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DAWN WIRE SERVICE
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Week Ending : 23 January 1999 Issue : 05/04
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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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Please send all Editorials and Letters to the Editor at
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(c) Pakistan Herald Publications (Pvt.) Ltd., Pakistan - 1999
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CONTENTS
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NATIONAL NEWS
+ Altaf Hussain granted permanent residency by British government?
+ WB okays $350m for key public sector areas
+ Pakistan used plutonium in May tests: report
+ GST on pertoleum: Power rates to go up by 30pc
+ PM, ministers discuss Talbott visit, ties with India
+ Nawaz govt responsible for economic crisis: Benazir
+ Military courts a temporary measure: AG
+ US deports 373 Pakistanis
+ President, PM urge nation to struggle for a welfare state
+ Pakistan-India bus service from Feb 20 likely
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BUSINESS & ECONOMY
+ Net inflow of foreign funds falls to $15m in 1998
+ Pakistan may not achieve wheat target
+ New gas reserves found in Balochistan
+ Forex payments to gas producers approved
+ CBR withdraws special refund facility
+ $7.5bn FDI anticipated during 9th plan
+ Deposits of $450m converted into bonds
+ Banks lend Rs19bn to farmers in six months
+ Active trading in PTCL, Hub-Power
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EDITORIALS & FEATURES
+ Are the courts functioning? - 2 Ardeshir Cowasjee
+ Paradise under threat Irfan Husain
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SPORTS
+ Shiv Sena withdraws threat to cricket tour
+ Pakistan to field full-strength side for tour opener
+ National hockey camp resumes
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NATIONAL NEWS
990123
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Altaf Hussain granted permanent residency by British government?
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The British government has granted permanent residency to
Muttahida Qaumi Movement chief Altaf Hussain, claim MQM sources.
Reports reaching here from London suggest that the British
government has permitted Mr Hussain to live in UK for an
indefinite period.
This decision was apparently conveyed in a letter sent by the
British Home Department. Mr Nadeem Nusrat, political secretary to
Altaf Hussain, has also been given the same concession.
Mr. Altaf Hussain had submitted his application for political
asylum to the British Government immediately after the Operation
Clean-up started in Sindh in June 1992.
It may be mentioned that the governments of Benazir Bhutto and
Nawaz Sharif had approached the British government to repatriate
Mr Altaf Hussain who is wanted in several cases of heinous crimes
in Pakistan.
Courtesy the STAR
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990123
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WB okays $350m for key public sector areas
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Shaheen Sehbai
WASHINGTON, Jan 22: The World Bank on Thursday afternoon approved a
$350 million loan for Pakistan to support better governance in key
public sector areas.
The Structural Adjustment Loan (SAL) will help the government
improve public sector activities of banking, tax administration,
public utilities and public expenditure, a World Bank announcement
said on Friday.
The SAL is a single tranche loan approved on the basis of
Pakistan's reform programme, the adequacy of the macroeconomic
framework and its balance-of-payments needs, the announcement said.
These three elements have all been worked out within the context of
Pakistan Policy Framework, with the collaboration of the
International Monetary Fund. The SAL contributes much-needed
resources within an overall financing plan that includes additional
financing from the IMF and the Asian Development Bank.
Financial transactions in the sectors covered by the SAL amount to
around half of Pakistan's GDP, and poor performance in these areas
is among the key reasons for high public sector deficits.
Giving details, the World Bank said that in the banking sector the
reforms supported by the SAL are a continuation of steps taken
under the US$250 million Banking Sector Adjustment Loan, provided
by the World Bank in December 1997.
These reforms aim at strengthening banking system governance,
bringing in private sector management to the banks with some public
ownership, arresting the flow of bad loans, curtailing loss-making,
and conserving assets of the nationalized banks prior to their
privatization.
"They also aim to strengthen central bank independence and
supervisory and regulatory capacities, and to build the capacity of
the legal and judicial system for loan recovery," it said.
In the public utilities (power sector) the two main objectives of
the SAL are: (1) to restore financial viability of the Water and
Power Development Authority (WAPDA) and Karachi Electric Supply
Corporation (KESC) by ensuring that line losses are reduced,
distribution is improved, and cross-arrears between energy
utilities and governments are settled; and (2) to ensure that the
National Electric Power Regulatory Authority (NEPRA) becomes fully
operational in order to regulate corporate entities and provide
necessary comfort to investors and consumers.
Over the medium-term, the reform agenda would focus on: (1)
completing the corporatization process and establishing
commercially-oriented autonomous corporations, with NEPRA issuing
licenses for the new corporatized entities; (2) implementing theft
and loss reduction programmes and introducing other efficiency
improvements; (3) intensifying bill collection efforts from both
public and private customers; (4) implementing financial and other
restructuring measures; and (5) accelerating the privatization
programme for the thermal generation and electricity distribution
companies.
In the natural gas sector the government has long been committed to
the privatization of the Sui Northern and Sui Southern companies
through a strategic sale with management rights and the creation of
an independent gas regulatory authority which promotes competition
in the sector and de-politicizes tariff setting.
The announcement said the future agenda for reform includes further
improving the financial discipline of the gas distribution
companies, reducing the stock of overdue bills and improving the
legal basis for gas tariff setting and collections.
The steps include: (1) completion of cash recovery from the stock
of overdue bills from the private sector, reduction in WAPDA and
KESC arrears, and keeping the payment of gas bills by WAPDA and
KESC current; and (2) enactment by the National Assembly of the
Natural Gas Regulatory Ordinance and amendment of the penal code to
make tampering with gas meters a crime.
For taxation reforms, the Bank said the government has developed a
tax reform programme comprising both policy and administrative
reforms.
It is putting in place a tax administration which is more efficient
and responsive. The programme includes actions to reform tax
administration; broaden the base of domestic taxes; further
liberalize the trade regime; and increase tax revenues while these
institutional reforms are being undertaken.
The tax enforcement programme is being strengthened with a more
effective tax registration programme, an information exchange
programme, better administration of the taxpayer identification
numbers, and a strengthened tax audit regime.
Significant progress has been made over the last two years in
reforming the General Sales Tax into a modern, broadly-based value-
added tax, it said.
The reform agenda for the tax administration envisages that the
Central Board of Revenue (CBR) will be transformed into the
Pakistan Revenue Authority through an act of legislation.
The CBR is to increase the number of income tax payers with
identity cards to 1.6 million, the law ministry is to increase the
number of fully functioning tax tribunals from seven to 15; and
collect Rs3 billion of tax arrears.
For public sector expenditure reforms in this sector focus on
adjustment in Public Sector Development Programme (PSDP)
allocations by imposing prioritized cutbacks on the low-priority
portion of the PSDP and retaining only the highest-priority
projects. Reforms in this sector also include, (1) addressing the
shortfalls in allocations for high-priority projects and for Social
Action Programme-related development activities by appropriately
revising and protecting these allocations against budgetary
cutbacks; (2) ensuring adequate and timely release of funds to all
high-priority projects; and (3) strengthening monitoring and
evaluation of development projects.
The Single Currency Loan will be repayable in 20 years, including a
five-year grace period, and will be at the World Bank's standard
variable US dollar interest rate, the announcement said.
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990119
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Pakistan used plutonium in May tests: report
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Correspondent
WASHINGTON, Jan 18: Pakistan used weapons-grade plutonium in its
May nuclear blasts, the CIA informed President Bill Clinton before
he met Prime Minister Nawaz Sharif at the White House on Dec 2.
The CIA assessment was included in the highly classified briefing
book Clinton reviewed before his meeting.
According to the Washington Post, the CIA told the president in the
highly classified report that material released into the atmosphere
during the underground nuclear test by Pakistan contained low
levels of weapons-grade plutonium.
Interesting, despite the briefing and CIA's assessment, the issue
did not come up at any of the meetings or in any of the official
briefings which the US officials gave after the Nawaz Sharif visit,
experts said.
Quoting US national security officials, the paper said the
implications of the preliminary analysis, conducted at Los Alamos
National Laboratory, were that Pakistan was either importing or
producing plutonium without US knowledge.
The country could also build smaller, easy-to-conceal, longer-range
nuclear weapons that would be more threatening to neighbouring
India, which recently acknowledged its nuclear capability, the
paper said.
But scientists at Lawrence Livermore National Laboratory and other
government experts are contesting the accuracy of the initial
analysis, alleging that Los Alamos contaminated and then lost the
air sample from the Pakistan blast.
The CIA declined to comment last week and has not changed its
initial assessment. The agency has at times been slow to accept
changes that might reflect poorly on its initial judgment. In this
case, said one US intelligence official, "there is some
disagreement here, and experts at the labs need to sort it out."
Brooke Anderson, a spokeswoman for the Department of Energy, which
administers the laboratories, said Friday night that Energy
Secretary Bill Richardson "has asked the lab directors for a full
report on the procedures used."
