Author: newsdesk

  • IMF’s $3 billion stand-by arrangement expected to bolster Pakistan’s economy and restore investor confidence

    IMF’s $3 billion stand-by arrangement expected to bolster Pakistan’s economy and restore investor confidence

    Pakistan and the International Monetary Fund (IMF) have achieved a significant milestone with the announcement of a staff-level agreement (SLA) on a $3 billion stand-by arrangement (SBA).

    Nathan Porter, the IMF’s Mission Chief to Pakistan, expressed his satisfaction, stating that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 per cent of Pakistan’s IMF quota).

    The Pakistani economy has been facing multiple challenges since the completion of the seventh and eighth reviews under the 2019 Extended Fund Facility (EFF) in August 2022. The country has experienced external shocks, including devastating floods in 2022 that affected millions of Pakistanis, as well as a surge in international commodity prices due to the conflict in Ukraine involving Russia.

    These shocks, combined with certain policy missteps such as constraints on the foreign exchange market, have resulted in a stagnant economic growth rate. Furthermore, inflation, particularly for essential items, has risen significantly.

    Despite the authorities’ efforts to reduce imports and the trade deficit, foreign reserves have declined to alarmingly low levels. The power sector is also facing liquidity issues, with mounting arrears (circular debt) and frequent load shedding.

    The newly established stand-by arrangement (SBA) will serve as a critical support mechanism for the Pakistani government in stabilising the economy and mitigating the impact of recent external shocks. It aims to maintain macroeconomic stability while providing a framework for financial assistance from both multilateral and bilateral partners.

    The $3 billion funding for a duration of nine months has exceeded expectations and will contribute to restoring investor confidence. The uncertainty surrounding the upcoming change in government after June 2023 has been alleviated to a considerable extent. The agreement also opens avenues for social and development spending by improving domestic revenue generation and ensuring careful execution of expenditures to address the needs of the Pakistani people.

    The successful implementation of steadfast policies is paramount for Pakistan to overcome its current challenges. This includes demonstrating greater fiscal discipline, adopting a market-determined exchange rate to absorb external pressures, and making further progress on reforms, particularly in the energy sector, to enhance climate resilience and improve the business climate.

    Given the formidable obstacles faced by Pakistan, the newly established stand-by arrangement (SBA) serves as both a policy anchor and a platform for financial support from multilateral and bilateral partners in the foreseeable future.

  • Asian U21 silver medalist snooker player Mohammad Majid Ali commits suicide

    Asian U21 silver medalist snooker player Mohammad Majid Ali commits suicide

    Renowned snooker player Mohammad Majid Ali, a silver medalist in the Asian U21 championship, sadly took his own life on Thursday, the first day of Eid-ul-Azha. Family sources have confirmed that Majid had been battling with depression for several years.

    Alamgir Sheikh, Chairman of the Pakistan Billiards and Snooker Association (PBSA), conveyed the distressing news to fellow players and members of the sports organization via a text message. This unfortunate event marks the second loss within a month for the Pakistani snooker community, as they had recently mourned the passing of Mohammad Bilal.

    The circumstances surrounding Majid’s death are both shocking and distressing. Majid’s brother, Umar, has confirmed that it was indeed a case of suicide. Majid tragically ended his life making use of a wood-cutting machine in his hometown of Samundri, near Faisalabad.

    Umar further confirmed that Majid had been enduring depression for the past few years, although the specific reasons remain unknown. Financial difficulties were ruled out as a contributing factor.

    Expressing his deep shock, the PBSA Chairman, in an interview with Geo, highlighted Majid’s exceptional talent, acknowledging that although his ranking had recently declined, he had always exhibited immense potential. He expressed profound sorrow at the loss of such a promising talent within the Pakistani snooker community.

    “We are profoundly saddened by the news of his passing. This is an immense loss for the Pakistani snooker community,” he concluded.

  • IMF reaches $3 billion stand-by arrangement with Pakistan, averting impending default

    IMF reaches $3 billion stand-by arrangement with Pakistan, averting impending default

    The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on a stand-by arrangement worth $3 billion, announced the lender. This decision has been eagerly anticipated by Pakistan, a South Asian nation that is on the verge of default.

    The approval of the IMF board, expected in July, is required to finalise the deal. After an eight-month delay, this agreement brings some relief to Pakistan, which is currently grappling with a severe balance of payments crisis and dwindling foreign exchange reserves.

