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IP project, all other agreements to be pursued: FO

Saturday, 25 May 2013
ALI HUSSAIN
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Pakistan's foreign policy will not change with Pakistan Muslim League-Nawaz (PML-N) coming into power and all agreements signed by the former government, including Iran-Pakistan gas pipeline project, will be pursued, Foreign Secretary Jalil Abbas Jilani declared on Friday. Addressing a weekly press briefing along with Pakistan ambassador to China Khalid Masood, Jilani said that Pakistan was facing worst energy shortage and it will pursue all available options, including the Iran gas pipeline project, to meet the energy requirements.

UK fighters escort PIA plane to airport; two arrested

Saturday, 25 May 2013
RECORDER REPORT
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British fighter jets escorted a Pakistan International Airlines passenger plane to Stansted Airport near London on Friday, where police went on board and arrested two men on suspicion of endangering an aircraft. Passengers were leaving the plane and no one was hurt in the incident, a spokesman for the airport said. Flight PK709 from Lahore had been due to land at Manchester in northern England with 297 passengers on board, but was diverted shortly before arrival.

Massive FDI expected in energy, telecom sector?

Saturday, 25 May 2013
WAQAR LILLAH
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Massive Foreign Direct Investment (FDI) is expected in energy and telecommunication sector of the country after transition of power to the newly elected government of Pakistan Muslim League -Nawaz (PML-N) from the caretakers. An official of the Board of Investment (BOI) on condition of anonymity told Business Recorder that several business delegations belonging to European countries had contacted the BOI and shown interest in investment in power sector, adding that a private firm of Bulgaria is interested to set-up 100 MW power plant in the country.

Rs 3.27 billion needed daily to overcome power shortfall: Ministry

Saturday, 25 May 2013
RECORDER REPORT
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The Secretary of Water and Power Ministry has said that approximately an amount of Rs 3.27 billion is required on a daily basis to deal with the electricity deficit. During the session of Senate standing committee on water and electricity, the senators protested against the prolonged hours of loadshedding and hike in power tariff.

US willing to help end energy crisis: Olson

Saturday, 25 May 2013
RECORDER REPORT
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US Ambassador Richard Olson on Friday met Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif at his Raiwind residence and discussed with him various matters of mutual interest. This was the second meeting of the US diplomat with the PML-N head after May 11 elections. Shahbaz Sharif and Ishaq Dar were also present in the meeting. Olson said that the US wanted to strengthen its ties with Pakistan and was willing to help the country overcome energy crisis.

First signs of economic improvement in 2-3 months: government should consider IMF deal after reforms in place, says Sartaj

Saturday, 25 May 2013
RECORDER REPORT
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New leadership expects first results of its planned steps to shore up its finances and ease a power crisis in two or three months and only then should decide whether and on what terms to seek an IMF bailout, a senior policy adviser said on Friday. Most economists, lenders and rating agencies say that the nation's finances have reached such a critical stage that a deal with the International Monetary Fund will be necessary and the sooner it comes the better.

July-April of fiscal year 2013: foreign investors repatriate $847 million

Saturday, 25 May 2013
RIZWAN BHATTI
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Capitalising on the government's liberal policy, the foreign investors have repatriated some $847 million as earnings on their investments during first 10 months of the current fiscal year (2012-13). Although, overall repatriation of profit and dividend has declined, however the repatriated amount is almost equal to the Foreign Direct Investment (FDI) fetched by the country during this fiscal year.

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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyApril
Trade Balance $-1.779 bln
Exports $2.130 bln
Imports $3.909 bln
WeeklyMay 20, 2013
Reserves $11.601 bln