Author: newsdesk

  • IMF bailout talks with Pakistan set to commence this week

    IMF bailout talks with Pakistan set to commence this week

    The International Monetary Fund (IMF) is poised to initiate crucial discussions with Pakistan this week.

    Esther Perez Ruiz, the IMF representative, confirmed that a delegation, led by Nathan Porter, will embark on talks with Pakistani authorities to delve into the prospects of a new loan programme.

    The primary agenda of these discussions will revolve around forging a robust governance framework aimed at fostering enduring economic stability.

    Ruiz said that the focus will be on fostering sustainable and inclusive economic growth that extends its benefits to all segments of the Pakistani populace.

    Technical experts from the IMF arrived in Pakistan on May 10, geared up for deliberations on both a fresh loan programmeme and budgetary preparations.

    However, Pakistan finds itself grappling with significant economic hurdles, notably the setback of a tax amnesty scheme proposed by the IMF.

    The government’s pledge to incorporate 3.1 million traders into the tax net under this scheme has fallen short of expectations, casting a shadow over the Federal Board of Revenue (FBR), particularly amid recent changes in senior officials.

    These discussions come hot on the heels of Pakistan receiving the long-awaited $1.1 billion final tranche from the IMF under the $3 billion standby arrangement.

    The State Bank of Pakistan (SBP) confirmed the receipt of Special Drawing Rights (SDR) 828 million, equivalent to $1.1 billion, following the successful completion of the second review by the IMF Executive Board under the Stand By Arrangement (SBA).

    With an eye towards the future, Pakistan is aiming for a new, more substantial IMF loan over an extended period.

    Finance Minister Muhammad Aurangzeb has hinted at the possibility of securing a staff-level agreement on the new programme by early July.

    The proposed loan is anticipated to span at least three years, with the objective of bolstering macroeconomic stability and implementing overdue but necessary structural reforms.

    The specifics of the programme remain undisclosed, but if realised, it would mark Pakistan’s 24th IMF bailout.

  • 2nd T20: Pakistan defeats Ireland by 7 wickets

    2nd T20: Pakistan defeats Ireland by 7 wickets

    Pakistan has defeated Ireland by seven wicket in 2nd T20 match of three-match series in Dublin.

    Pakistan skipper Babar Azam won the toss and decided to bowl against Ireland.

    Ireland inning:

    Ireland scored 193 runs for 7 wickets in the allotted 20 overs. Ireland’s Larkin Tucker scored 51 and Harry Tucker scored 32 runs and Gareth Delaney remained unbeaten on 28 runs.

    On behalf of Pakistan, Shaheen Shah Afridi took 3, Abbas Afridi took 2, Muhammad Amir and Naseem Shah took one wicket each.

    Pakistan inning:

    Chasing the target of 194, Pakistan lost first two wickets on 13 runs but Muhammad Rizwan and Fakhar Zaman played extraordinary scoring a partnership of 140 runs for forth wicket. Pakistan easily chase down the target in 16.5 overs.

    Fakhar Zaman scored 78 runs on 40 balls, while Muhammad Rizwan remained unbeaten on 75 runs.

    Apart from this Azam Khan scored 30 runs of just 10 balls including 4 sixes and 1 four.

    Pakistan will play the last match of this series on May 14 on Tuesday.

  • Big blow to ruling coalition as 27 reserved seats lost in Punjab

    Big blow to ruling coalition as 27 reserved seats lost in Punjab

    The ruling coalition government in Punjab led by PML-N on Friday lost dozens of reserved seats in the provincial assembly when the speaker suspended 24 women and three minority MPAs elected on reserved seats and barred them from joining the house proceedings.

    Most of the suspended members of parliament belonged to PML-N, two to PPP and one each to PML-Q and IPP.

    Speaker Malik Mohammad Ahmed Khan took the decision after the Supreme Court suspended the decision of the Election Commission of Pakistan (ECP) of allocating the reserved seats of SIC to other parties.

    Opposition lawmaker Rana Aftab of PTI-backed Sunni Ittehad Council (SIC), during the house proceedings, had raised this issue and then on Friday, the speaker read out the Supreme Court order and gave the ruling that Rana Aftab’s point of order was lawful and suspended the 27 members immediately.

