PEW criticises BoI and TDAP for falling investment and exports

ISLAMABAD (INP): The PEW on Sunday said Board of Investment and Trade Development Authority of Pakistan have become white elephants which are apparent from falling investment and exports. No one is held responsible for the situation which indicates non-serious attitude of the government and ability of its economic managers, he said. Dr Murtaza Mughal said that foreign investment in Pakistan is down by 58.2 percent to $709 million while it is $850 million in Sri Lanka, $1.5 billion in Bangladesh, $3.5 billion in India and $4 billion in Ghana. Pakistan saw a slide of almost five percent in exports to $23.8 billion in one year while Bangladesh exports stood at $35 billion during the same year which is amazing, he said.

H noted that despite receding oil prices exports were going down while imports were increasing touching mark of $45.9 billion which is a dangerous trend pushing trade gap to $22.1 billion. The situation has discouraged foreign and local investors paving way for flight of capital, he said, adding that situation will remain the same unless few heads roll.

Pakistan has become nine notches down in case of doing business in last four years while economic and export managers continue to evade responsibility by putting all blame on power crisis.

Special care of citrus fruits must during monsoon

LAHORE (APP): Water shortage is not good for proper growth of citrus fruits and growers must pay special attention on their gardens during monsoon season. This was stated by Punjab Agriculture Director Information M Rafiq Akhtar while talking to APP on Sunday. He said reasonable amount of rain was very beneficial for citrus fruit plants but excessive rain could also put negative impacts on plants. Proper arrangements must be made for drainage of excessive rain water. He disclosed that after rain Leafminer do attack the new growth on the citrus plants and it could later become a cause of citrus canker as well. He suggested growers that they must use agriculture department recommended pesticides if Leafminer and other insects attack was witnessed.

Oxychloride spray should be carried out in case of Citrus canker attack and quantity of the spray should be used according to directions of the agriculture department, he added.

Fallen plants should be removed immediately from garden because these plants go through decaying process and such condition lets the insects to grow.

Cement export to India shows marginal growth

LAHORE (Staff Reporter): The cement export to India has shown a marginal growth of 2.82 percent as the volume increased to 696,417 tons from 677,306 tons during the FY 13-14. The overall cement exports during June 15 were 552,000 tons against 688,000 tons during June 14, showing a massive decline of 19.77pc. Total despatches during June 15 were 3.266 million tons as compared to 3.225 million tons during the same month last year, showing a marginal increase of 1.27pc, mainly affected due to the substantial downfall in exports. Experts said that exports from the country declined by 11.58pc to 7.2 million tons, as compared to exports during the last fiscal year, which were 8.14 million tons.

The overall situation during fiscal year 14-15 showed a growth of 3.27pc compared to the last fiscal year as total dispatches increased to 35.4 million tonnes against 34.28 million tonnes from July 13 to June 14.

Statistics show that dispatches to Afghanistan suffered badly during the fiscal year 14-15. The quantum of exports to Afghanistan was reduced by 21.4pc to 2.87 million tonnes, as compared to 3.65 million tonnes during the fiscal year 13-14. Exports by sea also reduced to 3.62 million tonnes during fiscal year 14-15 against 3.8 million tonnes during the preceding fiscal year, showing a decline of 4.69pc. Region wise, the north-based mills posted year-on-year decline of 17.56pc in exports while the south-based mills posted a nominal year-on-year growth of 0.34pc.

Economic health of country

getting better

Lahore (Staff Reporter): The PML-N Traders Wing Punjab president M Ali Mian has said that all segments of society would have to supplement the govt efforts aimed at economic revival of the country. He said that there is a dire need of understanding that acts like sit-ins and undue protests had not only caused undue damage to the national economy but had also tarnish image of those elements that were responsible for all of these ills. He said that economic health of the country is getting better with every passing day due to well-planned practical economic policies of the present regime. He said that despite conspiracies of some political elements, the country’s economy was now on the right track after concrete steps taken by the present regime.

He said that international institutions like World Bank and IMF have declared that Pakistani economy is back on track and has made a significant progress. He said that Pak-China Economic door is the lifeline of the country and it would be completed at any cost.

WB MD visits BISP tehsil office

LAHORE (PR): Ms Sri Mulyani Indrawati, Managing Director/ Chief Operating Officer of the World Bank visited BISP Tehsil Office Saddar, Lahore on Sunday. She was accompanied by Ms. Annette Dixon, Vice President, South Asia Region, David Warren, Advisor to the MD/COO, Rachid Benmessaoud, Country Director and other team members. The Director General BISP (Punjab) Sarah Saeed briefed them about the functions and operation of BISP and more specifically on how BISP beneficiary women were being served at the Tehsil level. The guests were shown the steps of the BISP Debit Card distribution system and the newly launched Complaint Management System and elaborated the role of BISP partner organisations i.e the Banks and Nadra.

Ms Indrawati took keen interest in the operations of BISP and personally interviewed a large number of BISP beneficiaries to understand their socio-economic background firsthand. She also asked questions about the frequency and regularity of payments. Most women apprised her of the significant contribution the cash transfer made to their household budgets especially towards food and education-related expenses and how these payments are making a difference in their and their families’ lives. She appreciated the efforts of BISP led by its Chairperson/ Minister of State, Ms. Marvi Memon in running a successful cash transfer scheme targeting the poor through a scientific (PMT-based) method. She was highly impressed by the use of automated processes being used to issue the card initially and then to deal with subsequent challenges of the cash transfer recipients.