    The funding of $3 billion, which will be disbursed over a period of nine months, surpasses initial expectations. Pakistan had been awaiting the release of the remaining $2.5 billion from a $6.5 billion bailout package that was initially agreed upon in 2019, and which expired on Friday. As a result, the country’s stock and currency markets remained closed on that day.

    According to IMF official Nathan Porter, the new stand-by arrangement builds upon the 2019 programme. Porter acknowledged the significant challenges faced by Pakistan’s economy in recent times, including devastating floods last year and rising commodity prices following the war in Ukraine.

    He stated, “Despite the authorities’ efforts to reduce imports and the trade deficit, reserves have declined to very low levels. Liquidity conditions in the power sector also remain acute.” Porter further emphasised that the new arrangement would serve as a policy anchor and a framework for financial assistance from both multilateral and bilateral partners in the foreseeable future.

    Porter also highlighted the acute liquidity conditions in the power sector, characterised by mounting arrears and frequent power outages. Reforming the energy sector, which has accumulated a debt of nearly 3.6 trillion Pakistani rupees ($12.58 billion), has been a pivotal aspect of the discussions between Pakistan and the IMF.

  • Online harassment of any journalist unacceptable: White House

    Online harassment of any journalist unacceptable: White House

    The White House strongly condemned the online harassment of a Muslim female reporter who asked Indian Prime Minister Narendra Modi about the rights of religious minorities during his joint press conference with US President Joe Biden on Tuesday.

    National Security Officer of the White House, John F. Kirby, said this kind of behaviour against any journalist is unacceptable.

    Sabrina Siddique, associated with Wall Street Journal, asked the Indian Premier, “What steps are you and your government willing to take to improve the rights of Muslims and other minorities in your country and uphold free speech?”
    Modi answered, “In India’s democratic values, there is absolutely no discrimination, neither based on caste, creed, age, nor any kind of geographic location”.

    Sabrina Siddique later said that she is facing online harassment after asking the question. She also mentioned that she is a Muslim, which is why she has been targeted.

  • Inflated prices, deflated demand: Few buyers afford sacrificial animals at doubled rates for Eid-ul-Azha

    Inflated prices, deflated demand: Few buyers afford sacrificial animals at doubled rates for Eid-ul-Azha

    Yesterday, Eid-ul-Azha was celebrated in Pakistan. Leading up to the occasion, thousands of sacrificial animals were made available for sale at established cattle markets in Karachi, Lahore, and Islamabad. However, a significant hurdle emerged as there were very few customers due to the prevailing issue of record inflation, which has affected millions of Pakistanis.

    Eid-ul-Azha, also known as the “Feast of Sacrifice,” is a revered observance that coincides with the final rites of the annual Hajj pilgrimage in Saudi Arabia. It is a joyous occasion where food plays a central role. Many Muslims mark the four-day festival by ritually slaughtering livestock and distributing the meat among family, friends, and the less fortunate.

    Yet, Pakistan’s annual inflation rate, reaching a record high of 37.97 per cent in May for the second consecutive month, has had a significant impact. Many buyers at Islamabad’s main cattle market expressed their inability to afford the livestock needed for the ritual sacrifice. On the other hand, sellers lamented that they had to acquire animals at exorbitant prices this year, with the cost of rearing the cattle being three times higher than before.

    Last week at Islamabad’s cattle market, the thin crowd was evidence of the prevailing desperation caused by the high cost of living, which had significantly dampened the typically thriving holiday trade in goats, cows, and sheep. One seller shared that despite bringing 20 animals, they were only able to sell five.

    Approximately 4,000 sacrificial animals had been brought from different parts of the country to the market ahead of Eid-ul-Azha. However, sellers reported a distinct lack of customers, and they expressed their concerns about the high prices of the animals, as their ability to earn income for their families depended on successful sales.

    Buyers, on the other hand, voiced their discontentment with the sellers’ pricing, noting its unfairness. Their grievances were justified, considering the substantial price disparities observed this year.

    For instance, a goat that would typically cost no more than Rs40,000 was being sold for Rs80,000, while a cow that should be priced around Rs300,000 had sellers asking for Rs700,000. These doubled rates compared to previous years reflect the challenging economic conditions in Pakistan.

    Cattle owners emphasised that looking after the animals was neither an easy nor a cheap task. The cost of animal feed, along with the overall care and maintenance, required considerable financial resources and effort.