As the flap over the sample analysis demonstrates, US intelligence
experts and scientists are having trouble keeping up with the
demands to monitor and detect the secret development of nuclear,
biological and chemical weapons around the world.
On May 11 and May 13, to the surprise of US intelligence agencies,
India conducted its first underground nuclear tests.
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990123
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GST on petroleum: Power rates to go up by 30pc
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Bureau Report
ISLAMABAD, Jan 22: The government has agreed to increase power
tariffs by 30 per cent, disclosed finance minister to reporters
here on Friday after presenting in the National Assembly the IMF
agreement signed on November 25, 1998.
The increase in power tariffs, he explained, would be made by
September this year on the advice of the National Electric Power
Regulatory Authority (NEPRA) and the total amount would have to
match the component of subsidy which the government had agreed to
withdraw.
According to the Enhanced Structural Adjustment Facility (ESAF)
Policy Framework Paper, Pakistan has been asked to withdraw the
electricity subsidy, announced by the prime minister to the
consumers last year, in two phases by September 1999.
Mr Dar also confirmed that debt repayment arrears had gone up to
$1.5 billion almost equal to the foreign exchange reserves on Jan
23 after the disbursement of the latest IMF and World Bank
tranches.
He said that the NEPRA would be empowered to increase or reduce
electricity tariffs. "The government now has nothing to do with
power charges", he asserted.
Mr Dar also ruled out the possibility of reviving the foreign
currency accounts (FCAs). "The government does not have $6 billion
to unfreeze these FCAs", he stated. He said that the dual exchange
rate would be gradually unified. Dar also declared that there would
not be any devaluation during the current financial year.
Earlier, he unfolded the details of the agreement contained in the
Policy Framework Paper (PFP) in the National Assembly that seeks to
achieve the formidable task of reducing the budget deficit from 4.3
per cent of the GDP in 1998-99 to 3.3 per cent in 1999-2000,
bringing down the rate of inflation to 6 per cent from 10-11 per
cent, achieving 5 to 6 per cent growth rate in the GDP, improving
the rate of domestic savings from 12 per cent to 16 per cent, and
gradually reducing the current account deficit to less than 1.5 per
cent.
These conditionalities would have to be met during three years
period (1998/99-2000/01).
Stabilization of the total public sector debt-to-GDP ratio by
2001/02 has also been introduced as one of the conditionalities in
the PFP.
To underpin such objectives, gross capital formation would need to
be increased from less than 15 per cent of GDP in 1998-99 to about
17 per cent in 2001-02, largely reflecting a recovery in private
sector investment.
The paper also asks Pakistan to further bring down customs tariffs
but the finance minister did not elaborate it. These tariffs have
already been brought down from 65 per cent to 45 per cent in March
1997.
He referred to the statement of the prime minister that as soon as
the situation permitted, the government would go for zero rated
tariffs.
The PFP also called for reducing dependence on foreign loans and
rapidly increasing the availability and quality of social services
in particular education, health, population welfare, sanitation and
rural water supply sectors.
Further an enhancement of the tax on petroleum products; reduction
in the budgeted amount of unproductive expenditure; strengthening
of the financial position of WAPDA and KESC; reduction in the
subsidy on wheat; and lowering of the budget appropriation of seven
components of non-interest current expenditure have also been
included in the PFP.
The PFP also believes that export volumes would need to grow at the
rate higher than the real GDP. However, owing to the anticipated
improvements in Pakistan's terms of trade, import volumes could
grow even more rapidly, while the trade account will register small
surpluses starting from 1999-2000.
Such an adjustment, combined with substantial amounts of external
financing is consistent with the official reserves target of three
months imports by 2001.
The PFP seeks the government to make substantial efforts to broaden
the tax base, revamp tax administration, implement the
restructuring plan for the energy and a number of other public
sector enterprizes, and raise the productivity of the government
expenditure.
In parallel, the government will move forward with privatization of
financial institutions, trade liberalization, and make further
progress in the development of market-based foreign exchange and
payments system.
The government has also been asked to broaden the registration of
tax payers from 1.6 million to 1.8 million by March 31, 1999. Tax
enforcement will also be strengthened with a view to reducing the
number of non-filers for GST to 10 per cent by June 1999.
The implementation of the new loan recovery law (Banking Companies
Act 1997) will have to be made more effective, particularly to
improve the transparency and effectiveness of the banking courts.
The PFP believes that interest and defence expenditure together
accounted for 54 per cent of total budgetary outlays which
undermines the government's ability to maintain the level of
capital and social expenditures that would be consistent with the
requirements of higher growth and social welfare.
About the expenditure and civil service reform, the PFP seeks an
action plan to reform the service and begin its implementation
during 1999/2000 to improve accountability, enhance the skills
base, and rationalise management and compensation, including the
pension system.
Discussing the banking sector and capital market reform the PFP
says that the haemorrhage, caused by politically-motivated lending
and operating losses, has been stemmed. However, it says the
corporate governance in the nationalized commercial banks has
improved with the change in the managements and the reduction in
outside interference in their operations.
Dar told legislators that ESAF and EFF deals were signed in 1997
for an assistance of $1.6 billion.
"As this House is aware, the performance of the economy during
1997-98 was encouraging", the minister said.
The economy grew by 5.4 per cent as compared to 1.3 per cent in
1996-97. Agricultural and industrial production rose rapidly. The
fiscal deficit had been reduced from 6.3 per cent of GDP in 1996-97
to 5.4 per cent in 1997-98. The current account deficit improved
significantly. The rate of inflation was brought down to 7.8 per
cent as compared to 11.8 per cent in 1996-97. Wide ranging reforms
in the industrial, agricultural, commercial, banking and finance
and social sectors were also introduced.
In the backdrop of this improved situation a high economic growth
target of 6 per cent along with a number of additional measures for
economic and social development have been set out for the current
year of 1998-99.
The main objectives of the IMF agreement, he claimed, were
consistent with the prime minister's national agenda of economic
and social reforms to accelerate the pace of growth, to ensure
macroeconomic and financial stability, to improve the climate for
greater savings and investment, to continue with the structural
reforms, and to enhance self-reliance, the minister said.
The trade regime will be liberalized further by relaxing the
remaining restrictions on imports and exports to help the process
of industrialization, increase the production of value added goods
and to improve in our competitiveness in the world market.
Dar said critical reforms were being introduced in the energy
sector aimed at increasing the efficiency and viability of
electricity supply and creating a competitive environment. WAPDA
and KESC, Dr said, were being restructured. NEPRA had been made
fully operational, he added.
The authority would be responsible for determining a fair level of
electricity tariff. This will ensure that electricity rates are
worked out by an autonomous and independent agency and not by the
government or the energy producers, as is in practice in most of
the countries of the world, Dar said. he said electricity tariffs
would henceforth be determined by NEPRA based on the filings to be
done by WAPDA/KESC and detailed scrutiny of the rationale behind
tariff adjustment requirements as also the consumers interest.
He said taxation reforms would be introduced aimed at significant
enhancement of revenues, equitable distribution of tax burden and
improvement in tax administration.
Expenditure reforms would be introduced to maximise its
effectiveness and development impact.
He said reforms of public sector enterprises would be undertaken to
make them economically and financially viable and to ensure that
their privatization process was speeded up.
Prudent public debt management policies would be put in place to
reduce the debt and debt-servicing burden.
Additional steps would be taken for reforming the capital market
with a view to improve efficiency and to augment mobilisation of
additional portfolio investments.
The Social Action Programme, covering such critical areas as basic
education, primary health, population welfare, sanitation and rural
water supply, will be implemented effectively.
The Social Safety Nets (including the establishment of the Poverty
Alleviation Fund and the Zakat and Ushr system), will be
strengthened.
"I have briefly highlighted the salient features of the IMF
agreement. This agreement will not only supplement our efforts of
economic and social development but also pave the way for greater
inflow of investment and revival of confidence", he believed.
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990123
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PM, ministers discuss Talbott visit, ties with India
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ISLAMABAD, Jan 22: Prime Minister Nawaz Sharif on Friday chaired a
high level meeting here at the Prime Minister House, reviewing
regional situation with particular reference to Afghan problem and
current state of Indo-Pakistan relations.
Attended by Foreign Minister Sartaj Aziz, Chief of Army Staff
General Pervaiz Musharraf, Foreign Secretary Shamshad Ahmad and
Secretary Defence Lt Gen (retd) Iftikhar Ali Khan, the meeting also
discussed matters relating to forthcoming rounds of Pakistan-India
foreign secretary level talks in New Delhi and Pakistan-US dialogue
on security affairs and non-proliferation.
US Deputy Secretary of State Strobe Talbott is due to visit
Pakistan on February 2-3 for talks with Foreign Secretary Shamshad
Ahmad on entire range of issues pertaining to regional security and
non-proliferation.
According to informed sources, the meeting discussed the Afghan
issue in detail with reference to forthcoming meeting of six plus
two group in Uzbekistan, reviewed the efforts being made to restore
peace in the war-shattered country and reiterated Pakistan's
position for establishment of a broad based multi-ethnic
government.
