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IMF announces immediate disbursement of $1.1 billion to Pakistan

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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)

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Israel Declares UN Chief ‘Persona Non Grata’ Over Iran Attack Response

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Israel declared UN Chief Antonio Guterres “persona non grata” on Wednesday, accusing him of failing to specifically condemn Iran’s missile attack on Israel.

“Anyone who cannot unequivocally condemn Iran’s heinous attack on Israel does not deserve to step foot on Israeli soil,” said Foreign Minister Israel Katz in a statement.

“This is an anti-Israel Secretary-General who lends support to terrorists, rapists, and murderers,” he said.

Katz added that Guterres, who he said supported the “murderers of Hamas, Hezbollah, the Huthis, and now Iran, the mothership of global terror, will be remembered as a stain on the history of the UN for generations to come”.

Following Iran’s missile attack on Israel late Tuesday, Guterres condemned the “broadening conflict in the Middle East”, slamming “escalation after escalation” in the region.

“This must stop. We absolutely need a ceasefire,” said Guterres.

Israel has been a harsh critic of the UN, with ties between the state and the international body souring even more after the October 7 Hamas attacks.

Guterres has repeatedly called for a ceasefire to halt the fighting in both Gaza and Lebanon.

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Former Dutch PM, Rutte becomes NATO secretary general

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Former Dutch prime minister Mark Rutte is now the secretary general of NATO after a handover ceremony at alliance headquarters in Brussels on Tuesday.

Rutte thanked NATO allies for trusting him with the leadership role, succeeding former Secretary General Jens Stoltenberg. “It is a big job, and I have big shoes to fill,” he said.

NATO’s 32 members appointed Rutte during the summer after the Dutch politician secured the early backing of the United States, Germany and Britain despite his record of low defence spending in government.

Rutte takes over at a challenging time for the Western defence alliance, facing down the threat of a more aggressive Russia while supporting Ukraine’s defence against Russian President Vladimir Putin’s all-out invasion.

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30 missing after heavy rain destroys dams in Yemen

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30 missing after heavy rain destroys dams in Yemen

Heavy floods in Yemen due to heavy rains led to the collapse of three dams in the north-western province of al-Mahwit, killing several people and leaving at least 30 missing.

The residents in the areas told reporters on Wednesday.

They could not confirm the casualty toll.

Many families remained under the rubble in the Malhan district.

Cars were swept away and roads have been cut off, they added.

The collapsing dams caused mountain rockslides, affecting people and houses in the province, located near the capital Sana’a.

The province is controlled by the Houthi rebels, who took control of large parts of Yemen in 2014.

The Houthi-affiliated al-Masirah TV reported that several ambulances from neighbouring areas in al-Mahwit as well as Hodeida province were sent to assist.

Heavy rains and floods have been hitting Yemen for weeks, causing destruction and displacement in several provinces, and exacerbating an already dire situation in the war-torn country.

The Yemen Red Crescent Society said that more than 340,000 people have been directly affected by the heavy rains and flooding nationwide.

Two weeks ago, the UN said that at least 60 people were killed in several provinces.

Yemen has been embroiled in a disastrous power struggle since 2014 between government forces, supported by a Saudi Arabia-led coalition, and the Iran-linked Houthi rebels.

The war has taken a heavy toll on the infrastructure in the already impoverished country and the UN considers Yemen one of the largest humanitarian crises in the world.

Floods hit the country almost annually, leaving many dead or displaced.

Although conflict declined over the past two years, no sustainable political settlement has been reached.

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