to Pakistan to benefit from a newly-elected business- more investment to friendly government that is rolling out an economic programme to aid the struggling economy, Pakistan’ a Wall Street Journal report said. In its report published on Friday, the American daily said the th benchmark index traded in the financial capital Karachi jumped by 49.4 percent last year, The News,5 Jan 2014 ranking as one of the world’s top performers. The market jumped another 2.8 percent on Thursday, the first trading day of 2014. The report said the rally is also part of the broad move by money managers willing to take on high risks in the frontier markets across the globe on the hopes for juicy returns that beat traditional emerging markets. That bet paid off handsomely in 2013 with countries, including Argentina, Venezuela and Vietnam also scoring big gains although they also have a history of volatile movements and sudden declines. The report observed that the catalyst in Pakistan was the election in May of the Pakistan Muslim League led by Nawaz Sharif, a business-friendly politician. It is the first time in the nation’s history that an elected government has handed over powers to another raising expectation for improved political stability. Flows from foreign investors in Pakistan reached 283 million from the beginning of May the month of the election to the end of 2013, according to the National Clearing Company of Pakistan. Global investors have also snapped up Pakistani government bonds with yields, which move inversely to prices falling to 7.54 percent recently from as high as 11.69 percent in April on the 10-year bond. In a further sign of growing confidence, the government said last month it is also aiming to sell billions of rupees debt aimed at the Pakistani Diaspora. A spokesman for the Ministry of Finance said that currently there is no specific timeframe on the issuance of the bonds. The optimism stems from the government paying off Rs5 billion in debt that was weighing on the energy sector freeing up funds at fuel importers and power producers and distributors. The country also agreed to a long-term bailout loan of at least $6.6 billion from the International Monetary Fund to avoid a potential

balance of payments crisis.

Real estate concerned KARACHI: The real estate has shown reservations over the State Bank of Pakistan’s over SBP decision directives to banks and development finance institutions (DFIs) to limit their exposure to the The News,4th Jan 2014 real estate sector. Saleem Patel, acting chairman of Association of Builders and Developers of Pakistan (Abad), said the restriction to banks and DFIs to keep their exposure to real estate sector below 10 percent of their aggregate advances and investments would hamper the sector’s development. He said that Abad had advised the government at several platforms to keep the minimum limit at five percent of their portfolios, but there shouldn’t be any ceiling on maximum loans. He added there is already a shortage of 7.5 million housing units in the country and this development would worsen the situation. Last year, banks/DFIs disbursed eight billion rupees housing loans. DFIs accounted for only one billion rupees, which was very nominal. Patel said mortgage to gross domestic product ratio in Pakistan is already low at one percent as opposed to seven percent in India, 12 percent in China, 17 percent in Thailand, 29 percent in Malaysia, 41 percent in Hong Kong, 80 percent in USA and staggering 86 percent in UK .He said it seems the government is not interested to provide long-term loans to public. He added, in fact, mortgage is the safest loan as far as the recovery is concerned since the collateral is an immoveable property. He further said if the banks face issues in loan recovery they could improve debt allocation mechanism and recovery laws and implement them. He said there is a lack of will on the part of commercial banks to increase their exposure to long- tenured mortgage loans given high volatility in the discount rate and the short-term nature of commercial bank financing sources. Arif Habib, chairman of Arif Habib Group, said that if the current limit is to discourage banks in investing in real estate sector and taking over properties as loan settlement, then the decision is fine. However, the housing finance ratio to the consumer loan is already very low at one to two percent, he said. This limit should not be restricted to the housing finance only. An analyst said that the recession in the real estate sector will continue with this restriction on the exposure limit.

SBP’s forex reserves KARACHI: The net international reserves of the State Bank of Pakistan (SBP) increased by improve $464 million to $3.657 billion during the week ended December 27 as compared to $3.193 The News 3rd Jan 2014 billion in the previous week, the central bank reported on Thursday. The increase in the central bank’s reserves has been attributed to $558 million inflows from multilateral and bilateral sources, including $554 million inflows received under Extended Financing Facility from the International Monetary Fund (IMF) and $4 million accounted for receipts from other multilateral institutions. On account of external debt servicing and other official payments, the SBP has made payments of $169 million, of which $147 million was paid to the IMF for the 25th installment of the stand-by arrangement facility, from its reserves during the week under review. With $3.657 million SBP’s reserves and $4.864 billion reserves of the commercial bank, the total forex reserves held by the country stand at $8.5 billion.

Islamic finance to grow at LAHORE: Islamic finance will grow with a rapid pace in the year 2014, as its volume is likely to a rapid pace cross $2 trillion, including 78 percent share of Islamic banking, 16 percent of sukuk, one The News 2nd Jan 2014 percent of takaful, four percent of Islamic funds and one percent share of Islamic microfinance, an official said. Muhammad Zubair Mughal, chief executive officer of AlHuda Centre of Islamic Banking and Economics (CIBE), during an analysis on Islamic finance industry in the beginning of the year 2014 said that in 2014, Dubai and London will be in competition to be the global hub of Islamic banking and finance, while Kuala Lumpur will also attempt to be in this contest but the Islamic finance industry can be grown more through synergizing approach and alliance with the industry stakeholders rather than setting any competition. He said that the Islamic finance industry growth will touch the double-digit in 2014, which will turn the $1.6 trillion volume of Islamic finance industry in December 2013 to $2 trillion by the end of 2014, including North African countries (Tunisia, Libya, Morocco, Senegal and Mauritania, etc), rising trends of Islamic finance in Europe and the UK, also the rising and substantial share of international market.Sukuk will also contribute to it, he said, adding that it is anticipated that India and China may step towards the Islamic finance in 2014 where more than 200 million Muslim population are in search of a compatible financial system with their religious beliefs and thoughts.Mughal said that there is no doubt that international financial crisis will not hit the Islamic finance industry but due to the Arab Spring, Islamic finance industry has faced recession in some countries of MENA but there are chances of their revival this year.He believed that the sukuk will grow rapidly in 2014 and Muslim and non-Muslim countries such as UK, China, South Africa and European nations will also get benefit from it, which will enhance the growth in Islamic finance industry but takaful industry is not likely to have any substantial breakthrough. It is being anticipated that 2014 will prove better for Islamic microfinance industry, as various international institutions, including Islamic Development Bank (IDB) have declared it a potential tool for poverty alleviation around the globe. Islamic finance industry may face recession in certain countries, including Indonesia, while in Nigeria and Tunisia, it may face some problems on religious and political grounds, Mughal said, adding that the Islamic finance initiatives in the US and Canada, including Latin American countries (Brazil, Argentina and others) have been taken and it is hoped that Islamic funds market will come into existence in these regions by the year 2014, he added.

2013 volatile year for KARACHI: The year 2013 proved to be above-average positive returns for the stock market; money market however, money and foreign exchange markets remained under pressure during the year. A The News 1st Jan 2014 quick review of the stock market performance reveals that the benchmark KSE-100 index managed to close over 25,000 points with 50 percent gains mostly in line with 48 percent registered in 2012.The forex market remained volatile and the weakness in the local currency

gained momentum during the last four months of 2013.However, the rupee appreciated by almost 3.3 percent in December. The dollar made the high of 108.70 against the rupee on December 4 and the low of 105.05 on December 24 due to receipt of the second tranche, amounting $553.5 million from the International Monetary Fund (IMF) under the ongoing extended fund facility on December 23. In the last 30 years, this has been the fourth highest appreciation of the rupee in a month. The falling trend of foreign exchange reserves amid hefty external debt repayments and weak financial inflows pushed the local exchange rate in an uncomfortable zone, which is evident from the fact that the rupee depreciated by 8.36 percent (from closing of 97.37 on January 2 to close at 105.73 on December 30) during 2013 against 7.8 percent in the interbank market last year. The local currency witnessed more panic and volatility in its movement because of shaper erosion in the net foreign exchange reserves of the State Bank of Pakistan (SBP) that depleted by a whopping $7 billion to $3.4 billion from $10.1 billion between July and November 2013.Pakistan has repaid a total amount of $6.3 billion to the IMF under the standby arrangement loan facility since July 2011, of which $5.5 billion was paid to the IMF against the standby arrangement. During the current fiscal year, Pakistan has repaid $5 billion to the IMF, including $1.8 billion under the standby arrangement. The loser of the overall depreciation in the exchange rate is the government whose debt jumped significantly during the last year. However, exporters were the main beneficiary of the fragility in the local currency, as they earned heavily from their export proceeds. Analysts say that banks have continued to prefer investing in government securities this year too. During the first half of the year, yields on government papers were rising, as the discount rate was declining. “The yields on bonds are negatively correlated with the discount rate and the discount rate declined from 9.5 percent to nine percent in June, the lowest after April 2005. However, the discount rate has now come up to10 percent and there are expectations that it will be hiked by another 50 basis points in the monetary policy, scheduled to be announced on January 14,” Eman Khan, an analyst at Aerari, said. “With the interest rates now going up, the banks are now offloading their bond portfolios,” she said. The central bank had been able to keep the money markets short on liquidity and injected funds as and when required through open market operations but with the banks selling treasury bills and Pakistan Investment Bonds, the market is more liquid,” another analyst said. Led by weak official and private financial inflows, the pressure was put on domestic borrowing during the last year. As per the monetary data available on the website of the State Bank, the government borrowing from the banking system for the budgetary support stood at Rs580 billion between July 1 and December 13 against Rs544 billion in the same period last fiscal year.The federal government borrowed Rs685 billion from the central bank. However, the government retired Rs71 billion debt of the SBP during the same period of the last fiscal year. The outstanding stock of the money supply growth (M2) stood at Rs8.8 trillion, showing a growth of 15.9 percent at the end of June. The net foreign assets showed contraction, while the net domestic assets increased to Rs593 billion, up by 6.91 percent as compared to the same period last fiscal year, owing to high government borrowing from the banking system. Some analysts foresee the year-on-year consumer price index inflation for the month of December at 10.4 percent, which will pave the way for 50 basis points rise in the interest rates by the central bank during the upcoming monetary policy statement. About the outlook of the financial markets, Muzzamil Aslam, managing director at Emerging Economics Research, said the equity market is expected to rise and the KSE-100 index may touch 30,000 points in 2014. The rupee will remain stable due to likely foreign inflows from the IMF and other lending institutions. However, the money market will continue to face pressure on account of increase in the interest rates.The gold market has also performed worst in 2013 after 1981, as it declined by 28 percent during the year, Aslam said. The government has been able to take the rupee further down by changing the overall sentiment and the people are selling dollars. Foreign currency deposits of commercial banks are also witnessing outflows of dollars,” Faisal Mamsa of Landmark Capital said. While in the short-term the sentiment can play a role, in the long run, fundamentals and macroeconomic indicators will prevail. The current account deficit just got bigger. Outlook on the foreign direct investment isn’t very encouraging and the Coalition Support Fund inflows and 3G license auction will likely to be delayed, he said. Therefore, the government should take some policy action to prop the rupee rather than just bring it down temporarily. The government should also be astute enough to realise when to stop, as the rupee stronger than 105 will start hurting the country’s exports and consequentially the economy at large, he added. A stable rupee is what businesses would like to see. The rupee in the range of 105 and 106 should be acceptable to both importers and exporters,” Mamsa said.

HUMANITARIAN INTERVENTIONS

Pakistan Microfinance PMN is a member driven network with a vision to expand access to formal financial services in Pakistan. PMN issues its quarterly report namely Micro Watch. According to Network (PMN) issue 29, quarter 3rd of 2013, the total number of branches is 1,984 in 93 districts. The penetration rate is 10.23% with 2,804,618 active borrowers. The gross loan portfolio is 50,847 million (PKR). The total number of loans disbursed is 611,394 with total disbursement of 15,913. PMN offers an average loan size of 26,028 (PKR). The network has a strength of 5,146,283 savers with the total worth of 29,302 million (PKR) of saving. The average saving balance is 5,694 (PKR). The total number of policy holders of the PMN are 3,202,087 and the sum insured is 43,551 million (PKR). Rural Support Programmes A community resource person in Dadu, Sindh educating married women of reproductive age on maternal and child health issues. As a result of the work being done in this area by Network (RSPN) 80 male and female resource persons who were trained by the Thardeep Rural Development Programme, and belong to these rural communities, there has been a dramatic increase in women going to hospitals for check-ups during pregnancy and to give birth. AKHUWAT Besides micro financing with interest a unique interest free model for micro financing is also introduced in Pakistan by Akhuwat. Akhuwat levies no interest on its loans, operates through religious places and seeks to inspire and harness the spirit of volunteerism in society. As of December 2013, the total beneficiary families are 438,841. The total loans are 411,036 of which 273.975 loans are utilized by male entrepreneurs and 164,866 were utilized by female entrepreneurs. Total disbursed amount is PKR 6,883,353,842 with a recovery rate of 99.83%. Vulnerability Assessment The Vulnerability Analysis and Mapping1 (VAM) unit of World Food Program (WFP) undertakes in-depth assessments to understand the nature of food insecurity and the risks and Mapping Unit (VAM) to livelihoods and monitors emerging food security problems. VAM-WFP Pakistan produces Pakistan Market Price Bulletin on monthly basis and analyzes market through different angles including consumer price indices, inflation and food security.

Benazir Income Support BISP is a public sector autonomous body that provides social safety net to the marginalized and poorest. By the end of 2013, BISP is supporting 5.1 million beneficiary Programme (BISP) household across the country through its different interventions which include direct cash grants, Waseela Haq, Waseela e Rozgar, and Waseela Taleem. Citizen Damage Government of Pakistan, in collaboration with the Provincial Governments, set up a Citizens’ Damage Compensation Program (CDCP) to support and provide financial relief to Compensation Program the affected households of the worst floods of 2010 and 2011. As of 27th January 2014 (CDCP) CDCP has processed 1,208,302 households and distributed a cash amount of 46,310,260,000. The province and region wise breakdown is given below  AJK: Case Processed 14,309 with amount disbursed 570,000,000  GB: Case Processed 12,445 with amount disbursed 496,460,000  KP: Case Processed 302,313 with amount disbursed 12,050,060,000  Baluchistan: Case Processed 117,295with amount disbursed 3,258,740,000  Punjab: Case Processed 345,859 with amount disbursed 13,813,760,000  Sindh: Case Processed 416,081 with amount disbursed 16,116,940,000 Pakistan poverty and fund  Distributed more than 6 million Micro Credit Loans Alleviation (PPAF)  Productive assets transfer to 42,000 and wage compensation to over 56,000poorest of poor  Empowering the poor by offering sustainable income generation and livelihood opportunity