On Pakistan-India relations, it was observed that only a meaningful
and result-oriented dialogue could lead to resolution of all
outstanding problems including the core issue of Jammu and Kashmir
as well as peace and security.
The talks on priority issues of peace and security and Kashmir will
be held at New Delhi and the foreign secretaries of the two
countries will pick up the threads from where they had left in
their last round of talks in Islamabad on October 15-18 last.
The prime minister briefed the meeting about outcome of his recent
visit to Saudi Arabia where he had talks with King Fahd bin Abdul
Aziz and Crown Prince Abdullah bin Abdul Aziz.PPI
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990117
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Nawaz govt responsible for economic crisis: Benazir
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Correspondent
ISLAMABAD, Jan 16: Opposition leader in the National Assembly
Benazir Bhutto has said that the Sharif regime in Pakistan had
dismantled all democratic institutions in the country and is
responsible for the collapse of the economy in the country.
According to a press release issued by PPP Media Cell, here, on
Friday, she was speaking before an audience of over 2000 people at
the Peninsula Speakers Series in San Mateo, California on Thursday.
Former premier said that when her second term began in 1993 the
country was on the verge of bankruptcy. But we moved urgently, made
difficult decisions, sometimes unpopular decisions, to restore
solvency and create a macroeconomic framework that would allow
Pakistan to compete in the world and attract foreign investment.
"When my government assumed management of the economy in 1993, the
country's growth rate rested at a dismal 2 per cent. When tripled
that to 6 per cent in three short years", she said and added that
"we were able to double our tax revenue, a task that was previously
terribly mismanaged and paid off $1 billion of our debt and reduced
it to 40 per cent of GDP".
She said that her government was dismissed under allegations of
corruption, but "the losing firm in a privatization project wrote
praising the transparency of our privatization process".
Describing the current situation in Pakistan, Ms Bhutto said, "For
those of us who fought and died for democracy and freedom in
Pakistan, the return of a fascist, one-man dictatorship is painful
beyond comprehension. Today, Pakistan is a very different place".
Fear, frustration and demoralization are the order of the day.
Under one-man, under one rule, civil institutions have collapsed.
And while the regime concentrates on political vendetta, the
country heads toward economic collapse. The situation is worsening
every minute, she said.
The opposition leader said that since she left office the deficit
had risen by 3%, investments have fallen, the regime has defaulted
on payments to international lending institutions, corporations and
even airlines tax collections are frozen and the rupee has been
shrinking in value.
"Nearly 70,000 people have lost their jobs. Foreign accounts have
been frozen, making it all but impossible for international
commerce to proceed", she said. The regime she said was following a
dual agenda, namely to destroy her character and to enrich its own
friends. The fascist Prime Minister does not seem to care that the
consequence of his vendetta against political opposition is the
isolation of Pakistan from the community of nations, she said.
Ms Bhutto said that government had been neglected and Pakistan,
once again, is viewed by the international community as an unstable
society with an inhospitable economic environment, causing private
investment to flee.
She urged the international community, and specifically the United
States, to watch closely what is happening in Pakistan, and said,
"the United States must do everything within its power to ensure
that progressive, pluralistic Muslim countries like Pakistan are in
a position to serve as models to the entire Islamic world".
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990122
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Military courts a temporary measure: AG
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Shujaat Ali Khan
LAHORE, Jan 21: Military courts are a purely temporary stratagem
adopted to meet the peculiar situation prevailing in Karachi and
the long-term solution to terrorism remains deweaponization of
society all over the country, Attorney-General Chaudhry Mohammad
Farooq said here on Thursday.
The AG, who met Prime Minister Mian Nawaz Sharif on 18th, again saw
him on Thursday morning to discuss the issue of military courts. He
was to leave for Islamabad by road in the afternoon, cutting short
his stay in the provincial capital.
Talking to reporters in his office in the LHC building, Mr Farooq
emphatically said military courts had only been set up in Karachi.
When his attention was drawn to reports that military courts had
also been set up in the NWFP and Balochistan and were likely to be
established in the Punjab, the AG said he had made no such
statement, though Interior Minister Chaudhry Shujaat Hussain might
have said this.
The AG said he did not want to comment on a pending case but was
optimistic about persuading the Supreme Court in favour of the
government position. About the 1977 Lahore High Court full bench
judgment in the Darvesh M Arbey case, he said the Bhutto government
had proceeded to set up military courts under Article 245 of the
Constitution without enacting a law under it. The present
government promulgated an ordinance under Article 245 to provide
legal cover to military courts.
Conceding that the Sindh High Court and Supreme Court judgments in
the Sharaf Faridi case, the 1995 LHC judgment on special banking
courts and tribunals, and the SC decisions in the 1996 Judges Case
and the 1998 Mehram Ali or Ata case leave no scope for any court
outside the judicial hierarchy envisaged by Article 175 of the
Constitution, least of all an independent parallel judicial
hierarchy, the AG said the rationale was applicable only to
civilian courts. Military courts have nothing to do with Article
175 and have been set up under Article 245.
The AG said the Supreme Court has upheld the imposition of the
governor's rule in Sindh because it had already validated
imposition of emergency in the country. The governor's rule would
be futile without military courts, which will remain confined to Karachi.
He recalled that the Supreme Court has already approved of
the military court procedure in a petition challenging Maj-Gen
Abbasi's court-martial filed by his widow.
The AG said Karachi was gateway to Pakistan and the country cannot
be safe so long as it was 'on fire'. Things have reached a pass
that even the prime minister of the country felt insecure. He (the
PM) was receiving threats to his life. Special security has been
provided to him and his entire extended family, including his
schoolgoing grandsons and granddaughters.
The AG asserted that the Quranic injunctions and punishments are
immutable and could not be altered or varied even by the Holy
Prophet. However, Hazrat Omar Farooq suspended the penalty of
amputation of hands prescribed for thieves during famine.
Chaudhry Farooq agreed with his brother PML MNA Asadur Rehman, who
was also present along with a number of lawyers, that nuclear
powers do not face external threats because of the deterrence they
possess. They face internal security threats or economic sabotage.
About the Sindh Assembly, he reiterated that it cannot meet except
when summoned by the governor to transact legislative business. As
for divergent interpretations of the Supreme Court's short order in
this behalf, he confidently said the position as stated by him
would become all the more clear on announcement of the Supreme
Court's detailed judgment 'in a few days'.
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990117
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US deports 373 Pakistanis
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Correspondent
WASHINGTON, Jan 16: A total of 373 illegal Pakistanis were deported
from the US by immigration authorities in 1998, official figures
announced by the INS reveal.
"Pakistan was among the top 20 countries whose illegal aliens were
removed and Mexico, with 81 per cent of the total, led the lot," an
INS official said.
More Pakistanis were deported than any of its South Asian
neighbours, including India and Bangladesh, the figures show.
There were 373 Pakistanis and 351 Indians among 171,154 illegal
aliens removed by the US. The number of removals last year broke
the 1997 record of 114,386.
According to INS spokeswoman Barbara Francis, among the top 20
countries led by Mexico, which accounted for 81 per cent of the
removals, Pakistan was 16th on the list and India 18th.
She said that the breakup for the rest of South Asia in terms of
removals was 81 Bangladeshis, 44 Sri Lankans and eight Nepalis.
She acknowledged that the number of criminal removals among the
South Asians were a fraction of the total removals and that the
vast majority who were deported were illegal aliens.
The INS said the fiscal year 1998 results were 39 per cent above
the target of 123,000 removals and 50 per cent higher than last
fiscal year's record performance. The agency said this marks the
fifth consecutive year of record-setting removals.
INS Commissioner Doris Meissner said in a statement that "removals
play a crucial role in our effort to restore credibility of our
nation's immigration laws."
"I'm pleased with the progress we've made in removals, but in the
interior and at our borders we have much more to do," Meissner
said.
The INS said criminal alien removals reached 56,011, nine per cent
over fiscal year 1997's total of 51,272. It said an average of
1,077 criminal aliens were removed each week last year. Drug
conviction (47 per cent), criminal violations of immigration law
(15 per cent), convictions for burglary (5 per cent), assault (5
per cent) and sex crimes (4 per cent) accounted for most of the
criminal alien removals, the agency noted.
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990119
-------------------------------------------------------------------
President, PM urge nation to struggle for a welfare state
-------------------------------------------------------------------
ISLAMABAD, Jan 18: President Rafiq Tarar has urged the nation to
prepare itself for a struggle to create an Islamic welfare state in
the light of Islamic principles.
In his message to the nation on Eidul Fitr the President said, "We
should adopt values like determination, unity, discipline,
continuous work, mutual amity and cooperation and continue our
struggle for our destination in the light of objectives of
establishing Pakistan."
He said "the elements spreading hatred and anarchy in the society
want to create instability by weakening our collective power.
