Connect with us

World

IMF board releases over $1.1 billion in Pakistan bailout funds

Published

on

The International Monetary Fund (IMF) board approved the seventh and eighth reviews of Pakistan’s bailout programme, allowing for a release of over $1.1 billion to the cash-strapped economy, the fund and the government said on Monday.

The IMF agreed to extend the programme by a year and increase the total funding by about $940 million as per the current exchange, Reuters reported.

The funds will be a lifeline to the South Asian country suffering from devastating floods which have inflicted damage of at least $10 billion according to the country’s planning minister.

In a statement, IMF Deputy Managing Director Antoinette Sayeh said adhering to scheduled increases in fuel levies and energy tariffs is “essential” as Pakistan’s economy “has been buffeted by adverse external conditions.”

These include “spillovers from the war in Ukraine, and domestic challenges, including from accommodative policies that resulted in uneven and unbalanced growth,” he noted.

The floods were not mentioned in the fund’s statement.

Pakistan’s foreign exchange reserves have fallen to levels that cover only a month of exports and its economy is wrangled with a massive current account deficit and high inflation.

The Extended Fund Facility (EFF) programme was initially for 36 months and worth $6 billion at the time of its approval in 2019. It had stalled since earlier this year as Islamabad struggled to meet targets set by the lender, Reuters reported.

The IMF board also approved Pakistan’s request for waivers related to the country’s failure to meet some of the programme’s criteria.

Ismail also said government efforts to get the programme back on track via painful corrective economic measures had saved Pakistan from default.

The go-ahead from the IMF board will open other multilateral and bilateral avenues of funding for Pakistan, which were awaiting a clean bill of health from the lender.

World

Netanyahu meets Trump at White House as Israel, Hamas discuss ceasefire

Netanyahu said the US and Israel were working with other countries who would give Palestinians a “better future,” suggesting residents of Gaza could move to neighboring nations.

Published

on

White House dinner Trump and Netanyahu

U.S. President Donald Trump, hosting Israeli Prime Minister Benjamin Netanyahu at the White House on Monday, said the United States had scheduled talks with Iran and indicated progress on a controversial effort to relocate Palestinians out of Gaza.

Speaking to reporters at the beginning of a dinner between U.S. and Israeli officials, Netanyahu said the United States and Israel were working with other countries who would give Palestinians a “better future,” suggesting that the residents of Gaza could move to neighboring nations.

“If people want to stay, they can stay, but if they want to leave, they should be able to leave,” Netanyahu said.

“We’re working with the United States very closely about finding countries that will seek to realize what they always say, that they wanted to give the Palestinians a better future. I think we’re getting close to finding several countries.”

Trump, who initially demurred to Netanyahu when asked about the relocating of Palestinians, said the countries around Israel were helping out. “We’ve had great cooperation from … surrounding countries, great cooperation from every single one of them. So something good will happen,” Trump said.

The president earlier this year floated relocating Palestinians and taking over the Gaza Strip to turn it into the “Riviera of the Middle East.” Gazans criticized the proposal and vowed never to leave their homes in the coastal enclave. Human rights groups condemned the plan as ethnic cleansing.

Trump and Netanyahu met for several hours in Washington while Israeli officials continued indirect negotiations with Hamas aimed at securing a U.S.-brokered Gaza ceasefire and hostage-release deal.

Netanyahu is due to meet Vice President JD Vance on Tuesday morning.

Continue Reading

World

BRICS leaders condemn Gaza and Iran attacks, urge global reforms

More than 30 nations have expressed interest in participating in the BRICS, either as full members or partners.

Published

on

Leaders of the BRICS group of developing nations on Sunday condemned attacks on Gaza and Iran, called for reforms of global institutions and presented the bloc as a haven for multilateral diplomacy amid violent conflicts and trade wars.

With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive “America First” approach of U.S. President Donald Trump, expansion of the BRICS has opened new space for diplomatic coordination, Reuters reported.

In opening remarks to the summit in Rio de Janeiro, Brazil’s President Luiz Inacio Lula da Silva drew a parallel with the Cold War’s Non-Aligned Movement, a group of developing nations that resisted joining either side of a polarized global order.

“BRICS is the heir to the Non-Aligned Movement,” Lula told leaders. “With multilateralism under attack, our autonomy is in check once again.”

BRICS nations now represent more than half the world’s population and 40% of its economic output, Lula noted in remarks on Saturday to business leaders warning of rising protectionism.

The original BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates as members. This is the first summit of leaders to include Indonesia, read the report.

“The vacuum left by others ends up being filled almost instantly by the BRICS,” said a Brazilian diplomat who asked not to be named. Although the G7 still concentrates vast power, the diplomat added, “it doesn’t have the predominance it once did.”

