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DAWN WIRE SERVICE
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Week Ending : 03 April 1999 Issue : 05/14
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Contents | National News | Business & Economy | Editorials & Features | Sports
The DAWN Wire Service (DWS) is a free weekly news-service from
Pakistan's largest English language newspaper, the daily DAWN. DWS
offers news, analysis and features of particular interest to the
Pakistani Community on the Internet.
Extracts, not exceeding 50 lines, can be used provided that this
entire header is included at the beginning of each extract.
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mail DAWN Group of Newspapers
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(c) Pakistan Herald Publications (Pvt.) Ltd., Pakistan - 1999
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CONTENTS
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NATIONAL NEWS
+ Issues to be settled before trade ties with India: PM
+ 900 visas can be issued daily, says Indian HC
+ SC orders de-sealing of registrar's report
+ Interest rate on saving schemes may be cut
+ 25% extra duty on sugar import levied
+ PPP, MQM may launch drive against governor's rule
+ Paris moot to discuss Pakistan's needs
+ ADB to lend Pakistan $307m
+ Altaf sends SOS to HR bodies over MPA's arrest
+ Crime rate down, claims Sindh IG
+ Options being weighed to help Kosovars
---------------------------------
BUSINESS & ECONOMY
+ 2% cut in saving scheme rates under study
+ Rs 50 billion gap in next budget
+ Rupee gains 15 paisa on kerb market
+ Bank credit to private sector falls
+ 25% additional tax levied on FST paying industries
+ Five major banks cut lending rates by 1-2%
+ SBP to check misuse of forex travel quota
+ Pakistan under pressure on Eurobonds issue
+ PTV may shift to more powerful satellite soon
+ Equities end fractionally lower on profit-selling
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EDITORIALS & FEATURES
+ Wealth Ardeshir Cowasjee
+ The great illusion Ayaz Amir
-----------
SPORTS
+ World Cup team likely on Sunday
+ Ijaz and Inzamam help Pakistan canter to victory
+ Salim Malik included in World Cup squad
+ I have gained full fitness: Shahbaz
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NATIONAL NEWS
990402
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Issues to be settled before trade ties with India: PM
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Correspondent
LARKANA, April 1: Prime minister Mohammed Nawaz Sharif has said
that the Lahore declaration has paved the way for settling certain
issues between Pakistan and India through dialogues and added that
these issues must be settled before initiating trade relations with
India. He was talking to newsmen at village Masoo Dero, some 20
kilometres from here, where he had gone to offer his condolences to
Sardar Allah Bakhsh Jalbani on the tragic death of his brother
Liaquat Ali Jalbani, president of PML, Ratodero Taluka. In reply to
a question about the withdrawal of Indian troops from occupied
Kashmir, the prime minister said that talks were held with India in
this regard and added that if India wanted seriously to settle this
issue then she must build up confidence so that people could feel
that something concrete was in the offing.
About the imposition of governor's rule in Sindh, the prime
minister said: "The governor's rule in Sindh was the need of the
time and it will continue as long as it is needed. The role of the
Sindh Assembly is at present limited and we are going to constitute
an advisory committee which would help the governor to run the
affairs of the province." The prime minister denied any differences
in the ranks of the PML(N) in Sindh and said that Syed Ghous Ali
Shah was doing well as the president of PML(N) Sindh. He felt that
the Karachi administration and the police were proceeding in the
right direction in Asif Bhoja's murder case and everything would be
clear very soon.
The prime minister said that he had a lot to do yet and much was
being done to recover illegal arms which had infested the country.
He expressed his determination to rid the country of this menace.
He claimed that the economy of the country had started showing
signs of improvement. Banks had slashed markup rates which was a
welcome step because this would boost up investment. Foreign
exchange reserves had also increased considerably.
Responding to another question, the prime minister said that local
bodies elections would be held in Sindh as soon as the conditions
are favourable. In reply to yet another question he said "We were
on the road to achieve the goal of imposing governor's rule..." but
left the answer incomplete.
He was accompanied by federal education minister Syed Ghous Ali
Shah, Sindh governor, Dost Muhammed Faizi, Abdul Hameed Sheikh and
other Muslim Leaguers.
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990328
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900 visas can be issued daily, says Indian HC
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ISLAMABAD, March 27: Indian High Commissioner G. Parthasarthy,
talking to journalists here on Saturday, said he hoped to issue up
to 800-900 visas daily to Pakistani visitors if Islamabad agreed to
a New Delhi proposal for sending additional 20 employees for its
visa section at Islamabad.
At pressent about 250 to 300 visas were being issued daily, he
said.
Mr Parthasarthy admitted that under the existing circumstances,
Pakistanis were facing a lot of difficulties in obtaining visas.
The reason was mainly the non-availability of required Indian
staff, he added.
The high commissioner held the news conference to give details of
the arrangements made to issue tickets and visas and to provide
transport and overnight stay facilities for 1000 Pakistanis who
might like to visit India to watch a one-day cricket fixture
between Pakistan and India at Mohali, near Chandigarh, on April 1.
He said an Indian visa camp office had been set up at the Qadhafi
Stadium, Lahore, for issuing visas to those who would purchase
tickets for the match at the same venue from the Pakistan Cricket
Board, which had already sold about 200 tickets out of the allotted
1000.
The high commissioner said visa and ticket holders would enter
India between 7.30 and 9.30am through Wagah-Atari border on March
31. A special train would take them to Mohali, about six hours'
journey to Chandigarh. Besides usual hotel facility there, some 200
of the visitors would be provided free accommodation in rest-
houses, he added.
The high commissioner said a return railway ticket would cost Rs
300 in Indian currency, while hotel charges would be normal. The
special visa and other facilities were restricted to the Mohali
day-and-night cricket fixture and the visitors would have to return
to to Lahore by train on April 3. They would be free to go on
sight-seeing on April 2 before their return journey , he added.
The high commissioner said Punjab Governor Shahid Hamid had been
invited by his counterpart in Indian Punjab, Gen Chibber, and the
Indian Punjab chief minister had invited his counterpart Shahbaz
Sharif to be their guests and watch the Mohali cricket match.
Mr Parthasarthy believed such exchange of visits would help improve
bilateral relations.-H.A.
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990403
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SC orders de-sealing of registrar's report
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Shujaat Ali Khan
LAHORE, April 2: With-out expressing any opinion on the legality or
otherwise of the impugned commission, the Supreme Court ordered on
Friday de-sealing of the Lahore High Court registrar's report on
documents examined by him in Switzerland and its production before
the Ehtesab Bench within a week.
It would be expedient if the Ehtesab Bench comprising LHC Justices
Malik Moham-mad Qayyum and Najamul Hasan Kazmi, before considering
and placing reliance on the report of the commissioner (Registrar
Moazzam Hayat), provides adequate opportunity to the parties to
raise any objection against it, including the question of
admissibility of the disputed documents sent to Switzerland through
the commission for the purpose of verifying their genuineness and
authenticity before finally disposing of the references, the five-
member bench observed in its unanimous short order announced at 12
noon after conclusion of hearing at 11am.
The bench consisted of Justices Irshad Hasan Khan, Raja Afrasiab
Khan, Khalilur Rehman Khan, Ijaz Nisar Sheikh and Chaudhry Mohammad
Arif.