1 http://vam.wfp.org.pk/

©2014 S. Islam- Rawal- Gujran- Faisal- Sar- Baha- Hyder- Pesha- Khuz- Average Prices %change Jan 14 over Description Unit Sialkot Lahore Multan Karachi Sukkur Larkana Bannu Quetta No. abad pindi wala abad godha walpur abad war dar Jan 14 Dec 13 Jan 13 Dec 13 Jan 13 1 Wheat 10 kg 395.00 395.00 395.00 400.00 406.75 377.50 393.50 377.50 383.38 370.00 380.00 400.00 375.00 404.00 450.00 440.00 416.00 397.57 397.43 331.85 0.04 19.80 www.alhasan.com 2 Wheat Flour, Bag 10 kg 400.25 398.44 397.50 400.00 397.00 414.00 401.25 414.00 415.00 480.00 461.25 433.50 417.00 440.00 436.00 470.00 437.00 424.25 424.59 366.82 -0.08 15.66 3 Rice Basmati Broken, Average Quality 1 kg 86.25 80.83 62.50 70.00 76.79 81.50 67.50 77.50 62.50 76.54 70.25 75.00 80.00 78.33 57.75 90.00 60.00 73.72 74.46 69.00 -0.99 6.84 4 Rice Irri (Punjab/Sindh) 1 kg 62.50 60.83 52.50 52.50 63.07 65.00 55.00 41.00 52.50 56.54 50.00 52.50 32.20 48.42 80.00 45.00 54.00 54.33 54.17 49.89 0.30 8.90 5 Bread Plain, Medium Size Each 40.00 40.00 40.00 40.00 40.00 40.00 40.00 45.00 45.00 45.00 40.00 50.00 38.00 35.00 35.00 37.50 35.00 40.32 39.99 34.80 0.83 15.86 6 Beef With Bone, Average quality 1 kg 295.00 286.67 280.00 280.00 318.93 275.00 265.00 275.00 265.00 306.15 292.50 278.00 280.00 268.33 260.00 310.00 300.00 284.45 283.39 268.57 0.37 5.91 7 Mutton, Average Quality 1 kg 611.25 608.33 550.00 600.00 640.36 600.00 500.00 551.00 562.50 612.31 550.00 510.00 565.00 538.67 425.00 550.00 500.00 557.32 556.48 513.68 0.15 8.50 8 Chicken Farm, Broiler, Live 1 kg 181.03 171.43 164.40 168.20 158.57 169.00 168.00 175.83 174.00 208.12 200.00 206.80 191.00 183.40 172.00 202.00 213.00 182.75 160.39 157.80 13.94 15.81 9 Milk, Fresh, Unboiled 1 Ltr 83.75 73.33 70.00 60.00 60.54 62.50 60.00 70.83 60.00 78.00 74.00 70.00 80.00 60.00 67.50 75.00 70.00 69.14 69.11 64.97 0.04 6.42 10 Curd (Dahi) 1 kg 96.88 82.29 80.00 70.00 70.00 71.00 67.50 80.00 65.00 108.00 97.00 80.00 95.00 70.00 77.50 90.00 80.00 81.19 81.12 75.41 0.09 7.66 11 Powdered Milk, Nido, Polybag 400 gm 315.00 315.00 315.00 315.00 315.00 310.00 315.00 315.00 315.00 315.00 315.00 315.00 308.00 310.00 308.00 307.00 315.00 313.12 298.68 290.00 4.83 7.97 12 Eggs Hen, Farm Dozen 102.85 96.34 98.60 100.50 95.69 100.25 98.00 98.40 97.60 109.83 109.53 106.80 114.00 108.59 113.00 120.00 142.00 106.59 118.00 111.75 -9.67 -4.62 13 Mustard Oil, Average Quality 1 kg 240.00 232.50 165.00 160.00 178.21 188.00 190.00 172.50 174.00 173.08 160.00 145.60 200.00 222.00 180.00 190.00 190.00 185.93 185.44 185.87 0.26 0.03 14 Cooking Oil, Tin, Specify Name 2.5 Ltr 530.00 530.00 545.00 545.00 535.00 535.00 545.00 538.00 540.00 535.00 545.00 545.00 530.00 535.00 540.00 535.00 550.00 538.71 537.21 528.59 0.28 1.91 15 Vegetable Ghee, Tin, Specify Name 2.5 Ltr 510.00 510.00 505.00 505.00 505.00 505.00 510.00 507.60 510.00 520.00 505.00 525.00 520.00 505.00 510.00 530.00 550.00 513.68 510.76 517.53 0.57 -0.74 16 Vegetable Ghee (Loose) 1 kg 166.88 162.50 152.00 153.50 159.57 155.10 154.00 161.20 162.50 161.54 160.00 160.00 150.00 168.33 157.50 200.00 170.00 162.04 161.94 159.21 0.06 1.78 17 Bananas Dozen 103.28 70.00 48.00 55.00 68.21 50.00 38.00 66.83 50.00 36.08 38.75 51.00 36.00 61.67 39.00 56.00 56.00 54.34 53.80 57.09 1.00 -4.82 18 Pulse Masoor, Washed 1 kg 136.88 130.67 130.00 110.00 134.21 135.00 139.00 119.00 120.00 116.54 113.75 130.00 112.00 116.67 110.00 130.00 105.00 122.87 121.51 99.99 1.12 22.88 19 Pulse Moong, Washed 1 kg 153.63 141.25 130.00 140.00 140.59 135.00 128.50 137.50 140.00 153.08 142.50 145.00 130.00 124.00 130.00 142.00 127.00 137.65 134.13 113.44 2.62 21.34 20 Pulse Mash, Washed 1 kg 147.00 135.02 150.00 147.50 148.57 148.00 130.00 122.50 129.00 123.08 121.25 135.00 122.00 122.08 125.00 150.00 127.00 134.29 132.58 131.71 1.29 1.96 21 Pulse Gram, Washed 1 kg 90.63 80.00 62.50 64.50 63.24 66.20 60.50 68.33 70.50 70.46 72.50 75.00 74.00 75.58 64.00 101.60 99.00 74.03 72.94 104.13 1.49 -28.91 22 Potatoes 1 kg 38.06 32.75 27.00 29.00 29.71 22.30 22.60 26.07 25.00 30.85 27.50 26.50 29.00 30.83 29.00 33.00 31.60 28.87 38.77 22.77 -25.54 26.79 23 Onions 1 kg 53.25 44.17 32.00 40.50 41.54 35.00 33.50 35.83 35.00 30.16 27.50 32.00 37.00 39.00 36.00 38.00 29.00 36.44 45.53 24.74 -19.96 47.29 24 Tomatoes 1 kg 59.35 49.96 45.00 52.00 52.22 46.25 39.00 40.50 40.50 34.77 40.10 38.50 46.00 41.00 37.50 39.00 43.00 43.80 56.60 57.35 -22.61 -23.63 25 Sugar, Refined 1 kg 57.54 53.33 52.00 52.50 52.19 50.75 50.00 50.20 50.00 51.02 50.00 50.00 50.00 52.33 50.00 51.60 50.20 51.39 54.12 52.52 -5.04 -2.15 26 Gur, Average Quality 1 kg 105.00 90.83 72.50 85.00 81.43 75.75 67.50 63.50 60.50 76.08 76.75 62.50 66.50 84.50 85.00 85.00 90.00 78.14 81.69 73.40 -4.35 6.46 27 Salt Powder, Loose, Lahori 1 kg 10.00 9.75 9.00 9.00 8.80 8.00 9.00 9.00 10.00 10.00 10.00 8.50 10.00 10.00 7.00 10.00 10.00 9.30 9.25 8.70 0.54 6.90 28 Red Chilly Powder, Loose 1 kg 248.75 225.33 200.00 225.00 185.71 204.00 220.00 205.00 190.00 273.08 240.00 230.00 180.00 196.67 206.00 290.00 200.00 218.80 217.42 238.60 0.63 -8.30 29 Garlic 1 kg 162.50 148.33 150.00 113.00 154.86 113.50 114.50 123.50 110.00 133.08 128.00 121.00 101.00 135.83 142.00 148.00 162.00 133.01 137.62 128.17 -3.35 3.78 30 Tea, Lipton Yellow Label, Packet 200 gm 147.37 147.37 147.37 147.37 147.37 147.37 147.37 147.37 147.37 147.37 147.37 152.63 152.63 147.37 147.37 152.63 150.53 148.48 158.59 144.21 -6.37 2.96 31 Cooked Beef, Average Hotel Plate 83.75 81.25 60.00 61.50 78.04 75.00 80.00 70.00 65.00 61.54 61.25 100.00 70.00 97.33 80.00 80.00 140.00 79.10 78.33 69.22 0.98 14.27 32 Cooked Daal, Average Hotel Plate 56.25 50.83 35.00 32.50 51.07 42.50 40.00 32.50 32.50 41.54 38.50 50.00 60.00 60.00 45.00 60.00 50.00 45.78 45.53 39.98 0.55 14.51 33 Tea Prepared, Average Hotel Cup 20.00 20.00 17.50 15.00 15.00 15.00 18.50 16.50 15.00 15.00 15.00 20.00 22.50 15.00 15.00 20.00 15.00 17.06 17.04 15.30 0.12 11.50 34 Cigarettes, K-2, 20's Packet 39.00 39.00 40.00 40.00 36.00 40.00 40.00 36.00 36.00 38.00 36.00 38.00 40.00 40.00 38.00 35.00 40.00 38.29 38.06 32.32 0.60 18.47 35 Long Cloth 1 mtr 155.00 145.00 127.50 125.00 205.00 125.00 190.00 225.00 165.00 140.00 190.00 230.00 200.00 250.00 140.00 150.00 190.00 173.68 172.65 148.49 0.60 16.96 36 Shirting 1 mtr 145.00 142.50 175.00 165.00 98.57 125.00 140.00 182.00 115.00 106.15 120.00 120.00 130.00 225.00 127.50 150.00 190.00 144.51 143.44 124.85 0.75 15.75 37 Lawn 1 mtr 167.50 152.50 177.50 177.50 229.64 150.00 275.00 130.00 139.50 170.00 210.00 265.00 250.00 250.00 167.50 160.00 165.00 190.39 189.80 161.03 0.31 18.23 38 Georgette 1 mtr 135.00 132.50 125.00 120.00 95.00 95.00 140.00 90.00 110.00 99.62 100.00 125.00 130.00 110.00 92.50 90.00 95.00 110.86 110.86 102.38 0.00 8.28 39 Sandal Bata (Gents) Pair 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 699.00 674.00 599.00 3.71 16.69 40 Chappal Spounge Bata (Gents) Pair 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 0.00 0.00 41 Sandal Bata (Ladies) Pair 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 499.00 0.00 0.00 42 Electricity Charges, Upto 50 Units Unit 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 0.00 0.00 43 Gas Charges, Upto 3.3719 MMBTU MMBTU 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 124.18 123.12 0.00 0.86 44 Kerosene Oil 1 Ltr 131.00 131.00 130.00 131.00 118.50 125.50 118.00 125.00 128.00 132.00 130.00 122.50 140.00 124.67 125.00 117.00 125.00 126.72 126.72 117.96 0.00 7.43 45 Firewood Whole 40 kg 747.50 678.33 700.00 675.00 652.86 575.00 475.00 545.00 565.00 509.69 400.00 390.00 425.00 669.83 474.00 525.00 400.00 553.37 538.79 502.35 2.71 10.16 46 Energy Saver (14 watts) Each 167.50 167.50 155.00 155.00 165.00 162.50 155.00 165.00 175.00 155.00 155.00 155.00 168.00 190.00 156.00 180.00 150.00 163.32 162.28 151.74 0.64 7.63 47 Washing Soap, 200-250 g, Specify Name Cake 22.50 22.50 16.00 20.00 40.00 25.00 38.00 22.00 18.40 14.00 25.00 19.50 20.00 18.00 20.00 30.00 30.00 23.58 23.56 21.06 0.08 11.97 www.immap.org 48 Match Box, Regular Each 1.00 1.00 1.00 1.00 1.00 1.50 1.50 1.50 2.00 2.00 2.00 2.00 2.00 2.00 1.50 1.00 1.50 1.50 1.49 1.09 0.67 37.61 49 Petrol, Super 1 Ltr 113.05 113.10 113.20 114.00 113.13 113.45 113.30 114.90 113.60 113.10 113.90 113.20 115.40 113.10 117.60 113.20 118.30 114.09 114.09 103.33 0.00 10.41 50 Hi Speed Diesel (HSP) 1 Ltr 117.10 117.10 117.20 118.00 117.11 117.05 117.40 119.20 117.50 117.10 117.80 117.20 119.70 117.10 120.80 117.10 122.20 118.04 118.04 110.91 0.00 6.43 51 LPG Cylinder, 11kg Each 1568.00 1558.00 1364.00 1430.00 1397.00 1475.00 1400.00 1496.00 1540.00 1320.00 1430.00 1530.38 1485.00 1716.00 1450.00 1524.00 1600.00 1487.26 1550.08 1879.65 -4.05 -20.88 52 Telephone Local Call Charges, 3 MinutesP/Call 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.94 3.66 0.00 7.65 53 Soap, LifeBuoy Each 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 32.00 0.00 12.50 17

Economy Profile –District Quetta

Introduction Economically Quetta is very important due to its access to Iran, Afghanistan and Central Asian States. The development of Gawadar port will even increase its importance. The economy of district Quetta is multi-sectorial in nature. Agriculture is flourishing; horticulture is the leading sub-sector within agriculture, mostly producing apples and grapes. The quality of fruit produced is exceptionally good. Livestock is also an important sector. It is a source of income for the flock owners and it meets the nutritional requirements of the population residing in the district. Trade and commerce activities are also prominent, particularly in Quetta city. There is a growing informal sector, out of the total 39,715 persons involved, 95.4% are male and 4.3% are children. These are mainly employed as petty traders, street vendors, in Chankey hotels, shops etc. There is no specific government policy for the district. However, provincial policies are framed in the light of federal policies. These policies mainly focus on the provision of physical infrastructure, such as roads, delay action dams etc. Private sector is actively involved in the development of productive sectors to a great extent.

SMEs are involved in different sectors in Quetta. In the urban area of the district trade and commerce activities are predominant while in the rural parts of the district major portion of the population is involved in Horticulture and livestock sectors. Apples and Grapes production is very high. Number of industrial units in the city also has increased in the past few years.

Major economic activity in the city is trade though the Government also has focused its efforts on establishment of industries by providing incentives to the private sector that has resulted in some industrial growth in Quetta. It is hoped that with further expansion of infrastructure facilities and incentives, the industrial sector will gain extra momentum.

Financial Institution/Banks

The major commercial banks in the district are: Muslim Commercial Bank, Habib Bank Ltd., National Bank of Pakistan, United Bank Ltd, Allied Bank Ltd, Askari Commercial Bank, Al Falah Bank, Faisal Bank, NIB Bank, Soneri Bank, Khushali Bank, Bank of Punjab, Khyber bank and Standard Chartered Bank. Moreover, there is a network of specialized credit institutions like; Orix leasing, SME bank, HBFC, ZTBL etc. Money changing Activities also take place in the open market. Informal mode of Transfer of money is also used specially in case of afghan trade.

Livelihood

Main Sources of Livelihood/Income Quetta, being the provincial capital, is much more developed as compared to the rest of the districts in the province. It has primarily good network of roads, rail, air and telecommunications. Economically Quetta is very important due to its access to Iran, Afghanistan and Central Asian States. Thus the sources of livelihood for this district are diversified ranging from agriculture, trade, transport to government jobs and mining.

Table 1.3.1: Number of Mouzas Reporting Sources of Employment Personal Overseas Gender Quantification Service Agriculture Trade Industry Labour Business Employment MOSTLY 5 10 - - 8 - 22 MALE SOME 35 35 27 2 34 3 23 NONE 8 3 21 46 6 45 3 MOSTLY ------13 FEMALE SOME 7 13 - - 3 - 35 NONE 41 35 48 48 45 48 - Source: Balochistan Mouza Statistics (2008), Agricultural Census organization, Government of Pakistan

The categories under which different mouzas of district Quetta have reported against different livelihood sources are: • Mostly: Fifty percent and above population • Some: population between 1 percent and 50 percent • None: less than or equal to 1 percent The above table shows that out of 48 rural mouzas, 10 mouzas reported agriculture as the source of livelihood for most of male population, while for most female population; no mouza has reported agriculture as source of employment. But the share of services and personal business combined is more than the agriculture. Labor is the major source of employment as 22 out of 48 mouzas (48%) have reported it as a source of employment.

Agriculture The geographical area of district Quetta is 169 thousand hectares out of which 12.9% (21,853 hectares.) is unavailable for cultivation due to the non-availability of water and low productivity of land. The potential area available for agricultural crops cultivation is 45,368 hectares2. Further, agricultural growth and development possibilities are almost nil due to the extended demographic thrust, followed by construction of increased number of buildings, housing societies, business and market centers etc. However, water scarcity and the day-by-day depletion of ground water are major constraint to both agricultural development as well as the availability of

2 District Development Statistics, Balochistan, 2008-09

potable water. The number of tube wells, installed by the Government (141) is 18.8% as against private installations i.e. (610) having a share of 81.2%. Table 1.3.2: Land Utilization Statistics of District Quetta

Land Utilization Statistics of Quetta Area (000 hectares) Total Geographical Area 169 Total Arable Land 13 Total Potential Area for Cultivation 45 Net Sown3 Area 10 Current Fallow4 Area 4 Culturable Waste5 32 Forest 81 Area unavailable for Cultivation 22

As far as land ownership in the district is concerned, the cultivated area is under personal ownership. Those lands which have not been brought under administrative record belong to the tribes dwelling in the area. Cultivation is normally done by owners with the help of laborers on the pattern of share cropping or with the laborers on cash tenancy for an agricultural year. The total arable land recorded for the year 2008-09 was 13,184 hectares. The culturable waste Land was at 70.9% (32,184 hectares) during the year 2008-09. Fruit production is very important and most prevalent in district Quetta as 48.7% of the irrigated area is under orchards. Apple, apricot, grapes, peach, plum, pear and cherry are the leading fruits of district Quetta. Among the cereal crops grown in Quetta district, wheat and barley are the leading cereal crops. The average yield of 2,060 Kg/hectare was recorded in wheat followed by barley having 1,510 Kg/hectare yield during the year 2008-09. These are, although, economically acceptable yields, the yield can be increased provided pure and certified seed sowing is ensured at farmers’ level. Industry There are two Industrial Estates in Quetta. The first one, a mini industrial estate, is located at Sirki road. The other one is located at Sariab By-Pass, 13 Km away from Quetta, which was established in 1986-87. All the required utilities are available in the industrial estates. In district Quetta, a total of 117, with 29 different types, industries are operating.

