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Pak liquid foreign reserves figure $ 9.0819 Bln


KARACHI, Dec 4 (APP): Pakistan’s total liquid foreign reserves stand at dollars 9.0819 billion , says a statement issued from State Bank of Pakistan here on Thursday. On November 29, 2008 the foreign reserves held by State Bank figured dollars 5,942.8 million and the net foreign reserves held by banks other than SBP amounted dollars 3,139.1 millio
 
Germany exempts from payment of value Added Tax (VAT) to Pakistani traders


ISLAMABAD, Dec 3 (APP): Germany has granted exemption from payment of value Added Tax (VAT) to Pakistani traders visiting Germany for business purposes.

The VAT exemption would also apply to business community and government organizations participating in fairs and exhibitions in Germany.

According to a notification issued by the German government, received through Pakistan Embassy in Berlin, the decision of VAT refund will apply with effect from July 1, 2008.

Hence the VAT paid from that date could be claimed as refund by business community who have visited Germany for business or participation in fairs and exhibitions since the above date.

Pakistan is participating in a large number of fairs and exhibitions in Germany every year and the VAT paid at the rate of 19% will now be refundable resulting into enormous savings for the business community and the government organizations on account of their participations in fairs.

According to this decision Pakistani business community is now not required to pay VAT for purchase of goods and services during their stay in Germany for business purposes. The decision of the German government will help further boost trade relations between the two countries by the increased participation in trade related activities.
 
Pak-India business communities can play role in easing tension:


PESHAWAR, Dec 4 (APP): Sarhad Chamber of Commerce and Industry while expressing profound concern over growing unrest between Pakistan and India in the aftermath of Mumbai carnage, has impressed upon the business communities of both the countries to play their role in easing the tension between the two neighbors.

President of SCCI Sharafat Ali Mubarak expressed these views while chairing a meeting of the Executive Committee of the Sarhad Chamber here on Thursday.

The business communities of both the countries were against hostility and wanted that both the neighbors should work together for developing their economies, he said, adding, the businessmen and traders have a great role to play in this regard.

The meeting also called for formation of the citizen-police liaison committees at government level and inclusion of SCCI representatives on it. It observed that the traders were suffering hard due to worsening public order in the province and demanded of the government to gear up efforts for maintaining law and order situation and protection to the trading community.

It also expressed concern over issuance of notices by the SNGPL about the gas load shedding to the industrial units and stoppage of gas supply to textiles mills in Gadoon and Kohat. It urged the SNGPL authorities to follow the load management procedure instead of stopping gas supply to industrial and commercial concerns in the province.

The meeting demanded provision of better quality wheat to the flourmills in the province for saving the industry from collapse.

Leader of Businessman Forum Senator Ilyas Ahmed Bilour, Vice President SCCI Muhammad Ishaq, former SCCI Chief Haji Muhammad Asaf were present on the occasion.
 

December 05, 2008

ISLAMABAD: The trade talks between Pakistan and India have been postponed for an indefinite period in the wake of Mumbai terror attacks, the trade ministry sources told the Geo News on Friday.

The secretary level talks on enhancing trade ties were to be held in the first week of December in Islamabad.

The trade ministry sources told the two countries had to discuss a proposal to open three more trade routs. However, after the recent Mumbai attack, the talks have been postponed for an indefinite period.
 

KARACHI: A 49.5 Mega Watt wind powered electricity generation farm developed by Zorlu Enerji Group of Turkey is expected to start production in early 2009. The project has been set up near Hyderabad where the Hyderabad-Gharo wind corridor provides an excellent environment for electricity generation. Chief Executive Officer Zorlu Group, Murat Sungur Bursa, at the second day of the 11th Management Convention hosted by the Management Association of Pakistan (MAP) Thursday said it was estimated that the world would need $22 trillion in investments in the next 20 years globally. Investments in the energy sector differ widely from other business ventures as production starts at least three years after investing the first dollar.
 