The appeal was filed by opposition leader Benazir Bhutto and her
spouse, Senator Asif Ali Zardari, against an order of the Ehtesab
Bench announced on March 1 evening on an application made by Ms
Bhutto on February 18 in Ehtesab Reference No 30 involving
kickbacks by Swiss preshipment inspection companies SGS and
Cotecna. The application, moved under Section 476 of the Criminal
Procedure Code, sought prosecution of Federal Law Minister Khalid
Anwar, Ehtesab Bureau Chairman Saifur Rehman Khan, EB Joint
Secretary Hasan Waseem Afzal, EB Director Sami Khilji and special
prosecutor Ali Sibtain Fazli for concocting evidence against her.
According to the record produced by the respondents before the
Supreme Court on Friday, the application was registered by the
Ehtesab Bench on February 22, and March 1 was fixed for its
hearing. No notice was, however, issued and Mr Waseem Afzal filed a
rejoinder on his own through Advocate Ali Sibtain Fazli.
According to a statement made by the appellants' counsel, Iftikhar
Husain Gilani and Farooq H Naek, at the bar, there was no hearing
and the order was made behind the back of the parties and without
giving the defence an opportunity of hearing.
But an affidavit submitted by Attorney-General Chaudhry Mohammad
Farooq, who appeared for the federation, asserted that arguments
were heard.
Registrar Hayat sent Ms Bhutto a notice of his assignment on March
3 but the Supreme Court Justice Saeeduzzaman Siddiqui suspended the
Ehtesab Bench order on March 4. The registrar left for Geneva and
completed his assignment on March 5. Ms Bhutto was later granted
leave to appeal, proceedings on which concluded on Friday.
Arguing for the federation earlier, AG Farooq said the Ehtesab
Bench made 'an innocuous' order in view of the gravity of the
allegations levelled by Ms Bhutto in her application. The
provisions of Section 503 (2) (b) of the Criminal Procedure Code
were not attracted, though the order is fully covered by Section
561-A, which empowers the court to make any order in exercise of
its inherent powers to advance the cause of justice.
Appearing for the chief ehtesab commissioner, Advocate S M Zafar
emphasized the growing international trend to provide mutual legal
assistance in tracking down 'dirty money' or 'funny money' and curb
money laundering irrespective of treaty obligations. The order was
in consonance of the spirit of the times and also with the Islamic
practice of going right to the source for authentication of
traditions.
The lawyer argued that the Code of Criminal Procedure, indicates
that an irregularity in procedure is not to be judged in isolation
and has to be taken into consideration finally in the context of
the overall justice in the case. In other words, fragmentation of a
criminal trial with a view to seek step to step guidance from
higher courts is not favoured.
Rejoining, Advocates Gilani and Naek said the appellants were
facing a criminal charge under a law and not under current
international trends. Nothing, they added, is farther from Islam
than deciding matters without hearing the parties and resorting to
discrimination in the matter of accountability.
In his observations on Friday, Justice Irshad Hasan Khan decried
the practice of releasing advance copies of pleadings to the Press
and friction between lawyers to the extent that they file
conflicting affidavits in court.
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990403
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Interest rate on saving schemes may be cut
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ISLAMABAD, April 2: Minister for finance and commerce Ishaq Dar
disclosed here on Friday that the government was considering
reduction in rates on the national saving schemes by two per cent.
"We are planning to reduce by about 1.5 to 2 per cent interest rate
of all the national saving schemes", he further stated.
He, however, pointed out that before taking any final decision, the
government would carefully take into account the interest of the
prize bond holders. "We would not take any decision in haste".
The finance minister said that Nationalized Commercial Banks (NCBs)
has just announced the reduction of about two per cent mark-up
rate, the purpose of which was to encourage greater trade and
industrial activities in Pakistan. "Following the reduction in the
banks' interest rate the same has become necessary for national
saving schemes", he added.
To a question, he said that the ratio of debt servicing will go
down with the reduction in the mark-up rate of the banks. He said
it was the PML government which had earlier reduced by about 2 per
cent banks's interest rate. "No doubt this is an achievement to
have this interest rate reduced from 22 per cent to about 20 per
cent previously and now to 18 per cent", Ishaq Dar said.
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990402
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25% extra duty on sugar import levied
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Bureau Report
ISLAMABAD, April 1: The Economic Coordination Committee of the
Cabinet (ECC) on Thursday imposed 25 per cent additional regulatory
duty on import of sugar to protect the local industry and
discourage the import of the commodity.
The decision was taken at a meeting of the ECC, which met with
Finance Minister Ishaq Dar in the chair, following the decline in
the prices of sugar in the international market.
The new rate of regularity duty will now be 35 per cent in lieu of
10 per cent. The total levy of duty on import of sugar will be 45
per cent inclusive of 10 per cent customs duty.
The meeting also constituted a permanent committee for the
restructuring of public sector corporations to make them
economically and commercially viable. The committee would be headed
by special secretary corporate finance and would comprise of
secretaries of BOI and privatization commission, chief of experts
advisory cell and economic adviser finance division.
The secretary of the concerned ministry would also be the member of
the committee.
The ECC also decided to extend the date for submission of sales tax
registration number for issuance of import registration certificate
and its renewal upto June 30, 1999 or the announcement of trade
policy whichever is earlier. However, all the new applicants will
be required to produce sales tax registration number to obtain the
said certificate.
The committee reviewed the prices and availability of essential
commodities in the country and noted that kitchen items' index
indicated a stability and the prices of 16 out of 21 items either
declined or remained stable during the week ending on March 27,
1999.
The meeting was informed that sufficient stocks of POL and wheat
were available in the country.
The ECC was attended by ministers for communications, water &
power, the chiefs of privatization commission and BOI, federal
secretaries and other senior officials.
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990402
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PPP, MQM may launch drive against governor's rule
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ISLAMABAD, April 1: Pakistan People's Party and Muttahida Qaumi
Movement have started talks for launching a campaign against the
Governor's rule in Sindh, sources told NNI on Thursday.
They said the talks started after MQM chief Altaf Hussain gave a
go-ahead signal to a proposal to form an alliance with the PPP in
Sindh.
The two parties believe that the government is set to extend
Governor's rule for a long period. They also fear that the
government might set up a political advisory body before the coming
budget.
Some smaller parties in Sindh are also expected to join the
proposed PPP-MQM alliance, the sources said.-NNI
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990401
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Paris moot to discuss Pakistan's needs
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Bureau Report
ISLAMABAD, March 31: The second meeting of the Pakistan Development
Forum (PDF), formerly known as Aid-to-Pakistan Consortium, will be
held in Paris from April 21 to 23 to discuss the state of Pakistan
economy and firm up its funding requirements for 1999-2000.
Official sources told Dawn here on Wednesday that Minister for
Finance and Commerce Ishaq Dar, who would lead the Pakistan
delegation, would apprise the multilateral and bilateral donors
about the government's new economic agenda that needed to be
supported by the members of the PDF.
"One of the most important elements of the agenda is the projection
of 5.5 per cent GDP growth rate for 1999-2000," an official said.
Dar would apprise the participants of the forum about the latest
economic situation, with special reference to the partial lifting
of international sanctions against Pakistan. He would give his
assessment of the financial package that Pakistan needed for the
next financial year. And the donors' representatives would offer
their own recommendations to help improve the overall economy.
"But certainly this is not going to be a pledging session as has
been the case in the past," said another official related to the
issue.
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990401
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ADB to lend Pakistan $307m
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MANILA, March 31: The Asian Development Bank (ADB) on Wednesday
said it had approved loans to Pakistan totalling 300 million
dollars to reduce trade distortions, modernize export policies and
decrease its dependence on import substitution.