"We should, in the spirit of Ramazan-ul-Mubarik, promote unity,
brotherhood and mutual love so that the country becomes the cradle
of peace and serenity and the energies of the nation are dedicated
for lofty objectives," he implored.
"Today we are also getting an opportunity not only to secure
spiritual happiness, but make the Islamic philosophy of service of
humanity a cardinal principal of our life to share our joys with
our destitute and poor brethren."
Ramazan-ul-Mubarik, he said, is not only the month of patience,
sympathies and commiseration in which the food of a faithful is
reduced, but this month also inculcates a sense of obedience and a
longing for worship.
NAWAZ SHARIF: Prime Minister Nawaz Sharif in his message said that
he wanted to lay down the foundation of a revolution in the country
where everybody could get his right.
"With utmost sincerity, I want to lay down the foundation of a
revolution that ensures everybody his rights, creates a society
free of exploitation, where masses do not face any difficulties in
seeking justice, and people get employment according to their
capabilities," he said.
He said, "the time demands that people get speedy justice,
criminals do not roam around unhindered and the rulers become true
servants of the people."
The PM stated that he was determined to bring in such a system.
"Every step is moving in this direction, whether it is the self-
employment scheme, Shariat Bill, the distribution of land among
landless Haris or the construction of Motorways."
He said "Pakistan should emerge as a model Islamic state."
The prime minister said, "we will deserve the blessings of Allah
Almighty on Eidul Fitr only if we care for the poor and deprived
people of our country and make them share our joys."
"On this day it is also our responsibility to remember our
oppressed brethren who are offering their blood for the liberation
of Kashmir and have not seen the delightful moments of Eid for the
last so many years", he added.APP
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990118
-------------------------------------------------------------------
Pakistan-India bus service from Feb 20 likely
-------------------------------------------------------------------
Mahmood Zaman
LAHORE, Jan 17: The governments of Pakistan and India have decided
to set Feb 20 as a tentative date for a formal launching of the bus
service between the two countries.
However, a final settlement will be made in this regard consequent
to an agreement for which draft proposals by the two countries have
been exchanged.
Pakistan has given to New Delhi its proposals and the Indian
government had detained two Pakistani officials for further talks
for arrangements.
Pakistan Tourism Development Corporation managing director Imtiaz
Ali Syed and the Tourism Development Corporation Punjab chief
Kamran Lashari, who left for New Delhi as part of a 21- member
technical mission on Jan 14, have prolonged their stay in the
Indian capital for a day. They are now expected to reach here on
Monday with the draft agreement.
The remaining 19 members of the Pakistani mission reached here on
Sunday covering a distance of about 450 kilometres between Lahore
and New Delhi in a PTDC bus in about 11 hours on Sunday. The bus
left the Indian capital at 6.40am and crossed the Wagah checkpost
at 5.30pm. The journey time included immigration and customs
formalities which took another one hour on both sides of the
checkpost.
On the way the bus stopped at Pipli, Sirhand and Kartarpura for
meals and refreshments in restaurants being managed by the Haryana
and Punjab states of India. Actual journey time thus was a little
over eight hours.
A PTDC official who accompanied the mission, told Dawn that the
journey was "comfortable and exciting". The road was not very good
but not uneven. State restaurants at Pipli, Sirhand and Kartarpura
were excellent and offered a good service to the Pakistani
delegation.
Among arrangements to be finalized, according to the PTDC official,
will be the fixing of fare. The PTDC official assessed one-way bus
ticket for a passenger to be fixed around Rs900 which includes
breakfast, lunch and tea in the afternoon.
An Indian delegation member, who arrived here on Jan 8, said the
fare was Rs600. But the Pakistani official said it would be revised
as the fare to be worked out by the Pakistan Tourism Development
Corporation and the Delhi Transport Corporation would be uniform.
According to the official, the DTC have already developed a bus
terminal in a spacious building in New Delhi. The PTDC is setting
up a bus terminal at Hotel Faletti's and is also renovating its
hotel at Wagah checkpost.
===================================================================
BUSINESS & ECONOMY
990123
-------------------------------------------------------------------
Net inflow of foreign funds falls to $15m in 1998
-------------------------------------------------------------------
Mohiuddin Aazim
KARACHI, Jan 22: Pakistan stock markets attracted a net inflow of a
mere $15 million in 1998compared to $55 million in 1997 but senior
stock brokers foresee better prospects for this year.
The statistics compiled by Karachi Stock Exchange (KSE) show that
foreign investors purchased about Rs 14.930 billion worth of shares
during 1998 and sold Rs 14.242 billion worth of shares leaving a
net inflow of Rs 688 million or $15 million. In 1997 the purchases
had amounted to Rs 26.823 billion against the sales of Rs 24.271
billion of shares: the net inflow was of Rs 2.551 billion or $55
million.
"Many things led to the fall in foreign investment...but the
prospects for the current year are certainly better," said KSE
Chairman Yasin Lakhani.
Talking to Dawn on telephone he said the decline in foreign
investment in stock markets was mainly an after-effect of Asian
financial crises. He said the government-IPP tussle was another
major factor that led to this situation. "Besides the post- blast
sanctions and consequent controls imposed on the movement of
foreign exchange sent wrong signals among global investors."
Lakhani said he saw better prospects for 1999 after revival of IMF
lending to Pakistan and partial lifting of the sanctions. But he
felt that to attract increased foreign investment this year the
government should better resolve IPPs issue once and for all and
allow immediate repatriation of stuck-up foreign funds. "The sooner
the controls over foreign exchange movement are lifted...the faster
will be the inflow of foreign funds."
Official figures are not available but senior money brokers
estimate total stuck-up amount of non-repatriated funds at $60
million. The State Bank of Pakistan had suspended repatriation of
foreign funds more than $10,000 in June last year after the country
plunged into a financial crisis in the wake of nuclear blasts in
May last year. Lately it cleared allowed remittance of stuck-up
foreign exchange earned by shipping and air lines but there is no
word on how early the corporates would be accorded the same
permission.
IBM country manager Nisar A. Memon told Dawn that after the revival
of IMF package and consequent build-up in the foreign exchange
reserves multinationals operating in Pakistan expected early
lifting of restrictions on remittance of foreign exchange.
Senior bankers and stock brokers say real inflow of foreign funds
in 1998 was much lesser than what has reflected in KSE statistics.
They say a large amount of non-repatriated funds was reinvested in
stocks and sizable funds were sent abroad through open market
channels.
Senior stock brokers say what brightens investment prospects for
1999 is the fact that Pakistan stock markets are still the most
attractive in terms of the rate of return to the investors.
"We are still the most attractive market...our PE ratio is the
lowest in the region and automation of trading has brought in more
transparency," said KSE chairman Yasin Lakhani. A low PE ratio
means a higher rate of return to the investors. PE ratio of blue
chips at KSE is 2:1 whereas in some countries it is as high as
40:1.
Some stock brokers feel there are only remote chances for the
country to attract increased foreign investment in stock markets in
the near future. "Every thing said and done...the problem is our
macroeconomic fundamentals are not strong enough to match the
attractiveness of our stock markets," said a KSE member Amin Essai
Tai.
"If the economy as such how can a low PE ratio may attract foreign
investors?" Tai said foreign investors knew that even the most
outstanding corporates would be forced to cut their rates of return
if the economy continues to remain in problems.
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990123
-------------------------------------------------------------------
Pakistan may not achieve wheat target
-------------------------------------------------------------------
KARACHI, Jan 22: Pakistan's wheat output is likely to fall about a
million tons short of the official target of 19 million tons in the
1998/99 April-March crop year, a senior official said on Friday.
"According to our calculations the loss will be somewhere around
one million tons which means that the production will be about 18
million tons against our target of 19 million," the Agriculture
Ministry official told Reuters from Islamabad.
Officials estimate domestic consumption during 1998/99 at 21
million tons, so imports of around three million tons may be
needed.
Pakistan has bought 1.54 million tons of wheat from the United
States, Australia and Canada since July.
The ministry official said rains in the past few days had helped
the crop but he added that a longer-than-usual dry spell extending
from November to early January would result in about a 20 per cent
output loss from rain-fed areas.
"Barani (rain-fed) areas accounted for about two million tons of
wheat last year, so a 20 per cent loss would mean a cut in
production by about 400,000 tons," he said.
He said sowing in irrigated areas, which accounted for about 17
million tons last year, was almost complete but added that delayed
sowing and harvesting of sugarcane meant that some areas were not
available for sowing wheat.
"We will have a shortfall in production of about five per cent or
over 800,000 tons in the canal-irrigated areas because of the
delayed sugarcane sowing," he said.
He said sowing was complete in about 99 per cent of the 20 million
acres (eight million hectares) of area targeted for this year.
He said because of a bad cotton crop, a number of farmers had
replaced cotton plants with wheat without waiting for the second
cotton harvest.
"The cotton crop factor and recent rains together might likely help
boost some production, so instead of a loss of over 1.2 million
tons we are looking at a loss of around a million," he said.
