Pakistans foreign exchange reserves fall to $10.05 billion

KARACHI
(March 13 2009)

Pakistans foreign exchange reserves fell by $90 million to $10.05 billion in the week that ended on March 7, the central bank said on Thursday. The State Bank of Pakistans reserves dropped to $6.61 billion from $6.69 billion a week earlier, while reserves held by commercial banks slipped to $3.44 billion from $3.45 billion, the bank said.

Pakistans foreign reserves hit a record high of $16.5 billion in October 2007 but fell to $6.6 billion in November, largely because of a soaring import bill. Pakistan signed a $7.6 billion loan agreement with the International Monetary Fund in November to stave off a balance of payments crisis. It received its first tranche of $3.1 billion that month. The next tranche of about $840 million is expected by the end of March.

Copyright Reuters, 2009

Need stressed for greater attention on scientific research

RECORDER REPORT
ISLAMABAD (March 13 2009)

Pakistani industry will have to give proper attention to modern and scientific research for making its products compatibles in the international market and earn wider market space round the globe, said Syed Asad Haider Mashhadi, President Rawalpindi Chamber of Commerce and Industry (RCCI) here on Thursday.

Co-ordination between industrial sector and research institutions is imperative to go through to the latest research and adopt the modern methods of production and quality management, Mashhadi said while addressing a seminar at RCCI on the topic of "Value Addition in Industrial Activity through Scientific and Technological Information".

The seminar was jointly organised by RCCI and Pakistan Scientific and Technological Information Center (PASTIC), a subsidiary department of Pakistan Science Foundation. Vice President of the Chamber Imtiaz Chaudhary, former President, S. M. Azim, Director PASTIC Mrs Nageen Ain-ud-Din and Chief Scientific Officer of Pakistan Science Foundation Dr Manzoor Hussain Soomro along with a large number of business community was also present on the occasion.

President RCCI said that the quality of the product has become an important factor of marketing that without it no one even might think to market his product and for acquiring international standard, continuous scientific research is extremely imperative.

"We can grow every kind of fruit and crop by virtue of best climatic conditions in the world. Moreover we have lot of potential in natural as well as human resources but despite these facts Pakistan has been facing the problems of unemployment, poverty and illiteracy. Only due to lack of scientific research, we could get benefit from our capabilities in befitting manner", he added.

He said that scientific research on modern lines should be adopted not only for the development of industry but also betterment of common man. It is the duty of industry to support research institutions as it is the only way to develop a strong base for industry in the country on permanent basis.

Mashhadi was of the view that although whole world is passing through a recession now days but this temporary slump period would be over and soon the business would be boom once again but co-operation of research groups and industry should never be stopped at any stage.

Director Pakistan Scientific and Technological Information Center (PASTIC), Nageen Ain-ud-Din briefed thoroughly about the history and performance of the organisation. She told the audience that on one hand PASTIC is providing technical support to the researchers and students in different fields to carry out their research work and on other many important strategic and defence departments as well as private sector is taking full advantage from the expertise of the centre.

She suggested that industrialists should take initiative to start project relating to research and development in their industry and Pakistan Scientific and Technological Information Center would extend maximum support for improving quality of their product. On the occasion Chief Scientific Officer of Pakistan Science Foundation Dr Manzoor Hussain Soomro said that PSF is working on indigenous technology and it can help the industry to make Pakistan self reliant.

Crackdown to deteriorate economic situation

RECORDER REPORT
LAHORE (March 13 2009)


The ongoing crackdown against the political activists and unrest will further deteriorate the economic situation in the country thus the government should immediately stop creating harassment. The Business Action Forum Chairman Muhammad Ali Mian, in a statement, here on Thursday said the ongoing situation is not only sending a very wrong signal abroad.

While it is also discouraging the local businessmen who wanted to see the solution of crisis. He urged the government to restore judiciary to November 2, 2007 position in the larger interests of the country and end the Governors Rule in Punjab.

He said every citizen would have to play his or her due role, and should support real leadership to achieve real political and economic stability. "Our country is standing at crossroad and one road is taking us to disunity, misrule, injustice and economic mismanagement, while other path ensures real democracy, justice, unity and economic prosperity," he said. He said that the business community could feel on this stage that the economic prosperity would remain a dream without the political stability and real democracy.

Copyright Business Recorder, 2009