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IMF announces immediate disbursement of $1.1 billion to Pakistan
IMF announces immediate disbursement of $1.1 billion to Pakistan
The International Monetary Fund (IMF) has announced an immediate disbursement of a 1.1 billion Dollars loan to Pakistan to help stabilise the crumbling economy of the South Asian country.
The decision came late on Monday after the IMF Executive Board completed the second review under the Stand-By Arrangement (SBA) to complete a total loan of three billion dollars agreed under a deal in 2023.
However, the global lender underlined the need for concerted efforts for sustainable recovery.
The bank said in a statement that “to move Pakistan from stabilisation to a strong and sustainable recovery, authorities need to continue the policy and reform efforts, including strict adherence to fiscal targets while protecting the vulnerable.
“Also a market-determined exchange rate to absorb external shocks; and broadening of structural reforms to support stronger and more inclusive growth.”
Pakistan’s economy was pulled back from the brink amid fears of default when the IMF approved a short-term three-billion-dollar bailout package.
Signed in July last year, Pakistan has already received 1.9 billion dollars under the programme.
Prime Minister, Shehbaz Sharif’s team laid the groundwork for yet another long-term bailout as the new government seeks to stabilise the economy.
Sharif’s government says it inherited the economic crisis from the previous government of Imran Khan, whose policies pushed the country to the brink.
The government is struggling to tackle soaring inflation, heavy debt burden, unemployment and high electricity and gas prices.
(dpa/NAN)
Headlines
Trump Victory Sparks Celebration in Florida, Disappointment for Harris Supporters
Jubilant supporters celebrated Donald Trump’s apparent victory in Florida early Wednesday as he claimed a return to the White House, despite most major news networks holding off on officially calling the race.
At an event in Palm Beach, Trump supporters reveled in the win projected by Fox News, cheering as the former president declared a “political victory that our country has never seen before.”
“I feel extraordinary,” said 68-year-old supporter Ted Sarvanis, dancing with arms in the air. “This is the greatest American political story in the history of the country.”
Joined by running mate J.D. Vance, Trump took the stage, celebrating his projected win. The atmosphere at the convention center was electric, with supporters sporting “Make America Great Again” caps and mingling in formal attire and Trump-themed clothing.
“I feel relieved. I was a little bit scared because you never know how things are going to turn out,” said Stacy Kurtz, 45.
In contrast, a far different scene unfolded for Vice President Kamala Harris’s supporters at Howard University in Washington, where they were hoping for a Democratic win.
As the night wore on and Trump gained electoral votes in key battleground states, disappointment swept through the crowd.
“I am scared, I am anxious now,” said Charlyn Anderson earlier in the evening.
Democratic watch parties in places like Atlanta and Pennsylvania grew somber as results rolled in, with Lynn Johnson, 65, expressing concern, “It’s going to be dangerous if he wins. I don’t feel safe.”
While Trump’s supporters celebrated a comeback, the mood among Democrats was marked by worry and disbelief.
“He’s a terrible candidate, so it just doesn’t make sense,” said Harris supporter Ken Brown.
The contrasting scenes highlighted the nation’s deep political divide on election night.
world
Israel President Vows To Strengthen US-Israel ‘Ironclad Bond’ As Trump Claims Victory
Israel’s President Isaac Herzog on Wednesday vowed to strengthen his country’s “ironclad bond” with the United States as he congratulated Donald Trump, who claimed victory in the US election.
“Congratulations to President @realDonaldTrump on your historic return to the White House… I look forward to working with you to strengthen the ironclad bond between our peoples, to build a future of peace and security for the Middle East, and to uphold our shared values,” Herzog said in a statement.
world
Russia hosts 2-day BRICS summit in Kazan
Russian President Vladimir Putin is hosting a summit of the BRICS inter-governmental organisation in the city of Kazan from Tuesday to Thursday.
The summit brings together 24 heads of state and government and is seen by Putin as part of an initiative to create a new world order to end the dominance of the U.S…
Prominent among the guests was Chinese President Xi Jinping.
Representatives from a total of 32 countries would attend.
The original members of BRICS are, Brazil, Russia, India, China and South Africa have been joined by the United Arab Emirates, Egypt, Ethiopia and Iran among others.
The status of Saudi Arabia is yet unclear.
Russia, which currently chairs the organisation, announced that Saudi Arabia would be accepted as a member country at the start of the year.
But there has been no confirmation from Riyadh, and Saudi Arabia would be represented at the summit by its foreign minister.
Kremlin spokesman Dmitri Peskov said Saudi Arabia’s status would be cleared up at the summit.
Turkey is to participate as an interested party.
Speaking ahead of the summit, Putin said a central aim would be promoting financial cooperation and providing an alternative to the SWIFT network, through which international payments are routed.
Many Russian banks were banned from the network after its invasion of Ukraine.
Setting up a joint bank is also on the BRICS agenda.
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