Rana Musavir Ali, a wheat farmer in Sadiqabad town, said recent
rains, cloudy weather and lower-than-usual temperatures were also
likely to help the wheat crop.
"We need some more rain before February 15 and if the weather
remains as cold as it is now the maturity period of the grain will
extend which would mean better and heavier grains," Ali said.
Pakistan set the 19 million ton output target in October, against
an actual output of 18.7 million in 1997/98.Reuters
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990117
-------------------------------------------------------------------
New gas reserves found in Balochistan
-------------------------------------------------------------------
Bureau Report
ISLAMABAD, Jan 16: A huge quantity of oil and gas has been
discovered in Balochistan, disclosed minister for petroleum and
natural resources Chaudhry Nisar Ali Khan here on Saturday.
"We have successfully discovered 4 to 6 trillion cubic feet of gas,
raising the total reserves of gas to about 23 trillion cubic feet,"
he further stated.
Speaking at a news conference here, he said that 30 to 35 per cent
new gas reserve have been discovered by adopting a new technology
in Sui and Mari gas fields.
"Both Sui and Mari gas fields were fast depleting but we used the
modern technology and got 4 to 6 trillion cubic feet of gas
reserves which is the highest in the world," he said.
He said that new gas reserves have been discovered at the existing
Sui and Mari fields by going to 4,500 feet depth compared to usual
1,600 feet drilling. This job, he said, was done by the Pakistan
Petroleum Limited (PPL) without the support of any foreign
companies.
Mr Nisar pointed out that at present it could not be determined how
much oil will be available from the new discoveries. "But initial
assessment says that there is a large quantity of oil also," he
said adding that 5 oil, 4 light oil and 7 gas discoveries have been
made.
Another achievement of his ministry, he claimed, was that the
sensitive areas like Chaghi in Kharan has been re-opened for oil
land gas exploration after a long time. There was a huge potential
of oil and gas there.
"Also we have just resumed work at Kohlo and Zumardan in Mari and
Bugti areas where there exists a big oil and gas potential," he
said adding that some of the new areas in Sindh were also be-ing
opened for oil and gas exploration.
The minister for petroleum also claimed commitments worth 1.2
billion dollars of foreign investment in the oil and gas sector
during the last one year. This investment, he said was both in
upstream and down stream sectors. "Then we have also successfully
attracted 11 million dollars foreign investment in the mineral
sector," he added.
Mr Nisar also said that PACO oil refinery will be completed in the
year 2000 and will be the first after 30 years.
He told a reporter that new oil and gas discoveries have been
possible after restoring various incentives which were withdrawn by
the PPP government. "All the tax concessions, rebates and other
fiscal and non fiscal incentives have been restored by our
government to attract foreign investment in the country," he said.
Chaudhry Nisar said that a total of 16 new oil and gas discoveries
had been made during 1997-98. Most of them, he said, have achieved
their appraisals.
He also claimed petroleum ministry have saved Rs 7 billion by
cutting various administrative expenditures. Only Rs. 2.2 billion,
he said, were saved in the import of premium oil. Then gas losses
to the tune of 257 million were curtailed, and Rs 119 million were
saved by conducting anti-adulteration campaign.
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990117
-------------------------------------------------------------------
Forex payments to gas producers approved
-------------------------------------------------------------------
KARACHI, Jan 16: Pakistan's state-run Sui Southern Gas Co (SSGC)
said on Saturday it had secured approval from the central bank to
make foreign exchange payments due to two foreign gas producers.
The Pakistan units of US-based Union Texas Petroleum Holdings Inc.
and British Lasmo had asked Sui Southern to clear the outstanding
amounts or face output cuts from next month.
'We were given approval on Friday by the central bank and payment
will be made through our banks on Saturday and Monday,' a company
official said.
He said the total dues were $23 million, but did not say how much
would be paid to each company.
The official said Union Texas and Lasmo supply 40% around 150
million cubic feet daily from Union Texas and 70 million from Lasmo
of Sui Southern's requirements.
Union Texas has a gas field in Balochistan province and Lasmo has a
field in Sindh province. Sui Southern buys and distributes natural
gas and liquefied petroleum gas in the two provinces.
'We are releasing the payment before the notice period (for the
output cuts) ends on February 1,' he added. The payment had been
delayed because of a foreign exchange crisis facing the country
after it was slapped with US sanctions after conducting nuclear
tests last May, he said.
Pakistan says it faces a $5.5bn balance of payments deficit in
1998/99 (July-June) because of the sanctions. Bankers say the
country has arrears of $1.5bn and is using grace periods to delay
payments.Reuters
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990122
-------------------------------------------------------------------
CBR withdraws special refund facility
-------------------------------------------------------------------
Correspondent
ISLAMABAD, Jan 21: The Central Board of Revenue has withdrawn the
special refund facility to the manufacturers-cum-exporters under
the Certificate of Special Registration.
Under the SCR scheme, which was notified under SRO:826 (I)/98 dated
July 21, 1998, the manufacturers-cum-exporters who exported 70 per
cent of their products based on import consignments of raw
materials, had the right to be repaid total sales tax amount levied
at the time of release of import consignments.
Now, under a directive to the sales tax collectorates issued by the
CBR in the second week of December, the operation of SRO:826 has
been almost suspended. The CBR is considering to create a new
scheme of tax relief to these manufacturers cum exporters.
The SRO:826 allowed such commercial exporters the right to delivery
of goods without payment of sales tax through a certificate of
special registration, for which they had to submit a statement
indicating the value of exports and domestic supplies in the last
financial years, details of goods manufactured during the last
three years, requirement of raw materials or semi-manufactured
goods and their sources, whether imported or domestic.
The withdrawal order says: The SRO:826 is under review by the
federal government. Accordingly, it has been directed that no new
special certificate of registration be issued under the said
notification without obtaining specific permission from the CBR.
The SCRs already issued under the notification but surrendered by
the parties, may be cancelled and audit be conducted to determine
if there remain any sales tax dues to be recovered at the time of
surrendering of the certificate on account of tax-free goods
received by them but not exported yet. Quarterly audit of persons
already issued such certificates may also be conducted as a measure
against any leakage/loss of revenue. Presently, these exporters-
cum-manufacturers would be covered under the CBR notification of ST
repayment incentives scheme titled "gold" and "silver" categories
scheme.
Meanwhile, the CBR has directed the sales tax collectorates to
overcome the problem of registration of brick kilns under invoice-
based sales tax regime. The directive says "it was decided at the
collectors' conference in August that wholesalers of coal may be
registered which would subsequently lead to registration of brick
kilns for input tax adjustments".
It is to be noted that the CBR has a five-year long experience of
dealing with the brick kiln industry for persuading them to adopt
themselves to the invoice-based sales tax regime, but to little
gains. The last effort was made in 1997, when the brick-loaded
trucks were stopped on main highways and kiln-market roads. The CBR
has now rejected the proposal to go for the same modus operandi for
extracting the tax as violent strikes had resulted from the last
effort. Now it has been decided that the kiln-owners be taxed
through registration of the coal-suppliers for maintenance of
supply records and ultimate extraction of ST from kilns on the
bases of these records.
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990119
-------------------------------------------------------------------
$7.5bn FDI anticipated during 9th plan
-------------------------------------------------------------------
M. Ziauddin
ISLAMABAD, Jan 18: Pakistan hopes to fill the investment gaps being
created by the diminishing flows of soft loans by attracting about
7.5 billion dollars of foreign direct investment (FDI) during the
9th five-year plan, likely to be launched from July 1, 1999.
These resources are expected to finance about 2.2 per cent of
investment required during this period to improve the annual
average growth rate to 6.3 per cent over the next five years
compared to 4.3 per cent obtained during the 8th five-year plan.
The plan projects the average rate of national savings to increase
from 14 per cent in 1987-88 to an ambitious 19.1 per cent of GDP in
2002-03 and the foreign savings to go down hopefully to 2.3 per
cent from 3.3 per cent in the same period.
Pakistan has received 4.39 billion dollars worth of foreign
investment including 3.18 billion dollars as FDI and 1.21 billion
dollars as portfolio investment during 1993-98.
The current pattern of FDI is dominated by power sector ( 35.9 per
cent) followed by financial business (15.5 per cent) and food and
beverage and tobacco (7.6 per cent). The power sector is dominated
by the controversial IPPs.
The government is chalking out a strategy to ensure that the new
FDIs flow to areas consistent with the overall investment policy
especially in export-led industries.
However, the government understands that the actual flow of foreign
investment will depend on the initiatives and priorities of private
entrepreneurship and strength of macro-economic fundamentals.
In order to make the private sector a dynamic partner in the
development, the macro economic policies are being made conducive
to improve the environment for investment. The government proposes
to vigorously pursue the policy of deregulation and liberalize
investment processes.
The government, however, is expected to intervene to ensure equity
without disturbing market-friendly environment. The long gestation
work relating to physical and social infrastructure is also likely
to remain one of the immediate concerns of the government.
