DHA KARACHI

The perennial history of DHA is an embodiment of a cherished journey of progress and advancement. A city within a city, DHA over the years has come to be known as one of the finest and the biggest housing project scheme of the country. The Housing Authority infused with a sprit of modernity and dynamism is constantly moving ahead to meet the challenging requirements of the future. To meet the emerging requirements of time and to stay up with the pace of progress, DHA has launched some futuristic landmark projects, which will serve as examples of pride and accomplishment. DHA as a forward looking organization with hands on the present and eyes for the future is poised to achieve new heights of glory with a promise for a shining and cherished future.

IMF agrees to boost Pakistan’s loan to $11.3 Billion

The International Monetary Fund agreed to increase a loan to Pakistan by $3.2 billion to buttress an economy and budget hurt by a war against Taliban insurgents and a global recession. The expanded financing brings the total loan outstanding from the IMF to $11.3 billion, or about 6.3 percent of Pakistan’s gross domestic product, the Washington-based lender said in the statement. The entire standby arrangement also was extended by about two months until the end of 2010. “Pakistan’s economy has continued to stabilize,” IMF Deputy Managing Director Murilo Portugal said in an e-mailed statement. “Reforms in the financial sector and the foreign exchange market have been progressing, and steps have been taken to strengthen the social safety net.” The country turned to the IMF for a $7.6 billion credit line last year after its current-account deficit widened to a record and its foreign reserves shrank 75 percent in a year to $3.45 billion. Pakistan agreed on July 16 to cut power subsidies almost 50 percent this year to meet a condition set by the IMF for the November bailout. The additional aid is needed to shore up the government’s finances as it fights the Taliban at an annual cost of $8.5 billion. IMF executive directors agreed to let the government use a portion of the increased loan to finance priority spending, including expenditures to help displaced people until donor pledges are received, they said. Pakistan’s army last month said it killed more than 1,600 Taliban militants in a 10-week offensive to regain control of the northwestern Swat district after the group seized territory in violation of an accord with the government that allowed Islamic law to be introduced in the region. The IMF board also authorized an immediate disbursement of $1.2 billion after a second review of the original loan, while granting Pakistan several waivers for not meeting criteria including a fiscal deficit target. “Fiscal discipline is a key issue,” Adnan Mazarei, the IMF’s mission chief for Pakistan, said on a conference call yesterday. The introduction of a value-added tax “will hopefully raise revenue and broaden the tax base.” The IMF said the authorities’ monetary policy should “remain vigilant about preventing a resurgence of inflation.” Pakistan’s economy has ground almost to a halt as the global recession erodes exports and deters investment. The $146 billion economy may expand as little as 0.8 percent in the year to June 2010, according to HSBC Holdings Plc, the weakest pace since 1952. Pakistan stocks rose yesterday on reports top Taliban guerrilla commander Baitullah Mehsud, who ordered suicide bombings nationwide and had a $5 million bounty on his head, may have been killed in a U.S. missile strike. The Obama administration hasn’t yet verified the reports, White House Press Secretary Robert Gibbs said.

Pakistan to Seek Additional $4.5 Billion IMF Loan

By Khaleeq Ahmed and Khalid Qayum

Feb. 16 (Bloomberg) -- Pakistan will seek a further $4.5 billion loan from the International Monetary Fund, warning that the country’s fight against terrorists is hurting the economy.

“We will ask the board of directors for the amount as the war on terror has caused serious economic problems,” ,Shauqat Tareen the finance adviser to the prime minister, said yesterday in a telephone interview from Islamabad. The additional funds would boost the country’s total borrowing from the IMF to more than $12 billion, he said.

President Asif Zardari is facing pressure from the U.S. to step up the fight against Taliban and al-Qaeda insurgents along the border with Afghanistan. The government forecasts the economy will grow at its slowest pace in seven years after raising interest rates as part of IMF conditions for a $7.6 billion loan in November.

“The government should seek aid from the U.S. and not loan from the IMF as compensation for fighting terrorists,” said Muzzammil Aslam, an economist at KASB Securities Ltd. in Karachi. “The IMF loan can only be used for balance of payments and building foreign reserves. Before asking for more loans, the government needs to say how it will pay back.”

South Asia’s second-biggest economy sought the IMF loan, to be disbursed over 23 months, to avoid defaulting on its debt. The country got $3.1 billion as the first installment, boosting foreign-currency reserves held by the central bank to $6.9 billion in February from $3.45 billion four months ago.

U.S. Aid

The country has received about $10 billion in aid from the U.S. since 2001, when former president Pervaiz Musharraf became an ally in the global campaign against terrorism. Musharraf quit in August.

Pakistani and IMF officials began two weeks of talks in Dubai, United Arab Emirates, yesterday as part of a review for disbursing the second installment of the November loan program, Tarin said, without saying how much the country is spending on fighting militants.

Pakistan doesn’t want to negotiate new conditions with the IMF at the end of the 23 months for the additional funds it’s seeking, Tarin said. The country wants the new request to come under the existing program, he said.

“We have met all major conditions” set by the IMF, he said.

State Bank of Pakistan, the nation’s central bank, last month kept its benchmark interst rate unchanged at 15 percent as inflation in January slowed to an eight-month low of 20.52 percent. In November, the central bank had raised the key rate by two percentage points, the most in more than a decade, as part of conditions for the IMF loan.

