Urea
bags to carry price tag
ISLAMABAD: The Ministry of Industries and
Production has directed fertiliser manufacturing companies to print Rs1,480
price tag on each urea bag to discourage black-marketing and help farmers get
the farm input at affordable price.
A spokesman for the ministry said that after resumption of gas supplies to
fertiliser factories under the new gas load management plan, the government had
further brought down urea prices to Rs1,480 from Rs1,580 per 50 kg bag.Prices had jumped to around Rs1,980 in recent past.
“Strong measures have been taken to ensure availability of urea in abundance at relatively cheap rates to farmers for the Rabi crop,” the spokesman said.
At a meeting held at the ministry here on Wednesday, it was informed that urea demand for Rabi season stood at 3.4 million tons and domestic production during this period would be 2.4 million tons with 0.3 million tons of leftover urea from previous season.
Around 0.9 million tons would be imported to bridge gap between demand and supply, it was decided.
The officials were informed that partial imports had already started reaching ports and 0.2 million tons would be offloaded and distributed during November while 0.5 million tons would reach the country in December when urea demand reached its peak.
Despite the fact that natural gas, a basic raw material for the production of urea, was insufficient in the country, the government had decided to provide additional gas to the fertiliser sector under the Gas Load Management Plan for winter 2011-12, said the spokesman.
The factories, he said, were now running at 80 per cent capacity and would produce 2 – 2.5 million tons of fertiliser in November and if the enhanced supply continued through December, the factories would be able to produce 5.5 million tons more.
This would ensure sufficient supply of urea in the country for wheat crop, he said.
The government has already earmarked Rs25 billion subsidy to supply imported fertiliser to farmers at prices commensurate with locally produced fertiliser. Meanwhile, the prime minister has set up a Committee comprising federal ministers for finance and industries to remove bottlenecks in distribution of fertiliser and end disparity between imported and locally produced urea.
The committee will also ensure elimination of black-marketing, profiteering and hoarding by middlemen.
IMF
forecasts a challenging year for Pakistan
ISLAMABAD: The International Monetary
Fund (IMF) has forecast a challenging current financial year for Pakistan, with
current account balance turning into deficit and security situation and global
risk aversion restricting capital inflows into the country.
In a belated policy statement after mandatory article-IV consultations
concluded on November 19, the IMF said the authorities have agreed for the
short term to contain budget deficit, adopt a cautious monetary policy and a
responsive exchange rate to reduce vulnerabilities, contain inflation and
protect Pakistan`s international reserves.The crux of a cautious IMF statement is that the authorities would have to remain extra vigilant in view of fast changing global and domestic economic conditions to remain within budgetary limits by containing expenditure and increasing revenues and push forward structural reforms. An official said the statement would have `positive impact` on ongoing discussion with other lending agencies.
Pakistan side led by Finance Minister Abdul Hafeez Shaikh and IMF Staff Mission led by Adnan Mazarei remained in discussions between November 9-19 in Dubai that culminated in a closed-door seminar in Islamabad with wide-ranging representation from opposition parties, academia and representatives of the business community.The IMF mission will submit its detailed report to its executive board scheduled to meet in late January next year to consider Pakistan`s economic situation. “The outlook for 2011-12 is challenging. Although real GDP growth is projected at about 3.5 per cent and inflation is projected to decline, the external current account balance is projected to return to a deficit, and global risk aversion and security concerns may limit capital inflows”, said the IMF`s concluding statement.
It said the consultations revolved around Pakistan`s recent economic performance and the challenges ahead in the light of uncertainties in the global economic environment. Pakistan authorities assured the IMF of the government`s resolve to strengthen macroeconomic policies and “continue to pursue reforms to enhance medium term growth prospects”.
Against this background, discussions were centered on short-term steps to address vulnerabilities. “Specifically, the Pakistani authorities and the mission agreed that containing the budget deficit in 2011-12, a cautious monetary policy, and a responsive exchange rate would reduce vulnerabilities, contain inflation and protect Pakistan`s international reserves”.
The two sides also discussed a set of reforms for the medium-term to lift economic growth to reduce poverty, and raise living standards and employment, while assuring continued macroeconomic and financial sector stability.
These include structural reforms to remove constraints to growth, especially in the energy sector, and strengthen public finances, including tax reform, improving the quality of expenditure by raising the share of spending in priority areas such as health, education, and infrastructure, manage fiscal decentralisation, and improving debt management.
“Additionally, reforms to improve the effectiveness of financial sector intermediation, broaden access to finance, and reinforce financial sector stability should also continue”, the IMF stressed. “The IMF remains committed to continuing close engagement with Pakistan,” it concluded.
Under Article IV of the IMF`s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country`s economic developments and policies.
On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. At the conclusion of the discussion, the IMF managing director, as chairman of the board, summarises the views of executive directors, and this summary is transmitted to the country`s authorities.
BabarAwan
completes arguments in NRO review petition
ISLAMABAD: The Supreme Court on Thursday stopped former law minister
and the counsel for the federal government Babar Awan from submitting documents
regarding Justice Saqib Nisar, DawnNews reported.A 17-judge full court headed by Chief Justice Iftikhar Mohammad Chadhry resumed the hearing of the government’s review petition against its judgment which had declared the controversial National Reconciliation Ordinance (NRO) illegal.
Awan concluded his arguments today and tried to submit documents relating to Justice Saqib but the bench stopped him.
Awan reacted by saying that he was not being allow to speak. Responding to this, Justice Asif Saeed Khosa remarked that the counsel should present arguments “instead of trying to act like a martyr”.
During the hearing, Chief Justice Iftikhar remarked that Benazir Bhutto was not the sort of persona who would sign the NRO deal, adding that she would not have played an active part in the lawyers’ movement if she had wanted to opt for the deal.
He furthered said that Ms Bhutto had noted in her book that it was former president Pervez Musharraf who had wanted the NRO.
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