All areas where private sector is willing to invest would be thrown
open to them on the basis of level playing field. No special
incentives would be given to public sector in these areas.
Where private sector investment could be attracted through public
participation, it would be vigorously facilitated. The public
sector would be confined to residual and vacuum filling role. It
would , however, concentrate on improving the enabling environment.
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990119
-------------------------------------------------------------------
Deposits of $450m converted into bonds
-------------------------------------------------------------------
KARACHI, Jan 18: The conversion of foreign currency deposits into
Special Dollar Bonds has increased by over 50% since first week of
December.
According to the statistics of State Bank of Pakistan (SBP), the
foreign currency depositors whose accounts were freezed after
nuclear tests last May, have converted $450m into Special Dollar
Bonds till January 16 as compared to $164m on Dec 2.
The SBP said that foreign currency depositors have withdrawn
$4.080bn or converted into rupees by the depositors.
The government freezed the accounts in May to prevent capital
flight from the country.
The Special Dollar Bonds were first introduced in July last year
and in November were revised with reduced tenures of 3, 5 and 7
years and interest rates were increased. These bonds were also
allowed to be traded at the three stock exchanges of the country.
Dealers at the Karachi Stock Exchange (KSE) said currently the
bonds were being offered at the bourses at 46.20/46.40 for buying
and selling as compared to last trading at the rate of Rs
48.75/48.50 last month.
The foreign currency depositors are permitted to convert their
dollar accounts into Bonds at the official parity rate of Rs 46.
'Trading is mainly confined to 100 Dollar Bond," said a stock
exchange member and said that they were facing problem,
particularly, from foreign banks to encash the bonds.
He said they have decided to approach the State Bank in this
regard.APP
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990117
-------------------------------------------------------------------
Banks lend Rs19bn to farmers in six months
-------------------------------------------------------------------
Mohiuddin Aazim
KARACHI, Jan 16: Banks and financial institutions lent around Rs19
billion to farmers during July-December 1998 against total
allocation of Rs40 billion but agriculturists say they continue to
feel a financial crunch.
Senior bankers said Agricultural Development Bank and Federal Bank
for Cooperatives disbursed more than Rs16 billion and five major
commercial banks offered less than Rs3 billion to farmers during
the last six months. The five banks are (i) National Bank (ii)
Habib Bank (iii) United Bank (iv) Allied Bank and (v) Muslim
Commercial Bank.
"But the farming community has received only part of this huge
amount in the shape of fresh loans," said the chairman of Sindh
Sugarcane Growers Association Khair Muhammad Junejo. Talking to
Dawn by telephone he said most of the credit disbursement made by
specialized and commercial banks represented nothing but "paper
transactions."
He said in most cases the banks simply readjusted fresh loans
against overdues to keep their portfolios of stuck-up loans from
swelling further.
"Fresh loans as such are not coming in and farmers continue to
remain short of funds," Junejo said adding this is true with all
growers across Pakistan.
Cash-strapped farmers can neither use quality inputs in their crops
nor invest in agricultural machinery which reduces the per acre
yield of the crops.
Banks engaged in agricultural lending are supposed to provide both
production loans to help the farmers in growing crops and
development loans for the purchase of agricultural implements and
machinery. The maximum amount of these loans are worked out for
each crop on the basis of pre-fixed per acre rates. Banks charge 14
per cent mark-up to small farmers and more to others. Small farmers
are those who hold 16 acres of land in Sindh or 32 acres in
Balochistan or 12.5 acres in Punjab or NWFP.
"In both the areas the banks engaged in agricultural lending are
not providing much help to the farmers," said the chairman of Sindh
Abadgar Board, Ali Mir Shah. Talking to Dawn by telephone from
Hyderabad he said most of the loans advanced by ADBP were
readjustments and only a small part of them go to needy farmers.
"As for other banks engaged in agricultural lending they are simply
reluctant to lend."
Shah said some banks even preferred paying penalties for not
meeting targets of agricultural lending than offering credit to the
farmers. The State Bank sets annual targets for each bank involved
in agricultural lending and penalises those who fail to meet them.
Junejo and Shah both said that another thing that restricted flow
of credit to the farmers was that the banks engaged in agricultural
lending often offered credit to processing units like ginneries and
rice mills and sugar mills brokers in the name of farmers. They
said this is done through false declarations by brokers and third
parties.
Senior bankers say since recovery of agricultural credit is very
difficult because of the nature of lending operations they try to
meet all requirements of prudent lending while offering credit to
the farmers. "Of course this results sometimes in more
readjustments than fresh lending as such," confided a senior banker
at a state-run bank.
Bankers say the pace of disbursement of production loans may pick
up during the second half of the fiscal year adding that major
demand may come from the growers of sugarcane and wheat. Sugarcane
would be sown between March and June and wheat would be ready for
harvest by June. Cotton picking has been over and new sowing would
be made in June.
They say they cannot predict about disbursement of development
loans because import of agricultural and industrial machinery has
been very low this year due to the foreign exchange crisis and it
cannot be said when the trend would be reversed.
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990123
-------------------------------------------------------------------
Active trading in PTCL, Hub-Power
-------------------------------------------------------------------
Reporter
KARACHI, Jan 22: Stocks on Friday finished on any easy note as the
mid-session rally could not be carried through owing to late
weekend profit-selling in most of the pivotals and the absence of
follow-up support.
The KSE 100-share index showed a fractional decline of 2.13 points
at 930.71.
However, the market showed signs of an improvement on most of the
counters under the lead of bank and energy shares and there are
reasons to believe investors will be back in the rings possibly by
the next week aided by perceptions of an increase in the quantum of
foreign aid.
"The floodgate of foreign aid might not have been opened but the
changing scenario tells the sailing could be easy without knowing
its political price", some analysts said.
They said investors are sure to take positions though on selected
counters as economic outlook could undergo a major change in the
weeks to come and those who could take risk will be back in the
rings and that could be a decisive phase for the direction of the
market.
The opening after three-day closure on account of Eid holidays was
a bit bearish as heavy selling in PTCL on news of massive
recoveries of Rs 20 billion due from its subscribers pushed the
entire market into the minus column.
However, news that the World Bank has approved a loan of $350
million to carry out basic structural reform just at the heels of
IMF credit line of $575 million brought investors back in the rings
and they made active covering purchases at the lower levels.
The KSE 100-share index early was down by six points but the mid-
session saw it recovering about three points.
The closing was easy around 930.71 as compared to last Monday's
932.84, off 2.13 points.
"Investors are not inclined to take long positions despite
resumption of foreign aid as they are not sure about the direction
of the market at least for the near-term", analysts said.
They said apprehensions about the resumption of aid now seem to
have been removed but in the absence of strong foreign fund demand,
investors are inclined to play safe.
But some leading members of the KSE believe that worst is now
almost over and the market could respond to its technical demands
within the next few weeks.
They base their perception on the fact that selling is
progressively drying up and those who still hold short positions
may re-enter the rings anytime.
Some of the leading shares came in for strong support but as there
were no matching selling offers, prices rose sharply under the lead
of Balochistan Wheels, 9th ICP, BOC Pakistan, Nestle Milkpak and
Package, which posted gains ranging from Rs 2.00 to 6.65.
Other good gainers were led by Gulf Commercial Bank, Ideal
Spinning, Shell Pakistan and some others, rising by one rupee to Rs
1.10. PIC, which was quoted spot, was the leading losers, falling
by Rs 42.00, followed by Pak Datacom, Pak-Suzuki Motors, Trust
Bank, Hajveri Modaraba and Saudi Pak Leasing, falling by one rupee
to Rs 3.50.
Bulk of the alternate bouts of buying and selling remained confined
to the current favourites, notably PTCL and Hub-Power and some
others.
Trading volume showed a modest contraction at 41m shares as
compared to 57 million shares on Monday, while losers held a modest
lead over the gainers at 36 to 40, with 27 shares holding on to the
last levels.
The most active list was topped by PTCL, lower 15 paisa at Rs 18.75
on 17m shares followed by Hub-Power, unchanged at Rs 13.00 on 14m
shares, and ICI Pakistan, easy 10 paisa at Rs 9.60 on 3m shares,
PSO, off 90 paisa at Rs 65.30 on 1.207m shares and FFC-Jordan
Fertiliser, up five paisa at Rs 12.80 on news that all is set to
resume urea production suspended some two weeks back at its Port
Qasim plant.
Other actively traded shares were led by Engro Chemicals, easy five
paisa on 0.912m shares, Southern Electric, up 15 paisa on 0.535m
shares, MCB, unchanged on 0.522m shares, Adamjee Insurance, off 75
paisa on 0.318m shares and Fauji Fertiliser, lower 20 paisa on
0.700m shares.