List of Industries by Type in District6 S.No Nature of Industry Total No. of Units 1. Food, Beverages 43 2. Marble 9 3. Furniture 8 4. Steel Mills 7 5. PVC Pipe 5 6. Power Generate 1 7. Chemical/Soap 5 8. Cement 2 9. LPG 5 10. RCC Pipe 7 11. Ice/cold Storage 8 12. Others 17 Total 117

Livestock District Quetta has enormous potential in livestock sector, which provides livelihood to many poor families. Mostly the nomadic population, which resides in the northern part of the district, depends on livestock. Livestock farming is a traditional activity in the district and comprises of Goats, Sheep, Cows, Buffaloes, Cattle, Camels and Asses. Goat constitutes the major portion of the livestock population in District Quetta. Traditionally, all the members of family are involved in the livestock sector, especially women and children are engaged in supervision and management of livestock activities such as grazing, watering, feeding, cleaning the abodes and curing of livestock by traditional methods.

Table 1.3.4: Livestock in District Quetta (2006)7 Livestock Number Cattle 11,000 Buffaloes 26,000 Sheep 164,000 Goats 120,000 Camel 1,000 Poultry 128,000

Minerals

3 Net Area Sown means the area which has been sown at least once in a year. It will include area under crops, fruit, vegetables etc. 4 Current Fallow means the part of the cultivated area which has not been used for cropping during the year under reference. 5 Culturable Waste means all cultivable land not actually cultivated. It should include all grazing and other land not included under forest. 6 Directorate of Industries, Government of Balochistan 7 Livestock Census (2006), Government of Pakistan

Some of the sizeable economic activity in the district is related to mining specially coal. Reserves are found in abundance in the district. A large number of SMEs are involved in the coal mining activity .The Major mineral resource of district includes coal, limestone and building stone. Moreover, at Sorange an oil and gas reserve has also been found. Most of the coal is transported to other provinces for Brick kilns & cement industries.

Production of different Minerals Minerals Production(tonnes) Production(Tonnes) 2000-01* 2005-06** Coal 154,598 627,833 Limestone 3,590 5,368 Building stone\ 700 6,245 Ordinary stone Marble - 90 Source: *Development Statistics of Baluchistan 2000-01 ** Development Statistics of Baluchistan 2006

Limestone exists in abundance in different parts of Balochistan. Several hundred meters Thick layers of limestone occur in Chiltan Formation in Quetta and Kalat while Limestone is also found in Sor Range and Spintangi areas. During 1990 - 95 on average 161,000 tons of coal was produced. The coal production declined to 154,598 in 2000 – 01 tonnes while in 2004-05 its production jumped to 627,833 tons. Limestone production has increased from 3590 tons in 2000-01 to 5368 in2004-05. Similarly building stone production has increased from 700 tons to 6245Tonnes during the same period.

a t t a d o c a e e n o i e i e

l p i i r a t i F u s g i t h c e r s m k

c v h h l e O s o p p e i

a t i b a l n n

K r a g e a p i . a d r a m s r m g n m

I u P s

t r o g n

o l u B m r a o e m n o o 3 o s c r K i s t p i f s i e o t

e l 1 e

n f 0 b

t a n o m l c 0

0 B i k s

i G s t i 2

i p e

a s 2

g r i l r

y t

i n e

a 4 m , n

G e o J K s w p u l v S 8 a h A 6 a o d a

y k l 1 t i a p T b a n 2 t n

u C s

a S I t S 1 2 a h I B 4 h m a a

t 4 k b d

i G

a a

j e 6 3 0

] 2 2 P n a N m

: u t

s r u c N t

r n i D A 3 W 3 e P 1 i i - - s n A h m - e

y b A o h

y h f a g o . S - K i t T S

m e 5 2

n c m 1 3 y

i s A . e v i . A r m 4 2 6 1 1

0 r a

n . b k H a d a 0 r l 8 t H u

d a 1 a a L e t o d F ± m L s n s s f

c 3 v P n A

I o r

r A a a

/ m h

u 1

t u n c o d

y h e r 4 . f n f i d 0 s l o o )

t u S s b o 6 n o o 2 a

s s t i a

o B

l . 0 e r r 0 a ( l

i a 5 - d l

D t d s p

o w e / ,

R r a e e f . a c f t k r a

p i n g c r e w c

c n 6 e r o e r s n h e t C o n e z l

e u t

i i 8

n i w d a u s b a f t r S e [ t d a h h d i 4 e

s S

m i c o . o B e

e g

o T

e n D c h d i 0 e r r r g 1 e i e o m @ r

S a e j l r

e t :

f e l a

a e t p g 5 s n s t y B o . e i .

e u

i a e c a t p l h p y O a p t l t g 2 l d u s a e D P r P a a r m e o i a N u t C L n r 9 n i n l o u e p o y L m a + C D B p S P f D

9 6 5 1 1 p p % % % r 1 2 7 1 6 e e 0 0 0 i 9 7 7 1 5 1 1 - S - S . . . 1 3 3 m 9 9 0 e 1 1 h 1 h c n s a

a h

s G y s K r

t e r s d g

u e o 9 3 1 0 5 n n d % % % i r 1 0 7 0 1 u u n 0 0 0 I P . p 9 7 7 1

- J - J 9 8 9 . . 1 y n u 3 3 i r u 9 8

1 1 t c d e r s r l c a u a k a d S w O h

o S I n r e

a n r r N o a a t

i g s a 8 2 8 1 7 p p a A % % % r t d 1 4 2 7 7 e e N u 0 0 0

o 7 6 5 9 p k a n 1 3 8 l - S - S e 7 r z I . . . u r a 1 e 2 2 n i 4 8 9 7 o S b 1 u k h 1 1

8 i h t t r i H 1 a e m i a r i g L r h l h j u i h m r e a S c s l u a B G 7 3 n i a a a h 0 m G o K g D 2 u w 8 h l o 3 a n 1 i e P s B l a

1 e t n r i j t o N 0 d u K n K 1 e d 7 G a a t r u t m d a a a a 3 r k 2 r a u k

h l R 2 h d b s 1 a O a e 1 k p d e a a n B n h t s a a

l 2 b a J i t P 7 r t n a b 1 a M d o i o s 9 2

z e a a

i i l t w 0

O n b z 5 i f 1 i h i a t t 5 a M b u 2 d a h 6 h s o d i n n A a h H i t M K n G 6 n a i S e e t g r F 5 p s a n 4 a l i

r m m g W a a n

S t t I

2 u

a s h

t 1 w s s 1 p T s n d s

i a l g o t . i r e o a a T R

T a v e v e n l 6

g i n h 3 i

w r r w r e a H n n ) c k h l 6 a e S a I I 5 g w

a 6 C S h n r e n s i E a u a n i 9 b i & & n r

o B k w D B a b r o i

B a n 3 k a a a l g g

r 3 h a B r c l

h s h P c e o g 6 s s w K f i

9 e i n i n C u t N b i t t S n 9 w 3 t V l o c c h 4 r

o e e

A i a

n K . L r y r h i s s s s D

J t 1 1 o l a m a n a n

t s s i s r i t i t s h s i A I N A e e l s s i n i n 4 4 C n 1 t H p a r u F F o o a a

n r 9 p u a l a l a l a l t w l t t p p a h d 4 t t t t 2 p 4 U r n u p e l u o e e t o o o o h a h a n k a R 4 K i a r C y

M I ( T D e N T T T D e N d a 3 h w a c R o

M h a g 1 o n F L y r B h K e c a a h g f n N t a B a a 1 k e

a z y 5 r y a g y u r w c u 3 A a r a

n a u L M j a 2 K A d e g a g n n M B n

a A a 5

a 4 n k r H n m h k i a R n e 2 a h K a a . b 1 o I L T k h y . k h

4 n

1 h M D I G a

y K

B c R l t D n k r D k h F n e a o

n u t e k h r Y a s p

r g n T K a

n e R a A k a r a

a i n R r h j s m z F a a G k a m t a u U r p s R a r a r a M W r a

i r B e . i 1 r u h n z N N o K T a a k i r t I m e W o

h e s . r h s a h S u a G S 6 i h k K t K k k 0 h r u 1 g u r 5 S r u p a 1 d a d r y B i a

N h a b A 3 a b

g b M i r r . o 3 a n a T r a u e r h l a i b 4 u h Z u D a z S n l o A p r i p a c h r r i o d i a n a r o L a a J n e a k a K z 1 4 i B 1 h i B t o 2 n 1

K k a h B r . a r a S S 3 e d i a

h t 6 M F a L b

K h i a

3 b o r S a r l a 1 a l M i r t h

d a o u i . Z C a t o a r f a f T a i t k f h o b

I a a n s a h a r d J S h r u s

a a i i T a a s d l h H m l a N i h a h J K M c N a a h i 3 K S s i u g h d a A c a 1 1 M a D

r 2 l n a i 3 a L a K h h l J s e i b P a t s S t a g 6 e L I n 3 u 3 u 2 t Q h s t a l a a l l u a M d K b r A a

d a l z l i u

K h - - 0 0 3 3 3 0 5 5 6 2 2 4 8 6 2 6 6 4 7 2 5 1 K ...... 1 1 3 0 0 9 8 4 0 3 4 5 4 1 2 3 5 0 2 0 e p e p 1 2 1 9 1 1 4 1 8 S S k i 1 2

h s u

N - - 4 0 0 3 3 0 0 5 5 5 2 9 5 7 4 1 5 9 9 4 8 8 n

...... n n a 1 1 1 0 r s 0 8 1 0 4 5 6 3 5 8 9 2 3 0 5 u u 1 1 a J J 1 1 1 3 3 2 9 7 n h a K 2

r a w

- - A b a n k 0 1 0 2 1 2 2 0 2 3 7 9 2 3 1 3 8 8 6 5 1 8 ......

1 8 2 1 0 2 0 4 8 0 2 6 4 7 2 8 0 7 9 c e p e p 1 i 7 1 3 1 3 0 S S 2

a m s l

) )

) M M r s b y u k D D g u ( ( j e

s h n s p a a t a a P k k u W a a

r r

g g d u c n n a n a h a h a

1 i n i n o s s c c u s u s n n i l o r e ) P r H a H a

M M a a - - a b

h g

- e - e a a S i n z z F i n F i n

i k k

r r i t r a h f h a f h a b a b a t a a h i n g h i n g

g a a a c

n r r

a a o o s s n a

d e

r r s s

Q Q u a h K b a b a e r r e e / / C l l h h h a h a o a a w m m i n i n n a n a z z d d a a a a G r r t t h e h e i s i s r r l a l a m n a c u r u s u d a u r u s u d a e r c a a t t t t i m i m a a o o A P j s j s F i ( M o M I M M D S a I Q O T ( M o M I M M D S a I Q O T

IMF: A Blessing or curse for Pakistan economy?

(Hasan Tanveer, Sawat) Published in The Express Tribune, January 17th, 2014

Pakistan has been suffering from economic crises grave mistake of taking loans from IMF. So what we since its inception. There are various reasons behind can do to stabilize our economy without taking loans the plight of Pakistan economy mainly corrupt from IMF? The answer is that we really need to stop government and leaders, lack of strategic financial being a slave of IMF. We need to stop relaying on policies, lack of education, lack of exports and large them. We need to amend our policies. What we really number of imports, deregulation of financial institutions, need is honest and well educated people at top level terrorism, power crises and many more. To keep the who can make effective and viable strategic policies to balance of payments in check and to meet the financial overcome the budget deficit without taking loans. We obligations government of Pakistan unfortunately need to increase our exports. We need to be self- always resort to take loans. This is where IMF comes sufficient as loans are no more the solution of into play in Pakistan’s economy. IMF (International stabilizing our economy. Loans will only put more monetary fund) was established in 1945. It aims to weight on our already crushed economy With effective promote international trade and monetary cooperation utilization of resources, honest educated loyal leaders and also the stabilization of exchange rates. Over the and effective strategic policies there is no way we past ten years, the International Monetary Fund (IMF) cannot improve our economy and exchange rates. has emerged as a key player, which has greatly Soon we will be in the list of developed countries but influenced the Pakistan’s macroeconomic policies. only if we say GOODBYE to IMF and really start Since the late 1980s, it has been imposing various working to improve our economy in a self-sufficient conditions on many governments who have been manner. greatly crippled by debt servicing, including Pakistan. The purpose of the government of Pakistan to take loans from IMF was to stabilize their deteriorating economy and exchange rates. IMF provides huge amount of loans for such purposes, which seems very lucrative and attractive offer at first sight for a short- term perspective. However there is no free lunch. IMF provides loans in exchange of many demands and conditions, which are to be fulfilled to get loans from IMF. Typical IMF conditions comprise contract based macroeconomic policies (fiscal and monetary), inflation targeting policies, financial deregulation and increased openness to international capital flows, trade liberalization (including reduction of tariff and non-tariff barriers) and privatization of public-sector enterprises. In short they actually capitalize all the major sectors of the country and make sure that the country will never be able to get out of their hands. For a country like Pakistan these severe and rigid conditions are bound to make them the permanent slave of IMF. They dictate their own terms and policies in exchange of every loan, which is increasing the deterioration of economy and exchange rates rather than stabilizing it .According to desired situation, huge amount of loans from IMF should have stabilized the Pakistan economy and balance of payment by now but the condition of Pakistan economy and exchange rates are not even close of getting stabilized. Here a very rational question arises that why taking huge amount loans from IMF are not paying off? The answer is very simple which is somehow not getting into the mind of our government policy makers. G8 countries are controlling IMF. They have made conditions and policies, which are according to their own economic conditions. They are very developed advanced and educated countries. They cope up with all the terms and conditions of IMF quite easily. However Under developed countries like Pakistan have limited resources and lack of strategic policies. They easily become victim of severe terms and conditions of IMF and lose everything including their sovereignty and control over state. The condition of Pakistan’s economy is a stark example of what happened to underdeveloped countries that made the

N " 0 ' 0 ° 0 3 N " 0 ' 0 ° 5 2 N " 0 ' 0 ° 0 2

9 0 0 2 0 9 9 1 1 1 0 6 8 5 2 0 6 8 6 9 5 8 2 9 1 E E " " 2 0 6 5 1 0 0 6 9 0 2 5 4 4 2 3 1 1 4 3 5 5 9 9 0 0 0 ' ' 1 9 8 5 2 5 5 4 1 8 7 0 1 5 9 3 6 9 4 0 0 2 0 8 1 , , , , , , , , , , , , , , , , , , , , , , , , , 0 0 ° ° 4 7 9 7 3 8 5 3 2 6 0 3 1 6 1 6 5 3 5 8 4 3 7 6 4 5 5 3 1 0 1 4 5 9 3 3 0 4 1 5 8 8 2 0 3 7 9 7 8 4 6 6 - 2 3 1 1 4 2 3 1 1 2 1 1 1 2 1 3 1 1

0 )

t i ) 0 f 0 c 3 i % o 0 h r ( p 0 P a

$ r n t g S 4 e o o m 1 e 4 o i ( U N 1 0 c G . 0

t 2 n 2

, a

s a © 8 0 )

a 7 0 6 5 7 9 4 6 8 5 4 6 0 7 0 1 5 0 3 2 9 4 2 5 8 t 3 r h S l

h 3 0 5 7 0 5 5 0 5 7 9 8 9 6 9 4 5 0 8 0 5 1 2 4 6 a g t n G i % 1 8 6 8 1 2 8 4 7 7 4 5 7 6 8 0 9 0 3 4 3 5 7 6 4 3 r a @ , , , , , , , , , , , , , , , , , , , , , , , , , y J W A s s ( e

p 8 4 8 0 1 8 3 8 6 5 4 0 4 0 5 9 4 0 3 9 6 1 6 6 2 p m r

) o a o 6 0 3 3 5 6 0 8 4 4 7 5 6 4 4 1 4 6 0 1 1 8 8 7 4 e n C c s m 0

. 3 8 1

t - 2 7 2 9 7 1 4 5 0 7 5 2 2 9 8 4 2 0 7 5 2 4 9 7 4 |

n 0 , , , , , , , , , , , , , , , , , , , , , , , , , t

0 e s 4 e a d 1 1 2 3 0 8 7 7 6 5 5 4 3 3 0 0 9 8 7 7 7 7 7 6 6 6 5 4 4 4 2 t s 5 e

3 e a ¯ P v $ 1 1 1 1 1 1 1 1 1 1 1 e m 7 r h 1 1 - - - .