The loans will help make domestic industries competitive with
foreign firms while supporting the implementation of a new
investment policy and the privatization of state industries, the
Manila-based bank said in a statement.
The loans will also help Pakistan modernize the customs
administration and meet World Trade Organization obligations, the
ADB added.
The moves are part of a medium-term economic reform programme
supported by the International Monetary Fund and the World Bank as
well as the ADB.
Pakistan's industrial base is small, lacks diversification and is
limited by high statutory tariff rates, special tariff exemptions,
non-tariff barriers and outdated export policies, the ADB said.
It said small and medium-sized exporters suffer from a lack of
financing.-AFP
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990401
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Altaf sends SOS to HR bodies over MPA's arrest
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Correspondent
LONDON, March 31: Muttahida Qaumi Movement chief Altaf Hussain has
sent an SOS message to international human rights organizations,
informing them about the arrest of Zahid Qureshi, a member of the
Sindh provincial assembly, and expressing the fear that he might be
subjected to torture or even executed extra-judicially.
Mr Qureshi is the fourth elected member of the MQM to have been
arrested. He was taken into custody on Tuesday afternoon in
Liaquatabad where he had gone to meet and greet his constituents on
Eidul Azha.
Mr Hussain said Mr Qureshi's arrest was a "blatant violation of the
Constitution and of the right to personal freedom."
The other three MPAs of the party arrested earlier had been
"brutally tortured" by the police, he said. "We fear that Zahid
Qureshi will be subjected to severe torture and may even be extra-
judicially executed," Mr Hussain said.
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990329
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Crime rate down, claims Sindh IG
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ISLAMABAD, March 28: Crime rate has gone nose dive, which position
needs to be sustained, the Inspector General of Police Sindh, Rana
Maqbool Ahmed said here on Sunday.
Talking to APP, he said the fear of punishment certainly affects
the criminal behaviour.
About the brutal murder of Asif Bhoja, he said, it was a high
profile crime and four alleged killers had been apprehended.
Many crime syndicates had of late been active in Karachi, he said,
adding, this could be work of any of the crime dens. He, however,
expressed the confidence that the culprits would not go unpunished.
He praised the courage of ASP Ghulam Mohammad Dogar who has
completed the preliminary inquiry into the case.
The fear of punishment and dispensation of justice does play its
part in containing crime, he said.
In the wake of governor's rule, he said, there has been 47 per cent
reduction in car-lifting and car theft cases and robberies and
dacoities have also gone down by 40 per cent.
On the other hand, he said, there had been increase in recovery of
snatched or stolen cars by as much as 64 per cent.
"Not a single bank robbery has been reported in the province during
the recent past," he said.
"We have given nothing but a sense of direction and nothing else,"
he said, adding, and this has made all the difference.
To a question, he said, in his opinion, the situation is quite
encouraging as the incidence of crime has been remarkably checked
and criminals nabbed.
He urged that Nizam-i-Adl be enforced so that the criminals are
given exemplary punishments and these prove to be a sufficient
deterrence to root out crime and criminals.
To expect that the police would go for a surgical operation is not
correct.
A group, he said, has the reputation of committing 114 murders. The
alleged killers were not only tried but the courts sentenced them
to death.
To a question, the IG Police said, the murder of Hakim Said proved
to be a turning point in Sindh and led to swoops against criminal
elements, without any discrimination, and this has yielded results.
"The Sindh Police is acting as per dictats of justice, high
professionalism and upright conscience," he said.
He said, the aspect of vigilance is being given due importance.
Criminal syndicates and tribal system and other heterogeneous
elements are responsible for incidence of crime, he said, adding,
the Sindh Police are working in a spirited manner and with
dedication.
The IGP said, the federal government had given an assistance of Rs
100 million for updating the equipment and transportation system of
the provincial police force. The element of manpower is being
attached due importance.-APP
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990403
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Options being weighed to help Kosovars
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Hasan Akhtar
ISLAMABAD, April 2: Pakistan is carefully considering a proposal
for sending troops to Kosovo to assist the Kosovar Muslims who are
being subjected to ethnic cleansing and repression by Serbian
armforces.
Foreign Office spokesman Tariq Altaf who briefed the newsmen on
Koso situation on Friday, reiterated Pakistan's political and
diplomatic support to the Kosovar Muslims struggling against the
on-going campaign of ethnic cleansing and repression by Serbs.
The spokesman was asked whether the prime minister during his visit
to the GHQ had discussed the possibility of Pakistani milita-ry
support to the Kosovar Albanians.
The spokesman said Pakistan would like the UN Security Council to
halt the persecution of Kosovars by Milosevic forces.
The spokesman said that Pakistan also handed over relief goods
worth Rs10 million to the UNHCR officials as humanitarian
assistance to the affected Kosovars.
The relief consignment contains essential medicines and blankets.
Mr Altaf said that Foreign Minister Sartaj Aziz was expected to
take part in an OIC Contact Group meeting being held in Geneva on
April 7 to discuss the Kosovo situation and consider sponsoring
international action to stop oppression on Kosovars.
He said at Pakistan's initiative two meetings of the OIC countries
- at UN headquarters in New York and at UN Human Rights Commission
in Geneva - had been convened on the Kosovo situation.
Responding to a question, the spokesman reiterated Pakistan's
support to the NATO air strikes asserting that there was no doubt
about the intentions of the air strikes.
He was asked whether it was not correct that in a way the action by
the NATO and Milosevic ultimately caused loss to the Kosovars since
the air strikes had failed to deter Milosevic in pursuing
persecution of the Kosovars.
The NATO action, the spokesman emphasised, aimed at stopping the
repression of the Kosovo Muslims by Milosevic forces.
The spokesman rejected any Indian claim against Pakistan's right to
raise the Kashmir issue at any international forum, stressing that Kashmir
would be agitated at all forums. The Kashmir would stay as
a live dispute so long as its solution was not found, the declared.
He said that the bus service between Lahore and Delhi, was
operating very well.
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BUSINESS & ECONOMY
990403
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2% cut in saving scheme rates under study
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Ihtashamul Haque
ISLAMABAD, April 2: Minister for finance and commerce Ishaq Dar
disclosed here on Friday that the government was considering
reduction in interest rates on the national saving schemes by 2 per
cent.
"We are planning cut by about 1.5 to 2 per cent on all saving
schemes", he further stated.
Talking to Dawn he pointed out that before taking any final
decision, the government would carefully take into account the
interest of the prize bond holders. "We would not take any decision
in haste".
The finance minister said that Nationalized Commercial Banks (NCBs)
have just announced the reduction of about 2 per cent mark-up rate,
the purpose of which was to encourage greater trade and industrial
activities in Pakistan. "Following the reduction in the banks'
interest rate the same has become necessary for national saving
schemes", he added.
To a question, he said that the ratio of debt servicing will go
down with the reduction in the mark-up rate of the banks. He said
it was the PML government which had earlier reduced by about 2 per
cent banks's interest rate. "No doubt this is an achievement to
have this interest rate reduced from 22 per cent to about 20 per
cent previously and now to 18 per cent", Ishaq Dar said.
Nevertheless he said that this interest rate was further needed to
be reduced. "You have to have less and less interest rate to
generate more economic activity".
