List of AcronymsA ABL Allied Bank Limited

AC Air ConditionerACP Annual Credit PlanACAC Agriculture Credit Advisory CommitteeACD Agriculture Credit DepartmentADs Authorized DealersADB Asian Development BankADF Asian Development FundADP Annual Development PlanAFS Available For SaleAIDS Acquired Immune Deficiency SyndromeAPCMA All Pakistan Cement Manufacturers AssociationAPL Attock Petroleum LimitedARPU Average Revenue per UserASEAN Association of South East Asian Nations

B BAFL Bank AlFalah LimitedBHU Basic Health UnitBISP Benazir Income Support ProgrammeBMR Balancing Modernization and ReplacingBOC Bank of ChinaBOP Balance of PaymentBP British PetroleumBPO Business Process OutsourcingBPRD Banking Policy Regulation DepartmentBPS Basis PointsBSC Bahbood Saving certificates, Benazir Smart CardsBSD Banking Surveillance DepartmentBSE Bombay Stock ExchangeBt Bacillus thuringiensis

C CAD Current Account DeficitCAB Current Account BalanceCAGR Compound Annual Growth RateCAR Capital Adequacy RatioCBR Central Board of Revenue, Crude Birth RateCBD Conventions on BiodiversityCBU Completely Built UnitCCC Climate Change ConventionCDA Capital Development AuthorityCDR Crude Death RateCDC Central Depository CompanyCDNS Central Directorate of National SavingCDs Certificate of DepositsCDS Credit Default SwapCDWA Clean drinking Water for AllCDWI Clean Drinking Water InitiativeCFC Common Facilities Centers

CFS Continuous Funding SystemCFSMK-II Continuous Funding System Mark IICIA Central intelligence AgencyCIB Credit Information BureauCiC Currency in CirculationCIS Common Wealth of Independent StatesCITES Convention on International Trade in Endangered Species of Wild

Fauna and FloraCKD Completely Knocked DownCNG Compressed Natural GasCNIC Computerized National Identity CardCO2 Carbon DioxideCOD Collection on DemandCPS Country Partnership StrategyCPI Consumer Price IndexCRR Cash Reserve RatioCRPID Centre For Research on Poverty Reduction & Income DistributionCPRSPD Centre for Poverty Reduction and Social Policy DevelopmentCSF Competitiveness Support Fund, Cash Settled FuturesCVT Capital Value TaxCY Calendar Year

D DAP Di-Ammonium PhosphateDBC Dollar Bearer CertificateDD Demographic Dividend, Domestic DebtDFIs Development Finance InstitutionDFCM Deliverable Future Contract MarketDFCs Deliverable Future ContractsDFIs Development Finance InstitutionsDMB Deposit Money BanksDOTS Direct Observed Treatment Short CourseDPBs Domestic Private BanksDRs Depository ReceiptsDS Debt ServicingDSCs Defense Saving Certificates

E EAD Economic Affairs DivisionECs Exchange CompaniesEDL External Debt and LiabilityEFF Extended Funding FacilityEFS Export Finance SchemeEE Export EarningsEMPI Exchange Market Pressure IndexENDA Emergency Natural Disaster AssistanceEPCG Export Promotion Capital GoodsEPI Expanded Program on ImmunizationEPS Earnings Per ShareER Exchange RateERRA Earthquake Rehabilitation and Reconstruction AuthorityEU European Union

F FAO Food and Agriculture OrganizationFATA Federal Administered Tribal AreasFB Fiscal BalanceFBR Federal Bureau of RevenueFBS Federal Bureau of StatisticsFC Foreign currencyFCAs Foreign Currency AccountsFCBCs Foreign Currency Bearer CertificatesFCL Flexible Credit LineFDI Foreign Direct InvestmentFE/FX Foreign ExchangeFED Federal Excise DutyFEMPI Foreign Exchange Market Presume IndexFE-25 Foreign Exchange Circular No. 25 dated 20th June 1998FE-31 Foreign Exchange Circular No. 31of 1998FEBC Foreign Exchange Bearer CertificateFEC Foreign Exchange CompaniesFED Federal Excise DutyFEE Foreign Exchange EarningsFEEL Foreign Exchange Exposure limitFFC Fauji Fertilizer CompanyFGT Foster, Greer and ThorebeckeFIA Federal Investigation AgencyFIB Federal Investment BondFIBR Floating Interbank RatesFJFC Fauji Jordan Fertilizer CompanyFMD Foot and Mouth DiseaseFO Furnace OilFoDP Friends of Democratic PakistanFRB Federal Reserve BoardFRDL Fiscal Responsibility and Debt Limitation Act, 2005FSIs Financial Soundness IndicatorsFSV Forced Sale valueFY Financial/Fiscal Year

G GCI Global Competitiveness IndexGDP Gross Domestic ProductGDR Global Depository ReceiptsGDS Gas Development SurchargeGER Gross Enrollment RateGFCF Gross Fixed Capital FormationGNP Gross National ProductGoP Government of PakistanGSP Generalized System of PreferenceGST General Sales TaxGVA Gross Value Addition

H H1 First Half of the Fiscal YearH2 Second Half of the Fiscal Year

HAPAs High Access Precautionary SBAsHBL Habib Bank LimitedHCR Head Count RatioHDI Human Development IndexHFBC House Building Finance CorporationHH HouseholdHHI Herfindahl-Hirschman IndexH.I. Herfindhal IndexHIV Human Immunodeficiency VirusHOBC High Octane Blending ComponentHPI Human Poverty IndexHRI House Rent IndexHSD High Speed DieselHUBCO Hub Power Company Ltd.

