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  • Pakistan shares plan with IMF to bridge $3 billion financing gap

    Pakistan shares plan with IMF to bridge $3 billion financing gap

    The coalition government of Pakistan has revealed its plan to the International Monetary Fund (IMF) for obtaining an additional $3 billion to fill the financing gap as it tries to persuade the lender to release the next loan tranche.

    In order to conclude talks with Pakistan regarding its delayed bailout, the IMF required “necessary” financing guarantees as soon as possible. Pakistan was asked to raise $6 billion in external financing, which is required by the country until June to avoid a potential default.

    This figure was determined on the assumption that the current account deficit would remain at around $7 billion in the current fiscal year. The IMF welcomed the recent announcement of financial support from key bilateral partners, but this support is inadequate for Pakistan’s requirements.

    Islamabad informed the IMF about its plan to secure a $450 million second Resilient Institutions for Sustainable Economy (RISE-II) budget support loan, as well as its plans to obtain $1 billion from the Asian Infrastructure Investment Bank (AIIB) and other commercial banks, and to materialise pledges made at the Geneva moot. According to sources, once the staff-level agreement is signed with the IMF, it will become easier for Pakistan to obtain financing.

    Pakistan’s foreign exchange reserves have fallen to cover barely a month of imports following the stall in IMF funding in November, which was later complicated by snags over fiscal policy adjustments after officials from the lender visited Islamabad for talks in February. The fiscal policy adjustments were part of the ninth review exercise on a bailout package agreed upon in 2019, whose resumption is crucial for Pakistan to avoid the risk of defaulting on external payment obligations.

    Pakistan will receive another disbursement of more than $1 billion from the IMF programme before it ends in June, which will unlock other bilateral and multilateral financings for the country, helping to ease its financial difficulties.

    Programme loans from other multilateral agencies await completion of the IMF review, as reported by central bank governor Jameel Ahmad during the spring meetings of the lender and the World Bank in Washington.

  • Jo raaz meray pass hain agar mai bata doon, log cricket dekhna chorr deinge; Umar Akmal threatens to reveal all

    Jo raaz meray pass hain agar mai bata doon, log cricket dekhna chorr deinge; Umar Akmal threatens to reveal all

    Former middle-order batsman Umar Akmal discussed his leaked dance video in a podcast with YouTuber Nadir Ali, saying that he has respect for those ex-cricketers who are continuously bashing him on the media for no reason.

    “I beg that please don’t humiliate me anymore, I have a family too and I am not a youngster. When my family listens to someone humiliating me, they will also get hurt,” he said.The cricketer said that he knows many secrets.

    “So please, if you don’t want to lose your respect then keep quiet,” he warned.

    Continuing in the same vein, he said that if he leaked the secrets of those players their families will also get hurt. “The people of Pakistan will stop watching cricket and will hate those ex-cricketers,” he stated.

    While asked about Babar Azam, Umar Akmal said that he will pay the consequences if the captain takes his name on camera. “You should ask Babar if that was me who did not give him shoes, then I will pay the consequences.”

    Umar also disclosed that he has rejected international leagues just to play domestic cricket in Pakistan to set an example for juniors.

    “There is a lot of discrimination against me and some people have personal issues with me. I think that’s why even with these brilliant performances in domestic cricket, I am not selected for the New Zealand series,” he observed.

  • Citizen wants Supreme Court to remove President Alvi from office

    Citizen wants Supreme Court to remove President Alvi from office

    Chaudhry Muhammad Imtiaz has approached Supreme Court (SC) to seek the removal of President Dr Arif Alvi from his post.

    The citizen has said that Alvi is no longer eligible for the post of President and the top court should remove him from the post immediately.

    In a petition filed to the apex court, he further claimed that the president is from a political party and is biased.

    It further states that the president did not approve the Supreme Court Practice and Procedure Bill, 2023 on the directions of his party chief Imran Khan. He also refused to sign the NAB Amendment Bill and the Islamabad Local Government Act.

    Hence, his refusal to fulfill constitutional duties shows that he is not fit for the office of the president, the citizen said.

    Last month, the apex court dismissed a petition filed seeking Alvi’s disqualification.

    At the time, the petitioner argued that the country is currently in crisis due to the appointment of an unqualified person as president.

  • Here is the new bus route of Peoples Bus Karachi

    Sharjeel Inam Memon, the Information Minister of Sindh and head of the transport ministry, has announced the launch of a new route for the Peoples Bus Service in Karachi.

    The route, designated as No. 4, will commence from Power House Chorangi and conclude at Tower, passing through various areas such as Nagan Chorangi, Shafiq Mor, Sohrab Goth, Shahra e Pakistan, Aisha Manzil, Laloo Khait, Teen Hati, Guru Mandir, Numaish, Civil Hospital, City Court, Light House, Boltan Market and Tower.