Answering a question, he said that the government has not so far
taken any decision to reschedule the Eurobonds as has been desired
by the International Monetary Fund (IMF) and the Paris Club. "It is
pre-mature to talk about the issue", he said adding that it would
take perhaps some more time to decide the issue.
He rejected the assertions that the donors wanted Pakistan to
immediately reschedule 750 million dollar bonds. "We will have to
see our own national interest and not anybody's interest to take
certain decision about the rescheduling of these bonds", he said.
Asked about the London Club meeting, the finance minister expected
that the donors representatives will soon be gathering in Islamabad
to help reschedule the remaining 850 million dollar debts of the
commercial creditors.
To another question, he said he would lead the Pakistani delegation
at the second meeting of the Pakistan Development Forum (PDF) in
Paris beginning from April 21 to 23.
He said that the government had successfully met the performance
criteria of the IMF after which the donors were providing all
necessary financial support to Pakistan.
Asked whether the government was seeking 2.5 to 3 billion dollar
from the PDF, formerly known as Aid-to-Pakistan Consortium, Dar
said, "I am sure to have a positive meeting with our lenders in
Paris".
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990329
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Rs 50 billion gap in next budget
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Correspondent
ISLAMABAD, March 28: The federal government expenditure in the next
budget 1999-2000 is being set at Rs800 billion, with total receipt
of Rs750 billion, showing a gap of Rs50 billion to be met through
bank borrowings.
As the budget-preparation process enters in its second phase the
basic parameters for the formulation of the budget have been
finalised, say official sources.
A Rs200 billion escalation over and above the federal spending of
1998-99 are being envisaged in the next budget, they add. On the
revenue side, Rs150 billion has been planned while no substantial
cuts are being suggested in the establishment, defence, and
development allocations.
The government estimates to repay Rs300 billion debt in the next
financial year in 1999-2000 as compared to the projected budget of
Rs275.6 billion in 1998-99.
In 1998-99 budget, the receipts from federal revenues were
estimated at Rs354 billion (now revised downward to Rs318 billion),
whereas, Rs400 billion is being processed under this head, for
collection during 1999-2000.
These parameters include scaling up the receipt projection to Rs175
billion under the head of non-tax revenues. The major revenue
source being surcharges from the natural resources and petroleum,
has been projected at Rs80 billion, as against Rs43.4 billion in
1998-99.
The federal government is also planning to keep the provincial
share from federal resources at about the same level as projected
in 1998-99, and an additional Rs50 billion is being planned for
provinces through increased taxation, predominantly through road-
use and octroi, add sources.
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990403
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Rupee gains 15 paisa on kerb market
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KARACHI, April 2: Rupee gained 15 paisas against US dollar in the
open market Friday. However, it remained at the same levels in the
inter-bank transactions, dealers said.
The green bill was being bought and sold at 51.30/51.40 as against
overnight rates of 51.52/51.55 in the kerb market.
'State Bank's relaxation in foreign exchange rules curtailed the
demand for US dollar in the open market,' said a currency dealer.
He said that government decision to resume supply of foreign
exchange quota for health, education and travel at composite rate
eased pressure on the open market.
Another currency dealer said it was probably for the first time
since nuclear tests conducted by Pakistan that dollar rates have
dropped to record lows narrowing the gap between the official and
open market rates for dollar.
The official parity rate stands at 46.00/46.23 for buying and
selling of dollar.
Lahore: Pak rupee Friday gained vis-a-vis foreign currencies in the
local open market as the US Dollar, Pound Sterling and Deutche Mark
shed their value slightly.
The exchange rate of green back fell to Rs 51.20 on Friday from
Thursday's Rs 51.45 while Pound Sterling lost 87 paisa against Pak
rupee.
The opening rates of local currency market also showed the gain of
Pak rupee against Deutche Mark, Japanese Yen and French Franc.-APP
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990402
-------------------------------------------------------------------
Bank credit to private sector falls
-------------------------------------------------------------------
Mohiuddin Aazim
KARACHI, April 1: Banks and development financial institutions lent
around Rs61 billion to the private sector by mid-March out of a
total allocation of Rs98 billion for entire fiscal 1998-99.
Senior bankers told Dawn that credit disbursement to private sector
during July 1998 to mid-March 1999 fell to Rs60.7 billion from
Rs77.5 billion during the same period in fiscal 1997-98.
They said public sector commercial enterprises retired Rs10.2
billion worth of credit during the first eight and a half months of
the current fiscal year. During comparable period in the last
fiscal year PSCEs had retired Rs4.3 billion worth of credit. The
total credit allocation for private sector plus PSCEs was Rs82
billion.
Bankers link the fall in private sector credit mainly to lower
demand because of an economic slowdown but some business leaders
say banks are not offering credit to smaller or non-conventional
sectors of economy. They say that the demand for credit was there
and if banks diversified their lending portfolios credit flow to
the private sector would increase.
Sources close to the ministry of finance said the government was
perturbed over declining credit supply to the private sector
because economic managers felt that liquidity problems faced by the
private sector could further slow down economic activities.
The sources said that the Rs61 billion credit supplied to the
private sector during first eight and a half months of 1998-99 also
included over Rs29 billion worth of agricultural credit.
Chairman of Sindh Abadgar Board and other agriculturists are on
record saying that most of agricultural credit was nothing but
paper transactions meaning that fresh loans sanctioned for the
farmers had been used by the banks to adjust for repayment of old
loans. Thus credit flow to industrial sector as such had remained
quite limited. Besides adjustments of newly-sanctioned agricultural
loans for repayment of old loans had also led to a cyclic effect on
trade and industry.
Senior bankers say most of credit supply to the private sector
related to trade financing as project financing has almost come to
a halt. They say for the last two years or so state-run banks in
particular and other banks in general have not made project
financing for the single reason that they lack expertise to check
possible defaults in future. They say banks have lately started
developing expertise to ensure efficient and prudent project
financing but it is not clear how soon the private sector would
start getting funds for projects.
Senior bankers say one way to speed up the pace of credit flow to
the private sector could be lowering of mark-up rates adding that
the government was all set to see it working. But they say that
slashing of marginal mark-ups by a few major banks would not do.
They say what the trade and industry needs at the moment is an
across the board substantial cut in all types of lending rates.
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990402
-------------------------------------------------------------------
25% additional tax levied on FST paying industries
-------------------------------------------------------------------
Aamir Shafaat Khan
KARACHI, April 1: The 26 categories of industries falling under
fixed sales tax regime will now pay 25 per cent additional tax for
the first five months of 1998-99 under the new Simplified Sales Tax
Scheme (SSTS).
These units will pay 50 per cent additional sales tax for the
remaining seven months of the financial year 1998-99 as compared to
the amount paid by them in 1997-98.
Sources in these small industries told Dawn that the Central Board
of Revenue (CBR) will collect revenue under a new scheme named
'Simplified Sales Tax Scheme (SSTS) for 1998-99' compared to
previous name of fixed sales tax (FST) scheme.
An agreement between CBR, Federation of Association Paying Fixed
Sales Tax (FAST) and All Pakistan Anjuman Tajeran (APAT) was
reached in the first week of March in Islamabad on SSTS, they said.
Sources said that Collectorate of Sales Tax, Hyderabad had issued
notices to 20 small marble industries in the last week of March in
which liabilities had been worked out up to February. These units
were asked to liquidate their arrears.
They said that 26 categories of industries had been paying 20-30
per cent enhanced rate since the dual taxation system was
introduced in 1992. They added that the rate was increased to 40
per cent in 1997-98.
