Connect with us

World

IMF to revive $6 billion Pakistan funding program

Published

 on

(Last Updated On: November 22, 2021)

The International Monetary Fund (IMF) said on Monday it has reached an agreement with Pakistan that will help revive a stalled $6 billion funding program for the South Asian country, which faces growing economic challenges.

“The Pakistani authorities and IMF staff have reached a staff-level agreement on policies and reforms needed to complete the sixth review,” the IMF said in a statement.

“The agreement is subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms,” it said.

It said completion of the review would make available 750 million in IMF special drawing rights, or approximately $1.059 billion, bringing total disbursements so far to about $3.027 billion, Reuters reported.

Pakistan entered the $6 billion funding program with the IMF in 2019, however, the funding stalled earlier this year due to reforms issues.

Finance Adviser Shaukat Tarin said last week Pakistan has been in talks with the IMF over terms and conditions of the program, which he said had been made harder due to economic losses caused by COVID-19 shutdowns.

He said Pakistan had to complete five reforms before the IMF revived the funding, including legislation on central bank autonomy, withdrawal of tax exemptions and increased energy tariffs.

The agreement was struck after 45 days of discussions between the finance team and the IMF, a Pakistan finance ministry spokesman said.

“This will remove a lot of uncertainties,” he said.

Pakistan has been grappling with a historical currency devaluation, high inflation and a current account deficit while investors have become nervous about the outcome of the talks between the government and the IMF.

World

FBI searches Trump’s Florida home as part of presidential records probe

Published

on

(Last Updated On: August 9, 2022)

Former US president Donald Trump said FBI agents raided his Mar-a-Lago estate on Monday and broke into his safe in what his son acknowledged was part of an investigation into Trump’s removal of official presidential records from the White House to his Florida resort.

The unprecedented search of a former president’s home would mark a significant escalation into the records investigation, which is one of several probes Trump is facing from his time in office and in private business. 

The U.S. Justice Department declined to comment on the search, which Trump in a statement called a raid and said involved a “large group of FBI agents.” The FBI’s headquarters in Washington and its field office in Miami both declined comment, Reuters reported.

Eric Trump, one of the former president’s adult children, told Fox News the search concerned boxes of documents that Trump brought with him from the White House, and that his father has been cooperating with the National Archives on the matter for months.

A source familiar with the matter also confirmed to Reuters the raid appeared to be tied to Trump’s removal of classified records from the White House.

“After working and cooperating with the relevant Government agencies, this unannounced raid on my home was not necessary or appropriate,” Trump said, adding: “They even broke into my safe!”

Trump was not present at the time as he was in New York on Monday, Fox News Digital reported, publishing a photo of Trump that a Fox reporter said showed him leaving Trump Tower.

Trump, who has made his club in Palm Beach his home since leaving the White House in January 2021, has generally spent summers at his golf club in Bedminster, New Jersey, because Mar-a-Lago typically closes for the summer.

A federal law called the U.S. Presidential Records Act requires the preservation of memos, letters, notes, emails, faxes and other written communications related to a president’s official duties.

Continue Reading

World

China continues military drills around Taiwan

Published

on

(Last Updated On: August 8, 2022)

China’s military said on Monday it is continuing drills in the seas and skies around Taiwan.

The Eastern Theater Command of China’s People’s Liberation Army said on social media Weibo that it will practice conducting anti-submarine attacks and sea raids, Reuters reported.

The military has carried out an unprecedented set of naval and air force drills in areas near Taiwan following U.S. House Speaker Nancy Pelosi’s visit to the island last week.

Continue Reading

World

Bus crash in Croatia leaves 12 Polish pilgrims dead, 32 injured

Published

on

(Last Updated On: August 7, 2022)

Twelve people were killed in Croatia on Saturday when a Polish bus filled with religious pilgrims slipped off a road and crashed near Varazdin, authorities said, Reuters reported.

Thirty-two people were injured in the crash which happened at 5:40 a.m. (0340 GMT) on the highway between Varazdin, in northwest Croatia, and capital Zagreb.

Croatian Health Minister Vili Beros said 19 people were in a serious condition.

According to Reuters Marcin Przydacz, deputy head of the Polish Foreign Ministry, who was travelling to the site on Saturday, said the injured were being treated at five hospitals in Croatia.

He said there were 44 Polish pilgrims on the bus driving from Poland to Medjugorje, a Roman Catholic shrine in southern Bosnia, including two drivers. Among them were three priests and six nuns, a ministry spokesman said.

Police cleared the area where the accident took place after firefighters and medical teams recovered all the occupants of the vehicle which had Warsaw registration plates, read the report.

Polish police officers, in Croatia as part of project “Safe Tourist Destination” project, were helping Croatian authorities in communicating with the survivors.

An investigation has been started into the cause of the accident.

Continue Reading

Trending

Copyright © 2022 Ariana News. All rights reserved!