KARACHI: Sugar prices have been raised again by Rs2 a kg on Saturday - third increase during this month (August), traders said.
They said that the white refined crystal sugar prices have been appreciated by Rs2 to Rs76 a kilogram.
"The black marketers have jacked by the prices and have brought the level to year's high," they mentioned.
The price of this commodity (sugar) has been increased three times in just 20 days.
The recent price hike drive started when sugar was tagged at Rs64 and now it is being sold at Rs76, thus showing an upsurge of Rs12 a kg.
Saturday, August 21, 2010
Friday, August 20, 2010
WB announces US$1bn for flood affectees
World Bank (WB) has announced US$ 1 billion loan for flood-affected Pakistan.
A delegation of WB which met finance minister Abdul Hafeez Shaikh in Islamabad on Friday said that the institution has come forward to help Pakistan in copping up worst-ever floods that have devastated major lands of two provinces Punjab and Kyber-Pakhtunkhuwa besides Sindh.
“Of this total amount, some $700 million dollars would be spent on early rehabilitation and reconstruction while 300 million dollars have been set aside for the imports of relief goods,” said an official.
A delegation of WB which met finance minister Abdul Hafeez Shaikh in Islamabad on Friday said that the institution has come forward to help Pakistan in copping up worst-ever floods that have devastated major lands of two provinces Punjab and Kyber-Pakhtunkhuwa besides Sindh.
“Of this total amount, some $700 million dollars would be spent on early rehabilitation and reconstruction while 300 million dollars have been set aside for the imports of relief goods,” said an official.
Pakistan unlikely to achieve 4.5pc GDP
Pakistan is unlikely to achieve its economic growth target of 4.5 percent for the ongoing fiscal due to worst ever floods, Asian Development Bank (ADB) said.
“The probability of being more like that (three percent) rather than four is higher,” said ADB Director General for Central Asia, Juan Miranda.
“Crops and infrastructure have been damaged. You can not sell stuff. You can not connect to another village. That can not help the economic growth figure,” he said.
Although the Pakistani government will have to divert resources to the flood relief effort, it should still work to implement economic reforms in the long term, Miranda added.
“The probability of being more like that (three percent) rather than four is higher,” said ADB Director General for Central Asia, Juan Miranda.
“Crops and infrastructure have been damaged. You can not sell stuff. You can not connect to another village. That can not help the economic growth figure,” he said.
Although the Pakistani government will have to divert resources to the flood relief effort, it should still work to implement economic reforms in the long term, Miranda added.
Punjab govt to provide free seeds, fertilizer for Rabi season
The Punjab government has decided to provide free seeds and fertilizer to the flood-affected farmers from Rabi season, it is learnt.
Officials said that the recent torrential rains and floods have devastated at least 5 million acres of agriculture land and ready crops.
“Farmers have lost their crops including wheat, rice, sugarcane and vegetables in the floods and now they are passing through the worst phase of their lives,” said an agriculture ministry official.
“The fate of farmers is in jeopardy and that is why the government would provide free seeds and fertilizer to farmers for Rabi season,” he explained.
The flooding has made more than four million homeless while some eight million people are in urgent need of humanitarian assistance.
Officials said that the recent torrential rains and floods have devastated at least 5 million acres of agriculture land and ready crops.
“Farmers have lost their crops including wheat, rice, sugarcane and vegetables in the floods and now they are passing through the worst phase of their lives,” said an agriculture ministry official.
“The fate of farmers is in jeopardy and that is why the government would provide free seeds and fertilizer to farmers for Rabi season,” he explained.
The flooding has made more than four million homeless while some eight million people are in urgent need of humanitarian assistance.
PSO delays oil import contracts
Pakistan State Oil (PSO) has delayed few oil import contracts for August delivery due to floods that have disrupted transport lines badly across the country, it is learnt.
Officials said that the import contracts of fuel oil and cargo oil for August delivery have been delayed.
"The northern and Punjab region has affected badly by the torrential rains and floods and the transport activities have been partially suspended," officials said.
Officials said that the import contracts of fuel oil and cargo oil for August delivery have been delayed.
"The northern and Punjab region has affected badly by the torrential rains and floods and the transport activities have been partially suspended," officials said.
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