However, according to ESAF Policy Framework Paper, released on
January 22, 1999, the FST system had been abolished in 1998-99
budget.
Sources said that CBR had been collecting revenue under a
provisional agreement with these 26 categories of industries with
enhanced percentage.
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990401
-------------------------------------------------------------------
Five major banks cut lending rates by 1-2%
-------------------------------------------------------------------
Mohiuddin Aazim
KARACHI, March 31: Three state-run and two partly-privatized banks
have decided to cut maximum lending rates by 1-2 per cent.
This was announced by Habib Bank president Shaukat Tarin at a press
conference on Wednesday which was also attended by senior officials
of two other state-run banks namely National Bank and United Bank
and partly-privatized Allied Bank. No one from Muslim Commercial
Bank was present at the press conference but HBL chief said all
five major banks including MCB had decided to cut their lending
rates.
"The large five banks have decided to reduce their marginal lending
rates from 20 to 18.00-18.50 per cent," Tarin announced adding that
each bank would issue a press release on the rate- cuts later on.
But the banks had not issued the press release till Wednesday
evening. Officials of these banks said they might announce
specifics of reduction in lending rates on Thursday.
Tarin said what had enabled the banks to cut their lending rates
was an overall improvement in their performance adding that all the
five major banks had been successful in enhancing their market
share. He said HBL alone had increased its market share from 17 to
18.8 per cent adding that the five major banks put together
currently had 70-75 per cent market share.
He said these banks had cut financial intermediation cost by 1-1.5
per cent.
Tarin said though slashing of lending rates would start from the
top at the moment but he hoped that average lending rates as such
would also come down shortly.
"We sincerely believe that lending rates should further go down
because even at these (reduced) rates industry cannot sustain
itself," Tarin said adding that banks were prepared to do it if the
government slashed returns on national saving schemes and reduce
tax rate on banks.
He said Finance Minister Ishaq Dar had agreed to cut returns on
national saving schemes adding that once these rates were reduced
only then the banks would be able to further lower their lending
rates.
Tarin said that the cost of fund for five major banks ranged
between 8-10 per cent or 9 per cent on an average. He said this
needed to be reduced to 5 per cent before the banks could bring
down their lending rates to 14 per cent as desired by finance
minister Dar. He admitted that banks would have to cut returns on
fixed deposits in order to bring down their cost of funds. But he
did not agree with a reporter that this would discourage savings.
"With inflation at 7 per cent our marginal lending rate should not
be over 14 per cent," he said adding that inflation being at 7 per
cent there was enough room for the banks to cut returns on bank
deposits without discouraging savers. He did not agree with a
reporter who said that the inflation rate was under-estimated.
He said five major banks had also decided to start project
financing making it clear that economic viability of projects would
be a pre-condition for this purpose. "We are not going to encourage
herd mentality...we are going to see economic viability of the
projects in project financing."
Senior executive vice president of National Bank Mozaffar Iqbal
said his bank had cut its lending rates by 1-2 per cent adding that
effective lending rates of NBP would now be 18-19 per cent. He said
if the government reduced high returns on national saving schemes
his bank and other major banks would further cut lending rates
within six months. UBL SEVP Khalid Sherwani said the government
should also lower the tax rate on banks and withholding tax on
government securities besides rationalizing national saving rates.
ABL president Rashid Chaudhry emphasised more on the need to cut
returns on national saving than anything else because he felt that
if it was not done banks would simply not be able to make further
cuts in their lending rates.
Answering a question HBL chief Shaukat Tarin said income tax rate
on banks should be brought at par with that on corporate sector.
Replying to another question he said cut in lending rates had
nothing to do with privatization.
Responding to another question he said banks need to finance small
businesses to let the economy grow adding that HBL had already
earmarked Rs2 billion for micro credit for 1999 which would be
disbursed through an NGO. He said HBL would definitely support
those government-sponsored schemes which made economic sense adding
that financing through SMEDA would also be done if the projects are
economically viable.
"Small businesses had been slaughtered during the last fifty
years," Tarin said adding that loans below Rs5 million constituted
only 13 per cent of HBL total loan portfolio whereas 87 per cent of
the portfolio was made up of loans above Rs5 million. He said this
ratio would be gradually changed to 50:50.
Talking about project financing he said major banks were earlier
reluctant to offer project financing because of the high rate of
default. He said now these banks were going to link project
financing to cash flows instead of securities pledged by the
sponsors to ensure proper recovery. He said HBL had decided not to
channelize more money toward such conventional sectors as textiles,
sugar and cement adding that new sectors are being identified
instead for project financing.
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990401
-------------------------------------------------------------------
SBP to check misuse of forex travel quota
-------------------------------------------------------------------
Reporter
KARACHI, March 31: The State Bank may issue a circular within a day
or two to enforce measures for checking misuse of foreign exchange
purchased from banks on travel quota.
President of Forex Association of Pakistan Malik Bostan told Dawn
by telephone that Finance Minister Ishaq Dar had told a meeting
held with money changers on Wednesday that he had advised the State
Bank to issue a circular.
SBP Governor Dr Muhammad Yaqub was also present in the meeting. He
said the minister told the meeting that State Bank might disallow
sale of travellers cheques in the open market besides refraining
airlines from making refunds against those tickets on which foreign
exchange had been obtained from the banks.
He said the money changers had earlier urged the minister to ensure
that the revival of foreign exchange quota for travelling purposes
was not misused. Banks on Wednesday began to sell foreign exchange
at composite exchange rate to overseas travellers including those
seeking medical treatment or getting education abroad under a State
Bank order issued on Sunday.
Malik Bostan quoted the minister as saying that the government
might also lay down a procedure to punish those found guilty of
misusing travel quota.
He said money changers informed the minister about problems being
faced by the people in encashment of bearer dollar bonds from the
banks adding that the minister indicated that SBP might issue a
circular on this subject, too. He said the minister categorically
told money changers that the government was not going to devalue
rupee.
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990328
-------------------------------------------------------------------
Pakistan under pressure on Eurobonds issue
-------------------------------------------------------------------
By Ihtashamul Haque
ISLAMABAD, March 27: Pakistan is under pressure from the World Bank
and the IMF to resolve the Eurobonds issue as part of the package
it is negotiating with the commercial creditors of London Club.
"If we seek the rescheduling of bonds, it will further degrade the
country's credit rating. Also new investors will not opt for such
bonds in future", said an official dealing with the issue.
He said the government has not been able to make up its mind over
the issue. "But if we do not seek this rescheduling of bonds worth
about 650 million dollars, the commercial creditors may not
restructure our remaining loans of about 850 million dollars", he
said choosing anonymity.
Sources said that by seeking rescheduling on bonds, the government
would commit a technical default. The government was already
worried and as admitted by Prime Minister Nawaz Sharif the decision
to freeze foreign currency accounts turned out to be an unwise
decision. Under these circumstances, the bonds issue has caught the
attention of everybody.
Source claimed that the delay in summoning the London Club meeting
has been partly caused by the government's inability to take the
decision over the issue of bonds.
However, finance minister Ishaq Dar has been claiming that the
meeting has been delayed as Pakistan has asked for a shift in venue
from London to Islamabad which, he claimed further, would save
Pakistan an approximately five million dollars.
According to informed sources, Pakistan which was seeking overall
rescheduling of about 5 billion dollars has been asked by both the
donor agencies to give importance.