l s s S e 3

o a s s 4 . l s - e i n 8 w / ( U A 2 4 9 R 4

w K m 6 a s A n t w 0 3 4 1 1 2 u

h o t 5

. i o g t y t

a i 6 n n n n g r t t t t t

8 a i R i i i i D

i i i i i 4 t l / 5 e . r r r r n n l a a a a f a a a a a r

n 1 n n

e A a a a a 7 5 C o i z . E E E E E t t t t

i u i w w w w w h r h r h r h r A A A A A 2 f t o d A A A A A 9 S a a a a o o c k

r e e C K S B K u Q a K S Q a K S K S K u U K u Q a B K S Q a U B B K u O m a U O m a U U K u j e n t n g o a r a p D P a P e

t g B 0

e e

i t i t

i c a L k k a

a N h n n

b w

w i n

a a a k u a u n u a k l i r B B r n a K D K s

n & a

l l

I h a j

k a f f d a m l a B u i a i t n o o B 2

s n a n

c F l B O a a 1

t a r

k k n o t a f f f

0 B n e w n

n n o t n o o o 2 h i

e i n

e a a a i a t

i c m a k t

k k k i o a y K u j

B B

a n k s m

h t a r n r n n n r a r m k l l m t d n n n g k a

a h a i r a a a i a e s r R n a a o a

l a

k f n s i i z n t a B h e B B B l e a i l a l a

s C r

c c k K B a n n a o t n

B S I v

l l l I A s r r B A b o I

n e y

n a r

l J l N n f f a a a

n t

e e c l i j a f a h I a H I a a i B

i t o o D A A n n n A n l i

y a r a d a

i i r a I B m m j a r

a m i h n m b k k k k k k k a d d r i o i o i o ) s o t l f l f K B h u t t t m u w A K h m m n n n n n n n a u u s a E E e n a a a a ( o u u o h l i n l l " " a a a a a A o a a o o a a h E S t o 0 0 B e ' ' B S G G M S D A B C C A A B B Q B R I N B N B B S N K u

c h c 0 0 C ° ° E r

t 0 0 C u

C 6 6 G o C

: S 2 4 9 8 4 6 6 0 4 0 3 6 4 4 5 2 0 1 4 8 6 5 4 6 2 G

2 5 7 8 2 2 5 5 3 8 3 3 8 1 3 7 0 6 4 2 7 6 7 5 4 : M

a 0 5 4 5 6 2 9 3 6 2 1 0 0 3 7 5 0 2 0 8 1 1 5 2 2 B t , , , , , , , , , , , , , , , , , , , , , , , , , A s a 4 3 9 2 7 5 0 5 8 4 5 4 4 2 7 4 3 6 7 2 3 3 1 9 5 N D 1 6 7 0 9 5 3 9 3 2 6 0 6 3 7 2 6 3 2 5 2 7 6 0 3 T R I D G Q k 3 7 1 1 0 1 1 6 4 9 7 8 8 6 3 3 2 4 3 5 2 3 3 3 2 , , , , , , ,

2 1 1 2 1 1 1 n

t i ) f 0 a o 0 0 P r B

$ t

e U S c U N ( N c

) 0 9 3 1 7 7 7 8 0 3 4 7 7 0 2 8 0 8 6 3 0 9 3 9 1 G 0 2 6 4 3 1 4 3 9 9 0 3 4 5 4 2 0 0 1 7 9 9 8 8 0 3

0 0 3 8 2 0 9 4 9 8 9 2 9 9 1 4 7 0 9 7 3 9 8 9 7 1 , , , , , , , , , , , , , , , , , , , , , , , , , 0 r 4 5 5 0 2 8 6 6 4 2 4 3 3 7 6 3 7 3 2 8 7 5 4 7 5 $ 8 8 3 4 0 1 2 9 1 2 5 7 7 3 9 6 2 2 2 8 5 9 5 0 5 o 7 0 9 8 3 4 1 2 7 2 6 0 7 4 8 9 5 7 3 9 2 7 5 1 0 , , , , , , , , , , , , , , , , , , , , , , , , , U S j ( 0 2 3 1 1 8 3 2 0 9 7 2 1 6 9 5 4 3 3 1 1 0 0 0 9

n s 0 9 8 8 7 5 5 5 5 4 4 4 4 3 2 2 2 2 2 2 2 2 2 2 1 a t 1 e a s s M A

C O m f

n n n o r t t t

i i i

i i i t O

r r r n a a a a a a

r r r a t E E E E E E E E t a t a t a u n w w w h h h A A A A A A A a a a m a a a o S S u S u S S S S u s i C Q K U A U A K K K K K U A U A K K K B U A B U A U A Q K U A O Q B L

% n

G C t

i k

a i

a l

a t

r w a n u p e c

f a l

r b u i

4 u s u B o k n k o

n k k c k r e

n c p o o A K a c k r

r i k a

G f f a n H B e m

B r a n

a n

o o

B a n F

e B C a n B n g

m m a l

l a m

a n k i i B a l n k c k k

B c

o D c n k a t n

a B n i m s i k

k h C I a n g B a n o n n k a n u d B

o a n a n o i s i a l d

c i i i i m B i o a o N a n k C B B

t a n i i t

e a n a i a m

c a S I N f i a t S B t l t l a s r B

u s

F B a b a b r

a t s a

a n e N e u l I e a k N I t h h B r

t h i

h e M n a l n a l n a l

N B

n o a n D D a m U n i a i a r

b a h o o o a i b i a j

k q u k k k r a r a r a r d i i i i t g o p i i a d B R r m s

a b a b a s

y r a t a t a t a t a t a t h a u b l b u r h l r b u L a n i a n u r a n a n a n u w o o a m a u i D B Q N E m N A C N S K R A F B S A A D A U n i A C B M B Q A B Q B E E E T " " 0 0 ' ' 0 0 ° ° 5 5 5 5 % 8 A S 7 b a s r O R e t A

a d i r e i t m E C T E n U G S r a i t i a % d a b 4 u a Q 6 a K I N r S % A 7 i n 6 E E a " " 0 0 ' ' r 0 0 ° ° 0 0 h B A N 5 5 a

B 6

1 5 0 9 0 1 0 1 8 4 8 3 7 8 0 6 9 7 1 . 0 9 3 5 6 9 4 9 3 2 ...... 1 . 1 . 1 . 1 . 0 . 0 . 0 . 2 . 1 . 5 2 0 7 9 8 1 8 8 8 8 8 7 6 5 5 4 4 4

) f i t )

n n s b t b P r o $ e

% $ s S t S s i t U e A ( 0 U N ( a 4

) w

1 r

r y

i i i i

i a i a i a i a 0

t a i t a i t

i i i i i

i a i a i a i a i a

n a r d d d d a i t

2 K ) n E E E a r d d d d d u w w ( a b a b a b a b E E E 1 u

w a t A A A r r r r u u a u a u a u a u t a t A A A 1 r a b r a b r a b r a b r a b o u % a u a u a u a u a u C o Q S A U U S S A U K K S A A i 0 C Q S A S A S A K U U S A U S A 2 o f 7

( r i

s b P k

t n

e t i t h l

a i s e t p a l

a D

s p a B

i a l

u e N u i l w u c A

u s w a o c

a r b i o u r b y i u u y c

e c K A e A K b r G r b r G r k

f f f f e H o l m e l m s n

o o o o a a

e k k

i i m m m m k

c k k k k c c n B a n

o D o n k

k n m n n m n n n

n i

a k k a C B C n a n

a a o a s

o p a n i p B n i a B N B a n

C B B n n u

a C B a B a i n b

u i B b

i l l l f s C B a

F o a l l l a B F C l

o B a a

a a a

F e r i C

a a a

t h u t C h i a h

n n n h F

G r j h

a h

n n n G

D a i a G r j b d

o o o i

a G k k D r i i i

b d o o o

b i a a k k k t t t u d i i i t w R n n m

y a t t t u R a a a s n n n l b a a i m u u o p m

y a r h l b i o p a a i B T B Q N N E N A S a A N K R B a T B a Q N B A N a S N a N a D F R A S B a E E " " 0 0 ' ' 0 0 ° °

5 5

4 4

N " 0 ' 0 ° 5 2 N " 0 ' 0 ° 0 2 N " 0 ' 0 ° 0 3

Economic legacy and prospects

By Dr Pervez Tahir Published: January 16, 2014 Published in The Express Tribune, January 17th, 2014.

Delayed, much delayed for inexplicable reasons, the exchange reserves were down to a “55-month low of State Bank of Pakistan (SBP) annual report for 2012- $6 billion”. How is the PML-N doing in terms of the 13 has come out at an interesting time. Fiscal Year same indicators? Double-digit inflation, according to the 2012-13 was the last year of the PPP government and report, is likely to return in the range of 10.5-11.5 per 2013-14 is the first year of the PML-N government. The cent. The reasons include increased energy prices, a delay gave the quasi-autonomous SBP enough time weaker rupee, higher GST and dwindling wheat stocks. not only to assess the performance in the outgoing The “developments in the first quarter of FY14 do not year, but also the prospects for the current year. The bode well for inflationary expectations”. Despite PPP left an inflation rate of 7.4 per cent against 11 per increased energy supply due to the payments for cent in the previous year. Better world prices, reduced circular debt, GDP growth is unlikely to be five per cent, domestic energy prices and a stable exchange rate are as claimed by the finance minister. It is forecast in the cited as reasons. Industrial growth nearly achieved its range of three to four per cent. The recovery of target. Growth in manufacturing was 4.4 per cent, manufacturing growth in the last year is expected to which according to the report, was the highest in the continue. Such recovery is not envisaged on the tax past five years. This revival was broad-based, side. Fiscal deficit is expected to overshoot the already contributed by many industries. Exports improved and high target of 6.3 per cent. The positive effect of lower the current account deficit came down from 2.4 to one power subsidies may be neutralized by the failure of per cent. The PPP’s Achilles’ heel was the fiscal deficit. three larger provinces to generate surpluses in their A target of 4.7 per cent was set, but the year ended budgets. Expenditure will also increase on account of with eight per cent. Failure to realize targeted tax Rs277.5 billion due as interest on short-term domestic collection and a discretionary spending spree are given debt incurred by the previous government. On the as the factors behind it. Most important, says the external front, the SBP is more optimistic than the IMF. report: “For the third consecutive year, the authorities The optimism is based on a wish list: the success of had to bail out the energy sector by paying off the the privatization programme, sale of 3G licenses and circular debt, which pushed the fiscal deficits way the realization of the dues from Etisalaat. It is also above the respective targets for these years.” The first hoped that the structural reform agreed with the IMF installment of Rs322.2 billion of circular debt was paid will improve the climate for foreign investment. by the PML-N government in June, adding to the fiscal Coalition Support Funds are expected to be larger than deficit attributed to the PPP government. This deficit envisaged in the budget. The legacy, in terms of the had to be financed entirely through domestic sources SBP’s factual report, is not as dismal as it appears in — Rs939.6 billion from commercial banks and Rs506.9 official pontifications. Nor the prospects are any better, billion from the SBP. As a result, domestic debt despite the concessional marks given to the increased by 24.6 per cent. Due to heavy IMF government. installments and negligible external inflows, foreign

2 r h m

4 4 , o r 1 c . 8 0 s 0

n 2

o a 3 S s

9 a t n B G h l h 3 a

3 6 7 a g K i J W A r f @

5 7 8 3 9 y s d . p p m n o o a 4 0 6 5 o r s

d e c C . . 7 m

o e . - | 4 4

s i

. . 6 0 5 4 a e d e t l 2 s r o e 3 ± i l 5 2 2 8 0 a 1 0 v 7 r i h . 1 l u e 3 N 1 4 5 3 7 a s . 4 p e 8 b w 1 2 3 8 5 / R M 4

w K i l o m s 6 s u

t w 0 i h 5 s m . g c n i 6 u 8 D R o e t

4 i l c

. l 5 t a 1 A e 5 a . n D 2 / e O d p 9 r a n +

e C o z u

i i n o f t n S o L R c

! (

e e 0 e a j e t g i o g a r a D P P d e L n I 3 6 2 1 n ! ( a i t t g i s 5 i l K 2 l t J 3 G a 8 A ! ( B a w T 0 r h 1 C 0 I k e 2

y d n b a e b s d y r u 3 n a u u t j 2 8 b h o ) s i s B 6 0 h (

n K D e

n i 9 9 c k n u r a m 0 2 u a o d o P L 2 4

A ! ( S

! ( P : L a O t B a C T Z P D L

t a s n t r u n 0 e a 5 o o w i 0 F d l o l 0 m r i e 2 r s A

9 0 7 o r M

Z T B B u s m

h r b 1 e s e e i d 0 T 6 9 4 . p

D 4 u g i n 3 R n S 4 B Y o s ! ( L r e w n o a r E D t d r

e n s i s m r o r i B o u l h

l e i b c s T 4 6 s r & R S i M

m D l o s

d w u t e i a e o n e d r 5 6 9 . s r 5 2 4 7 1 u p n e B r o o u a u B M R t m 8 b s A i 2 s i k 6 I S B U ! ( a D

P s

t n ) 1 2 6 1 n a u % 0 . 0 . 0 . n o N D ( o 9 . o

L i

d l m l i e e s A 0 8 s r

s r M a r e e i

u m s w r b o w e r S h e

s r e i 4 3 1 T o

p D 5 6 8 7 . B t L O A m

u r r

R o e d h T 1 5 8 1 0 4 4 7 9 6 3 4 S e r s 3 8 . u

1 0 8 . 4 5 1 . 4 2 2 5 3 2 3 4 4 4 5 8 7 2 5 9 3 2 8 5 b d d s 4 8 4 5 9 6 3 6 0 1 6 7 6 9 6 3 0 6 2 2 d . i s e e 6 3 9 9 1 6 8 9 3 . e ...... 1 . 7 . 7 . 7 . 0 . 1 . 1 . 4 . 2 . 2 . 7 . 7 4 . 3 . 1 e 9 2 2 8 7 6 4 2 0 7 3 5 6 3 5 6 0 9 0 3 s r s r s D s 9 0 2 6 0 8 6 9 6 1 0 9 7 5

u u o 2 9 3 2 8 9 1 3 4 3 1 2 r t b b 7 0 5 6 4 2 p s s n 2 1 1 u r u D i D i b

u ) o t t s P i n n

n u u r D o o o

A m o i j l s m m l a i

A A n a

M 8 9 9 8 7 1 5 8 2 7 9 9 8 5 1 9 3 7 0 7

S ) S

0 2 1 2 6 4 3 7 4 1 9 4 8 8 2 8 2 1 2 t 2 8 5 y N n 9 7 1 4 9 9 2 9 0 8 0 1 1 5 9 4 n s N L e 2 1 8 7 1 0 n 6 4 1 7 6 0 1 1 5 1 1 2 7 A

b r s o A i m 6 o l e

0 2 1 4 8 1 l i p 3 O i . e O e 2 1 M o

l 4 L s d s 4 9 0 8 6 e

e l 9 e n

e v 6 i a T r s r s p w e i e 2 f o u p N D R L 1 N s o O E u

r M I

w w e w e f f

T r o u M R o o s C

o y P ( . . b r o r o e U t O o o s o o B o N i e D L i N N B B r E p D V R O

u u E

t s

c k s i D .

R c

I n . y I ( i e

d I

a t o t r y e r S e l e s e o i r h u g r

r L a o i s i v e s e

a y C

P D L F g

h t n a s r r r r y

l C r t

e t o o o o n n o 8 n a i o

F F F F r i i o 0

t o l

i t l e r r r e n l l l l i a t 0 s g . u

n c t h a a a a M

u 7 m t u n s a o u s e i S g i t i t i t i t 6 e l d n d p t c

c e L O 8 a p p p p o

o l m l p

m i n r 6

o u l a r s e a a a a e r C

s s L 5 P R s a i p d u

e /

C C C C / s m a

u e e h

r s u k

F e n i r n c e g g g g e l

s s s t c a e v l o q d

e r r i s r r H y i e s w r i c i d s s F

o E

o o w i n i n i n i n D r

e t o s r a o n t r u s k k k k t o y e r l e e r e r d o h r r r r t i c d c t i l z m r r p r p h c a

i r h u b c r n b o o o o a y p r t h t h o u u a a r t e o e s r u A g e a i s e r i v e s a a o P T D F T L P O L F G O P F P S e d L W W W W O P S H P L O t

��ں �ت � � � �ر� �� ر� ا�ك �ا�: ا� � آف ��ن � �ر� �� ر� (�ر� ��رى �، ��ن ا�� ، �ر� آف ��ن ا�رہ �ك) � ا�ك � �� ر� � �� ا�زت �ر� � �� ا�زت دے دى �۔�� روز ا� � � ڈو �� ر� ا� ��ى � ڈ�ر� � �� روز �م �ں، �� اداروں اور �ا�ى ڈ�ز � � �رى �دہ �� ا�ك �ر� � �ر� �� ر� � �� ر� � �� ا�� ز � �� 30 �رى 2014 �رى � ا�س � و� �� د � �۔ ا� � � �� ا�ك �ر� � �ر� � �� اوور دى � �� (او � �) �ر� � � � � � � � � �رم ��ر �م �� ر� �۔ا� � � �م �ز �ا�ى ڈ�ز ا�ك ا� � � �� د� � �ص ورك ا �� ذر� ا�ك �ر� � �ر� �� ر� � �اہ را� �و�ا�ى �� ، ا�ك �ر� � �� ر� � �� وا� � � � �ا�ى ڈ�ز � ا�ك ا� � � �� ر�� ، � �ا�ى ڈ�ز ا�ك ا� � � �ر� �� ر� � � �ر� �ز � � � � �دار ادا �� ، ا�ك ا� � � �� ر�� ر� � � �ر � �م �� وا� �ا�ى ڈ�ز ا� � � ا� آ�� آ�ز � �ر� � �� ر � آ�ہ �� ، �م � اور �� ادارے ا�ك ا� � � �� ر� � �ا�� رے � � �ر� � ر�ر� � � ��دہ �� ر � � اون ا� �� ا�� ر�رٹ �ا� �� ۔