KARACHI (December 05 2008): The country's liquid foreign reserves have shown a significant surge of 2.4 billion dollar to nine billion dollars, as the country has got the first tranche of stand-by loan from International Monetary Fund (IMF). The State Bank of Pakistan's (SBP) statistics shows that overall foreign reserves have registered an increase of 38 percent or 2.485 billion dollars during the week ended November 29, 2008.

With current surge, country's foreign reserves have mounted to 9.0819 billion dollars on November 29, as compared to some 6.596 billion dollars a week earlier. The major increase has been witnessed in the reserves held by the central bank, which have gone up by 2.5 billion dollar to 5.942 billion during the last week from 3.438 billion dollars.

However, reserves held by banks show a downward trend during the last week and banks' overall foreign reserves reached 3.139 billion dollar as compared to some 3.157 billion dollar a week earlier, depicting a decrease of 18.3 million dollars.

It may be mentioned here that the country's overall foreign reserves stood at historical level of 16.3875 billion dollars in first week of November 2007. However, foreign reserves started a downward trend since the imposition of state of emergency on November 3, 2007 by Pervez Musharraf former President of Pakistan.

The rising current account deficit and high oil payments due to the high oil prices were the major reasons behind the decline in the country's foreign reserves. The rising foreign deficits compelled the central bank to join IMF programme and the latter Fund approved a stand-by loan facility of some 7.6 billion dollars for Pakistan. The first tranche of loan of some 3.1 billion dollars was received during last week, which helped to improve the reserves' situation.
 

KARACHI (December 05 2008): Federal Advisor for Textile Ministry Dr Mirza Ikhtiar Baig has said that European Union (EU) has initially agreed to give free market access to Pakistan for one year. Addressing members of Karachi Association of Trade and Industry (KATI) on Thursday, he said that a delegation of commerce and textile ministries would visit EU to discuss and finalise the issue after December 25.

He termed agreeing EU to give market access is a good sign and hoped that period of market access will be extended later on. Referring to Research and Development (R&D) support, Mirza Ikhtiar Baig advised business community to forget R&D support and strive for duty drawback.

He emphasised the need of increasing regional trade, which helps increase bilateral trade among the countries. Quoting example of regional trade, he said that Nafta having trade among regional member up to 68 percent, EU 52 percent, Asean 26 percent whereas our regional Saarc has only 6 percent to 7 percent trade among member countries.

He said that there were lot of expectations after signing of Safta but due to political disputes between two major countries India and Pakistan, desired objectives are not achieved. Although the countries of Saarc region, particularly businessmen from India and Pakistan wanted to enhance trade and to get away with negative list.

He congratulated S M Munir on assuming as President of Indo Pak Chamber of Commerce and Industry for two years and said that "we should now take advantage as Presidents of IPCCI and Saarc chambers are both from Pakistan to develop regional trade and investment."

Counting his achievements, he said that recent accomplishment is getting from State Bank of Pakistan (SBP) concessional financing under export refinance II and LTGF for import of value added mechanism, withdrawal of LC 35 percent cash margin on import of industrial raw materials and allowing R&D claims for shipments up to June 30.

Munir urged the government to scrape National Power Regulatory Authority (NPRA) and Oil and Gas Regulatory Authority (OGRA) as both the organisations are not friends of the country as well as creating problems for the industrial sector and general public. Chairman, KATI, Mian Zahid Hussain has urged the government to reduce power, gas and bank markup rates to make industry viable.
 

ISLAMABAD (December 05 2008): The government would spend Rs 520 billion by 2012 to develop National Trade Corridor (NTC) to boost trade activities and exports. A source in the Ministry of Communications told newsmen here on Thursday that the NTC would link upper parts of the country in the North with ports in the South to reduce travel time and fuel cost by improving existing road network and introducing new highways and motorways by 2012.