I IAS International Accounting StandardsIATA International Air Transport AssociationIBD Islamic Banking DepartmentIBRD International Bank for Reconstruction and DevelopmentICT Information and Communication TechnologyIDA International Development AssociationIDB Islamic Development BankIDPs Internally Displaced PersonsIEO Independent Evaluation OfficeIFIs International Financial InstitutionsIFS International Financial StatisticsIHFD Infrastructure & Housing Finance DepartmentIHI International Hilal IntegratyIIASA International Institute for Applied Systems AnalysisILO International Labor OrganizationIMF International Monetary FundIMR Infant Mortality RateINSMED Institute of Small & Medium Enterprise and Entrepreneur

DevelopmentIPM Index Points MovementIPOs Initial Public OfferIPP Independent Power ProducersIRPs International Reference PricesIRRI International Rice Research Institute & a variety of riceISE Islamabad Stock ExchangeISIC International Standard Industrial ClassificationIT Information TechnologyIVTS Informal Value Transfer System

J JCI Jakarta composite indexJS Jahangir Siddiqui

K KAPCO Kot Addu Power Company LimitedKESC Karachi Electric Supply CorporationKIBOR Karachi Inter Bank Offer Rate

KLCI Kuala Lumpur Composite indexKP Khyber PakhtoonkhawaKPT Karachi Port TrustKSE Karachi Stock Exchange

L LC Letter of CreditLCVs Light Commercial VehiclesLDI Long Distance and InternationalLF Labor ForceLFS Labor Force SurveyLFPR Labor Force Participation RateLHW Lady Health WorkerLIBOR London Inter- bank Offer RateLNG Liquefied Natural GasLPBs Large Privatized BanksLSE Lahore Stock Exchange, London Stock ExchangeLSM Large Scale ManufacturingLTFF Long-Term Financing FacilityLTF-EOP Long Term Finance- Export Oriented ProjectLTTF Long Term Financing Facility

M M2 Money SupplyM&Q Mining and QuarryingMAA Mahana Aamdani AccountMAF Million Acre FeetMCB Muslim Commercial BankMCR Minimum Capital RequirementMDGs Millennium Development GoalsME Middle EastMF Marginal FinancingMFA Multi Fiber ArrangementMFD Micro Finance DepartmentMLTD Medium & Long Term DebtMMBTU Million British Thermal Units (heat required to increase the

temperature of a pint of water by 1 FahrenheitMNCH Maternal, Neonatal and Child HealthMOF Ministry of FinanceMOGAS Motor GasolineMoM Month on MonthMPC Monetary Policy CommitteeMRTB Market Related Treasury BillsMSCI-EMI Morgan Stanley Capital International-Emerging Market IndexMSS Market Stabilization SchemeMTBs Market Treasury BillsMTBF Medium Term Budgetary FrameworkMTBR Market Treasury Bills for ReplenishmentMTDF Medium Term Development FrameworkMT Metric TonnesMTO Money Transfer OperationsMW Mega Watts

NN

NAB National Accountability BureauNADRA National Database and Registration AuthorityNAV Net Asset ValueNAVTEC National Vocational & Technical Education CommissionNBFIs Non-Bank Financial InstitutionsNBP National Bank of PakistanNCB Nationalized Commercial Bank, Non Competitive BidNCCC National Credit Consultative councilNCCPL National Clearing Company of Pakistan LimitedNDA Net Domestic AssetNEC National Education CensusNER Net Enrollment RateNEER Nominal Effective Exchange RateNFA Net Foreign AssetNFC National Finance CommissionNFNE Non Food Non EnergyNFI Net Foreign InvestmentNGO Non Governmental OrganizationNHA National Highway AuthorityNIEs Newly Industrialized Asian EconomiesNII Non Interest IncomeNIM Net Interest MarginsNPLs Non Performing LoansNPP National Population PolicyNSS National Savings Scheme

O OCAC Oil Companies Advisory CommitteeOCR Ordinary Capital ResourcesODA Official Development AssistanceOEBs Outstanding Export BillsOECD Organization for Economic Cooperation and DevelopmentOGDCL Oil and Gas Development Company LtdOGRA Oil & Gas Regulatory AuthorityOIN Other Items NetOMCs Oil Marketing CompaniesOMOs Open Market OperationsO/N OvernightOPEC Organization of Petroleum Exporting Countries