    Here are the new routes:

    The People’s Bus Service was launched in June 2022 in Karachi and Larkana. Chairman Pakistan People’s Party (PPP) and Foreign Minister Bilawal Bhutto-Zardari ingurated the bus service in both cities.

  • Alarming decline in Pakistan’s manufacturing sector, latest data reveals

    Alarming decline in Pakistan’s manufacturing sector, latest data reveals

    The manufacturing industry in Pakistan, which is responsible for about 20 per cent of the country’s economic growth, has experienced its eighth consecutive month of decline. This is a major cause for concern as it could have negative impacts on the overall economy.

    In February, the rate of decline was particularly severe, with a contraction of 11.59 per cent compared to the same period in the previous year, according to data from the Pakistan Bureau of Statistics.

    This decline will impact Pakistan’s overall economic growth, with the gross domestic product (GDP) also expected to suffer a significant blow this fiscal year.

    The negative growth of the sector is due to both domestic and global factors, including high energy costs, rupee devaluation, and the government’s tightening of monetary and fiscal policies. Industrial output fell by 5.56 per cent in the first eight months (July-February) of the ongoing fiscal year, compared to the same period last year.

    The global economic slowdown has further worsened the situation, with many businesses scaling back operations or reducing operating hours, while others have shut down their plants. The LSM sector has witnessed a decline in production from August 2022 to February 2023.

    All major and small sectors’ output contracted in February, including textile, food, coke and petroleum products, chemicals, automobile, pharmaceuticals, cement, fertilisers, iron and steel, furniture, leather products, electrical equipment, and non-metallic mineral products.

    To combat soaring inflation, the State Bank of Pakistan (SBP) also raised the discount rate to 21 per cent, hindering industrial activities by making bank financing more expensive.

  • ISI, Military Intelligence chiefs brief SC judges on security situation

    The heads of the Inter-Services Intelligence (ISI) and the Military Intelligence (MI) met with the Chief Justice of Pakistan Umar Ata Bandial and two OTHER apex court judges who are hearing a case related to the election in Punjab on May 14 on Monday to update them on the security situation in the country.

    According to news reports, the meeting between the judges, the ISI, and MI chiefs continued for over three hours in the CJP’s chamber.It was reported that the intelligence official gave a briefing to the judges on the security issues confronting the country. However, specific outcomes of the meeting remain undisclosed.

    A three-member SC bench comprising Justice Bandial, Justice Munib Akhtar and Justice Ijaz ul Ahsan had previously ordered that elections in Punjab be held on May 14 and declared the Election Commission of Pakistan’s (ECP) decision to hold polls on October 8 as “unconstitutional”.

  • Death clarification: Saeeda Imtiaz posts statement to rubbish death rumours

    Death clarification: Saeeda Imtiaz posts statement to rubbish death rumours

    Actress and model Saeeda Imtiaz rubbished rumours about her death by posting a video, where she revealed that her Instagram and Facebook account had been hacked, leading to the posting of the fake death news.

    Imtiaz also revealed the mental anguish her family and loved ones went through:

    “My family members were incredibly upset, I don’t live with them.. they are here right now to see whether I was okay.”

    Imtiaz also made it clear that she is currently tracing down the people who were responsible for the hacking and will take strong action against them. You can listen to her full statement below:

    Imtiaz’s lawyer, Mian Shahbaz Ahmed, posted the clarification on his Instagram account by slamming the death rumors, and wrote that the ‘Kaptaan’ actor was alive and well.

    Inna lillahi wa inna ilayhi raji’un.

    Model and film actress Saeeda Imtiaz has passed away at her home on Tuesday morning, her team has confirmed in a statement posted on her Instagram account.

    The statement said that Imtiaz was found dead in her room. No cause of death has been given as yet.

    Imtiaz was born in the United Arab Emirates and raised in New York, USA.

    She started her career working as a model, before moving on to the bigger screen in 2012, starring as Jemima Khan in the biographical film about Imran Khan, “Kaptaan: The Making of a Legend”. She also starred in ‘Wajood’ in 2018.

    We send our condolences to her friends and family.

  • Why was Iftikhar sent at number 8? Babar Azam reveals secret strategy

    New Zealand has won the third T20 in the bilateral series with Pakistan in front of a full capacity Gadhafi Stadium Lahore on Monday evening.

    The Kiwis set a target of 163 in 20 overs, winning the match by 4 runs in the last over.

    Pakistan’s batting line up collapsed yet again, as one by one batsmen failed to score after Fakhar Zaman and Muhammad Rizwan fell.
    Young star batter Saim Ayub also failed to hit the shots he is known by, scoring only 10 runs off 9 balls.