The development of NTC would cause multi-faceted benefits, reduce the losses and significantly contribute to the national exchequer, he added. On completion of the NTC by 2012, the cargo travel time from Karachi to Peshawar would be reduced from 72 hours to 36 hours, and road losses would be reduced to the tune of over one billion dollar per annum which would reduce annual transportation cost by 10 percent, the source added.

Talking about steps being taken for development of road network, he said 600 kilometres portion of Karakoram Highway was being upgraded and expanded by Chinese help with the cost of 350 million dollars.

He said the main artery and the main North-South Corridor linking Karachi with Torkham on Pakistan-Afghanistan border via Lahore, Rawalpindi and Peshawar the National Highway N-5 was the mainstay of the country's road network and its economic lifeline.

The Great Trunk Road N-5 has been converted into a dual carriageway and it is being rehabilitated on priority basis. Similarly Indus Highway (N-55), which is on the left bank of the Indus River, is also being constructed according to the specifications of the Asian Highways recommended by the Asian Development Bank. After construction of the Kohat Tunnel, N-55 was set to play a vital role not only for Pakistan but for inter-regional connectivity also, he added.

The transport cost of trade goods would be reduced through restructuring and modernisation of railway under the NTC programme, which will contribute in terms of saving of two to 2.5 billion dollars per year.

The administrative measures, reducing documentation would result in saving of 1.2 billion dollars per annum, he said. He said the modernisation of existing trucking fleet was also planned, which would reduce fuel import bill by 25 percent and road maintenance cost by one billion dollar.
 

ISLAMABAD (December 04 2008): To meet foreign debt instalment payments and other liabilities, the multilateral donors will provide a loan of $4 billion to Pakistan by June 2009. Pakistan will receive $1.8 billion from ADB; $600 million from Islamic Development Bank (IDB); $1.3 billion from the World Bank (WB); and $300 million from bilateral donors during this period.

Economic Affairs Division (EAD) Secretary Farrukh Qayyum informed media persons about this after the loan signing ceremony with Asian Development Bank (ADB) here on Wednesday. ADB Pakistan Resident Mission's Country Director Rune Stroem and Farrakh Qayyum signed the agreement for the first tranche of $180 million, comprising $10 million ADF (concessional finance) and $170 million OCR (non-concessional funding) under the multi-tranche financing facility (MFF) of $900 million for National Trade Corridor Highway Investment Program.

The multi-tranche facility for Trade Corridor will be spread over five years, and is expected to be completed by December 31, 2013. Farrukh said that the Program was approved by ADB in December 2007. The first tranche of $180 million will be used for 58 km Faisalabad to Khanewal Motorway (MP-4) project, whereas ADB will provide second tranche of $330 million in 2009.

He said that the government has submitted a 'Country Strategy Paper' to ADB for review, and would receive comments within the next 45 to 60 days. The country strategy paper, submitted to ADB, also contains request for support for mega power projects, including Bhasha dam.

The $900 million multitranche financing facility is part of $5.36 billion investment plan by National Highway Authority (NHA), which includes upgrading the highway from Karachi to Peshawar, and providing links to Gwadar and China. After the completion of road improvements, travel time between Karachi and Peshawar, a distance of 1700 km, would be cut from 72 hours to 36 hours.

Farrukh said that in view of Pakistan's growing development needs and the government's priority for development, maintenance, and rehabilitation of country's road infrastructure, ADB had enhanced its investment portfolio in the road sector. Over the years, ADB has been assisting Pakistan to improve farm-to-market roads, urban transportation, provincial highways, and national highways that are critical for the country's development.

Stroem said that the investment would help Pakistan achieve its objectives set in its 'Vision 2030' strategy by enhancing the trade-to-gross domestic product ratio from 30 percent to 60 percent. The program will help reduce transportation costs, improve trade competitiveness, and encourage export diversification.