However, there are questions about the shared goals of an increasingly heterogeneous BRICS group, which has grown to include regional rivals along with major emerging economies.

Stealing some thunder from this year’s summit, Chinese President Xi Jinping chose to send his premier in his place. Russian President Vladimir Putin is attending online due to an arrest warrant from the International Criminal Court.

Still, several heads of state were gathered for discussions at Rio’s Museum of Modern Art on Sunday and Monday, including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa.

More than 30 nations have expressed interest in participating in the BRICS, either as full members or partners.

Expansion of the BRICS has added diplomatic weight to the gathering, which aspires to speak for developing nations across the Global South, strengthening calls for reforming global institutions such as the United Nations Security Council and the International Monetary Fund.

“If international governance does not reflect the new multipolar reality of the 21st century, it is up to BRICS to help bring it up to date,” Lula said in his remarks, which highlighted the failure of U.S.-led wars in the Middle East.

Urging the BRICS to take the lead on reforms, Lula reflected on the G20 summit hosted in the same locale last November: “In a short period of time, the international scene has deteriorated to the point that some of the initiatives we approved then would no longer be possible now.”

In a joint statement released on Sunday afternoon, the leaders assembled called attacks against Iran’s “civilian infrastructure and peaceful nuclear facilities” a “violation of international law.”

The group expressed “grave concern” for the Palestinian people over Israeli attacks on Gaza, and condemned what the joint statement called a “terrorist attack” in India-administered Kashmir.

On trade, the joint statement warned the rise in tariffs threatens global trade, continuing the group’s veiled criticism of Trump’s U.S. tariff policies.

The group voiced its support for Ethiopia and Iran to join the World Trade Organization, while calling to urgently restore its ability to resolve trade disputes, Reuters reported.

The leaders’ joint statement backed plans to pilot a BRICS Multilateral Guarantees initiative within the group’s New Development Bank to lower financing costs and boost investment in member states, as first reported by Reuters last week.

In a separate statement following a discussion of artificial intelligence, the leaders called for protections against unauthorized use of AI to avoid excessive data collection and allow mechanisms for fair payment.

Brazil, which also hosts the United Nations climate summit in November, has seized on both gatherings to highlight how seriously developing nations are tackling climate change, while Trump has slammed the brakes on U.S. climate initiatives.

China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in a proposed Tropical Forests Forever Facility, according to two sources with knowledge of the discussions about funding conservation of endangered forests around the world.

Continue Reading

World

Musk announces forming of ‘America Party’ in further break from Trump

Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk’s companies receive from the federal government.

Published

on

The tattered bromance between Republican President Donald Trump and his main campaign financier Elon Musk took another fractious turn on Saturday when the space and automotive billionaire announced the formation of a new political party, saying Trump’s “big, beautiful” tax bill would bankrupt America.

A day after asking his followers on his X platform whether a new U.S. political party should be created, Musk declared in a post on Saturday that “Today, the America Party is formed to give you back your freedom.”

“By a factor of 2 to 1, you want a new political party and you shall have it!” he wrote.

The announcement from Musk comes after Trump signed his self-styled “big, beautiful” tax-cut and spending bill into law on Friday, which Musk fiercely opposed.

Musk, who became the word’s richest man thanks to his Tesla car company and his SpaceX satellite firm, spent hundreds of millions on Trump’s re-election and led the Department of Government Efficiency from the start of the president’s second term aimed at slashing government spending.

The two have since fallen out spectacularly over disagreements about the bill.

Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill.

Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk’s companies receive from the federal government.

Republicans have expressed concern that Musk’s on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.

Asked on X what was the one thing that made him go from loving Trump to attacking him, Musk said: “Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country.”

He referenced the growth of Greece from subjugation to preeminence in the ancient world in another tweet, saying: “The way we’re going to crack the uniparty system is by using a variant of how Epaminondas shattered the myth of Spartan invincibility at Leuctra: Extremely concentrated force at a precise location on the battlefield.”

There was no immediate comment from Trump or the White House on Musk’s announcement.

The feud with Trump, often described as one between the world’s richest man and the world’s most powerful, has led to several precipitous falls in Tesla’s share price.

The stock soared after Trump’s November reelection and hit a high of more than $488 in December, before losing more than half of its value in April and closing last week out at $315.35.

Despite Musk’s deep pockets, breaking the Republican-Democratic duopoly will be a tall order, given that it has dominated American political life for more than 160 years, while Trump’s approval ratings in polls in his second term have generally held firm above 40 percent, despite often divisive policies.

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending

Copyright © 2025 Ariana News. All rights reserved!