The question of bonds was considered very important as many other
countries specially Russia, Brazil and Mexico were facing the same
problem of much bigger magnitude. Since there was no precedent for
the rescheduling of bond issue, Pakistan's finance ministry was
trying to work out modalities for negotiating the issue with the
concerned quarters. Eurobonds were floated in Luxembourg stock
exchange with sovereign guarantee of the government of Pakistan.
These bonds were issued by the private sector companies on the
European stock exchanges. A textile mill from Multan which raised a
sizable amount through Eurobonds went into liquidation afterwards.
Sources said that the meeting of the London Club will further set
the pace for seeking around 2 to 2.5 billion dollar debt relief for
1999-2000 from Pakistan Development Forum (PDF) formerly known as
Aid to Pakistan Consortium which was expected to meet in the last
week of April.
The officials of the Planning Commission are currently busy in
finalizing the PDF (formerly the Consortium) document which will
contain the estimated foreign funding requirement for the next
fiscal year and also the latest position about broad economic
indicators.
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990328
-------------------------------------------------------------------
PTV may shift to more powerful satellite soon
-------------------------------------------------------------------
By Our Correspondent
ISLAMABAD, March 27: Pakistan Television is likely to shift very
soon from AsiaSat-1 to more powerful satellite recently launched
Asiasat-3S and will enjoy higher power and wider service area.
Asia Satellite Telecommunications Company (AsiaSat), Hong Kong
recently announced that AsiaSat-3S has successfully been launched
on March 21, 1999 and will soon replace AsiaSat-1. The new
satellite will deploy its solar panels and communications antennas
in early April.
According to a press release of AsiaSat, AsiaSat3S, the fourth
satellite of Asia Satellite Telecommunications Company (AsiaSat),
was launched at 08:09 Hong Kong Time (00.09 GMT) on March 21 by a
Russian Proton rocket from the Baikonur Cosmodrome in the Republic
of Kazakhstan.
Back to the top
===================================================================
EDITORIALS & FEATURES
990328
-------------------------------------------------------------------
Wealth
-------------------------------------------------------------------
Ardeshir Cowasjee
ON my return from Japan (a different world) I found a rejoinder
written by a Dr Miftah Ismail (March 20) to my column Shantiniketan
printed the previous Sunday. He discussed Kenneth Arrow's
'impossibility theorem' (referred to by some as the 'Arrow-Sen
general possibility theorem'), democracy, the tyranny of the
majority, the advantages bestowed by a republic, and the
accumulation of wealth.
Waiting for me also was the latest journal of the Royal Society for
the encouragement of Arts, Manufactures and Commerce (RSA), in
which was reproduced a lecture on the subject of 'Redefining
Wealth' recently given by Dick Onions, the Society's Chairman of
Council.
What the man Miftah had written intrigued me, and he had to be
found. Found he was by an odd coincidence. At a dinner given by my
good old friend Haji Ibrahim Haji Karim Al-Karam who adheres to the
'Micawber theorem,' has his finger on the pulse of real commerce
and industry, appreciates the true value of wealth, and is
therefore a highly successful businessman and a renowned
philanthropist. His family dinners are usually memorable. That
night, those sitting around the table weighed in at over 200 lbs
each, all ate voraciously, all sampled the many flavours of ice-
cream made by one of Haji's enterprises, but, being mindful of the
value of good health, insisted on drinking diet colas.
At dinner, I discovered that Miftah was the son of a great friend
of Haji Ibrahim. He is a trained economist who did his doctorate at
Wharton and then joined the IMF in Washington. After eleven years
in the States he came back to Pakistan to reorganize his family's
candy business, which he has successfully put back on the right
track. He also teaches at the IBA in an honorary capacity.
A few days later, Miftah and I met. He explained that his letter as
published appeared somewhat disjointed and that, perhaps for want
of space, it had been edited. He has his own views, as do most of
us, on various theories, but has yet to fathom the 'Spencer-
Cowasjee theorem' (Spencer being economist Ardeshir Spencer who
taught economics and finance at the IBA from 1968 to 1975).
Miftah on 'Republic versus Democracy': There is a distinction
between a republic and a democracy. A democracy is merely a
manifestation of majority rule which does not preclude tyranny of
the majority. In a republic, all citizens are guaranteed certain
minimal rights that no majority or authoritarian can take away. If
we are all guaranteed certain rights, say, the right to life, to
property, to free speech, to the free practice of religion, and so
forth, then even in a majority-rule polity, dominated by
unenlightened opinion, we can go about our business in relative
peace. A republic presupposes a government of rules and not of men.
Democracy, or majority rule, makes no such requirement.
We must remember Hitler's Germany, he emphasized. Wily Adolf
Hitler, a popular leader, received a plurality of votes in the
elections. And so Germany was a 'democracy.' It certainly was no
republic and the ruling Nazis, with their 'overwhelming mandate'
felt free to do what they liked, right or wrong, and embarked upon
their 'Final Solution.' What did 'democracy' do to save the
innocent millions of Jews, citizens of Europe, who were murdered in
the concentration camps? And this, though the Germans were an
educated people of a highly civilized nation. The articles of the
German constitution could not prevent the Holocaust.
And on Wealth : Wealth is 'operative liberty,' that is, liberty
that you can utilize. If one has all the money in the world but is
not allowed to do that which one wishes to do, then money is of no
use, one is not wealthy. Conversely, if one has the freedom to do
all that one wishes, but does not have the money to be able to
afford to do so, then freedom is useless. So, for money to be
useful one needs freedom, and for freedom to be meaningful one
requires money. Thus, an all-encompassing definition of wealth has
to take into account both money and freedom, which is summarized in
the phrase 'operative liberty.'
Now to Dick Onions, the founding and general partner of Baring
Private Equity Partners, who has spent a lifetime in strategic
financial investment. He argues that the current attitudes to
wealth, as a purely monetary concept, inhibit risk-taking, creative
development, and a contribution to a civilized and sustainable
society.
In his lecture he goes through capitalism in theory, discusses Karl
Marx (who was a member of the Society), money as a measure of
success, superpower wealth, the American dream, resolution of
wealth, global economic balance. He defines 'wealth': "I will let
George Bernard Shaw have the last word on the subject. 'We have no
more right,' he said, 'to consume happiness without producing it,
than to consume wealth without creating.' More widespread
happiness, surely, must result from a redefined concept of wealth."
Together with the Onions lecture, the journal has reproduced the
definition of wealth as made by varied personalities, past and
present. Edmund Burke: "If we command our wealth, we shall be rich
and free; if our wealth commands us, we are poor indeed." John
Ruskin: "There is no wealth but life." William Shakespeare: "For
thy sweet love remember'd such wealth brings that then I scorn to
change my state with kings." William Sieghart (Chairman of Forward
Publishing): "Wealth is not having to kowtow to people you don't
respect." Paul Smith RDI (Royal Designer for Industry - fashion
designer): "Wealth is good, but cannot buy happiness or health."
John Monks (General Secretary of the TUC): "Wealth is freedom.
Poverty is imprisonment." Genista McIntosh (chief executive of the
Royal National Theatre): "Wealth is being able to pay somebody to
do the ironing." John McConnell RDI (Industrial designer): "Wealth
gives you the ability to misbehave." Sir Alan Ayckbourn
(playwright): "Wealth is having the choice not to do things you
really don't want to do." Carol Traynor (head of St Boniface Roman
Catholic Primary School, Salford): "Wealth is good health and peace
of mind." Alan Fletcher (designer): "Wealth is more than you need."
