world
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
China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).
The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.
Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.
The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.
Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.
Headlines
Pope Francis spends 3rd night in hospital without complications

Pope Francis spent his third night in hospital without complications, a Vatican spokesman said on Monday.
He added that the 88-year-old had “a restful night,” breakfasted and read the morning newspapers.
The head of the world’s 1.4 billion Catholics has been hospitalised in a Rome hospital since Friday and is, according to the Vatican, suffering from bronchitis.
Concerns about the pope’s health had grown over the past week, as his voice repeatedly faltered during public appearances and he rarely left his Vatican residence.
Doctors had been recommending that he go to hospital for treatment for some time, according to media reports.
Part of the native Argentinian’s right lung has been missing since his youth, and he has frequently complained of respiratory problems.
Doctors have ordered “absolute rest,” the Vatican said.
It initially said that Francis would spend five days in hospital, but there is now speculation that it could be longer.
As a result, Francis had to cancel all his planned appointments over the weekend and at the start of the week.
Earlier, a news bulletin on the pope’s health, issued by the Vatican, said his condition was “stable.”
world
Xi Jinping Calls for Unity, Peace at Asian Winter Games Opening

Chinese President Xi Jinping has urged global unity, inclusiveness, and cooperation to foster human civilization, emphasizing that peace is as pure as ice and snow.
Speaking at the inaugural banquet of the ninth Asian Winter Games in Harbin on Friday, Xi underscored the significance of the event, themed “Dream of Winter, Love among Asia,” as a symbol of shared aspirations for peace, development, and friendship across the continent.
“The cauldron of the ninth Asian Winter Games will be lit tonight. From the Olympic Winter Games Beijing to the Asian Winter Games Harbin, the passion in China for ice and snow has swept across the nation,” Xi said. “It has also invigorated winter sports globally.”
Highlighting the record-breaking participation of 1,275 athletes from 34 countries in 64 events across 11 sports, Xi expressed confidence in the success of the Games.
“I believe with the joint efforts of the Olympic Council of Asia and delegations from all participating countries and regions, Harbin will present to the world a great sports event that is distinctly Chinese, uniquely Asian, and spectacular,” he stated.
Xi also stressed the need for global collaboration in addressing security challenges and promoting economic growth.
“No matter how the international landscape evolves, we should join hands together to meet all kinds of security challenges and contribute Asian strength to building an equal and orderly multipolar world,” he said.
Encouraging unity in economic development, Xi drew a parallel between winter sports and global progress.
“Winter sports are fascinating because they require passion and collaboration. We should work together to promote progress and development, and provide sustained drive for a universally beneficial and inclusive economic globalisation,” he said.
He further emphasized Asia’s role as a melting pot of civilizations, calling for inclusiveness and cultural exchange.
“Every snowflake is unique, and every civilization is distinctive. Asia is a convergence of the world’s diverse civilizations. We should promote inclusiveness, coexistence, and mutual learning, and contribute more to the development and progress of human civilization,” Xi said.
Describing Harbin as the birthplace of China’s modern winter sports, he highlighted its transformation into a hub for ice and snow culture, boosting the city’s economy and global relevance.
“We feel truly that ice and snow are as valuable as gold and silver. The ice and snow culture and economy are becoming new driving forces for the high-quality development of Harbin and a new bond linking the city and the world,” he added.
Welcoming guests to experience the city’s charm, Xi referenced the Chinese zodiac, expressing hope that the Year of the Snake would bring wisdom and vitality.
“I wish all athletes excellent performance with the agility of the snake. May you all have beautiful and unforgettable memories of ice and snow in Harbin,” he concluded.
The ninth Asian Winter Games, running from February 3 to 14, is the largest edition in history, showcasing the growing prominence of winter sports in Asia.
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