"An efficient road network is key to promoting economic growth and enhancing welfare of the people by catalysing better opportunities for them in accessing markets, jobs, and social services, " he said. He said that the facility would help develop a fast and cost-effective corridor for land transportation, which would stimulate regional trade flows and would allow Pakistan to act as a transit artery for goods moving between Arabian Sea ports in the south and Central Asia and the PRC in the north.

"Expansion and rehabilitation of national highway networks will have positive impact on Pakistan's economy. Reduced travel and transportation distances across the country will help deepen and diversify industrial base, and make agriculture-based and other businesses much more financially viable by cutting down time and cost of transportation significantly," he added.

Lack of adequate roads in Pakistan is leading to transport bottleneck. It is a major constraint in improving competitiveness and attracting private sector investment. To overcome this infrastructure deficit, ADB, in addition to making a strong investment in the sector, has provided extensive technical assistance to the government for policy reforms, institutional capacity development for designing and implementation of projects, and promoting policy dialogue.

He said that in 2007, ADB had approved $10.1 billion of loans, $673 million of grant projects, and technical assistance amounting to $243 million. Under ADF, Pakistan will have to pay to ADB an interest charge at the rate of 1 percent per annum during the grace period and 1.5 percent per annum thereafter, while the repayment period is 32 years, with a grace period of 8 years.

Under OCR, Pakistan will pay to ADB interest under ADB's London interbank offered rate (LIBOR)-based lending facility, is less than 3 percent at present, with a 25-year term, including a grace period of 5 years, an interest rate determined in accordance with ADB's LIBOR-based lending facility. Pakistan shall pay a commitment charge of 0.15 percent per annum.
 

FAISALABAD (December 05 2008): Asian Development Bank has urged the government to implement planting, filling of existing low-density areas, 350 hectares by third quarter of 2009, while implement planting new areas on 3,000 hectares @ 750 per year through fourth quarter of 2011.

In a draft of Project Administration Memorandum (PAM) of Sindh Coastal Community Development Project, prepared by Agriculture, Environment, & Natural Resources Division Central and West Asia Department, ADB experts stated that all major coastal plan components underway to be completed by the end of 2011, while Brackish water and fresh water fisheries and water quality survey to be completed and results promulgated by the end of 2010. Under this project, about 1,388 community groups will be formed to co-ordinate household based economic activities by the end of 2012, while 25,000 beneficiaries will be trained in income generation options and environmental management by the end of 2012.

All community organisations should have access to micro-savings and micro-credit within 2-years of formation of demand-driven small-scale civil works and/or services initiatives provided to community organisations in 700 villages by mid-2012. About 91 medium-scale civil works and/or services initiatives to be completed by districts by the end of 2012, ADB experts mentioned.

ADB urged that quantity & quality of participation in village meetings and activities be increased to 70 percent of participating villages. 100 pilot extensive prawn ponds, crab ponds, and 100 bivalve or seaweed rafts with adaptive replications be established by the end of 2012. Three hatchery sites to be upgraded with training facilities by the end of 2012, they mentioned.

ADB project updates revealed that Sindh Coastal Community Development Project, aims to reduce poverty for the inhabitants of the coastal zone of Thatta and Badin districts in Sindh province. The project area Talukas are: (i) Ghorabari, Jati, Keti Bander, Kharo Chan, Mirpur Sakhro, and Shah Bander in Thatta district; and (ii) Badin and SF Rahu (Golarchi) in Badin district.

The overall project impact would be reduction in poverty for households in Sindh province. The outcomes are improved, ecologically sustainable income opportunities, and access to services for poor residents in the eight coastal Talukas of Thatta and Badin districts. The outputs include (i) an environmentally sound coastal zone medium-term socio-economic development, management and conservation plan implemented by CDA; (ii) effective community-driven mechanisms for community planning and increasing household incomes; (iii) transparent and accountable community-driven mechanisms for small-scale civil works and public services delivery; (iv) sustainable community-managed income-generating mangrove stands, crab and prawn ponds, and bivalve rafts; and (v) an operational project management system.

