Pakistan’s successful donor’s conference
Pakistan’s November 19 international conference on financing post-earthquake reconstruction and rehabilitation has produced a "generous" response from the world community. Against the damage assessment of around USD 5.2 billion (direct fiscal costs, excluding livelihood losses) pledges of over USD 5.8 billion have so far been received.

Out of the total amount pledged, around USD 1.9 billion is in the form of grants (cash and non-cash) while the bulk of the rest has been pledged in the form of soft loans.

Judging by the official response and media reports, it appears a wave of exultation has gripped the country. It is therefore important to put the international response in perspective.

1) The USD 5.8 billion figure is a "pledged" amount, and not a commitment of actual disbursement. Recent experience has shown the wide variance between pledged amounts and actual cash distribution.

2) In any case, the total amount of pledges is not a "cash" amount. Even the grant component includes cash and in-kind grants. Hence, helicopters, fuel, blankets, medicines, rescue and relief volunteers etc. all will be included as a pledging country's contribution.

3) In addition, it appears that the figure emerging from the November 19 conference is not a "new" amount, over and above what was committed at Geneva, or bilaterally by different countries since October 8.

4) Equally important, this amount will be disbursed, utilised, or available to Pakistan over a period of 3-5 years.

5) From the above, it becomes clear that it is difficult at this stage, given the lack of clarity, to determine the exact implications for Pakistan's forex reserves position, its balance of payments position and/or the impact on the Pak Rupee. In addition, it is difficult to be precise about the exact effect on the fiscal position of the government for each of the next 3-5 years.

Nonetheless, despite the above, it is quite clear that in the absence of the demonstrated response from the international community, Pakistan would have had to endure considerable economic strain. Thus the outcome of the November 19 conference removes quite a few worries about the trajectory of Pakistan's economy over the next 3-5 years and in that sense can be deemed a success.

Pakistan's richest 10
1. Nishat Group: Mian Muhammad Mansha Yahya is the captain of this splendid ship having around 30 companies on board. Mansha, who owns the Muslim Commercial Bank as well, is now setting up a billion rupee ($ 17 m) paper sack project too. There is no stopping Mansha and he is still on the move!

2. Jang Group: This huge media empire was founded by late Mir Khalil-ur-Rehman some six decades ago. Today, around 10 top newspapers and the multi-billion rupee GEO TV project are being run by Mir Shakeel-ur-Rehman, Mir Khalil's brainy son, who has a lot of projects pertaining to real estate under his belt too. Limelight is the product that he sells but doesn't like tasting the fruits of his own garden.

3. Hashoo Group: Led by the vintage Saddaruddin Haswani, the Hashoo Group is more known for its dominance in Pakistan's hotel industry, though the people who know a bit more about the Hashwanis are aware of their strength in real estate business too. Hashwanis are involved in trading of cotton, grain and steel. He is one of the most well-known magnates in Pakistan who is a regular invitee at the Diplomatic Enclave.

4. Packages Group: Launched a joint venture with Lever Brothers soon after 1947, but massive production of Pakistan Tobacco Company later made Syed Maratib All and sons install a packaging unit by the names of Packages The group also acquired a good number of Coca Cola plants in Pakistan. Its famous brands include Nestle Milk Pak, Treet, Mitchells and Tri Pack Films. It has stakes in the textile, dairy, agriculture and rice sectors too. The group's contributions towards the cause of an independent Pakistan are unprecedented.

5. House of Habib: Legend has it that the Goddess of Wealth has been in love with the seasoned Habibs more than anybody else in Pakistan. Habibs own at least 100 companies throughout the world, but these content mega-tycoons never boast off, something which has made it uphill for most to predict about their financial standing. They own the Habib Bank A.G Zurich, Bank Al-Habib, Indus Motors assembling Corolla cars and many dozens of units in sectors such as jute, paper sack, minerals, steel, tiles, synthetics sugar, glass, construction, concrete, farm autos, banking, oil, computers, music, paper, packages, leasing and capital management.

6. Saigols: The pioneer of the Saigol dynasty in 1890 was Amin Saigol who established a shoe shop that eventually transformed into Kohinoor Rubber Works. And then times saw them shining literally like the Kohinoor until their progress was halted by Nationalization in which they lost two-thirds of their wealth. Saigols got trifurcated in 1976 and 15 descendents of Amin Saigols four sons got a share each.

7. Nawa-E-Waqt Group: The Nizamis may not be Rockefellers or the Sheikh Muhammad, but are the custodians of a highly influential media empire. Since media is now beginning to be classified as very serious business, clout of this group's head Majid Nizami and that of his nephew Arif Nizami in nearly every sphere or the Pakistani society is being widely acknowledged. The impact this group has managed to create on Pakistan's political scenario since 1947 is unprecedented too.

8. Saifs: Is owned and operated by the sons of famous NWFP lady politician Begum Kalsum Saifullah. Her eldest son Javid Saifullah heads this very powerful business group. Saifullahs are in power always, in one form or the other.

9. Crescent Group: The history of this group dates back to 1910 when Shams Din of Chiniot and his four sons came into business with a tannery at Amritsar. This family was allotted 125 acres in Faisalabad in lieu of their left-over property in India. The group today owns numerous textile, steel, sugar, modaraba, food, leasing, knitwear, software, power, chemical, banking and investment units. Men running Crescent do not have to make contacts, for the privilege comes to them naturally.

10. Monnoos: Monnoo dynasty was founded by two brothers-Dust Muhammad and Nazir Hussain in 1940 in Calcutta (Kolkata). The first unit owned by the Monnoos was the Olympia Rubber Works. And then time saw the Monnoos setting up 20 textile mills in succession. Former President Shahzada Alam Monnoo is the man behind the strength of this group-known more for its achievements in the textile sector. Monnoos have been a symbol of wealth during the last 65 years or so.