Our private sector wealthy bowers and scrapers, crawlers and
cringers, those who know what respect is and who can afford to
ostracize robbers, should give a thought to Sieghart's definition.
The Sharif family have had power and privilege for the last
eighteen years. The Bhuttos have been up in the clouds since Father
Bhutto installed himself as the first civilian martial law
administrator-cum-dictator in 1971. The Bhuttos make a great show
of boasting that they were to the manor born, that their wealth and
aristocratic connections are generations old. The Sharifs claim
that their riches were amassed through honest toil over the past
half century. But the people know better. They know at whose cost
and from where the money and properties emanate, how the two
families squander wealth that is not theirs but their nation's.
Both insensitive, they have convinced themselves that it is their
inherent right "to consume happiness without producing it" and "to
consume wealth without creating it".
What the people want is security of life and property, water to
drink, atta to eat. Prime Minister Nawaz Sharif and his hangers-on
came to Karachi last week in their special plane to condole with
Farooq Bhoja whose son was murdered by kidnappers. All at our
expense. The visit afforded them photo-opportunities which their
'grief' did not prevent them from shunning. No amount of rhetorical
condolences will bring back Asif Bhoja or assuage the grief and
agony of his mother and father. Life, the gift of God, is the only
true wealth and it is the preservation of that wealth that must be
the first concern of any government or ruler.
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990402
-------------------------------------------------------------------
The great illusion
-------------------------------------------------------------------
Ayaz Amir
IT could also be called the great betrayal except that the history
of Pakistan is so full of betrayals that to single out one is to
distort the significance or impact of the others. Let it therefore
remain 'the great illusion'.
Does anyone remember the mood prevailing during Leghari's
dispirited caretaker period when, among other things, Leghari's
hopes of emerging from the woodwork of his ambition as a great
reforming figure were laid to rest? The chattering classes were
clamouring for accountability, that magic Pakistani word which ever
since it was first abused by that great reader of the national
pulse, General Zia ul Haq, has alternately raised and dashed the
blighted hopes of the nation. More, these same classes were
convinced that after half a century of high-minded robbery and
pillage, the time had come for calling the nation's crooks to
account.
How this was to be achieved was not quite clear to these patriotic
hordes. Even so, they were convinced that here on the plains of
Pakistan Armageddon was at hand. That they were guilty of a
fundamental political error is scarcely in doubt. Armchair
revolutionaries, they were expecting a revolution to happen without
the tumbrels rolling. Or, to echo Lenin, they were wanting
omelettes to be made without eggs being broken. But this precisely
is the point. Pakistan's chattering and political classes were
nursing an illusion which distorted their thinking.
For much the same reason these classes looked upon the elections
that were soon to follow not as a normal political event but as a
watershed affair, a defining moment in our national existence when
the curtains would come down on fifty years of rot and corruption
and rise on a new era of justice and prosperity. Two years down the
road it all sounds a bit foolish but back then this was the mood of
the drawing room classes, a breed in this country which will have a
great deal to answer for when the final trumpets sound.
There was, however, one serious problem. New knights or Galahads
riding white chargers could not be summoned into existence at the
touch of a button. The nation had to pick its champions from what
was available and this meant a pretty restricted field. There was
the caretaker team which had so fluffed its lines that the only
thing left for it to do was to slink away into the shades with as
much grace as it could muster. There was the imperial duo of
Benazir and Zardari, a union as illustrious and strange as that of
the Emperor Justinian and the Empress Theodora, which during its
rule had earned such a wealth of ignominy as to have discredited
itself once and for all. Qazi Hussain Ahmed was riding a high horse
but given the sad record of failure accumulated by fundamentalist
parties in every election since 1947, there was not much of a
chance that he was about to reverse the tide of history. Imran Khan
was untested material and hence taken seriously by no one except
the western media. Between hope and despair Nawaz Sharif was all
that remained. Hence it was upon him that the inflated hopes of the
nation came to rest.
Everything blighting the Republic's prospects would be exorcised by
Nawaz Sharif. He would give the ship of state a clear direction,
clean the stables, carry out accountability, ensure swift and
terrible justice, build motorways, pump vigour into the economy
and, all in all, lead the masses to the promised land. The hour and
the man had come together. Fervid partisans under their breath even
referred to him as the Second Leader, the first of course being
Jinnah. But if this was the hope how different has been the
reality?
Two years into its tenure the Muslim League government is still
groping for a sense of direction and purpose. What is its agenda,
what does it want to do with the power at its disposal? How does it
propose to tackle Pakistan's crisis of administration? To these
insistent questions there are not even makeshift answers.
Accountability has been turned into a one-way street. Bank robbers
have not been touched and for good reason because any serious
effort in this direction would cause a tumult in the ranks of the
Muslim League itself. Far from bringing in badly needed
administrative reforms, Nawaz Sharif lets no opportunity go by
without expressing his sense of helplessness and frustration with
the country's 'out-dated system' little realizing that his job as
prime minister is not to denounce things but to try to set them
right.
For the hapless people of Pakistan therefore the expected watershed
of the last elections has proved to be another opportunity wasted,
another promise betrayed. They were expecting a revolution. They
have got instead an average, run-of-the-mill government which over
the last two years has put in what can be described at best as a
lacklustre performance. True, Nawaz Sharif has proved a skilful
tactician, adept at power plays, defusing potential threats and
consolidating his position. But this is to his own benefit. For the
people it has not meant more jobs, steady prices and a better
quality of policing and justice. So of what use to them the
imperial prime ministership that they see installed in Mughal
splendour in Islamabad?
That, consequently, popular disillusionment has set in is hard to
dispute for anyone not wearing blinkers. On promises alone the
masses cannot live forever and certainly not on the stale rhetoric
which the propaganda engines of the Muslim League are having to re-
cycle with growing signs of desperation. After all, a spin can be
put on events. You can even put a spin on failure. It is hard to
put a spin on a vacuum. But the question is: who is to be blamed
for this feeling of loss and betrayal, the Muslim League government
for performing under par or the masses for pitching their
expectations too high?
Of one thing there should not be the slightest doubt. The Muslim
League government is composed of well-meaning but plodding figures
who are doing the best they can. To expect anything more from them,
higher competence or vision, is like asking them to defy their
stars and their destiny. The PPP was programmed to self-destruct.
Without any thanks to Justice Qayyum or Senator Saifur Rehman it
has fulfilled its destiny. Nawaz Sharif's Muslim League is
programmed to deliver a middling performance. It too is fulfilling
its destiny.
The tragedy is not Nawaz Sharif's who has already known more than
his share of glory. The tragedy is that of the Pakistani people who
while yearning and indeed waiting for heroes have always had to
settle for less than heroic figures. In the present case the
tragedy is two-fold because the people of Pakistan have deluded
themselves. Far from anyone else betraying them, they have been
betrayed by their own expectations. Nawaz Sharif was no stranger to
them. They knew his strengths and weaknesses as also the history of
his rise to political greatness. But driven by their own desires
they saw things in him that were not there. Who is then to be
blamed: Nawaz Sharif for being true to form and character or the
people of Pakistan for living out another chapter of their
unchanging tragedy?
===================================================================
SPORTS
990402
-------------------------------------------------------------------
World Cup team likely on Sunday
-------------------------------------------------------------------
Reporter
KARACHI, April 1: Pakistan's 15-man World Cup squad would be
announced on Sunday, officials said.
