Pakistan becomes WFP’s second largest food donor

ISLAMABAD (APP): Pakistan has emerged the second largest donor for the WFP with donation of 150,000 metric ton wheat in 2013.  The donation valued at Rs 5.5b demonstrated the Govt continued commitment to help its people, said WFP Pakistan spokesman Amjad Jamal. He said the donation was provided at a time when shortage of funds had threatened the WFP’s emergency food assistance progarmme in Pakistan.  The WFP aimed to assist 8.3m people between 2013 and 2015 at a total cost of $535m with projects to improve economic opportunities and promote social inclusion of people of FATA, boost community resilience in disaster-prone areas, and address nutrition and education needs.

Oil price cut to positively impact economy, masses

ISLAMABAD (INP): The Pakistan Economy Watch (PEW) on Sunday lauded another major oil price cut by the Prime Minister Nawaz Sharif which will positively impact masses and the economy.  The price of oil has fallen for nine straight weeks to $66 per barrel in the international market which merits reduction in prices of essential items and electricity at home, it said. The burden of surge in the oil price is immediately transferred to the masses by the government

while business community quickly calculate the difference to hike prices of their products but process of reduction in the prices is very slow in case of oil fall, said Dr. Murtaza Mughal, President PEW.

Tendency in the business community to keep prices of essentials from dropping add to their profits while depriving masses of the benefit, he added.

Mughal said that oil prices can go down as 12-member OPEC (Organization of the Petroleum Exporting Countries) has started a price was with US oil and gas companies to retain its market share.

The OPEC strategy will hurt oil producers with Russia, Iran and Venezuela at the top while benefitting oil importing countries.

In the last few years OPEC and other oil producers gained a lot due to unprecedented oil prices throwing would into deep recession. This also encouraged many to explore this sector. Resultantly many new companies were formed which explored huge quantity of oil and gas in America, Canada, Australia, Caribbean countries and Africa.

This was enough to threaten OPEC which produces 40 per cent of the global oil supply of 75 million barrels per day.

Since US oil and gas companies, especially the shale producers, are using costly technologies and new methods, many of them can go bankrupt under existing prices badly damaging American energy revolution.

This will give OPEC an opportunity to revise prices upward that will be the beginning of the New Oil Order.

Govt following economic agenda for development of all provinces

ISLAMABAD (APP): Federal Minister for Planning and Development Ahsan Iqbal on Saturday said that PML-N govt was following economic agenda for equal development of all the provinces. He said that economic corridor would help benefit the areas of Gilgit- Baltistan, Khyber Pakhtunkhawa, Sindh, Punjab and Balochistan. Talking to PTV, he said that the people require long march for strengthening economy of this country. Ahsan Iqbal said that PM was working to bring improvement in all the sectors, adding that reduction in petroleum prices and Havalian Expressway projects would change the life of the masses. He said that Hazara Motorway project would benefit the people.

Federal Minister said that universities, industrial zones and other technical educational institutions would also be established in northern region to facilitate the masses.

No one would be allowed to take FPCCI hostage

KARACHI (NNI): The Businessmen Panel, led by Tariq Saeed is to sweep the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) annual elections due shortly, a business leader said Sunday.  We enjoy full faith and trust of the business community since decades which will play a decisive role in the elections, said former president FPCCI Senator Haji Ghulam Ali. Speaking at a meeting attended by hundreds of Presidents and office bearers of different chambers and associations, he said that grouping in an active institution is shocking but temporary.  He said that Tariq Sayeed has served the business community selflessly for forty years without any allegation of corruption and favouritism.

Speaking on the occasion, President FPCCI Zarkia Usman said that Tariq Sayeed has not accumulated wealth and that he would not allow anyone to take FPCCI as hostage.

Some people have formed a small group so that they can achieve their objectives which were impossible otherwise, he added.

Senator Haji Adeel said that the economic situation is far from good and we need strong leadership like Tariq Sayeed to represent business community. He said that fake statements and buying of votes will never serve the purpose of those trying to hijack the FPCCI.

SAARC CCI urges Pakistan, India to promote trade ties

LAHORE (APP): Vice President SAARC CCI Pak chapter Iftikhar Ali Malik Sunday said Pakistan and India had abundant natural resources, most of which remained untapped due to their constrained relations. “Both the countries have sources, both human and natural, and possess fertile land tracts but their people have suffered due to failure to fully utilize indigenous resources optimally,” he said in a statement here. Iftikhar Malik, who has returned from Katmandu, Nepal, after attending 18th SAARC Summit, said in the vital interest of their people, the two governments should ensure lasting peace in the region through promotion of trade, besides addressing their core issues.