To achieve output (i), the project will help CDA to develop a comprehensive coastal development plan that effectively addresses environmental, social development, economic, and other concerns. The project will enhance the capacity of CDA to implement its mandate through team building of an expanded CDA staff, provision of geographic information system (GIS) facilities, and support for appropriate leadership and cross-institutional collaboration. A survey of coastal fresh water and brackish water fisheries and water quality will be implemented by the Sindh provincial Livestock and Fisheries Department (SLFD) over three years in co-operation with district fisheries divisions and in consultation with other government and university organisations.

Output (ii) consists of activities towards the formation of at least 1,388 community organisations in no less than 700 villages; participatory planning and assessment of household and community needs; training of households in income-generating options and leadership; micro-savings and links to micro-credit and graduation of groups to community citizen boards.

Output (iii) involves providing grants for (i) community-demand small scale initiatives in not less than 700 villages within the project area, including small-scale rural service infrastructure and capacity building activities; and (ii) the construction of not less than 91 medium-scale rural infrastructure projects within the project area.

Output (iv) includes provision for (i) planting of not less than 3,350 ha clusters of mangroves at sites in the inter tidal zones to provide significant disaster protection from storm induced tidal surges and episodic cyclones; (ii) developing simple aquaculture ponds and trials of prawn, crab, bivalve, and seaweed cultivation methods; and (iii) minor production capacity upgrades to the Badin fresh water and brackish water hatchery, the Hawks Bay marine hatchery, and the marine rearing facility at Gharo.

Output (v) will be achieved by establishing the project management unit (PMU) within the CDA, staffed with a project director and supported by appropriate technical and supporting staff including a rural infrastructure engineer and two district project implementation units (DPIUs) in each project district of Thatta and Badin. A baseline and project performance monitoring system (PPMS) will also be established to monitor the progress of the project.

It may be recalled that upon the request of the government, the ADB will provide a loan equivalent to 36 million dollars from its special fund resources to finance 90 percent of the project cost. The government and beneficiaries will cover the balance. The loan will have on 32-year term, including a grace period of eight years, with an annual interest charge of one percent during the grace period and 1.5 percent thereafter. The government will re-lend the proceeds of the ADB loan to the government of Sindh on the same terms and conditions as those between the government and ADB. The government of Sindh shall make the entire proceeds of the loan available to CDA on a grant basis.
 
Pakistan eyes 1 million-tonne rice export to EU

By Moonis Ahmed

KARACHI: Around one million tonnes of rice will be exported to the European countries owing to bumper crop this year, Rahim Janoo, chairman Rice Exporters Association of Pakistan (REAP) has said. Last year the figure stood at 80,000 tonnes.

Janoo told Daily Times that the estimated target has been set as the demand from the European countries is increasing. About 500,000 tones of rice would also be exported to African countries including Kenya (250,000 tonnes) during the period between January to June 2009. He said that Kenya is the largest export market of rice in Africa. Pakistan has exported around 27,688 tonnes of rice to Kenya from 1 July to November 2008. Irri-6 is the main rice being exported to Kenya.

He dispelled a news item that European countries are skipping India to buy rice from Pakistan. The statement of Gurnam Arora, former president of at All India Rice Exporters Association is just to pressurise their government to lift the heavy export duty of $200 per tonne. This is a reaction to the fact that Pakistani rice is making its way in the international market leaving behind India.

Rahim said that due to fall in staple prices in international market the prices of Pakistani rice has also declined and is being quoted at $1,100 per tonne for basmati rice as compared to $1,800 per tonne in June 2008. However, the Indian rice is available at $1,400 to $1,500 per tonne. India had also banned the export of non-basmati rice in April. Analysts say that Pakistan, the world's fifth largest rice exporter, has become more price-competitive than India due to a bumper crop and depreciation of the Pakistani rupee against the dollar.
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Saturday, December 06, 2008

ISLAMABAD: The ongoing power deficit is to swell many times during the next calendar year period December 26 to January 31, a senior official told The News on Friday.