  • No one is accepting defeat against Ireland: Mohsin Naqvi

    No one is accepting defeat against Ireland: Mohsin Naqvi

    Chairman Pakistan Cricket Board (PCB) Mohsin Naqvi has said that no one is accepting defeat in the first match against Ireland and that after Ireland and England, the real test is the World Cup.

    Chairman PCB Mohsin Naqvi held a two hour meeting with the national players in Dublin on the team’s strategy.

    Mohsin Naqvi said, “T20 cricket has a completely different and aggressive approach, victory will be possible only by playing according to the modern and new style of T20 cricket. Strategy can be made sitting in the room, but the real test is on the field,” adding that, “undoubtedly all the players are talented, professional and excellent, the bowling attack is excellent but fielding needs a lot of attention. The Pakistani nation loves cricket and the nation has expectations from its players.”

    The second match of the three-match T20 series will be played today.

    In the first match, Ireland defeated Pakistan by five wickets on Friday.

  • James Anderson retiring from international cricket

    James Anderson retiring from international cricket

    England fast bowler James Anderson has announced his retirement from international cricket.

    James Anderson, the famous fast bowler of the English team, will retire at the end of this season. He is the third and only fast bowler to take 700 wickets in Test cricket.

    According to the British newspaper Guardian, Brendon McCullum, the head coach of England’s cricket team, recently came to England, in which he told James Anderson that the English team’s eyes are now on the future and that they should give up their cricket this season.

    After which James Anderson has announced that he will retire after the first Test against West Indies.

    England’s first Test against the West Indies, scheduled for July 10 at Lord’s, will be the last match of Anderson’s career.

    James Anderson took 700 wickets in 187 Test matches.

    He is the only fast bowler to take 700 wickets in Test cricket. Apart from this, James Anderson took 269 wickets in 194 ODI matches while representing England.

    James Anderson also played 19 T20 International matches and took 18 wickets.

  • Acted in almost 100 dramas, received only one award: Aagha Ali reveals how he feels about the industry

    Acted in almost 100 dramas, received only one award: Aagha Ali reveals how he feels about the industry

    Acted in almost 100 dramas, received only one award: Aagha Ali reveals how he feels about the industry Actor Aagha Ali recently appeared as a guest on a podcast where he talked about that a specific section of the showbiz industry who ‘don’t accept him”. “[This section of the industry] has not only dismissed my performances but also failed to review many dramas,” Ali revealed.

    He also shared his thoughts on why he chooses not to attend award shows saying that, despite his nearly 20-year career, he has only received one award.“Last year, my dramas had record-breaking TRPs, yet I did not get nominated . I don’t attend award shows just to clap. I want to go, but I’m upset with this part of the industry that doesn’t accept me, although I accept them.””I am not part of any lobby,” he said, explaining the possible reason behind his exclusion.

    “Some people in our nation believe they are superior to everyone else and that no one can challenge them,” he said but refrained from taking names.

  • Why did Ayesha Jehanzeb carry her first husband’s name?

    Why did Ayesha Jehanzeb carry her first husband’s name?

    Ayesha Jehanzeb is TV host, teacher, and now an actress. She’s currently playing the character Shaggo Phupho in the show ‘Burns Road Ke Romeo Juliet’. 

    She appeared as a guest on the show Fuchsia, where she  shared the ups and downs of her personal life.

    Ayesha said, “My first husband’s name was ‘Jahanzeb’, and I’ve always maintained it as a memorial to him. We were married for seven years before he passed away, having fallen in love when we were quite young. My first husband had given our children my grandfather’s name. That’s why I decided to keep it. When I remarried, my second husband graciously accepted my decision to keep the name and was happy with my situation as it was.”

  • Azlan Shah: Japan defeats Pakistan by 4-1 in the final

    Azlan Shah: Japan defeats Pakistan by 4-1 in the final

    Japan has defeated Pakistan by 4-1 to lift the 30th Azlan Shah Hockey Cup held in Malaysia.