Chairman of selectors Wasim Bari maintained on Thursday that his
committee had been assigned the task of submitting the team by
March 31. "We have successfully met that deadline.
"However, the cricket board says that it would announce the team on
Sunday, the day Indian team is announced during the tri-nation
series final at Bangalore," Bari told Dawn.
According to the World Cup organizing committee rules, April 3 is
the deadline for submitting final squad. However, Pakistan along
with India have managed to take an extension by a day.
Bari, while refusing to discuss the team, said it was still upto
the PCB executive council to approve the side. "I don't know
whether they would approve the entire squad or would make any
changes."
It is gathered that no top official of the Pakistan Cricket Board
(PCB) is in the country. Chairman Khalid Mahmood is touring with
the cricket team while Majid Khan on Thursday left for India as
manager of a Lahore-based Zaman club. The decision to withhold the
team was taken by the secretary of the board.
Bari admitted that the delay in the announcement of the team might
cause some confusion but stressed that it was the job of the
cricket board think tank. "My committee has done its work and from
now the cricket board comes into picture."
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990402
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Ijaz and Inzamam help Pakistan canter to victory
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MOHALI (India), April 1: Wasim Akram's Pakistan warmed up for the
tri-series final against India with a seven-wicket romp over an
experimental home team here on Thursday.
The Indians, deciding to rest seven top stars before Sunday's final
in Bangalore, were shot out for 196 after stand-in captain Ajay
Jadeja elected to bat in the day-night international.
Akram's men then recovered from 34-3 to win in the 42nd over in
front of 1,023 Pakistani tourists, who were granted special visas
by the Indian government to watch the match.
The victory, set up by a fiery burst from Shoaib Akhtar, was
completed through an unbeaten stand of 163 for the fourth wicket
between Ijaz Ahmed (89 not out) and Inzamam-ul-Haq (63 not out).
Pakistan won easily despite being penalised three overs for a
painfully slow over-rate which extended the Indian innings by an
hour to accommodate the mandatory 50 overs.
A sell out-crowd of 35,000 at the Mohali stadium watched the
inconsequential last league match after both India and Pakistan had
assured their place in the final ahead of world champions Sri
Lanka.
Pakistan ended the round-robin league with three wins from four
matches. India had two wins while Sri Lanka finished with one win.
Akhtar's hostile bowling - 1-10 from eight overs and overall
figures of 2-18 - were matched by Indian seamer Venkatesh Prasad's
destructive spell in his first appearance in the series.
The lanky Prasad removed Saeed Anwar in his first over, young Imran
Nazir in his third and Shahid Afridi in the sixth to raise visions
of an upset win by the home team.
But the absence of star bowlers Javagal Srinath, Anil Kumble, Ajit
Agarkar and Nikhil Chopra enabled Ijaz and Inzamam to wrest back
the initiative.
The Indians were also without regular skipper Mohammad Azharuddin,
batting ace Sachin Tendulkar and wicket-keeper Nayan Mongia.
Barring Tendulkar, who is recovering from a back injury, the rest
are expected to be back for the final.
The fringe players who were fielded ahead of the selection of the
World Cup squad next Monday left the Indian selectors tearing their
hair in frustration.
Amay Khurasia was stumped in Saqlain Mushtaq's first over for six,
debutant Virender Sehwag made one, Hrishikesh Kanitkar ran himself
out and Laxmi Shuka holed out after making five.
India's major contributors were seniors like Ganguly and Robin
Singh, who are certain to make the England-bound squad.
Ganguly, hit a painful blow on the rib cage by Akhtar, returned to
top score with 57. Singh made 42 after sharing a 74-run stand for
the fifth wicket with Ganguly.
Akhtar scared the Indians when he forced Ganguly to retire hurt
briefly with a snorter and dismissed the other frontline batsman
Rahul Dravid for no score in the space of three deliveries.-AFP
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990401
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Salim Malik included in World Cup squad
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Reporter
KARACHI, March 31: Former captain Salim Malik was included in the
Pakistan cricket team for the World Cup as the national selectors
submitted a 15-man squad to the cricket board for approval by its
executive council, informed sources in Lahore said.
April 3 is the final date for submitting the squad to the World Cup
organizers and chief executive of the Pakistan Cricket Board (PCB)
Majid Khan was not willing to release the squad to the media before
getting clearance from the competent authorities.
"I didn't receive the team today. But if the selectors say they
have faxed it, then we will take the clearance from the executive
council on telephone and will release it to the media," Majid said
from Lahore.
Nusrat Azeem, president of the Karachi City Cricket Association
(KCCA) and the senior-most councillor, told Dawn that the team
would most likely be approved without any objection. "We have
hardly raised any objections (in the past) and the tradition would
be retained this time also."
Azeem said he was personally very satisfied with the job of the
selectors. "Their selected teams have performed brilliantly in
India and in that background one has reasons to believe that there
would not be any objections."
He said the executive council had complete confidence in the
selection committee "and we know that they must have picked the
best players."
Azeem said it would have been better if a meeting of the executive
council had been arranged for approving the team. "But that is now
not possible. However, a meeting is expected on April 22 or 23 and
will discuss the team and other issues then."
Malik, dropped after the tour of India, has been included along
side Waqar Younis and Mushtaq Ahmad who also missed the Indian tri-
nation series. The two will also not be going to Sharjah for the
Champions Trophy but Salim Malik is expected to join the team in
the desert city along with Wajahatullah Wasti.
"The team management wanted Salim Malik in India and the selectors
have no objection. But it is upto the cricket board to finalize his
tour plans," a source close to the selectors said.
Malik, till late Wednesday evening, was in Lahore.
Salim Malik is Pakistan's second leading run-getter in limited
overs internationals after Javed Miandad. He has scored 7,053 runs
in 276 matches at an average of 33.11. Waqar Younis also has a
phenomenal record as his 282 wickets have come in just 172 matches
at an average of little over 23. experienced wrist spinner like
Mushtaq Ahmad."
The 15 players picked for the World Cup are:
Saeed Anwar, Shahid Afridi, Wajahatullah Wasti, Ijaz Ahmad, Salim
Malik, Yousuf Youhana, Inzamam-ul-Haq, Moin Khan (vice captain),
Wasim Akram (captain), Waqar Younis, Shoaib Akhtar, Azhar Mahmood,
Abdur Razzak, Saqlain Mushtaq and Mushtaq Ahmad.
Reserves: Arshad Khan, Mohammad Wasim, Shahid Nazir, Sajid Shah and
Imran Nazir.
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990328
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I have gained full fitness: Shahbaz
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KARACHI, March 27: Pakistan's most experienced forward Muhammad
Shahbaz Junior is confident of doing well in the Azlan Shah Cup to
be held in Kuala Lumpur (Malaysia) from April 02.
"I am eagerly looking forward to do well, prove my fitness and form
to help team to bring laurels for the country", Olympian Shahbaz
said in an interview at Hockey Club of Pakistan prior to his
departure on Saturday for his hometown to celebrate Eid-ul-Azha
with his family members.
Inside-left Shahbaz dispelled the impression that he was not fit
for the Azlan Shah Cup. He said when he came in the camp in the
start he was not hundred per cent fit but gained full fitness and
momentum after slow and steady training practice and regular
physiotherapy.
He said he developed the right knee trouble during test series in
Belgium prior to World Cup in Utrecht (Holland) in June 1998.
He said on return he started treatment of the knee and underwent
surgery six months back in Lahore. - APP
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