    Sellers further elaborated on the costs associated with caring for the animals, emphasising the additional expenses incurred to ensure their well-being and appearance. They mentioned providing the animals with a diet consisting of wheat, milk, ghee, barley, nuts, and other natural ingredients to enhance their beauty, weight, and physique.

    However, the increased costs resulted in fewer customers. People’s purchasing power was significantly impacted, leading to a decline in market visitors. Even those who did come preferred to leave empty-handed due to the inflated prices of the animals.

    The prices for bulls ranged up to Rs600,000, while goats were priced between Rs50,000 and Rs150,000. The impact of inflation had a significant effect on people’s purchasing power, and as a result, there was a noticeable decrease in the number of sacrificial animals being bought compared to previous years. Many individuals who would typically purchase whole animals opted to go for “Hissa” meat instead.

  • ‘Most painful Eid for me’: Imran Khan reminiscences about jailed party leaders, workers

    ‘Most painful Eid for me’: Imran Khan reminiscences about jailed party leaders, workers

    Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan, while wishing Eid to fellow countrymen, has said that this is the most painful Eid for him, as his party leaders and workers are in jail for exercising their constitutional right to protest peacefully. 

    “Eid Mubarak to my Pakistanis. This is the most painful Eid for me. Around 10,000 of our workers and supporters are jailed and being treated as criminals for exercising their constitutional right to protest peacefully,” he wrote.

    “Our brave leaders including women leaders, Dr Yasmin Rashid and Aliya Hamza are in jail and refusing to leave PTI. 16 of our workers shot dead and 8 others suspected to have been killed but cannot be confirmed because relatives have gone underground because of the fear of police. 50 others suffered bullet wounds,” the tweet added.

    “Shockingly no mention of the use of this excessive force by security forces on unarmed protesters. And no independent investigation to ascertain what really happened on 9th May. Instead, by peddling a one sided anti-PTI official narrative, a reign of terror has been unleashed on anyone associated with the party with only one aim to dismantle it before elections.”

    He further wrote, “InshAllah PTI and the nation will come out of this dark phase much stronger. Also, there’s been a total clampdown on the media with all those critical of this fascist government facing its wrath. Imran Riaz Khan has been abducted and his whereabouts unknown for over 40 days now, and 5 of our respected journalists who have had to flee the country, we remember them too on this Eid.”

  • Pakistan condemns burning of Quran in Sweden on Eid-ul-Azha

    Pakistan’s foreign office has condemned the burning of the Holy Quran by a protester in Sweden on Wednesday on the occasion of Eid-ul-Azha.

    “Such wilful incitement to discrimination, hatred and violence cannot be justified under pretext of freedom of expression and protest”, read the statement issued by the foreign office.

    “Under international law, States are duty bound to prohibit any advocacy of religious hatred, leading to incitement of violence,” it added.

    Salwan Momika, said to be an Iraqi living in Sweden, set fire to a copy of the Quran in front of Stockholm’s central mosque.

    Turkey has also condemned the desecration, calling it a “heinous act.”

    “It is unacceptable to allow these anti-Islamic actions under the pretext of freedom of expression. To turn a blind eye to such heinous acts is to be complicit in them,” a statement issued by Turkey’s foreign minister read. 

    Sweden’s Prime Minister Ulf Kristersson said the Quran burning was “legal but not appropriate”.

  • Saas bahu narrative in dramas, Mani thinks channels know best while Hira says no comment

    Saas bahu narrative in dramas, Mani thinks channels know best while Hira says no comment

    Saas bahu narrative in dramas; Mani thinks channels know best while Hira says no comment

    Ahead of the release of the film ‘Teri Meri Kahaniyaan’, The Current team had a chat with the iconic pair Hira and Mani, who will be starring together in the horror-comedy directed by Nabeel Qureshi, along with veteran actress Gul-e-Rana.

    Aside from the questions about their upcoming film and how the two find collaborating with each other on film sets, we asked the couple what they thought about stereotypical dramas that revolve around saas-bahu narratives, and whether its time for scripts to evolve.

    To this Mani replied, “This is what people like to watch.”

    While Hira said, “I don’t know whether they should change or not, I can’t say anything.”

    Hira previously starred in the Kashf Foundation drama ‘Kashf’, in which Hira’s character was someone who had the ability to forsee the future and unfortunate events that will come to pass. It quickly went on to become a fan favourite.