�ا�� ان � �و�د � � �ا�: اوور� � آف ��س ا� ا��ى � ��ن � �م �� وا� � � ارا� �ں � �م �� ں ، � � �ان اور �ر� �ں � �� 3 ارب ڈا� � � �� و�د ��ن � ا� ا�د � ا�ر �� آ�ہ ��ں � �� رى �� د� �۔او آ� � � آ� � �� 2013 � دوران � � ’’� �� ا� ا�� ‘‘ �وے � �� ن � �م �� وا� �� ں ��ن � �رو�ر �� ظ � �� رى � �م �رت، ��، �ى �، � د� اور و� �م � �� ان � � � � �۔�وے � �� ں ��ن � �رو�ر اور ا�� ز �� رى � � � ا�از� د� � اور �وے � � �م �ں ��ن � ا� آ�� رى ر� �� دو �� ں ��ن 29 �رى 2013 � ا� آ�� د� �� ۔ �وے � �� 43 � �ان � ا� �� وہ آ�ہ 1 � 3�ل � �� رى �� 45� �ں آ�ہ 4� 5�ل � �� اس �� رى �� اور ز�دہ � �ں �� روز�ر � �ا� � � � �� ر� �۔ ��دہ �� ا� ا�د � ا�ر �� 83� ارا� ا� ا� �� دہ �� ل � �ز�ر �� 75�� ل � � وہ ��ن � �� رى � �� د� �۔ � � �� روں � ا� �� دہ �� م �� ں � � �ر� � � �� ۔ �� ارا� � آ�ہ 5�ل � �� 3ارب ڈا� � زا� � �� رى �� ا� �� دہ � �� ت � � � �� روں � ا�د � � �۔ �وے � �� ل 2011 � �� 2013� �رو�ر �� اور � �رو�ر � آ�ز � � �� روں � ا�د � ا�� ا � � � �ص و� �� ون � � � ا�زت اور �� وے � �� ر�� م ادا� �� روں � ا� � �۔ �وے � �� ن � �� رك � �و� � �� اور دا�را� � �ق � �ا� � � � �� روں � �� ا� � �،70� � � �ں � � �ار�ز �ا� � �� و� � ز�دہ � �ں � ا� و ا�ن � ا� �� ارد� � � �ان � ا� � ر�۔ �ر� �� ا��ى � � ر� وا� ارا� � �� ڈرگ ر�� ا�ر� � �م � �و�د ا��ى � د�� دواؤں � � �و� � �، ڈرگ ر�� اور �� ت �� ، � � �� روں � � ��وں � �رآ� اور � �زع � �ر ت � 7�ل � زا� � �� ك �ت � � � � � �رآ� � 2 �ل � زا� �� ۔ � � �ر �� ے ا�و� �� 35�ں � � �ں � �وے �� ں � � �� ا� �� ادا�� ۔ ا�ں � �� ا� و ا�ن � �ر�ل � � اور � � �ان � �� ن � �ى �اد � �� روں � �� رى � آ�دہ �� ۔ ا�ں � ا� �� 2013 � �وے � �� آ� وا� �� ر� �� ا� ��ں � دور �ے � اور ��ن � �� رى � � � � �� ۔

� � �ك ا�� ت �ا�(ا�ف ر�ر�): �ا� � �ت ا�� ل �� ڈوڈ� � � � � ا�� ن � � ،� ،ا�� ا�اد � �� رت � � �� د��ں � �ون �ا� � �ر� � اور �ك ا�� ت � � � ا�اد � �� رت � � ز�دہ �� دى �� ت ا�ں � �� وپ � �� را� ا� �� د� � �ا� � �� اس �� ا� ا� ا� �� دى �� ، �� ڈوڈ� �،�ا� ا�� ا�� ر �ں زا� �،�� ر � �خ � � � ا�ر�ل � � اس �� ا� � � � آ� � �� ز �� رز� �،�� ز� ��،�� د� � ��د�۔ا�� ل �� ڈوڈ� � � � ا�� 28 �رى 2014

2 y

4 , ) m 4 8 o o 1 1

c . 0 l n 3 n 2 S

a s n © 5 G p

o 2 a 3 t a 1 h 4 i l h d J W A a g l 0 i 3 r r 3 l @ m 5 . y . s i . r s p p m o . o a e o e 0 c C c 0 m

1 - | 0

n e t

M e 4 a ± t d 0 0 0 0 1 0 2 s ( e 3 a 1 R v 7 U 3 7 0 0 r n h .

l e

3 a s . 4 5 0 7 1 e o e 8 w . . . . / K i l o m e R 4

) l 6 s N 0 0 2 0 t w m 0 m

n h n 5 . u a g o i t 6 y i 8 R o 5 t a

4 l . i l o a 1 D l A M l 5 / e . l 2 r n i e 9 d p C o + z

i i f t n S M o c m

( e 0 e j e e e t g o a r a n g D P P U e L r i t n e m

m h y y l s o e l t a p r a K o r m 5

E e o

6 d p P d s e n i e a

p D e c u r c F o c

r n u O

o y a b a t n a d s L a n

i i , u n k d o n ) o s i B a (

n t a I

e a n l i i t e c r t P r l u f m e e u p g l d d o o i s 5 A o S p P

i l w d

: 6 i s a l t o o S : O t u G a B C N L e a M t P P D a p B t f A o K S

J T c n i A o i m S l a l I o n w T M i o K

r h e r c C I k e - E d l 2 5 A i p e n b o U b M i y u P c a t j

h o - S h n K

k u a P S P C h 5 c I i 6 R T S I T a t A a T F S

h T d i n N S E n M a t Y i s O h c L l o P a B M E N U e n n d c n o o e d r i i l l y o e l l i o i i l o y l F l

i o r M M l

M u 4

4 m p o 2 4 8 e m p . . . n E 7 3 3 a b U L 5 5 t n e m y o ) l

o ) e l p o e p f o . o N n o i l l i M ( n a t s i k a p r o f i m l

1 6 9 2

e i

2 1

7 0

n . . . . d e y o l p m e n U & d e y o l p m E , r u o b a L n a i l i v i C M U 0 0 0 0 (

e l a m e F

��ن �در� �ا�� ان �دور�� ا�ا�ت �ر� � اور ا�� ن � � � �وغ � � ��را�ا�ت � �ر� � ۔اس �� ا� ا� � � � � ا�� ن � �� ا�اد � �� ر� � د� � ز�دہ � ز�دہ �وغ د� � راہ �ار�ے � ۔ا�ں�� ا��رت � �وغ � � �� ت �ا�� ں � ر�� ا� �ے �� آ��ن � ا�� ں � �ا� �ش �� اور�ك ا�� دو�� رت � ا�� ۔ �ں زا� � � ��ن اورا�� ت � �� ى اور دو�� رت ��وغ د� � �ر� و�د � �د� �زورد�۔ا�ں � � � ��ن اورا�� ت دو�ں �� ورى � � �� ن را� ا� �� ا�� ل �� ڈوڈ� � �� ن اور ا�� ت � � �ں�� ى � �دار��ا� �� ڈوڈ� ��ادرى اور��ن � �� دل � �ت �و� د� �� ا �۔ا�ں � � � ��ن اور ا�� ت � �ى اور� �� ا��۔اس �� ر � �خ � � � � ا�� اور��ن � �� ت �� آ� � اور ا�� ن � � �ں � �� رى � � � �� ۔ا�ں � � � � � ��ن � ��د�� رى � و� �ا� � ا�� ر��ر��ہ ا�� اور �ك ا�� ا� و � �ز �ذر� �� رى � راہ � �ار� � �� ۔

�اب �ر�ل � �و�د � ا�م آ�د:�ا�� ان اور ا� و ا�ن � �اب �ر�ل � �و�د � � � �ى � آ�ر �ا �ر� �۔�� ى �ں � � � �ى � آ�ر �وار � 5.2� ا�� ا۔ادارہ �ر�ت � �� ل � ا� �� ى �ں � �اوار � ا�� ف 2.2� � �ود � �ز �۔� �� ت ر� �� ں � �ل � ا�� د� � اور ان � � 230 ارب رو� � 27 �رى 2014 � � � �� ل � �ف 55 ارب رو� �۔اس � �وہ زرا� � � � � �ى د� � �ں � اور �س � �اوار � �� ن � �� ا�� ر�رڈ � �ر� �۔

��ن ��رو �ور � د� ا�م آ�د (اے � �): و�� وز� �� ى و �� ا� ا�ل � �زى � � وز� �ر� �ى �� ں �� ى � � ��ت �ں � �زى � � ��ت �۔ اس �� و�� وز� � � � ��ن ��رو �ور‘ ڈ�ى � د� �ں � �زى � � ��ت � ا�دہ �� ى د� ر� �۔ ا�ں � � � �� ا��ا� �ا� داروں � �� ط �� ت � ا�دہ �ے � � � � �رت‘ �رو�ر اور �� رى � ا�دہ �ے �، ا� ا�ل � �� وع � �� ۔ اس �� و�� وز� � � � �زى � � � �� اوارى ��ں‘ ڈ�ى اور زر� 25 �رى 2014 �ں � و� ا�� و� �ے۔ و�ن 2025ء اور 11 و� �� 2013-18 � � � � �� او� �ت � �ت � �� ۔ ا�ں � � � � اداروں � �ى � � �زى � � ��ت � ا�دہ � � �ا� � ا�ر � �� ر� ر�ر� � � ان اداروں � �ر�د� � ا�� ۔ و�� وز� ا� ا�ل � � � وز�ا� � �از �� ا�د�ت � � � �� ا�ں � �� ى � �� ‘ ا� �ى اور د� �دى � � � � �۔ ا�ں � � � �� اوارى اور � �ر �ں � �ى � � � �زى � � ��ت � ا�دہ �ے �۔ و�� وز� � �زى � � وز� �ر� � �� ادا �� وہ ��ن � �� ا�دى روا� � ا�� ى د� ر� �۔ ا�ں � � � �زى � � �� رو�رى �و� �� ے۔ ا�ں � �ا��‘ ��‘ ڈ�ى �ر� اور زر� �ں � �� رى � � د�ت دى۔در� ا�ء�� ا� � �ور� ور�پ � �ب �� و�� وز� �� ى و �� ا� ا�ل � � �� و ا�م � ا� �ر �� ‘ � و� � � �� ا� ا� ا� اور � � ا�دى �� ل � �ا� � ��ں �۔ ��ن � �� آ�دى � 65 � ��ان � � روز�ر � �ا� � � � �� ف � � � �� ا�دى �� ا� � � ر� �۔ � ا� ا� ا� � �� و�ن 2025ء � � � � � �� روڈ � �ر � �۔ ا�ں � � � �آ�ى � � در� �� م �� ورت � �� آ�ات � روا� �ر � � � ��۔ روز �وز �� آ�دى � �ور�ت � �را �� آ�ى � � �وغ اور �ى � ا�ا�ت �� ں �۔ ا�ں � � � � � �� اور � � � �� راہ � �� ر�و�ں � �� ا�� ان‘ ا� و ا�ن � �� ر�ل � �� اور ڈ�� ا��ت � ذر� �ر� � �م � � � �� ۔ ور�پ � �� ادرى � ��وں � � ا�د�ت � �ى � �و� � �۔ و�� وز� � ا� � د�� ان � �و� � رو� � �� رو�رى ا��ت �رف �وا� �۔

�� ز � �ے �� ر( ��س ر�ر�)و�ق �� ا�ان � و �رت � �ر ز� ا� � � � �ر�ں � �� ن � �� وا� �ں � � ��ارا� �ت �ت � �ے �� ں � �� ارا� �ت � �� ۔��، � � اور ا�ز � �� و�ل �� وا� ا�اد � �ا � �د �د � � ر� � � � � � ان �ر�ں � � � �� ا�� ر� � � � � �� ر� �وا� ��: ز� ا� �

i ±

m y

e 8 5 2 3

L 2

. 0 . 5 . 2 . 5

r e

e 6 6 7 8 - 1

u d c

a 1

a s n

s i

i o

0 v

r f

m 2

o o

n r

g e a

s n P

n e

y o

r i y Y r

e t u

e i

b 7 5

t 0

s u

e m 5 7

o 2 0 s

. . . e b 6 9 7 8 h n ) 0

i i 8 9 1 . 9

A z s H s . 1 . 3 . 1 . 0 r

r i 2 5 1

1 g S a

S 6 6 7 7

- 1 e 1 - -

u -

n S

l K r

0 -

N i 1 7 e d e 2 5 t

h 1 d

l e d

l c 2 0 5

H 0

, A n l D . . e a 0 . n

l o 2

a h = i

L . 9 8 G t 1

S t o 2

a p

h < 4 1 1 2 u

A u n h r

g A e

o e

l c

i a e

l e Q

H s c l ( e B s

a c

L u

O r

c Y

o A o u e

m n e d

f r

. o

a k a

y H P i S

e r

b d a

t h g

e l a a

o n a

b e N I

e c

d w

c o f

r e z a t a

a r

. a g h n n o

t u N s

i s t

i i H

n o a

A r

t b h v

f o

u e t u

n k

u l h a c

e j a b h o i e s r

t t

s d o m i o S

o n

d r y n k l u g r h a l l

i i i r r

s v a n a e

a i l r u m

e t u i h a a L G l e

e o a p P b a i N s u u o

o v e w t

r m b

h a D P S K P B A i i a

a n a

b i r k h

l K l h h a j i H t h r

c a

j B u e n

p i o c t S u h t i

a r n G K

a r

o d t u S o G n a

m a t h

f i n a r p o n a g r d h b a

r i P d a

d o d H d a k a k a a r

o M B u u a

O n b a r a S f

o a a m f r h

h n

r z u e N

f a i d l n f z a d u z s e

s i e a B n a e a a u

t n

a b i h a o t H b d i J h n a M a d m t r a

G t s t a a

f d

p i n l a i t a

M e b r n h i o a k p g

g a s a o b

a r a p i

d l M l a

a b n K t m a P a

f r l a r a a A d F a

a e w a w u

i t B

e s l h h a S I w p

h t o i a i g

l d l a r a R r

e n m o i

h a g i

u o S l a g h n h

r T

a H r a g a B C a

p h n

o t i r S i i c k w

a S

d a r e S b k a

n a w a

y c i T h u h

S o w .

a C e

m t B T t S

l D V

t A l g i r

e n i b

a o

a o n r a a A l D

. e w a

r h

h d m a P r r

a r e e i r

c s

r t J h e n a i u d D a r p

s h t h

p L h n M u r p h w

m w C r K a

p e t o a l U K n k a o

m a d

s a

h a a a c y d l N r

i w h s h o i y w

n n l a a h o e L

c s a

a e e a d t

g r K P M n n h

s h o a

w n a e a

e a e L h r R R a h n

p t B O r o

r l

P n F F a

u C i A h k a u

u K h a k

e a c y c y o M d j r M

a a n n

a n a

o a y h e k e a g B

a r

b B g g a

r r L m a a t A f

i m a r

4 o K H

t u e z a

b w

l z a g r M u

i k n a y b

2 M a E c a

o h

s r M u u

H K n

s i i n O

a n a

i n

n n k h

t a c y n a E

a k

h n n

B a L I B

t a

e h

e a g k k D R

k r

e k h

T n A w

F n

Y n r a

k a

d a G a a T m

r u

v R T h

. a

a p M D n r S

l K p i R r n . a r t r I e u a F

a . j a s

d k h K a h D a

a K

T i i e R t L n

]

R z o n

e a s a F t a R

k a

n r r u s F h k i a

/ W

t e e U t

v a

M h r . t e o i m

m k

r h z h N r U

h a S a G

o B W

e r

g a s e S r r

c h i a

s u g o O i .

