AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: US proposes $2.4 billion aid to Pakistan
US President administration Monday proposed $2.4 billion in financial aid to Pakistan for the fiscal year 2012‐13 while unveiling its annual budget of $3.8 trillion that calls for tax hikes on the rich.
According to Standard Capital, of this, $2.2 billion is in assistance to strengthen democratic and civil institutions that provide a bulwark against extremism and support joint security and counter‐ terrorism efforts, including $800 mn for the Pakistan Counter‐insurgency Capability Fund, the State Department said soon after the White House sent the budgetary proposals to the Congress. In all, the budgetary proposals of US President provides $8.2 billion for Overseas Contingency Operations to support the extraordinary and temporary costs of civilian‐ led programs and missions in Iraq, Afghanistan and Pakistan
Exports slump 15% in Jan 2012 Overall exports post 0.5% growth in 7MF12 to reach $13.18 billion
Exports of the country are facing immense pressure to continue growth in the global markets, as they fell 15.4 % in January 2012 to $1.953 billion as against the level of $2.307 billion during the same month in 2011, the Trade Development Authority of Pakistan (TDAP) said on Monday. Analysts said that exportable products particularly textile made‐ups and cotton saw lackluster trading trend in the global commodities market, which resulted in low value of national earnings. Cumulative trade figure shows that Pakistan’s exports during July‐January 2011‐12 were $13.189 billion, while in the corresponding period of the last year 2010‐11 exports were $13.122 billion, showing 0.5 % growth.
Spot rate eases by Rs 100 per maund
The Karachi cotton market witnessed a dull trading session with easing spot rate amid grade issue, traders at the Karachi Cotton Association (KCA) said on Monday. KCA revised the spot rate downward by Rs 100 per maund to Rs 5,600 per maund, floor brokers said. Traders said the buyers in Punjab and Sindh remained selective and made a small number of deals on competitive prices at around Rs 4,600 per maund and Rs 5,600 per maund while the price of low grades in Sindh were around Rs 4,000 per maund to Rs 4,100 per maund.
Edible oil tops food import bill in July‐Dec 2011 Increasing demand, dollar‐rupee parity level raise import bill
The government should also reduce duty on palm oil products imports from Malaysia similar to the 15 % duty cut as part of a trade agreement between Pakistan and Indonesia, it was learnt on Monday. The Federal Ministry of Commerce is yet to implement the duty cut that was supposed to come into effect in early 2012. Duties on imports of palm oil products range between Rs 9,540 and Rs 10,900 per metric tone and the share of edible oil in the total food imports remained 41 % during the 12 months of fiscal year 2011, importers said. Palm oil imports witnessed an increase of around 40 percent during the first half of the current fiscal year as against the corresponding period of last year. Palm oil exports were recorded at $1.260 billion during July‐ December 2011 as against $927.203 mn during July‐December 2010, according to Pakistan Bureau of Statistic (PBS) data. The edible oil imports stood at $2.69 billion out of the total import volume of $5.72 billion.