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EDITORIALS & FEATURES
990117
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Are the courts functioning? - 2
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Ardeshir Cowasjee
'ARE the courts functioning?' was printed on May 17 1998, wherein
it was related that at the first War Cabinet meeting held by
Churchill after becoming prime minister on May 10 1940, when in
Britain bombs were falling on the home front, fires burning, people
homeless and hungry, all hell had been let lose and lawlessness was
feared, the first question he asked of his men was : "Are the
courts functioning?" He was told they were working as they always
had. "Then all is well," was his comment.
Some reacted by saying how stupid I was to hope that even a small
minority of those who maladminister us and of our judges would even
understand what I was trying to convey. How many had heard of
Churchill or the havoc caused by the Blitz? How many could have
been impressed by the fact that the judiciary was Churchill's first
concern? How many realize that in a democracy, or in any country
claiming to be democratic, in bad or in good times, the first
requirement is to have a functioning, completely independent,
capable judiciary.
May be so, but would they be not able to comprehend what followed :
"Seven years and three months later, Mohammad Ali Jinnah, when
making his first speech to the Constituent Assembly of Pakistan
stressed the law and order factor. 'The first observation that I
would like to make,' he said, 'is that the first duty of a
government is to maintain law and order so that the life, property
and religious beliefs of its subjects are fully protected by the
State'."
For law and order it is necessary to have a strong judiciary, fully
independent, comprising honourable men appointed for their
integrity, loyalty and learning, impervious to all pressures from
the legislature or the administration.
Most of us who were around at the birth of this country never even
dreamt that strife over religious beliefs and ethnicity would cause
hundreds, if not thousands, of deaths, that men and children would
be gunned down whilst at prayer in our mosques.
The fact remains that the courts (which pass for courts in
Pakistan) are not functioning and this has been admitted by none
less than Khalid Anwer, more the prime minister's legal adviser
than law minister of the country. Defending the constitution of
military courts : "He expressed his concern over the fact that for
the last three and a half years not a single conviction had been
obtained from the courts whilst the rate of crime and terrorism
went up manifold in the city [of Karachi] ." None can say that he
is not sufficiently qualified to realize that it is the government
of which he is a minister that has been responsible for the final
throw. What has he or his government done to urge that those of his
partymen and leaders responsible for organizing the storming of the
Supreme Court on November 28, 1997, for committing the grossest act
of terrorism, be duly punished? Should these "terrorists" not be
tried by a military court?
Laws are not lacking. There are more laws on the statute book than
are needed and their surfeit often causes problems. It is their
enforcement that is absent, in particular in this city of Karachi.
It is this absence of order and the inability to enforce the law
that has forced our citizens to support the proposed bringing in of
a complete change in the policing and administrative system.
It is solely the bureaucratic brethren who have solidly opposed the
introduction of a new police system. Former members of the police
service have supported it. The last bureaucrat to write on the
Karachi Metropolitan Police was Abdullah Memon, a former home
secretary of Sindh, whose article was printed in this newspaper on
January 10. What he wrote makes eminent sense. One cannot revamp
rotten foundations, if there is to be a change for the better one
must begin from the bottom: destroy and build anew.
Jamil Yusuf, the caring chief of the CPLC, who has been unduly
attacked in the press, has agreed to organize a seminar which will
be open to all those who care for Karachi. No lunch will be served,
so let's see how many turn up and speak in support of their
convictions.
Mr Memon, though writing on the police, cited the example of the
Karachi Building Control Authority : "As long as the officers of
this agency were willing to resist the successive ministers of
housing and chief ministers they were unable to indulge in major
malpractices," Despite the exertions of SHEHRI, coupled with my
efforts, the illegal highrises and other buildings mushrooming in
the city could not be halted or even restrained.
But let me assure Mr Memon that I have gone to the High and Supreme
Courts many times and opposing me far too often have been a corrupt
chief minister, an equally or more corrupt minister of housing, a
non-descript chief secretary, an acquiescing or corrupt housing
secretary/KDA chief/KBCA chief controller, corrupt legal advisers
of these two latter bodies, and a team of high-powered and highly
paid lawyers representing the builders. On the rare occasion that I
had the good fortune to have a case heard by independent-minded
judges with a feeling for the environment, judges conscious and
aware of the nuances and dimensions of public interest litigation,
with right and the law on my side, I was given relief. However rich
and corrupt the builders were, they lost. Sadly for Karachi and for
us all, this is a matter of the past.
The KBCA Act of 1979 provides for the formation of an 'Oversee
Committee' to oversee the functioning of the KBCA. When Farooq
Leghari dismissed Benazir in 1996, the Sindh caretaker minister of
housing, Maqbool Rahimtoola, was persuaded by the people to
constitute this committee. The committee met on the first Tuesday
of each month throughout the caretakers' three- month stint. It
continued to meet when the elected government took over in February
1997, despite a corrupt chief minister and perhaps an even more
corrupt minister of housing. Through the efforts of the committee,
the working of the KBCA was somewhat streamlined and controlled.
The committee was constituted "until further orders" and was
obviously effective, because when Mahmood Ahmad Khan took over as
housing secretary in 1988, come July of that year and with the
connivance of chief minister Jatoi and housing minister Waseem
Akhtar it was denotified and replaced by a headless-footless body
of sorts. Luckily at that time we had an efficient honest chief
secretary, Zubair Kidwai, who with the help of the previous chief
secretary, Saeed Mehdi (now in the PM's secretariat), the
denotification was cancelled and the original committee
reconstituted. Though now we are fortunate enough to have no
minister, we have a housing secretary who too seems inclined to
denotify once again.
But, though felicitously we have the absence of a political
government, things continue to go awry. The builders of Karachi
manage to get one-sided stay orders from the superior courts which
prohibit the authorities from taking action whilst they continue to
build ("at their risk and cost") in indecent, dangerous haste, and
sell. Some builders have even managed to have consent orders
changed without notice being given to the public interest
petitioners. One builder has succeeded in obtaining a court order
allowing him to block a public thoroughfare, and restraining the
municipality from taking any action.
Twelve developers have in the last couple of months grabbed land
totalling some 120 acres in one district, that of Malir. The DC
says that although the illegal allotments have been cancelled he is
helpless, as he is restrained by court orders which permit the
developers to sell and to take money in advance.
On the other hand, SHEHRI has been to the courts and managed to get
demolition orders for 28 properties in the vicinity of Mr Jinnah's
Mazar. But, when certain politically-connected builders approached
the governor, the demolition orders were suspended. Mr Memon, I am
of the firm conviction that in any organization just one honest
headman, or one honest chief adjudicator, or one honest top
administrator can be of inestimable help to the citizens. One does
not have to find a hundred. Take New York City. Not long ago it was
crime-ridden and its police department renowned for its corruption.
The present mayor of NYC, Mario Giuliani, despite his political
ambitions has cleaned up the police force, which is now held in
high respect in the city, and in the space of one year the crime
rate has been halved.
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990123
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Paradise under threat
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Irfan Husain
OVER the last few months, I have been spending my weekends on a
relatively secluded part of the beach. The evenings are the best:
quiet and restful with spectacular sunset followed by utter peace
as the silence is broken only by the lapping waves. Every once in a
while, a sheet of white flame races across the surface of the sea
as a wave-crest is lit up by phosphorescence.
The monsoon months provide high drama of another kind as tremendous
waves pound the rocks that jut out into the roiled sea jut in front
of my hut. The breakers foam white as the water cascades over the
rocks and onto the beach and some of waves rear thirty feet into
the air after smashing on the reef. We watch this awesome spectacle
while we barbecue fresh fish on charcoal and sip our sundowners. In
winter, we light a bonfire and think our private thoughts as we
gaze into the flames.
Nights under the open sky provide a different sight. Far from the
city's pollution and obscuring lights, the firmament is aglow with
stars. The Milky Way is an almost solid band of pale white. When
the moon rises, the scene is transformed into a hypnotic interplay
of light and shadow. Finally, we go to bed with the windows wide
open, listening to the waves.
Mentally and physically, we are far from Karachi and its many
problems. Indeed, our stretch of the beach moves to a separate
rhythm and is governed by different laws as it is probably the
safest place for miles around. On Sunday,local fishermen bring
crabs, fish and lobsters for our inspection. There is even the
occasional lot of plump oysters. So we eat and drink well, and for
a few fleeting hours manage to forget the pressures and problems
that shape and often distort our "normal" lives.
But this sanctuary is under threat from both land and sea, and I
don't think it can escape the fate of the rest of the country for
very much longer. The "qabza groups" are at work already. Walls are
springing up along the road to the beach, and one developer has
already started advertising flats. Once the monstrosity of
apartments is up, others will surely follow. Inevitably, the sewage
from these horrors will enter the sea, increasing the level of
pollution that is already poisoning coastal marine life. Heavy
traffic and noise will surely accompany this development, and
within a few short years, Sandspit and Hawkes Bay will resemble
Clifton beach in their hideous construction and general squalor.
Instead of protecting Karachi's only redeeming asset, official
agencies have joined the plunder by allocating land to developers.