    On whether more dramas like ‘Kashf’ should be made for screens, Hira replied: “I feel like everyone should be able to do what they think is right.”

    “Channel heads are well aware of what kind of dramas should be made. They are closely watching which dramas are getting good ratings. Look at the current two to four dramas which have become a hit,” Mani opined.

    Teri Meri Kahaniyaan is coming to cinemas across Pakistan on June 29.

  • ‘Salman Khan is next’: threat from gangster who claimed to kill Sidhu Moose Wala

    ‘Salman Khan is next’: threat from gangster who claimed to kill Sidhu Moose Wala

    Candian based gangster Goldy Brar, a member of the Indian gang Lawrence Bishnoi, has spoken to India Today, revealing that he was responsible for the death of rapper Sidhu Moose Wala, while threatening to target Salman Khan.

    Moose Wala had been shot dead a year ago in his car near his village Moosa in Punjab’s Mansa district. A day later Brar wrote a Facebook post where he took responsibility for the murder, claiming that it was done to avenge the death of another gangster.

    Goldy Brar, whose real name is Satinderjeet Singh, revealed the reason for murdering Moose Wala, claiming the rapper was an egoistic person who misused money and political power, and needed to be taught a lesson.

    “Sidhu Moose Wala was an egoistic person. He misused his political and money power. It was necessary to teach him a lesson, and he was taught one,” Goldy Brar said.

    “He had personally harmed us, made some mistakes that were unforgivable, so we had to punish him. When a rich man has close ties with top police officers and when the government doesn’t do justice, how can we expect justice from the courts? So, we sought justice ourselves,” he added.

    Singh then threatened to kill Bollywood superstar Salman Khan, for his innvolvement in the killing of a black buck, a sacred animal in the Bishnoi community. In 1998, during a break from shooting, Khan and his co-stars allegedly went hunting for black bucks in Rajasthan, enraging the Bishnoi community, who are known for their strong environmental and wildlife protection principles, and considering the Black Buck to be a sacred animal.

    “Bhai Sahab (referring to the gang Lawrence Bishnoi) had stated that he wouldn’t apologise. Baba will show mercy only when he feels merciful.”

    Salman Khan recently responded to threatening calls and letters he was receiving in an interview in April, stating that he has a lot of faith in God:

    “I know whatever is going to happen will happen no matter what you do. I believe that He is there. It is not that I will start roaming freely, it is not like that. Now there are so many Sheras around me. So many guns are going around with me that I am scared these days.”

  • David Corenswet is the new Superman, here’s where you may have previously spotted him

    David Corenswet is the new Superman, here’s where you may have previously spotted him

    The DC Universe, along side with its head James Gunn, have announced that the next actor to play Superman will be David Corenswet.

    Surprised? Yes, for sure, but certainly not the internet, as since his debut on the big screen with Netflix’s ‘The Politician’, fans have been petitioning for him to become the next Superman. But for those who certainly are taken a back with a new face, here are some things you should know about our new Clark Kent.

    Corenswet began his career as a side character in Ryan Murphy’s ‘The Politician’, starring Ben Platt, Gwyneth Paltrow and Zoey Deutch. He played the sensitive and intelligent jock River, who is rivals with Platt’s character Payton in competing for the class president position, and helps Payton overcome his perfectionism and anxiety. He then went on to star in Murphy’s ‘Hollywood’, which is set in the post World War 2 era and explores the lives of a group of actors who are ready to do anything to make their dreams come true.

    Many fans had been drawing comparisons between Corenswet and the former Superman Henry Cavill. Speaking to EW in 2019, Corenswet revealed that he had seen the fan casting on Twitter.

    “I am officially not taking a position,” he said when asked if he thought there was a resemblance between him and the British actor. “I think that’s the way to go. But it has come to my attention. It actually came to my attention before the internet got a hold of me, and my sort of pie-in-the-sky ambition is definitely to play Superman.”

    Corenswet further went on to praise Cavil’s performance in the films, while expressing that he would like to step away from the gritiness for the film to take on a more realistic and optimistic approach:

    “I would love to see somebody do a really upbeat throwback,” he said. “I love the Henry Cavill dark and gritty take. I would love to see the next one be very bright and optimistic.

    While for Lois Lane, Murphy had announced that Rachel Borshnan had been selected for the role, who had previously starred in the critically acclaimed ‘The Marvelous Mrs Maisel”.