“Existing hydro generation of 2,500 MW will come down to its lowest ebb during the said time in the wake complete closure of canals by all federating units for annual de-silting,” he said.

“During the period, there will be no water demand from province to cater to their irrigational requirements and almost negligible water releases from Terbela and zero releases from Mangla will reduce the hydro generation up to 500 MW. This will add massive hike in load shedding across the country and the government may for massive cut in power supply to Steel Mills, and other industries to cope with the situation.”

The spokesman of Pakistan Electric Power Company (Pepco) Tahir Basharat Cheema confirmed that the current power deficit to swell after December 26 and the government may think to cut power supply to steel units and other industries for 5 to 6 hour.

He said: “This time the power crisis would be not worst as it was in last year as we have an elaborate plant to minimize the impact of power outages on masses of Pakistan.”

He said that right now country is facing 1000 MW during day time and 1500 MW night time from 5pm to 9 pm. Cheema said that water released from Terbela has been slashed down from 70,000 cusecs to 36000 cusecs per day and from Mangla reservoir to 27000 cusecs from 42000 cusecs. Because the massive reduction in water released, he said that the hydro generation has tumbled to 2500 MW from 6500 MW in August-September this year.

Another reason of the current power deficit which why the country is experiencing the load shedding is nominal supply of gas to power houses which is around 8.5 million cubic feet gas per day.

He said that the three rental powerhouses, which only run on gas are producing zero electricity because of non-availability of gas. Pikhi and Sheikhupura rental power houses of 285 MW and GTPS Faisalabad of 210 MW have become non functional as not alternate fuel other than gas can be used in the said rental power houses.

This has deprived the country from 495 MW of electricity. This has actually worsened the on going power deficit. If the gas gets provided then almost 500 MW the country would have in its system that will help reduce the power outages.

Dwelling light on the plan to mitigate the impact of reduction of hydrogenation in December 26, 2008 to January 31, 2009 period, Chaeema said that country would have 81 MW of Malakand-3 and 165 MW of Attock Power in and Kesc and Pepco system in the currant month. Besides this, 350 MW of AES Pak Gen which is at annual maintenance would come on stream by December 13, 180 MW of Muzaffarabad to start generating electricity by December 15, 200 MW of Jamshoro power house by December 25 and two units of Guddu power houses of 150 MW would also be operational in the current month after annual maintenance. “This would help Pepco minimize the impact of canal closures on power deficit to some extent.”

Other than it, 1000 MW will be saved through conservation of electricity as in last year 5 million energy savers were sold and in this year about 30 million energy savers have been sold out. “This will help save about 1000 MW of electricity.”

To a question, Cheema said that 8500 cusecs of water will continue to release from Terbala that will help turbine in dam itself, Ghazi Barotha and Chashma to generate about 500 to 7500 MW of hydrogenation during the canal closure period.
 

Saturday, December 06, 2008

KARACHI: Three real estate developers from the Middle East are expected to invest over Rs5 billion in low cost housing projects in next two years and joint ventures in this regard are already being signed with local counterparts.

The News learnt from sources that Ta’sees Developers, owned by Saad Ibrahim Al Moosa of Dubai, Wadi Group from Abu Dhabi and a third group from Saudi Arabia are planning to introduce low cost housing projects along with a number of budget hotels all over Pakistan.

The source informed that local developers of the country were looking towards Pakistan to invest due to worst ever real estate crises in UAE. He said that these joint ventures were formed following the return of Pakistani investors from the UAE market.

He said that the low cost housing projects would be a blessing as Pakistan was facing a backlog of over eight million houses for the lower income and middle income groups.

He added that these Middle East developers have realized the potential in Pakistan and therefore following a meltdown in their own countries they had turned towards Pakistan for investment and profit.