    In the first quarter of the game, Japan scored thier first goal in the 12th minute of the game. In the second quarter both teams could not put up any goal but in the 34th minute of thd third quarter of the game Ejaz Ahmed scored the first goal for Pakistan while in 37th minute, Abdur Rehman scored the second goal to take a lead of 2-1 at the end of third quarter.

    In the start of fourth quarter Japan scored their second goal and equaled the lead by Pakistan.

    In the 58th minute of the game Pakistan got a penalty corner but could not convert it into a goal.

    Pakistan and Japan were tied with two goals each and time was up. The match was decided as per the penalty shoot-out.

    In penalty shoot-out Japan scored back to back four goals and won the final by 4-1.

  • IMF urges gas sector reforms to curb circular debt

    IMF urges gas sector reforms to curb circular debt

    The International Monetary Fund (IMF) highlighted the significance of prompt gas tariff determinations and notifications, crucial in curbing the escalating gas circular debt, while safeguarding vulnerable households.

    Stressing the necessity of adhering to the mandated 40-day window, the IMF underscored the urgency to initiate these measures commencing with the June 2024 semiannual adjustment.

    In its latest report, the IMF conducted its second and final review within the stand-by arrangement framework, released on Friday.

    It noted a slight decrease in natural gas circular debt to Rs2,083 billion (equivalent to 2.0 per cent of GDP) as of January 2024, attributing this decline to the resumption of gas tariff adjustments, albeit with some delay, aligned with cost recovery objectives.

    The Fund recommended a continued trajectory towards eliminating captive power usage, advocating for the prioritization of cheaper natural gas for the most efficient power plants.

    Additionally, it proposed efforts to standardize gas prices for all fertilizer companies, aligning with plans to implement a weighted average cost of gas (WACOG) across Pakistan, ensuring uniformity while facilitating cost recovery.

    Acknowledging Pakistan’s recent 24 per cent gas tariff increase on February 15, the report highlighted its progressive rate structure protecting residential consumers, while enhancing and equalizing prices for fertilizer companies.

    Furthermore, it recognized Pakistan’s adherence to the Structural Benchmarks (SBs) concerning the notification of the semiannual gas tariff adjustment.

    The report also shed light on the increasing prominence of Regasified Liquefied Natural Gas (RLNG) within Pakistan’s gas mix, driven by dwindling natural gas supplies exacerbated by years of under-pricing.

    Consequently, RLNG has been diverted to domestic users at subsidized rates, underscoring the complexity of the gas sector dynamics.

  • PIA to resume direct flights to Paris in June

    PIA to resume direct flights to Paris in June

    Pakistan International Airlines (PIA) is set to resume its flight operations to Paris in June, marking a significant step forward for the national carrier.

    In an address to a delegation from the Council of Economic and Energy Journalists in Islamabad, PIA Chairman Abdullah Hafiz unveiled the anticipated receipt of safety approval from the International Aviation Safety Assessment (IASA) in the imminent future.

    “With the imminent clearance from IASA, we are poised to launch flights to Paris by June, followed by the reinstatement of direct flights from Pakistan to Britain’s Heathrow Airport on August 14,” stated Hafiz with assurance.

    In anticipation of these pivotal routes, PIA has intensified its efforts in the maintenance and overhaul of its Boeing 777 aircraft fleet.

    Presently, seven Boeing 777 aircraft are operational, with an additional two expected to join the fleet within the next two months.

    This expansion will equip PIA with a total of nine Boeing 777 planes, facilitating efficient flight operations to both Europe and Britain.

    Highlighting Pakistan’s global aviation connectivity, Chairman Hafiz underscored that the country boasts air service agreements with 97 nations worldwide.

    The European Union Aviation Safety Agency (EASA) had imposed a flight ban on PIA following a tragic plane crash in Karachi in May 2020, which claimed 97 lives.

    Subsequent investigations uncovered discrepancies in the licensing procedures for commercial pilots.

    It is noteworthy that in November 2023, a delegation from EASA conducted a comprehensive evaluation of Pakistan’s Civil Aviation Authority (CAA) and PIA, assessing various aspects such as licensing, flight safety, flight standards, and airworthiness.