‘Not the Time’

“It is not the time to borrow more,” KASB’s Muzzammil said. “It is time to consolidate the economy and adjust policies for pro-investment activities. The government needs to cut interest rates to boost businesses.”

Higher borrowing costs have dented growth in the $144 billion economy, which is predicted by the government to expand at the slowest pace in seven years after growing an average 6.8 percent in the past five years. Suicide attacks by militants in the past two years in reaction to the military operation in tribal regions has deterred foreign investment and hurt local companies including NBP.

The government is targeting a budget deficit of 4.2 percent of gross domestic product this fiscal year ending June 30, from a decade-high of 7.4 percent last year. Pakistan’s rupee plunged 22 percent in 2008 against the dollar.

Pakistan completed its last IMF program in 2004 with a credit rating from Standard & Poor’s of B+, four levels below investment grade. S&P in December raised Pakistan’s rating one level to CCC+, or seven levels below investment grade, after the IMF loan.

source:-bloomberg.com

State Bank of Pakistan Policy

SBP set to cut policy rate by 100-150 basis points KARACHI: The State Bank of Pakistan (SBP) is all set to cut the policy rate by 100-150 basis points and end the single policy rate regime by introducing new mechanism for liquidity management in order to fulfil IMF condition, sources told Business Recorder on Friday. FOREX RATES IN PAKISTAN Updated on: Sat, August 15, 2009, 11:14 (PST) Courtesy : ECAP Remittance Buying Selling Trends USD 82.40 82.80 GBP 134.28 136.79 SR 21.72 22.05 UAE 22.18 22.52 NEWZ 43.5 43.8 AUS 67.39 68.81 EUR 115.21 117.66 CAD 73.93 75.09 HONG 10.35 10.62 IND 1.58 1.68 JPY 0.8540 0.8687

All About Karachi

University of Karachi is located in the city of Karachi, the main city and capital of Sindh province, southern Pakistan with a population of over 15 millions. It is the country's largest city and principal seaport and is a major commercial and industrial centre. Karāchi is located on the coast of the Arabian Sea immediately northwest of the Indus River Delta. The city proper covers an area of 228 square miles (591 square km), while the metropolitan area of Greater Karāchi spreads out over an area of 560 square miles.

The city has been variously called Caranjee, Crochey, Krotchey, Currachee, and Kurrachee. All its names are believed to be derived from the Sindhi nameof the original settlement that initially stood on the spot—Kalachi-Jo-goth (meaning the village of Kalachi—the headman of the tribe). The impetus to Karāchi's development originally came from its role as the port serving the Indus River valley and the Punjab region of British India. The development of air travel subsequently increased Karāchi's importance. It is also the port serving the landlocked country of Afghanistan. The People No ethnic group predominates in the city. Cultural and social activities essentially revolve around religion. The population is almost entirely Muslim, but there are also small Christian, Hindu, Parsi, Buddhist, and Jain minorities. Most of the Muslims are of Indian or Pakistani origin, except for “Makranis” and “Shiddies,” who have black African ancestry. They originated during the era of the slave trade in the days before British rule, when Karāchi was an important slave-trading centre. Some of the members of the Christian minority are of Indo-Pakistani origin, while others are descended from Portuguese or other European groups. Climate Karāchi has pleasant weather for the greater part of the year. May and June are the hottest months, when the mean maximum temperature is about 93 °F (34 °C). Spells of enervating weather occasionally prevail in May and October, during which the temperature shoots up to 105 °F (41 °C). The coolest months are January and February, during which the mean minimum temperature remains about 56 °F (13 °C). A biting north wind occasionally blows in these months, during which the temperature may drop to 40 °F (4 °C). The relative humidity varies from 58 percent in October, the driest month, to 82 percent in August, the wettest month. The average rainfall is 8 inches (203 mm); most of the rain falls during a total of 9 or 10 days in the months of June, July, and August. Karachi Airport Karachi Airport, commonly known as Quaid-e-Azam International Airport is a strategically located gateway to the Far East and Europe. The airport provides facilities for almost 6 million passengers, with over 50,000 annual aircraft movements and contributes Rs. 3 billion in economic benefits to the region. Karachi City Map

PICTURES OF THATTA

Architecture in Pakistan: A Historical Overview

Frere Hall
Raised in memory of Sir Bartle Frere (Commissioner of Sindh 1851-1859) this Venetian Gothic style building was designed by Colonel Clair Wilkins whose proposal was selected from 12 entries, in what was perhaps the first recorded architectural design competition for a public building in Sindh. Completed in 1865 at a cost of Rs.1,80,000 out of which Rs. 22,500 was raised for the memorial through public donations, the building was officially inaugurated by Commissioner Mansfield on 10th Oct. 1865. The gardens around the building were added in 1887-88 by Mr. Benjamin Flinch. Originally the statues of Queen Victoria and King Edward (both of which have now been removed), adorned the garden. The upper floor of this two storied yellowish Karachi limestone building, consists of a 70 ft x 24 ft hall and an orchestral gallery. In yesteryears this building was the hub of Karachi’s socio-cultural activities and also served as a Town Hall with regular public meetings, concerts and theatrical performances. The ground floor is now occupied by the Liaquat Municipal Library.




Merewether City Tower, Karachi