Traders for plan against FATF decision

ISLAMABAD (APP): Business community here on Saturday urged the govt for making strong efforts to steer the country out of the grey list of Financial Action Task Force (FATF) and to save the economy from any possible harmful consequences. According to Press release issued here, the president, ICCI Sheikh Amir Waheed said that Pakistan had 15 months to implement an action plan to be able to negotiate an exit from the list and stressed the need for making all possible efforts for implementing the action plan.  He said that implementation of action plane would bring about the positive impact on over all economy and further help in boosting imports, exports, remittances and access to the international financial institutions.  He said that it would also encourage foreign investors for making investment in Pakistan and urged the govt for addressing all those structural deficiencies that caused its entry into the list. Muhammad Naveed Malik, Senior Vice President and Nisar Mirza Vice President said that FATF had formulated a comprehensive set of recommendations.

, which had become almost international standards on anti-money laundering and combating financing of terrorism.

They said that it was the dire need of the hour that all stakeholders should make utmost efforts for its exit from the said list in order to save as well boost the economy of the country.

Nine maritime projects soon

ISLAMABAD (APP): Ministry of Maritime Affairs (MoMA) will soon start working on its new nine projects under PSDP 2018-19 for the uplift and infrastructure development of the ports and other attached departments. According to details, the various newly approved development schemes under these projects included Capital Dredging of Berthing Areas and Channel for Additional Terminals (CPEC), Construction of Port Boundary wall of KoFHA Sindh, Construction, renovation and rehabilitation of Seamen's hostel at Keamari (Pakistan Marine Academy (PMA) city Campus), Enhancement of Seafarer re-potting module and installation of new computer hardware ID card printers Karachi Sindh. These projects also included feasibility study of Petroleum and Petrochemical Terminal and Dirty Dry Bulk Terminal, Land acquisition as per Gwadar Port Master Plan, Oil Storage Construction at Oil Installation Area (OIA) Keamari Karachi, Rehabilitation of Admin Block, Cadet Block, Residence Block, Auditorium, Quarter Deck.

officers mess in premises of PMA and Repair of Jetty Structure and Ports Installation of KoFHA, Karachi, Sindh.

The sources said that projects have significance owing to their contribution towards better of the departments as with the involvement of game changer China Pakistan Economic Corridor (CPEC) it was required to have such projects.

Tea imports grow by over 6.7pc

ISLAMABAD (APP): The tea imports into the country witnessed increase of 6.76 percent during the first eleven months of the fiscal year 2017-18 as against the corresponding period of last year. The tea imports into the country during July-May (2017-18) were recorded at $524.018 million against the imports of $490.848 million during July-May(2016-17), according to PBS. In terms of quantity, the tea imports, however, witnessed negative growth of 4.80 percent by declining from imports of 183,791metric tons last year to 174,968 metric tons during the current fiscal year, the data revealed. It is pertinent to mention here that the overall food imports into the country during the period under review witnessed increase of 1.06 percent. The food imports during the first eleven months of the outgoing fiscal year were recorded at $5,715 million against the imports of $5,655 million, according to PBS data. Meanwhile, on year-on-year basis, the tea imports into the country during the month of May decreased by 19.88 per cent as compared to the same month of the last year.

The tea imports into the country during May 2018 were recorded at $31.036 million against the imports of $38.736 million in April 2017.

On month-on-month basis, the tea imports into the country witnessed negative growth of 26.2 percent in May 2018 when compared to the imports of $42.063 million in April 2018, the PBS data added.

Cotton sowing shows 11pc  growth in Punjab

ISLAMABAD (APP): Cotton crop sowing during the crop season  2018-19 has registered 11 percent growth in Punjab, where as it was decreased by 40pc in the Sindh province, the reduction in the crop sowing in the Sindh was mainly attributed with the low availability  of water for irrigation in current season. Overall cotton crop sowing has registered over 1 percent increase across the crop producing areas of the country as compared the cultivation of corresponding period of last season.  The crop had been sown over 2.69 million hectares of land. The cotton sowing targets were fixed at 2.95 million hectares in order to produce over 14 million cotton bales during the crop season 2018-19 in order to fulfill the domestic requirements as well as for exporting, said Cotton Commissioner in the Ministry of National Food Security and Research Dr Khalid Abdullah. Talking to APP here, he said that crop cultivation targets, which fixed for the current sowing season were achieved by over 91pc as it went up by 1.0pc as compared with the area under cotton crop cultivation during same period of last year.

He said that over all cotton sowing in the Province of Punjab  registered about 11 percent growth as it had cultivated the crop over 2.29 million hectares of land as against the set targets of 2.31 million hectares for the period under review.

However, he informed that crop sowing in the Sindh Province was decreased by 40 percent and attributed the low sowing trend with dry weather during the crop sowing time as well as shortage of water for crop irrigation.

The province, he said could achieve the sowing targets by 66 percent and cultivated the crop over 0.41 million hectares as against the targets of 0.62 million hectares fixed for current sowing season.

Meanwhile, he said that Baluchistan and Khyber Pakhtunkhwa provinces were assigned a task to cultivated the crop over 0.1 million hectares.

Dr Abdullah said that due to recent rains the water availability for crop irrigation would strengthened, which would help in further boosting the area under cotton growing as well as enhance the output.

He said that prices in the local had observed stable trend and it was recorded at Rs 3,000 per 40 kg, adding that it was an encouraging sign for local farmers to grow more crop for maximizing their profit.

Besides, he informed that the federal government has imposed import duty on cotton, which would also help in price stabilization in the local markets.