Friday, March 21, 2008

Pakistan Farm Credit soars to $2 billion

Farm sector credit soars to Rs120.4bn or $ 2 billion

Pakistan banking sector development soars

Friday, March 21, 2008By our correspondentKARACHI: The disbursement of credit to the agriculture sector by commercial and specialised banks showed a growth of 30.46 per cent year-on-year during the first eight months (July 07-February 08) of the current fiscal year. According to the State Bank of Pakistan, banks disbursed Rs120.442 billion to the agriculture sector during July to February as compared to Rs92.319 billion in the same period last year, showing an absolute increase of Rs28.123 billion. Overall credit disbursement by five major commercial banks including
Allied Bank Ltd (ABL),
Habib Bank Ltd (HBL),
MCB Bank,
National Bank of Pakistan (NBP) and
United Bank Ltd (UBL) stood at Rs58.026 billion during July-February 2007-08, compared with Rs43.424 billion during the corresponding period of last year, depicting an increase of Rs14.602 billion or 33.62 per cent.
Zarai Taraqiati Bank Ltd (ZTBL), the largest specialized bank, disbursed Rs33.012 billion in July-February period, compared with Rs30.745 billion in corresponding period of last year, while disbursement by
Punjab Provincial Co-operative Bank Ltd
(PPCBL) recorded at Rs3.873 billion, compared with Rs4.824 billion last year. Besides, 14 domestic private banks (DPBs) also loaned a combined Rs25.530 billion during July-February period, up 91.60 per cent against Rs13.324 billion disbursed the last year. SBP had set an indicative target of Rs200 billion for the current fiscal year, up from Rs160 billion in the last fiscal year, showing an increase of Rs40 billion. During the last fiscal year, commercial and specialized banks had disbursed a total Rs168.3 billion to the agriculture sector.

Flashy Lawmekers Take Seats in Pakistan

Flashy Lawmakers Take Seats in Pakistan

ISLAMABAD, Pakistan (AP) -- Gold-trimmed SUVs idle outside parliament. Among new female lawmakers, black Muslim veils are out and Gucci bags are in.
Civilian rule has returned to Pakistan, and its politicians have come back with bling.
Last month's elections ushered into parliament a new crop of business leaders and wealthy elites opposed to U.S.-backed President Pervez Musharraf's one-man rule.

''It's their cars, their fashion. They have all the latest models,'' said Sana Asad, a Pakistani journalist covering parliament. ''They're richer and more secular.''

''Perhaps it's because they're connected to the previous administrations -- the wealthy elites,'' she said.
Parliament's parking lot was crowded Wednesday with new Mercedes and Toyota sports utility vehicles festooned with flashy tire rims and hood ornaments. Women in bright colors clogged past in heels and huge designer sunglasses. Bodyguards fanned out.

The Feb. 18 elections saw a hard-line coalition of religious groups lose control of the country's northwest along the Afghan border, and only six Islamists win seats in parliament, compared to 68 in the previous legislature.

But as parliament elected its first female speaker Wednesday, just a single lawmaker -- one of 74 women in the 342-seat house -- covered her face with a light beige wrap. Others wore traditional flowing gowns, some with bare heads and others with their hair only partially covered by loose scarves.

Fehmida Mirza, a medical doctor, is the first woman elected as National Assembly speaker in Pakistan's 60-year history.
Half a dozen other female lawmakers touched her shoulders as Mirza, wearing a diamond nose ring and an elegant lavender tunic embroidered with silver rosettes and a deep V-neck, rose to take her oath.

''We are writing a new chapter in history,'' she said, diamond-studded pearl droplet earrings and a pouf of dark hair springing out from under her sheer veil. She repeatedly touched her forehead in a gesture of thanks to her peers a thick gold bracelet sliding down her arm.

''Benazir's dream has come true,'' said fellow party member Farzana Raja. ''We have proven we're not only chanting slogans for women's empowerment -- we're taking practical steps,'' she said, shoving the designer sunglasses back on her head and letting her headscarf slip off.
Nasim Zehra, a Pakistani analyst and fellow at Harvard University's Asia Center, cited ''a different texture in politics now.''

''The orientation of this parliament is different, with a different kind of people with different backgrounds,'' Zehra said.

On Wednesday, many male lawmakers arrived in designer clothing, including one who accented his tailored black suit with a bright pink tie. There were notably fewer beards and traditional turbans than in the previous parliament.
In the parking lot, Khaled Mahmood Javed sat behind the tinted windows of his shiny sedan flying the flag of Bhutto's Pakistan People's Party.

His brother, Rai Ghulam Murtaza, is an incoming lawmaker who first served under Bhutto in the 1980s.

''A lot of them are businessmen, and none are poor. They're big men -- important men -- and they're less religious too,'' Javed said of the new breed of legislators.

Pakistan has seen annual economic growth of about 7 percent for the past five years. Murtaza was among them, his brother said.
''My brother lived abroad for the past 15 years. He's a dual citizen of Canada,'' Javed said proudly.
Many of Pakistan's top politicians are feudal landlords. Others amassed fortunes in Pakistan's booming banking and telecom sectors while they sat out politics under Musharraf.

Outside parliament Wednesday, policemen sat in clusters under pine trees, watching new lawmakers parade past multicolored banners lining the drive up to the legislature's marble pillars.

''Rich candidates always do better. They have more connections,'' said one officer, lazily picking at wild dandelions.

''It's a bit of a charade, but it's also a big sign of democracy and hope,'' he said.