0 k h n a i m r k l a t b

u e u a h S o s h

r n

m p

5 r g S r h a o i u

. Z

L o K p M B

R r

a r

i u l a n a

d i

6 r H y a r h

F h a d s

c e h o u A K

a b

r a . h D

s K l d l a n

B T p b r

t d u a

u d f l

s i i a h

e a r

k a a c o b

4 K i b a

i a

h z S

d h f a t r

e J a d r o M

l S a a r

a a z i e l o d . l e

m i M a b n

g T

o a E

s o

1 F y d a i n K b

a r k a

r e H

o a r a r

. r f r B a h

o f

5 i h

a . s i o a L b a t r p a

l i

. S J a n t t

y o S N a w

p i s h r i h e k o a u s h

i h H

r T o p a n d r m

e i N a c h i a

s s

9 a J a d

u H s g

i o t m t h K

h a u a a r d M h

p + h a a

i T l u S

D C

[

D Z u a i s J h

c h 6 4 n b i a a 7 r h i o 7 1 0 a s i a t 1 . . K r K P t g . 0 e n

t . 9 3 u u F e 3 t H Q h h s t d a 2 4 8 l c a a s a l 3

l l a n M e e i

2 u a K - - d i d

h r - s b b l a G - a e d A p 7 7 6

L D 7 z O a l u o

l i 9 0 1 1 u h s K . . . t K

8 c = h . 2 3 9 r c n < 6 2 3 4 e e i O o k s

N s h c u u n d u r r N a n k a W n i a o S e r a r a

r d h a O a g K w H P l a A n a e I N I

w o r e z a r r a n a o u N d s t H a T A t h w t

G o k l e a f r i s t m i o r k S u g h r a u A l l i r r i e a r

) a e u t i r l u m L e o s h G l e g a p b j a a i e N s u u v e w n t

m b a D W i i a a a n i k h r l K h h j m a i P H t h r a j e u B n o c i o t h S

LM u U a r n G l K n

i o d i t S u o n G a a t h i a n r p o n a g d r h b K a 5 i

S d P a d H d a k a r k a M u B u 7 o a O b n a r a f S i a a m 3 f r h T h a z u e N a i d l g f n z a

(P z d s e i e

g a B n a a a t i u

a n t

I b i h a h t H b d J h a i M a d r m a G C s t t a a d i n t l a a M b r n

in h o a g k p i a g a o s a

nt b a a p l i c h M l a b n K 0 t m a a P e l r a r A a a F a K w a e u

e 0 w i t S B s l h p h u w a I h i o 3 a i g r d a l a

Liv R r n a o h g i S o

l a g h n H h T r a g a B i a C n h i t r S

em i i k w S a r e S b

a k a n w a h c T

nd h u

S o w . S 5 C e t B T t

ur S C V 2

a A

l g r b n i a a 2

s n r a a I A l D w . a h

h d a P r e r r e s i c r

r t J h e n a i u

al d D a r p a

s h h h i n M

i u r p h w

ea K w C r a p e

: t a K l U n k a o a d

a c w a a a c y d l N r w s h h o i 0 y w l

e n a e a h o L c

M s a a M a e

o d t P 5 r K M n h

g s h m o

a w n a e a a e 1 L h R r R n a h

g t B

rc r o l P F a F

s C i A h k a u

u K

h a k a M c y c y d r j o M a n n n a a y h e k e a g B a r

rd B g g a O

ou r L m a t a A f

h n a i

an r o K u e z a w 5

S z a r g M u k a n 7 y b

da M a a h o M r u

is H K i n n O

a n N 5 a n n . k h a

k c y n a a k n n

7 B a

an L I B

t a

e h

at 3 a g k k D R k

r k h n A w

F n

Y n r a

r E c a k a G a a

Pa St D T m

r u 0 T R h O

a a p M D n r

l K R p i r n . a r t I e F u a . j a s h k K a h D a a K

T t i i R L n

R o z n a s a F k t a R a n r r u C s F k i a e W e t a

M h r . e o i m k h h z N r U

a S a G - B W 1 2 9 8 9 1 1 2 8 2 6 4 7 3 8 1 r 2 l

. . . . s a E e 0 6 0 1 0 7 9 8 5 5 0 5 4 S r a h r 1 a ...... 1 4 3 u g o i k h n 0 a r i m 5 2 1 3 1 5 7 8 8 6 2 0 2 k l a t b u u a h S o 2 4 4 2 1 p s h r r S g r h a o i u u T o t

Z L K M p B r r

i u l a n a d i r y a h r h a d

e h o A u

K a b a . - h D K l l 8 1 5 2 5 9 1 4 5 1 6 5 7 6 5 a n T 4 2 B p l u b r d a d f i 5 2 6 3 0 1 9 7 9 0 1 8 2 3 5 i a h a 4 1 r a ...... k a c o b K i w a . b a

i a S z h a t 0

r 0 8 6 1 1 6 7 8 8 8 6 1 0 3 3 J a d r o M 2 S a a h r

a a z i l e d . u r a l 2 5 4 1 i e M a b n a T k F y d K a n b

r k a e R H a o r a r r f B a f

i h s i . a o L

u n t b a r a i S t J a t o t N a S i

s h h i a k o e u s h

h h T n a

d r m i r n N a a k c h - s 5 1 2 3 1 1 1 9 5 7 3 8 8 4 3 5 2 a J a d H g t a . . a h K a n u 1 7 5 6 8 6 1 8 3 9 3 8 5 5 a u a 1 t r d ...... 9 2 M h P

a a t s i l

S 0 8 5 6 9 0 1 5 6 8 6 2 0 6 2 D a Z i i r 2 3 3 2 1 b J h h i c h n r b a i e a a h d r c j s a i U a t K o d h P t g y b l n e n n u u a h u n t

Q h s t e a l - a a P S i K B a 1 1 4 8 6 4 1 9 7 1 6 8 9 6 6 6 l 1 a l l l . M e u K 9 7 5 9 0 1 1 2 8 0 8 4 4 5 7 p 1 d a r ...... 7 s b b a a 0 d A 8 6 1 3 1 1 5 7 7 6 1 0 3 2 2

x L z a l u 2 4 4 2 1 l i h K T o t K E

i - 1 4 8 6 1 5 7 1 8 3 1 2 3 1 5 9 k 1 l o 2 1 3 9 1 7 4 6 2 0 4 6 0 4 1 5 6 2 5 6 1 s h p 1 i ...... u . 9 6 1 N t 0 4 2 6 1 1 5 8 8 7 7 5 1 0 2 2 3 . . . - 1 r u l 2 n u r a 2 5 5 1 n a e r 1 1 2 p a a 1 r a o t R r h a

t 1 K w r u A e e m s 0 R

B r 2 G - c r u 8 8 4 9 2 6 1 6 3 7 9 8 3 2 4 8 1

a . n d e 0 9 0 7 3 6 0 0 8 6 1 8 8 4 1 r 1 n a ...... 8 ...... s y w i a 0 1 8 1 0 1 4 2 7 7 8 6 2 0 4 2 2 n G t n 2 e 4 3 2 i r v r b a k Y o a U u d r o r n u s h e r g j a C o E t n W

t a

b a P P r ) f e

U B l t 1 9 6 9 5 s s o y l . n

8 5 6 e h e m

1 . . . e - 1 s r b i l u t s

a f

1 1 1 i 0 m g

o e e o a c e r t n p h 1 g d i e

C b l C c a u 0 n r v i o h l e r

n t s ) a c h i q s 2 e

a o o o b

r e K i y r s t m S e v e

M t u P r o o h u

& d b l a & u c o U f R c a B e s e Q o i

W & T e r

O a ( h n c r N c o e s d i s s O r e Y l

u l a a R h G

o e u t , o s e e e b t u

o m t e l g o G h u e o y

w o u a t t G o t o m o r g n & Y g H c

o C c i H l o s & e

n i a c o o T r i H v e a t u s a a I e & n &

& n r F

r e

n t o c t

c t &

k s

b a w D r

c a n b a o o e e g n n i e r n & ( r e t n e n o h r t r t

n n a O N a i n c e r i o i s i E l t U r

W o o g g g i c k a l i n

e d l t r a u l & n n n o e

P b u h r , i n , s h t m s p s p A i a t e t c i h s i s i l e h c a d d a h c h M n n n t t j i r b h v s t u u m c r e a u o o r n s c e d o a o c o a i O y n k l e l o o o e e r a r a o o u o e n r u i h a a C F F A l R C H H W F M T T C R E d M H 5 0 P 4 5 4 0 3 5 3 0 2 5 2 0 1 5 1 0 P P S K P B

د� 2013 : � ا��ا� �ا� :� � � �روں � �� دل � �۔ �� ہ د� � � ا��ا� ادا�ں � �ازن ��ن � � � ر�۔��ى � � ادا�ں � �ازن ��ن � � �رى �دہ ا�اد و �ر � �� ن � �� ون �� وا� ادا�ں � �� و��ں 25 �وڑ ڈا� � زا� ر�۔� � �� رى � � � �� د� �� ر � �رى ��ں � �رہ1.5 ارب ڈا� � � � ر� � �� ل اس �� ف � ر� 8�وڑ ڈا� � �ود �۔�� ت � � � � 3� �� اداروں � �رى اور � ��ز � �و� � ادا�ں � د�ؤ � روز�� ۔ 22 �رى 2014 ��ن � � �ر� �ت �ا�(ا�ف ر�ر�):�ى � �� ل � � � � ��ن او ر�� ا� � �� اور ��ار �ت � �ا�ں �۔ا� ر�� ہ � ا�� ا�ں � ،�ى � �� ا� ا� � �ا� � � � � ��ن اور �ى � � در�ن �� ل � �� 13 � ا�� 438 � � دو �� رت �� ۔ا�ں � � � �� ر� �ت � �� اور وہ اس � � �� ۔ ا�ں � �� ل �ى � � �� آ�ات 361 � � �ى � � درآ�ات 77 � ر� ۔ا�ں � � � �ى � � �� ص �ر � �� چ ��، �ر� � �ز ، دال اور ر� �آ� � � � � ، � ، �س اور �� ول �ى � درآ� � �۔�ى � �� ل � � � � �� ا� � و�ع اور � 21 �رى 2014 � �� رى � � آ� ��ں � � د� � � � ز�دہ �� رى � ��ت � � ا� �۔

�� ر�د� � ��ہ � آ� ا� ا�م آ�د:� � �ہ � � �� ر�د� � ��ہ � آ� ا� ا� �و� رواں �ہ � آ�� ن � دورہ ��۔ذرا� وزارت �ا� � �� آ� ا� �و� رواں �ہ ��ن آ� ا� ا� � و�رواں �ہ � � �� دوران �� ر�د� � ��ہ � � رواں �ہ � آ� �28 �رى � ��ن � دورہ �� ز � � � ��ن � ا � �ڈ � � �و�ام � � �� ا� 54�وڑ ڈا� � � � �ا� � � � � ��۔�� ا� 20 �رى 2014 � � �� دوران ذ�دہ � � �� ا��ں ا�ن � ر� � �آ� ا� ا� � �� ا� � � � ا��ت رو� �۔ � � �� ا� � ��21 �رچ � ��ر (��ہ �): ڈو� ا�ر� آف ��ن �� ا� � �� و�� 2014 � ا�م 21 �23 �رچ ا� � ��ر � ر� � � � � � �� ر � � � �ا� �آ� ��ن ��، � و�، �� وٹ، �ے � ��ت، ��ى، �� اڈ�، � � اور ا�ر� �� ا�� 19 �رى 2014 �� ۔ � ا� � � ا� � � � �ا�(ا�ف ر�ر�):��ن �� ا� � � ا� � � � � �� ر� � �ى � � �رى � ۔�ات � رو� � �خ � � � �� ر� � �ى � � �100رو� �� ا�� د� �۔اس ا�� رو� � �خ 7300رو� �� ۔اس � � ��ن �� زا�� ا� � �� ا�ن ا� � �� ے �� د�� آ� � �� ں � ا�� ا۔ا�ں � �� وا� �رى �� ن � 85�وڑ ڈا� � � � آ�ى آرڈرز� � � � �� ں � ا�� د� �ر��۔ا�ں � �� رو� � روز�� ادا� � �خ7300 رو� � �� ادا� �7750 رو� � � ��۔ 17 �رى 2014 �� ا�� وغ �ا� (اے � �): �ر� �ن � � � � � ا�م ا� � �� ت �، � �ت �� ا�ن � � ا�� ن � �ى � �ہ ا�ا�ت �ر� �، � �� ر� �، ��دہ �� ا�� وع � � �ہ ا�ا�ت �ر� �۔ ان ��ت � ا�ر ا�ں � � � آف ��ن � �ون � ��ن � ا�� ا� � ��ع � �ہ راؤ� � �� ا�� ب �� ر�ن � �� ۔ �� ر��ھ ڈا� �ت ا�د �ن، و�� وز� �ا� ا�ق ڈار، ا� � � �ر� �� ا�ر، � � آف ��ن � 16 �رى 2014 �ر � �وہ د� � �ں � �ور و ��وں اور �� ۔ �ر � � � � � �� ا�� وغ � ا� �دار ادا �ے �۔ �ر� � �� ا�ف اور �ا�ى ا�م � �دى ا�ل �، ا�� م د� � �ى � �� ر� �، �د � �ت �� ن �� اور�� ا�� اور ا�ل � آزاد � �� ۔ �ر � � � � ��دہ �� ا�� وغ � � �ہ ا�ا�ت �ر� � اور اس �ا� � �� وہ � � ا�� اور ا�� وغ � � �� اور �� ورك �� ا� �ر�ت دے۔ ا�ں � اس ا� � ا�ر � � � � ا�� وا� �� ے �۔ �ر � � � � � �ت � �ش آ� � � �ل � � ا� � آف ��ن � � � � � �� ل � �وع د� � � � ا�ا�ت ا�� ۔ ا�ں � �� ا�� ڈو� � � � � � و� � �ر � �� ف �ر � � �ت وا� � ر� � � ا�� ڈو� � � �ر ڈا� ا� � � اورد� ��

ا�� وع � د� � ر� �۔ �ر� � � � � � �ن �� اس �� ے � ”�� “ � �� دا� �ى ا�� ں � �ات �د اورا� اور د� �ں � �اہ �� ا�� وع � � �� ت ا�م د�، � �را � � � اس راؤ� � �� ا� ��ء � ا�� اور ا� ��ت � � � ��ن � ا�� وغ � � وا� �� د � �۔ ا�ں � �� ب ا�� اور اس �ا� دو�ں �� ں � �� ا� �ں �۔ �ر � و�� وز� �ا� ا�ق ڈار، �� ڈ� � ا�� ر ��ان � �ن، ا� � � �ر� ڈا� ا�ر �� ب �۔

�ك �رت �ر� �ا�ات ا�م آ�د:��ن اور �رت � در�ن �ر� �ا�ات ا� �� دو�رہ �وع �ر� � ۔ ا� � آ� � ��ن اور �رت � � �ز �رت � � �ا�ات دو�رہ �وع �ر� �، ان ��ات � دو�رہ �وع �� و� �ں � �ر�روں � 16 �ہ � ا�ر � 14 �رى 2014 �،� � دو ا� ��ں � در�ن �ر� ��ات � ا� � �� ر� �۔ �ك �رت �ر� �ا�ات � � دو�ں �ں � ��ى �رت ��ت ��، � � 16 �رى � �رت � وز�� م د� �ن �ر� دارا�� د� � � �ں وہ �رك �� در�ن �رت � � ا�س � �� ، ا�س � ان � �ر� � � آ� �� ت �� ۔ ��ن اور �رت � در�ن �ى � ا�� وا� دو �� ت دو�رہ �� آر� �، �� ا� و ا�ن اور �� ى � � � ا� �۔�ك �رت �ر� �ا�ات � ا� � �� ر� �، �� ا� � آ� � �ك �رت �ر� �� در�ن ��ت � � �� آ� �ا ��۔

�ورى ا�ء � �ں � 73 � ��ر:�� ل � دوران �ں �م آد� � د� �� ر� و� روز�ہ ا�� ردو�ش � �ں � � � � ر�، �� ش � 200 � � �� ڑ � ر� دى۔ �ام �� ں � آ�۔�ل 2013 � �� دن ا� � �، � �� ا� � � �� ں، دا�، ��ں، �، � � ز � اور د� �ورى ا�ء � � 73 � 200 � � �ھ �۔�م آد� � � �ى �ح �� ا۔�� 2013 � �� ل �ارد� 14 �رى 2014 �۔�� اداروں � � ا��، � ا� � � � �� اور �اوار � � �� ا�� ى و��ت �، ذ�ہ ا�وز دو�ں ��ں � �� ر�، � �م آد� �را �۔�� ل 2014 � � �� آ�۔�� ام � � ��دہ �� ت �، � ا�س � وہ �م آد� � ر� � � �۔ ا� � �دوں � ا�ا�ت � � � � �� ۔

