economic issues
IMF credit, macroeconomic stability and growth sustainability
By M. S. Qazi
Pakistan is to get a $7.6 billion IMF credit facility under a 23-month Stand-by-Arrangement (SBA). An amount of $4.0 billion in credit is due during the current fiscal year to meet sovereign commitments and the remaining amount will be disbursed during the next fiscal year.

Tobacco crop 2009 and scientific management
By Khan Faraz
Tobacco is by any measure a highly topical and emotive issue. Leaf tobacco is also in the third World terms a complex agro- economic subject and plays a significant social development role. It is a highly cost-oriented and labour-intensive cash crop providing ample job opportunities for (i) employment in the fields at the time of production, priming and curing; and (ii) in the tobacco factories where tobacco is processed for the manufacture of cigarettes. Also, it is a huge financial resource for the ë Federal Exchequer in the form of Federal Excise Duty and Sales Taxí. Apart from this, a sizeable foreign exchange is earned from the export of tobacco and its products.

Grays Leasing Limited
Entity: BBB+/A-3, Outlook: Negative
JCR-VIS Maintains Long Term Rating of Grays Leasing Limited at BBB+
JCR-VIS Credit Rating Company Limited has maintained the long term entity rating of Grays Leasing Limited (GLL) at BBB+ (Triple B Plus) and short term rating has been revised from A-2 (A-Two) to A-3 (A-Three).

GLOBAL MARKETS
Market experience of a naive stock operator
By Gautam Dev
Sometime in the third quarter of 1997, someone told me that I should play the stock market. Knowing nothing about the stock market, I turned to some colleagues to seem to know a lot about it. Following their advice, I opened an account with a stock brokerage company. Well, up to that point it was simple enough. But what should do I do next? So I go to my knowledgeable colleague of mine again. But now he says nothing. Hmm... The very person, who was interested in opening an account for me, is completely indifferent now. So I stop pestering them. I understand why they would guard their trade secret. That's life. So I start watching the market myself. I go to Yahoo finance to learn the market. But I see at the top, Dow Jones, NASDAQ, Amex etc followed by volume. Now what are these Dow Jones, NASDAQ etc? Are they stocks or bonds? And what is volume? All I knew about volume was something related to space. So I start to do research. I learn that Dow Jones, NASDAQ are just indices. You can not buy or sell them, at least in the beginning.

IN FOCUS
Economics of Indus basin treaty
By Shazia Mehmood Khan
Water is power, which has every colour of life and element of growth. Pakistan is facing a very dire situation on its water resources. Most recently, India has closed the Chenab water flow and as a result the shortage of water has become even more severe. It is estimated that the water blockade by India could adversely affect the kharif crops, particularly cotton and sugarcane which are now in the maturity stage and required a final watering.

THE NEWS Index
January-November 2008
End of Last End of Net Net
Month Previous Change Change
Month Points %
Composite 6,690.8 6,690.7 0.1 0.0 (+)
Financials 3,992.5 3,995.8 (3.4) (0.1) (-)
Industrials 8,001.7 8,000.6 1.1 0.0 (+)

RATING ROUNDUP
Publicly Notified Ratings by JCR-VIS Credit Rating Company LIMITED
ISSUE / ISSUER MEDIUM TO OUTLOOK SHORT
LONG TERM TERM
Entity Ratings AlBaraka Islamic Bank BSC - Pakistan Branches A Stable A-1
Al Meezan Investment Management Ltd. A Stable A-2
Al Noor Sugar Mills Ltd BBB+ Stable A-2