P PACRA Pakistan Credit Rating Agency LimitedPAMA Pakistan Automotive Manufacturers AssociationPAT Profit After TaxPASSCO Pakistan Agriculture Storage and Supply CorporationPBA Pakistan Bankers Association, Pensioners Benefit AccountPDL Petroleum Development LevyPEMA Pakistan Electronics Manufacturers AssociationPEMRA Pakistan Electronic Media Regulatory AuthorityPEPCO Pakistan Electric Power Company

PET Polyethylene TerephthalatePFMA Pakistan Flour Mill AssociationPG Poverty GapPGR Population Growth RatePIA Pakistan International AirlinePIB Pakistan Investment BondPIGS Portugal, Ireland, Greece, SpainPIHS Pakistan Integrated Household SurveyPL Poverty LinePLS Profit and Loss SharingPMDC Pakistan Mineral Development CorporationPMDGR Pakistan Millennium Development Goals ReportPNSC Pakistan National Shipping CorporationPOL Petroleum, Oil and LubricantsPOTS Plain Old Telephone ServicePPAF Pakistan Poverty Alleviation FundPPCBL Pakistan Punjab Cooperative Bank LimitedPPG Public and Publicly GuaranteedPQA Port Qasim AuthorityPR Pakistan RailwayPRB Population Reference BureauPRI Pakistan Remittance InitiativePPPs Public-private PartnershipsPPTFCs Privately Placed Term Finance CertificatesPRGF Poverty reduction Growth FacilityPRI Pakistan Remittance InitiativePRSP Poverty Reduction Strategy PaperPSDP Public Sector Development ProgramPSCAC Private Sector Credit Advisory CommitteePSC Private Sector CreditPSEs Public Sector EnterprisesPSF Polyester Staple FiberPSLM Pakistan Living Standard Measurement SurveyPSM Pakistan Steel MillsPSMA Pakistan Sugar Mills AssociationPSO Pakistan State OilPTA Pakistan Telecommunication AuthorityPTCL Pakistan Telecommunication Corporation LimitedPVMA Pakistan Vanaspati Manufacturers Association

Q Q2 Second QuarterQ4 Fourth QuarterQIM Quantum Index of Manufacturing

R RBD Refined-bleached- and DeodorizedRes ReservesREER Real Effective Exchange RateREPO Sale & Repurchase AgreementRFCA Resident Foreign Currency Account

RHC Rural Health UnitRIC Regular Income CertificateRM Reserve MoneyROA Return on AssetROE Return on EquityRNR Renewable Natural ResourcesRWA Risk Weighted Assets

S S&P Standard & Poor'sSA South Asia, Saving AccountsSAFTA South Asian Free Trade AgreementSBA Stand-By ArrangementSBP State Bank of PakistanSCBPL Standard Chartered Bank Pakistan limitedSCRA Special Convertible Rupee AccountSDRs Special Drawing RightsSECP Securities and Exchange Commission of PakistanSENSEX Sensitive Index (Bombay Stock Exchange)SKD Semi Knocked DownSLR Statutory Liquidity RequirementSMEs Small and Medium EnterprisesSMED Small & Medium Enterprises DepartmentSMEFD Small and Medium Enterprises Finance DepartmentSNGPL Sui Northern Gas Pipelines LimitedSOP Severity of PovertySPI Sensitive Price IndicatorSPS Sanitary and PhytosanitarySSA Special Saving AccountSSC Special Saving CertificateSSM Small Scale ManufacturingSSGC Sui Southern Gas CompanySTD Short Term DebtSTDL Short Term Debt and Liabilities

T TARCH Threshold Autoregressive Conditional HetroskedasticityTB TuberculosisT-Bill Treasury BillsTBS Tariff Based SystemTCP Trading Corporation of PakistanTD Total DebtTDAP Trade Development Authority of PakistanTDL Total Debt and Liabilities, Time & Demand LiabilitiesTED Total External DebtTFC Term Finance CertificateTFR Total Fertility RateTNCs Transactional CorporationsTPI Tornqvist Price IndexTR Total RevenueTV Television

TVET Technical and Vocational Education & TrainingU UAE United Arab Emirates

UBL United Bank LimitedUK United KingdomUN United NationsUNCTAD United Nations Conference on Trade & DevelopmentUNEP United nations Environment ProgramUNFPA UN Population FundUPS Uninterrupted Power SupplyUSA United States of AmericaUSF Universal Services FundUSA/US United States of AmericaUSDA US Department of Agriculture

V VA Value AdditionVAR Vector AutoregressiveVP Voluntary Payments

W WALR Weighted Average Lending RatesWADR Weighted Average Deposit RatesWAFC Weighted Average Foreign CurrencyWALR Weighted Average Lending RateWAPDA Water and Power Development AuthorityWHC World Heritage ConventionWHO World Health OrganizationWHT Withholding TaxWLL Wireless Local LoopWOM Weeks of ImportsWPI Wholesale Price IndexWS&RT Wholesale and Retail TradeWTO World Trade Organization

X XGS Export of Goods & Services

Y YoY Year on Year

Z ZTBL Zarai Taraqiati Bank Limited