ا� ارب ڈا� � ��ز �رى �� ا�(� �ز):�� رواں �ل � � � �� ر� � ا� ارب �� ڈا� ��ز �رى �ے �، � � ذرا� � �� ن � �ت �ل � � ڈا� ��ز �رى �� اور � � آ� ا� ا� � �� ۔ � �ز 10 �رى 2014 �ون � �� وا� اب �ف ا�م آ�د:��ن � �� اب �ف 5 �ار ڈا� � �� ا�زت �� ن � �� ڈا� � � �� 50 � � �دى � 5 �ار ڈا� � � � � �۔ ا�م آ�د � وز� �ا� � ز� �ارت �� ا�س �ا۔ ا�س � زر�د� اور رو� � �ر � ��ہ � � اور � � � � ��ن � �� ز �� 10 �ار ڈا� � �� 50 � � �دى ��۔ �ا اب ��ن � �� 5 �ار ڈا� � �� ا�زت ��۔ � � 9 �رى 2014 رو� � �ر � ا�م � � � � �۔ ا�س � ��ى �ا� اور �ر� ا� � � � �� ۔ � � �از � �� ا�م آ�د:� � �از � �� آ� � � ��رى �ر�ر� اور اداروں � �رى � �� ۔ ا�ا� �ر � 31اداروں � �� آ� � �رى � �� ر �� ۔ ��ن � اب � 167��رى اداروں � �رى � � � �و� � � � �� 473ارب رو� �� ز �� ۔ �رى � � � �ى ر� � �م � � � �� 185ارب رو� � �۔ �د �ر��ں � �� اور � � � 40ارب 8 �رى 2014 � � � � � � 41ارب رو� �� ۔ �ا�� ں � �رى اور � � � 50ارب رو� �� ۔� اداروں � �رى اور �� ان � � �و� �� ان � او � ڈى � ا�، � � ا�، �� رن اور �درن �، � �� ، ا�� ، �� ، �ا� ا�ك �� ، � � اور ا� ر��ى �� ذ� �۔�� ت � �� رى � � � ز�دہ �ط اور �ف �� ورت � � �ز� � � � � �رت � �� ۔ �� ا� � �رى � �� ت � �� ل � � �ا �۔ ا� � اور ��ن ا� آ� � �� ت �� رٹ � � اور و�ں �رى �م � � � ا�� ى۔

�� 5 �ہ � دوران � ا� او � ��ن � � � �ں � ا� �ز �م ��ن ا� آ� � � � � � � �ى آ� �ر� � �۔ اس � � �ں ز� ز� �ر�د� � ��ار ��ں � �� ا� � � � و�ں �� 5 �ہ � � �� ر�د� � ��ں �� ۔ � ا� او � ا�� ل � � �

�ا� ڈا�� ا� �و� �� دت � ا� ��ت � از� � � �� ادارے � �، ��ل اور �رو�رى �� ر � � ��ں � � �ز ذر� �� ى �� آ�ز � � � � ��ار �� آ� �وع �� ، ا� �� 5 �ہ � �� 2013ء � دورا� � � ڈا� 7 �رى 2014 �� م �� 2013ء � 5 �ہ � دوران � ا� او � �� 621 � رو� � ر�رڈ �ن اوور �� ل � اِ� �ت � دوران 525 � رو� � �� 18 � ا�� ا۔ �� ل 2014ء � � � �� دوران � ا� او � ر�رڈ � �� از � �� 7.8 � رو� �� ل اِ� �ت � 4.3 � رو� �۔ اس �ح 81 � � ا�� ا۔ � ا� او � �� ل 2014ء � � � �� دوران 63.8% � �� ا� �ر� �ر � ��ار ر�۔ � آ� اور وا� آ� � اس � �ر� � �� 75.9% اور %52.5 ر�۔ � � �� ل � 4.3% ��۔ �� د� 2013ء � �ت � دوران �وڈ� � � � � � � آف ��ٹ � �م ادا� � �ء � �� ڈ�� ا۔ � �ت اس �� ص ا� � �� ورى � �ن 2013ء � � �ر�ں � �رڈ ڈ�� ر� 17 � رو� �۔ �� 2013ء � �ت � دوران � ا� او � � اور �ا�� ز � � �� وا� اداروں � �� آ� � � �� رى � اور � ا� � � �م د�� ء � �� ز�دہ � � �را � �۔ �� ا�رٹ �� ل � آن �� رڈ � � � آ�ز � � � � � اِ� �ت � �� 30% � �ھ �۔ �� 2013ء � ا� و� ا� � او او ا� ا� ڈ�ز �م �وڈ� � � آرڈر اور ان � ادا�ں آن �� ۔ ا�� و�� اور ا�اد � ا�� ا� ا� �م اُ�� اور � � � � � ��ر ��ر� آف � � �� ے � ا� �ددا� � د� � � � � � � ا� او � �ن دا �د ا�ل آف �� ز� � � �ص � ورا� �� و�ا� � د �� ۔ اس � �وہ ��ن � ��ر�ں � � � � ا� ا�ن � �و�ام � �وع � �۔ ا� ذ� دار �ر�ر� �ن � �ر � � ا� او � ا� ان � و�ں � �ح �د � �� ب � �� اور � � �� ۔ ا� �دى ا�� ور�ت � �ا� � ذر� �راك اور � � �دى �ور�ت �رى �� اس � � � ا� او � 25,000 �ل وا� � ��ں، 1800 را� � �، 1000 � دا�ں اور 270 � � ��ن � � �� 800 � �، �ب �� روا� �۔ � ا�ادى ��ن آواران، ��ن � �� ر� �ں � � � �۔ ��رہ �� ا�ا�ت و �� ا� او ا�� ر�ر� � � دو�ے � � �ا� و �ا� � �وى � � زور د� �� رو�رى ا�اف �رہ ��ں اور �� ر � �� ۔ اس � � �م � ر��ى �ڈ� اور ان � �ا� و �ا� � �وى � � �� ر� �۔ اس �� ا� او � ا� � اور �ل �م �� اور ا� � ا��ا� اداروں � �رى �رو�رى � �� آ� �� ۔ �وہ از� � �� اس � ا� روح � �� ر� � �� ا� �ز، ا� ��رز، �� ر�ز اور �� اور �، � اور ��ت ��ت � � � � �� ۔ ��، � ا� او � �ر�ر� � � و� �ا �� وى آ� � � � �� م � اُ�� ۔ ��ں � �وى، ��ت � �ا� اور د� ��ت � � � �م � �ں � ر� � اور اس � � � � �� ا�ز � �� ، �� ادارے � �م �ز� ا� آپ � ا� �� ر �� اور ا� � � �ر � �م �� اور ا�� ر � �رو�رى � �� ۔ � اى او � ا�� ڈا�� ا� �و� �� ا� � ا� �ر�ر� � � � ��ں �� م � � � � ا�ات و �� آ� وا� و� � وا� �ر � �س � �� اور اس � �ات � و �م � � �۔

رواں �ل � ا�م � �ادر �ا� (ا�ف ر�ر�) :و�� وز� �رٹ ا� � � ��ان �� ن �� ا�� ر� � در� دے د� �� رٹ � �ر � آ�� ،آ�ہ � � � �� وا� �ٹ � وزارت �رٹ ا� � �� ازے � ،�ا�ں � �م �� و� � �� ے � � وا� ادارہ ��ن � � �ر�ر� اب �ن � � ر� � ،�ادر �رٹ � ��ا�ں � � � �م �رى � ،رواں �ل � ا�م � �ادر �� ، ��ان �� رٹ � �ر � آ�� ۔ان ��ت � ا�ر� � ا�ں � ��ن �� ا�� وارا� �� وا� �ٹ � 50 � �ز � و� �� آ�ٹ �� ب �� ۔�� آؤٹ � �� ٹ � ا� �� ى �اد � ��د � � � �� 4 �رى 2014 ا�� ڈور ر�� ا� را�اور د�ا� �م � ��د�۔ ا�ں � �� ن �� ا�� ر د� � � ا� �رى ا�� ،اس و� ا�� 170 �ٹ � �� ر� � �م � � ا� 180 ا� ر� � � �� ا�� اروں ��ان �� ۔ا�ں � �� آ�ہ ا�� وا� �ٹ � وزارت �رٹ ا� � �� ازے �۔� ازاں ��ں � �ت � �� و�� وز� � � � �ادر �رٹ � �� آ�� رواں �ل ��ا �ں � � � �� ادر �رٹ � �ر� آ�� ۔�ادر �رٹ � آ�� ا� �ا�ں � � � � �� ۔ا�ں � �� ر� �ت � �� ط � �� ۔��ان �� ا� �ور �و� � وزارت �رٹ ا� � � �� ور�ت � �را �� اس �م � � � � 550, � واٹ � ا� � � � ر� � � آ�ہ 20�ہ � � �� ۔ا�ں � � � �� ن � � � ر�ر� � �ر ��ہ د� وا� اداروں � �� ادارہ 50 آ� �ز � �� ا�ں � �م �� و�

� اب � �رے � � وا� اداروں � �� ۔ا� �ال � �اب و�� وز� � � � ا�اد �وزات و� � �� اب �� ز�ں � � � ��۔

ا�د �ر� �وے، � � �ا�(ا�ف ر�ر�) ا� � آف ��ن � �ر� �� ا�ر � � � � ا�د ’�ر� �وے� �د � � وا� ��ت � � ��ن زر� �� د � �، � ز� �� رو�س �ا� �۔ وہ �ات � ’آ� � اے، ا� � �وے و� �� ا� ا�د �ر�‘ � �� ا�ح � �� ب � ر� �۔ �� ’آ� � اے ا� � �وے �ا� ا�د �ر�‘ � �رف �ا� �� ا�ں � � � � � �ر� ا� � �رى 2012ء � ڈا� �ت � �� ’� �ر �وے ر�چ‘ �� ا� � � �� ر�رس � � دو�ے �ر � وا� �۔ � �ز � اس � � آ� � اے � � اور ا��ہ اور ا� � � ا�ان � دو�ے � � � �، � �� ں � �رے � � �ا�ں � آرا 3 �رى 2014 � � ڈ� ا� � ر� �۔ا�ں � � � �ر� � ا�د اور �ا� � ��ت � �ا�ں � ا�د � �� ۔ �ا�، �ح �د، ا�ك � ��ں، اور روز�ر � �ا� � � ��ت �� ا� �، � و� � � � � �� اور �� ر� � �و� � �� زى اور � �� ا�ل � ر� �۔ا�ں � �� ان �و� � �� ف �ر� � ��ت �� د � � � � ا�دى اور �� د�ں � ان � رد� � �م �� ۔ ا� � � اس � � � �� وا� ��ت � � � � � زرى �� ر �� د دے �۔ � � � اور �ڈ �� ا�ں � �ا� � � �ا� د� �� ر� � � � اس �و� � � �� ام � �چ � �وہ ان � �ر � � �رے � �� ا� � �۔�� ا�ر � � � اس �و� � � � ��ہ � � � �� زوں � � � ز� �� آ�ہ ر� � � � � �ر� � ا��ت اور �ا� � ��ت � ا� ا� ��ت � � � � ز�دہ � دى � � � �� اور � �� ر�ر�ں � �وہ �� زرى �� ن � �� ۔ا�ں � �� وے � �رہ ادوار � � � �۔ ’’� دور � � � 1800 � زا� �ا�ں � �وے �۔ �ا�ں � �� رے ��ن � � � اور �ا� � � � ا� � ڈا��ى � � �� ۔ �� اس �� آ�دى � �د � �ں � � � �� ۔‘‘�� ا�ر � � � � �� ا� � � �ر � � � � � � ’’�رل ر�رو � آف ��رك، ��ر� آف �ے اور � �� ر� � � آ� ا� ا� � � �ى � �، � و �ذ � � � ��ہ ا�� ۔‘‘ا�ح � � �م �گ ا� � اور آ� � اے � و� �ر� � �ص و� �ت � اس �� اور آ�ہ � �� ہ ا� � �۔�ر� ا� � � ا� �� ن � آ�ہ � �� زوں � � � �د�ر �� ر� � ��ت � � ر�رڈ � �ا� � ۔ ا�ں � � � � �وے دو�ں اداروں، ا� � اور آ� � اے � ا�اد �ر �� ا�ا�ت � ا� ا� � � �� ۔ �� ا�ر � ا� � اور آ� � اے � در�ن ا� �� ر � ا�د ��ان ا�ر� �وے � آ�ز � � ا�ن � � � � � � �رو�رى �ادرى � آراء �� ں �۔ ڈا� �ت � � �ر� ا� � � ا�ن � �� ۔ا�ں � آ� � اے اور � ا��ا� ر� � �� ادا � � ا�ں � �� ا� � اس ز�د� �م � �وع �� ا� � � �ون �۔ڈا� �ت � � � � �ر �م � �ط آراء ر� � �دى � � � �د �ا� � � ��۔ ’’� � � � � و �ہ � � � د� � اور �ازن � ر� ��۔ اس و� � �را �� زى � � �� ۔ ‘‘ان � � � � ا�د �ر� �وے � � �� زى � � � �س �ا� � �د � ا�ار �� ۔ ا�ں � 1800 �ا�ں � �� ن � ��ہ �ار د� �� ا� د� و �ى ��ں اور � � �م ��ں � �� ۔

�رٹ �� 67�ار � � زا� �ا� (ا�ف ر�ر�) �رٹ �� 67 �ار 173 � ��ن � � و �� ر�رڈ � �۔ �ات � �رٹ �� ا�ر� � �� ر� �ل � � �ں � دوران �رٹ �� 67 �ار 173 � ��ن � � و �� ر�رڈ � � � � 35 �ار 411 � درآ�ى �ر� اور 31 �ار 762 � � �ز �آ�ى �ر� �� ۔ درآ�ات �17�ار � �م آ� اور 18 �ار411� �ا�ڈ �ر� � �آ�ات � 8 �ار 620 � �ول اور 23 �ار 3 �رى 2014 142 � �ا�ڈ �ر� �� ۔ �� ن ا� :ا� � � � �ر �ا�(ا� ف ر�ر�)وز�ا� � ��ا�ں � �� ا� � � � � � 4000 در�ا�ں � � � دے دى �، � در�ا� د� �ار در�ا�ں � � � د�ى ��ں � ��ل �� ۔ �رى ذرا� � �� ا� � �اروں در�ا�ں � � �ف 4�ار � � � دى �، � � د�و� اور ��ت � �� ا� � � �� 10 �ار در�ا�ں � �� ل � �م �رى �، ذرا� � � � � ��15�ار � �ز � � 2 �رى 2014 در�ا�ں � �رى � � � د� �� ا�ن �۔ � ا� � � �� آ�ات ا�م آ�د (� �ز) �ر� �� ن � � ا� � � � در� � � ��ن � �� آ�ات � 38� ا�� 38 � ا�� ‘�م د� ��، �ا�� رت � در� � �ر� �� 27 ��ں � �� ت � ڈ�� ، ��ن � � ا� � � � در� دس �ل � د� � �،� �آ�ات � ا� ارب �ہ �وڑ ڈا� � ا�� ،ا�م آ�د � �� ب �� رت اور �� ز

1 �رى 2014 � وز� � ا� �م د� � � � �ا�� رت � در� � ا� � � � �� ۔ا�م آ�د � � ا� � � در� � �ا� � �� ب �� ا�ں � �� ا�� رت � در� � �ر� �� ں � �� ت � ڈ�� آ� وا� �ل � � �آ�ات � ا� ارب �ہ �وڑ ڈا� � ا�� ۔�رت اور �� وز� � ا� �م د� � � � � ��ن � � ا� � � � در� دس �ل � د� � �،ا� د� دو �ار � � �� وا� اس �� ا�د ى ��ں � �وغ � � �ب � ا�� ۔

ECONOMIC DIRECTORY

GOVERNMENT DEPARTMENT Economic Affairs Division Ministry Of Finance Government of Pakistan Government of Pakistan 0092-51-9209769/0092-51-9203215 0092-51-9206382 [email protected] [email protected] www.ead.gov.pk www.finance.gov.pk Block C, Pak Secretariat, Islamabad Room # 514, Block-'Q', Finance Division, Pak. Secretariat. Islamabad Ministry of Planning, Development and Reform Pakistan Bureau of Statistics Government of Pakistan Government of Pakistan 0092-51-9206639 0092-51-9106515 [email protected] [email protected] www.pc.gov.pk www.pbs.gov.pk “P” block Pakistan Secretariat, Islamabad. Plot # 21, Mauve Area, G-9/1, Islamabad, Pakistan Federal Board of Revenue Board of Investment Government of Pakistan Government of Pakistan 0092-51-9207540/0092-51-111-227-227 0092-51-9224101/ 0092-51-111-776-348 [email protected] [email protected] www.cbr.gov.pk www.pakboi.gov.pk/ Federal Board of Revenue House, Ataturk Avenue, G-5/1, Islamabad Constitution Avenue, G-5, Islamabad Ministry of Commerce and Textile Industry National Commission on the Status of Women Government of Pakistan Govt. of Pakistan 0092-51-9205708 0092-51-9224875 [email protected] [email protected] www.commerce.gov.pk House No. 39, Street No. 56, Sector F-6/4,Islamabad Room # 322, Block "A", Pak-Secretariat, Islamabad Privatization commission of Pakistan Planning & Development Department Government of Pakistan Government of Punjab 0092-51-9205146/0092-51-9208525-7 0092 42 -9210480 www.privatisation.gov.pk [email protected] Privatisation Commission www.pndpunjab.gov.pk 5-A EAC Building Constitution Avenue Planning and Development Department, Islamabad Civil Secretariat, Lahore Finance Department Industries Commerce & Investment Department Government of Punjab Government of the Punjab 0092-42-99212223 0092-42-99210534-5 finance.punjab.gov.pk icid.punjab.gov.pk Finance Department Government of the Punjab 2-Bank Road, Old P&D Building, Civil Secretariat, Lahore Civil Secretariat, Lower Mall, Lahore Punjab Board of Investment & Trade (PBIT) Securities and Exchange Commission of Pakistan Government of Punjab Government of Pakistan 0092-42-99205201-06 0092-51-9207091-4 [email protected] [email protected] www.pbit.gop.pk http://www.secp.gov.pk/ Punjab Board of Investment & Trade PBIT Securities and Exchange Commission of Pakistan 23 Aikman Road GOR-I, Lahore Pakistan National Insurance Corporation Building, Jinnah Avenue, Islamabad-44000, Pakistan. Planning & Development Department Planning and Development Department of AJK Government of Sindh Govt. of Pakistan 0092-21-99211921 0092-5822-921992 Room No.335, 2nd Floor, Sindh Secretariat No-2,Karachi [email protected] Planning and Development Department Muzaffarabad Industries and Commerce Department Finance Department Government of Sindh Government of Sindh 0092-21-99211290/0092-21-99211197 0092-21-99222101