As it is, the colony built for truckers in Mauripur a couple of
years ago has already become an eyesore. It seems that everything
officialdom touches is transformed into an urban blight.
Unconcerned about pollution, aesthetics or any civic sense, city
authorities are busily destroying whatever remains of Karachi's few
attractions.
Across the horizon on the sea, another threat is invisibly at work
to destroy the lives of coastal fishermen, and with them, my small
stretch of paradise. Foreign fishing trawlers are plundering our
waters without let or hindrance. The agencies that are supposed to
check this illegal operation have turned a proverbial Nelson's eye
to these ships that are depleting marine resources within our
economic zone.
Both the Maritime Security Agency (MSA) and the Coastguards have
the mandate and the resources to put a stop to this piracy going on
under their noses, but so far, the only people ever hauled up are
poor Indian fishermen who stray into our waters. The well-heeled
commercial operators from the Far East who fish within our economic
zone do so untroubled by Pakistani officialdom. Obviously, they
have paid off the concerned agencies to stay home.
On top of this unfair competition, the government has announced
plans to permit some mysterious American group to further deplete
our fishing stocks. This deal has mercifully been rejected by the
Balochistan government, but knowing how things work here, I think
it is just a matter of time before all the parties concerned come
to a cozy arrangement. The deal has been questioned on the floor of
the house and in many newspaper articles. The letter of intent was
issued to the firm in question without any competitive bidding, and
Humayun Akhtar, chief of the Board of Investment, has been accused
of giving this firm a deal that is against the interests of the
economy and the 200,000 people who derive their livelihood from
coastal fishing.
In all these years, we have simply not realized how valuable our
marine assets are. Nobody has a clue about our fish stocks. The
last survey done in our waters was conducted in the mid-eighties by
FAO, and even that was not a very in-depth (no pun intended)
effort. By and large, fishing in Pakistan remains a cottage
industry with very little investment and archaic technology. Banks
are reluctant to lend money, and despite the huge export potential,
the government remains curiously apathetic. The Institute of
Oceanography limits its research to more theoretical concerns, and
there is no other agency remotely interested in our maritime
wealth. One would have thought that some enterprising newspaper or
NGO would have obtained evidence of the illegal fishing in our
waters. In its absence, the federal government insists that no
foreigners have been given permission to fish in our economic zone.
Nevertheless, traders regularly buy rejected seafood from these
ships for sale in the fishing harbour.
These hi-tech ships use kilometer wide, fine skein nets that cause
fearsome destruction as all living things are swept up along their
path. By killing off young fish in this callous manner, these
operators are threatening the viability of entire species. My
fishermen friends confirm that their catch has been dropping
steadily. Clearly, they cannot compete as their little boats cannot
go very far from the coast; foreign poachers, on the other hand,
operate in deep water, aided by sonar that identifies shoals of
fish, and supported by mother ships that take in the catch and
freeze it. Unwanted fish are sold to locals or dumped into the sea.
Over the years, successive governments have been paying lip-service
to the need to boost our exports. Here is a wide open field, but
instead of helping our fishermen to compete, we are doing
everything possible to make them redundant. Selfishly, I want them
to survive so that they can continue to provide security to my
little sanctuary.
===================================================================
SPORTS
990122
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Shiv Sena withdraws threat to cricket tour
-------------------------------------------------------------------
NEW DELHI, Jan 21: India said on Thursday that the right wing Hindu
Shiv Sena party had withdrawn its threat to disrupt a cricket tour
by Pakistan.
"Shiv Sena has withdrawn the protest," Home (interior) Secretary
Balmiki Prasad Singh told reporters shortly after Home Minister Lal
Krishna Advani met Shiv Sena leader Bal Thackeray in Bombay.
In a joint statement released after the meeting, Thackeray made it
clear that the campaign had not been called off indefinitely.
"In response to the request made by the prime minister, Thackeray
has decided to suspend his protest move against the series of
matches this year only," the statement said.
Singh held a meeting of top officials on the tour, which was
threatened by the Shiv Sena, which says that India must not play
cricket with its neighbour while its soldiers died in skirmishes
with the Pakistani army.
"I am quite satisfied with the security arrangements," Singh said.
"We have reviewed the security arrangements in all the states where
matches are to be held," he said.
"The representatives of Maharashtra, Gujarat, Andhra Pradesh, West
Bengal and Kerala and Tamil Nadu and Delhi were present. We will
provide foolproof security to the players, stadiums where the
matches are to be held and places of their stay."
Shiv Sena's activists earlier this month vandalised the cricket
pitch in Delhi by digging it up, but denied involvement in an
attack on Monday when a mob broke up furniture and trophies at the
Indian cricket board's headquarters in Bombay.
Pakistan captain Wasim Akram expressed relief saying: "The players
were really worried but I am sure that this news is going to make
them very easy and comfortable. It is definitely going to take
quite a lot of pressure off their heads."
Pakistan coach Javed Miandad, who toured India in 1979, 1983 and
1987 as a player, was also a relieved man.
"It is a great development. I am sure the players would now land in
India in a different state of mind. The worries or concerns would
not be there".
When the cricket team reached New Delhi, the 16-man squad
surrounded by gun-toting commandos, was whisked away from the
airport to a downtown hotel, which resembled a fortress.
Reuters/AFP
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990123
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Pakistan to field full-strength side for tour opener
-------------------------------------------------------------------
GWALIOR (India), Jan 22: A threat from Hindu militants behind them,
the touring Pakistani cricketers finally get down to serious
business on their Indian tour here on Saturday.
The three-day opener against India's second-string provides Wasim
Akram's tourists their only chance to tune up for the first of two
back-to-back Tests starting in Madras on Jan 28.
Coach Javed Miandad said on the team's arrival in New Delhi on
Thursday he would field a virtual Test-strength side for the first
match so the players could get used to Indian "conditions, crowds
and security."
Miandad himself played three Test series in India in 1979, 1983 and
1987. But only Akram among the current team was part of Pakistan's
last Test tour 12 year ago.
"Most of the others have played one-day cricket here, but a Test
match atmosphere is very different, very tense," the coach said.
"They must get used to it fast."
Tight security, including gun-toting commandos, awaits the
Pakistanis when they arrive in this central Indian city late Friday
despite firebrand Hindu leader Bal Thackeray's decision to call off
violent protests against the tour. The Gwalior stadium looked like
a fortress protected by hundreds of policemen, Press Trust of India
news agency said.
Pakistani captain Wasim Akram said his side was a lot more talented
than the one that last visited India in 12 years ago and beat the
home side.
"I know there would be very tight security, but that would not
create any pressure on the players," said Akram after surveying the
ground conditions.
A relaxed Akram called for a resolute approach from his squad.
"It is mental toughness they need," said the Pakistan captain.
"It is really an important game tomorrow because it is the only
game we are playing before the test series."
Akram said he was happy with the situation in India. ~So far,
everything has been fine. Our families were concerned but when we
arrived here, we called them up and said everything was fine.
Security was right and people were very positive."
"We have been told not to relax the security," match organiser
Prashant Mehta said. "There's no problem here, but we are not
taking chances."
The irrepressible Miandad, who created a stir two years ago by
inviting Thackeray to Pakistan for the World Cup, had another dig
at the Shiv Sena supremo.
Pakistan (from): Wasim Akram (captain), Wajahatullah Wasti, Saeed
Anwar, Mohammad Naveed, Ijaz Ahmed, Salim Malik, Inzamam-ul Haq,
Yousuf Youhana, Moin Khan, Waqar Younis, Shoaib Akhtar, Saqlain
Mushtaq, Nadeem Khan, Mushtaq Ahmed, Azhar Mahmood, Shahid Afridi.
India A: Venkat Laxman (capt), Devang Gandhi, Sadagopan Ramesh,
Jacob Martin, Mohammad Kaif, Amay Khurasia, Laxmi Ratan Shukla,
Dodda Ganesh, Rahul Sanghvi, Harbhajan Singh, Saba Karim, Sitangshu
Kotak, Jyoti Prakash Yadav, Virender Sehwag.AFP/AP/Reuters
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990122
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National hockey camp resumes
-------------------------------------------------------------------
Correspondent
LAHORE, Jan 21: Pakistan hockey team coach Shahnaz Sheikh said on
Thursday that new strategy will be adopted in the national training
camp to prepare team for the forthcoming nine-match series against
India.
The series is being held on home and away basis with opener at New
Delhi on February 3.
Talking to reporters at the National Hockey Stadium (NHS) where the
camp resumed today after Eid-ul-Fitr holidays, the former Olympian
Shahnaz Sheikh said that main emphasis would be laid also on
converting penalty-corner on indirect try as the team was only
depending on specialist Sohail Abbas in this department.
Among 18 players and eight stand-byes who were called to attend the
camp only captain Atif Bashir, Danish Kalim, Muhammad Nadeem, Irfan
Mahmood, Navid Iqbal, Ali Raza and Hamid could reach.
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