Senior Vice President of FPCCI Sub committee on Housing and Construction, Munir Sultan commented that investments could be higher if the government realized the worth of Pakistan’s real estate industry and concentrated on it.

He said that the construction sector employed the highest number of labourers and also contributed significantly to the GDP of the country and yet the government was neglecting it.

He asserted that the government should stop facilitating developers launching projects for the elite who were not, “in need of shelters on their heads, as much as the poor people of our society.”

Sultan commented that it was a positive sign for foreign investors to come to the country despite sensitive political and economical situation in Pakistan and if these low cost houses were constructed as planned, investments worth millions more can be expected soon as Pakistan is on its path towards the revival of the real estate sector.
 

Saturday, December 06, 2008

BEIJING: Pakistan and China have achieved two major milestones in cooperation in the economic sector during talks between top-level officials from the two countries here this week, a senior official at the Pakistan embassy said on Friday.

One of the major achievements in the realm of economic cooperation was completion of negotiations and signing of an agreement on the Joint Study for Comprehensive Economic Cooperation here early this week, Counsellor Commercial and Economic at the Pakistan Embassy Dr Naeem Khan told APP.

He said the pact was signed from the Chinese side by its Vice-Minister Yie Ziying while Pakistan was represented by the Senior Joint Secretary, Ministry of Commerce, Zahid Bashir. The deal, he said, would help think tanks and major economic and business groups of Pakistan and China in understanding in a better way the areas of economic cooperation for mutual benefits in trade and investment.

The negotiations for the joint-study group were initiated some two years back and the agreement was signed on Monday, Dr Naeem said. He added that the pact covered all areas of economic cooperation, including service, trade, investment, etc.

The second headway was achieved in the economic sector on Wednesday when both countries successfully concluded the fifth round of negotiations on a bilateral agreement on service trade and market access to the service sector.

The two sides have agreed that they will choose a time to sign the pact after getting approval from their respective governments.Senior Joint Secretary Zahid Bashir led the Pakistani side in the negotiations. The two countries signed a Free Trade Agreement covering goods trade and investment cooperation in November 2006 and a supplement pact on boosting bilateral investment in October.
 

Saturday, December 06, 2008

ISLAMABAD: Australia will provide approximately 30.5 million dollars in development assistance to Pakistan in 2008-09.

Bilateral programmes focus on improving health and education, building agricultural linkages between Australia and Pakistan, and providing scholarships at Australian institutions, said a news release issued here.

The Australian government is enhancing its engagements with Pakistan and will substantially scale up its aid programme in future. As many as 83 Australian scholarships recipients were hosted a farewell party here on Friday prior to their departure for Australia to undertake Masters and Doctorate-level studies in Australia during the 2009 academic year.

The scholarships have been awarded under a number of programmes offered by the Australian government, including Australian Development Scholarships, Australia Pakistan Scholarships Programme, AusAID-Carnegie Mellon University Scholarships Programme and the Agriculture Sector Linkages Programme Awards. Students will study in the areas of health, education, environment, agriculture, governance, information technology, business, administration and economics.

The Australian High Commissioner, Zorica McCarthy, said the scholarships were intended for emerging leaders in Pakistan and the region. “The Australian Scholarship programmes aimed at contributing the long-term development needs of Pakistan, promoting good governance, economic growth and human development,” McCarthy said.

“These scholarships will provide Pakistani professionals with the necessary skills and knowledge to drive change and influence development outcomes in Pakistan by obtaining relevant tertiary qualifications at high quality Australian institutions,” she added.

On completion of their studies, the scholars will return to Pakistan to contribute to the country’s development. Many previous scholarship holders have become leaders in government, the private sector and non-government organisations.

The Australian government believes that scholarships would play a vital role in building lasting relationships with countries in the region. Up to 1,000 Australian Development Scholarships are awarded each year across 31 countries with scholarships awarded equally between men and women.
 
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