    Surprising many, hard hitting all-rounders Iftikhar Ahmed and Faheem Ashraf came to bat in at number 7 and 8 while full time bowler came to bat prior to them with Shadab Khan.

    Babar Azam revealed why he sent Iftikhar Ahmed in at number 8 when asked by the media. The skipper explained that the team are trying a flexible batting line up so everyone can bat according to the situation, stressing that number does not matter and Iftikhar Ahmed can bat at at any number. “There is a proper role for everyone in the team,” he said.

    Iftikhar and Faheem almost turned the game on its head, when Pakistan was 88/7 playing brilliant cricket in the death overs.
    Needing 15 to win from Neesham’s final over, Iftikhar hit a six and a four to reduce the target to five off the last three deliveries.

    But Neesham had Ahmed caught at long-on by Daryl Mitchell and then after a dot ball dismissed last man Haris Rauf in the same manner.

    Iftikhar led the fightback with Faheem as the pair added 61 for the eighth wicket, with Ashraf holing out after a 14-ball 27 studded with two sixes and as many fours.

    Iftikhar smashed six sixes and three fours.

    The victory means New Zealand trail the five-match series 2-1 after Pakistan won the first two games, by 88 and 38 runs, also in Lahore.

    The last two matches are in Rawalpindi on April 20 and 24.

  • Winner of SONY photography contest turns down award, confesses image was created by AI

    Winner of SONY photography contest turns down award, confesses image was created by AI

    Boris Eldagsen, the German photographer who won the prestigious SONY World Photography Contest, has turned down the award after confessing that his image was an Artificial Intelligence (AI) creation.

    Eldagsen, a former student of photography and visual arts at the Art Academy of Mainz, and Conceptual Art and Intermedia at the Academy of Fine Arts in Prague, had submitted his photograph titled ‘Pseudomnesia: The Electrician’ for the creative open category. The photo was a haunting black-and-white image of two women from different generations.

    In a statement posted on his website, Eldagsen said he ‘applied as a cheeky monkey’ to check if photography competitions are prepared to identify AI images, but they are not.

    “We, the photo world, need an open discussion,” Eldagsen wrote. “A discussion about what we want to consider photography and what not. Is the umbrella of photography large enough to invite AI images to enter – or would this be a mistake? With my refusal of the award I hope to speed up this debate.”

    Eldagsen thanked the judges for picking his photograph for the award, pointing out that this was a historic moment because for the first time an AI image had won a prestigious photography competition, and hoped that this would encourage them to recognize the difference between real and AI generated photographs.

    “How many of you knew or suspected that it was AI generated? Something about this doesn’t feel right, does it? AI images and photography should not compete with each other in an award like this. They are different entities. AI is not photography. Therefore I will not accept the award.”

    A spokesperson from the World Photography Organisation has confirmed in a statement that Eldagsen had revealed to them that his image was created using AI, before he had been announced as a winner.

    “In our correspondence, he explained how following ‘two decades of photography, my artistic focus has shifted more to exploring creative possibilities of AI generators’ and further emphasising the image heavily relies on his ‘wealth of photographic knowledge’. As per the rules of the competition, the photographers provide the warranties of their entry. The creative category of the open competition welcomes various experimental approaches to image making from cyanotypes and rayographs to cutting-edge digital practices. As such, following our correspondence with Boris and the warranties he provided, we felt that his entry fulfilled the criteria for this category, and we were supportive of his participation.”

  • India’s 5 million coders face uncertain future amid AI advancements

    India’s 5 million coders face uncertain future amid AI advancements

    If the technology underlying ChatGPT were to displace software engineers, India would be the country most affected, as it is home to over 5 million coders. This prospect is causing concern for newly qualified engineers like Palash Hade, who anticipates a reduction in software jobs in India.

    To increase his employability, Hade enrolled in an online degree program in data science and analytics from the prestigious Indian Institute of Technology (IIT) Madras.

    In the past, India’s outsourcing firms were desperate for talent and were willing to train engineers from different backgrounds. However, with the rise of generative artificial intelligence and ChatGPT, firms are now looking for candidates with these specific skills. India’s largest outsourcer, Tata Consultancy Services Ltd., made 46,000 campus offers this year, but the CEO of Tech Mahindra warns that change is fast approaching due to advanced AI.

    While students at elite schools like the Indian Institute of Science are not worried about the impact of AI on their future job prospects, tens of thousands of engineers without degrees from such institutions have reason to worry. Entry-level coding jobs are at risk of being eliminated, according to Shraddha Kulkarni, a 21-year-old engineering student in Bangalore who has been actively using ChatGPT.

    According to Bloomberg, developers on Reddit and Quora are also expressing anxiety about the potential impact of AI on their industry. They fear that the time and effort they invested in developing their skills may be rendered obsolete by AI-based programming.