Pak-UK trade to be enhanced to 5bn pounds: Cameron

Azhar Ali Khan

ISLAMABAD: British Prime Minister David Cameron on Tuesday said that Pak-UK bilateral trade volume would be enhanced to 5 billion pounds by 2015.

Addressing media men in a joint press conference with Pakistani Prime Minister Syed Yousuf Raza Gilani, Cameron urged the need to explore trade avenues.

Citing illiteracy as the prime reason behind, he said, “Illiteracy is one of the core reasons behind extremism,” adding the UK would help promote education in Pakistan.

He said Pakistan has lost much against war on terror and this menace has also affected his country as well. “Pak-UK friendship is unbreakable,” he reiterated.

Silver touches new peak of Rs1120 per tola

Aysha Ehsan

KARACHI: Silver prices hit another all time high of Rs1120 per tola on hefty buying and unrest in the North African and Middle East, traders said on Monday.

Ten grams silver has become costlier by Rs25.72 and is available at Rs960, while its per tola prices have surged by Rs30 and is tagged at Rs1120.

“War in Libya has fanned woes about the crude oil supplies in the future,” said a senior trader. “And that is why investors are offloading currencies and considering metals again as ‘safe havens’.”

Gurus of precious metal trade have hinted silver will not stop breaching next barriers.

“I am seeing silver at Rs1500 per tola level by June end,” said a commodity analyst.

He further said that Libyan unrest does not seem to be resolved in near future and metals’ outlook is positive in short-term.

Japan to give Rs14.90bn soft loan to KPK

AZHAR ALI KHAN

KARACHI: Japan International Cooperation Agency (JICA) will extend a soft loan worth Rs14.90 billion to Pakistan for the “Khyber Pakhtunkhwa Emergency Rural Road Rehabilitation Project”.

An ODA Loan agreement to this effect was signed today at Tokyo between President JICA, Sadako Ogata, and Secretary Economic Affairs Division, Sibtain Fazal Halim. President Asif Ali Zardari and Japanese Prime Minister Noato Kan, witnessed the signing ceremony.

The funds for the project will be released after obtaining the legal opinion of Pakistan’s Federal Ministry of Law, Justice and Parliamentary Affairs. The project will address early restoration from the flood disaster which has brought serious damages throughout the country in the recent months.

 With another Japanese ODA loan agreement up to 5 billion Yen for “Emergency Import Support Loan”, signed on January 21, 2011, the Japanese ODA loans of total 19.7 billion Yen will be extended to flood disaster restoration activities in Pakistan. Both ODA Loans are extended on soft terms with interest rate of 0.01 percent and repayment period of 40 years including grace period of 10 years.