©2014 www.alhasan.com www.immap.org 35 www.site.com.pk/ www.fdsindh.gov.pk Industries and Commerce Department Finance Department, Room# 303 2nd Floor, Tughlaq House, Government of Sindh, Sindh Secretariat No.4-A, Sindh Secretariat, Karachi Court Road,Karachi Sindh Revenue Board Sindh Board of Investment Government of Sindh Government of Sindh 0092-21-111-778-000/0092-21-99213944 0092-21-99207512-4 [email protected] [email protected] www.srb.gos.pk www.sbi.gos.pk Sindh Revenue Board (SRB) 1st Floor, Tower B, Finance & Trade Center Head Office, 9th Floor, Shaheen Complex, Shahra-e-Faisal M. R. Kiyani Road, Karachi Karachi, Pakistan. Finance Department The Sarhad chamber of Commerce and Industry Government of Kpk Government of Kpk 0092-91-9212614 0092-91-9213313-5 www.financekpp.gov.pk [email protected] www.kpcci.org.pk Sarhad Chamber of Commerce & Industry G.T Road, Peshawar,Kpk Finance Department Planning and Development Government of Baluchistan Government of Baluchistan 0092-81-9201272 0092-81-9201052 www.balochistan.gov.pk www.balochistan.gov.pk Block -6, Balochistan Civil Secretariat, Sahara-e- Zargoon, Quetta, Balochistan Revenue, Usher and Zakat, Excise and Taxation and Finance Department Cooperative Department Government of Gilgit Baltistan Government of Gilgit Baltistan 0092 5811 920420 0092-5811-920393 www.gilgitbaltistan.gov.pk [email protected] Gilgit-Baltistan Secretariat, Gilgit www.gilgitbaltistan.gov.pk Gilgit-Baltistan Secretariat, Gilgit Planning and Development SMEDA Government of Gilgit Baltistan Government of Pakistan 0092 5811 920214 0092-42-99204701-12 www.gilgitbaltistan.gov.pk/ [email protected] Gilgit-Baltistan Secretariat, Gilgit. www.smeda.org 4th Floor, 3rd Building, Aiwan-e-Iqbal Complex, Egerton Road, Lahore 54000, Pakistan. State Bank of Pakistan Securities and Exchange Commission of Pakistan Government of Pakistan Government of Pakistan 0092-21-111-727-111 0092-51-9207091-4 [email protected] [email protected] www.sbp.org.pk/ http://www.secp.gov.pk/ Central Directorate I.I. Chundrigar Road Securities and Exchange Commission of Pakistan Karachi National Insurance Corporation Building, Jinnah Avenue, Islamabad-44000, Pakistan. UNIVERSITIES AND COLLEGES Pakistan Institute of Development Economics University of the Punjab 0092 51 9248051 0092-42-35832604 [email protected] [email protected] Quaid-i-Azam University Campus, P.O. Box. www.pu.edu.pk 1091,Islamabad Canal Bank Road,Lahore ISRA University Institute of Business Administration Karachi 0092 22 2030181-4 0092-21-38104700 [email protected] [email protected] Hala Road,Hyderabad Sindh, Pakistan www.iba.edu.pk University Road, Karachi-75270 Lahore School of Economics Pakistan Institute for Environment-Development Action 0092-42- 35873629 Research [email protected] 0092-51-2820359

www.lahoreschoolofeconomics.edu.pk [email protected] Lahore School of Economics Intersection Main www.piedar.org Boulevard Phase VI DHA, Burki Road,Lahore Office No: 3, First Floor, 64-E Masco Plaza, Blue Area, Islamabad NUST Business School, Islamabad School of Economics, Quaid-i-Azam University, 0092-51-90853000, +92-51-90853001 Islamabad, Pakistan www.nust.edu.pk 0092-51-9064-3063 mailto:[email protected] www.qau.edu.pk/economics Principal NBS, National University of Sciences & Quaid-i-Azam University, Islamabad 45320 Technology, H-12, Islamabad. Zulfiqar Ali Bhutto Institute of Science and Technology Virtual University of Pakistan, Lahore 0092-21 111-922-478 0092 42 111 880 880 [email protected] www.vu.edu.pk www.szabist.edu.pk Virtual university of pakistan M.A. Jinnah campus, SZABIST 90 and 100 Clifton, defence road, off raiwind road, Lahore, Pakistan. Karachi 75600, Pakistan Sukkur Institute of Business Administration, Sukkur University of Karachi, Karachi 0092-71-5630272 0092.21.99261300-07 www.iba-suk.edu.pk [email protected] Air Port Road www.uok.edu.pk Sukkur, Sindh, PAKISTAN Main University Road Karachi - 75270 Sindh, Pakistan University of Sindh, Jamshoro Abdul Wali Khan University, Mardan 0092-22-9213170 0092-937-9230657-8 [email protected] www.awkum.edu.pk www.usindh.edu.pk Nowshera Mardan Road, Mardan University of Sindh, Allama I.I.Kazi Campus, Jamshoro-76080, Sindh, Pakistan Institute of Management Science, Peshawar (IMS) Islamia College University, Peshawar 0092-91-9217408/9217443 0092-91-9216660 [email protected] [email protected] www.imsciences.edu.pk www.icp.edu.pk Institute of Management Sciences 1-A, Sector E-5, Islamia College University, Peshawar Phase VII, Hayatabad, Peshawar- Pakistan

University of Peshawar, Peshawar/ Department of Lahore University of Management Sciences (LUMS), Economics Lahore 0092-91-9216733 0092 -42 111 115-867 [email protected] www.lums.edu.pk www.upesh.edu.pk Lahore University of Management Sciences, D.H.A, University of Peshawar Lahore Cantt, 54792 University of Azad Jammu & Kashmir, Muzaffarabad, Imperial College of Business Studies, Lahore Azad Kashmir, Muzaffarabad 0092-42-35978525-39 0092-5822-960466-470 www.imperial.edu.pk [email protected] Behria Chowk/Shakam Chowk Lahore. www.ajku.edu.pk University of Azad Jammu & Kashmir, Administration Block, Challa Campus Muzaffarabad, Azad Kashmir Institute of Management Sciences, Lahore National College of Business Administration & 0092-42-111-191-938/ +92 42 35751115-8 Economics, Lahore [email protected] 0092-42-3575-2716, 19 www.pakaims.edu.pk [email protected] 23-E-III, Gulberg-III, 54660 Lahore, Pakistan www.ncbae.edu.pk/ National College of Business Administration & Economics, 40-E1, Gulberg III, Lahore 54660, Pakistan University of Management & Technology, Lahore Commeces Institute of Business & Emerging Sciences, 0092-42-35212801-10 Karachi [email protected] 0092-21-34320074-6 www.umt.edu.pk [email protected] University of Management and Technology www.commecsinstitute.edu.pk C-II, Johar Town, Lahore 40-B, Block-6, P.E.C.H.S., Shahrah-e-Faisal

Karachi-75400, Pakistan Institute of Business and Technology, Karachi Karachi Institute of Economics & Technology, Karachi 0092-21-111-428-428 0092-21-35091114-7 www.biztek.edu.pk [email protected] Korangi Road Karachi 75190, Pakistan www.pafkiet.edu.pk Korangi Creek, Karachi 75190 Karachi School for Business & Leadership Newport Institute of Communications & Economics, 0092-21-34855382 Karachi [email protected] 0092-21-34541067 www.ksbl.edu.pk [email protected] National Stadium Road Opp. Liaquat National www.newports.edu.pk Hospital,Karachi 159/O, Block-3, Kashmir Road, PECHS, Karachi

HUMANITARIAN ORGANIZATION Citizens Network for Foreign Affairs Community Research and Development Organization International NGO Local NGO 0092-51-2654132, 0092-51-2654172 0092-91-5852202 [email protected] [email protected] www.cnfa.org/pakistan House No. B-2, New Arbab Colony, Abdara Road, House no 8 ,Street # 30, F-7/1 Islamabad Peshawar Islamabad Capital Territory Community Uplift Program Development Alternatives Inc Local NGO Local NGO 0092-51-2256043 0092-51-2652891-4 [email protected] [email protected] House No. 12-A, Street 28, Sector F-8/1,Islamabad House No. 4-A Street No. 42, Sector F-7/1,Islamabad Karwan Development Organization Mercy Corps International Pakistan Local NGO International NGO 0092-459-395760 0092-51-2878082-84 [email protected] [email protected] Behind Telenor Tower, Near Railway Bridge, Kalabagh, www.mercycorps.org/countries/pakistan Tehsil Isa Khel,Mainwali House No. 152, Main Margala Road, Sector F-6/3 Islamabad United Sikhs Chenab Development Foundation Local NGO Local NGO 0092-333-9113230 0092-51-4860974 [email protected] [email protected] Office No.176-A, UG Deans Trade Centre, F.C Chowk, House No. 431, West Service Road, Sector: I-8/2 Peshawar Islamabad Pakistan Fisherfolk Forum Participatory Development Initiatives Local NGO Local NGO 0092-213-5092862/0092-213-4534463 0092-21-35842762 [email protected] [email protected] Sachall Hall, Ibrahim Hyderi, Bin Qasim Town,Karachi PDI House, 2nd Floor,Plot # 34-C, Street # 10, Badar Commercial, DHA Phase- V,Karachi Employers' Federation of Pakistan Imran Khan Foundation Local NGO Local NGO 0092-213-2411049 0092-42-35782741-4 [email protected] [email protected] 2nd Floor,State Life Building No. 2,Wallace Road,Off. I.I. 75-D/1, Gulberg III,Liberty Roundabout,Lahore Chundrigar Road,Karachi Caritas Pakistan Sanjh Foundation International NGO Local NGO 0092-42-36315584 0092-345-9997877 [email protected] [email protected], Caritas Pakistan National Secretariat, 23/3 Race Course Sanjh Complex Dinpur Alipur road Muzaffargarh Road - Pakistan AAGAHI Badin Development Organization Local NGO Local NGO

0092-42-37000730 0092-300-3314695 [email protected] [email protected] 256 /5 -B, PCHF Defence Road , Lahore Khaskheli Mohalla near Ali Medical Centre Badin Jahandad Society for Community Development Shah Sachal Sami Welfare Association Local NGO Local NGO 0092 42-35181549, 0092-244-381244 [email protected] [email protected] 100 B, Iqbal Avenue Housing Society (opp. Shaukat House No 127, Gulshan Bhittai Colony, Near Mehran Khanum Hospital) Johar Town Lahore Colony Disposal US Agency for International Development, Pakistan Helping Hand for Relief and Development Donors Local NGO 0092-51-2080000 0092-051-8438800 [email protected] [email protected] USAID Pakistan, American Embassy, Ramna 5, HHRD Plaza, Plot #1,Bazar No-7, Street No.38, Umar Diplomatic Enclave,Islamabad Market, G-10/4,Islamabad Focus Humanitarian Assistance Pakistan Balochistan Civil Society Network International NGO Local NGO 0092-51-111253254 0092-300-7633573 [email protected] [email protected] Serena Bussines Complex Level 9, Khayaban-e- Sui Gas Road Murad Colony Dera Allah Yar Suharwardy, Islamabad Peace Through Prosperity Coastal Association for Research & Development Local NGO Local NGO 0092-51-8437479 0092-853-361175 [email protected] [email protected] House.No.107, Street No. 49, Sector: F-11/3, ilyasani Mohalla Dam Bunder P.O Winder Islamabad Friedrich Naumann Stiftung Asian Development Bank International NGO Donors 0092-51-2278896 0092-51-2600351-69, 0092-51-2087300 [email protected], [email protected] [email protected] House No. 19, Street No. 19, Sector F-6/2,Islamabad Level 8, North Wing, Serena Business Complex, Khayaban-e-Suhrawardy, Sector G-5,Islamabad Canadian International Development Agency The World Bank Donor Donor 0092-51-2279138-41 0092-51-9090000 [email protected] [email protected] House No. 18, Begum Sarfraz Iqbal Road, Sector G-6/4, 20-A Shahrah-e-Jamhuriat , Sector G-5/1,Islamabad P.O. Box No. 2934,Islamabad Japan International Cooperation Agency The Asia Foundation Donor Donor 0092-51-9244500 -7 0092-51-2650523 4th Floor, Serena Office Complex, Plot No. 17, Ramna 5, [email protected] Khayaban-e-Suhrawardy, Sector G-5/1,Islamabad House No. 7, Street No. 58, Sector F-7/4,Islamabad Youth Commission for Human Rights Human Oriented Poverty and Education Foundation Local NGO Local NGO 0092-42-6666404 0092-333-5958405 [email protected] [email protected] F-6, Capri Center, Firdos Market, Gulberg-3 / House Block No. 56, 1st Floor, Suit No. 2, INT Center, Sector: No.122, St.3, Officers Colony, Cavalry Ground, Lahore G-10/4,Islamabad Leadership for Environment and Development PAK Education Society/Pakistan Development Network International NGO Local NGO 0092-51-111-511-111 0092-21-34631377 [email protected] LS-4, ST-23, Qasba Colony,Karachi LEAD House, Sector: F-7 Markaz ,Islamabad Sustainable Development Policy Institute Socio Agri Development Forum Local NGO Local NGO 0092-51-2278134, 0092-51-2278136 0092-244-314225 [email protected] [email protected] House No. 38 Embassy Road, G - 6/3,Islamabad P.O Shah Pur Jahania Nawabshah Democratic Commission for Human Development Canadian Hunger Foundation

Local NGO International NGO 0092-42-35854412 0092-992 337033 [email protected] [email protected] 40 Block D, Model Town,Lahore Canadian Hunger Foundation House No.881 A,Near Pakistan Radio Station Mansra Road, Jhangi. Semiotcs Consultant (PVT) Limited ShoreBank International Privately Held Company Donors 0092-51-2271248 0092-51-2297928-9 [email protected] [email protected] Semiotics Consultants (Pvt) Limited Flat 6-7, 2nd Floor, House no,262, Street 5, Sector F 10/3,Islamabad Block-13, Pearl Center, Super Market,Islamabad Association for the Development of Pakistan Global Fund for Women International NGO International NGO [email protected] 001-415-2484800 Association for the Development of Pakistan, PO Box [email protected] 2492, San Francisco, CA 94126 USA 222 Sutter Street, Suite 500 San Francisco, CA 94108, USA

Islamic Development Bank CIDA's Programme for Advancement of Gender Equality Donors Women Organizations 0092-51-9222249 0092-51-208-6000 www.isdb.org [email protected] Islamic Development Bank, Field Office, Room 415, C- High Commission of Canada, P. O. Box 1042, Block, Pakistan Secretariat, Islamabad Islamabad, Pakistan

Pakistan Poverty Alleviation Fund Rural Community Development Society Local Ngo Local Ngo 0092-51-111-000-102 0092 -423-7901130 www.ppaf.org.pk www.rcdspk.org 1 Hill View Road, Banigala, Islamabad, Pakistan 1st Floor Hajvery Plaza, Khajooranwala Road, Begum Kot Ferozwala District,Sheikhupura AKHUWAT Rural Support Programme Network Local Ngo Local Ngo 0092-42-35122743, 0092-42-35156382 0092-51-2829141,0092-51-2829556 [email protected] [email protected] akhuwat.org.pk www.rspn.org 19 Civic Center, Opposite Minhaj-ul-Quran University, House No.7, Street 49, F-6/4 Islamabad, Pakistan. Township, Lahore Apna Microfinance Bank Association for Gender Awareness & Human Microfinance Bank Empowerment 0092-21-35865352-55 Local Ngo [email protected] 0092-42-35291211, 0092-42-35957916 www.apnabank.com.pk [email protected] K-4/3 & 4/4, Ch. Khaliq-uz-Zaman Road, www.agahe.org.pk Gizri, Karachi, Pakistan. ouse No.3, Block A, Lalazar Colony, Phase II, Raiwind Road, Lahore